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Category: Economy
May 20, 2024
Economy

DATA: Guess Where Gavin Newsom’s California Ranks on the ‘Opportunity’ Scale.

California has been ranked dead last in opportunity among U.S. states — driven primarily by its sky-high cost of living — according to a ranking released by U.S. News and World Report. While California ranked in the middle among states for economic opportunity and even income inequality, the state’s exorbitant cost of living brought its overall score to last place.

A state fiscal crisis, high food and gasoline prices, and a run-away real estate and rental market have left the state unaffordable for many residents. Governor Gavin Newsom (D-CA)’s 2024-25 budget, unveiled last week, outlines drastic spending cuts and other measures to address a massive $44.9 billion deficit. Just two years ago, California boasted a $97.5 billion budget surplus — fueled by a spike in revenues during a post-pandemic economic boom — however, mandated spending on progressive causes like climate change saw the surplus drained quickly.

Gov. Newsom faces a recall effort by voters angry over the state’s crippling fiscal crisis and the Democrat Governor’s inability to reign in skyrocketing housing costs. The National Pulse reported in February that the group Rescue California delivered recall papers to the Governor’s office. They must gather over 1.38 million signatures to push the recall question to a ballot vote.

“California was the birthplace for opportunity where our ancestors came to seek a better life and pursue the California Dream,” State Senator Brian Dahle (R-Bieber) said in a recent interview. He continued: “Housing, electricity, and gas continue to rise, and [Democrats’] solution is to tax, regulate, and mandate no matter the outcome.”

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California has been ranked dead last in opportunity among U.S. states — driven primarily by its sky-high cost of living — according to a ranking released by U.S. News and World Report. While California ranked in the middle among states for economic opportunity and even income inequality, the state's exorbitant cost of living brought its overall score to last place. show more
May 17, 2024
Economy

JPMorgan Chief Warns High Inflation & Economic Turbulence Could Quickly Return.

JPMorgan CEO Jamie Dimon has expressed concerns that overly buoyant investors may be overlooking impending inflationary pressures. Despite equity markets’ latest high-water mark, with the Dow Jones exceeding 40,000 points backed by indications of easing inflation and a potential Federal Reserve interest rate cut, Dimon cautioned that not all is as secure as it seems.

The Bureau of Labor Statistics reported that after two consecutive months of a 0.4 percent price increase, April witnessed a slight dip to 0.3 percent, with only housing and gasoline resisting the slide. The JPMorgan chief executive, however, is concerned that recent data does not fully represent the potential impact of broader economic trends.

“There are a lot of inflationary forces in front of us,” Dimon said in a recent interview. He pointed to the potential consequences of shifts towards environmental sustainability and increased infrastructure spending, both of which may push prices higher. Additionally, he expressed concern over escalating government spending. Dimon noted servicing national debt and bolstering military capabilities as possible contributors to inflation, along with ongoing trade disputes.

Furthermore, he flagged risks associated with the Biden government’s decision to quadruple tariffs on imported Chinese EVs; extra costs incurred by businesses are often passed to consumers via increased prices.

Increases in inflation may force the Federal Reserve to keep interest rates elevated, which, combined with slow growth, could pose significant risks to sectors with weak balance sheets. Identifying real estate, leveraged companies, and private credit as areas of potential instability, Dimon suggested that the likelihood of adverse outcomes is higher than anticipated. ‘The chances of something going wrong are higher than people think,” he said.

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JPMorgan CEO Jamie Dimon has expressed concerns that overly buoyant investors may be overlooking impending inflationary pressures. Despite equity markets' latest high-water mark, with the Dow Jones exceeding 40,000 points backed by indications of easing inflation and a potential Federal Reserve interest rate cut, Dimon cautioned that not all is as secure as it seems. show more
Bidenomics
May 17, 2024
Economy

BIDENOMICS: Inflation Making America Unaffordable For the Average Family.

Due to inflation, the income level needed to maintain a satisfactory quality of life for a family of four in the United States is quickly moving out of reach for many Americans. A new study indicates that the average family of four needs an annual income of $177,798 to maintain their quality of life, well above the average US annual salary of $59,428 as of May 2024.

Inflation continues to plague the American economy, with high prices causing consumers to pare back spending on even essential household items. For several months, major economic indexes, including the Consumer Price Index (CPI) and Producer Price Index (PPI), have shown a re-acceleration in inflation.

This re-acceleration likely means the Federal Reserve Bank will not move to lower interest rates in the near future, adding additional financial burdens to American families. Additionally, many small businesses are expressing increasing concern about their survival under a second Biden term in office.

