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Category: Economy
March 4, 2024
Ed Kozak
Economy

Voters Say Biden Will Make Inflation Worse, But He Says ‘I’m Really Proud of My Record.’

As the U.S. economy braces itself for the third year of an inflation surge that has substantially hiked the cost of living and sharply depressed real wages, most registered voters believe President Biden’s policies will cause prices to rise.

A poll by CBS News and YouGov released Sunday shows that 55 percent of registered voters believe Biden’s policies will trigger price increases. Only 17 percent of registered voters believe his policies will cause prices to decline. Twenty-seven percent believe his policies won’t impact prices either way, suggesting that 82 percent of voters believe Biden is ineffective at controlling inflation or is actively making it worse.

In comparison, 44 percent of registered voters believe former President Donald Trump’s policies would decrease inflation, and only a third believe his policies would worsen inflation. Sixty-five percent of registered voters said the economy was ‘good’ under Trump, while only 38 percent described Joe Biden’s economy as ‘good.’

Biden’s handling of the economy has been a persistent weakness for the incumbent president, as a 14,000-word profile published in The New Yorker on Monday highlights. Speaking in an interview for the piece, Biden remarked: “…look, if I didn’t think that the policies I put in place were best for the country, I don’t think I’d be doing it again. I’m running again because I think two things: No. 1, I’m really proud of my record, and I want to keep it going. I’m optimistic about the future. And, secondly, I look out there, and I say, ‘O.K., we’re just—most of what I’ve done is just kicking in now.’ ”

The profile also highlighted polling from January that reveals Americans’ lack of faith in Biden’s ability to steer the economy. “When pollsters asked who would do better in specific areas, the gaps were stark… on the economy, [Trump led Biden] fifty-five to thirty-three.”

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As the U.S. economy braces itself for the third year of an inflation surge that has substantially hiked the cost of living and sharply depressed real wages, most registered voters believe President Biden’s policies will cause prices to rise. show more
March 4, 2024
William Upton
Economy
World

Russia Sanctions Spark Foreign Gold Flight From U.S.

The sanctions regime enacted by the Biden government against Russia is driving a concerning flight of foreign gold reserves from the United States. The move comes amid rising concerns among foreign governments over the potential weaponization of the global financial system.

An Invesco survey in 2023 found that many central banks were uneasy with how the U.S. and its allies froze approximately half of Russia’s $650 billion gold and forex reserves. In light of these concerns, almost 68 percent of banks surveyed asserted their plans to keep gold reserves within their national borders, a significant uptick from 50 percent in 2020.

Rep. Alex Mooney (R-WV) questioned the Federal Reserve in December last year regarding the extent of foreign gold removals from U.S. shores. On Friday, Federal Reserve Chairman Jerome Powell responded to Rep. Mooney and declined to disclose information about the status of the bank’s gold holdings.

Powell’s letter in response to the West Virginia Republican’s inquiries provided no direct answers, stating that the Federal Reserve only serves as a custodian for gold belonging to other entities. He suggested that queries about the government’s gold should be directed towards the Treasury Department.

The Federal Reserve Bank of New York (FRBNY) has disclosed that it holds 507,000 gold bars weighing 6,331 metric tons as of 2024. This data represented an increase from the listed 497,000 gold bars, weighing about 6,190 tons as of 2019. The upward trend may be due to FRBNY taking possession of the gold from Ukraine’s central bank, which reportedly airlifted its gold reserves to the U.S. in 2014.

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The sanctions regime enacted by the Biden government against Russia is driving a concerning flight of foreign gold reserves from the United States. The move comes amid rising concerns among foreign governments over the potential weaponization of the global financial system. show more
March 1, 2024
William Upton
Economy
Immigration

NYC Rents Skyrocket As City Flooded By Illegal Immigrants.

Despite a nationwide trend of declining rental costs, New Yorkers continue to wrestle with soaring rents as illegal immigrants flood the city. The city’s situation contrasts with the nationwide trend, where year-over-year rent changes have either remained stable or declined for five consecutive months, primarily due to an increase in the creation of new rental units. Rents across the U.S. fell 0.7 percent this month compared to last year.

