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Keyword: bidendestroyseconomy

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  • The retirement Catch-22 Wall Street wants boomers to work longer. But nobody wants to hire them.

    06/19/2024 12:46:13 AM PDT · by Cronos · 55 replies
    Business insider ^ | 18th June 2024 | Ann C Logue
    In the coming years, the retirement-age population will balloon to its largest size yet, drawing down Social Security funds, overwhelming retirement homes, and leaving a labor shortage in its wake. Larry Fink, the 71-year-old CEO of the asset-management behemoth BlackRock, offered a two-part solution to the looming retirement crisis in his annual March letter to shareholders. In order to avoid economic catastrophe, he argued, people should save more money and work longer. "What if the government and the private sector treated 60-plus year-olds as late-career workers with much to offer rather than people who should retire?" Fink wrote. The current...
  • $517,000,000,000 in Unrealized Losses Hit US Banking System, FDIC Says 63 Lenders on Brink of Insolvency

    06/04/2024 5:35:17 AM PDT · by george76 · 86 replies
    Daily Hodl ^ | June 2, 2024 | Henry Kanapi
    Unrealized losses in the US banking system are once again on the rise, according to new numbers from the Federal Deposit Insurance Corporation (FDIC). In its Quarterly Banking Profile report, the FDIC says banks are now saddled with more than half a trillion dollars in paper losses on their balance sheets, due largely to exposure to the residential real estate market. Unrealized losses represent the difference between the price banks paid for securities and the current market value of those assets. Although banks can hold securities until they mature without marking them to market on their balance sheets, unrealized losses...
  • Krugman’s Grossly Misleading Inflation Victory Declaration About Inflation … BUT Purchasing Power Of US Dollar Is Down -16.5% Under Biden (Food Prices UP 21%, Home Prices UP 34%, Used Car/Truck Prices UP 17.7%)

    06/03/2024 6:03:46 AM PDT · by Kaiser8408a · 16 replies
    Confounded Interest ^ | 06/0/2024 | Anthony B. Sanders
    Call it Washington DC soullessness. Back in 2023, Socialist Paul Krugman declared that “the war on inflation is over!!! “We” won, at very little cost.” I love when elitists claim “We won!” since clearly 99% of Americans lost since food, housing and car prices up are double digits under Biden. The problem is that food, energy, shelter, and used cars/trucks are a huge part of Americans consumption basket. Under Biden, food CPI id up 23%. Home prices are up 34% and used cars/truck prices are up 17.7%. A note to Paul Krugman, YOU may have won, but the rest of...
  • A "Restaurant Apocalypse" Is Starting To Sweep Across America, And That Is Really Bad News For The U.S. Economy

    06/02/2024 8:35:22 PM PDT · by SeekAndFind · 71 replies
    The Economic Collapse Blog ^ | 06/02/2024 | Michael Snyder
    You can get a really good idea how the U.S. economy is doing by watching restaurants in your area. When the economy is booming, restaurant parking lots are full and chains are feverishly establishing new locations. But when the economy is struggling, restaurants get a lot less traffic and poor performing locations get shut down. Sadly, in 2024 it appears that a “restaurant apocalypse” has started to sweep across America. Most people have very little discretionary income to spend as a result of our cost of living crisis, and that is particularly true for our young adults. Americans under the...
  • Bidenomics: GDP Revised Down To A Slower 1.3% Growth Rate

    05/30/2024 9:08:41 AM PDT · by ChicagoConservative27 · 39 replies
    Breitbart ^ | 05/30/2024 | JOHN CARNEY
    The U.S. economy grew less than previously thought in the first three months of the year, expanding at an annual pace of just 1.3 percent, revised government data showed Thursday. The downward revision was primarily driven by data showing that consumer spending grew by significantly less than previously estimated. This was the smallest expansion in gross domestic product in almost two years. The prior estimate had the economy growing at a 1.6 percent pace in the first quarter. Consumer spending grew an an annualized pace of two percent in the first quarter, the new figures show, down from the previous...
  • Some Americans live in a parallel economy where everything is terrible

    05/23/2024 9:44:28 PM PDT · by yesthatjallen · 66 replies
    Yahoo Finance ^ | 05 23 2024 | Rick Newman
    Is the economy booming or busting? Depends on whom you ask. The official data is buoyant — economic growth is solid, the job market is strong, and stocks keep hitting record highs. Yet many Americans think the economy stinks. The latest gloomy indicator is a Guardian-Harris survey in which 55% of respondents said they think the economy is shrinking and 56% think we’re in the midst of a recession. Economic output, adjusted for inflation, grew by a solid 3% during the most recent 12-month period. The unemployment rate is 3.9%. And the US economy created over 3.5 million jobs in...
  • Out Of Control Inflation: It Now Takes At Least $177,798 For A Family Of 4 To Live Comfortably In The US

