Monday, December 6, 2021

BIDENOMICS - WHO DO YOU THINK WILL PAY FOR BIDEN'S TRANSFER OF WEALTH TO THE RICH AND THEN TAX CUTS FOR THE SAME ENTITIES?

Report: Surging Fuel Prices Hurt Poorer Americans the Most

SAN FRANCISCO, CALIFORNIA - JULY 12: A customer pumps gas into his car at a Shell station on July 12, 2021 in San Francisco, California. The price of gasoline in the San Francisco Bay Area is the highest in the nation with an average price of $4.46 for a gallon …
Justin Sullivan/Getty
3:20

The surge in fuel prices across the U.S. over the past year has hit poorer Americans the most, a report published Thursday details.

The Financial Times sets out price rises have hit the country’s gig economy drivers as much as everyday motorists, forcing many to overhaul the way they work or ditch their jobs entirely.

Uber and Lyft, the two biggest ride-hailing apps, are trying to ease the burden by encouraging a switch to electric vehicles, but the FT maintains many drivers are frustrated as the prices are weighing particularly on the bottom end of the income scale.

“Drivers seem to be driving less,” said Melissa Berry, editor at The Rideshare Guy, an industry blog.

This change in the way the gig economy works in response to fuel prices “has no doubt exacerbated the driver shortage Uber and Lyft have been periodically finding themselves in.”

Petrol prices, posted at corner stations, have been among the most visible indicators of accelerating inflation in the U.S., as Breitbart News reported.

A retreat in oil markets over the past week may bring down retail petrol prices, but so far drivers have yet to see this passed on at the pump.

The FT argues the reason for the oil market reversal — fears that the Omicron coronavirus variant could clamp down on mobility — will hardly cheer drivers on ride-hailing apps.

An Electric Vehicle charging station in Los Angeles, California. The Biden administration continues the push for alternative forms of transportation and energy, making the case for his $174 billion electric-vehicle proposal, urging automakers not to build zero-emission vehicles abroad for U.S. consumers and touting electric vehicles as America’s future. (FREDERIC J. BROWN/AFP via Getty)

To cover extra fuel costs, many gig drivers have adapted with changes including rejecting more customers who are far away. Others are quitting.

“Some drivers have been decreasing the amount of hours that they do. Some drivers have gone looking for other jobs,” said Beth Griffith, a former Uber and Lyft driver who heads the Boston Independent Drivers Guild.

An online poll conducted this week by The Rideshare Guy found some 91 percent of rideshare drivers worry about petrol prices, and about half of drivers were driving less. Twelve percent affirmed they stopped driving entirely as a result of high prices.

The future for prices at the pump might be remaining steady at the moment, however others have argued the high price of gasoline is part of Democrats’ plan to make driving unaffordable for most Americans.

Washington Times opinion editor and Breitbart News columnist Charles Hurt said back in April the Biden administration’s push to get Americans from burning fossil fuel in their cars and into electric vehicles is real. He argued:

They make no secret about the fact that they … want [gas] at six dollars a gallon.

They want it at eight dollars a gallon. This is not a secret to them. The Green New Deal, the whole thing — all these people — their intent is to raise the price of gas so that it is so expensive that nobody can drive anywhere. They’re not kidding around about this.

This is not a joke to them, and they’re not embarrassed by it. […] They want gas to be at $20 a gallon. They want it to be like Europe because they want no one to be able to afford to drive anywhere. That’s their goal.

Ultimately higher prices on gas — either through increased taxation or government-driven restriction of supply — amount to a “regressive” tax more harmful to lower income and self-employed  Americans, he argued.

Follow Simon Kent on Twitter:  or e-mail to: skent@breitbart.co

IS JOE BIDEN THE MOST CORRUPT POLITICIAN IN AMERICAN HISTORY?


50 YEARS OF INFLUENCE PEDDLING AND BRIBES SUCKING BY THE BIDEN CRIME FAMILY.


LYING LAWYER LIES FOR LAWYER JOE BIDEN AND HIS CRIME FAMILY

Jim Jordan: Americans must know this about Hunter Biden




AND HIS LIES JUST KEPT POURING OUT!