However, February saw an 18 percent surge in one-bedroom rentals in New York City, pushing the average price to a record peak of $4,200. Even in Jersey City, situated across the Hudson River from Manhattan, the median cost of rent rose 5.4 percent to $3,140. The spike in housing costs has stunned some New Yorkers who expected rents to fall as usual in the late fall and winter. Despite historic trends, the cost of housing in the Big Apple has continued to increase apace.

Heightening the housing crisis in New York City, around 200,000 illegal immigrants have arrived in the metro area via bus from the southern border over the past 18 months. This situation has ignited protests in Harlem, where locals recently discovered the city’s plans to convert a luxury building into a shelter for the rapidly ballooning number of illegal immigrants in the city.

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Despite a nationwide trend of declining rental costs, New Yorkers continue to wrestle with soaring rents as illegal immigrants flood the city. The city's situation contrasts with the nationwide trend, where year-over-year rent changes have either remained stable or declined for five consecutive months, primarily due to an increase in the creation of new rental units. Rents across the U.S. fell 0.7 percent this month compared to last year. show more
March 1, 2024
Economy
NatSec

U.S. To Outsource Weapons Production With Stockpiles Rapidly Depleted By Ukraine.

The United States is set to begin outsourcing some weapons production to countries like Australia, Japan, Poland, and India after the military’s stockpiles have become dangerously low from supplying munitions to Ukraine and Israel, among other nations. Australia, specifically, will soon become a major supplier of artillery shells and multiple guided missiles for the U.S. military. The move to outsource U.S. weapons production directly contradicts claims by the Biden government that military aid for Ukraine, Taiwan, and Israel would serve to boost U.S. manufacturing jobs.

Australia has made significant investments in weapons manufacturing over the past few years in an effort to become a major hub for U.S. defense production. According to the Pentagon, foreign-produced weapons are still required to meet U.S. government specifications and standards. Most of the weapons produced in Australia will go to replenish U.S. stockpiles, be sent to Ukraine, or be sold to countries like Taiwan.

The Biden government has downplayed foreign weapons production as lawmakers on Capitol Hill have continued to debate a $95 billion foreign military aid supplemental funding package. President Joe Biden and his Democrat allies in Congress have insisted the legislation would serve as a boon for U.S. domestic manufacturing.

“While this bill sends military equipment to Ukraine,” Biden said in late February, before claiming: “…it spends the money right here in the United States of America in places like Arizona, where the Patriot missiles are built; and Alabama, where the Javelin missiles are built; and Pennsylvania, Ohio, and Texas, where artillery shells are made.”

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The United States is set to begin outsourcing some weapons production to countries like Australia, Japan, Poland, and India after the military's stockpiles have become dangerously low from supplying munitions to Ukraine and Israel, among other nations. Australia, specifically, will soon become a major supplier of artillery shells and multiple guided missiles for the U.S. military. The move to outsource U.S. weapons production directly contradicts claims by the Biden government that military aid for Ukraine, Taiwan, and Israel would serve to boost U.S. manufacturing jobs. show more
February 29, 2024
Economy
News

Insurance Spike Proves Inflation Still a Massive Problem.

Auto insurance rates have seen the largest year-to-year spike since 1976. The cost of motor vehicle insurance increased 20.6 percent in the last year, and January alone saw a month-on-month rise of 1.4 percent. This escalating cost has played a marked role in tempering early-year optimism regarding inflation.

A recent private-sector estimate revealed that the average annual full-coverage car insurance premium for 2024 is $2,543. This contrasts sharply with 2023’s figure of $2,014 and the 2022 figure of $1,771.

This rise in insurance premium costs is rooted in multiple factors, but the main driver of increased costs is simple. As the costs of motor vehicles themselves have increased substantially, so too has the cost to ensure them. Between January 2020 and January 2024, the average cost of a new vehicle rose over 20 percent. The cost of used cars rose even more and the cost of vehicle repair increased 32 percent. Another major factor in rising auto insurance costs was the Federal Reserve’s decision to significantly increase in interest rates beginning in 2022.

