A Devastating Economy for America

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Crippling Bidenomics, baby!

Inflation peaked at .4% in February and was annualized at about 5.4%. The BLS shows inflation reached 18.6%.

Newsmax put the Bidenomics BLS chart up last night on Rob Schmitt’s show:

Biden’s anxious to make it worse with a $7.7 Trillion budget, which is insane. Only the House and some Republican senators resist.

In 2019, the budget was $4.5 trillion. Then COVID hit, and money was overspent and wasted. Now, we’re talking $7.7T. We almost doubled government spending. Art Laffer said on Schmitt’s show last night that we are not spending it productively.

We’re paying people to stay home with demi-grants, and that has the employment numbers down. Laffer said don’t look at the unemployment rate; look at the employment rate, which has been at one of its lowest levels since Bill Clinton. Without the production of goods and services, you get inflation.

Laffer said that inflation is huge, at almost 19%. Prices are continually getting higher even if inflation has gone down for a while.

Yesterday, we reported terrible economic news. In February, the government took 63% of our income tax and used it only to pay off interest on our enormous debt. To put that in context, income tax is half the government’s revenue, and eventually, they’ll need 100%. So, 63% of the government’s revenue went to debt, multiplying at about a trillion dollars every quarter.

Laffer said these interest rates keep increasing and will get worse. It will take years of really good economics to fix this, but who will do it?

The administration thinks we have a revenue problem, not a spending problem. They are going to raise taxes on the top 1%. Research shows that revenue goes down, and the lower echelon suffers.

What happens when the world de-dollarizes, and we can’t print money anymore?

Fox Business reports that boneless chicken breast prices increased 26%, from $3.26 per pound in January 2021 to $4.11 per pound in February 2024. White bread per pound is 30% more expensive, up to $2.01 in February vs. $1.55 in January 2021. White sugar has increased in cost per pound from $0.68 to $0.98 in the last three years, a 44% increase.

February’s CPI numbers show housing and gasoline costs were the biggest drivers of inflation last month, accounting for 60% of the total monthly increase.

Rent costs rose 0.4% for the month and are up 5.8% from the same time last year. Gasoline prices, meanwhile, surged 3.8% over the course of February. However, they remain down 3.9% when compared with the previous year.


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