Biden lied when he denied knowledge of Hunter’s businesses deals: Devine


Naïve American people had no idea what they were getting with Biden: A senile, corrupt, debauched old man with a son who was a conduit for his dirty dealings and who has a personal life so disgusting it’s hard to write about it. That’s what the American media and the tech tyrants have done to America. ANDREA WIDBURG

New Hunter Biden revelation undermines president's comments: Turley

https://www.youtube.com/watch?v=GCk4RlPkFSQ

Bidens of all sorts are under federal investigation for tax evasion, money-laundering, and unregistered agent foreign ties, as this Politico report citing Hunter notes.

Biden lied when he denied knowledge of Hunter’s businesses deals: Devine

 https://www.youtube.com/watch?v=680-KEfZuT8

Joe Concha blasts media over Hunter Biden diamond scandal: 'He is untouchable'

https://www.youtube.com/watch?v=L80nVRtiUoc

New details further link Hunter Biden to China’s payroll

 https://www.youtube.com/watch?v=XgVOirLNWpw

I'm Going To Highlight A New Hunter Biden Record...': Grassley Goes After POTUS Son On Senate Floor

 https://www.youtube.com/watch?v=uY_UrM8TvGE

This is Biden's biggest problem: Steve Moore

https://www.youtube.com/watch?v=FqP7hPQACFA

HUNTER AND JOE BIDEN: CHINA'S RENT BOYS!

Hunter Biden will be a top priority for Republicans: Rep. Comer

https://www.youtube.com/watch?v=8AumMMgIGNs'

'The Five' knock Biden for reassuring Dems he's running for reelection

 https://www.youtube.com/watch?v=V0zYoaV9VOs

America sees two weak leaders in the White House: Mercedes Schlapp

https://www.youtube.com/watch?v=iVL-8P82_20

 Naïve American people had no idea what they were getting with Biden: A senile, corrupt, debauched old man with a son who was a conduit for his dirty dealings and who has a personal life so disgusting it’s hard to write about it. That’s what the American media and the tech tyrants have done to America. ANDREA WIDBURG


New Hunter Biden revelation undermines president's comments: Turley

 https://www.youtube.com/watch?v=GCk4RlPkFSQ

Bidens of all sorts are under federal investigation for tax evasion, money-laundering, and unregistered agent foreign ties, as this Politico report citing Hunter notes.

THE BIDEN KLEPTOCRACY

 

RIDING THE DRAGON: The Bidens' Chinese Secrets (Full Documentary)

 https://www.youtube.com/watch?v=JRmlcEBAiIs

 

Chris Hedges: How Republicans, Democrats, and the Media Have Weakened US Democracy


https://www.youtube.com/watch?v=B2jyzp09_g8

 

Schweizer: ‘It’s Going to Be Business as Usual’ for Hunter’s Dealings

https://www.breitbart.com/clips/2021/01/20/schweizer-its-going-to-be-business-as-usual-for-hunters-dealings/

Democrats: Let’s Curb Inflation by Using Migrants to Cut American Wages

Diana Rivero stands behind a partial protective plastic screen and wears a mask and gloves as she works as a cashier at the Presidente Supermarket on April 13, 2020 in Miami, Florida. The employees at Presidente Supermarket, like the rest of America's grocery store workers, are on the front lines …
Joe Raedle/Getty Images
4:41

Democrats are openly arguing that more wage-cutting migrants should be imported to shrink the inflation that is threatening President Joe Biden’s political future.

The pro-migration LatinoRebels.com website reported the migrants-reduce-inflation claims on December 2:

Rep. Jimmy Gomez (D-CA) understands inflation at the immigrant community level. The three-term Congressman from Los Angeles has a diverse immigrant constituency from Koreatown to Eagle Rock, Boyle Heights to Downtown.

“If you have more people that are allowed to work in this country, then there’s gonna be less of a tight labor market,” said Gomez on Thursday, echoing Warren.

The Democrats’ top advocate for amnesty and migration, Sen. Dick Durbin (D-IL), also backed the argument, according to Bloomberg: “Asked if immigration parole proposal in [the pending Build Back Better bill] would decrease inflation, Durbin says ‘Oh most certainly … If there are more workers filling those jobs, it’s deflationary.'”

