Tag: economy

Secretary of Commerce Says She ‘Doesn’t Believe’ Fact That 818,000 Jobs Have Disappeared Under Biden/Harris White House

When Secretary of Commerce Gina Raimondo was asked if the 818,000 jobs supposedly created by the Biden/Harris White House which later turned out to not exist was a “liability” for Kamala’s campaign, she said she ‘didn’t believe’ the numbers.

Yes, really.

In a shock announcement yesterday, the Bureau of Labor Statistics announced that the nonfarm payroll figure had been revised down by 818,000, meaning the U.S. economy created that number of fewer jobs than originally reported in the 12-month period through March 2024.

The actual job growth was therefore “nearly 30% less than the initially reported 2.9 million from April 2023 through March of this year,” reported CNBC, the largest downward revision in 15 years.

Despite the number being a manifestly provable fact announced by the government itself, Raimondo claimed it was all a lie invented by Donald Trump.

“When you hear that do you think these new numbers could potentially be a liability for this campaign?” she was asked by an ABC News reporter.

“No, when I hear that, first of all, I don’t believe it, because I’ve never heard Donald Trump say anything truthful,” responded Raimondo.

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Harris Releases Economic Plans

Vice President Kamala Harris described her economic agenda Friday in a North Carolina campaign speech. Harris’s proposals were widely described as “populist,” and also drew criticism from across the political spectrum.

Mirroring a policy championed by conservatives and pro-natalists such as Senator J.D. Vance (R-OH), Harris also announced support for a child tax credit of $6,000 for newborns, and otherwise raising the tax credit for families to $3,000, where it was temporarily during Covid, from $2,000.

In another populist policy duplicating a proposal from the Trump campaign, Harris advocated ending taxes on tips for service and hospitality workers. 

On housing, Harris intends for the government to create a $40 billion fund for boosting construction, and for the construction of 3 million new housing units over the next four years. Harris also intends to provide $25,000 of assistance to first-generation homebuyers and tax-credits for first-time homebuyers.

One of the most controversial parts of Harris’s economic proposals came when she announced that, if elected president, she intends to use the Federal Trade Commission to impose “harsh penalties” on companies that are engaging in price gouging. Many have interpreted this as a call for price controls, a task possibly beyond the legal powers of the FTC

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Back to the Future With Price Controls

Democrat presidential candidate Kamala Harris is demonstrating why monetary debasement has always been a favorite way for government officials to plunder the citizenry. Rather than focusing on the Federal Reserve as the root cause of prices rising across society, she’s blaming rising food prices on grocery-store owners. Consequently, she says that if she is elected president, she’ll get a federal “anti-gouging” law enacted that prevents grocery stores from raising prices.

In other words, she’s going to impose price controls, which inevitably means that we are going to have to deal with shortages of everything in grocery stores that has a price control imposed on it.

Of course, this is what governments have done since the invention of the printing press. Debasing the currency by printing ever-increasing quantities of money and then blaming the resulting rising prices on greedy, rapacious, evil, profit-seeking, capitalist swine has always been the way that government officials plunder the citizenry without having the citizenry figure out what the government is doing to them.

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Thanks To The Cost Of Living Crisis, U.S. Household Debt Has Soared To The Highest Level Ever Recorded

Our entire economy is fueled by debt.  In fact, if going into more debt was suddenly banned the U.S. economy would instantly hit a brick wall.  For the vast majority of us, our lifestyles simply cannot be funded by what we actually make.  So we use debt to bridge the difference, and this has particularly been true during the cost of living crisis.  Total household debt has now reached a grand total of 17.8 trillion dollars, and we continue to pile up more with no end in sight…

A quarterly report published this month by the Federal Reserve Bank of New York on household credit and debt found that between the first quarter of 2021 and the second quarter of 2024, credit card debt surged 48.1% while household debt — which includes mortgages and auto loans — rose by 21.6%.

In dollar terms, credit card debt rose from $770 billion in early 2021 to $1.14 trillion in the most recent quarter, while household debt increased from $14.64 trillion to $17.8 trillion in the same period.

I did not realize that credit card debt had risen by more than 48 percent since the first quarter of 2021.

That is extremely alarming, because it indicates that millions upon millions of households are literally living on the edge of financial disaster.

And the fact that delinquency rates have been climbing just underscores how serious things have become…

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First Rule of Famine Club

One of the worst things governments can do when things go badly — but always seem to do — is make price controls. Gas on fire.

In case of actual food emergency, police military, thugs, and hungry people, go house to house, warehouse to warehouse, farm to farm — and seize food. People become expert at hiding food.

Farms often are picked over by plagues of locust-people. Farmers stop farming…

Hoarders, speculators, and preppers are different sorts, but they all get blamed as if they are hoarders.

Hoarders who buy everything they can get at last minute are a problem.

Preppers actually REDUCE the problem because they are not starving and stressing the supplies, but preppers get blamed as if they are hoarders.

Speculators, as with preppers, often buy far in advance of the problems and actually part of the SOLUTION. They buy when prices are lower and supplies are common.

Speculators can be fantastic. When prices skyrocket, speculators find a way to get their supplies to market even when they must travel far even to another country. But dirty governments run by dimwits will often call speculators “hoarders” and arrest them and seize their supplies.

