Free Republic

Under this new digital currency, any transfer of funds to family, friends, charities, or clients would be able to be tracked by the nation's central bank that issued this virtual money. Big Brother will be in your wallet every hour or every day. You will not be able to buy a stick of gum without a Federal Reserve computer knowing where, when, and to whom you just put down a buck. We should be rightfully concerned about inflation, energy independence, aggressor nations armed with nuclear weapons, and woke public policies that denigrate the very foundation of this great country. But...

My former boss and mentor Dick Armey, the former House majority leader, used to quip that "liberals love jobs, but they hate employers." Based on his budget proposal released earlier this week, you would have to say that Biden flat-out loathes employers. Never before in American history has a president released a budget/tax plan that wallops American businesses with a bigger tax bill than this. The budget Biden proposes contains roughly $4 trillion in higher taxes over the next decade. He keeps saying that he just wants millionaires and billionaires to "pay their fair share," but this plan isn’t so...

Home Depot co-founder Bernie Marcus issued a strong warning for everyday Americans. During an appearance on "Cavuto Live," Marcus discussed the devastating collapse of Silicon Valley Bank, urging Americans to "wake up" and understand that the U.S. economy is in "tough times." "I can't wait for Biden to get on the speech again and talk about how great the economy is and how it's moving forward and getting stronger by the day. And this is an indication that whatever he says is not true. And maybe the American people will finally wake up and understand that we're living in very...

WASHINGTON — President Biden’s annual budget plan calls for roughly $5.5 trillion in tax increases over the next decade to offset proposed spending increases — including a massive 5.2% federal worker pay raise. The package, to be announced later Thursday, is headed for certain defeat in the Republican-held House of Representatives and comes as the GOP demands spending cuts without new taxes in a standoff with Biden over raising the federal debt ceiling later this year. “This is the start of a healthy dialogue,” White House budget director Shalanda Young told reporters on a morning conference call.

President Biden’s Fiscal Year 2024 budget proposal contains nearly $4.7 trillion in new tax hikes on American individuals and businesses. Biden’s proposed tax hikes come just months after Democrats passed more than $700 billion in tax increases in the so-called Inflation Reduction Act.Biden’s budget proposal is a direct violation of the President’s campaign pledge to not raise taxes on small businesses.Below is a list of tax hikes included in Biden’s budget proposal. This list will be updated as more details of Biden’s Budget become available.Highest Personal Income Tax Rate Since 1986. Biden’s budget calls for a top combined federal tax...

President Joe Biden on Thursday proposed raising the corporate tax rate from 21 percent to 28 percent, a scheme that will likely burden both large and small businesses. While the term “corporation” is widely used to depict large companies such as Microsoft, Walmart, and McDonald’s, C-corporations are both small and large businesses, the most prevalent of corporations. Individual shareholders of C-corporations already have profits taxed both on a corporate and personal level (double taxation). In addition, small businesses account for 65.1 percent of net new jobs created from 2000 to 2019 and comprise 99.7 percent of firms with paid employees,...

Let it snow! Or is it a blizzard? Redfin released a terrible housing report showing that home sales fell a gut-wrenching 35% in November, the largest on record since Redfin has been collecting data. Hopefully mortgage rates will continue to decline in 2023! Meery Christmas from sub-zero Columbus Ohio where it is snowing with 50 mph gusts. Brrrrrr.

Inflation is always and everywhere a monetary phenomenon, as Milton Friedman, the economist and intellectual author of the Reagan Revolution used to explain. Which means that when Federal Reserve prints out more cash to shell out for bigger and bigger government programs, look out. Inflation is on the way. Don't take this from me, this time. It's now what one of President Obama's top economic advisors is now warning as Joe Biden gets ready to sign the $1.7 trillion Omnibus bill passed by Congress, including 18 skeevy Republicans: On Friday’s broadcast of MSNBC’s “Morning Joe,” Steve Rattner, who served as...

The Fed has signaled the terminal rate will likely be around 5% — we think an upper bound of 5% — reached in early 2023. To get there, the central bank will likely raise rates by 50 basis points at its December 2022 meeting, followed by two more 25-bp hikes in 2023. We then see it holding at 5% throughout the year. Markets have priced in a similar amount of tightening. Controlling inflation comes at a cost to growth. Yield curves have inverted. A Bloomberg Economics model shows a 100% probability of recession starting by August 2023. Take that —...

US mortgage rates fell last week by the most since the end of July, slipping below 7% and helping generate a bounce in purchase applications that otherwise remain depressed, but only in the Seasonally Adjusted data. The NON-Seasonally Adjusted data show a hefty decline. The contract rate on a 30-year fixed mortgage decreased 24 basis points to 6.9% in the week ended Nov. 11, according to Mortgage Bankers Association data released Wednesday. The group’s index of applications to buy a home rose 4.4% — the most since June — but is still near the weakest level since 2015. But the...

