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Category: Economy
June 12, 2024
Jack Montgomery
Crime
Economy
Immigration

WATCH: Most ‘Biden Jobs’ Are Being Taken by Illegals as Regime Rewards ‘Illegality and Criminality.’

Most of the jobs created under Joe Biden “are not jobs for American workers,” according to Raheem Kassam, Editor-in-Chief of The National Pulse. “These are not jobs for either the native nor the legal migrant,” he told Turning Points USA founder Charlie Kirk.

Kassam says the public “rightly are sick of” of this “rewarding of illegality, rewarding of criminality” by the Biden regime, which may explain why the incumbent rates so poorly on the economy in polls, despite the corporate media insisting it is growing well.

The National Pulse has previously reported research by Steve Englander, head of macro at Standard Chartered, estimating that “undocumented [sic] immigrants account for half of job growth in FY24 so far.”

Even this may have been an underestimate, however, with research by the Center for Immigration Studies (CIS), covered by The National Pulse in February, finding Biden‘s vaunted “jobs recovery” is driven almost entirely by illegal immigrants.

Kassam has explained how this is possible before, noting that illegal immigrants are still able to take jobs if they are issued so-called employment authorization documents by the Biden regime. These enable them to work while they await their day in immigration court.

This is often set for years from the date they first encounter U.S. border officials, and hundreds of thousands have been granted a stealth amnesty as a result of the federal government terminating their asylum cases without any decision on their right to asylum being taken.

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Most of the jobs created under Joe Biden "are not jobs for American workers," according to Raheem Kassam, Editor-in-Chief of The National Pulse. "These are not jobs for either the native nor the legal migrant," he told Turning Points USA founder Charlie Kirk. show more
June 8, 2024
Jack Montgomery
Economy

NY Postpones ‘Budget-Breaking’ Congestion Charge.

New York Governor Kathy Hochul announced the indefinite delay of the Metropolitan Transportation Authority (MTA) congestion pricing plan on Wednesday, citing economic pressures on New Yorkers. The plan, which included a $15 toll for drivers entering Manhattan below 60th Street, was initially set to begin on June 30.

In a pre-taped video announcement, Hochul emphasized the financial strain already facing many residents due to inflation and the cost-of-living crisis under Joe Biden.

“A $15 charge may not seem significant to some, but for working- and middle-class families, it can be a budget breaker,” she admitted. “I cannot add another burden on New Yorkers or create an additional obstacle to our economic recovery from the pandemic.”

However, the Democrat warned she was still determined to advance the climate change agenda through “strategies to address congestion.”

Hochul’s decision comes as public pressure mounts against the toll, driven by concerns over its impact on the daily lives of working people. The Metropolitan Transportation Authority projected the toll would take around $1 billion annually from motorists.

CLIMATE AGENDA. 

Similar anti-motorist plans have been imposed on workers on the other side of the Atlantic. London, England, has long hammered drivers with congestion charges. Mayor Sadiq Khan recently imposed additional costs on motorists through an expanded Ultra-Low Emissions Zone, or ULEZ, which has faced considerable public resistance.

Congestion charges often feature in ’15-minute city’ plans. These are ostensibly aimed at ensuring residents have access to all required amenities within 15 minutes of their homes without the need to take a car, to fight climate change. In practice, policies such as congestion charges are intended to force residents not to take longer car rides by making them financially unviable.

Brexit leader Nigel Farage, who is currently running for Parliament, believes “climate lockdowns” will be the next evolution in climate policy.

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New York Governor Kathy Hochul announced the indefinite delay of the Metropolitan Transportation Authority (MTA) congestion pricing plan on Wednesday, citing economic pressures on New Yorkers. The plan, which included a $15 toll for drivers entering Manhattan below 60th Street, was initially set to begin on June 30. show more
Bidenomics
June 7, 2024
William Upton
Economy

May Payrolls Surged, But It’s Mostly From Part-Time Work Taken By Illegals.

