November 27, 2020

Art & Lifestyle:

New Exhibits Greet Visitors to Lighthouse -

Wednesday, November 18, 2020

SMECO Employees Raise Funds for Hospitals -

Monday, November 16, 2020

Health Equity Webinar Series Set -

Sunday, November 15, 2020

St. Mary’s Library Temporarily Reduces Services -

Friday, November 13, 2020

Hoyer Report Highlights US Economy


House Majority Leader Steny H. Hoyer (D-MD) has begun sending weekly economic reports to House members as concern with the economy grows. Some of his points on the state of the US economy are:

  • Statistic of the week. “In the absence of efforts to curb greenhouse gas emissions, the earth could warm by 2 degrees celsius by 2050, cutting global gross domestic product by 2.5% to 7.5%, Oxford estimates, with the worst affected countries being in Africa and Asia. Longer term, a rise in temperatures of 4 degrees by 2100 could cut output by as much as 30%.” [Bloomberg, Nov. 13, 2019]
  • Economic growth barely altered in the fourth quarter. “The US economy will barely grow at all in the fourth quarter, if two Federal Reserve gauges that track gross domestic product are correct. With some recent data coming in below expectations, both the Atlanta and New York Fed’s trackers have lowered their expectations for the last three months of 2019.” [CNBC, Nov. 15, 2019]
  • Farm income is falling. “Farm finances deteriorated across a swath of agricultural states during the summer and early fall, despite the Trump administration’s second round of trade aid payments and slightly higher prices, the Federal Reserve Bank of Kansas City reported [Nov. 14]. The report underscores the mounting economic pressure on a key part of President Trump’s constituency as he confronts a reelection campaign and impeachment struggle while undertaking negotiations with Beijing on a partial trade deal that could provide relief from retaliatory tariffs hitting American farmers. The trade talks have bogged down as Trump seeks assurances that Beijing will deliver on commitments on agricultural purchases.” [Bloomberg, Nov. 14, 2019]
  • Gasoline prices caused inflation for US consumer items. “… Gasoline costs pushed up prices for US consumer goods in October, while new tariffs on imports appeared to have little effect on what Americans paid for clothing and household furnishings. The consumer-price index … rose a seasonally adjusted 0.4% in October from the previous month, the Labor Department said. Core prices, excluding often volatile food and energy categories, were up 0.2%.” [The Wall Street Journal, Nov. 13, 2019]

Follow Congressman Hoyer on Facebook and Twitter.

For more information about House Majority Leader Steny H. Hoyer, visit his Leader member page.


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