E A Better Switch

Today the US market decided to rise because President Biden is pondering not linking his infrastructure project to a corporate tax increase. That means there will be a higher risk of inflation unless he finds another way to finance the deficit—meaning higher taxes on rich individuals. The impact will be the highest on those living in high tax states and cities (like me) who are currently not being targeted by the Administration for a tax hike under his promise during the campaign. So we are facing two alternative bad outcomes: either inflation, a general tax on all Americans, or high penalties for insisting on living in your hometown (me) which is expensive, and with high state and local taxes already.

Business newspaper article

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Moreover, the price of labor and oil is inching up today. WTI, the US benchmark is up $1.07 to $69.26. It was $68.6 yesterday. The labor market is tight with only 559,000 new hires in May, while the level of unemployment has dropped to 5.8%. That means wages will have to rise to lure these people back to the job.

Today's blog is short as a result of my email account going wrong on my laptop, absolutely tiny print, and no way to make it bigger. I tried to contact google but they wouldn't help although I subscribe to google for work support. 

It is Tien An Minh demonstration day today but China is not letting Hong Kongers gather, for fear of covid-19 or something else.

Drug dealers

Today is a great day for cancer fighters as the American Society of Clinical Oncology began its virtual congress which runs this weekend.

*British Astra-Zeneca reported early trial data on treating non-standard breast cancers with its Limpaza drug. Non-standard breast cancers are Her 2 negative or have BRCA 1 or 2 mutations. The initial outlook from phase I-2 trials wa that the drug cut recurrence or death by 42%. This sounded rather modest so initially the stock rose only 0.4% but now it is being examined by experts and AZN is up 0.95%. The data are all for 3 years maximum as that is how long the trial has gone on. 59 women who were given the drug died or had relapses in 3 years while 86 women who got the placebo died or had relapses.

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William K. 2 weeks ago Member's comment

Without higher taxes on some part of the economy the alternative is to "simply print more money."The problem with that is saddling unborn generations to a crushing load of debt, or, somehow, defaulting on the whole thing. That would have a rather big effect on a whole lot of the economy, probably similar to losing a big war, but without the chance of recovery, or freedom returning.

This once again demonstrates the need for another election option, "none of the above", telling all the parties that no candidates were acceptable and that they need to offer better choices. That vote of "NO CONFIDENCE" is available elsewhere and it works well, it is sorely needed in the USA.