Tag: economy

Look At His Face! Biden Denies Economic Reality In Car Crash CNN Interview

During a brutal CNN interview aired Wednesday, Joe Biden looked shocked when host Erin Burnett reeled off a list of stats detailing how bad the economy is. Instead of suggesting how he is going to improve the situation, Biden denied any of it was real and claimed every poll showing Americans favouring Trump on the economy is wrong.

“Voters, by a wide margin, trust Trump more on the economy,” Burnett noted, before listing possible reasons for that including the cost of buying a home having doubled, real income accounting for inflation being down, economic growth being way short of expectations and consumer confidence being near a two year low.

“Are you worried that you’re running out of time to turn [the economy] around?” Burnett asked Biden.

“We’ve already turned it around,” Biden bizarrely claimed, before adding that “the polling data has been wrong all along.”

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California’s Catastrophic Minimum-Wage Surge: A Recipe for Disaster Unfolds

The Golden State stubbornly disregards warning signs surrounding the wage hike policies advocated by progressive unions.

According to National Review, California recently rolled out a groundbreaking $20 minimum wage for fast-food workers. However, labor unions, and their radical activist allies, are now pushing hard to expand this wage rate into other industries.

In examining California’s wage policies, it becomes obvious that the likely outcomes have a predictable path. One notable case study highlights the consequences of a near-$20 minimum-wage model, which unfolded within the state’s purview.

In 2021, Unite Here Local 11, a prominent labor organization situated in Los Angeles, orchestrated a series of actions that resulted in a $17.64 minimum wage for hotel employees within West Hollywood. This wage floor represented the highest across the nation. 

Not content with this achievement, the union swiftly expanded its advocacy efforts towards larger targets. These efforts eventually resulted in the adoption of this wage standard across all sectors within the municipality.

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Another Grocery Staple Surging to Record High – The Days of Cheap Breakfasts Are Gone

Joe Biden alone has already caused the price of everyday staples to soar, but there are other pressures also forcing an increased burden to fall on all Americans.

Thanks to those external pressures, this month, yet another staple food item has soared to prices that won’t come down any time soon.

Coffee is absolutely essential for millions, and many Americans claim they can’t get their day in gear if they don’t have a jolting cup of Joe, and they don’t mean Biden.

But there will soon be more financial pain going forward with your morning cup. Get ready to see your coffee prices given a jolt as supply problems, hoarding, and contract defaults are tearing through the coffee producing industry worldwide causing prices to soar. This is only adding to the skyrocketing costs of breakfast, which is at its highest point since 1979 as it is. And experts say those higher prices won’t go away any time soon, if ever.

The cost of robusta coffee beans soared more than 30 percent early in April and 50 percent now as a heat wave has settled in over Vietnam in one of the world’s top coffee growing regions, according to Bloomberg.

The price jump for robusta has also put pressure on arabica coffee, causing arabica futures to rise more than 3 percent, surpassing the $2-per pound mark for the first time since December, the outlet added.

“Weather conditions are not encouraging,” representatives of London-based importer DRWakefield said this week. “There are still concerns over a possible water shortage for irrigation, which may hurt the output of the next season.”

About 40 percent of the world’s coffee supply is made up of robusta beans whereas the arabica bean is the source of around 60 percent, according to Nespresso.

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Connecticut! The Place Where Your Government Is Your Best Friend, And Where Your Grocer Is Your Bitter Enemy

From time to time, we are treated to a manufactured fake-news event promoted by the Connecticut Democrat Party in their sworn mission to damage Connecticut’s fragile and failing economy.  This latest event concerning “elevated” grocery store prices led us to a pseudo-intellectual faux economic mission reverberating all over state-run media outlets last week stating that grocery stores of all sizes are “price gouging”, are earning “excessive” profits, and telling us that only state government can fix this problem. During a charade of a press conference held on April 10, Democrat Attorney General William Tong stated: “We won’t stop!” in announcing the inquiry. “We will keep going until we have an understanding of this market.”

First, I had no idea Democrat Attorney General William Tong had degrees in economics and/or accounting and was an expert in grocery store logistics and management.  Secondly, I had no idea that grocery stores large and small were price gouging?  Third, I had no idea that Democrat Attorney General William Tong could instantaneously get his finger around the concept of runaway inflation which has been occurring since Democrat President Biden has taken office in 2021. 

