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Keyword: bidenomics

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  • The U.S. national debt is rising by $1 trillion about every 100 days

    03/01/2024 10:01:50 AM PST · by george76 · 60 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...
  • The hottest housing markets for the super rich in 2024

    02/29/2024 9:08:09 AM PST · by george76 · 27 replies
    CNBC ^ | FEB 28 2024 | Robert Frank
    One-quarter of American ultra-high-net individuals plan to buy a home this year... The ultrawealthy ranked “lifestyle” and “investment” at the top of their list of priorities, followed by taxes and safety... .... One-quarter of American ultra-high-net individuals, or those worth $30 million or more, plan to buy a residential property this year, according to the Douglas Elliman and Knight Frank Wealth Report. The average ultra-high-net-worth individual already owns four homes, according to the report. One-quarter of their residential portfolio is outside their home country. When it comes to priorities for their next big purchase, the ultrawealthy ranked “lifestyle” and “investment”...
  • Citigroup CEO Jane Fraser gets pay bump to $26 million after a 38% drop in profits

    02/29/2024 10:09:55 AM PST · by george76 · 10 replies
    Yahoo ^ | Feb 20, 2024 | David Hollerith
    Citigroup CEO Jane Fraser got a 6% pay bump for her performance in 2023, a year the bank's profits dropped 38% and Fraser began a dramatic restructuring that will result in an estimated 20,000 job cuts. The board awarded her total compensation of $26 million, ... The $26 million for Fraser was the lowest among CEO rivals at JPMorgan Chase, Bank of America, Wells Fargo, Goldman Sachs, and Morgan Stanley, who received between $29 million and $37 million. Bank of America's Brian Moynihan was the only CEO among this group to experience a compensation decline. ... Fraser had a lot...
  • Stall Speed! How Bidenomics Has Caused Mortgage Demand To Stall, Mortgage Applications Down 5.6% From Last Week (Inflation + Fed = Mortgage Rates Above 7%)

    02/28/2024 7:22:23 AM PST · by Kaiser8408a · 1 replies
    Confounded Interest ^ | 02/28/2024 | Anthony B. Sanders
    The mortgage market has reached stall speed thanks to Bidenomics (inflation begat Fed tightening that begat 7%+ mortgage rates). Mortgage applications decreased 5.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 23, 2024. The Market Composite Index, a measure of mortgage loan application volume, decreased 5.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3 percent compared with the previous week. The seasonally adjusted Purchase Index decreased 5 percent from one week earlier. The unadjusted Purchase...
  • Durable-goods orders drop 6.1% in January on fewer airplane contracts

    02/27/2024 6:03:28 AM PST · by Eccl 10:2 · 8 replies
    MarketWatch ^ | 02/27/24 | Jeffrey Bartash
    The numbers: Orders for durable or long-lasting goods sank 6.1% in January, but the decline was exaggerated by a brief lull in orders for Boeing passenger planes. Economists polled by The Wall Street Journal had forecast a 5% decline. New orders fell by a mild 0.3% last month if planes and cars are stripped out. Orders minus transportation give a more accurate view of how well businesses are performing.
  • Washington DC’s Reverse Robin Hood Model: Steal From The Middle Class And Bottom 50% And Give To The Elites (The New Forgotten Man)

    02/25/2024 10:37:25 AM PST · by Kaiser8408a · 17 replies
    Confounded Interest ^ | 02/25/2024 | Anthony B. Sanders
    Robin Hood is a legendary heroic outlaw originally depicted in English folklore and subsequently featured in literature, theatre, and cinema. Traditionally depicted dressed in Lincoln green, he is said to have stolen from the rich to give to the poor. Politicians have created the new “Forgotten Man” by Amity Shlaes. Part of the problem with the reverse Robin Hood model is the Federal Reserve itself. They helped punish the 99% with inflation due to excessive money printing. The share of total net worth held by the top 1% has exploded since The Fed’s rate cuts following the 2001 recession. The...
  • Media: The Economy Is Actually 'Fantastic,' Voters Are Just Too Dumb To Notice

