Macro Briefing: 13 September 2023

* United Auto Workers union plans for possible targeted worker strikes
* Congressional panel urges Wall Street execs to curb US investments in China
* European Union launches probe into China subsidies for electric vehicles
* Writers sue Meta AI Platform for copyright infringement
* UK economy shrinks in July at fastest pace in 7 months
* Real household incomes for Americans fell for third straight year in 2022:

Tax Cuts and surging budget deficits have become a constant in Washington as Republicans and Democrats are reluctant to curb spending or raise taxes on majority of Americans. “We are at a political equilibrium where both parties compete to pander for middle-class and professional-class votes by promising them endless spending and taxes that can only fall,” says former GOP Senate aide Brian Riedl who’s currently at the conservative Manhattan Institute via The Wall Street Journal.