    05/17/2024 9:14:27 PM PDT · by SeekAndFind · 45 replies
    The Economic Collapse Blog ^ | 05/17/2024 | Michael Snyder
    I never imagined that we would ever see a time when it takes $177,798 for a family of four to live comfortably in the United States. Unfortunately, that day has arrived. Our leaders have been pursuing highly inflationary policies for many years, and now we have reached a point where inflation is wildly out of control. In fact, the latest wholesale inflation figure that was released on Tuesday came in much higher than expected. Sadly, this is just the beginning and we are in far more trouble than most people realize.According to an incredibly shocking new study, most Americans do...
  • Our Deer In The Headlights Moment: The “Worst Market Crash Since 1929” Is Rapidly Approaching And The Fed Doesn’t Know Which Way To Go

    05/07/2024 7:34:54 PM PDT · by Roman_War_Criminal · 40 replies
    The Economic Collapse Blog ^ | 5/5/24 | Michael Snyder
    The Federal Reserve is stuck between a rock and a hard place. If the Fed pushes rates higher, interest payments on our 34 trillion dollar national debt could spin wildly out of control and bank balance sheets will be in even worse condition than they are now. First Republic just bit the dust, and literally thousands of other small and mid-size banks and in serious jeopardy. So it would be suicidal to hike rates at this point. But if the Fed were to reduce rates, that would be like injecting jet fuel into a raging fire. Our ongoing inflation crisis...
  • Biden Administration Has Cemented $1 Trillion Worth Of Rules And Regulations In 2024, Analysis Finds

    05/02/2024 10:22:52 PM PDT · by SeekAndFind · 27 replies
    The Biden administration has saddled the U.S. economy with more than $1 trillion worth of final rules and regulations thus far in 2024, according to analysis conducted by the American Action Forum (AAF).The Environmental Protection Agency’s (EPA) final emissions regulations for light- and medium-duty vehicles, which some have characterized as an electric vehicle (EV) mandate, pushed the costs of the Biden administration’s regulatory agenda over the $1 trillion threshold for 2024, alone, according to AAF’s analysis. Across all agencies and regulatory actions last week, the federal government published regulations imposing $103 billion worth of total costs and 11.6 million annual...
  • Biden Does not Understand Taxes: Even if Trump is reelected and undoes the damage inflicted by Biden, don't expect the economy to recover overnight

    04/30/2024 9:31:38 AM PDT · by SeekAndFind · 34 replies
    American Thinker ^ | 04/30/2024 | Warren Beatty
    Biden is again on a tax-raising rampage. He proposes to increase income taxes by nearly $5 trillion for corporations. Increasing the corporate income tax rate to 28% (from 21%) will be a great driver of negative effects on the U.S. economy, reducing long-run GDP by 0.9%, the capital stock by 1.7%, wages by 0.8%, and full-time jobs by 192,000. Additionally, Biden's new tax proposals include increasing the recently enacted corporate alternative minimum tax rate from 15% to 21% and denying business deductions for employee compensation above $1 million.Biden proposes an increase of the corporate income tax that's a higher tax...
  • Biden's capital gains tax proposal could crush the economy, experts say

    04/26/2024 1:57:32 AM PDT · by Libloather · 25 replies
    Fox News ^ | 4/26/24 | Thomas Catenacci
    resident Biden's latest proposal to hike the top capital gains tax rate to its highest level in more than a century is facing heavy criticism from experts who warn such an action could significantly harm the U.S. economy. According to a report issued by the Treasury Department, led by Secretary Janet Yellen, the president's proposed fiscal year 2025 budget would increase the top marginal rate on long-term capital gains and qualified dividends to a staggering 44.6%. A capital gains tax hike of that magnitude would take the rate to its highest level since it was first introduced in the early...
  • Biden went to the mat for young voters on student loans. Now they’re abandoning him

    04/08/2024 8:45:51 AM PDT · by Red Badger · 51 replies
    BizPac Review ^ | April 7, 2024 | Mary Lou Masters
    President Joe Biden has made student loan forgiveness a top priority after young voters elected him by large margins in 2020. Ahead of another matchup with former President Donald Trump, the voting bloc might just abandon him, anyway. Despite Biden’s continued efforts to cancel massive amounts of student loans for millions of Americans, along with various other left-wing policy achievements, polling indicates his lead among young voters has dropped significantly since last cycle. The loss in support is partially attributable to Biden’s support of Israel following the Oct. 7 Hamas terrorist attack, as young individuals largely express support for Palestinians...
  • Why some people feel good about their bank accounts but bad about the economy (Barf Alert!)

    04/08/2024 8:07:37 AM PDT · by Diana in Wisconsin · 18 replies
    Channel 3000 News/CNN ^ | April 8, 2024 | CNN Staff
    Nathan Frederiksen is doing pretty well for himself. He turns 40 this year and is on track to retire by 60. It takes some sacrifice — he drives the “unsexiest car ever,” takes a DIY approach to home repairs and doesn’t eat out much — but he’s able to save 10% of his income for retirement and maintain an emergency savings fund while supporting his wife and four children in the suburbs of Boise, Idaho. “I understand that I’ve been lucky with some of my job prospects, but I don’t make a crazy amount of money,” he told CNN. “I...
  • Fear The Talking Fed! How The Fed And Federal Government Destroyed The US Dollar (Purchasing Power DOWN -32% Since The Subprime Crisis While M2 Money Has Grown By 177%)

