As we get closer to the November election, the conversations we’re having in our editorial livestreams have increasingly touched on how the White House and Congress affect plastics markets.
In today’s Numbers That Matter Live, the election will be the primary topic. I’ve been talking with PN Economics Editor Bill Wood for months about the Fed, whether the U.S. economy is experiencing a soft landing, the latest economic indicators and key plastics end markets.
For a taste, Bill covered his outlook for plastics materials in this week’s Material Insights video. He’s still worried about the U.S. economy, particularly some plastics end markets including home construction.
Another concern: budget deficits. In a recent column, Bill wrote: “I can understand the rationale for greater government spending during times of an economic recession, but the deficit levels of the past few years are unnecessarily reckless.”
He noted: “We are in an election year, and I have not heard either of the major political parties addressing the risks associated with this level of deficit spending. If anything, both sides appear willing to push the deficit even higher.”
As usual, Bill is ahead of the curve in his analysis of the economy. Last week, the International Monetary Fund said the U.S. Federal Reserve should not cut interest rates until late 2024, and the government instead needs to raise taxes to slow the growing federal debt.
Surely we aren’t going to hear any candidates calling for higher taxes between now and November — at least not on anyone making less than $400,000 a year. But would that be a smart move — or even an inevitable one? Tune in to Numbers That Matter Live for Bill’s opinion.
