The end of the Trump economy.
"U.S. stocks are poised to regain some ground in the wake of the Dow Jones Industrial Average's drop below 30000. Stock futures point to a higher open, but signal that the market is on course to register losses for what has been a volatile week.Thursday's fall extended a weak run. The Dow is down 18% this year and the S&P 500 is 23% lower on fears over high inflation, rising interest rates and economic growth."
https://www.wsj.com/livecoverage/global-stocks-markets-dow-update-06-17-2022?mod=hp_lead_pos1
The party and the Trump economy is over.
Stock market under 1 year of Trump: $6.9 trillion GAINED
Stock market under 16 months of Biden: $11 trillion LOST
According to Alicia Munnell, director of the Center for Retirement Research at Boston College, 401(k) plan participants have lost about $1.4 trillion from their accounts since the end of 2021. People with IRAs — most of which are 401(k) rollovers — have lost $2 trillion this year.
https://www.cbsnews.com/news/stocks-drop-retirement-savings-401k-ira-3-trillion-2022/
Many can't save anymore. According to CNBC: "Thirty-six percent of U.S. employees with salaries of $100,000 or more are living paycheck to paycheck — twice as many who said they were in 2019, according to a survey conducted by Willis Towers Watson, a consulting firm.That’s more than the 34% of workers who earn $50,000 to $100,000 a year who are living paycheck to paycheck, though lower than the 52% of paycheck-to-paycheck workers with incomes of less than $50,000, according to the survey."
https://www.cnbc.com/2022/06/16/more-high-earners-are-living-paycheck-to-paycheck.html
Baked in with the inflation caused by government spending & the printing of money, is the supply line shortages and the incredibly high fuel prices. Those prices not only effect workers, but have caused havoc for American farmers. The nation is facing all kinds of shortages and a recession is on the way. The Federal Reserve on Wednesday raised interest rates by 75 basis points to curb inflation. Was it too little too late? So much damage has been done to the American economy in the past 18 months that the thought of what the bottom of this will be boggles the mind. The nation has been at the mercy of radical policies, issued by a senile pawn with no sense of decency.
The Week:
The partisan Jan 6th Committee: Yesterday we heard testimony concerning the heated exchange between then President Trump and VP Pence on the morning of Jan 6th. We learned that lawyer John Eastman sold his theory to President Trump, a simply wrong idea that the vice president could reject electors from certain states. We also learned that Eastman sought a presidential pardon, which he didn’t receive. Word has it that the Committee intends to go after Ginni Thomas for her personal opinion. Ginni Thomas says "She can't wait to talk to the Committee."
Exxon Mobile shows backbone: "In a statement released Wednesday afternoon , Exxon Mobil defended its activities and listed the investments it made before and during the pandemic. “Globally, we’ve invested double what we’ve earned over the past five years — $118 billion on new oil and gas supplies compared to net income of $55 billion,” the statement said. “We kept investing even during the pandemic, when we lost more than $20 billion and had to borrow more than $30 billion to maintain investment to increase capacity to be ready for post-pandemic demand.”
https://www.msn.com/en-us/news/politics/exxon-mobil-fights-back-against-biden/ar-AAYy1Cm
The Blackburn Plan foiled : " A plan proposed by Sen. Marsha Blackburn, R-Tenn., to "de-wokeify" the U.S. military was halted by Senate Democrats this week. Blackburn, through two amendments to the National Defense Authorization Act (NDAA), was working to ensure military parents have control over their children's education and that congressional funding for "woke" diversity, equity and inclusion Department of Defense (DOD) programs would have more restrictions. During a classified hearing Wednesday, Senate Democrats on the Armed Services Committee voted down both measures."
https://news.yahoo.com/sen-blackburn-apos-plan-apos-060104337.html?fr=sycsrp_catchall
What have we learned?
Long ago the Great Economist Dr. Arthur Laffer taught us that the answer to inflation was tight money and lower tax rates. Some of us will never forget how his ideas defeated inflation and launched a 20 year boom. Others try, unsuccessfully, to pretend it never happened,
Because of the partisan makeup of the Jan 6th Committee, it will never have the credibility needed to make what seem to be credible points with compelling evidence.
