Things hurting the US economy: -mass layoffs of federal workers -funding cuts to every federal dept -corporate layoffs -measles and tuberculosis outbreaks -high flu rates -$8/dozen eggs -new tariffs raising the cost of everything -Canada boycotts US travel and goods -concerns about airplane safety - ThreadSky

karenho.bsky.social • 18 hours ago

Things hurting the US economy:
-mass layoffs of federal workers
-funding cuts to every federal dept
-corporate layoffs
-measles and tuberculosis outbreaks
-high flu rates
-$8/dozen eggs
-new tariffs raising the cost of everything
-Canada boycotts US travel and goods
-concerns about airplane safety

Reposted from Michelle L. Price

NEW YORK (AP) — Dow tumbles 748 points, and S&P 500 has worst drop in 2 months after discouraging reports on the US economy.

Comments

christine5512.bsky.social•15 hours ago

Don’t forget: Layoffs at all nonprofits because of uncertainty of federal funds

placitas03.bsky.social•17 hours ago

Also, it appears Americans aren't in a buying mood judging by the consumer discretionary index. I wonder why?

denetti.bsky.social•18 hours ago

slugtales.bsky.social•17 hours ago

.... eliminating incentives for climate protecting tech and renewal energy.

kitkatmollydolly.bsky.social•2 hours ago

No one else’s fault but his.

tbapple.bsky.social•17 hours ago

And I thought Trump was against diversity? That is one huge diverse list of intention screwups.

bendiesbits.bsky.social•17 hours ago

People who talk about low fed rates juicing consumer spending have no idea what it’s like to not be rich. “Oh, why don’t the poors just take advantage of the rates and borrow against their holdings? Are they stupid?”

gargoylemakes.bsky.social•17 hours ago

I am no expert but it seems to me that the factors that created the rust belt are being recreated country-wide?

realityred.bsky.social•16 hours ago

In a word: stupidity.

huntthesnark.bsky.social•18 hours ago

Good list. The ominous thing about is that almost none of these have been in place long enough to actually bite. As much as Wall Street likes to think it can "price them in," the scope and tempo of these changes (and the possibility that some may not happen) means they certainly haven't yet.

karenho.bsky.social•17 hours ago

Everyone is affected, because the world is so dependent on the stability and economy of the US, but I would move to more funds to non-US investments, like Canadian banks or international companies like TSMC.

huntthesnark.bsky.social•17 hours ago

Eh no argument with your overall premise and I'm not a name-picker, but with respect I think TSMC isn't a great call, given the chip tariffs Trump announced / threatened just today and the I think not inconsequential possibility of a Taiwan Strait incident at some point here.

karenho.bsky.social•17 hours ago

That's mostly a long game for me due to the growing demand for smart chips in cars and other smart devices worldwide. I also missed the new announcement/threat, ironically highlighting how it's hard it is to keep up with all the news even though I work in media.

huntthesnark.bsky.social•17 hours ago

Understood. Unfortunately, when it comes to Taiwan I think you can't long-term ignore that anything of value there has a nontrivial chance of becoming a Chinese state asset.

blazeberaht.bsky.social•16 hours ago

How do you invest in a canadian bank? I thought opening bank accounts in most other countries required a local address.

I also think many international companies will see big drops too. Taiwan’s existence is gonna be even more messy without the US to back it up.

karenho.bsky.social•16 hours ago

Canadian bank stocks trade on the TSX. You can also buy a low-fee index fund of Canadian banks.

tomscud.bsky.social•18 hours ago

- Orange man
- rocket man

jillco.bsky.social•18 hours ago

#InOverTheirHeads

oxahath.bsky.social•13 hours ago

Yes, but aside from that it's a total mystery why the economy is cratering. Probably Obama's fault or "the Trans" or whatever.

lbluth.bsky.social•17 hours ago

this would be a great daily or weekly ist to keep circulating or adding to ❤️

juicyfranck.bsky.social•16 hours ago

Don't forget about chronic illness as a result of Long Covid, resulting in lost work hours and productivity (LC research just cut by Trump, btw)

juicyfranck.bsky.social•16 hours ago

jillco.bsky.social•18 hours ago

Felon imposed.

karenho.bsky.social•18 hours ago

I'm a reporter with 12 years of experience covering business and economics. The vibes in the US were already pretty bad before inauguration day due to multiple geopolitical conflicts and the fires in LA. There are very few incentives to spend money beyond essentials rn due to growing dysfunction.

bkey1970.keyport.name•18 hours ago

so, you think Trump is gonna let the fed drop rates or try and stop 'em?

dimondoak.bsky.social•17 hours ago

I am a fed worker. I was planning to buy some new furniture but due to the craziness in DC, I'm definitely putting that on hold indefinitely. I know I'm not the only one delaying anything non-essential.

gopneedstogo.bsky.social•18 hours ago

We are putting on hold a 300k addition to a house due to this dictator bullshit and chaos. What else are people putting off? Cars? Vacations? Babies? We are headed for recession in a fucking hurry.

emptydoll.bsky.social•17 hours ago

Oh, yeah, reports have already been published about potential parents, who were looking forward to starting a family, stepping back from that due to US instability.

karenho.bsky.social•18 hours ago

Investor sentiment (Dow + S&P 500 drop) has caught up to public sentiment, which is that many things are unpredictable due to the current federal administration—including employment and things like airline safety or annual tax returns—and as a result, a lot of people don't want to spend money.

karenho.bsky.social•18 hours ago

More money will go to new tariffs and paying for stuff like insulin. The US government will also spend less on things like *checks notes* $340M in US food aid for USAID. Almost everyone except the very rich will spend a lot less on goods and services. All of this hurts the economy.

karenho.bsky.social•17 hours ago

"What about lower rates at the Fed?" Plainly, this doesn't matter if people are worried about skyrocketing costs, airline safety, the availability of essential medications, inconsistent Social Security payments, a hollowed out USPS, thousands of more layoffs, and compromises in nuclear safety.

karenho.bsky.social•17 hours ago

For a lot of people, any decrease in interest rates would be cancelled out by the rise in costs for food, lumber, fuel, transportation, steel, aluminum, healthcare, and unemployment.

karenho.bsky.social•17 hours ago

Thanks again for reading one of my explanatory threads. I really miss reporting on finance and economics but try to incorporate both into my coverage of the art industry, like this report on the impact of the new tariffs: https://www.artnews.com/art-news/market/trump-tariffs-art-basel-hong-kong-frieze-los-angeles-1234732376/

mets710.bsky.social•17 hours ago

You should start a podcast. A lot of people have no clue what's happening because of Fox News.

ericsquair.bsky.social•17 hours ago

I wonder how much the explosion of out-in-the-open crony capitalism has made people cautious. Winners and losers based on Trumps/Elons whims is extremely destabilizing.

karenho.bsky.social•17 hours ago

Yep. Even the changing nature of the tariffs. Suspended for 30 days but Canada and Mexico still subject to the 25% on steel and aluminum? Plus the optics of SpaceX having $22 billion in government contracts but a local National Park Services worker supervising water quality getting fired.

ericsquair.bsky.social•17 hours ago

Can’t make business decisions during a hurricane like that.