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Category: Economy

Biden Capital Gains Tax Increase
April 26, 2024
William Upton
Economy
Politics

Biden’s Capital Gains Tax More Than DOUBLE That of Communist China.

Joe Biden‘s 2025 budget proposal could raise the federal capital gains tax to as high as 44.6 percent for many Americans. When combined with state-level capital gains taxes, the rate could exceed 50 percent in some of America’s most populous states. Two provisions in the budget are responsible for the increase: one that raises the tax rate across the board and another that bumps the rate further on high-income earners.

A footnote in the Biden budget details the rate hike: “A separate proposal would first raise the top ordinary rate to 39.6 percent … An additional proposal would increase the net investment income tax rate by 1.2 percentage points above $400,000.” The footnote continues: “Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent.”

Americans for Tax Reform (ATR)’s analysis of Biden’s budget further notes that “California will face a combined federal-state rate of 59 [percent], New Jersey 55.3 [percent], Oregon at 54.5 [percent], Minnesota at 54.4 [percent], and New York state at 53.4 [percent].” According to the tax group, if Biden‘s budget were enacted, the effective capital gains rate would be more than double that of Communist China.

The Biden capital gains plan would result in the highest rate ever enacted in the United States, exceeding the 40 percent rate under President Jimmy Carter. Additionally, ATR notes the budget proposal would also remove “stepped-up basis” when a parent dies, effectively enacting a second Death Tax. This would result in a mandatory capital gains tax realized at death. When Congress attempted to end the “stepped-up basis” in 1976, they had to reverse the decision before the law took effect as it was completely unworkable.

Carter would go on to lose the 1980 presidential election by a landslide.

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Joe Biden's 2025 budget proposal could raise the federal capital gains tax to as high as 44.6 percent for many Americans. When combined with state-level capital gains taxes, the rate could exceed 50 percent in some of America's most populous states. Two provisions in the budget are responsible for the increase: one that raises the tax rate across the board and another that bumps the rate further on high-income earners. show more
devin truth
April 25, 2024
William Upton
Corruption
Economy

Truth Social CEO Alerts Congress to Major Stock Manipulation Designed to Hurt Trump, Investors.

Devin Nunes, former chairman of the House Intelligence Committee and current CEO of the Trump Media & Technology Group (TMTG), has requested an investigation into possible irregularities in DJT stock trading. In a letter sent to several House committee chairs, Nunes contends that DJT’s continual presence on Nasdaq‘s “Reg SHO threshold list” suggests evidence of illicit trading activity by what he alleges is a group of organized short sellers.

“This is particularly troubling given that ‘naked’ short selling often entails sophisticated market participants profiting at the expense of retail investors,” Nunes’s letter reads. He adds: “Reports indicate that, as of April 3, 2024, DJT was the single most expensive stock to short in U.S. markets by a significant margin, meaning that brokers have a significant financial incentive to lend non-existent shares.”

Nunes continues: “Furthermore, data made available to us indicate that just four market participants have been responsible for over 60 [percent] of the extraordinary volume of DJT shares traded.” The former House Republican claims the companies involved in the short-selling scheme are Citadel Securities, VIRTU Americas, G1 Execution Services, and Jane Street Capital.

The practice of “naked” short-selling is largely banned in the United States and Europe. In this type of transaction, a trader sells shares in an asset — in this case, the DJT stock — without having actually borrowed or otherwise secured the shares. In the U.S., traders must provide the Securities and Exchange Commission (SEC) with adequate evidence showing they believed the shares could be borrowed before engaging in a short sale.

Noting the evidence that the four firms have engaged in a “naked” short sale plot, Nunes writes: “Overall, we assess there are strong indications of unlawful manipulation of DJT stock,” adding that “an inquiry is needed to protect shareholders, including TMTG’s retail investors.”

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Devin Nunes, former chairman of the House Intelligence Committee and current CEO of the Trump Media & Technology Group (TMTG), has requested an investigation into possible irregularities in DJT stock trading. In a letter sent to several House committee chairs, Nunes contends that DJT's continual presence on Nasdaq's "Reg SHO threshold list" suggests evidence of illicit trading activity by what he alleges is a group of organized short sellers. show more
Bidenomics
April 20, 2024
Jack Montgomery
Economy

Bidenomics: Home Sales See Biggest Dip in a Year, Mortgages Soar.

Home sales saw their biggest month-on-month decline since November 2022 in March, dropping by 4.3 percent compared to February. Meanwhile, the average 30-year fixed mortgage surged to 7.1 percent — its highest since the end of last year.