My good friend Tony De Angelo talked about this new Tong investigation at length on this past Tuesday in his weekly segment on the Lee Elci Show 94.9 where Tony pointed out that the 63 page Federal Trade Commission report (“FTC”, “report”) sourcing this press charade, never even once mentioned the term “price gouging” therein. This is even more startling, considering  that the report was engendered by the far-left Biden-appointed Marxist-inspired Commissioner of the FTC, Lina Khan. And as Tony pointed out, who can trust any representation the media-political machine makes in Connecticut, especially when one remembers the debacles of the Scott Franklin-BLM mural vandalism a year ago in Hartford, or much more the lies, graft, and mismanagement of Covid-19.

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Kilo-WHAT?-hours: Electricity prices soar by nearly 30% under the Biden administration

Prices of electricity have been hunting budget-sensitive households since President Joe Biden assumed the presidency. Families have experienced an astronomical rise in the costs, well outpacing inflation with a 29.4 percent jump in price from 2021. The prices are now almost double that of inflation and skyrocketed thirteen times faster than they had in the seven years before 2021.

The data showed that the energy index rose by 1.1 percent in March following a 2.3 percent increase in February. Despite the Federal Reserve holding interest rates steady since July 2023, inflation continues to pose a problem for policymakers and households.

“There is no improvement here, we’re moving in the wrong direction,” said Bankrate Chief Financial Analyst Greg McBride in an interview with Fox Business. “The usual trouble spots persist, like shelter, motor vehicle insurance, maintenance, repairs and service costs. Add electricity to that list, up 0.9 percent in March and five percent over the past year.”

Part of the reason for the surge in energy prices is due to the push to replace fossil fuels and nuclear power plants with renewable subsidies and green-energy mandates.

Gasoline prices also continue to hit American pocketbooks hard. Though prices have fallen off their peak from 2022, the cost of gasoline remains 52.1 percent higher than it was when Biden first took office. The gasoline and electricity index also increased in March, climbing 1.7 percent and 0.9 percent, respectively.

The Biden government has depleted much of the Strategic Petroleum Reserve in an effort to bring down gasoline costs. However, the relief has only been temporary, with prices again starting to rise across the country. Moreover, the Bureau of Labor Statistics (BLS) reported that the energy index jumped 2.1 percent.

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Here Is The $1 Trillion “Stealth Stimulus” Behind Bidenomics

In recent weeks, with inflation still at all time highs but now rising at a slower pace and with the Dept of Labor generously seasonally adjusting job numbers to make it seem that the labor force is growing relentless no matter how hard the Fed tries to whack it, Joe Biden – who had sternly refused to discuss the US economy for much of the past three years – had a change of heart and, on advice of his handlers, decided to take credit for what he sees as positive changes in the US economy by penning the term “Bidenomics”, and flooding twitter with this propaganda, which Twitter’s community notes has had a field day exposing.

But while there are those who have the energy and patience to read between the lines and uncover the lies below the surface, for many people what they see on CNN and MSNBC or read in the liberal press is what they believe: for them Bidenomics is actually working.

Of course, it would be great if Biden was right – one’s political ideology notwithstanding – and the economy was truly flourishing, but unfortunately there is another issue, one which the president will never discuss, namely the cost of Bidenomics.

We first got a glimpse of that two weeks ago when Michael Hartnett discussed “the era of fiscal excess” and pointed out that in just the past 12 months the US government spent $6.7 trillion, up 14% YoY…

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Americans Now Worry About Out-Of-Control Power Bill Inflation

Tens of millions of Americans are having trouble paying their power bills as residential electricity inflation continues to run rampant. The latest data from the US Bureau of Labor Statistics (February’s print) shows that three out of every four major cities in the US had power prices rise for residential customers.

“Food has been a worry, but now electricity is the worry,” 75yo Alfredo De Avila told Bloomberg, adding, “Unless you want to go to candles and firewood, we have no other choice but to bite the bullet and pay.”

For the Oakland, California, resident, already battered by high taxes, food inflation, elevated fuel pump prices, and out-of-control violent crime, the latest price increase from the state’s largest electricity utlity, PG&E Corp, of a 13% jump in power bills in January, plus more expected rises this year, could put the retiree under more financial pressure.

BLS data (from February’s print) shows that power prices nationwide have jumped 27% since early 2021.

