POVERTY SOARS AS JOE BIDEN FLOODS AMERICA WITH 'CHEAP' LABOR ILLEGALS - THE TRUE COST WILL BE PASSED ALONG TO MIDDLE AMERICA.... WHAT MIDDLE AMERICA?!?
Goodbye Middle Class: 50 Percent Of All U.S. Workers Made $34,612.04 Or Less Last Year
RECESSION? ONLY FOR THE RICH. FOR THE REST OF US IT IS CLEARLY A DEPRESSION!
ARE YOU FEELING THE RECESSION? ECONOMIST WARN IT'S HERE NOW, PANIC BUYING, HOME PRICES OUT OF REACH
The Great Resignation: Why Millions Of Workers Are Quitting
Why Are Millions Of Americans Quitting Their Jobs And Not Getting New Ones?
Ryan Grim: 4.3 Million Workers Just Told Their Bosses To Shove It
GOODBYE MIDDLE CLASS - U.S. WORKERS ARE BROKE - SERIOUS FINANCIAL PROBLEMS - SURVIVING ON LOW WAGES
Zillow STOPS Buying. Housing Crash NEXT?
THE ECONOMY WILL HIT A WALL, LEGENDARY INVESTOR WARNS, NEXT FINANCIAL CRISIS
HOME FLIPPERS BEWARE
Idaho feels impact of drug trafficking from border
https://www.youtube.com/watch?v=pFiTwBf6HwI
Gov. Abbott blasts Biden's 'catastrophic open border policies' for migrant crisis
Gingrich accuses Biden administration of 'rejecting' reality
Inflation Is About to Start Kicking In For Real
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Fresh from his extended vacation, Biden's inept Transportation Secretary, Pete Buttigieg, did a media tour to explain that the economy is a mess because it's so awesome. And then he warned that the awesomely messy economy in which stores don't have products in stock, prices keep climbing and products keep shrinking, will continue into next year. But don't worry, it's a "high-class problem".
Meanwhile quieter voices in the camp are warning that it's the new normal.
"Workers are demanding pay increases since they can see their wages aren’t buying as much with so many everyday necessities costing more, including rent. That leads companies to hike prices more, and then workers turn around and demand another pay raise. Economists call this phenomenon a “wage-price spiral.” It often leads to sustained high inflation that forces the Fed to step in to stop it. Alternatively, consumers could pull back on spending as they fear high prices, another scenario that is harmful to the economy and could lead to a recession."
As long as the government keeps throwing money in, a certain population group may go on spending. Meanwhile, wage increases look to be overshadowed by price increases as the spiral continues. Dems will get their "Fight for 15", but by then a burger will cost 15 bucks.
FedEx recently announced one of its heftiest price increases in years. Pepsi said this month the company expects “to be able to price through the inflation that we’re facing,” meaning they can largely pass it along to customers.
Housewares and beauty product company Helen of Troy, with brands like OXO storage containers, Drybar hair dryers and Hydro Flask water bottles, signaled more price increases are coming during an earnings call last week.
“We’re assuming that the inflation is not going to be transitory, and we’re positioning ourselves accordingly,” said Chief Executive Officer Julien Mininberg.
There are also early signs of wage-price spirals building, especially in the restaurant sector.
Fuzzy’s Taco Shop in Wichita, Kansas, is about to raise menu prices for the second time this year. Operating Partner Whitney Reitz said she had no choice. Over the summer, she raised starting pay from about $8 to $10 an hour to attract workers, prompting a menu price hike. Then she bumped pay up again, adding 50 cents to $1 more for workers who stay a month. By the fall, starting pay was up to $12 an hour. Now another price hike is coming on the menu.
“The wage-price spiral has already begun,” said economist Sung Won Sohn of Loyola Marymount University and SS Economics. “In the financial markets and the economy, the biggest long-term problem we have is inflation. You can’t turn the inflation rate on and off.”
The dollar store is dead. And homes and cars are becoming unattainable.
One clear sign that consumers are getting spooked by higher prices is Americans’ plans to buy houses and cars are at the lowest levels since the early 1980s, according to the University of Michigan Survey of Consumers.
When people can't afford a home or a car, they won't buy them.
Meanwhile the Biden push to raise gas prices is raising costs across the economy.
”It’s painful. This is truly psychological. Diesel is near $4 a gallon now, which means truckers are paying $1,000 a fill up a tank. It takes three fill ups to drive from the East to West coast. That really eats into your profits,” said Lee Klass, one of many independent truck drivers who owns and operates his own truck. Before the pandemic, it used to cost about $750 to fill up.
Klass said diesel prices are the dominant topic of conversation at truck stops. Despite the need for more truck drivers, some independent truckers are starting to hesitate to take certain loads with gas prices so high and fuel surcharges not yet adjusting.
”If the rates aren’t good enough, people just won’t do it,” Klass said.
And that's about to lead to Biden's Black Christmas.
Housing Starts Unexpectedly Plunged in September
Homebuilding in the U.S. slowed down considerably in the final weeks of the summer, data from the Census Bureau showed Tuesday.
Housing starts in September came in at an annual rate of 1.555 million, below the 1.61 million forecast. The starts figures for July and August were also revised down, suggesting that the home construction business was more sluggish than previously thought.
Permits were also disappointing at an annualized pace of 1.589 million, below expectations for 1.67 million. August was revised down slightly.
Single-family housing starts were virtually unchanged from the prior month at 1.08 million.
Homebuilder confidence has surged recently but builders say they are hindered by episodic shortages of materials and a persistent shortage of workers. At the end of August, the construction industry had 344,000 open jobs, with similar figures in July and June.
The Biden administration has been advancing a set of policies that would challenge zoning restrictions in suburban communities, aimed at encouraging the construction of more apartments and other multi-family units. Many of the left think that zoning rules effectively exclude too many people of color, describing the traditional rules as part of a system of white supremacy or white privilege.
Home prices have soared over the past year and a half, boosted by demand for single-family homes on the part of people moving out of city centers. Long-standing patterns of real estate prices indicate that American families tend to favor single-family houses in communities where that is the predominant or even exclusive form of housing.
Nat’l Association of Home Builders CEO: Supply Chain a ‘Looming Crisis’ for Housing Market
On Monday’s broadcast of the Fox Business Network’s “Varney & Co.,” National Association of Home Builders CEO Jerry Howard said the “supply chain is going to be a major problem if we don’t get it fixed very soon.” And “It’s a looming, looming crisis.” Howard also stated that we’re looking at an increase in home prices of “at least a few thousand dollars, depending on where you are and what products you’re talking about.”
Howard said, “The supply chain is going to be a major problem if we don’t get it fixed very soon. Everything from lumber, to drywall, to concrete, to appliances, three, four months delays as the product all sits on the boats in the ports around the country. It’s a looming, looming crisis.”
He added, “Obviously, time is money, and the longer it takes, the more it’s going to add to the price of the house. Right now, we’re looking at at least a few thousand dollars, depending on where you are and what products you’re talking about. So, it’s — housing affordability is a problem, as you just said on the previous report in the rental market. And now it’s getting to be a problem in the first-time homebuyer market. That doesn’t bode well for housing or the economy.”
Follow Ian Hanchett on Twitter @IanHanchett
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