BIDENOMICS - TRICKLE UP ECONOMICS - ‘I Appreciate the Frustration of the American People’ with the Economy

 

JOE BIDEN HAS NEVER OPENED HIS 

FAT MOUTH

 EXCEPT TO LIE OR SUCK BRIBES!

Joe Biden: ‘I Appreciate the Frustration of the American People’ with the Economy

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CHARLIE SPIERING

26 Oct 20220

2:15

President Joe Biden held another event focused on the economy on Wednesday, as he continues struggling with low approval ratings on the issue.

“I’m optimistic. It’s gonna take some time, and I appreciate the frustration of the American people,” he said, after acknowledging the American public was suffering from inflation.

The president delivered his remarks at the White House about the importance of getting banks and airlines to end hidden unexpected fees for consumers. But at the end of his speech, he closed his notes and tried to empathize with the American people amid their frustrations with the economy.

“One of the things that I think frustrates the American people is they know the world’s in a bit of disarray, they know Putin’s war has imposed a lot of strains on Europe and the rest of the world and the United States,” Biden said, pointing to the disruption of oil and grain markets. “They want to know what we’re doing.”

Biden has spent recent days warning voters that Republicans will “crash the economy” if they take power in Congress, despite the ongoing surge in inflation and two consecutive quarters of economic contraction that took place in the first half of this year.

He has also tried to claim the economy is “strong as hell” despite 78 percent of Americans saying the economy is fair to poor, according to a recent Economist/YouGov poll

(Mikhail Nilov from Pexels)

Biden previewed future announcements on the economy, but said he did not know whether he would actually deliver speeches on the issue or just issue a release from the White House.

“There’s a lot going on that we’re doin’ and it adds up,” he insisted.

He also tried to connect to the reporters in the room on an emotional level.

“I say to the press here, a lot of you come from backgrounds that I came from,” he said, referring to lower- and middle-class families.

Biden said most people were thinking about whether or not they could afford to visit family during the Thanksgiving holiday.

“What’s the charge if they’re going to come home from school?” he asked. “I mean there’s a lot of money, these are billions of dollars that doesn’t add up to billions from the individual but it adds up to 2-3-400 bucks for average families,” he said.

Survey: Nearly 1 in 5 Americans Skipped Meals, Didn’t Buy Groceries Due to High Inflation

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ETHAN LETKEMAN

26 Oct 20220

2:33

Nearly one in five Americans have skipped meals or did not buy groceries due to surging inflation, including 28 percent of Gen Z and 23 percent of millennials, according to a recent survey.

Seventeen percent of respondents said they were receiving food items from a food bank, including 22 percent of millennials, while 17 said they have stopped buying healthier food options. Eighteen percent said they had skipped meals or did not buy groceries.

Beyond facing food insecurity, the same survey also found that high inflation is forcing Americans to delay certain healthcare expenses. Fourteen percent of Americans have canceled or postponed plans to see a healthcare specialist, ten percent have delayed taking prescribed medication, and 11 percent stalled receiving a yearly physical.

“As the price of health care and basic necessities continue to reach record highs, Americans have been forced to make tough decisions that sacrifice their health and wellbeing,” said Kristi Rodriguez, senior vice president of the Nationwide Retirement Institute, which commissioned the survey.

“While these decisions are understandable and challenging, making short-term tradeoffs may have long-term impacts,” Rodriguez continued.

The survey results continue to highlight how Americans are struggling to get by in the current economy under President Joe Biden, as prices for food and consumer goods have soared paired with rising interest rates.

Grocery prices have climbed 13 percent from a year ago, rising 0.7 percent from August to September. Since last year, egg prices have skyrocketed by 30 percent, dairy-related products are up by 15.9 percent, bread is up by 14.7 percent, and butter is up by 26.6 percent.

Prices overall have soared by 8.2 percent since last year, rising 0.4 percent between August and September. Core inflation — not including food and energy prices — is up by 6.6 percent since a year ago, the highest it has been in 40 years.

The survey was conducted online by Harris Poll on behalf of Nationwide, which surveyed 1,140 U.S. adults between August 26 and September 8, 2022.

You can follow Ethan Letkeman on Twitter at @EthanLetkeman.

Harvard Economist: Dem Spending Helped Cause Inflation, Fed ‘Didn’t Want to Get in the Way’ of Biden, Likely We’ll Have ‘Deep Recession’

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IAN HANCHETT

25 Oct 20220

1:30

On Tuesday’s broadcast of the Fox Business Network’s “Fox Business Tonight,” Professor of Economics at Harvard University and former International Monetary Fund Chief Economist Ken Rogoff stated that Democrats “spent too much too late” after the coronavirus pandemic and that’s one of the reasons for high inflation and the Federal Reserve “waited too long because they didn’t want to get in the way of the Biden administration’s growth plan,” and now we have a “very high” probability of a recession and the odds are “more than 50% that it’s going to be a deep recession.”

Rogoff responded to claims by Democrats that they’re the fiscally responsible party by stating, “I don’t want to draw a broad generalization, but there’s no question that, after the pandemic, they spent too much too late, and it’s one of the reasons — it’s not the only reason — that we have so much inflation. And now that the Federal Reserve, which also waited too long because they didn’t want to get in the way of the Biden administration’s growth plan, they waited too long to raise interest rates, they’re now backpedaling furiously raising interest rates. And I think the odds of a recession are very high. Not — I can’t say 100% about anything, but very high, and I would say more than 50% that it’s going to be a deep recession.”

