No Treasury auctions for US debt this week. The inflation data, as I pointed out, is misleading when you look at the categories that really matter, particularly in regard to health care and health insurance. And here is yet another report indicating that health insurance costs are going to soar next year. Aon, a large health benefits consulting firm, is projecting a 9% increase in employer-sponsored health plan premiums for 2025. This affects employees and their families in multiple ways. Employers will raise the contributions workers make toward those health plan premiums. Cost sharing amounts like deductibles and copays will increase. And higher benefit costs for employers are linked to lower wages. (Aon Release)
Retail sales were supposedly up a surprising amount in July, but as is often the case, June’s data was revised downward, so July’s gain looks bigger, at least until it is revised downward in September. This pattern of Bidementia administration releases looking really good, only to be revised away later, is beyond suspicious. And July saw increase only because auto sales were very weak in the prior months due to the computer hack of the IT systems used by most car dealers. So July so a large rebound of this big-ticket item. Other than that, sales showed no significant gain. (ZH Post)
Housing starts are down–interest rates and high prices limt the buying pool, and local regulations are a nightmare for builders. And the federal deficit just keeps growing, we are on track for another $2 trillion deficit. Which means more debt issuance. But don’t worry, KopyKat Kamela has a plan–price controls on food to introduce even more shortages. Wonder how farmers feel about having their income limited. And even more government deficit spending to help people buy homes, driving prices up even further. We are done.