“Not enough people are seeking jobs. … As a consequence, that drives up the cost of doing business and the cost to the consumers. If there are more workers doing their jobs, it’s deflationary,” Durbin said, according to Latinorebels.com.

A “help wanted” sign hangs on a window of a restaurant in Lower Manhattan, May 4, 2018, in New York City. U.S. unemployment fell to a near-historic low of 3.9 percent and hiring remained strong in April (Drew Angerer/Getty Images).

The Democrats’ support for using migrants to cut Americans’ wages comes after a host of media and advocates argued that inflation should be curbed by immigration.

“A tight labor market is the way less-skilled workers increase their wages,” Mark Krikorian, director of the Center for Immigration Studies, responded. He continued, “Why would a Democrat — of all people — favor lowering or holding down the wages of working people through immigration? The answer is immigration is more important [to them] than anything, including the wages of working people.”

The Democrats “are saying the quiet part out loud,” Krikorian said.

However, the LatinoRebels.com site noted that Sen. Sherrod Brown (D-OH) dodged the question: “‘I reject the false notion that the only way to keep consumer prices low is to rely on low-wage, unregulated labor,’ said Sen. Sherrod Brown (D-OH). ‘More stable and reliable work is the key to future supply chain resiliency.’”

Most GOP legislators also dodge the link between wages and migration and are eager to blame inflation on government spending.

Most legislators “dance around the issue and refuse to address it — even refuse to think about it. … Some of these guys are just maintaining cognitive balance by duping themselves,” Krikorian said. For example, Sen. Brown, he said, has “been voting for lowering wages [via migration] for his entire tenure in Congress. The [pending] amnesty he could maybe justify because they’re already here, but only if you’re also calling for reductions in future immigration … [and he’s] not.”

Media reporters also ignore the harmful economic impact of cheap labor, Krikorian added:

They’re part of the the apparatus. …  Some don’t even think about it, so there’s no issue there. Or they figure they’ve got a mortgage and kids, and they’ve been doing this too long and they can’t risk the Red Guards coming in throwing them out of their job. So they do what the party tells them to do.

Migration hurts U.S. journalists — and their college-graduate peers — by flooding the nation’s labor market with roughly one million imported white-collar visa workers. That imported labor force lowers white-collar salaries across many careers and pushes U.S. technology grads out of tech careers and into journalism, further reducing market-rate salaries for journalists.

Indian-Nationals-on-H-1B-Visas-PUNIT-PARANJPEAFPGetty-Images-640x480

Punit Paranjpe/AFP/Getty

Many U.S. companies also use the visa programs to import replacements for U.S. journalists. [Note: this reporter is a former immigrant.]

On a related note, Yahoo News reported on December 2:

BuzzFeed [managers] told employees of BuzzFeed News who staged a walkout Thursday — protesting what their union claims is the media company’s refusal to negotiate on key contract terms — that their pay would be docked by one day, unless they retroactively applied for paid time off.

BuzzFeed’s coverage is very pro-migration.

In the United States, migration curbs Americans’ productivity, shrinks their political clout, and widens regional wealth gaps. It radicalizes their democratic, compromise-promoting civic culture and allows elites to ignore despairing Americans at the bottom of society.

Carney: Bidenflation Concealed an October Decline in Factory Orders

US President Joe Biden speaks before signing bills at the White House in Washington, DC, on November 30, 2021. (Photo by Jim WATSON / AFP) (Photo by JIM WATSON/AFP via Getty Images)
JIM WATSON/AFP via Getty Images
1:27

Orders for manufactured goods rose 1 percent in October, the Commerce Department said Friday.

That beat the consensus estimate for a 0.4 percent rise and has led to lots of cheery headlines about the economy recovering despite the disappointing jobs numbers in November. The estimated decline in durable goods orders was moderated from 0.5 percent to 0.4 percent.

Unfortunately, the news is considerably less positive than the headlines suggest. Once inflation is taken into account, it appears that real durable goods orders declined in October.

