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Biden Train Wreck

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Inflation Adjusted, Men Are Making Less Money Than in 1979, Women Are Doing Better​


July 31, 2023

BLS charts show interesting trends in real (inflation-adjusted) weekly earnings. Men are getting clobbered relative to women, but everyone is losing lately.
Median-Weekly-Real-Earnings-Since-1979-2023-Q2-1024x663.png
Median real earnings from the BLS, inflation adjusted to the 1982-1984 CPI Index, chart by Mish.
Median Weekly Real Earnings
  • In the first quarter of 1979 men were making $408 weekly. Today, men are making $391.
  • In the first quarter of 1979 women were making $250 weekly. Today women are making $330 weekly.
  • Collectively, people were making $335 then and now they are making $365.
Men are getting clobbered, down 4.2 percent, while median women’s earnings have risen 32 percent. These numbers may look silly but you can verify them on the St. Louis Fed FRED database.
Wait, you say, people are taking home more than $365 weekly. Yes they are, in nominal terms. Normally I take numbers and adjust them for inflation. This data is already inflation adjusted, so I had to un-adjust the data.
Median Weekly Earnings and Real Earnings Since 1979
Median-Weekly-Earnings-and-Real-Earnings-Since-1979-2023-Q2-1024x621.png
Median real earnings from the BLS, nominal earnings and chart by Mish.
In nominal terms, men were making $282 weekly in 1979 and $1,186 weekly today. Adjusted for inflation, $282 bought 4.2 percent more in 1979 than $1,186 does today.
Women have certainly fared better. In nominal terms, women were making $179 in 1979 and $1,001 today. In real terms that’s a jump from $250 to $330, a gain of 32 percent.
Nominal and Real Average Wages
Nominal-and-Real-Average-Wages-2023-06-1024x640.png
Nominal hourly wages from the BLS, real wages and chart by Mish.
In contrast to the first set of data where wages are weekly, and calculated quarterly, the BLS produces hourly data monthly. The calculation for this set is the reverse. The BLS shows nominal hourly wages and I calculate real wages.
Last week, someone on Twitter asked what earnings look like adjusted by the PCE price index. Economists tend to use 2012 as the base year for PCE so that is what I used as well. It doesn’t matter, so don’t dwell on the difference in the index year.
For both charts, I went back as far as the data was available. This chart is for production and nonsupervisory workers, not all workers. The hourly data for all workers only dates to March of 2006.
The BLS does not break out average hourly wages by sex. In terms of average hourly wage, the peak was February of 1973. For comparison purposes it’s too bad that data for the first chart does not go back as far.
As a cross check of the first chart calculation, take $28.82 hourly x 40 hours per week and you get $1,153 weekly.
February 1973 vs Today
  • In nominal terms, production workers were making $4.06 per hour. Today they are making $28.83.
  • In real PCE terms, production workers were making $17.56 then and $22.67 now, a 29 percent total jump over 30 years, about 1 percent a year.
  • In real CPI terms, production workers were making $21.05 then and $21.72 now, a 3.2 percent total jump over 30 years, essentially nothing.
We can deduce from the first chart that men are getting clobbered relative to women in both median and average terms. You can also say women are slowly catching up to men. Since we do not have a job-by-job breakdown, it’s not easy to quantify these expressions accurately.
What About Housing?
CS-National-Top-10-Metro-CPI-OER-2023-05-1-1024x716.png

Case Shiller National and 10-City home prices indexes plus OER, CPI, and Rent indexes from the BLS.
Chart Notes
  • The latest Case-Shiller home price indexes is for May. It represents repeat sales of the same house in roughly a March-April timeframe.
  • OER stands for Owners’ Equivalent rent. It’s the price one would pay to rent one’s own home, unfurnished, without utilities.
  • CPI is the consumer price index.
  • Rent of primary resident is just what it sounds.
  • CPI, OER, and Rent as as measured by the Bureau of Labor Statistics (BLS).
Home prices wildly disconnected from the CPI in 2000 and in 2013. The disconnect accelerated in 2020.
After a two-month decline in most markets, prices are again on the rise.
Housing Not Directly in the CPI or PCE
Please recall that housing prices are not directly in the either the CPI or PCE inflation indexes. For those wishing to buy a home, both measures of inflation are dramatically understated.
That means real hourly earnings are even dimmer than I presented above.
For discussion of home prices see The Housing Bubble, as Measured by Case-Shiller, Is Expanding Again.
Four-Measures-of-Inflation-percent-Change-2023-06A-PCE-1024x687.png

And please consider this question, Is It Time to Bet on an Inflation Overshoot?
 
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Everyday that passes it becomes clearer that Joe Biden will not be re-elected as president. A democrat may still win the presidency, however, it won't be Joe Biden. His age and mental gaffes are obvious signs that he is not fit for office. In addition, the light being shined on his corruption is getting brighter everyday and it will be too much to overcome.
 
