US economy will soon start losing 175,000 jobs a month, Bank of America warns

wish tv ^ | 10.16.22 | Matt Egan, CNN

[RomanSoldier19]

The Federal Reserve’s fight to squash inflation will cause the US economy to start losing tens of thousands of jobs a month beginning early next year, Bank of America warns.

Although the jobs market remained surprisingly strong in September, the Fed is working hard to change that by aggressively raising interest rates to ease demand for everything from cars and homes to appliances.

The pace of job growth is expected to be roughly cut in half during the fourth quarter of this year, Bank of America told clients in a report Friday.

[SunkenCiv]

from the keyword:

• 3 Years After Taxpayer Bailout, Bank of America Ships Jobs Overseas[Philippines] [05/29/2012]
• Gun manufacturer says Bank of America doesn't want its business [04/27/2012]
• Bank of America to McMillan Rifles: 'Drop dead' [04/20/2012]
• Bank of America Introduces Community Affordable Loan Solutions to Expand Homeownership Opportunities in Black/African American and Hispanic-Latino Communities [08/30/2022]
• Bank of America execs warn junior staffers to 'dress down' as NYC crime surges [12/04/2021]
• Bank of America increases minimum wage to $21 an hour amid labor shortages [10/08/2021]
• Bank of America, Lowe's sponsored CRT training urging Whites to 'cede power to people of color' [08/20/2021]
• How Big Banks Are Planning to Force Americans into the 'Great Reset' Trap [03/30/2021]
• 'Bye bye, Bank of America': Outraged customers boycott firm as it's revealed the bank snooped through HUNDREDS of innocent people's accounts looking for Capitol rioters for the feds - so who else is doing it? [02/05/2021]
• WATCH: Tucker Carlson Says Bank of America Is Giving Customer Data to Feds Without Consent [02/05/2021]
• Bank of America working with FBI to locate Trump supporters who may have attended DC Jan 6 rally [02/05/2021]
• Bank of America Secretly Flagged Purchase History of Customers and Sent the Data to Feds After Capitol Riot [02/04/2021]
• Tucker: Bank of America secretly turned over customer data to FBI [02/04/2021]
• Bank of America pledges $1 billion to fight racial inequality [06/02/2020]
• Bank of America partners with TPD 'Safe Place' project to aid LGBTQ community [12/23/2019]
• Bank of America will no longer do business with companies that run detention centers [06/27/2019]
• Bank of America CEO says company wants a 'cashless society' [06/21/2019]
• Louisiana Attorney General Denies $600 Million to Citibank, Bank of America Over Gun Control [08/16/2018]
• Ashley Judd, Morgan Freeman Sign Letter Demanding Bank of America Revoke Loan to Remington Arms (tr) [05/12/2018]
• Bank of America's loan to Remington tests its firearms pledge [05/07/2018]
• Bank of America will no longer lend to companies that make 'military-style' weapons [04/11/2018]
• Bank Of America Sponsors Anti-Gun Panel [03/23/2018]

[kabar]

Each rise of one percent in interest rates adds over $300 billion to the debt servicing costs.

[SaveFerris]

[Each rise of one percent in interest rates adds over $300 billion to the debt servicing costs.]

The Death Spiral.

Of a nation already beyond bankrupt.

AND, less jobs with less income taxes and Social Security taxes collected.

Brilliant!!!

[central_va]

Yes, in the middle ages bleeding the patient was all the rage. Fast forward to today: Kill the econoy by inducing a soul crushing totally unnecessary recession.

[central_va]

BS. You don’t have to induce a mini depression to cure inflation. It’s easy for old farts to call for a recession when they are mostly retired and have bucks in the bnak.

[kabar]

https://www.kff.org/medicare/issue-brief/faqs-on-medicare-financing-and-trust-fund-solvency/

Medicare is in trouble. The HI Trust Fund goes bust in 2028 or 2030 depending on whom you believe. SS and Medicare represent an unfunded liability of over $150 trillion.

[SaveFerris]

[SS and Medicare represent an unfunded liability of over $150 trillion.]