Average monthly new mortgage payments are 38 percent higher than average apartment rent, with this double-digit disparity persisting for a two-year period. This is discouraging Americans from buying their own homes, with sales down 3.7 percent year-on-year.

“It’s never been this high for this long,” commented the Head of Multifamily Research at the CBRE Group, who produced the disparity figures, Matt Vance. “It doesn’t seem likely that it will come down any significant amount in the next several years,” he warned.

Consumers are also suffering from higher-than-expected inflation. Energy price rises have been especially punishing, increasing by 29.4 percent since Joe Biden assumed office in 2021. The price of gasoline has risen by over 52.1 percent over the same period and was even higher in 2022.

Donald Trump has made Biden’s faltering economy one of his key pitches to voters ahead of the presidential election in November, regularly asking, “Are you better off than you were four years ago?”

Voters largely believe they are not, with 75 percent saying the cost of living is increasing in a recent poll. Of voters who think the cost of living is rising, 56 percent support Trump, while only 32 percent support Biden.

Trump also enjoys strong support among those working hardest through the challenging economy, with 80 percent of voters working over 60 hours and 59 percent working 50-59 hours backing the former president.

Biden only enjoys majority support among voters working 20-29 hours or less.

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Home sales saw their biggest month-on-month decline since November 2022 in March, dropping by 4.3 percent compared to February. Meanwhile, the average 30-year fixed mortgage surged to 7.1 percent — its highest since the end of last year. show more
Biden Power Grab
April 18, 2024
Jack Montgomery
Economy

Biden Mulls Declaring ‘Climate Emergency’ in Stunning Election Year Power Grab.

The Biden government is considering declaring a “climate emergency” in order to activate federal powers allowing it to crush the oil and gas industry. Bloomberg sources say the powers “could be used to curtail crude exports, suspend offshore drilling and curb greenhouse gas emissions,” helping the regime meet climate targets at the expense of American jobs and energy independence.

Some of Biden’s advisors believe declaring a climate emergency would “galvanize climate-minded voters” in time for the presidential election in November.

“President Biden has treated the climate crisis as an emergency since day one and will continue to build a clean energy future that lowers utility bills, creates good-paying union jobs, makes our economy the envy of the world and prioritizes communities that for too long have been left behind,” commented White House spokesman Angelo Fernandez Hernandez, declining to specifically confirm or deny the reports of a possible emergency declaration.

U.S. Presidents have invoked emergency powers in the past, with Donald Trump using an emergency declaration to authorize the use of military resources to secure the southern border, for example. Invoking them to tackle climate change has never been done before, however.

Crude oil prices are already rising significantly due to factors such as Biden’s anti-production policies and the ongoing sanctions war with Russia.

These rises are driving inflation and higher gas prices, with the cost to consumers up by an average of 24 cents per gallon to $3.63 over just the last month.

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The Biden government is considering declaring a "climate emergency" in order to activate federal powers allowing it to crush the oil and gas industry. Bloomberg sources say the powers "could be used to curtail crude exports, suspend offshore drilling and curb greenhouse gas emissions," helping the regime meet climate targets at the expense of American jobs and energy independence. show more
Bidenomics
April 18, 2024
Data
Economy
Election 2024

Over 50% Say Biden’s Economy is ‘Poor.’

More than half of Americans believe that Joe Biden’s economy is “poor” and less than a quarter believe it is good, according to a new poll from The New York Times/Siena.

The poll, conducted from April 7 to 11, found that 52 percent of Americans describe the current state of the nation’s economy as “poor.” Less than a quarter gave a positive description of the economy, with 17 percent describing it as “good” and just 4 percent describing it as “excellent.” Just over a quarter of respondents — 27 percent – described the economy as “fair.”

Additionally, the poll revealed that a substantial number of Americans are not happy with the direction the country is heading under Biden’s stewardship. Some 64 percent of respondents believe the nation is on the wrong track under President Biden’s leadership. Just 25 percent said the country is on the right track.

Biden’s handling of the economy has been a persistent weakness throughout his presidency. Serious levels of inflation persist as Americans struggle with rising living costs, and nearly all of the ‘new‘ jobs added to the economy under Biden’s watch are the result of individuals taking part-time work.

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More than half of Americans believe that Joe Biden's economy is "poor" and less than a quarter believe it is good, according to a new poll from The New York Times/Siena. show more
April 18, 2024
William Upton
Economy
World

Russian Economy Will Grow Faster Any Other Advanced Nation in 2024.