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Biden’s America: Here’s How Much Bidenonmics Has Cut Your Paycheck​

By Warner Todd Huston, The Western Journal Aug. 7, 2023 5:27 pm

President Joe Biden is attempting to rev up his base by claiming his “Bidenomics” policies somehow “fixed” the economy. But few everyday Americans are seeing the benefits he keeps talking about. Indeed, paychecks have taken a serious hit in the Biden era.
Americans are facing a long list of things bleeding away their earning power. The cost of gasoline, food, rent and mortgages, utilities and nearly everything else has soared under this administration.
Biden has made all Americans poorer, but his horrible Bidenomics economy is hitting the poor and middle class very hard.

Overall, the cost of living has risen 16 percent from inflation since Biden took office, Tiana Lowe Doescher noted Thursday in the Washington Examiner. That means Americans have lost 16 percent of their spending power.
“The numbers are even more egregious when you break them down by the categories on which the least privileged spend a disproportionate amount of their incomes,” Doescher wrote.
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“The consumer price index specifically for food is up 19% since January 2021, and electricity prices are up 23%,” she said. “Used car prices are up a staggering 30%, and car repairs cost 23% more than two years ago.”
The economic situation is so bad that last week, Fitch Ratings downgraded the country’s credit rating to AA+, down from AAA, an announcement that “Shark Tank” star Kevin O’Leary said was a very bad thing for the U.S.
“There is no way to sugarcoat this at all. It’s bad. And I’ll tell you how you measure it’s bad. Basically, when you downgrade the U.S. economy, which is what this downgrading is, you are losing a little faith in the U.S. dollar and the U.S. Treasury bill,” O’Leary said Tuesday.
The Heritage Foundation also slammed the Biden administration for the downgrade.
“This has been a direct result of the Biden administration spending, borrowing, and printing too much money,” E.J. Antoni, a research fellow at the think tank’s Grover M. Hermann Center for the Federal Budget, told the Daily Caller News Foundation.
“As the yield on US Treasuries marches higher, the cost to service the debt is exploding,” Antoni said. “The Treasury is spending an annualized $1 trillion according to the latest monthly data from the Fiscal Service. This interest expense adds to the deficit which snowballs into a faster growing debt, which means even more expensive financing costs, higher interest rates, etc.
“That’s a death spiral.”
Peter Earle, an economist at the American Institute for Economic Research, pointed out that the downgrade was only the second in U.S. history, the first being in 2011 when Barack Obama was president.
“For the second time in history, the first having been in August 2011, the credit rating of the issuer of US Treasury bonds, the US government, has been downgraded,” Earle said in a post on Twitter, which has been rebranded as X. “What this means is that there is increasing doubt about the US government’s ability to meet its financial obligations.”


Doescher noted that Bidenomics has been a “disaster” for Americans. Rent is up 16 percent, and if one hopes to buy a home, mortgage interest rates have soared from around 3 percent when Biden took office to 7 percent today. That can be a difference of hundreds of dollars a month.
Getting to and from work is also once again costing Americans more as gas prices are soaring once again.
“The national average for gas prices stood at about $3.78 a gallon on Tuesday — about 25 cents higher than that seen one month ago, according to motor club AAA,” The Associated Press reported on Wednesday.
Former Reagan economist Larry Kudlow blasted Biden’s destructive economic policies.
“After Joe Biden’s $2 trillion American Rescue Plan, which was his landmark policy, a 6.5 percent economy delivered by Donald Trump sputtered to a 1 percent growth rate in Biden’s first full year, 2022 and early 2023,” Kudlow said in June.
“And after Trump hand-delivered a 1.4 percent inflation rate, under Bidenomics, it soared to a 9 percent inflation rate, which destroyed family affordability and worker income,” the Fox Business host added.
Kudlow had the perfect capper to his comments. After Biden was heard criticizing former President Ronald Reagan’s economic policies, Kudlow quipped, “Reagan healed the sick and Biden has infected the healthy.”
Sadly, according to Fitch Ratings, things are going to get worse.
“Fitch Ratings predicted a recession starting in the fourth quarter of 2023 later this year and extending into the first quarter of 2024, according to its press release. The agency also predicted that the Federal Reserve will raise interest rates by September to between 5.5 percent and 5.75 percent,” the DNCF reported.
Joe Biden may think he has a success to celebrate as part of his re-election campaign, but Americans beg to differ.
This article appeared originally on The Western Journal.
 

“Be a Grown Ass Man – Admit to Your Mistakes – Resign Immediately” – Father of Fallen Soldier BLASTS Joe Biden Over Botched Afghanistan Withdrawal (VIDEO)​

 

REPORT: Biden Losing Ground With Working Class, Blacks and Latino Voters​

By Mike LaChance Aug. 8, 2023 9:30 pm
AP21238796992257.webp

Joe Biden is reportedly losing his footing with working class voters, as well as black and Latino voters.
Democrats and the media can’t be surprised about white working class voters. That ship sailed long ago. These voters know that the Democrat party does not care what happens to them. It’s why these voters became a core part of the Trump coalition.
Black and Latino voters turning away from Biden, on the other hand, has got to have alarm bells going off at the DNC.

