What is particularly interesting about this chart is that today, Americans’ personal financial situation is not that bad, though the trend is definitely down. It is the six-month outlook that is most troubling. They see the storm clouds building. This perception will cause purchasing decisions to turn negative and then becomes a self-fulfilling phenomenon. Politically, it also spells trouble for the Democrats in the 2022 midterm elections.
Once again Bezos’ comments were on the money. The spending bill Sen. Joe Manchin (D-WV) courageously rejected in December and then again in February, the bill known as Build Back Better, would have only exacerbated inflation. Significantly. The more money the government spends, the more heated the economy becomes. For an administration to try to spend their way out of an inflation crisis is like a 600-pound man trying to eat his way back to a healthy weight.
With the possible exception of Transportation Secretary Pete Buttigieg, there’s no one who is more responsible for the current food crisis than Biden himself. Perhaps that’s why Biden is pretending it doesn’t exist because if he was going to be fired up and start yelling at someone about food shortages, he’d have to go and yell at that old coot in his mirror.
While the US has been shuttering refineries, China has invested in them. In fact, for most of 2020, China’s refineries processed more crude than U.S. refineries. In April 2020, more crude oil was being refined in China’s refineries than in U.S. refineries for the first time on record, and the trend continued for all remaining months in 2020 except for July and August.
The way financial markets puked this week, they must have started reading the news. Let’s face it, the headlines are a little short of reassuring. The $6.49 price on a gallon of diesel is enough alone to tell you that the nation can’t do business the way it’s set up to do, and there isn’t a new model for running things ready to launch — not even Klaus Schwab’s utopia of robots and eunuchs.
Whether you believe these investment policies would significantly affect climate change or the climate change narrative given by mainstream media is another story. Regardless of any genuine Oil supply-demand issues or even geopolitical concerns, Oil is set to go significantly higher in the next year or two ahead.
We can see the economic deterioration virtually anywhere we look, and we can feel the economy slipping. We’re watching our economy being driven off a cliff in a blue convertible, and we can see the senile buffoon in the White House behind the wheel with the accelerator floored and a stupid look on his face.
So, shall we implement government social plan “A” or government social plan “B?” Let the debates start. But before we do this, perhaps we must consider the cost of the change in our culture over the past few decades that has led us to this point.
What has happened to the traditional family, who in the past have managed and regulated these types of issues? So many families are broken and the youth is being managed by Hollywood and social media – we are so wonderfully woke now. Has this served us well? Perhaps we should start here first.
So what is going on here? Perhaps what we are seeing in the US is a real change in the culture and the economic models brought on by the various crises – social justice (e.g., BLM movement), Covid, climate change, and now Ukraine, for example. It is a radical part of Left-wing politics consuming America. Some have attributed it to what is called the Great Reset.
Late on Friday night, when most of us were either sound asleep or out kicking… Read More »Blue State Bullies: Illinois Dems’ Outrageous Strong Arming Of Small Businesses
This week Gov. Ron DeSantis blasted President Joe Biden over what he calls, “Bidenflation” and the rising costs of rent and gas. In response to a question about rising rents in Florida, DeSantis said “general inflation is causing” rents to spike, and noted the Centers for Disease Control and Prevention (CDC) moratorium on evictions.
We hear about the shattering impact of gas prices every day, as the administration and the media try to spin the problem as Vladimir Putin’s fault. For months we were lectured about the hardships impacting the health care industry caused by inconsiderate ignoramuses who refused an experimental vaccine. But have we heard anyone in the media talking about this financial obliteration facing thousands of fellow Americans?
Unlike the 70s, this time around, a big piece of our malaise is that we’re saddled with a president who simply does not care about the suffering of Americans. Has there been any instance in which he has shown genuine empathy towards others? He met with the relatives of the Marines who were killed in Afghanistan and talked about his son. He attended a 9/11 memorial on the tenth anniversary of that fateful day and complained about people protesting him. He hasn’t even put the needs of his own children ahead of his own.
You might not think that the cash in your wallet becoming less valuable by the day is a good thing. Well, MSM outlets like New York Times have news for you: it is. Whether because they know inflation is a political albatross for Biden but is something they can’t do anything about in the short term or because they’re so crazy to believe it, the media figures are actually pushing the insane line that inflation is a good thing.
Do federal employees really stimulate the economy with their spending? They’re only spending money that was forcibly taken from others, and then largely spent on nonsense. Given that much of what they do isn’t value-adding, it stimulates the economy about the same way “mostly peaceful” youths do when they conduct a smash-and-grab at the local department store. It’s more redistribution than stimulation, and not what a healthy economy needs. The only way for the government to actually stimulate the economy is to cut taxes and get out of the way of business.
AOC also went on to show his ignorance of the facts when she said on MSNBC that this shows the need to do away with the Filibuster. The Filibuster had already been taken out of play on BBB. The Democrats did not need 60 votes and could not even find 50 so Kamala Harris could cast the deciding vote. Nobody ever corrects her when she makes these obvious false or inaccurate statements.
Biden overplayed his hand and was not smart enough to know his party and their level of support. Just like you don’t put a Bill on the floor if you don’t have the votes, you don’t base your Presidency on a Bill that has inadequate support. The majority of the country does not want to transform America. America may need some tweaks, but it does not require a total makeover. Biden needs this plan to turn the tide on a disastrous first year.
Joe Biden, the Kid from Scranton, is spending the Thanksgiving weekend with Billionaire friends on Nantucket. I have a friend who lives on Cape Cod and would love to get up on his plane this weekend but not with the President enjoying his time on the island. The TFR, temporary flight restriction, will prohibit any private flight in the area until Biden leaves the Cape.
It may seem like chaos, but I believe that it is all planned. Each terrible decision or policy contributes to the transformation of America. Americans have been numb to this point, maybe from lack of oxygen from wearing a useless mask for two years. Signs indicate that the Novocain is wearing off, and Americans are not onboard with Liberal Transformation.
Is there anything Joe can do to change that investor behavior? There sure is. He’d simply need to announce that he’s opening up drilling, endorse fracking, and give the green light to pipeline projects. Investors will expect prices to drop, and they’ll bail on the futures market like rats from a sinking ship. But that would require admitting that Donald Trump was right. That’s not going to happen with this administration.
It’s important to remember that the year-over-year changes take the economic disaster that was 2020 into account. Consumers that were already worried about the economy due to the Covid lockdowns and/or massive government spending in 2020 not only didn’t change their minds, but also grew even more worried about the state of the economy.