US President trump said on Thursday that Joe Biden’s entry into the White House would collapse the market, bring “the biggest tax increase in history” to the US and lead the economy back to the 1929 style great depression.
trump said: “they want to tax $4 trillion, which will be the biggest tax increase ever. This is not going to work. We’re going to have an unprecedented depression, just like 1929. I don’t think it will work. It can’t be worse. ”
trump did not forget to praise the performance of the US stock market during his tenure. “We are in the middle of a pandemic, but the stock market is still going to set new records, and the NASDAQ has been (record setting) many times.”
trump said: “in the past, politicians talked about tax cuts, not tax increases. I’ve never heard an elected politician say, “we’re going to increase your taxes.”
according to the analysis of the tax foundation, Biden’s tax policies (including increasing taxes on individuals with an annual income of more than $400000) will increase tax revenue by $3.8 trillion in the next 10 years.
Lael Brainard, director of the Federal Reserve, said that the Federal Reserve was studying the opportunities and challenges brought about by the central bank’s digital currency (CBDC).
Brainard said, “to enhance the Federal Reserve’s understanding of digital currencies, the Boston fed bank is working with MIT researchers for many years to establish and test hypothetical digital currencies used by central banks.”.
Brainard said, “considering the issuance of a central bank digital currency requires a significant policy decision-making process, as well as discussion and interaction with other departments of the federal government and a wide range of stakeholders. The Federal Reserve has not yet decided whether to carry out such an important policy process because we are spending time and energy to understand the significant impact of digital currency and global CBDC.”.
White House economic adviser Larry kudlow said on Thursday that he expected the U.S. unemployment rate to return to single digit levels as early as this month, and GDP growth in the third quarter should reach 20% or higher as the economy recovers from the recession triggered by the new coronavirus.
“the key point I want to point out is that the economy is rebounding, looking like a ‘V’ recovery, and the latest progress is better than it was a month ago,” Kudrow said.
kurdlow has repeatedly underestimated the risk of new coronavirus. In late February, he said the epidemic was “under control” in the United States, and then the infection rate and death toll rose sharply, leading to the collapse of the U.S. economy.
the OECD predicts that the US economy will plummet by 7.3% this year and then grow by 4.3% in 2021. If there is a second wave of the outbreak, the country’s economy may shrink by 8.4% this year and grow by 1.9% next year.
trump claimed without evidence that mailing ballots would increase election fraud, and his position puts a new obstacle in any effort to reach a new round of anti epidemic relief agreements.
trump said in an interview on Thursday: “they want to provide 25 billion dollars for the postal system because the post office will have to go deep into the villages to collect these very ridiculous votes.” He added that the $3.5 billion they wanted to pay for postal voting “was for something that would eventually become fraudulent,” although there was no evidence that postal voting opened the door to widespread election fraud.
given the risk of covid-19 proliferation, people have been fighting for money to ensure that the U.S. Postal system is capable of handling more postal votes. Due to the decline in the number of ordinary mail and the need to provide advance funding for employees’ future retirement medical benefits, USPS, which is basically self financing, has been in financial trouble for many years. Despite the increase in parcel deliveries, the new crown epidemic led to a decline in the number of bulk mail, which worsened the balance sheet of USPS.
data show that Chinese companies have raised $5.23 billion in initial public offerings (IPOs) in the United States so far this year, more than double that of $2.46 billion in the same period last year.
shell house, a property management company supported by Tencent holdings and Softbank of Japan, officially landed on the New York Stock Exchange on Thursday, raising about US $2.44 billion, making it China’s 18th U.S. listed company this year and the largest listing transaction of a Chinese company in New York since this year.
following shell’s search for a house, electric car manufacturer Xiaopeng automobile has also applied for IPO. The online wealth management company lufax has submitted a secret application for listing in the US, according to people familiar with the matter. The company did not respond to a request for comment.
U.S. Treasury Secretary manuchin previously said that by the end of 2021, listed companies from China and other countries that do not comply with us accounting standards must delist from the US stock exchange. This means that Chinese companies currently listed in the US must meet the compliance requirements of US regulators by January 2022.
Joe Biden and Kamala Harris heard their first joint economic report on Thursday, including former Federal Reserve Chairman Janet Yellen.
Biden’s campaign has been very secretive about which economists advise the former vice president. But in April, the media reported that Larry Summers was advising on the campaign. This infuriated progressives, who called on Biden to promise not to appoint him into government. In novel coronavirus crisis,
Yellen argued last month that Congress should do more to support the economy. She told the Subcommission that it would be a “disaster” if it decided not to continue to strengthen unemployment insurance, which expired on 31 July.