If we look at the Bureau of Labor Statistics’ ‘Processed Goods for Intermediate Demand’ price index, we find that prices of factory goods jumped 2.1 percent in October. This suggests that when measured in terms of the quantity of output, factor orders declined 1.1 percent in October. And inflation-adjusted durable goods orders fell 2.5 percent.

The same goes for shipments. The dollar value of shipments in October rose 1.6 percent. That too is less than the increase in prices, suggesting that fewer goods were shipped in October than the month prior.

In other words, the October growth was largely an illusion created by inflation. Adjusted for price changes, factory activity slowed in October.

Bidenflation And Broken Supply Chains Afflicted The Services Sector in November

U.S. President Joe Biden listens during the first North American Leaders’ Summit (NALS) since 2016 in the East Room at the White House November 18, 2021 in Washington, DC. (Alex Wong/Getty Images)
Alex Wong/Getty Images
2:12

The services sector is under severe stress from inflation and supply chain disarray, data from an industry survey showed Friday.

The Institute for Supply Management said Friday that the deliveries component of its purchase manager index for the services sector registered 75.7 for the second consecutive month. That is the second highest reading on record. The highest was April 2020, when many businesses were temporarily shutdown altogether. A higher reading on the index indicates slower deliveries.

Perhaps counter-intuitively, slower deliveries actually count as a positive contribution to the ISM’s overall PMI reading. That’s because longer-delivery times can be an indication of strong demand for services. In November, the overall reading rose to 69.1, far exceeding even the top of the range of estimates. The consensus forecast was for a reading of 65, which would have been a bit below October’s reading.

The Backlog of Orders Index registered 65.9 percent, 1.4 percentage points lower than October’s all-time high reading of 67.3 percent. That is also likely an indication of supply chain problems that pushes up the overall PMI score.

The Prices Index reached its third-highest reading ever at 82.3 percent, down 0.6 percentage point from the October figure. All 18 services industries reported an increase in prices paid during the month of November. Inflation too pushes up the index.

Nearly all commodities used by the services sector were up in price, with the exception of latex gloves and lumber.

Services businesses continue to struggle replenishing inventories, as the inventory and inventory sentiment gauges stayed in contraction or ‘too low’ territory in November, according to ISM.

In short, although demand remains strong, the record high score for November’s PMI is also a reflection of inflation and supply chain problems for the services sector.

 

Democrat Cindy Axne Calls on Pelosi to Address Inflation After Claiming There Was No Problem

House Speaker Nancy Pelosi of Calif., left, gives a hug to Rep. Cindy Axne, D-Iowa, poses during a ceremonial swearing-in with on Capitol Hill in Washington, Thursday, Jan. 3, 2019, during the opening session of the 116th Congress. (AP Photo/Susan Walsh)
AP Photo/Susan Walsh
3:48

Rep. Cindy Axne, the lone vulnerable congressional Democrat from Iowa, reversed course on inflation Thursday, calling for House Speaker Nancy Pelosi (D-CA) to pass legislation addressing the ongoing supply chain problem, which has caused a massive spike in inflation.

Axne joined a group of vulnerable Democrats in a letter calling for the Democrat party leaders in the House to address the ongoing supply chain crisis and spike in inflation by quickly passing legislation. The vulnerable House Democrats wrote that they are “concerned about the ongoing disruptions to our nation’s supply chain, which are causing delays and increasing inflation for our constituents.”

Axne, before trying to appear as a champion on the supply chain crisis, has for months argued that inflation is a “false advertisement”:

  • In June, when asked if Republicans were wise to warn about inflation if the federal government continued to spend during a live television appearance, Axne said, “we’re not even remotely close to a point to say that we’re at rising inflation, so no, I wouldn’t agree with that.”
  • In July, during a town hall, she claimed the “economy is on a great track” and talking about inflation is bringing up “false advertisements.”
  • In September, Axne then claimed that “things will get better day by day” when referring to the rise in gas and food prices.

While this was happening, Axne voted for the American Rescue Plan in February, which former Treasury Secretary Lawrence H. Summers said was “poorly targeted and risked overheating the economy,” in addition to research from the Federal Reserve Bank of San Francisco that indicated that passage of the bill played a roll in the rise in prices.

