Although the multi-billion pipe, valve and fittings (PVF) sector controls one of America’s most important manufacturing units, the thousands of personnel holding PVF leadership is generally unknown. With great pride in such expansive manpower, I found that my many positions that have provided this industry’s success are hardly even mentioned. This is contrary to other major U.S. manufacturing sectors, where colorful directorship is well-known to personnel and customers alike.
In the PVF industry, a producer’s leadership tends to be directed by private ownership or leading personnel from competitive companies. However, by and large, the PVF business is unique enough to demand industry experience. While certain product parts may be brought in from abroad, top personnel, it seems, must be of American background to be successful in the industry.
The unique aspect of PVF industry’s relationships calls for substantial industry experience before a top management position is fulfilled. While other major industries require no unique experience, other than a functional segment approach, the brotherly relationships that spread nationwide in the U.S. PVF industry are mandatory.
This is particularly critical in the competitive nature within the industry, and the advantage of their integrity.
Fed Chief Warns Higher Prices Recessionary
Federal Reserve Chairman Jerome Powell warned emphatically that raising interest rates would open the “recessionary door” in the future. This would leave the Federal Reserve no choice if current inflation costs show no sign of breaking commercial prices that have encumbered the highest prices the U.S. economy has faced in many years.
This commercial restraint will be necessary if the American administration does not succeed in these “critical day” prices quickly and effectively. These are now running at a 40-year high, having enforced Federal Reserve interest rates again.
This marked a notable change from the last time Powell appeared on Capitol Hill, days after Russia’s invasion of Ukraine. Since then, the Federal Reserve raised federal funds three times, from near zero to a range between 1.5 percent and 1.75 percent, the largest total in 28 years. The Fed drew criticism in recent weeks for not acting sooner.
After the Democrats darkly criticized Powell for not rectifying in policy, Republicans warned him about inconsistent action in previous policies, extending over years.
In this battle of political policies, both the GOP and the Democrats chose different approaches as the mid-term elections are ready to be implemented in the forthcoming weeks. Such politicizing has created new levels, as each party works to show greater “governing intelligence” by its senatorial and congressional Washington, D.C., representation.
U.S. Debt Exceeds 30-Trillion Dollars
While such an incredible national debt seems beyond comprehension, the pace of this magnanimous record — $30 trillion — shows no signs of a slowdown.
With mid-term national elections and the major presidential concerns ready for change, it may be a forlorn hope that American voters wake up and put economic capability on top of their choices for both of these elections.
At this time, when economic viability has become critical to America’s future, the nation’s presidentially elected leader should be an expert in economics and all its aspects.
Unfortunately, the major aspect of voters is party affiliation and its membership. In such cases, the top positions, including the presidency, go to the members with the most dollars or the best-known. This has proven to be a weak approach the past four years, as President Joe Biden ignores economics. What makes these circumstances even worse is inflation has jumped out of the box big time, and encouraged the Russia/China duo even more.
From the economic viewpoint, things in America couldn’t be worse. As President Donald Trump gave America a major economic comeback, all President Biden has done is close up oil and coal supplies when their need has grown tremendously. Let’s hope the four years after the 2024 presidential election will awaken the drowning economic ship.