Now over $172 trillion, last I saw on USDebtClock.Org

Along with the National Debt, the nation is now over $203 trillion in debt.

Let’s raise interest rates and make it worse! Brilliant policy out of D.C.

https://usdebtclock.org/

[CFW]

I suspect it will be more than 175,000 per month losing their jobs by spring. Middle management is going to be the first to go, unlike in other recessions where the lowest wage earners were hit the hardest by lay-offs. When companies start to cut, I believe it will be the D.I.E. departments that suddenly find they are no longer the “untouchables”

There are so many people with normalcy bias that have no idea how “abnormal” things are about to get. Too many think that prices will naturally come down after the supply chain is “back to normal” or the Russia/Ukraine conflict is resolved (it won’t be), or the Biden administration just gives people more money, or everyone switches to wind or solar power.

The fact is, we are being governed by not only idiots, but also corrupt idiots who think that they will emerge from the economic disaster with more power and money. And, that it will be only the “other people” who will really suffer. They are in for a rude awakening.

[laplata]

“We’ve got at least 30 million people who shouldn’t be in this country. People who have been sucking off of the taxpayers for years. Get them out”!

We’re heading into a Perfect Storm, and they’ll be heading south on their own. IMO.

[laplata]

“Build Depression Back Better”!!

That’s the plan. Destroy it and then replace it with hell on earth.

[Flick Lives]

BOHICA!

[SaveFerris]

We are sooooooooo.....hosed....

[kabar]

BS. You don’t have to induce a mini depression to cure inflation. It’s easy for old farts to call for a recession when they are mostly retired and have bucks in the bnak.

You are oblivious to the facts. How do you propose we deal with inflation? Do you remember what Paul Volker did to deal with inflation under Carter? He raised interest rates. It was painful, but it provided the foundation for the Reagan economic boom that lasted for over a decade. Here is the latest CPI. Do you understand the damage being done by these huge food and energy increases? Do you understand the pressure to increase wages so people can deal with them? There is no easy way out.

Quantitative easing, artificially low interest rates by the Fed, and massive government spending have increased the M1 money supply in an unprecedented way. The US national debt has gone from $10 trillion to $31 trillion since 2010.

[caww]

Ya have to watch this time of year as Biden likes to factor in Retail Christmas help as ...as well as in Dec. Jan when they let all those people go.

[laplata]

Divine intervention is the only thing that will stop this. But there must be repentance and revival for that to happen.

[laplata]

Very good post...right on.

I think they’re packing their pockets as full as possible before it all craters. The Ukraine Slush Fund is loaded with money.

[kabar]

Let’s raise interest rates and make it worse! Brilliant policy out of D.C.

What's your solution? Did you disagree with what Paul Volker did? The interest rates have been kept artificially low by the Fed printing trillions of dollars as part of QE.

This quantitative easing (QE) stimulated the economy by keeping interest rates low and infusing liquidity into the capital markets. It gave businesses continued access to low-cost borrowing for operations and expansion.

The Fed purchased Treasuries from its member banks, using credit that it created out of thin air. It had the same effect as printing money. By keeping interest rates low, the Fed helped the government avoid the high-interest-rate penalty it would incur for excessive debt.

In March 2022, the Fed announced it would start reversing these purchases to remove money from the economy and combat inflation. The balance sheet had shrunk to $8.85 trillion by August 2022.

Do you want runaway inflation or a recession?

[central_va]

Oh yeah I remember. No job, lost almost everything.

Doctors used to bleed patients. Same thing.

Do the following.

*Control/freeze spending

*Import tariffs on EVERYTHING

*Promate doemstic production

*Cut imcome taxes

*Deregulate

[Repeal The 17th]

“...D.I.E. departments...”
-
What is that?

[GrandJediMasterYoda]

This is really really bad. If Democrats manage to fix the midterms we are going to end up in a depression. This insanity by the asshat in office cannot continue. Like a my uncle said “Bidens energy policy is like a farmer who has a million acres of corn ready to harvest but he goes to foreign countries begging for corn” It’s lunatic logic.

And BTW anyone notice they are sending back people from Venezuela? Because they damn well know they won’t vote Democrap, they know what communism is like