While the Biden government insists that the inflation rate remains low, everyday Americans face a real cost-of-living crisis. Due to rapidly increasing costs, Americans’ hard-earned wages don’t stretch as far as they previously did. Home prices have risen by over 47 percent since the beginning of the decade, making it increasingly difficult for the average American to afford housing. For families to live comfortably across the United States today, higher incomes are required, the highest being nearly $300,000 in Massachusetts due to high inflation.

Joe Biden has repeatedly claimed, incorrectly, that inflation was at 9 percent when he took office. In reality, the inflation rate was only 1.4 percent when Biden was inaugurated in 2021. The 81-year-old incumbent Democrat’s top White House economic adviser, Jared Bernstein, has also repeated the false claim.

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Due to inflation, the income level needed to maintain a satisfactory quality of life for a family of four in the United States is quickly moving out of reach for many Americans. A new study indicates that the average family of four needs an annual income of $177,798 to maintain their quality of life, well above the average US annual salary of $59,428 as of May 2024. show more
bidenomics
May 17, 2024
Economy

Top White House Economic Advisor Repeats Biden’s Inflation Lies.

Joe Biden’s chief economic advisor, Jared Bernstein, has had another disastrous public appearance while being interviewed by Fox Business’s Neil Cavuto. Pressed by the news anchor, Bernstein refused to acknowledge that his boss, Joe Biden, repeatedly lied to the American people regarding the inflation rate when he first took office in 2021.

CNN’s Erin Burnett pressed the 81-year-old Biden last week about voter anger over the Democrat incumbent’s handling of the economy, especially rising inflation. Biden, who appears to be suffering from cognitive decline, angrily claimed that inflation was at 9 percent when he took office, seemingly blaming former President Donald Trump for the crisis. Inflation was only 1.4 percent in early 2021 when Biden entered the White House.

BERNSTEIN SPINS BIDEN.

On Thursday, Cavuto hammered Bernstein over Biden‘s insistence that inflation was at 9 percent in 2021, not 1.4 percent. Bernstein responded, “The president talked about how concerned he was for households struggling with prices.” Nonplused with his answer, Cavuto pressed again: “That’s not what I asked you. Why does he keep misrepresenting this?”

“He’s making the point that the factors that caused inflation to climb to 9 percent were in place when he took office,” Berstein responded, with an exasperated Cavuto again pushing back: “That’s not what he said! He said it was 9 percent!”

A now flustered Bernstein responded: “The annual growth in core inflation in the second quarter of ’21 was, in fact, about 9 percent” before being cut off by Cavuto: “No, it wasn’t — it was not at that! You’re almost as bad as he is.”

“I take your point,” Bernstein said, almost apologetic for pushing Biden‘s false inflation narrative.

The National Pulse previously reported that Bernstein — during a documentary interview — struggled to explain how the U.S. government issues bonds and accrues debt in conjunction with the Federal Reserve bank.

WATCH: 

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Joe Biden's chief economic advisor, Jared Bernstein, has had another disastrous public appearance while being interviewed by Fox Business's Neil Cavuto. Pressed by the news anchor, Bernstein refused to acknowledge that his boss, Joe Biden, repeatedly lied to the American people regarding the inflation rate when he first took office in 2021. show more
May 16, 2024
Economy
Election 2024

DATA: Half of America’s Small Businesses Say They Won’t Survive A 2nd Biden Term.

Small businesses across the United States are expressing growing concern that they won’t be able to stay alive financially if Joe Biden wins a second term in the White House. The new Freedom Economic Index survey shows 48.6 percent of small business respondents fear they will not be able to stay afloat under another four years of Biden government policies and tax increases.

Nearly a quarter of respondents said they definitely won’t be able to keep their doors open should Biden win re-election. Meanwhile, 26.2 percent said their business’s financial viability would be unlikely. Stagflation, energy costs, and the continued rise in consumer prices were all major concerns the small business owners said impacted their long-term outlook.

Most major economic indicators continue to show inflation on the rise. Despite a slight month-to-month dip in April, the Consumer Price Index (CPI) increased at a rate of 3.4 percent annualized. April’s Producer Price Index (PPI) — an essential measure in the eyes of the Federal Reserve — was even more concerning than the CPI data. The PPI numbers showed a re-acceleration in prices, with inflation stubbornly remaining above the Federal Reserve’s 2 percent target.

When inquired about potential measures to be taken in anticipation of a second Biden term, responses said they leaned towards shutting their business or initiating a sellout to larger competitors. Continued consolidation in American industries has become a serious concern among consumers and regulators. The lack of competition in the airline industry may have played a role in the decline of quality control, resulting in the recent concerns over the safety of Boeing airplanes.