Axios reports:
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Biden loses ground with working-class Black, Latino voters
One of the main reasons President Biden is struggling in polls against former President Trump is his glaring underperformance with a constituency that has long been overwhelmingly Democratic: non-white voters without a college degree.
Why it matters: As Democrats have made major gains with suburban and upper-middle-class voters since Trump’s political ascendance, they’ve been losing support among blue-collar voters.
  • Pundits have focused heavily in recent years on white, working-class voters who changed their allegiances from former President Obama to Trump — and have made up a key part of the new GOP coalition.
  • But Democrats have lost significant ground among their non-white counterparts as well, turning a political weakness into a major headache heading into 2024.
  • The slippage is occurring even as Trump, the GOP’s standard bearer, is facing an unprecedented trifecta of indictments in the run-up to the 2024 election…
This has to be the thing that has Democrats worried the most:
  • Non-white working-class voters are not satisfied with the state of the economy, despite some clear signs of improvement. Opposition to Biden’s environmental agenda — the view that Democrats are pushing the transition from fossil fuels to renewable energy too quickly — is a consistent theme with working-class voters of all backgrounds.
Don’t people in Washington know that working class voters are gone?



Democrats seem to think their new core constituency is the trans community and non-citizens.
That’s who they seem to care about the most.
 
JOE BIDEN SUCKS!!!


Bidenomics? Recession concerns revive as deficit swells, U.S. debt exceeds $253K per taxpayer​

America is reportedly on track to exceed $50 trillion in debt by 2033, U.S. debt exceeds $253K per taxpayer.

By Addison Smith
Updated: August 9, 2023 - 12:00am
ACNN poll published last week found that just over half the country is pessimistic about the U.S. economy under Joe Biden. The poll was conducted by telephone calls to 1,279 households and disclosed a +/- 3% margin of error. Despite President Biden boasting that "Bidenomics" is a positive development, the numbers appear to tell a different story.
America’s national debt has ballooned from $26.94 trillion in 2020 to $32.68 trillion today, according to the U.S. Department of the Treasury. Counting roughly 2.5 years into Biden’s first presidential term, the debt translates to more than $253,000 for each taxpayer. Moreover, data from the Congressional Budget Office (CBO) shows the federal deficit for FY2023 is already at $1.6 trillion, a 120% increase from this same time last year.
That number is projected to hit $2 trillion per year over the next decade, according to a February CBO report, which would put the United States in debt at roughly $52 trillion by 2033.
This is just one of many reasons financial analysts are becoming increasingly concerned about a potential recession. Economist Neil Dutta expressed this in a Business Insider op-ed last month, writing that "I have for a long time been an optimist when it comes to the economy… However, I'm starting to change my outlook, and for several reasons, I now believe that a recession is more likely than not."
Dutta cites the "increasingly hawkish" Federal Reserve and its "aggressive campaign of interest-rate hikes," among other things.
Just last week, Fitch Ratings downgraded America’s credit rating to reflect "the expected fiscal deterioration in the days ahead. Both it and Moody’s predict a "mild" recession will hit by late 2023 or early 2024.
Some have dismissed these concerns, touting July’s GDP report, which showed 2.4% growth. Politico went as far as to say "many economists think the U.S. is out of the woods." However, Dave Brat, economist and dean of the Liberty University School of Business and formerly a congressional representative for Virginia, explained why he says this can’t be taken at face value.
"If you run a $2 trillion deficit, that's that stimulative," Brat said. "That pumps up the economy, and it's the government spending, and that counts toward GDP growth. But you're in debt $2 trillion to your people—so is that economic growth? I don’t think so."
At the end of the day, Brat said, the burden will eventually fall on young people to pay it all back.
As far as a recession goes, Brat said it’s "very complex" to project.
"Every economist in the world said we're going to be in recession by now. But what they got wrong was they didn't think the government could be so incompetent to raise the debt ceiling, and then have $7 trillion budgets for the next four years" and "running $2 trillion deficits."
Follow Addison on Twitter.
 
 
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The people's champion steps up while there is an utter lack of leadership from the corrupt WH.

 
The people's champion steps up while there is an utter lack of leadership from the corrupt WH.

Statement from President Joe Biden on the Wildfires in Hawaii​


"Jill and I send our deepest condolences to the families of those who lost loved ones in the wildfires in Maui, and our prayers are with those who have seen their homes, businesses, and communities destroyed. We are grateful to the brave firefighters and first responders who continue to run toward danger, putting themselves in harm’s way to save lives.
I have ordered all available Federal assets on the Islands to help with response. The Hawaiian National Guard has mobilized Chinook Helicopters to help with fire suppression and search and rescue on the Island of Maui. The U.S. Coast Guard and Navy Third Fleets are supporting response and rescue efforts. The Army is providing Black Hawk Helicopters to fight the fires on the Big Island. The Department of Transportation is working with commercial airlines to evacuate tourists from Maui, and the Department of the Interior and the United States Department of Agriculture stand ready to support post fire recovery efforts.

I urge all residents to continue to follow evacuation orders, listen to the instructions of first responders and officials, and stay alert."

 
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