Congressional Budget Office, Trillion Dollars, Hundred Million Dollars discussed on All Things Considered

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Wednesday today the twenty first of August is always to have you along everybody we are gonna start we big picture today a little bit of federal reserve a little bit of the Congressional Budget Office a quick pass by the R. word and then you the source of all hope in this economy you the American consumer which sells like an exaggeration actually that bit about you being the source of all hope it really mostly not as you will see all right so with the fed will begin in the observation that the central bank released the minutes of its most recent meeting this morning that'd be the meeting back last month when it cut interest rates for the first time in a decade just one quick point about this and then copy odds the point is this it's clear from the minutes that there are some divisions within the federal open market committee about what to do with this economy some people wanted a bigger cut in interest rates some people wanted none J. pal the chairman pretty much split the difference with that quarter point as you remember here though is the copy out Powell is giving a big big speech on Friday at a fed meeting out in Wyoming tune in as they say for the tea leaf reading on that one will have it for you or at the Congressional Budget Office has promised the CBO was out with one of its regular economic forecasts today the news was not great Sir Bender is a senior fellow at the Brookings Institution the CBO said that the government is doing worse in terms of its finances even worse than we had expected meaning the deficits are climbing in essence about a trillion dollars of deficits to be expected each year in the coming decade a trillion dollars a year for the next decade the trump tax cuts increase government spending you know the reasons it matters because as deficits are over trillion dollars what happens when the government really needs to stimulate the economy when there's an economic downturn and you're running out of room the higher and higher those debts go course there's always the fed but we know the president thinks about the fed right so let's talk about a down turn the not great economic signs are getting a lot of attention on this program and pretty much on every other outlook the cover the economy because it's the job global growth is down business confidence down as well there's a trade war you might have heard of that inverted yield curve as well which happened again today by the way on the other hand president trump and his advisers are saying everything's fine better than fine actually strong economy ever but that all the coverage is going to spook consumers and push us into recession so can that happen marketplace Merrill cigar reports now on the power of negative thinking there's this concept in psychology called the availability heuristic I now sorry jargon but it has to do with how suggestive all people are Kelly Lanier is a behavioral economist at Emory University for example if you've just watched the movie jaws then you might be less likely to go swimming in the ocean someone who has not seen the movie or has not seen it in several years granted we're talking about the economy and actual economic indicators not a fictional movie but she says the point is the more we hear about something the more we're gonna think about it so if recessions are consistently talk a recession is consistently in the news then individual can't help but be thinking of that especially when they're making spending decisions now for the copycats first we can't predict what consumers are gonna do with negative news about the economy your house you know one can't that mold squirrel away money for a rainy day and then you have others that we choose to spend at all now second caviar consumers think about a lot of things when they're deciding whether to buy stuff like their personal finances part of an arc is chief economist at the conference board you know what would happen to a bank account and what do they kept in terms of that table every month then are also points out that while negative economic news could hurt consumer spending the news right now is an all negative one moment stay here news about rates increase S. and a strong labor market and a lot of times that your news about the trade disputes and the market's coming down so if anything consumers are probably a little confused we get it I Merrill Sierra for marketplace here is where you get to chime in go to market place dot org let us know what you think when you're me and everybody else you that or word and is speaking of you by the way the stuff buying American public as we've been reporting the American economy is still in decent shape in no small part because consumer confidence and spending is still doing pretty well to that end up make a retailer target reported higher quarterly sales and profits this morning but we do no doubt by us but as market place's ND you'll reports target's recent run is also very much about target at the end of February twenty seventeen target reported declining sales and profits for the holiday season just past and the company issued a gloomy outlook CEO Brian Cornell told investors he was gonna spend billions of dollars to help lower prices and also remodel hundreds of stores investors killed target stock if you think about where retail going today investing in store that doesn't seem like the right knew that Samuel Penske she covers retail Alex partner she says in the age of Amazon it all felt like a reach the target was playing the long game people are still going to extort there just at their expectation for those stores are really different she says targets mated stores more appealing to shoppers the Saunders as retail analytic level data he says target also chose wisely in pushing proprietary brands like market pantry and made by design where the margins are higher if you want that brand of clothing or their brand of home essentials home products you have to go to target to get them so that differentiation is really helped the target didn't forget about Amazon the company invested in speeding delivery of website orders and easy store pick ups Bob fibs runs the retail doctor consultancy you know when you look at that article do this JC Penney Macy's they haven't had this consistent laser focus on knowing exactly what they should be doing without hearing from that he says target has made the right investment choices recently and it's going to need to do more of that if it wants to keep winning in a rapidly changing retail environment I mean either for market place Wall Street on this Wednesday all good thanks you will have the details when we do the numbers never put on one of those virtual reality headsets probably not right they still haven't a handful of years after the first consumer models came out they still haven't really caught on much less let us retreat into escapist fantasy worlds are virtual relationships oculus quest alike are still pretty expensive and there's really not that much content form anyway but even though home use hasn't quite gone mainstream the V. our industry is starting to focus on businesses employee training in particular from our workplace culture this marketplace is making McCarty Carino has that story inside an unremarkable office park in the LA area virtual reality start up tail spin is creating new worlds which you're pretty on remarkable themselves no fantasy landscapes or gun slinging here deals bins latest virtual reality training puts users behind a boring old desk in a nondescript office the task calling a virtual employee named berry hands as gingerly as possible let him go how many times has very been fired my gosh thousands and thousands the idea is to work on communication skills in an emotionally charged situation most people don't encounter every day tales been CEO Kyle Jackson helped me strap on a head set so I could give it a try basic I speak what you see on screen there I'm behind a desk in an office with a water cooler posted notes in the home of phone calls in the background I very come on in very sits across from me a middle aged man with graying hair and wrinkles etched into his face I would mistaken for a real human yet when he speaks how are you you look great new hair style right it's kind of hard not to feel sorry for the guy knowing what I'm about to do thank you I feel terrible about this but I have some bad news the program gives you some options for what you should say to bury the objective being to get through the firing process without too many hard feelings it didn't work who do you think you are twenty thirty years old I've been doing this for thirty years I failed please try again okay let's try again virtual reality training like this is a growing business a report from tech industry advisory firm AB I research predicts the market for workplace VR explode from just a couple hundred million dollars last year to more than six billion.

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