Tag: economy

Chief Economic Adviser Refuses To Admit Biden Is LYING About Inflation

Joe Biden’s chief economic advisor refused to admit Thursday that the president keeps telling a huge lie by claiming that inflation was at 9 percent when he took office when it was really at 1.4 percent and shot up to 9 percent under Biden himself.

During an interview on Fox Business, host Neil Cavuto grilled Jared Bernstein, and told him directly “you’re lying,” and “just as bad” as Biden when he tried to dodge the matter.

After Biden took office inflation surged to rates unseen since the early 1980s, peaking at an annual rate of 9.1 percent in June 2022, a full 17 months after he became president.

Yet, he keeps claiming it was ALREADY at 9 percent and that he inherited a weakened economy from Trump.

Keep reading

Biden REPEATS Whopping LIE About Inflation Being 9% When He Took Office

They say that if you repeat a lie, no matter how big, loud and often then people will eventually believe it, and it seems Joe Biden is doing just that.

On Tuesday Biden repeated the outright lie that inflation was at 9 percent when he took office in January 2021.

Biden was already raked over the coals for this claim last week. There’s no way that he or his handlers don’t know it’s false.

In reality, after Biden took office inflation surged to rates unseen since the early 1980s, peaking at an annual rate of 9.1 percent in June 2022, a full 17 months after he became president.

Yet, he is claiming it was ALREADY at 9 percent.

Keep reading

Gavin Newsom Blames Climate Change “Weather Events” for California’s Massive Financial Deficit

At a press conference, California Governor Gavin Newsom blamed climate change “weather events” for the significant shortfall in the state’s public finances.

A reporter asked Newsom the following question: “Can we explain to Californians how we moved from $100 billion surplus to such a significant deficit in just a few years?”

After blaming volatility and saying the shortfall was anticipated, Newsom then spoke about unanticipated “rain bombs” that prevented the collection of taxes on time.

“Therein lied [sic] this blackout period that beguiled all of us,” Newsom explained, clearly struggling for words.

“If there was any indication that climate change has impacts well beyond those that are often promoted, I would consider our financial delays as just another example of why we need to tackle them.”

Keep reading

Gov. Newsom’s Revised Budget Still Doesn’t Add Up

Gov. Gavin Newsom raised his estimate of the state’s budget deficit from $38 billion in his January budget proposal to $44.9 billion in his May Revision released May 10. The plan would spend $187 billion from the general fund for fiscal year 2024–25, which begins on July 1. The California Constitution mandates the budget must be passed by lawmakers by June 15.

But the $44.9 billion immediately is reduced by $17.3 billion, the revised budget explains, thanks to a deal he made a month ago with Assembly Speaker Robert Rivas (D-Hollister) and Senate President pro Tem Mike McGuire (D-Healdsburg).

That leaves $27.6 billion. We’ll have to wait until the nonpartisan Legislative Analyst’s Office releases its own analysis next week to get a more accurate picture. In February, the analyst’s office pegged the deficit at $73 billion. Whatever the actual enormity of the deficit, it’s a shocking flip from the $97 trillion surplus two years ago.

Keep reading

Commercial Real Estate Crisis Is a Ticking Time Bomb… And It’s About to Go Off

Over 30 million.

That’s the total of empty office space in San Francisco. If that number sounds too massive to comprehend, just picture this for perspective…

The Pentagon has about 6.6 million square feet of office space. So there’s about 4.5 times the office space of the Pentagon worth of empty space in San Francisco alone.

Industry insiders estimate that nearly 36% of offices in San Francisco are currently vacant.

But this issue isn’t limited to San Francisco. It’s widespread across the country…

A recent study from the real estate firm Cushman & Wakefield found that about a fifth of office spaces are empty throughout the U.S.

That’s a staggering 20%. Even higher than the vacancy rate during the 2008 global financial crisis.

Meanwhile, commercial real estate (RE) foreclosures recently jumped 117%.

Keep reading

ALL HE DOES IS LIE: Biden Claims Inflation Was 9 Percent When He Took Office (It Was 1.4 Percent)

It is sometimes hard to tell whether Joe Biden is lying or simply demented, but either way he is spreading false information to protect his terrible economic record.

In an interview on CNN, Biden claimed that inflation was running at nine per cent when he seized office in January 2021:

No president had the run we’ve had in terms of creating jobs and bringing down inflation. It was 9 per cent when I came into office, 9 percent. But it — look, people have a right to be concerned, ordinary people. The idea that you bounce a check and you get a $30 fee for bouncing the check, I changed that, you can’t charge more than 8 bucks for that or your credit card, your late payment, $35. There’s corporate greed going on out there, and it’s got to be dealt with.

The combination of the inflation, the cost of inflation, all those things, that’s really worrisome to people, with good reason. That’s why I’m working very hard to bring the cost of rentals down, to increase the number of homes that are available.

Keep reading

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.”

Keep reading

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.

Keep reading

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.

Keep reading

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.

Keep reading