Despite Biden’s incoherent raving about “We are not in a recession” and Jen Psaki incessantly repeating this lie or avoiding reporter’s questions about it, we more than likely are.
It’s generally assumed it takes 6 months to know “for sure” and we are just 4 months in. So… by the end of July, we will know for sure, but the truth is right now, we and our families are seeing the largest drop in income in 90 years! You read that right, 90 years.
Talk about “Building Back Better”, how about “Setting Back Better”, Joe? Joe, are you there?
The claimed 1.4% drop in economic activity so far this year is likely much worse. Is there no end to what this administration can spin? Although the economy figures include a said number of consumer spending, which rose 2.7%, likely caused by the inflated price of goods. A little smoke and mirrors always help the data.
And the proof is: consumer spending is in no way keeping up with inflation, which rose 8.5%. And… that’s not the worst of it.
The real drop in household income comes out to a distressing 10.9%.
Market Watch wrote, “Over the last four quarters, the purchasing power of after-tax household incomes plunged by $2.2 trillion (in 2021 dollars). That’s a 10.9% decline, by far the largest in the records dating back to 1947.”
But…. Market Watch is clearly spinning the numbers, “Of course, the decline in incomes is merely the unwinding of the massive support that households received from the government in 2020 and 2021 via direct pandemic stimulus payments, the child tax credit, and enhanced benefits for unemployment insurance, food stamps and Medicaid, and more… blah, blah blah… our current spike in inflation is all due (as many like to claim) to an overly generous federal government giving its people too much money, then our inflation problem is about to go away.” Yeah right. All that “extra money” just comes from the Fed printing it with nothing behind it just adding to our insane amount of debt which puts the burden on taxpayers now and in generations to come. Our grandchildren and great grandchildren will be living in an unsustainable America, provided it still exists.
The absolute truth is that that the federal government did not give everyone 10.9%.
In the past year, there were no stimulus checks given out. That means everyone had to eat that 10.9% drop in household income. Perhaps “eat” is not the right analogy because food is getting scarcer and more expensive by the minute. You must be crazy not to see it. Well, given the dysfunctional Biden clarion call of “Building Back Better”, we are not only surprised but having panic attacks.
Inflation is not magically going away because the federal government suddenly will stop spending either. That is not about to happen, not only killing us but our position in the world economy where the dollar is snubbed more and more with each coming day.
What is truly troubling is that the federal government received record tax revenues the past 6 months while setting a record in borrowing. The national debt accumulation of all the deficits over the years has surpassed an astonishing $30 trillion.
The last balanced budget was 21 years ago with $25 trillion borrowed since then.
That’s not counting the trade deficits with Red China that top $1 trillion every three years.
Let’s face it our US economy has lost its independence. It’s all the container ships sailing in from Red China that brings us the stuff we buy at Dollar General, Walmart, Amazon and almost every place else.
Let’s get real. That 10.9% drop in household income is, a Biden tax. It is a harbinger of a recession we have not seen in 90 years. 90 years!
There is only one way out: stop the federal spending. But Biden won’t. He says this spending “stops inflation”, with Psaki parroting his every word. Is there any more proof of insanity necessary? We have too much insanity already. But this is not just one of those increasingly common Biden gaffes, folks, this is beyond stupidity. This is a certifiable mental disorder.
We will see if a Republican president and Congress are willing to do reign in the Fed, deal with taxation and all the other Democratic administration’s financial shenanigans for their own benefit which are directly billed to the American households and automatically withdrawn from their bank accounts.
10.9 percent! That hurts and more pain is coming.
The opinions expressed in this article are solely those of the author.
The US economy, banking system, dollar are done nothing or anyone can fix it to late for that. the entire system will collapse people will lose everything except those invested in hard assets. Its still not to late but act fast pull all you money out of the market buy gold and silver bullion and stockpile food because there will be a painful famine also
Why is the economy so bad today? Why is the whole world going down? For the past thousands of years there was always Avoda zara in the world-from the molech to the baal to the asheira tree etc…-todays avoda zara is MONEY, we are a servant to money, we serve money, we bow down to money, we let money talk & rule us. Thus we leave Hashem no choice but to take it away from us Rachmana L’tzlan. But you can still save yourself from going down. if a person can use his money the right way & remember that it all comes from Hashem & it was just loaned to him (even though he worked for it), then he is the perfect person to continue holding Hashem’s money.