The letter Axne signed onto argued that Congress should act to help families across the country seeing higher prices and touted their passage of the disastrous $1.2 trillion infrastructure bill — which President Biden signed into law — and the $1.75 trillion Build Back Better Act, also known as the Democrats’ reconciliation infrastructure bill. Axne voted in favor of both of them.

However, the letter, reported by Punchbowl News, appeared not to mention the $1.75 trillion bill that was widely considered to be the “marquee legislation” for Biden’s legislative agenda, would indeed increase taxes on the middle class by “roughly 20 percent to 30 percent” according to the nonpartisan Tax Policy Center and expand and prolong the effects of inflation. The Congressional Budget Office (CBO) revealed that Biden’s “marquee legislation” would add $750 billion to the American deficit over five years.

“After months of falsely claiming inflation wasn’t real and taking votes to worsen the crisis, Cindy Axne is now pretending to care about rising prices by writing meaningless letters,” National Republican Congressional Committee (NRCC) Spokesman Mike Berg told Breitbart News. “Instead of meaningless letters, Cindy Axne should stop voting like a full-blown socialist.”

Republican candidate for Iowa’s Third Congressional District and state Sen. Zach Nunn (R), who is running against Axne in the midterms next year, told Breitbart News Saturday that Axne is only loyal to Pelosi and not Iowans.

Nunn argued that Axne has never received more than roughly 48 percent of the popular vote during an election, adding that “she’s not even showing up in certain places in Iowa anymore, because she doesn’t have a single friend here but also because she doesn’t care,” indicating that she’s more loyal to Pelosi and the California Democrat donors.

Jacob Bliss is a reporter for Breitbart News. You can follow him on Twitter.

Bidenflation Stole Christmas: Inflation Causing Hardship During Holidays for Nearly Half of American Households

Gingrich Stole Christmas Original: WASHINGTON, DC - SEPTEMBER 24: U.S. President Joe Biden takes off his face mask as he arrives to deliver remarks on his administration’s COVID-19 response and vaccination program from the State Dining Room of the White House on September 24, 2021 in Washington, DC. President Biden …
Anna Moneymaker/Getty Images, BNN Edit
5:49

Inflation is inflicting financial pain on millions of U.S. households, with lower-income households the hardest hit, a Gallup survey released Thursday showed.

The survey found that 45 percent of American households report that recent price increases are causing their family some degree of financial hardship.

Prices have risen at the fastest pace in decades just as Americans are headed to shops and online to make Christmas season purchases. High home heating fuel prices are also hurting household finances as the nights turn colder in much of the U.S.

Ten percent of households say they are suffering “severe” hardship from inflation. Another 35 percent are suffering “moderate” hardship.

The burden of inflation is skewed toward lower-income households. Among households earning less than $40,o00, 42 percent say they are suffering moderate hardship and 28 percent say they are suffering severe hardship. That’s a total of 71 percent who say they are suffering from inflation.

Among households earning between $40,000 and $99,999, just eight percent reported severe hardship and 38 percent reported moderate hardship. Among higher-income households, the severe share is just two percent and the moderate share is 28 percent.

There’s some political divide when it comes to inflation. Republicans and independents were equally likely to say they are suffering from severe hardship, at 11 percent. Among Democrats, the severe share was eight percent. Moderate hardship was reported by 42 percent of Republicans, 38 percent of moderates, and just 28 percent of Democrats.

To put it differently, 63 percent of Democrats say they are suffering no hardship at all from inflation while just 51 percent of independents and 47 percent of Republicans say that.

Inflation is more of a drag for households without a college education. Thirteen percent of non-college households say they are suffering severe hardship and just 4 percent of college graduate households say that. Forty percent of non-college households say they have suffered moderate hardship, versus 26 percent of college grads.

The Gallup survey makes it clear that claims by some leftwing activists and journalists that inflation worries were being driven by the wealthy did not reflect the experiences of American households. President Biden himself claimed in July that no “serious” economist was concerned about inflation.

Breitbart news reported in April that Bidenflation was going to hurt lower income Americans disproportionately.

Lower-income Americans of all races have also seen setbacks in the early months of the Biden administration.