The U.S. Bureau of Labor Statistics (BLS) reported Friday that the U.S. economy added 272,000 jobs in May, surpassing expectations by a significant margin. The figure is well above the Goldman Sachs and JPMorgan forecasts of 165,000 and 150,000 jobs, respectively. The median nonfarm payroll estimate was 180,000.

Despite this robust increase in payroll numbers, the unemployment rate unexpectedly rose to 4.0 percent from April’s 3.9 percent. May marked the second straight month of increasing unemployment.

In addition to the unemployment increase, the job numbers continue to show the concerning trend of full-time work being replaced by part-time work. The number of full-time workers decreased on the net by roughly 625,000. Meanwhile, part-time workers increased by 286,000.

The National Pulse has covered the mounting evidence that job growth under the Biden government has almost entirely been fueled by immigrant labor, leaving native-born Americans struggling in the job market. The May jobs data further corroborated this issue. Foreign-born workers saw job gains of 414,000, while native-born workers saw a net loss of 663,000.

One of the few bright spots for the Biden government, outside of top-line jobs numbers, was continued improvement in earnings. Wages rose by 14 cents, or 0.4 percent, in May to $34.91. This increase is double April’s rise of 0.2 percent and exceeds the expected 0.3 percent. Annual hourly wage growth also accelerated to 4.1 percent, up from 4.0 percent in April. However, the strong earnings numbers do come with a caveat as they, combined with the job gains, likely mean the Federal Reserve will push back any plans to cut interest rates.

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The U.S. Bureau of Labor Statistics (BLS) reported Friday that the U.S. economy added 272,000 jobs in May, surpassing expectations by a significant margin. The figure is well above the Goldman Sachs and JPMorgan forecasts of 165,000 and 150,000 jobs, respectively. The median nonfarm payroll estimate was 180,000. show more
June 6, 2024
Economy
Immigration

Illegals Account for AT LEAST Half of All ‘Job Growth’ Under Biden.

Wall Street analysis confirms that illegal immigrants have been the primary job growth driver under the Biden government. The study, produced by Steve Englander—head of macro at Standard Chartered, is the first financial industry estimate admitting that illegal immigrants have taken half of all jobs created under the Biden government. Other data, however, suggests Englander’s analysis may even be a low estimate.

Englander posits that illegal workers added an average of 109,000 jobs per month to the non-farm payroll (NFP), contributing significantly to the overall monthly increase of 231,000 jobs. This would suggest that economic gains haven’t been felt by at least half of the native-born workers in the economy.

However, when accounting for the labor pool’s impact on inflation, Englander’s data suggests the only job growth in the U.S. is fueled by illegal immigrants, primarily working in low-skilled labor and being paid below the minimum wage. This is the only way to explain how adding millions to the labor market has had minimal impact on inflation.

Englander’s findings are supported by detailed data from U.S. Customs and Border Protection (CBP) and U.S. Citizenship and Immigration Services (USCIS), which track Employment Authorization Document (EAD) issuances to undocumented workers. These workers, classified as those entering the U.S. through non-traditional immigration pathways, seem to be heavily represented in the NFP statistics due to their ability to gain work authorization.

The National Pulse reported in February that the Center for Immigration Studies (CIS) produced evidence that Biden‘s much-touted ‘job recovery’ was almost entirely driven by illegal immigrant labor. The group found that 2.7 million ‘additional’ individuals joining the workforce in the fourth quarter of 2023 came about because of an increase of 2.9 million legal or illegal immigrant jobs and a decline of 183,000 native-born American jobs.

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Wall Street analysis confirms that illegal immigrants have been the primary job growth driver under the Biden government. The study, produced by Steve Englander—head of macro at Standard Chartered, is the first financial industry estimate admitting that illegal immigrants have taken half of all jobs created under the Biden government. Other data, however, suggests Englander's analysis may even be a low estimate. show more
bidenomics
May 31, 2024
William Upton
Economy

Bidenomics: Inflation Rises AGAIN in April.

