Friday, July 1, 2022

BIDENOMICS HITS AMERICA - BANKS ARE WRITING THEIR BAILOUTS AS AMERICA GOES HUNGRY - ‘Skipping Meals, Conserving Water’: Bidenflation Wreaks Havoc on Personal Spending, Poll Shows

 

‘Skipping Meals, Conserving Water’: Bidenflation Wreaks Havoc on Personal Spending, Poll Shows

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 • June 29, 2022 2:10 pm

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Inflation under President Joe Biden is causing more than 80 percent of consumers to cut back on personal spending, according to a Provident Bank poll released Tuesday.

More than 70 percent of American adults have made "some changes to personal travel habits," while more than 10 percent have eliminated "non-essential purchases," the poll found.

"While some consumers have cut back on some non-essential spending, like dining out and unnecessary travel, others reported much more drastic changes such as skipping meals, conserving water, and eliminating meat from their diets," according to Provident Bank. "People are feeling an immense amount of financial pressure right now."

Inflation is at a 40-year high, causing two-thirds of Americans to dip into their savings to pay for daily needs. Some economists, including former Obama administration officials, have attributed the rise in the cost of goods and services to the Biden administration's $2 trillion American Rescue Plan. Biden has called for a federal gas tax holiday to relieve financial pressure on Americans, even though members of his own party, including former president Barack Obama and House Speaker Nancy Pelosi (D., Calif.), have expressed doubts that the tax suspension would benefit consumers. Obama in 2008 called tax holidays "a gimmick," the Washington Free Beacon reported.

More than half of Americans surveyed said they spend between $101 and $500 per month on groceries, and 32 percent said they are spending hundreds of dollars more on gas. Survey respondents said baby products, meat, utilities, alcohol, household goods, and milk are particularly draining their bank accounts.

Americans spent less than expected in the first quarter of this year, according to Commerce Department data. Overall gross domestic product had a 1.6 percent annualized decline.

Multiple experts have said that the United States is heading for a recession.

iden administration tells Americans to suck it up on that $5 gas

It's astonishing how out of touch the Joe Biden administration is with voters. We're talking about tin ears, brains and bodies.

A reporter asked a White House official about those soaring energy prices at the pump -- the number one issue occupying likely voters' attention, according to a recent Rasmussen poll -- and got this:

How inspiring. Seems that releasing the Strategic Petroleum Reserves did nothing to bring down high energy prices, and blaming Putin didn't resonate with the public. So now it's the New World Order as the hill we die on. Can you say 'pathetic'?

It seemed to be part of a sync'd talking points memo that Joe and his pathetic minions all read from:

Thanks for volunteering us, Joe...

Some let us know what the Big Idea is with these no-end-in-sight soaring prices at the pump:

And the bottom line here is that it's not happening -- there's no end in sight for soaring fuel prices, and there's certainly no greenie economy arising as a result of it -- for this reason right here:

Fossil fuel energy production is not only the driver of greenie energy, it itself is not exempt from inflationary pressures, given that producing fuel requires dollars, and the dollar is where the inflation is coming from. Inflation is "always and everywhere a monetary phenomenon," to quote Milton Friedman, who's the master of the matter. Biden would have you think that inflation derives from oil prices, and Vlad Putin somehow controls those prices based on our refusal to buy his oil (the Chicoms get it now) and Putin has driven oil prices higher just to be mean to us.

It's garbage. Fact is, higher energy prices can be alleviated to some extent by permitting the production of more oil and natural gas as well as buying from Canada, instead of relying on expensive imports from overseas petrotyrants, or by releasing the Strategic Petroleum Reserves, which is the Biden plan for the higher energy prices he's brought us. His call to Americans to endure higher energy prices Because Putin is nothing short of outrageous. What's more, even if he does manage to unhorse Putin, prices at the pump would not go lower. Biden, after all, wants the higher oil prices -- to convert the economy to greenie energy. He can't let go of this bad idea. He can reverse himself on a lot of policies but this one seems set in stone, and made worse by his failure to understand basic economics.

Issues & Insights has an excellent piece on the extent to which Biden has constrained U.S. energy production, leading to his administration's callous response to the number one issue concerning voters:

And, no, it’s no exaggeration to call this a crisis. With consumer prices rising at a four-decade-high of 8.6% in the most recent year-over-year comparison, Americans are watching their standard of living fall fast.

A just-released national survey has found that 83% of U.S. households are cutting their personal spending and travel due to soaring inflation. These cutbacks are being driven almost entirely by energy costs, which have spiked nearly 35% in the past year.

The economic disaster Biden has created is ultimately a result of surging federal spending during the pandemic, foolish Fed policies that poured monetary gasoline onto a raging inflation fire, and the ongoing effort by Biden and the Democrats to punish the very companies that provide our energy, threatening them with smothering regulations, painful taxes and even public shaming.

Things have reached a fever pitch of late, with Democrats’ extremist anti-free-market green wing suggesting, as gasoline prices roar past $5 a gallon and cities across the nation face blackouts, we would all be better off if we just nationalized our oil and gas industry.

For the record, no we wouldn’t.