The latest data on prices from the Bureau of Labor Statistics shows that prices jumped much higher than expected in March. The annual gain of 4.2 percent is the highest since 2011, although this is somewhat of a statistical illusion created by the depression in demand for goods and services after our political leaders ordered everyone to shelter at home to protect themselves from Covid-19. But even the monthly gains exceeded expectations, rising 1 percent compared with a forecast of half that.

Inflation weighs particularly hard on those at the lower end of the income scale. A much larger share of income goes into current consumption, so higher prices squeeze budgets more. Meager savings are much more likely to be in low-interest paying bank accounts than in equities or inflation hedged investments, so they are vulnerable to to the deterioration of the buying power of the U.S. dollar.

Contrast the shares of household spending with the top income brackets. The top third of households, measured by income, spend around 8 percent of income on transportation, according to Pew Charitable Trusts. Statista gives higher figures for the top quintiles but still a good deal below the bottom quintiles. The same goes for food—it takes up less of a wealthier family’s income and makes up less of its monthly expenditures.

What’s more, wealthier households are more likely to benefit from the “upside” of inflation because they have more fixed interest rate debt that gets to be paid back in depreciated dollars in an inflationary environment. By contrast, households with floating rate debt—such as credit cards—do not benefit because the rates tend to rise alongside inflation. Similarly, lower-income households are more likely to rent their homes than upper-income households, and rents rise with inflation.

Inflation also tends to be good for equities over the long term because companies can raise prices, which translates into higher earnings and higher stock prices. The top one-percent of income earners have 47.9 percent of their wealth in publicly traded stock and mutual funds, a far higher share than lower-income Americans. Particularly if wage gains drag behind prices and interest rates remain low, higher inflation can be very good for stocks, which is one reason we keep seeing new market highs.

Inflation, particularly food and gasoline price hikes, acts as a regressive tax, hurting low-income households more than higher-income households. In fact, higher income households are likely net beneficiaries of inflation.

Biden, who won office on a promise to combat inequality and only hike taxes on very wealthy Americans, has presided over a stealth inflation-tax hike over lower-income households.

Welcome to Biden’s America, where the poor pay more.

Gallup’s latest poll confirms that this has come to pass.

Joe Biden on Supply Chains: ‘Only Santa Claus’ Can Promise Gifts on Time

MANDEL NGAN/AFP via Getty Images, Tom Kelley/Getty Images, BNN Edit
MANDEL NGAN/AFP via Getty Images, Tom Kelley/Getty Images, BNN Edit
1:44

President Joe Biden tried to distance himself from supply chain disruptions this Christmas, telling Americans on Wednesday he was not responsible for any problems.

“I can’t promise that every person will get every gift they want on time,” Biden said. “Only Santa Claus can keep that promise.”

Biden argued that shortages for some goods around Christmas were normal, citing the Cabbage Patch Kids doll shortage in the 1980s and also the shortage of Beanie Babies in past years.

The president downplayed reports of reduced supplies of goods for Americans shopping for the holidays.

“Here’s the deal. For the vast majority of the country, that’s not happening,” Biden said.

He insisted that he and his administration “averted potential crisis” by fixing the supply chain problems before they had a substantial effect on Americans shopping for Christmas.

Biden called his efforts to solve clogged ports in South Beach and Los Angeles as an “incredible success story.”

Cargo ships filled with containers dock at the Port of Los Angeles on September 28, 2021, in Los Angeles, California. (Frederic J. Brown/AFP via Getty Images)

Cargo ships filled with containers dock at the Port of Los Angeles on September 28, 2021, in Los Angeles, California. (Frederic J. Brown/AFP via Getty Images)

“We’re heading into the holiday season in very strong shape,” he said. “It’s not because of luck.”

Biden also spoke about inflation, noting that countries worldwide were suffering the higher cost of goods, not just the United States

“This is a worldwide challenge,” he said. “A natural byproduct of the world economy shut down by the pandemic as it comes back to life.”

The president said his $1.75 trillion Build Back Better plan would only help families further and urged Republicans to support his agenda.

“It’s always easier to complain about a problem than try to fix it,” he said.

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