CPI reports confirms that the US has a serious inflation problem. Core inflation is higher this month than for the quarter, higher this quarter than last quarter, higher this half of the year than the previous one, and higher last year than the previous one.
BIDEN: The Inflation Reduction Act “helped reduce inflation at the kitchen table.” Today, the Consumer Price Index report noted that the food index jumped 11.4 percent in the last 12 months, the largest jump since May 1979.
Will never be able to get over the image of Joe Biden speaking about how he singlehandedly beat inflation as the stock market tanks over 1,200 points on live television due to inflation. An all time moment in the history of American presidents.
Inflation’s cranking. Stocks tanking. And Biden & Co. throwing a garden party at the White House. To celebrate what? Crushing your dreams?
Remember when they told you you would die if you didn’t get the COVID vaccine, and that the vaccine would prevent you from getting COVID and then told you that you’d get COVID anyway but you wouldn’t spread COVID and then told you that you would spread COVID but if you got it, it wouldn’t be that bad? And now they are telling you the flu is more dangerous than COVID.
Question: Why do both political parties absolutely suck?
REPORTER: “China, foreign buyers, are buying up U.S. real estate, in some cases farms, around military installations. Is this on the administration’s radar?” KIRBY: “I’m probably not the right person to ask about home ownership…” REPORTER: “This isn’t about home ownership…”
Jean-Pierre: “We are doing a lot more [than Trump] to secure the border and could be doing even more if Republicans would stop their obstruction.” At this point they don’t even care how big the lies are.
So if you are struggling to put food on the table, the WH Press Secretary says you should go get solar panels, new windows, doors and electric vehicles so you can get a tax credit? Makes sense right?
It is reported douchey singer James Taylor played a set to celebrate the passing of Biden’s Inflation Reduction Act. Somehow I’m thinking that Fire & Rain isn’t the song you want to open with.
The Martha’s Vineyard thing (50 illegal aliens were sent there by Gov DeSantis) might be the best and clearest example of what so many of us have been talking about for years. The progressive elites advocate for policies that they never have to suffer the consequences of. And the one time they do, it ends quickly.
Martha’s Vineyard is a condensed symbol for the aspirations of the professional-managerial elite. That’s why liberals are infinitely more triggered by DeSantis’ stunt of busing illegals to the Vineyard than by Abbott’s busing of migrants to big sanctuary cities. We heard nothing like this level of uproar when buses filled with migrants arrived in Chicago, D.C., NYC, etc., even though those destinations are so much less hospitable than a paradise like Martha’s Vineyard. Martha’s Vineyard is such a potent symbol that even rank and file progressives are incensed. They have no hope of ever being invited to an Obama birthday party, and yet they seem to feel personally violated. It hurts to have your aspirations revealed to be so morally hollow. You’ll employ just about any defense mechanism to avoid confronting the reality head-on. Cries of “It’s evil to instrumentalize human beings!” are essentially the reflexes of a guilty conscience. “It’s a sin to destroy beautiful things.” Liberals affirm this in their outrage over DeSantis’ stunt, which is so effective because it’s not just morally but aesthetically conscious. It is deeply human to desire to live in beauty. But it is profoundly anti-human to hoard beauty for yourself while destroying what beauty can be enjoyed by the less fortunate. Progressive policies are responsible for the destruction of so much American beauty. Especially quotidian beauty—the beauty of a city park unmarred by homeless encampments, or of a public beach where one can walk barefoot without fear of stepping on a hypodermic needle.From the brutalist architecture of our public buildings to the mutilated bodies of our youth, progressivism has become synonymous with uglification. The culture war is a war of aesthetics. This is why progressives snivel so furiously when we draw attention to the hideousness of their cultural products. It is also why we must relentlessly champion public beauty as an essential, ennobling common good. DeSantis understands this in a way that Trump simply does not. Trump had some healthy impulses in this direction, but his personal aesthetic of garish excess belies the idea that he could ever transcend populism’s own uglifying tendencies.
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This thread is so GREAT!
What a refreshing way to start the day on a Sunbday morning with some real truth at hand!
Question: Why do both political parties absolutely suck?
Answer: Because they are both comprised of mediocrities who can’t make it in the real world, like Joe Biden, who is a great example of the “career hack politician” who couldn’t make it in the real world, and they see absolutely nothing wrong with feeding off the taxpayers, known in political parlance as “milking the pig for all it’s worth!”
On another note, when it comes to whacky and weird utterances. you just got to love Joe Biden:
“I mean, you’ve got the first sort of mainstream African-American (Hussein Obama) who is articulate and bright and clean and nice-looking guy, I mean, that’s a storybook, man.”