    04/07/2024 2:48:22 AM PDT · by Kaiser8408a · 25 replies
    Confounded Interest ^ | 04/07/2024 | Anthony B. Sanders
    We are living in the USA where corruption, favoritism, open borders and an out-of-control Federal budget and debt are destroying this once great nation. Former Kansas City Fed President Thomas M. Hoenig was absolutely right when he said recently that The Federal Reserve panders to Wall Street, Congress and special interest groups, prioritizing immediate relief over financial stability. Bernanke’s zero-interest rate policies (ZIRP) and Quantitative Easing (QE) were short-term fixes that never went away. Indeed, since the subprime mortgage crisis of 2008-2009, US Dollar purchasing power is DOWN -32% and M2 Money is up a staggering 177%. While Yellen stuck...
  • Biden pushing tax hikes in election year despite experts warning it would reduce economic output

    03/30/2024 4:49:46 AM PDT · by Sam77 · 23 replies
    Just The News ^ | 29 March 2024 | Nicholas Ballasy
    Pesident Biden is pushing for trillions in tax hikes during an election year, despite experts warning it would reduce economic output and have other dire effects. It may be popular with the anti-corporate elements of potential voters, but tax experts say it's a mistake. "The tax increases would substantially increase marginal tax rates on investment, saving, and work, reducing economic output by 2.2 percent in the long run, wages by 1.6 percent, and employment by 788,000 full-time equivalent jobs," according to a recent Tax Foundation analysis. "On a gross basis, we estimate Biden’s FY 2025 budget would increase taxes by...
  • This 23-Year-Old's Car Payment Is A Third Of Her Income, And It's Ruining Her Life

    03/23/2024 6:49:10 PM PDT · by nickcarraway · 127 replies
    Jalopnik ^ | 3/20 | Bradley Brownell
    With a $650 payment for 72 months, this is going to be one expensive Toyota CamryYour twenties are the perfect time to screw up and try to get your xxxx figured out. Sometimes it takes getting to the rock bottom before you can dig yourself out of it. For the sake of everyone involved here, I hope this young woman on Caleb Hammer’s Financial Audit show has reached her bottom and will find a way to get her life turned around. Right now, it seems like the best first step would be to sell her car and find her way...
  • Illegal Immigrants Leave US Hospitals With Billions In Unpaid Bills

    03/15/2024 9:10:16 AM PDT · by SeekAndFind · 39 replies
    Epoch Times ^ | 03/15/2024 | Autumn Spredemann
    Tens of thousands of illegal immigrants are flooding into U.S. hospitals for treatment and leaving billions in uncompensated health care costs in their wake. The House Committee on Homeland Security recently released a report illustrating that from the estimated $451 billion in annual costs stemming from the U.S. border crisis, a significant portion is going to health care for illegal immigrants.With the majority of the illegal immigrant population lacking any kind of medical insurance, hospitals and government welfare programs such as Medicaid are feeling the weight of these unanticipated costs.Apprehensions of illegal immigrants at the U.S. border have jumped 48...
  • Inflation woes: Home buyers need 80% more income to buy than 4 years ago

    03/15/2024 5:31:45 AM PDT · by CFW · 12 replies
    The Center Square ^ | 3/14/24 | Bethany Blankley
    (The Center Square) – The housing market is not immune from inflationary woes as buyer’s purchasing power has significantly diminished in four years. Home buyers in 2024 need 80% more income to purchase a home than they did in 2020, according to a new report by Zillow. “The income needed to comfortably afford a home is up 80% since 2020, while median income has risen 23% in that time,” the report states. That equates to $47,000 more than four years ago. “Home shoppers today need to make more than $106,000 to comfortably afford a home,” according to the report. “That...
  • Nolte: Record Number Plunder Their 401(k)s in Biden’s America

    03/11/2024 10:40:09 AM PDT · by ChicagoConservative27 · 20 replies
    Breitbart ^ | 03/11/2024 | John Notle
    It’s a pretty terrible sign of the times when a record number of Americans are forced to plunder their 401(k)s. “A record share of 401(k) account holders took early withdrawals from their accounts last year for financial emergencies,” reports the Wall Street Journal. “Overall, 3.6% of its plan participants did so last year, up from 2.8% in 2022 and a pre-pandemic average of about 2%.” The whole point of a 401(k) is to keep that money out of reach until you reach age 59 ½ or above. Removing that money earlier is about the worst financial move anyone can make....
  • The U.S. national debt is rising by $1 trillion about every 100 days

    03/01/2024 10:01:50 AM PST · by george76 · 85 replies
    CNBC ^ | MAR 1 2024 | Michelle Fox
    The debt load of the U.S. is growing at a quicker clip in recent months, increasing about $1 trillion nearly every 100 days. The nation’s debt permanently crossed over to $34 trillion on Jan. 4, after briefly crossing the mark on Dec. 29, according to data from the U.S. Department of the Treasury. It reached $33 trillion on Sept. 15, 2023, and $32 trillion on June 15, 2023, hitting this accelerated pace. Before that, the $1 trillion move higher from $31 trillion took about eight months. U.S. debt, which is the amount of money the federal government borrows to cover...