Follow Ian Hanchett on Twitter @IanHanchett

Report: Only 4 U.S. Cities Where Average American Can Afford a Starter-Home

PEYTON HOLLIDAY| OCTOBER 24, 2022 | 4:01PM EDT

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Only four major cities in the U.S. have starter-home prices that the average American can afford, reported CNBC’s Make It on Oct. 22.

“With homeownership costs doubling since last year, the market for starter homes has become unaffordable for most buyers in all but four major U.S. cities,” said Make It.

Those cities are Detroit, Mich., Tulsa, Okla., Memphis, Tenn., and Oklahoma City, Okla.

Make It pulled its data from a survey by Point2, a real estate website. Point2 said that starter-homes, because of costs, are the “stuff of myths” today.

For Point2’s analysis, “starter homes are those valued in the bottom third of all homes available in a given market,” reported Make It. “To measure affordability, the study follows the common personal finance rule that a mortgage payment shouldn’t exceed 30% of a homeowner’s gross monthly income.”

(Screenshot)

The survey looked at the median price of a starter-home and renter households’ median incomes in the 50 largest U.S. cities. In only four cities did the numbers show starter-homes were affordable, which the data below reveal:

Detroit, Michigan

Median annual income: $25,004

Income needed to afford a starter home: $19,103

Median starter home price: $48,129

Tulsa, Oklahoma 

Median annual income: $35,039

Income needed to afford a starter home: $29,521

Median starter home price: $95,481

Memphis, Tennessee 

Median annual income: $30,093

Income needed to afford a starter home: $27,966

Median starter home price: $87,174

Oklahoma City, Oklahoma 

Median annual income: $37,211

Income needed to afford a starter home: $37,071

Median starter home price: $126,442

Some of the cities where starter-homes are not affordable based on a renter’s income vs. income required include Los Angeles, New York, Oakland, San Jose, Miami, San Diego and San Francisco. In Los Angeles, there is a 70% gap between the renter’s income and the income required. In San Francisco, it’s a 60% gap.

(Source: Point2)

Concluding with remarks from Lawrence Yun, the chief economist at the National Association of Realtors, CNBC’s Make It reported, “The starter home market has become increasingly difficult over the past 20 years,” says Yun. This has created a “social divide” between homeowners and non-homeowners, who “simply feel like they cannot catch up.”

h/t Make It

Biden's Destroying the Economy. Is It Intentional?

STEPHEN MOORE| OCTOBER 25, 2022 | 5:10AM EDT

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(Photo by BRENDAN SMIALOWSKI/AFP via Getty Images)

Everywhere I go, people are mystified about President Joe Biden's economic agenda. So few of the policies comport with basic common sense that I'm asked the same question over and over: Is Biden intentionally trying to take a wrecking ball to the economy?

Is this all part of some diabolical plan, the "great reset," to end our system of free market capitalism and replace it with some form of big government socialism?

Biden keeps saying that he wants to be a historic president who will "transition" the country into a new worker's paradise where no one uses fossil fuels or electricity or cars and equality is paramount, ahead of growth and prosperity. Is he taking us there with no regard for the collateral damage to America?

My belief is that, no, I don't think this is an intentional, nefarious Dr. Evil-type plot.

But if this were a scheme to burn down the village in order to rebuild it, Biden and his administration are doing a great job of it.

Here are seven Biden administration steps to undermine an economy and a society from within. They will all sound familiar with the president's policies since he took office 21 months ago.

No. 1: Dismantle the nation's energy supply

We get 70% of our energy from fossil fuels. Biden has declared war on American oil and gas, making us more dependent on our enemies for our basic energy needs.

No. 2: Don't enforce the border

Biden is letting hundreds of thousands of potential criminals, terrorists, welfare recipients and enemies of the United States into our country through a porous southern border with Mexico. Immigration is good, but it must be orderly and regulated.

No. 3: Devalue the nation's currency through inflation

Inflation is up nearly 9% since Biden came into office. Inflation is a means to erode the value of a currency.

No. 4: Destroy the nation's finances by running up the debt by multiple trillions of dollars

No president in modern times has so recklessly pushed our nation into debt as rapidly as Biden through his $4 trillion in spending paid for with red ink.

No. 5: Divide rather than unite the nation

Rich versus poor, black versus white, gay versus straight, rural versus urban. Biden promised unity. Instead, he pits groups against each other. This is the identity politics of the Left that is the opposite of "e pluribus unum."

No. 6: Dumb down and indoctrinate our children with anti-American propaganda in the schools and media

And allowing teachers unions and left-wing activists to take over the curriculum with anti-American propaganda. It is the opposite of nurturing patriotism and love of country.

No. 7: Decriminalize a lot

Let criminals onto the streets. End bail. Empty the prisons. Let minor crimes go unpunished. Biden's policies favor criminals over victims. It's a scene out of a Batman movie.

Are these policies intentional or simply completely misguided? I don't know. But does it matter? Either way, our country is in grave peril.

(Stephen Moore is a senior fellow at the Heritage Foundation and an economist with FreedomWorks. His latest book is "Govzilla: How the Relentless Growth of Government is Devouring our Economy.")