Inflation continues to re-accelerate, rising again in April according to personal consumption expenditures (PCE) price index data released by the Biden government on Friday. The PCE index, an important measure of inflation for the Federal Reserve, rose by 0.3 percent last month, meaning inflation remains stubbornly around three percent — still above the central bank’s two percent target.

“The longer you get the market inflation lingering close to 3 percent, the harder it is for the Fed to make a case for cutting rates. Certainly, there’s nothing in these numbers that advances the Fed’s rate-cutting idea,” Joseph Trevisani, a trader with FXStreet, told Reuters regarding the April PCE numbers. Annualized, the PCE has risen 2.7 percent since April of last year. Meanwhile, core inflation has increased by 2.8 percent, annualized.

Beginning in March 2022, the Federal Reserve engaged in an aggressive series of interest rate increases as inflation drastically spiked under Joe Biden. By July 2023, the central bank had raised interest rates by 525 basis points. However, the continued persistence of elevated inflation has prevented the Federal Reserve from lowering rates in recent months. An expected March rate cut was pushed back to June, and late last month, Fed chairman Jerome Powell signaled that the June cut would now not likely occur until September at the earliest.

Voter anger over high prices — driven by inflation — has dogged Joe Biden‘s re-election efforts. The 81-year-old Democrat incumbent has seen his approval ratings crater and falling support among critical Democratic minority and young voter demographics as voters continue to sour on his handling of the economy.

National Pulse previously reported that fast-food McDonald’s has acknowledged that its menu prices have risen upwards of 40 percent since 2019. Meanwhile, the cost of essential items and utilities has become prohibitive for many American consumers.

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Inflation continues to re-accelerate, rising again in April according to personal consumption expenditures (PCE) price index data released by the Biden government on Friday. The PCE index, an important measure of inflation for the Federal Reserve, rose by 0.3 percent last month, meaning inflation remains stubbornly around three percent — still above the central bank's two percent target. show more
May 31, 2024
Jack Montgomery
Economy
World

Officials Dismiss Public Concerns as ‘Conspiracy Theories’ as 15-Minute City Plan Imposed.

The City of Edmonton is introducing “15-minute city” zoning, associated with World Economic Forum (WEF) proposals to limit private citizens’ movements to relatively small districts, supposedly in order to tackle climate change.

The city in Alberta, Canada, plans to introduce 15 new districts, with zoning rules allowing high-density housing mixed with commercial and other non-residential premises. The supposed intent of the plan is to provide more accommodation in Edmonton, which is experiencing rapid population growth due to mass migration, and to provide residents with more bicycle paths and other amenities so they do not have to travel more than 15 minutes to meet their needs.

“We are building a cohesive city with opportunities for local living,” claims Mayor Amarjeet Sohi, a former Cabinet member and Indian immigrant.

ULTERIOR MOTIVES. 

However, many Edmontonians believe the scheme is really about restricting their movements to meet climate objectives — 15-minute cities are mentioned multiple times in the city’s Carbon Budget — and will involve coercive measures.

“My understanding is this means I will need to stay within my district to meet all my needs so that the city can meet its climate plan objectives,” complained one resident during a consultation hearing on the plan.

“I think people really need to understand what they’re speaking on,” complained Councillor Keren Tang. “I think unfortunately, a lot of the district planning in particular has been derailed by 15-minute city conspiracy, World Economic Forum, etc. At the end of the day, this is about land use.”

However, 15-minute city plans in England are reinforced with measures such as low-emissions zones, which do not restrict residents’ movements, strictly speaking, but force them to pay surcharges for driving through certain areas or over certain distances, or face hefty fines.

Drivers in London and Oxford are required to apply for permits to authorize certain movements without incurring charges. Brexit leader Nigel Farage has warned the measures are a precursor to imposing “climate lockdowns.”

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The City of Edmonton is introducing "15-minute city" zoning, associated with World Economic Forum (WEF) proposals to limit private citizens' movements to relatively small districts, supposedly in order to tackle climate change. show more
May 29, 2024
Economy

BIDENFLATION: McDonald’s Menu Prices Up 40% Since 2019.