The struggles Americans now face in owning and insuring their vehicles is just one factor in Americans’ negative view of the economy, despite the Biden administration’s claims to the contrary. The daily struggles faced by most Americans due to inflation and Bidenomics have even seen a sharp drop in support for the Biden regime among Gen Z and Millennials, once core constituents.

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Auto insurance rates have seen the largest year-to-year spike since 1976. The cost of motor vehicle insurance increased 20.6 percent in the last year, and January alone saw a month-on-month rise of 1.4 percent. This escalating cost has played a marked role in tempering early-year optimism regarding inflation. show more
February 29, 2024
Economy

Obama Treasury Sec: ‘Economy Booming, Americans Just Don’t Know It.’

A newly released working paper by former Obama government Treasury Secretary Larry Summers asserts that the Consumer Price Index (CPI) may underestimate Americans’ financial pains from rising interest rates. “The economy is booming and everyone knows it — except for the American people,” Summers states.

The elevated interest rates enacted by the Federal Reserve have increased expenses such as buying a house or carrying credit card balances. Summers’ paper, titled “The Cost of Money is Part of the Cost of Living,” explores the disconnect between what he claims are positive economic indicators and the public’s persisting ‘sour mood‘ on the Biden economy.

Summers notes that until 1983, the government’s CPI measurement incorporated housing prices via mortgage expenses and would rise as those rates increased. However, the current CPI calculation measures housing costs based on rent prices, a change Summers argues might only partially capture the financial strain on Americans.

While lauding the efficacy of the current CPI measurement, Summers emphasizes that understanding people’s economic well-being necessitates incorporating interest rates into the calculation. Should the pre-1983 formula be used today, Summers contends that 2022 inflation would be around 15 percent instead of 9.1 percent, thus painting a starker picture of the economic reality for many households.

Allies of President Biden, like Summers, are pressuring Federal Reserve chairman Jerome Powell to slash interest rates. They hope reduced rates will stimulate the economy and Biden’s re-election chances. However, Powell and several members of the central bank’s board of governors have signaled they are hesitant to reduce rates before the 2024 election.

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A newly released working paper by former Obama government Treasury Secretary Larry Summers asserts that the Consumer Price Index (CPI) may underestimate Americans' financial pains from rising interest rates. "The economy is booming and everyone knows it — except for the American people," Summers states. show more
bidenomics
February 29, 2024
Data
Economy

DATA: Inflation Ticked Up Again in January.

A consumer price inflation indicator closely monitored by the Federal Reserve raised concerns yet again in January as persistently high prices create an increasing burden for Americans. The Labor Department reported a 0.3 percent monthly increase in the personal consumption expenditures (PCE) index, reflecting the rise in consumer prices. In terms of annual progression, it revealed a 2.4 percent increase in prices.

A spotlight on core prices, which exclude the typically fluctuating categories of food and energy, demonstrates an upward movement of 0.4 percent from last month, and 2.8 percent from the previous year.

The Federal Reserve, focused on the PCE headline figure, continues its efforts to maneuver consumer prices towards the desired 2 percent threshold. Fed Chair Jerome Powell had previously stated, however, that the core data should be considered more indicative of actual inflation rates.

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A consumer price inflation indicator closely monitored by the Federal Reserve raised concerns yet again in January as persistently high prices create an increasing burden for Americans. The Labor Department reported a 0.3 percent monthly increase in the personal consumption expenditures (PCE) index, reflecting the rise in consumer prices. In terms of annual progression, it revealed a 2.4 percent increase in prices. show more
February 28, 2024
Economy

Biden to Give $850 Million to Chinese-Owned Battery Company.

Last summer, the Biden government sanctioned an $850 million conditional loan to KORE Power for battery production plant construction in Arizona. The intent was to lessen the United States’ dependency on China’s batteries. However, court documents reveal that KORE Power has enlisted its co-owner, a Chinese battery firm, to construct the taxpayer-funded facility.

With its Idaho headquarters and compact staff of around 150 employees, KORE Power was initially portrayed as an apt selection for the project due to its all-American backdrop. Yet the documents indicate the company’s comprehensive roots in China.

Do-Fluoride New Materials (DFD), a Chinese battery manufacturer led by Li Shijiang, a Chinese Communist Party official, owns 14 percent of KORE.