– Joseph Robinette Biden, Junior, February 9, 2007
Senator Joe Biden Offers Offensive Description of Barack Obama
https://www.youtube.com/watch?v=MeVkN4UIWiA
CCM: Will never be able to get over the image of Joe Biden speaking about how he singlehandedly beat inflation as the stock market tanks over 1,200 points on live television due to inflation.
An all time moment in the history of American presidents.
************************************************************************
The Washington Examiner
“Joe Biden has a Versailles problem”
Opinion by Salena Zito
17 September 2022
VERSAILLES, Pennsylvania — As if to emphasize that this river town of 1,200 has zero in common with the royalty that once ruled at the eponymous location outside Paris, royalty far removed from the concerns and the despair of its people, this Youghiogheny River town is pronounced in its own unique Appalachian way: Ver-sales.
But one can imagine it also had a little bit to do with not having anything in common with the palace that, for centuries, symbolized a ruling class deeply out of sync with the rest of its nation.
The Versailles here in western Pennsylvania struggles.
Last week, President Joe Biden showed what it looks like when the ruling class loses all connection with the realities of the pain and stress of the people it serves.
His White House shindig to celebrate his own economic accomplishments was an orgy of self-back-patting and bragging over the Inflation Reduction Act.
Experts agree that it won’t reduce inflation, and there was a bit of irony to the fact that stocks plunged (and with them many ordinary people’s retirement savings) over terrible inflation news even as Biden was speaking.
The new inflation data showed a deeply troubling increase: Core inflation was 6.3% in August, up from 5.9% in July; the Dow plunged a staggering 1,200 points on the news that inflation had only barely slowed down to 8.3%.
“The future of America’s bright and the promise of America is real.”
“It is real!” Biden shouted, counting on the strength of his own assertion to overpower the reality.
It is not lost on average voters, for Biden or for Trump, that this administration is wildly out of touch with the crippling effects that inflation is having on their lives.
Eggs are 40% more expensive than a year ago, coffee 18%, groceries generally 11%.
You don’t have to be a Republican to be unhappy with that.
Biden’s tone-deafness continued the following day, which was spent in Michigan, lecturing people whose median income is $36,842 that they ought to buy an electric car to save money.
In much of the Detroit area, the $62,900 Cadillac Lyriq EV that Biden drove as a stunt at his publicity event costs more than a three-bedroom, two-bath home with a detached garage.
Hours later, Biden traveled to Delaware to vote in his home state’s primary, using a taxpayer-funded jet and motorcade to vote in person rather than casting an absentee ballot, as Presidents Barack Obama and Donald Trump had done when they were in office.
It costs over $2,500 per minute to transport a sitting U.S. president.
All of this happened just two weeks after Biden had announced college loan forgiveness — a transfer of funds to the most privileged people in the nation with the brightest prospects at the expense of everyone else.
He followed that up a week later by standing outside Independence Hall in Philadelphia, draped in sinister red lighting, and delivering one of the most odious speeches a president has ever given, expressing his loathing for half of the people living in this country.
Even Abraham Lincoln, who had much more solid ground upon which to denounce his political enemies as moral inferiors, was capable of exercising some restraint.
If Biden gets a November shellacking, it will not be because he didn’t do enough legislatively.
It won’t be because voters don’t personally like him.
It will be because Biden has lost touch with the concerns of the common men and women who make things move in this country: the welders, the mechanics, the energy workers and waitresses, the farmers and small business owners, as well as the suburban parents whose grocery, utility, and housing bills have skyrocketed while their incomes have remained stagnant.
Many such people have told me they voted for Biden just two years ago, but they have little sympathy for him now.
They are watching a man dance about and brag about his climate change bill, all the while vilifying them or their family members, heedless of the challenges they face.
Biden’s answer to $5 gas is for you to buy a $60,000 vehicle.
That alone explains just how out of touch he has become.
Karine Jean-Pierre
@PressSec
United States government official
We just received news that our economy had 0% inflation in July.
While the price of some things went up, the price of others, like gas, clothing, and more, dropped.
10:34 AM · Aug 10, 2022 · Twitter for iPhone
CNBC
“Ford warns investors of an extra $1 billion in supply chain costs during the third quarter”
By Michael Wayland
September 19, 2022
DETROIT – Ford Motor on Monday warned investors that the company expects to incur $1 billion more in costs than previously expected during the third quarter due to inflation and supply chain issues.
Ford said based on recent negotiations, inflation-related supplier costs during the third quarter will run about $1 billion higher than originally expected.