Joe Erlinger, president of McDonald’s USA, addressed recent claims concerning increased menu prices through an open letter on Wednesday. The fast food executive acknowledged that McDonald’s menu items have seen an average price rise of about 40 percent since 2019. While Erlinger sought to refute claims by House Republicans — among others — that menu price hikes exceeded 100 percent, he did confirm that inflation has forced a drastic rise in food costs.

“Americans across the country are making tough calls about where to spend their hard-earned money,” Erlinger said. “And while we’ve been working hard to make sure our fans have great reasons to visit us, it’s clear that we — together with our franchisees — must remain laser-focused on value and affordability.”

Erlinger reported that the cost of a Big Mac meal has risen to $9.29, a 27 percent increase from $7.29 in 2019. Similarly, a 10-piece McNuggets meal has seen a 28 percent price increase, while medium french fries’ prices have surged by 44 percent. He attributed these rises to increased costs in salaries and source products.

“For a brand that proudly serves nearly 90 percent of the U.S. population every year, we feel a responsibility to make sure the real facts are available,” Erlinger stated.

According to the Bureau of Labor Statistics, consumer prices have risen 3.4 percent over the past year. The upward cost trend has led to some consumers cutting back on restaurant visits, impacting the fast-food industry, including McDonald’s. In its first-quarter earnings report, the company reported that same-store sales fell below expectations.

Meanwhile, the National Owners Association, an independent group of McDonald’s franchisees, is advocating that any potential discounted offerings be sustainable for operators. “There simply is not enough profit to discount 30 percent for this model to be sustainable,” the board stated in a letter to its members. “It necessitates a financial contribution by McDonald’s.”

BIDEN IN DENIAL. 

The prospect of a re-acceleration of inflation has left the Biden government and presidential campaign in denial. Three straight months of increasing inflation have forced the 81-year-old Democrat to avoid discussing the U.S. economy on the 2024 campaign trail. Instead, Biden and his surrogates have opted to either deny that inflation is a problem or, most recently, falsely insist that inflation has actually decreased since he took office.

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Joe Erlinger, president of McDonald's USA, addressed recent claims concerning increased menu prices through an open letter on Wednesday. The fast food executive acknowledged that McDonald's menu items have seen an average price rise of about 40 percent since 2019. While Erlinger sought to refute claims by House Republicans — among others — that menu price hikes exceeded 100 percent, he did confirm that inflation has forced a drastic rise in food costs. show more
May 23, 2024
Wake Up Right
Economy
Politics

Biden’s Plan To Kill Coal.

The Biden regime plans to end new coal leasing in Wyoming’s Powder River Basin, which produces nearly half of the United States’ coal.

The details: Biden’s Bureau of Land Management released an environmental impact statement last week claiming that continuing to lease the land would have negative effects on the climate and public health.

  • The statement noted that existing leases would be allowed to continue until they expire, the latest being 2041.

Zoom out: The Powder River Basin is the nation’s largest coal producer, accounting for over 40 percent of all coal.

  • More than 4,000 people employed in these mines risk losing their jobs.
  • In Wyoming, coal mining contributes to more than $1 billion in revenue annually, which is used to fund schools, roads, and other public services.

Why is Biden doing this? He’s looking to appease the far-left base of the Democrat party. Environmental activists have been lobbying the regime to end the leasing of public lands for coal mining.

What Republicans are saying: Sen. Cynthia Lummis slammed the move, saying:

  • “I am horrified to see the Biden administration’s latest assault on our nation’s domestic energy production… [Biden is working] to cater to the extremists within the Democratic Party. The Cowboy State produces some of the cleanest and best coal in the world.”

What happens next? The state’s Republican Governor, Mark Gordon, vowed to take legal action against Biden’s attempt to “grovel at the feet of coastal elites.”

The last word goes to Anthony Oliver, the country music artist who took the world by storm last summer, who famously sang: “I wish politicians would look out for miners. And not just minors on an island somewhere.”