    02/24/2024 9:49:16 AM PST · by Signalman · 59 replies
    Newsbusters ^ | 2/24/2024 | Bill D'Agostino
    For basically the entire Biden presidency, the corporate media have been trying to sell Americans on the idea that the economy is as good as it could possibly be, given the circumstances. But the messaging hasn’t resonated with voters, and the President’s poll numbers on the economy remain well underwater. In response, Biden’s frustrated media allies have started complaining about voter ignorance and bemoaning that he has been denied “credit” for the “fantastic” economy. Unfortunately for these self-appointed Biden surrogates in the media, telling voters not to believe their lying wallets is not a winning campaign strategy. If Americans continue...
  • Sundown For Mortgages? Mortgage Purchase Demand (Applications) Down 6% From Previous Week, Down 13% From Same Week Last Year (Mortgage Rates UP 155% Under Biden)

    02/21/2024 6:18:11 AM PST · by Kaiser8408a · 3 replies
    Confounded Interest ^ | 02/21/2024 | Anthony B. Sanders
    Is it sundown for the US mortgage market? Mortgage applications decreased 10.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 16, 2024. The Market Composite Index, a measure of mortgage loan application volume, decreased 10.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 8 percent compared with the previous week. The seasonally adjusted Purchase Index decreased 10 percent from one week earlier. The unadjusted Purchase Index decreased 6 percent compared with the previous week and was...
  • That’s Bidenomics! US Leading Indicators Decline For 22nd Straight Month, Back To March 2006 Levels

    02/20/2024 12:32:13 PM PST · by Kaiser8408a · 8 replies
    Confounded Interest ^ | 02/20/2024 | Anthony B. Sanders
    That’s Bidenomics for you! The Conference Board’s Leading Economic Indicators (LEI) continued its decline in January, dropping 0.4% MoM (notably worse than the -0.1% MoM expectations), and December’s 0.1% declin e was revised down to a 0.2% decline. The biggest positive contributor to the leading index was stock prices (again) at +0.10 The biggest negative contributor was average workweek at -0.18 This is the 22nd straight MoM decline in the LEI (and 23rd month of 25) – equaling the longest streak of declines since ‘Lehman’ (22 straight months of declines from June 2007 to April 2008) “The U.S. LEI fell...
  • White House Plans Downshift In Electric Vehicle Transition As Demand Slides (A Tesla 4-module Battery Pack Costs $20,000 To $28,000 BEFORE Labor!)

    02/17/2024 11:08:23 AM PST · by Kaiser8408a · 16 replies
    Confounded Interest ^ | 02/17/2024 | Anthony B. Sanders
    Burn on, Bidenomics! The Biden administration is reportedly considering easing tailpipe emissions regulations, a move that was designed to force Americans from gas and diesel-powered vehicles to electric vehicles, according to The New York Times, citing three people familiar with the plan. This potential policy adjustment is in response to concerns from major automakers and labor unions and comes amid sliding EV demand, recently prompting companies such as Ford Motor Company to reduce EV production and lay off workers. “Instead of essentially requiring automakers to rapidly ramp up sales of electric vehicles over the next few years, the administration would...
  • Recession In Mid 2024? Bank Credit And Deposit Growth NEGATIVE After The Stimulus Has Worn Out (EU Ordered To Accept 75 Million More Migrants)

    02/17/2024 5:33:23 AM PST · by Kaiser8408a · 17 replies
    Confounded Interest ^ | 02/17/2024 | Anthony B. Sanders
    This headline from Zero Hedge makes me so glad I have eaten heart-healthy Quaker Oats and Cheerios every morning for the last 20 years! Study Finds 80% Of Americans Exposed To Fertility-Lowering Chemicals In Cheerios, Quaker Oats. The chemical (chlormequat chloride) was detected in “92 percent of oat-based foods purchased in May 2023, including Quaker Oats and Cheerios.” But that was nothing compared to this Zero Hedge headline: EU “Suicide Pact” Threatens To Flood Continent With 75 Million More Migrants. Makes me wonder if Biden/Mayorkas are under orders from the UN/WEF/Soros to let immigrants pour across our southern border (including...
  • Biden Administration Is Changing The Rules So It Can Spin Economic Data Sooner

