The new economic numbers are out and they look pretty good, but only time will tell.
Joe Biden finally makes an admission and needs to take a ten day vacation to recover from it.
And we now have statistics that prove California and New York suck.
Dumbass of the Day
It Might Not All Be Good News
There was some news on the economy. Most of it was good news. But not all. Right now, let’s us take a look at the good news first and actually celebrate it. I do not like Joe Biden and want him out of office. A good economy would affect that. But a good economy would also make life for all of us better. I think it would be worthwhile to celebrate while we can.
The good news:
- The unemployment rate is at 3.6%. That’s good. That’s about where it was when Trump was in office. Mind you, this is not all it seems.
- There are more people with teo jobs than ever before.
- This does not take into account people who have left the workforce. That number is substancial.
- The inflation rate has dropped to 3.2%. This is good.
- It is still well over the 2% that is considered te high end of normal.
- Way above the 1.4% under Donald Trump.
- And still higher than was expected.
- Wages are higher.
- This is a misnomar. Wags are not higher. It’s just that inflation is down.
- I only bring this up because the president keeps saying it.
- Gross Domestic Product is at 2.4%.
- This is good. It means that we are not in a recession.
- People have confidence to spend their money.
- The supply chain crisis is easing.
- It also means there is a ton of money in the economy and people are spending it. This makes the inflation numbers very shakey.
With all that being said. The economic news is brighter than we all thought it could be. It also means that the landing for recovery could be softer than a lot of people thought. All that is good and should be touted by the administration.
But the administration might be throwing out a rosier picture than it should. There is some bad news that is making economists nervous. They shoul be nervous.
- Inflation – Still way higher than it should be.
- Interest rates – Keep going up. Apparently, the Fed isn’t convinced inflation is stable.
- Be prepared for another housing crisis.
- Big ticket items like cars will not be affordable.
- Businesses will no longer be able to infuse money through loans. This will lead to job loss.
- Energy is still higher and going up. Gasoline just went up to the highest level in a couple of years. This is not included in the inflation numbers.
- Regulations are not going to fix any problems and will create more. The Biden administration continues to put restraints on business. This will lower supply and possibly rebound inflation.
- Year-over-year inflation is a real problem. This 3.2% is from last year, which was up 9% from the year before and up from 5% from the year before.
- Interest rates – Keep going up. Apparently, the Fed isn’t convinced inflation is stable.
- GDP is good but all it means is that people are beginning to spend the extra money the government infused into the system during COVID. What’s going to happen when that money runs out? Economists are saying stagnation.
- Unemployment
- The national debt is a huge problem that is not going away.
- Contrary to what Joe Biden likes to say, the national debt has not gone down $1.7 trillion. This is a flat out lie.
- The debt is becoming so high, we are now just paying interest. We are not paying to the principle.
- Be prepared for fights on raising the debt ceiling every few months.
- Be prepared for austerity. Benefits are going to be cut. There’s no stopping this.
The economic outlook is tenuous at best. We will have to see what everything looks like by the end of the year. I also want to point out I am not sure where these numbers are coming from. Here comes the conspiracy hat. Does it really feel like things are getting better economically? Not to me. I think there is a little fudging of the numbers. Kind of like when Joe Biden says he has cut the deficit by $1.7 trillion. I mean, we can actually see the debt has gone up.
https://tradingeconomics.com/united-states/inflation-cpi#:~:text=More%20than%20Expected-,The%20annual%20inflation%20rate%20in%20the%20US%20slowed%20to%203,1981%2Dhighs%20of%209.1%25.
https://www.bea.gov/data/gdp/gross-domestic-product
https://www.ncsl.org/labor-and-employment/state-unemployment-rates#:~:text=Summary%20State%20Unemployment%20Rates&text=The%20national%20unemployment%20rate%2C%203.6,same%20as%20in%20June%202022.
https://www.axios.com/2023/07/26/fed-interest-rates-up-today-2023
It’s About Time
Joe Biden has bowed to the pressure of the media including from the Left wing media lke the New York Times.
According to the Daily Wire:
President Joe Biden finally addressed and acknowledged his seventh grandchild in a Friday night news dump exclusive with PEOPLE Magazine after four years of refusing to do so.
Before you get excited and think that Old Joe (who is on a 10 day beach vacation in Delaware, by the way) did an interview, he didn’t. His administration just released a statement. It said:
“Our son Hunter and Navy’s mother, Lunden, are working together to foster a relationship that is in the best interests of their daughter, preserving her privacy as much as possible going forward.
“You have to remember there were some fairly contentious legal proceedings between Navy’s parents happening until just a few weeks ago. As grandparents, the Bidens are following Hunter’s lead. They are — and have been — giving Hunter and Lunden the space and time to figure things out.“
Bullshit. They will not have anything to do with this kid. Their son fought, in court, to get away with no child support and make sure that kid doesn’t have the Biden last name (hunter won that fight).
Don’t expect to see that kid at the next Thanksgiving.
“This is not a political issue, it’s a family matter. Jill and I only want what is best for all of our grandchildren, including Navy.”
This is purely a political issue that had to be addressed. Maureen Dod of the New York Times, Biden’s propaganda outlet, said he needed to acknowledge this kid. It looks inhumane to ignore this child. He finally did and this is the mot he’s going to do.
https://www.foxnews.com/opinion/joe-jill-biden-acknowledge-7th-grandchild-obnoxious-reason
https://www.dailywire.com/news/our-son-hunter-and-navys-mother-joe-biden-finally-acknowledges-his-seventh-grandchild-in-friday-night-news-dump
Shock of the Week
Here is the least surprising story of the week.
According to Fox News:
New York and California experienced the largest loss of tax income from migration of any states in the country as residents fled the deep-blue havens in droves, according to a new study that also found that Texas and Florida got the biggest IRS tax benefits from people moving in.
MyEListing.com, an online real estate portal, conducted a study of IRS migration data and found that California lost more than $340 million in 2021 IRS tax revenue due to residents moving.
“Despite its numerous attractions, from the booming tech industry and world-class universities to beautiful landscapes and cultural richness, California’s high personal income tax rates seem discouraging for many high-wealth individuals,” MyEListing wrote in its analysis. “This, coupled with the state’s high cost of living, will likely fuel a wealth migration out of California.”
You know, California and New York have always had a high cost of living and high taxes. I wonder what else should be considered here.
The article continues:
From January 2020 to July 2022, the state lost well over half a million people, with the number of residents leaving surpassing those moving in by almost 700,000. The U-Haul Growth Index, which measured more than two million one-way trips last year, found that California ranked last on the index as demand for trucks out of the Golden State spiked.
I do want to point out this is from Fox News and they seem to skip all the problems that are wrong with California and New York! They mention the homeless crisis but fail to mention the crime, mental health issues, open drug markets and the impossibility to start or maintain a business. They failed to mention the regulations that are choking the energy industry and keeping gas and electric prices high. They fail to mention that the environmntal love the Californians are embracing is responsible for forest fires to the point insurance companies refuse to insure houses or businesses.
They niow want to ban gas cars, gas stoves, air conditioners and water heaters. They want to take parental rights away from parents so the states can drug and mutilate the children. They want to force people to use language they don’t like and kill all religious institutions.
Yeah, people are leaving California, New York and Illinois for more than high taxes and cost of living. They’re leaving because these states are shitholes and getting worse.