Two separate townhalls took place this evening in lieu of what should have been the second debate between President Trump and former VP Joe Biden. Nonetheless, the American people had a chance to watch these townhall events and for the public to ask questions of these two men running for the Presidency. As has been the case in prior townhalls, neither man derailed his campaign. Although there were clear differences in style and temperament, which of course should be no surprise. President Trump tends to be more aggressive, combative, and loud, while Biden tends to be more laid back, reserved, and civil. It is very likely that these differences in style and personality will drive the election results. People either want another four years of President Trump and his behavior and antics or they do not. Nearly 20 million people have already cast their votes, and come election day, it’s possible that half the country may have already voted.
On the initial jobless claims front, another 898,000 Americans filed an initial claim. This runs counter to the argument that this is a super V-shaped recovery. This was well above market expectations, which were around 820,000-825,000 – which is still a high figure. The previous week’s number was also revised upward by 5,000. In total, for persons claiming unemployment benefits, 25.3 million Americans are still receiving some form of benefit. This is for the week ending 26 September and represents a decrease from the prior week of some 215,000 Americans. This is still a staggering and stubbornly high number. Further, we are still contending with the figures coming from the state of California being on pause as they make their way through their backlog of claims and implement a fraud prevention system. This is surely distortionary when attempting to gain a fuller picture of the jobs market – but we have been contending with distortions for months due to fiscal and monetary actions.
The increase in claims, however, is indicative of continuing stress in the economy and would be in agreement with what The Kapital News has been warning about for months. Mainly that fiscal and monetary policy will only get you so far, and that a printing press cannot print jobs. So when taking into consideration the insolvencies and bankruptcies, evictions, weakness in commercial and residential real estate markets, and subsequent layoffs that are waiting in the wings – it’s unfortunately not surprising that we continue to witness such job loss and future uncertainty. Stay diversified, stay vigilant, and stay with The Kapital News. #Economy #Debates #Jobs #Elections #USA #Trump #Biden #Liberty #Revolution #Inflation #Gold #Silver #Recession #Depression #Bailouts