Bingo, bingo, bingo, and bingo. The editorial completely grasps the nature of the Biden disaster on energy and why none of his proposed solutions -- or coordinated spin -- are working.

What we have here is an administration so wedded to its greenie agenda it no longe recognizes even its own quest for political self-preservation. Biden's minions cite grand plans for a New World Order and a greenie energy regimen as most important, while poor old stupid Joe can only chirp 'Putin.'

Voters are going to punish these clowns hard for this extended energy price surge, because it's a textbook failure worse than anything even Jimmy Carter could come up with.

Now they are promising more. They just can't stop themselves.

Image: Twitter screen shot.


World more worried, stressed than ever before?

According to a new Gallup poll, the world in general is more worried, stressed, and consequently unhappy than ever before.  This is despite the fact that, at least until very recently, life expectancies have risen to their highest ever levels globally, and many hundreds of millions — perhaps billions — of people have escaped poverty.  I can't confidently speak for people in far-ranging parts of the globe to which I have never traveled, but that clearly seems to be the case in the United States.

Call it "Malaise 2.0," but it's worse than that of which former President Jimmy Carter spoke.  There are more anger, more sadness, more hurt, and less hope.  How did we get here?  There are many reasons, most of which are related.

According to Gallup's latest annual survey of adults in 122 countries and areas, the second year of the pandemic was even tougher on people than the first, pushing Gallup's Negative Experience Index to yet another new high of 33 in 2021.  Professed levels of stress, worry, and sadness all ticked upward in 2021 and set new records.  Worse yet, this rise in negative experiences came in tandem with a decline in positive experiences, leaving experts and policymakers scrambling to understand why the world is on this course.

I would submit that experts and policymakers are in large part responsible for the pain.  That is undoubtedly true in America, where just a few short years ago, we experienced historically low unemployment, historically high stock market values, low inflation, and high rates of consumer confidence...and we were energy independent.

Then came the plandemic.  And Dr. Fauci, lockdowns, social distancing, economic devastation, mask and vaccine mandates...and a staggering number of "excess deaths."

And mail-in voting.

And then came the Biden administration — and with it, policies guaranteed to eviscerate our energy independence and therefore our economy.  And our freedom of speech.  And our Second Amendment rights.  And our military.  And the difference between males and females.  And the ties that have historically bound us together as a people and a nation.  And our confidence.

But it is not just COVID-1984 and the Biden administration that are to blame.  "Progressives'" incessant, decades-long assault on all things Americans have traditionally held dear has had a devastating effect on the country, its institutions, and its citizens.  They have fomented grievances, decried competence and discipline as "ableism," defended crime, and championed sloth.  They have largely stripped the nation of its founding values, its history, its borders, its belief in a manifest destiny, and its manhood.  And they have defined depravity down.

John Adams said, "Our Constitution was made only for a moral and religious People."  The rest of the founders believed this, too.  And now we have a significant proportion of our population that thinks the wholesale killing of babies in the womb is moral and that those who disagree are monsters.  And that even those who simply want the people in the various states to have the right to determine whether unfettered abortion should be legal where they live must be targeted for harassment.  We have men in women's bathrooms, locker rooms, and prisons.  And on their sports teams.  In fact, many prominent people can no longer say what a woman is.  Afraid to be mocked, canceled, fired, or assaulted, many of us will no longer state obvious truths.

It is little wonder Americans are worrying more, are sadder and more stressed.

There is less gratitude and more entitlement, less connection to the Earth and more connection to antisocial media, less living in reality and more living in "virtual reality."  Less God and more government.

We should be worried.  The question is, what are we going to do about it?

Image via Pixabay.


OE BIDEN’S TRICKLE UP ECONOMICS

Retirement Rescheduled: Bidenflation Prevents Americans From Living Out Their Golden Years

https://mexicanoccupation.blogspot.com/2022/06/joe-bidens-assault-on-middle-america.html

 

BIDENOMICS   -  The Massive Transfer of Wealth to the Rich and Wall Street and Then Illegals Get Our Jobs to Keep Wages Depressed.

https://mexicanoccupation.blogspot.com/2022/06/the-fool-in-white-house-biden-economy.html

Old Joe Biden has been a liar his entire public life, from his plagiarism in law school and on the presidential campaign trail to his lies about the accident that killed his first wife and the innumerable lies he has told while pretending to be president. It is no exaggeration to say that Joe Biden is one of the most untrustworthy men on the planet. On Friday he reinforced that reputation with a major speech on the May jobs report, in which he had the breathtaking audacity to say that the smoking ruin of an economy over which he is presiding, and which his far-Left policies created, is actually doing great. Maybe if we tilt our heads and squint, we’ll be able to see it.