Reuters
“Wall Street ends choppy session higher with focus firmly on Fed”
By David French
September 19, 2022
Sept 19 (Reuters) – Wall Street’s main indexes ended a seesaw session higher on Monday, as investors turned their attention to this week’s policy meeting at the Federal Reserve and how aggressively it will hike interest rates.
A majority of the 11 S&P 500 sectors rose.
One exception was healthcare, down 0.6% as it was weighed by a fall in shares of vaccine maker Moderna Inc a day after President Joe Biden said in a CBS interview that “the pandemic is over”.
The Democrat party is and has been one big joke since it’s inception. If you want to return to COMMON SENSE, prosperity, and food on the shelves V O T E
AMERICAN AUTOCRAT JOSEPH ROBINETTE BIDEN, JUNIOR, BEING INTERVIEWED BY SOFTBALL PITCHER SCOTT PELLEY ON 60 MINUTES ON 18 SEPTEMBER 2022:
Scott Pelley: How would you say your mental focus is?
President Joe Biden: Oh, it’s focused.
I’d say it’s — I think it’s — I — I haven’t — look, I have trouble even mentioning, even saying to myself, my own head, the number of years.
I no more think of myself as being as old as I am than fly.
I mean, it’s just not — I haven’t — observed anything in terms of — there’s not things I don’t do now that I did before, whether it’s physical, or mental, or anything else.
Rigzone
“Oil Falls Ahead of Interest Rate Hikes Expected This Week”
by Bloomberg | Ilena Peng and Julia Fanzeres
Tuesday, September 20, 2022
Oil fell ahead of several global interest-rate decisions that are expected to bring further monetary tightening.
Crude has lost about a third of its value since early June, erasing all the gains made in the wake of Russia’s invasion of Ukraine, amid concerns that a global slowdown will hit demand.
MORE OF AMERICAN AUTOCRAT JOSEPH ROBINETTE BIDEN, JUNIOR, BEING INTERVIEWED BY SOFTBALL PITCHER SCOTT PELLEY ON 60 MINUTES ON 18 SEPTEMBER 2022:
Scott Pelley: Sir, with the Federal Reserve rapidly raising interest rates, what can you do to prevent a recession?
President Joe Biden: Continue to grow the economy.
And we’re growing the economy.
It’s growing in– in a way that it hasn’t in years and years.
Scott Pelley: How so?
President Joe Biden: We’re growing entire new industries.
Six hundred and ninety-five, I think it is, or eighty-five thousand new manufacturing jobs just since I’ve become president in United States.
*****************************************************************
Reuters
“Wall Street falls as Fed, Ford forecasts, give fright”
By David French
September 20, 2022
Shares of Ford slumped 12.3%, the biggest one-day drop since 2011, after it flagged a bigger-than-expected $1 billion hit from inflation and pushed delivery of some vehicles to the fourth quarter due to parts shortages.
Adding to the mix, a Commerce Department report showed residential building permits – among the more forward-looking housing indicators – slid by 10% to 1.517 million units, the lowest level since June 2020.
Another apparel maker, Gap Inc, closed 3.3% lower.
It announced on Tuesday it was eliminating about 500 corporate jobs, having withdrawn its annual forecasts late last month due to an inventory glut and weak sales.
THE BIDENESQUE HYPE OF AMERICAN AUTOCRAT JOSEPH ROBINETTE BIDEN, JUNIOR, BEING INTERVIEWED BY SOFTBALL PITCHER SCOTT PELLEY ON 60 MINUTES ON 18 SEPTEMBER 2022::
Scott Pelley: Sir, with the Federal Reserve rapidly raising interest rates, what can you do to prevent a recession?
President Joe Biden: Continue to grow the economy.
And we’re growing the economy.
It’s growing in– in a way that it hasn’t in years and years.
Scott Pelley: How so?
President Joe Biden: We’re growing entire new industries.
Six hundred and ninety-five, I think it is, or eighty-five thousand new manufacturing jobs just since I’ve become president in United States.
Continue to grow the economy and continue to give hard-working people a break in terms of we pay the highest drug prices in the world of any industrialized nation.
Making sure that Medicare can negotiate down those prices by the way, we’ve also reduced the debt and reduced the deficit by $350 billion my first year.
This year, it’s gonna be over $1.5 trillion reduced the debt.
THE OBJECTIVE REALITY IN THE WORLD WE ALL LIVE IN:
Reuters
“U.S. June budget deficit down sharply from 2021 as pandemic aid fades”
By David Lawder
July 13, 2022
July 13 (Reuters) – The U.S. government posted an $89 billion budget deficit during June, roughly half the gap in the same month last year, as pandemic-related outlays fell and revenues edged higher, the Treasury Department said on Wednesday.