    02/14/2024 1:02:24 PM PST · by ChicagoConservative27 · 20 replies
    Breitbart ^ | 02/14/2024 | JOHN CARNEY
    The Biden White House is scrapping a decades-old rule that bars administration officials from commenting on economic data for one hour after their release, a notice in the Federal Register indicated Wednesday. Faced with polls showing that the public strongly disapproves of President Joe Biden’s management of economic issues, the White House is changing the rules to give them a new advantage when it comes to spinning economic data in a more favorable light. Instead of the one-hour waiting period that has been in place since the Reagan years, administration officials will be able to weigh in on important economic...
  • Captain Obvious Award Goes To … Treasury Secretary Yellen Who Admits “High Prices Here To Stay” (Food CPI UP 21%, Gasoline Prices UP 38% Under “Inflation Joe”, Home Prices UP 33.2%, Mortgage Rates UP 154%)

    01/30/2024 10:07:50 AM PST · by Kaiser8408a · 18 replies
    Confounded Interest ^ | 01/30/2024 | Anthony B. Sanders
    Treasury Secretary Janet Yellen just admitted what the rest of Americans already knew: high prices are here to stay. Example? Food prices (CPI) are up over 20% under Inflation Joe while gasoline prices are up 38% under Clueless Joe. On the housing front, the Case-Shiller National Home Price Index is up 33.2% under Biden. And Freddie Mac’s 3-year mortgage rate is up 154% under Biden’s leadership (c’mon man! Obama is pulling the strings on Puppet Joe). Speaking during an interview with ABC News Live over the weekend, Treasury Secretary Janet Yellen admitted prices aren’t going down, contradicting arguments repeatedly made...
  • Bidenomics Failing Farmers As Expected Incomes Crash The Most Since 2006 (Food Prices UP 21% Under Biden’s Reign Of Error)

    02/08/2024 4:33:13 PM PST · by Kaiser8408a · 12 replies
    Confounded Interest ^ | 02/08/2024 | Anthony B. Sanders
    This reminds me of “The Human Farm” episode of Parks and Recreation. A new report from the US Department of Agriculture forecasts that US farmers are poised for another year of financial misery, facing the most significant decline in incomes in almost two decades as crop prices slide and US dominance in ag exports wanes. USDA forecasts net farm income, a broad measure of profits, to plunge $39.8 billion, or 25.5%, to $116.1 billion in 2024. This follows a forecasted decrease of $29.7 billion, or 16%, from 2022 to $155.9 billion in 2023. If the estimate holds, farmers face the...
  • BIDENOMICS: ALL Jobs Recovered Post-Covid Under Joe Biden Went to Foreign-Born Workers – Including Illegals

    02/13/2024 5:52:19 PM PST · by packagingguy · 2 replies
    Politicom ^ | 14/02/2024 | Politicom Staff
    “Comparing the fourth quarter of 2019 to the fourth quarter of 2023 shows 2.7 million more people working in the United States — 2.9 million more immigrants (legal and illegal) and 183,000 fewer U.S.-born Americans. Since the depths of the Covid Recession in 2020 employment has increased for both groups. But the number of U.S.-born workers has not made it back to the 2019 pre-Covid level. Equally important, the share of working-age, U.S.-born men without a bachelor’s not in the labor force deteriorated in the decades prior to 2019, and the rate in the fourth quarter of 2023 was lower...
  • ROUNDUP: Leftist Publications Twist Themselves Into Pretzels Trying to Spin HOT Bidenflation Report

