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 In the first half hour of today’s show, Dr. Rasmus reviews a June 1 article by the San Francisco Federal Reserve showing that the US labor market is far weaker than the ‘headline’ unemployment rate indicates. Rasmus argues that jobs are being recalled (not created) at a slow rate and likely with fewer hours and thus weekly earnings. The long term historic trend, of a ‘jobless recession’ recovery will continue in 2021 and beyond. The second half hour of the show addresses Biden’s historic ‘about face’ in infrastructure negotiations this past week: cutting corporate taxes to 15% instead of raising them to 28% as Biden had promised + reducing his infrastructure spending proposal again even further, from the prior week’s $1.7T (down from $2.25T) to $1 trillion. The ‘smoke and mirrors’ moves of Republican counterproposals, and Democrats, are discussed. The final number will likely be around $1T, as predicted. All that remains is what will be the composition of spending of that $1T. (Check out Dr. Rasmus’ article in Counterpunch, Znet, and other sources, as well as his blog, jackrasmus.com, for a more detailed print publication analysis of the political games behind the infrastructure negotiations).

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