For the first nine months of the 2022 fiscal year ending Sept. 30, the deficit fell 77% to $515 billion from $2.238 trillion in the same period of fiscal 2021, with the prior-year figure bloated by COVID-19 aid payments and benefits associated with President Joe Biden’s $1.9 trillion American Rescue Plan Act.
Much of the decline in outlays was due to the wind-down of pandemic-related spending on extended unemployment aid, assistance to small businesses and other programs.
But some revenue and spending categories are seeing a shift due to higher interest rates, a Treasury official said.
Federal Reserve earnings in June fell 7% from a year earlier to $10 billion as the result of higher interest paid on bank reserve deposits and a reduction in the U.S. central bank’s overall bond holdings as it seeks to tighten monetary policy.
The Treasury’s outlays for interest on the public debt rose 24% to $521 billion for the first nine months of fiscal 2022.
The Treasury official said $89 billion of that $102 billion increase was due to higher payments on Treasury Inflation-Protected Securities, while $13 billion was due to higher weighted interest on the debt and a $2 trillion increase in debt outstanding compared to the prior-year period.
The weighted average yield on Treasury debt stood at 1.8% at the end of June, versus 1.61% a year earlier, the official said.
CNBC
“Fed raises rates by another three-quarters of a percentage point, pledges more hikes to fight inflation”
By Jeff Cox
September 21, 2022
Powell conceded a recession is possible, particularly if the Fed has to keep tightening aggressively.
“No one knows whether this process will lead to a recession or, if so, how significant that recession will be,” he said.
Reuters
“Fed delivers another big rate hike; Powell vows to ‘keep at it'”
By Howard Schneider and Ann Saphir
September 21, 2022
In a sobering new set of projections, the Fed foresees its policy rate rising at a faster pace and to a higher level than expected, the economy slowing to a crawl, and unemployment rising to a degree historically associated with recessions.
Powell was blunt about the “pain” to come, citing rising joblessness and singling out the housing market, a persistent source of rising consumer inflation, as being likely in need of a “correction.”
Inflation by the Fed’s preferred measure has been running at more than three times the central bank’s target.
The new projections put it on a slow path back to 2% in 2025, an extended Fed battle to quell the highest bout of inflation since the 1980s, and one that potentially pushes the economy to the borderline of a recession.
The unemployment rate, currently at 3.7%, is projected to rise to 3.8% this year and to 4.4% in 2023.
That would be above the half-percentage-point rise in unemployment that has been associated with past recessions.
“The Fed was late to recognize inflation, late to start raising interest rates, and late to start unwinding bond purchases.”
“They’ve been playing catch-up ever since.”
“And they’re not done yet,” said Greg McBride, chief financial analyst at Bankrate.
Are we really better off under Joe Biden than we were under Trump?
Reuters
“U.S. rents surge, leaving behind generation of younger workers”
By Rose Horowitch
September 21, 2022
Sept 21 (Reuters) – The cost of renting a home in the United States is surging and young workers have felt the sharpest pain, many of them taking on additional jobs or roommates to afford housing costs.
Household rents in 2021 jumped 10% from pre-pandemic levels, according to Census Bureau estimates released last week.
The figures came as rising healthcare and rental costs pushed U.S. consumer prices up unexpectedly last month.
Adding to renters’ woes, rents in the professionally-managed sector – usually larger properties operated by management companies – have risen even more dramatically.
Annual rent growth there hit 11.6% at the end of 2021 and start of 2022, about three times what it was in the five years prior to the pandemic, according to the Harvard Joint Center for Housing Studies.
And here is Joe Biden having one of his “senior moments” as he appears to not know what country or time zone or even galaxy he is in:
Joe Biden appears lost on stage after address; Americans call it ’embarrassing’
Sep 22, 2022
https://www.youtube.com/watch?v=8uFNyWYcVpc
Reuters
“U.S. labor market resilient as recession signals grow stronger”
By Lucia Mutikani
September 22, 2022
Recession risks are rising, with a third report from the Conference Board showing its Leading Economic Index fell 0.3% last month after decreasing 0.5% in July.
The index, a gauge of future U.S. economic activity, dropped 2.7% between February and August, reversing a 1.7% increase over the prior six months.
That pushed the six-month average change in the index below -0.4%, a threshold historically associated with a recession.
In the end, you can’t argue against reality, even though Joe Biden does so consistently with regularity:
Rigzone
“Oil Rises Slightly as Economic Outlook Concerns Mount”
by Bloomberg | Ilena Peng
Thursday, September 22, 2022
Data this week showed that signs of economic slowdown are mounting, as US gasoline and diesel demand fell to the lowest seasonal levels in more than a decade.