Governments who often cause food emergencies always blame farmers, distributors, retailers, for price gouging and hoarding. Government price fixing, seizures, crime from government, and street thugs, causes actual production and distribution to plummet. That’s when the REAL problems start — and potatoes are worth far more than gold.

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Wealth Mobility vs. Feudal Caste System

In a free market economy, anyone with determination could “get rich.” It is what gave rise to The American Dream (e.g., a house, a white picket fence, 2.5 kids, and a loyal dog). This is different from the feudal societies of the past, when only certain people could ever get rich. Feudalism is a type of cronyism, feudal lords gave fealty to a king.

If the king wanted local persons “shaken down” (or shaken up), then the noble, lord, or baron would pay those common people a “visit” and he would remind them who is in charge. In return for putting fear into the hearts of the local people, the king granted noble estates. By being loyal hooligans, feudal barons were guaranteed land and riches.

But feudalism is the opposite of a free market economy. There is wealth mobility in free market economies (anyone can get rich), but wealth stability in feudalism — only cronies can ever get rich. A sign of feudalism shows up in the ratio of riches (wealth) to income. Under feudalism, held wealth dwarfs any earned income, such as wages.

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The Trajectory of Emergency Lands on Price Controls

The US’s serious bout of inflation – mirrored in many countries in the world – was set in motion in the first week of March 2020, like much of the rest of our ongoing emergency. This was a fortnight before the lockdowns were announced, indicating that much was going on behind the scenes. The Federal Reserve turned on a dime to provide enormous liquidity to the system, just days following the CDC’s briefing of the national press of coming lockdowns, about which the Trump administration seemed then to know next to nothing. 

The fiscal and monetary fun lasted only so long. Following the inauguration of the new president, the first round of bills started coming due, and that has continued until the present, rapidly wiping out the value of the stimulus payments that seemed to have made everyone suddenly rich without working. 

Only after two years and after some 10 months of resulting declines in purchasing power, along with supply chain breakages that left so many goods in shortage, did the Fed start to worry and raise interest rates from zero percent. That was presumably designed to sponge up the excess liquidity that had been injected directly to the veins of economic life. The Fed’s action slowed but did not end what they had unleashed to deal with the virus that was widely advertised as universally deadly even though every specialist knew otherwise. 

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“Price Gouging”: Basic Groceries Cost 21% More… Because of Biden-Harris Regime Policies

Amid reports that Kamala Harris will announce her first policy position on Friday – an attack on “greedy” grocery companies with a plan for price limits – there’s bad news for American consumers about their grocery costs.

Harris’s plan, reported by multiple outlets on Thursday, said her idea is to pursue a “price control” scheme, a tactic that repressive governments often pursue to try to make their economies look better.

It is the Post-Millennial that documented, “Americans are experiencing the consequences of increased grocery prices under the economic policies of the Biden-Harris administration. The cost of food has not been this high since the Carter administration.”

The report said the cost for “basic,” “food at home” products is up 21% since Biden and Harris took over the White House.

Inflation also remains a top concern among voters this election year, with 77% seeing it as a “very important issue.”

“Grocery prices have risen significantly under Harris’s time in the White House, despite the White House’s attempts to minimize the impact of recent price increases. Harris was instrumental in the legislative agenda that resulted in this outcome. Her tie-breaking votes in the Senate were instrumental in the passage of trillions of dollars in expenditure, which many economists believe contributed to the inflation crisis, Breitbart News reported.”

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Kamala Harris Holds Rally in Cracker Box with Maybe 250 People in NC – Describes How High Food Prices Are Under Her and Old Joe… You Can’t Make This Up!

Kamala Harris held a rally in Raleigh, North Carolina, on Friday, where she spoke about how high food prices are under her and Old Joe’s leadership.

Kamala announced a Communist-style price control scheme to combat the inflation crisis she created.

Because of Kamala Harris, prices for meat, poultry, eggs, car insurance, housing, and bakery goods have all skyrocketed.

She blamed the stores.

On Friday, Kamala Harris admitted her failed policies have led to the worst inflation crisis in 100 years.

This is why Kamala Harris has been hiding from the press. She is painfully stupid.

“A loaf of bread costs 50% more today than before the pandemic. Ground beef is up almost 50%,” Harris said.

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Kamala Wants Price Controls, and It’s Not Because She Has “Good Intentions.”

The Kamala Harris campaign announced today that it will present a plan to ban “price gouging” by food suppliers. In other words, the Harris campaign plans to mandate price controls. According to UPI: 

Vice President Kamala Harris will propose a federal ban on corporate food and grocery price gouging when she lays out her policies in a North Carolina campaign speech Friday.

According to the campaign, the proposal against price gouging is part of the larger Harris economic policy platform she plans to roll out publicly at a Friday campaign rally in Raleigh.

“There’s a big difference between fair pricing in competitive markets, and excessive prices unrelated to the costs of doing business,” the Harris campaign said in a statement. “Americans can see that difference in their grocery bills.”

Directly addressing soaring meat prices, Harris will focus on corporate consolidation in that market as one reason meat prices are so high.

Get ready for rising prices and shortages in meat and other groceries, because that’s where laws against “price gouging”—which are price controls—lead.

We know this because it’s happened before in the United States. In the 1970s, thanks to years of big-time federal spending on wars and welfare programs, the US abandoned its gold obligations under the Bretton Woods system, and Nixon closed the gold window.

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