Here on NT, I still feel we need a conversation on rules & standards.
Cartoon of the Week:
Honorable Mention
Michael Parades and Joseph Santana
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Joe Biden doesn't even know that the US is still the world's economic leader. When our economy coughs, their economies catch Pneumonia. He also seems to think that a recession can be avoided at this point.
"If it’s my fault, why is it the case in every other major industrial country in the world that inflation is higher? You ask yourself that? I’m not being a wise guy." ....Joe Biden
Hey, Joe: Do I pay taxes in those countries? Your job is taking care of things for US Citizens
Are you sure it is not South American countries, Mexico, Ukraine, and the illegal immigrants crossing our borders? Biden is funneling a lot of money and resources their way; which the US taxpayer is on the hook for.
I thought he was to suppose to put us first, but US taxpayers are not top priority with Joe
It's definitely them he wants to help.
You know that's not how Democrats work.
It's a hard case to make, except for the part where he asks if it's his fault.
But the high gas prices are the fault of company greed.
It is laughable that there are so many that are turning a blind eye to the partisan make up of the Jan 6th Committee. It's even more laughable that they thing that anything of substance will come from it. For over 5 years they have been "investigating" Trump and nothing has come from any of the investigations. How many "Smoking Guns", or "Final Nails" are we going to see that amount to nothing?
Of course it was House Democrats. The whole "woke" mindset has turned into a cancer, not only to our military, but to the country. Sen Blackburn is correct when she said ""The U.S. military must focus on confronting the new "axis of evil" – Communist China, Russia, Iran and North Korea. These regimes do not care how woke our military is or what our soldiers’ pronouns are" and "Pentagon leaders should be spending their time learning lessons about their disastrous withdrawal from Afghanistan, not promoting critical race theory and wokeism."
The deaths of Officer parades and Officer Santana are all on the left. This should have never happened.
Do such people shop at Walmart or incorporate cheap hamburger meat into their weekly meal plans? or do they shop at Neiman-Marcus and go to nice restaurants a couple times a week?
"Living paycheck to paycheck" is almost surely a different experience for people of disparate incomes.
Democrats are the first to scream that $100,000 isn't the same everywhere. I am sure people living in Democrat bastions of stupidity with high taxes, high crime, and high costs of living aren't living high on the hog at $100,000 a year.
True, a $100k in San Francisco is not the same as $100k in Des Moines. But I also have to wonder on how they are living their lives. Do they buy every toy when it comes out only to put it on a shelf when they grow tired of it? Do they have a TV in every room of their home? Do they buy new cars every couple of years? How have they been managing their money all along?
We saw this behavior a few years back during the housing bubble where home values were rising at extreme rates and people were refinancing their homes to pull cash out. I watched several people refinance, take the money and spend like crazy buying new everything and when the bubble burst they were left holding the bag without the resources available to cover their needs.
I would think it's easier for those at the $100k level to manage their money and better survive a paycheck to paycheck lifestyle than it is for the person at $50k to do, it takes intelligence and restraint. Unfortunately too many people have no clue when it comes to money management.
Exactly. God bless em, but anyone who says "living paycheck to paycheck" is a similar experience for someone making 125,000 a year as it is for someone making 35,000 a year is talking out their behind.
Yes and no. The mind-set when living paycheck to paycheck is very much the same regardless of how large your paycheck is as it's a mental issue. Things cost more and your paycheck doesn't meet how you have been living your life.
It's different with those making the $125,000 a year because they, if they are smart about it, can change behaviors to better manage their money. If they are unable to change their behaviors then they are living a very similar experience to someone who only makes $35,000 a year.
USA Today removes 23 articles after reporter Gabriela Miranda fabricated sources
https:// trib.al/jmHdbmk
That's the paper some here call middle of the road
And still no indictment?
Biden tells a guest "my sympathies to ... the family of your ... CFO who dropped dead very unexpectedly..."
Today is the last day of the Ascot meet