The International Monetary Fund (IMF) expects Russian economic growth to exceed any other advanced nation in 2024. According to their data, they anticipate Russia will grow at a rate of 3.2 percent. Meanwhile, the United States is expected to achieve only 2.7 percent.

Not a single nation typically seen as Europe’s economic powerhouse is expected to exceed 1 percent growth. The United Kingdom is projected only to hit 0.5 percent, France 0.7 percent, and Germany 0.2 percent.

Given the Biden government’s sanctions regime aimed at grinding Russian commerce to a halt, the high Russian economic growth projection comes as a bit of a surprise. U.S. sanctions were enacted in response to Russia’s invasion of Ukraine in February of 2022.

According to Russian officials, the Biden government’s sanctions are partly responsible for their high growth projection. They claim that the economic restrictions made their domestic industries more self-sufficient. Additionally, Russia insists that its citizens’ rate of consumption and investment remains stable, which also aided in their economic gains.

The IMF believes the country’s growth rate will decline to 1.8 percent in 2025. This decline will occur “as the effects of high investment and robust private consumption, supported by wage growth in a tight labor market, fade.”

“What it [the growth data] tells us is that this is a war economy in which the state — which, let’s remember, had a very sizable buffer, built over many years of fiscal discipline — is investing in this war economy,” said IMF Managing Director Kristalina Georgieva regarding Russian economic projections during a February interview with CNBC.

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The International Monetary Fund (IMF) expects Russian economic growth to exceed any other advanced nation in 2024. According to their data, they anticipate Russia will grow at a rate of 3.2 percent. Meanwhile, the United States is expected to achieve only 2.7 percent. show more
April 17, 2024
William Upton
Economy

Baltimore Bridge Collapse Costing $191M *A Day* In Lost Economic Activity.

The collapse of the Francis Scott Key Bridge in Baltimore, Maryland, which forced the partial closure of the city’s port, could cost the state almost $200 million a day in lost economic activity. Commercial shipping activity at the Port of Baltimore has been severely disrupted since late March when a cargo ship allided with the bridge, causing it to collapse into the shipping channel below.

Scott Cowan, president of the International Longshoremen’s Association (ILA) Local 333, which operates out of the port, says the partial closure will severely impact his members. “There’s about 2,400 ILA union longshoremen in the Port of Baltimore. And last year alone, we worked over four million man hours in the port,” Cowan said in a recent interview. He added: “So it’s a big impact to the longshoremen and their families and it’s a catastrophic event.”

According to Cowan, his longshoremen and connected industries generate millions of dollars a day in economic activity for the State of Maryland. “It’s not just the 2,400 ILA longshoreman, you got almost 20,000 direct jobs attached to this port and 100,000 indirect jobs,” he said before concluding: “It’s a big economic impact to the state of Maryland to the tune of $191 million a day.” The ILA local president also said he and his members have been given no indication by the state or federal government when regular activity at the port will resume.

The National Pulse previously reported that President Joe Biden’s allies on Capitol Hill and in corporate America have tried to use the bridge collapse to push for the importation of additional cheap immigrant workers. This labor is often used to undercut union worker wages or replace union jobs — like the longshoremen — entirely.

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The collapse of the Francis Scott Key Bridge in Baltimore, Maryland, which forced the partial closure of the city's port, could cost the state almost $200 million a day in lost economic activity. Commercial shipping activity at the Port of Baltimore has been severely disrupted since late March when a cargo ship allided with the bridge, causing it to collapse into the shipping channel below. show more
bidenomics
April 12, 2024
Economy
News

Electricity Prices Up 30%, Rising 10x Faster Than Last 7 Years.

American families have experienced an astronomical rise in energy costs under Joe Biden. The cost of electricity, especially, has hit American households hard — well-outpacing inflation with a 29.4 percent jump in price since 2021. In fact, the increase in electricity prices is almost double that of inflation — with prices rising thirteen times faster than they had in the seven years prior to 2021.

Meanwhile, 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 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.

Additionally, President Joe Biden claimed his government’s massive green energy investments would reduce energy costs. The Inflation Reduction Act, a legislative cornerstone of Biden’s term in office, allocated $369 billion to environmental and energy projects. Despite the spending, however, the legislation appears to have had little impact on overall energy costs for the average American.

Energy costs play a significant role in the Consumer Price Index. On a monthly basis, prices rose by 0.4 percent — primarily driven by shelter and gasoline, which contributed more than half of this increase.