The global economy is on the path to hyperinflation and risks societal collapse if soaring prices are not brought under control, one of the world’s biggest hedge funds has warned. Elliott Management, the hedge fund founded by Wall Street billionaire Paul Singer, hit out at central bank rate-setters in an apocalyptic warning to clients as rate-setters bring the era of ultra-cheap money to an abrupt end. The world economy faces an “extremely challenging” outlook and hyperinflation could result in “global societal collapse and civil or international strife”, the letter to clients said, the Financial Times reported. It said central banks...

Treasury Secretary Janet Yellen on Thursday said she does not see signs of a recession after the Commerce Department released data showing the economy rebounded in the third quarter of the year. Speaking on CNN’s “Erin Burnett OutFront” in Ohio, Yellen said that “what we’re seeing right now is solid growth this quarter” in the economy and low unemployment across the workforce. “It’s very natural that growth would slow. And it has over the first three quarters of this year, but it continues to be OK,” she said. “We have a very strong labor market. I don’t see signs of...

WASHINGTON (Reuters) - Under pressure over his handling of inflation, U.S. President Joe Biden took aim on Monday at opposition Republicans, warning their economic plans would cause chaos in the world's largest economy if they won control of Congress in Nov. 8 elections. Biden appeared before a young, energetic crowd of Democratic National Committee workers at DNC headquarters, who greeted him with chants of "Let's go Joe!" That enthusiasm is not reflected in his nationwide approval ratings, which remain below 50%. With 15 days before the midterm elections that will determine the course of the final two years of Biden's...

Roubini, a professor of economics at New York University’s Stern School of Business and the founder and chairman of Roubini Global Economics, is the author of MegaThreats: Ten Dangerous Trends That Imperil Our Future, and How to Survive Them, from which this essay is adapted Inflation is back, and it is rising sharply, especially over the past year, owing to a mix of both demand and supply factors. This rise in inflation may not be a short-term phenomenon: the Great Moderation of the past three decades may be over, and we may be entering a new era of Great Stagflationary...

House Minority Leader Kevin McCarthy expressed skepticism about sending more aid to Ukraine if Republicans take back the House in the upcoming midterm elections. "I think people are gonna be sitting in a recession and they're not going to write a blank check to Ukraine," the California Republican told Punchbowl News in a report published Tuesday. "They just won't do it," he continued. "It's not a free blank check." While "Ukraine is important," GOP concerns about the border and other domestic policies also carry weight, McCarthy added. The comments signal that bipartisan support for funding to Ukraine against Russia's invasion...

he vast majority of Americans, by far, are worse off today under Democratic rule than they were when Republicans controlled Congress and Donald Trump was president. Less than two years after Trump’s reelection was stolen from him, most Americans are now living paycheck to paycheck as #Bidenflationary policies from the regime and massive congressional Democrat spending have combined to drive up prices for everything from energy to housing and food. “As of August, 60% of Americans were living paycheck to paycheck, according to a recent LendingClub report — a number that hasn’t budged much since inflation hit 40-year highs. A...

The global debt market is orders of magnitude larger than the stock market, and debt instruments across the globe have nearly reached the breaking point due to the Fed’s steady increase in interest rates this year (combined with seemingly endless money printing and other disastrous fiscal policies). Because bond values have an inverse relationship with interest rates, as interest rates go up, the value of bonds and other debt instruments already issued goes down. With each Fed rate increase, bond values are cratering, leaving debt investors holding substantial losses and leading to a collapse in the number of potential buyers...

“It’s going to bring a billion, a trillion, 750 million dollars, billion dollars, off the sidelines” In a car crash interview with CNN’s Jake Tapper Tuesday, Biden stammered and stuttered, often speaking absolute gibberish, and dropped the cheat cards his handlers had given him while declaring that there is no recession in the U.S. It all started to go wrong for Biden after Tapper had asked about Hunter Biden facing criminal prosecution. Then this happened: VIDEO AT LINK................ How can Biden read those cards when he can’t even hold them? And he keeps calling it ‘the Inflation Act’. Biden then...

Biden said Tuesday that the US economy may see a “slight recession” but that he still believes he would “beat Donald Trump again” in 2024. Biden denied the economy is in the midst of a recession — despite meeting the standard definition of two consecutive quarters of contraction — but acknowledged a downturn could happen in an interview on CNN. “I don’t think there will be a recession. If it is, it’ll be a very slight recession. That is, we’ll move down slightly,” Biden told Jake Tapper in the taped, 15-minute interview. “It is possible. Look, it’s possible. I don’t...

he Federal Reserve’s aggressive tightening policy has led the US dollar to appreciate to multi-decade highs, squashing currencies around the world. Now, a United Nations agency is warning that its actions, along with those of other central banks, risk pushing the global economy into recession. What’s happening: In a new report, the United Nations Conference on Trade Development (UNCTAD) said that tightening monetary policy, meant to fight inflation, could inflict worse damage globally than the financial crisis in 2008 and the Covid-19 shock in 2020.