The Bureau of Economic Analysis (BEA) released significant wage and salary data yesterday which held stunning upward revisions for 2018 and 2019.   Wage growth of 5.5% combined with low inflation remaining at 1.4 percent; the disposable income of U.S. workers jumped to a stunning 4.1%.  [Data Tables]

Within the revised BEA data, we find employee compensation rose 4.5% in 2017 and 5% in 2018.  Importantly the growth trend continued into 2019, with compensation increasing 3.4 percent in the first six months alone.  Year-over-year wages and salaries were revised upward to 5.3% for May, and 5.5% in June.  These are stunning increases in worker pay.
There are various economic indicators we have shared through the years, but wage growth is one of the more critical.  First, wage growth lags behind business activity – workers don’t get pay raises until after business volume demands/provides it.  Second, wage growth is generally uni-directional – once businesses hike pay, the increases cement.
As the Wall Street Journal put it:
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It was only a matter of time before someone explained how the Chinese advisors to Chairman Xi Jinping are using President Trump’s inability to hold the coup plotters accountable as evidence they can wait out the President.
This is the crossover, where a lack of accountability for “Spygate” now begins to negatively influence the geopolitical, economic and strategic position of President Trump.  However, there’s an upside to this dynamic….
In several interviews the president has noted his preference to keep the DOJ and FBI issues at a distance and deferred action to others. The economic reset is President Trump’s #1 priority.  If Trump identifies the lack of DOJ and FBI accountability as an impediment to the economic program, he may become much more engaged.

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SHANGHAI—Plodding progress in trade negotiations between the U.S. and China this week is partly the result of a new tactic from Beijing, which increasingly thinks waiting may produce a more-favorable agreement.

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In an effort to keep the Daily Open Thread a little more open topic we are going to start a new daily thread for “Presidential Politics”. Please use this thread to post anything relating to the Donald Trump Administration and Presidency.

This thread will refresh daily and appear above the Open Discussion Thread.

President Trump Twitter @POTUS / Vice President Pence Twitter @VP

Stephanie Grisham Twitter @StephGrisham45

Last night President Trump gave a lengthy 26 minute interview to C-Span and journalist Steve Scully. [Full Video Here] Here’s some video excerpts from the interview:

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Our Father, who art in heaven, hallowed be thy Name. Thy kingdom come. THY WILL BE DONE, on earth as it is in heaven. Give us this day our daily bread. And forgive us our trespasses, as we forgive those who trespass against us. And lead us not into temptation, but DELIVER US FROM EVIL. For Thine is the kingdom and the power and the glory, forever and ever. Amen †

Former Acting Attorney General Matt Whitaker appears with Lou Dobbs to discuss ongoing issues in/around the DOJ and FBI.
Matt Whitaker notes the corrupt members of the FBI/DOJ who have left the institution; but stops short of criticizing current FBI Director Chris Wray. Whitaker expresses strong support and respect for John Ratcliffe’s nomination to ODNI.
Whitaker positions himself as an advocate for transparency, but is careful not to be critical of those in the DOJ and FBI who are working diligently against releasing documents that would actually bring about transparency.  The implied message is that declassification of material will ultimately force transparency…. [but he doesn’t say it].

…Every minute spent outraged at what Comey, McCabe or Muller did yesterday, is one minute less that Bill Barr is being held accountable for what he is not doing today…

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Tonight and tomorrow CNN is the broadcast host for two nights of Democrat presidential primary debates in Detroit Michigan.  After a live lotto-draw, the line-up was announced for only the 20 presidential candidates who the DNC qualified the second set of debates.
[Former Senator Mike Gravel, Mayor Wayne Messam, former Representative Joe Sestak and billionaire Tom Steyer did not qualify for the second round of debates. Sad.]

Tonight is the all white line-up: the Thriller in Vanilla; and will put Bernie Sanders and Elizabeth Warren on the stage along with Pete Buttigieg and Beto O’Rourke.  It will be interesting watch how the communist and socialist differentiate themselves, the crowd is expecting a free stuff frenzy.
Meanwhile Beto needs to take a bite out of Buttigieg to survive to the next round.  Mayor Pete has been stealing all of self-flagellating Beto’s support; and the cashmere might start flying if the limo-liberals enter a demolition derby.
CNN holds exclusive broadcast rights to the debate. Consider this an open discussion thread for anyone watching…
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Chopper Pressers are the best pressers; and today we get two. One upon departure, and one upon return to the White House from Virginia. [Video Below – Transcript will follow]

UPDATE: Transcript Added
[Transcript] – THE PRESIDENT: So, Jamestown was amazing. I very much appreciate that the Democrats were so respectful because it is what it is. It’s a very important moment: 400 years. So I appreciate very much the Democrats. We had great receptivity. I guess I saw a few; you only covered the protester. One protester.
But Jamestown, I thought, was fantastic. And I was treated, really, I think — and I have to — I obviously thank the Republicans, but I also thank the Democrats. We had one person. And other than that, it was really fantastic.
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Chopper pressers are the best pressers.  Earlier today President Trump held an impromptu press conference as he departed the White House for an event in Virginia.
[Video below – Transcript ADDED]

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[Transcript] – 9:12 A.M. EDT – THE PRESIDENT: So I just want to tell you the economy is doing fantastically well. We have people over in China right now. We’re negotiating with China. We’ll see what happens. We’re either going to make a great deal or we’re not going to make a deal at all. But a lot of great things are happening, and including with China.
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Good interview between Fox Business’ Maria Bartiromo and former White House trade official Clete Willems.  Essentially Willems confirms the current outlook of the Trump administration that a deal with China is not likely in the short-term; however, Willems is optimistic of the probability in the longer term (as China realizes consequences).

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