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During an interview with CNN’s “Axe Files” podcast released on Thursday, Treasury Secretary Janet Yellen said that the spending in the American Rescue Plan “added to the demand in areas that were supply-constrained, and so, may have played a little bit of a role” in inflation. Yellen said, [relevant remarks begin around 43:35] “We never would have seen that inflation just because of the demand that was created. It was the supply shock created by the pandemic, the fact that you couldn’t get semiconductors to produce cars, that we had auto factories that had to close that caused prices to...

China unveiled some of its boldest measures in years on Tuesday (Sep 24) aimed at boosting its struggling economy as leaders grapple with a prolonged property sector debt crisis, continued deflationary pressure and high youth unemployment. The world's second-largest economy has yet to achieve a highly anticipated post-pandemic recovery and the government has set a goal of five per cent growth in 2024 - an objective analysts say is optimistic given the headwinds it is facing. On Tuesday, central bank chief Pan Gongsheng told a news conference in Beijing that it would cut a slew of rates in a bid...

During an interview with Bloomberg on Monday, Treasury Secretary Janet Yellen commented on President Joe Biden’s reported forthcoming announcement of increased tariffs on China by stating that the move is being made because President Joe Biden wants to protect “the stimulus that’s being provided through the Inflation Reduction Act” to support certain industries.

The Internal Revenue Service (IRS) has revealed that some Americans who were eligible to receive pandemic-era stimulus checks didn't apply for them—and that there's a way they can still claim the money.Internal Revenue Service (IRS) building in Washington, on Oct. 16, 2023. (Madalina Vasiliu/The Epoch Times)The IRS said in a Nov. 17 announcement that, according to its records, some eligible individuals and families didn't end up collecting economic impact payments—also known as stimulus payments or stimulus checks—that were issued in 2020 and 2021.Those who missed out can still collect the money. The way to do so is through the "recovery...

On Friday’s broadcast of CNBC’s “Squawk Box,” White House Council of Economic Advisers Chair Jared Bernstein stated that the Biden administration has “many” policies that are designed to provide stimulus “as the fiscal stimulus from the pandemic-era responses fades.” And the Inflation Reduction Act is one of those policies. Bernstein said, “I can tell you that, from the White House perspective, we’re doing all we can to…maintain the gains that we’ve had while continuing to make progress against inflation. And, look, you mentioned fiscal, many of our policies are geared towards kind of coming up and making sure that we...

The Case-Shiller home price numbers are out for May. The national home price index is down -0.46% YoY as The Fed slows M2 Money growth into negative growth territory. No doubt Biden (and Karine Jean-Pierre) will take credit for slowing home price growth, although The Federal Reserve slowing monetary stimulus is mostly responsible. The Fed is still slow walking shrinking its enormous balance sheet. Although The Fed is cranking up their target rate. The Taylor Rule suggests a 10.42 target rate to cool inflation. They are only half way there!!!

Introducing CNN This Morning's segment today on the 10th anniversary of the Boston Marathon bombing, co-host Poppy Harlow said: "This is a day to not forget. To never forget what happened." Except that CNN did "forget" to mention a central fact about "what happened" that day! The attack, which resulted in the deaths of five people and injured hundreds, was perpetrated by two Chechen jihadi terrorist brothers, Tamerlan and Dzhokhar Tsarnaev. Their family entered the United States on a tourist visa, was eventually granted asylum and received welfare benefits for many years. Ilhan Omar infamously described 9/11 as "some people...

BOTTOM LINE: SVB invested too much of its capital in U.S. government-backed bonds and then became a victim of the government’s irresponsible policies. Silicon Valley Bank (SVB), the 16th-largest bank in the U.S., collapsed last Friday, becoming the second-largest bank failure in U.S. history after the downfall of Washington Mutual in 2008. Unlike Washington Mutual, SVB’s failure is not due to reckless lending but has much to do with our government’s monetary and fiscal policies. Headquartered in Santa Clara, California, SVB was once the largest bank in Silicon Valley. Its geographical location meant that most customers were tech startup entrepreneurs...

The Biden administration this spring plans to end the national emergency declarations that started with the COVID-19 pandemic, but agency watchdogs are still uncovering the full scope of fraud that stems from $5 trillion in pandemic spending. Agency inspectors general have already flagged tens of billions of dollars in suspected fraud, and efforts are underway to recover some improper payments. But watchdogs on the front lines of these investigations say it will take a while before they understand the full extent of pandemic spending fraud. Pandemic Response Accountability Committee Chairman Michael Horowitz, who is also the Justice Department inspector general,...

After the Internal Revenue Service issued several releases warning about potentially lower tax refunds this filing season, some analysts say that it could put strain on some families who may have anticipated an expanded child tax credit. Analysts Sound Off.. Financial expert Lynnette Khalfani-Cox told NPR on Jan. 22 that there are “four main reasons” that cause will cause 2022’s returns to be smaller. “The first is: no more stimulus checks. The second is that what was called the enhanced child credit—that’s gone,” she noted. A third reason is that a pandemic-era tax break for charitable deductions was killed for...