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Small businesses across the United States are expressing growing concern that they won't be able to stay alive financially if Joe Biden wins a second term in the White House. The new Freedom Economic Index survey shows 48.6 percent of small business respondents fear they will not be able to stay afloat under another four years of Biden government policies and tax increases. show more
May 14, 2024
Economy

Fed Chair Jerome Powell Admits They Keep Missing on Inflation.

Federal Reserve Chair Jerome Powell indicated on Tuesday that the central bank’s rates are likely to hold steady, emphasizing a delayed decline in inflation. He addressed this during his speech at the annual general meeting of the Foreign Bankers’ Association in Amsterdam. Powell pinpointed the unexpectedly slow reduction in inflation this year, stressing the need to observe the outcomes of current restrictive policy measures before acting further.

“We did not expect this to be a smooth road. But these [inflation readings] were higher than I think anybody expected,” Powell said. “What that has told us is that we’ll need to be patient and let restrictive policy do its work.”

The Federal Reserve has maintained a range of 5.25-5.5 percent for its key overnight borrowing rate since July, the highest level in 23 years. Despite market fluctuations triggered by Powell’s comments early in the day, future traders slightly increased the predicted probability of the Federal Reserve’s first rate cut likely to come in September. Powell said it’s likely that rates will remain where they are until inflation cools.

“I don’t think that it’s likely, based on the data that we have, that the next move that we make would be a rate hike,” he said. “I think it’s more likely that we’ll be at a place where we hold the policy rate where it is.”

In its last meeting, the Federal Open Market Committee unanimously voted to maintain interest rates due to the lack of progress in achieving the Fed’s two percent inflation target despite over 10 increases. The Labor Department’s producer price index (PPI) showed a higher-than-expected rise of 0.5 percent for April.

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Federal Reserve Chair Jerome Powell indicated on Tuesday that the central bank's rates are likely to hold steady, emphasizing a delayed decline in inflation. He addressed this during his speech at the annual general meeting of the Foreign Bankers’ Association in Amsterdam. Powell pinpointed the unexpectedly slow reduction in inflation this year, stressing the need to observe the outcomes of current restrictive policy measures before acting further. show more
May 14, 2024
Ed Kozak
Economy
NatSec

Dem Gov is REALLY Upset About Tariffs on Chinese EVs.

Governor Jared Polis (D-CO) slammed Joe Biden for imposing new tariffs on several products and materials produced in Communist China.  Polis called the tariffs, which seek to counter Communist Chinese influence in the American economy, “horrible news.”

On Tuesday, Biden posted on X (formerly Twitter): “I just imposed a series of tariffs on goods made in China. 25% on steel and aluminum, 50% on semiconductors, 100% on EVs, And 50% on solar panels. China is determined to dominate these industries. I’m determined to ensure America leads the world in them.”

Responding to Biden’s on X, Polis wrote, “This is horrible news for American consumers and a major setback for clean energy. Tariffs are a direct, regressive tax on Americans and this tax increase will hit every family.”

Despite Polis’s objections, a 100 percent tax on Chinese electric vehicles is a sensible policy. Not only would an influx of cheap Chinese EVs damage the American auto industry, but there are also legitimate concerns that such cars pose a national security risk.

Polis, Colorado’s first Jewish governor and the country’s first openly gay governor, appears to have a history of friendliness towards China and its Communist government. Despite widespread support for a TikTok ban in Colorado and much of America, Polis was against such a ban. In 2020, a Chinese think tank with ties to the Chinese Communist Party published a list of all 50 U.S. governors based on their stance towards Beijing. The think tank gave Polis a “friendly” rating, one of just 17 to receive it.

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Governor Jared Polis (D-CO) slammed Joe Biden for imposing new tariffs on several products and materials produced in Communist China.  Polis called the tariffs, which seek to counter Communist Chinese influence in the American economy, "horrible news." show more
bidenomics
May 14, 2024
William Upton
Economy

Inflation Is Up Again, For The Third Straight Month.

A critical measure of inflation in the United States rose for a third straight month, leaving many market analysts doubtful that the Federal Reserve will move to reduce interest rates before the November election. The April Producer Price Index (PPI) was up a shocking 0.5 percent month over month. This exceeded the expected 0.3 percent increase.

The new PPI data add to growing evidence that inflation has become either sticky, just above the Federal Reserve’s 2 percent target, or has even re-accelerated. Market futures slid slightly on the news of the hot PPI data.

A re-acceleration in inflation follows the Bureau of Labor Statistics employment numbers earlier this month, which suggested that the unusually resilient job market might finally be weakening. The uptick in unemployment had left some hopeful that the Federal Reserve could soon begin cutting interest rates. The new PPI data, however, suggests the central bank will likely keep rates at their current level for the time being.