    02/13/2024 10:18:46 AM PST · by JV3MRC · 6 replies
    NewsBusters ^ | 2/13/2024 | Joseph Vazquez
    Consumer prices jumped hotter-than-expected, and leftist media outlets were predictably fumbling over themselves trying to spin the bad news in any which way they could to protect the floundering Biden economy. The latest Bureau of Labor Statistics inflation report showed that consumer prices spiked 3.1 percent year-over year, with a 0.3 percent increase month-over-month, both exceeding expectations. CBS News even conceded the new hot numbers “complicat[ed]” the Federal Reserve’s decision to cut interest rates. The outlet also noted that higher prices “remain sticky.” The Dow Jones Industrial Average also tumbled over 400 points following the news. But that didn’t stop...
  • Fed’s Powell Admits Bidenomics Is Not Remotely Sustainable Or Fixable! Too Much Debt And Spending, Too Little Growth (GDP Growth Higher Than Debt Growth In Only 1 Quarter Under “Brainless Joe”)

    02/11/2024 2:32:19 PM PST · by Kaiser8408a · 11 replies
    Confounded Interest ^ | 02/11/2024 | Anthony B. Sanders
    As Commander Cody sang, “We have too much debt.” “The prices of some things will decline. Others will go up. But we don’t expect to see a decline in the overall price level,” said Federal Reserve Chair Jerome Powell, Nvidia stock hitting new highs, its market cap soaring to $1.78trln. “That doesn’t tend to happen in economies, except in very negative circumstances. What you will see, though, is inflation coming down,” explained the Fed Chairman, the average American neither understanding nor caring about the nuance. “I would say this. In the long run, the US federal government is on an...
  • Super Bowl 2024 Will Contribute to Record High Consumer Prices

    02/10/2024 11:49:54 AM PST · by lightman · 27 replies ^ | 10 February A.D. 2024 | Timothy Nash
    As the San Francisco 49ers and Kansas City Chiefs prepare to face off for Super Bowl LVIII in Las Vegas, Americans all over the country will be paying more than ever for their big game feasts and entertainment. Who’s Watching and What They’re Expected to Spend A recently released St. Bonaventure/Siena Research Survey contends roughly 75% of the U.S. population — or roughly 256 million Americans — will watch some or all of Super Bowl LVIII. According to the latest consumer spending data from the National Retail Federation, a record 200.5 million viewers will be adults. Of them, 112.2 million...
  • ‘How in the Hell!’ Stephen A. Smith Rips Apart Dems’ Insane Economic Policies

    02/08/2024 3:12:12 PM PST · by JV3MRC · 16 replies
    NewsBusters ^ | 2/8/2024 | Joseph Vazquez
    ESPN First Take host Stephen A. Smith has had enough of the leftist economic policies exacerbating Americans’ struggles to stay afloat amidst high prices and an unsustainable cost of living crisis. Smith took particular aim at news that New York City Mayor Eric Adams’ (D) administration would be enacting a $53 million taxpayer-funded pilot program to give illegal immigrants prepaid credit cards despite the city’s worsening homelessness crisis. “I see homeless folk in the streets of New York all the time that are American citizens. I damn sure see them in California. We’ve got poor, impoverished, starving people who were...
  • Why Americans Are So Down on a Strong Economy

    02/07/2024 7:09:57 PM PST · by where's_the_Outrage? · 57 replies
    WSJ via MSN ^ | Feb 7, 2024 | Aaron Zitner
    Clayton Wiles, a truck driver in North Carolina, earns about 20% more than three years ago. Kristine Funck, a nurse in Ohio, has won steady pay raises, built retirement savings and owns her home. Alfredo Arguello, who opened a restaurant outside Nashville when the pandemic hit, now owns a second one and employs close to 50 people. But ask any of them about the state of the American economy, and the same gloominess surfaces. “Unstable” is how Arguello describes it. Said Funck: “Even though I’m OK right now, there’s a sense it could all go away in a second.” There’s...