VIDEOS: REALITY OF AMERICA

15 Examples That Show How Completely And Utterly Insane Our

Society Has Become



Richard Wolff: This Is the Worst Economic Period in My Lifetime







Economic Confidence Crashes: 85% of Americans Say Economy is Getting Worse

US President Joe Biden looks on as he attends the first day of the G7 leaders' summit held at Elmau Castle, southern Germany on June 26, 2022. (Photo by LUKAS BARTH / POOL / AFP) (Photo by LUKAS BARTH/POOL/AFP via Getty Images)
Photo by LUKAS BARTH/POOL/AFP via Getty Images
1:44

The American public views the Biden economy as in worse shape than any time since February 2009, when the economy was in a deep recession, still staggering from the implosion of the housing bubble, and shocked by the financial crisis that had recently toppled major banks, government-sponsored mortgage companies, Wall Street firms, and insurance companies, a Gallup poll indicates.

Gallup’s Economic Confidence Index, which is a summary of Americans’ ratings of current economic conditions and outlook for the economy, plunged 13 points over the past month to minus 58. The index has a theoretical range from +100 if all respondents describe the economy in positive terms and think it’s improving to -100 if all describe it in negative terms and think it’s worsening.

The June score is the lowest measured since minus 64 in February 2009. The all0time low was negative 72 in October 2008.

A shocking 85 percent in June say the economy is getting worse, up from 77 percent in May and only two points below of the record high hit in June 2008.

The percentage of Americans calling current conditions “poor” has risen eight percentage points in June to 54 percent, the first time a majority of Americans has seen conditions as poor since 2009. An additional 34 percent say current conditions are “only fair,” bringing the total negative assessment to 88 percent. Just 11 percent say conditions are good and less than one percent say conditions are excellent.


Mexico Gives Travel Permits to 3000 Caravan Migrants Headed to U.S.

Central American migrants, part of a caravan hoping to reach the U.S. border, move on the road in Escuintla, Chiapas State, Mexico, Saturday, April 20, 2019. Thousands of migrants in several different caravans have been gathering in Chiapas in recent days and weeks. (AP Photo/Moises Castillo)
Moises Castillo/AP
2:14

Mexico’s government issued approximately 3,000 travel permits to members of a migrant caravan that arrived over the weekend in Chiapas. Rather than trying to stop the group, authorities issued permits and allowed them to continue north in a fragmented manner.

The caravan arrived at Mexico’s southern border on Friday and members of Mexico’s National Immigration Institute (INM) began issuing a series of travel permits that give migrants 30 days to travel freely through the country, a prepared statement from INM revealed.

Over the weekend, INM agents issued approximately 3,000 permits in their office in Huixtla, Chiapas. According to INM, the move was done to disrupt the caravan so individual migrants could move freely through Mexico.

The caravan has since disbanded but the migrants with travel permits will continue to make their way north. The U.S. government is seeing record-setting numbers of migrants reaching its southwest border. Cartel-connected human smugglers are actively promoting a notion that U.S. immigration courts are capable of handling swells of new migrant claims.

The move by Mexico’s INM is a direct contrast to prior approaches dating back to the Trump era, where authorities would meet caravans with riot shields and batons. Last year, human rights activists accused INM agents of using excessive force against migrants.

Ildefonso Ortiz is an award-winning journalist with Breitbart Texas. He co-founded Breitbart Texas’ Cartel Chronicles project with Brandon Darby and senior Breitbart management. You can follow him on Twitter and on Facebook. He can be contacted at Iortiz@breitbart.com

Brandon Darby is the managing director and editor-in-chief of Breitbart Texas. He co-founded Breitbart Texas’ Cartel Chronicles project with Ildefonso Ortiz and senior Breitbart management. Follow him on Twitter and Facebook. He can be contacted at bdarby@breitbart.com.     

Luisana Moreno is a contributing writer for Breitbart Texas.


 VIDEOS:

Brace For A Sweeping Housing Bubble Burst As Rent And Home Prices Face Dramatic Crash




Prepare for the EVICTION WAVE about to hit US Housing Market (13 MILLION NOW IN DEFAULT)




Why New York’s Billionaires’ Row Is Half Empty

https://www.youtube.com/watch?v=Wehsz38P74g&t=1439s


15 Signs That America Is In Much Worse Trouble Than We All Thought

https://www.youtube.com/watch?v=bafVveN1qlc

Today, we brought you some numbers that may be hard to digest. Even though most of us know by now that America is in trouble, many people out there don't have any idea of how deep in trouble we really are. Offense rates are shooting up tremendously right now. As the cost of basic necessities escalates, more people are stealing to feed themselves today than in any other period in the past decade. Gas theft rates are skyrocketing, as prices rise above the $5-dollar-mark. Since January, the number of carjackings has gone up by over 300% in some cities. Officers say that it's not just a few gallons being siphoned from vehicles. Now, thieves are pumping thousands of dollars' worth of fuel from gas stations and selling it for a profit. CNN reported that, in Orlando, Florida, authorities are looking for two people who they say stole more than 1,000 gallons of fuel from a gas station. In Las Vegas, Nevada, highly modified vehicles are being used to steal tens of thousands of gallons from local gas stations. And in Greenville, South Carolina, several arrests for gas thefts have been made since January. Last week, in North Carolina last week, almost 400 gallons of gas were stolen by thieves who were able to bypass the payment system. The list goes on and on, and given that gas prices are expected to continue to rise, we’re going to see many more similar cases happening until the end of the year.

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