It is not just energy costs hitting Americans, but even prices related to the energy sector have seen crippling increases. The National Pulse previously reported that energy commodity prices have spiked by 47.6 percent since 2021. Additionally, leasing costs for cars and trucks are up 45.0 percent over the same period.

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American families have experienced an astronomical rise in energy costs under Joe Biden. The cost of electricity, especially, has hit American households hard — well-outpacing inflation with a 29.4 percent jump in price since 2021. In fact, the increase in electricity prices is almost double that of inflation — with prices rising thirteen times faster than they had in the seven years prior to 2021. show more
April 12, 2024
Jack Montgomery
Economy
News

Biden Gives $6.6 BILLION to Semiconductor Firm Run By Solyndra Exec.

The Biden government announced it will grant $6.6 billion to Taiwan Semiconductor Manufacturing Company’s (TSMC) Arizona subsidiary. The firm’s president, Brian Harrison, is the former chief executive of Solyndra, a solar energy company that took $500 million in government loans from the Obama government before collapsing. In addition, the subsidy raises national security concerns as TSMC continues to source some equipment used in semiconductor fabrication from mainland China.

Harrison acknowledged appealing for federal funding for the semiconductor firm last year. The cash infusion is part of the CHIPS and Science Act, aimed at advancing domestic chip manufacturing and countering China’s hold over the industry.

In October last year, the Biden government issued a sanctions waiver allowing several chip makers to purchase critical technology from suppliers located in mainland China, despite concerns the equipment could be compromised by Chinese Communist intelligence. TSMC and Samsung — who agreed to construct semiconductor facilities in the United States — received waivers.

President Joe Biden backed the substantial monetary support to TSMC and lauded the benefits it will supposedly bring, despite the Obama regime’s experience with Solyndra. Following the solar firm’s collapse, an inspector general investigation found it had misled government officials, noting the “actions of certain Solyndra officials were, at best, reckless and irresponsible or, at worst, an orchestrated effort to knowingly and intentionally deceive and mislead the Department [of Energy].”

Obama reduced the Energy Department’s loan office resources following the Solyndra fiasco, but Biden has now expanded them substantially, arming the department with funds for green energy loans to the tune of $400 billion.

Republicans have already raised concerns about the loan office’s director, Jigar Shah, having alleged conflicts of interest with loan recipients and warned that waste under Biden will make the Solyndra losses look like “chump change.”

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The Biden government announced it will grant $6.6 billion to Taiwan Semiconductor Manufacturing Company's (TSMC) Arizona subsidiary. The firm's president, Brian Harrison, is the former chief executive of Solyndra, a solar energy company that took $500 million in government loans from the Obama government before collapsing. In addition, the subsidy raises national security concerns as TSMC continues to source some equipment used in semiconductor fabrication from mainland China. show more
April 11, 2024
William Upton
Economy
Politics

Biden Says Fed Will Cut Interest Rates by Year’s End, Raising Questions About Central Bank’s Independence.

President Joe Biden is standing by his prediction that the Federal Reserve will enact an interest rate cut before the end of the year. The President doubled down on the rate cut prediction despite a Consumer Price Index (CPI) print released on Wednesday suggesting that inflation was reaccelerating.

“Well, I do stand by my prediction that, before the year is out, there’ll be a rate cut,” Biden said during a Wednesday press conference with Japanese Prime Minister Fumio Kishida. The President suggested that the hot CPI report would only delay a rate cut by a month or two.

Biden’s comments raised renewed concerns about the political independence of the U.S. central bank in an election year. Many Democrats believe a Federal Reserve interest rate cut could juice the economy and boost President Biden’s re-election efforts. In a speech last week, Federal Reserve Chairman Jerome Powell insisted the central bank does not allow partisan considerations to impact their monetary policy decision.

“Fed policymakers serve long terms that are not synchronized with election cycles,” Powell said, adding: “Our decisions are not subject to reversal by other parts of the government, other than through legislation.” The central bank chief continued: “This independence both enables and requires us to make our monetary policy decisions without consideration of short-term political matters.”

Wednesday’s CPI data cast further doubt on whether the Federal Reserve will move to reduce interest rates in the United States in the near term. The central bank has maintained that it believes interest rates must remain elevated until inflation hits 2 percent — the CPI print indicates inflation currently sits at 3.5 percent compared to last year.

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President Joe Biden is standing by his prediction that the Federal Reserve will enact an interest rate cut before the end of the year. The President doubled down on the rate cut prediction despite a Consumer Price Index (CPI) print released on Wednesday suggesting that inflation was reaccelerating. show more