This article is adapted from the free ‘Wake Up Right’ newsletter, which you can subscribe to here.

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The Biden regime plans to end new coal leasing in Wyoming's Powder River Basin, which produces nearly half of the United States' coal. show more
May 22, 2024
Economy

Biden Releases 1M+ Barrels of Gas from Reserve to Lower Prices in Brazen Election Bid.

The Biden government announced Tuesday the release of 1 million barrels of gasoline from a Northeast Reserve established a decade ago following Superstorm Sandy. The action aims to reduce gas prices for the summer driving season, as inflation and an overall poor economy continue to hurt Americans’ wallets — and Biden’s poll numbers.

The sale will be managed from storage locations in New Jersey and Maine and allocated in 100,000-barrel increments. The Department of Energy stated that this competitive bidding process would enable gasoline to flow to local retailers ahead of the July 4 holiday, ensuring competitive prices.

This move follows a congressional mandate to sell off the Northeast Reserve, integrated into a spending agreement approved in March to prevent a partial government shutdown. The Energy Department highlighted the timing of the sale, noting it is intended to provide relief to motorists as summer travel begins. Gas prices currently average around $3.60 per gallon nationally, a rise of 6 cents from the previous year, according to AAA.

Energy Secretary Jennifer Granholm emphasized the regime’s focus on lowering fuel costs, particularly as summer travel peaks. “By strategically releasing this reserve between Memorial Day and July 4th, we are ensuring sufficient supply flows to the tri-state and Northeast at a time hardworking Americans need it the most,” Granholm stated.

Biden’s 2022 drawdown of the Strategic Petroleum Reserve in response to Russia’s invasion of Ukraine reduced it to its lowest levels since the 1980s. This move aimed to stabilize rising gasoline prices but faced criticism from Republicans who accused Biden of political maneuvering with a reserve meant for emergencies. In April, the regime canceled a purchase meant to refill the reserve.

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The Biden government announced Tuesday the release of 1 million barrels of gasoline from a Northeast Reserve established a decade ago following Superstorm Sandy. The action aims to reduce gas prices for the summer driving season, as inflation and an overall poor economy continue to hurt Americans' wallets — and Biden's poll numbers. show more
Bidenomics
May 22, 2024
William Upton
Economy

WSJ Publishes Brutal Graphics Showing True Destruction of ‘Bidenomics.’

Data revealed by The Wall Street Journal shows the true extent of havoc Bidenomics has wrecked on the U.S. economy. Even as the Dow Jones Industrial Average surpassed 40,000 points, the economy under Joe Biden‘s tenure in the White House has struggled to grow beyond a sluggish rate. Despite the seeming market success that has recently occurred under the Biden government, the numbers belie just how successful investors were under former President Donald J. Trump.

While the market has been up roughly 28 percent under Biden since his inauguration in 2021, former President Trump finished his first term in office with the market up 57 percent.

When measured from election day, market performance under former President Trump looks even more impressive than that of Biden. Since the 2020 election, the market has been up 45 percent. However, when measuring market performance from the 2016 election date, the Dow Jones finished 70 percent up under former President Trump.

However, the U.S. stock market — and the Dow Jones Industrial Average — is only a small component of the U.S. economy overall. Other economic indicators are not nearly as favorable for Biden but remain impressive for the Trump presidency. The change in net household income surged upwards under Trump, nearly hitting a 40 percent increase in nominal value at this point in his presidency. Meanwhile, when controlling for inflation, household income surged almost 30 percent under Trump.

Under the Biden government, however, American households continue to struggle. Nominal income has increased just 19 percent at this point, and when controlled for inflation, that number drops to a near zero percent increase.

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Data revealed by The Wall Street Journal shows the true extent of havoc Bidenomics has wrecked on the U.S. economy. Even as the Dow Jones Industrial Average surpassed 40,000 points, the economy under Joe Biden's tenure in the White House has struggled to grow beyond a sluggish rate. Despite the seeming market success that has recently occurred under the Biden government, the numbers belie just how successful investors were under former President Donald J. Trump. show more