The National Pulse reported earlier on Tuesday that a study by the Federal Reserve details how price increases were driven predominantly by inflation and not corporate greed. “Data for the current recovery show that the increase in corporate profits is not particularly pronounced compared with previous recoveries,” the Federal Reserve researchers wrote. They added: “Markups also have not played much of a role in the slowing of inflation since the summer of 2022.”

Joe Biden recently insisted during an interview with CNN that inflation was at 9 percent when he came into office. In reality, inflation was at a low of 1.4 percent when the 81-year-old Democrat was inaugurated. However, it quickly rose to more than 9 percent just over a year into his term.

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A critical measure of inflation in the United States rose for a third straight month, leaving many market analysts doubtful that the Federal Reserve will move to reduce interest rates before the November election. The April Producer Price Index (PPI) was up a shocking 0.5 percent month over month. This exceeded the expected 0.3 percent increase. show more
Bidenomics
May 14, 2024
Economy
News
Politics

FED REPORT: Corporate Greed *ISN’T* Fuelling Inflation, as Biden Claims.

Despite the Biden government’s claims to the contrary, corporate price-gouging has not been driving rises in U.S. inflation, according to research published by the Federal Reserve Bank of San Francisco on Monday. The Biden regime has attempted to blame inflation on corporate America by deploying terms like ‘greedflation’ and ‘shrinkflation.’

Although markups were observed in 2021-2022 for vehicles and petroleum products, markups across all U.S. goods and services have been relatively flat post-pandemic. “As such, rising markups have not been a main driver of the recent surge and subsequent decline in inflation during the current recovery,” wrote bank researchers.

“Data for the current recovery show that the increase in corporate profits is not particularly pronounced compared with previous recoveries,” they wrote. “Markups also have not played much of a role in the slowing of inflation since the summer of 2022.”

The research is a direct rebuttal to the Biden regime’s efforts to blame corporate America for inflation. In a video released around the Super Bowl, Biden slammed snack manufacturers for selling smaller bags of food for the same price. In his most recent State of the Union address, Biden leveled similar accusations against large corporations, accusing Snickers by name of engaging in “shrinkflation” practices.

Inflation continues to be an issue for the incumbent Democrat, and more Americans have faith in former President Donald Trump’s ability to bring it under control versus Biden’s.

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Despite the Biden government's claims to the contrary, corporate price-gouging has not been driving rises in U.S. inflation, according to research published by the Federal Reserve Bank of San Francisco on Monday. The Biden regime has attempted to blame inflation on corporate America by deploying terms like 'greedflation' and 'shrinkflation.' show more
Biden Border
May 13, 2024
Jack Montgomery
Economy
Immigration

What’s Keeping Inflation & Interest Rates So High? Biden’s Great Replacement Policies.

Joe Biden’s high-volume immigration policy is driving the rising housing inflation linked to surges in interest and mortgage rates, concedes the Wall Street Journal. Chief economics correspondent Nick Timiraos says one “key reason market rents have moderated is that the industry is adding a record amount of new apartment supply.” However, industry executives advise that “supply is being quickly absorbed because of increased immigration,” among other factors.

The Federal Reserve has been trying to get inflation down to two percent, but an expected slowdown in the cost of housing has not materialized.

“Fed officials, Wall Street investors, and private-sector economists have expected housing inflation to slow since late 2022,” the WSJ reports, adding, “Housing inflation has indeed slowed from a peak of 8.2 percent one year ago – but only to 5.6 percent in March.”

Jay Parsons, Texas-based apartment owner Madera Residential’s head of residential strategy, says this is “a much slower pace than pretty much anybody anticipated.”

The Biden regime had planned on being able to count on a general improvement in the inflation situation and the economy generally heading into the November elections. However, the situation is poorer than expected, with inflation figures worse than projected and job growth shaky. Research suggests the “American Dream” has become unaffordable to anyone earning less than $100,000 nationwide and, in many states, less than $150,000.

Illegal immigration, in particular, has been extremely high under Biden, with a majority of voters suspecting the Democrat incumbent is allowing it for partisan advantage.

News that immigration is helping keep housing costs, interest rates, and mortgage rates high in the U.S. comes as a report in the United Kingdom confirms record-breaking mass migration has exacerbated housing shortages and is driving rents and house prices upwards.

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Joe Biden's high-volume immigration policy is driving the rising housing inflation linked to surges in interest and mortgage rates, concedes the Wall Street Journal. Chief economics correspondent Nick Timiraos says one "key reason market rents have moderated is that the industry is adding a record amount of new apartment supply." However, industry executives advise that "supply is being quickly absorbed because of increased immigration," among other factors. show more