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Scandal Rocks Biden’s Labor Dept For Lying About Sharing Non-Public Inflation Data With Secret Group Of Wall Street “Super Users”

A little over a month ago, a scandal erupted among the (relatively small( group of economists who keep a close eye on the monthly inflation data reported by the Biden Department of Labor, when they learned that there is an even smaller, and much more exclusive group of economists called “super users” who get preferential treatment from the BLS, including wink-wink-nudge-nudge explanations of where the data may diverge from expectations. That was the case for the January CPI when as Bloomberg first reported, the BLS sent an email to a group of data “super users”, which “explained suggested a surge in a measure of rental inflation — which left analysts puzzled — was caused by an adjustment to how subcomponents of the index are weighted”:

Once it became public knowledge that there was a super secret group of preferential “accounts” receiving economic data, immediately following the Bloomberg report, a recipient of the email said that BLS Statistics “tried to retract it and that they were told to disregard its contents.” Almost as if they were trying to hide it after the fact.

In retrospect, it appears the BLS really did have something to hide, because in a follow up from both the NYT and Bloomberg, we now learn that an economist from the Bureau of Labor Statistics was corresponding on data related the monthly CPI print with major firms like JPMorgan and BlackRock, in what Bloomberg said “raised questions about equitable access to economic information.”

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World’s Leading Banker: The U.S. Establishment Has Failed

Americans have “legitimate frustration” over migration and economic opportunities, “and I agree with them,” said Jamie Dimon, the billionaire chairman and chief executive officer of the world’s biggest bank, JPMorgan Chase.

In his 2024 annual letter to shareholders. Dimon condemned the nation’s establishment for failing to protect the American dream, economic dynamism, and economic opportunities for ordinary Americans:

From my point of view, our highly charged, emotional and political domestic issues are centered around 1) immigration and lack of border security and 2) the fraying of the American dream, particularly for low-income and rural Americans who feel left behind amid the growing wealth and prosperity of others around them …

I believe that many affected Americans are not angry at hardworking, law-abiding immigrants and, in fact, acknowledge the critical role immigrants continue to play in building this wonderful country. Rather, they are angry that America has not implemented proper border control and immigration policies. It is astounding that many in Congress know what to do and want to do it but are simply unable to pass legislation because of partisan politics. Congress did come close on a few occasions — and I hope they keep trying.

But Dimon does not call for the popular migration cuts and curbs that would incentivize politicians and investors to raise Americans’ wages, boost U.S. innovation, grow worker productivity, and expand corporate trade. Instead, Dimon mumbles about vague “immigration … reforms,” while saying migrants play a “critical role immigrants in building this wonderful country.”

Some so-called reforms — such as the establishment’s 2024 border bill — are intended to worsen the government-delivered inflow of wage-cutting migrants into Americans’ workplaces, communities, and politics.

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The dirty little secret of Biden’s economic resurgence

In the midst of what has been touted as an economic resurgence under President Biden’s administration, a discerning examination from a conservative standpoint reveals a nuanced and, at times, troubling picture of whom this resurgence actually benefits.  While headlines may herald job creation and economic growth, a deeper analysis suggests that these gains are not uniformly felt across the American populace.

Instead, there is growing concern that policies purported to stimulate the economy are disproportionately advantageous to foreign-born illegal aliens over American citizens.

At the heart of this issue is the contention that the influx of illegal labor undermines the job market for American workers.  This is not just a matter of numbers, but a matter of the quality and stability of employment opportunities available to citizens.

The displacement effect, where Americans are edged out of opportunities or find their wages suppressed, is a real and palpable concern.  Such displacement is often justified under the guise of filling labor shortages or performing jobs Americans are unwilling to do, yet this overlooks the broader economic ramifications and the principle of fair and lawful entry into the job market.

Moreover, this scenario feeds into a larger cycle of economic distortion.  An increase in the labor supply, particularly through illegal immigration, can exert downward pressure on wages, especially in lower-skilled occupations.

While lower wages may benefit certain sectors by reducing labor costs, they also contribute to a stagnation or even a decrease in living standards for working-class Americans.  This situation is further exacerbated by inflation, which erodes purchasing power, making everyday Americans feel as if they are running harder to stay in place.

Critics argue that the administration’s economic policies, rather than addressing these fundamental disparities, seem to exacerbate them.  The provision of social services and benefits to illegal aliens, funded by taxpayers, is particularly contentious.

The argument here is not about the lack of compassion or support for those seeking a better life, but about the sustainability of policies that encourage illegal entry and residency, creating long-term economic and social challenges.

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