At the same time, DFD’s vice-chair and vice president of China’s state-supervised Patent Protection Association, Li Lingyun, is a director at KORE.

Read the rest at the Washington Free Beacon.

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Last summer, the Biden government sanctioned an $850 million conditional loan to KORE Power for battery production plant construction in Arizona. The intent was to lessen the United States’ dependency on China’s batteries. However, court documents reveal that KORE Power has enlisted its co-owner, a Chinese battery firm, to construct the taxpayer-funded facility. show more
February 28, 2024
William Upton
Data
Economy

BIDENOMICS: U.S. Housing Costs Now At Crisis Levels.

Housing prices in the United States rose 5.5 percent in December compared to the previous year, according to the S&P’s CoreLogic Case-Schiller 20-City Composite Home Price Index. The increase has pushed the cost of housing to crisis levels under Joe Biden’s presidency.

December’s increase marks the seventh consecutive month that home prices increased. The U.S. housing market has remained ‘hot’ despite the Federal Reserve keeping interest rates elevated. While some Fed observers expected the central bank to begin cutting rates already, Fed Chairman Jerome Powell and members of the Board of Governors have signaled a reduction in interest rates may be delayed until after the November 2024 election.

The hope of a Fed rate cut pushed mortgage rates for residential property down slightly in early December. This slight drop, in part, fueled an increase in home purchases during that month.

Elevated mortgage rates and home prices have sparked a renewed housing affordability crisis in the U.S. The Biden government has thus far failed to tackle continued inflation fears. Two weeks ago, the inflation rate increased to 3.1 percent, exceeding projections by leading economists.

Even when the Fed finally moves to cut interest rates, there is likely to be little relief for homebuyers. As mortgage rates fall, more buyers are expected to enter the housing market. [B]uyers are anxiously waiting to jump in the market as soon as mortgage rates fall,” Dr. Selma Hepp, chief economist with CoreLogic, noted. She added: “That means that 2024 will show another year of home price highs.”

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Housing prices in the United States rose 5.5 percent in December compared to the previous year, according to the S&P's CoreLogic Case-Schiller 20-City Composite Home Price Index. The increase has pushed the cost of housing to crisis levels under Joe Biden's presidency. show more
February 16, 2024
William Upton
Economy
Immigration

Congressional Budget Office: Mass Migration Lowers Productivity, Reduces Standard Of Living.

The Congressional Budget Office has tacitly admitted that the influx of illegal immigration into the United States is likely to have negative long-term impacts on wages and the standard of living for American citizens and immigrants living in the United States legally. According to the government agency, the U.S. labor force is projected to increase by 1.7 million in 2024 and see a 3 percent total increase by 2033, equating to over 5 million additional workers. The increase is in large part because of increased illegal and legal immigration.

While there are some marginal benefits to the expanded labor force — the CBO says the federal deficit will shrink to 6.4 percent of GDP by 2033, down from  7.3 percent in 2023 due to the increased tax base — the unchecked flow of illegal immigrants into the country also comes with concerning negative externalities. The illegal immigrants currently entering the U.S. tend to be low-skill to no-skill workers and may hurt gross domestic product. The CBO projects that per-capital GDP will have declined by nearly 1 percent a decade from now, mainly due to an increase in low-skill immigrant labor.

In addition to a decline in per-capita GDP, the influx of cheap and low-skilled workers is projected to continue to depress U.S. wages and drive up housing costs. Rising rents and home values due to increased demand — combined with lower wages — will likely result in Americans experiencing a lower standard of living a decade from now than they do today. While the increasing number of illegal and legal immigrants in the U.S. does expand the tax base, the increased consumption may also put upward pressure on the prices of daily goods — wiping out the deflationary effects of the increased labor force.

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The Congressional Budget Office has tacitly admitted that the influx of illegal immigration into the United States is likely to have negative long-term impacts on wages and the standard of living for American citizens and immigrants living in the United States legally. According to the government agency, the U.S. labor force is projected to increase by 1.7 million in 2024 and see a 3 percent total increase by 2033, equating to over 5 million additional workers. The increase is in large part because of increased illegal and legal immigration. show more