Devil’s Tower? ISM New Orders Slump To 45.2 In December As ISM Prices Paid Slumps To 39.4 (Stimulus Is Already Gone, Recession In Sight) confoundedinterest17 #bubble, #inflation, #wine, @MetreSteven @JeffSnider_AIP @DiMartinoBooth @bondstrategist @RaoulGMI @LukeGromen @dlacalle_IA @EconguyRosie @profplum99 @SantiagoAuFund @biancoresearch @pboockvar @SriKGlobal, Banking, CMBS, CRE, ECB, Economy, Fed, GDP, Gold, Housing, Inflation, Jobs, Mortgage, Natural Gas, Oil, Powell, Silver, Treasuries, Treasury, Uncategorized, Wages, Yellen, Yield Curve January 4, 2023 1 Minute To paraphrase The Eagles, US monetary stimulus is already gone. And with it, ISM Manufacturing Report for December is showing weakness. New orders (orange line) is down to 45.2 (below...

One of the big problems with Federal goverment and Federal Reserve monetary stimulus is … it wears out. Just look at M2 Money growth. US existing homes sales fell -7.70% in November to 4.09 million units SAAR. And since the same month last year, existing home sales are down -35.4% YoY. The good news? The median price of existing homes fell to 3.21% YoY. The bad news? The ark is really bad pointing to a bad December. Inventory for sale (orange line) remains below pre-Covid shutdown levels. Of course, will the Federal government and Federal Reserve come riding to the...

A majority of Americans support the idea of new stimulus checks to combat inflation, according to a poll conducted exclusively for Newsweek. The survey found 63 percent of respondents said they agree—with 42 percent saying they "strongly agree"—when asked if the federal government should issue new stimulus checks to tackle inflation.

A recent poll found that almost two-thirds of Americans are proponents of the federal government sending out inflation stimulus payments. About 63% of eligible U.S. voters expressed some degree of support for federal inflation relief checks being distributed, the Newsweek poll conducted by Redfield & Wilton Strategies showed. Of those who agreed the federal government should do so, 42% indicated they "strongly agree" while 21% said "agree," according to the poll.

On Friday’s broadcast of “CNN Tonight,” U.S. Senate candidate Rep. Tim Ryan (D-OH) responded to House Majority Whip Rep. James Clyburn’s (D-SC) statement that “all of us knew” the American Rescue Plan would increase prices by stating that he didn’t vote for the bill knowing it would cause inflation but refused to directly say Clyburn’s assertion that Democrats knew the bill would cause inflation is wrong and stated that there weren’t a lot of good options, and “we had to get that done. I don’t regret doing it.” After playing a clip of Clyburn saying that, “all of us are...

For months, the Pennsylvania Department of Transportation has been saying that $5.6 billion in additional federal funds through the Biden administration’s stimulus program won’t come close to addressing all of the state’s road and bridge needs. Now, a national online research organization agrees, at least on money for needed bridge work. InMyArea Research released a report last week that claims the $26.2 billion in stimulus funds for bridges nationwide over the next five years falls an estimated $7.3 billion short of the amount needed just to upgrade bridges rated in poor condition. Pennsylvania’s allocation of $1.63 billion for bridges is...

More Stimulus Checks? We Asked a Former IMF Offical If This Was a Good Idea or Not: This week, Democratic Governor of Pennsylvania Tom Wolf and state legislators from his party reaffirmed their commitment to providing direct stimulus payments to residents across the state to cope with the rising cost of gas, food, and consumer products. In February, Governor Wolf announced the PA Opportunity Program, a scheme worth $500 million that would send $2,000 checks to all residents who earn less than $80,000. The scheme hasn’t won support from Republicans, but Wolf and his Democratic colleagues refuse to back down.

The Federal Reserve’s policies remind me of the Cabaret tune “Money.” There is still almost $9 trillion in monetary stimulus outstanding. For all the economic cheerleaders out there like CNBC about the June job report, they generally ignore what is driving the jobs report: The Federal Reserve! Take the US U-3 unemployment rate. The Biden Administration is proud of the unemployment rate of 3.6%. But if you look at the chart of unemployment relative to The Fed’s balance sheet expansion due to Covid lockdowns, there is still almost $9 trillion of Fed stimulus outstanding. Of course, the lockdowns were pure...

This State Lost HALF Its Pandemic ‘Stimulus’ Benefits to Fraud and Scammers The level of fraud the state experienced was 'unprecedented' and amounted to more than $1.8 billion lost. The federal government’s multi-trillion-dollar “stimulus” efforts during the pandemic may go down as the biggest legislative failure in modern American history. Congress spent an astounding $42,000 per federal taxpayer (do you know anyone who received anywhere near that much in benefits?) and only successfully “stimulated” inflation. What’s more, evidence continues to mount that the biggest beneficiaries of this binge were criminals and fraudsters. A new analysis from the American Enterprise Institute’s...

Clinton stooge Robert Reich has just as much of a sordid record in his coverage on the inflation crisis as leftist economist Paul Krugman. The former Secretary of Labor tried to swat down any concerns that President Joe Biden’s gargantuan $1.9 trillion stimulus was rife with inflationary pressures that could send the economy off the rails. “Larry Summers is dead wrong that Biden's plan would be inflationary. The economy has huge unused capacity,” Reich squealed against former President Barack Obama’s former National Economic Council director in a Feb. 5, 2021 tweet. Summers sounded the alarm bells about a potential inflation...