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Friday, July 01, 2022

Biden delivers his recession

Biden is a better president -- by Democrat standards -- than Obama because FJB has shut the economy down. Democrats want to run a broken America. Look what they have done to our great cities: Washington DC, New York and San Francisco.

Newsweek reported, "Economist Peter Schiff is warning that the United States will be facing an economic crisis worse than the Great Recession of 2008 following a new government report showing a 1.6 percent decrease in real gross domestic product (GDP) in the first quarter of 2022.

"In an interview with Newsweek, Schiff said he was expecting a recession last year 'so when we got that negative [GDP] number [today] it was pretty much what I was expecting.'

"He blamed both President Joe Biden and former President Donald Trump's administrations, as well as members of Congress, for signing off on trillions of dollars during the pandemic.

"'Joe Biden will soon be forced to admit that America's red hot economy has actually been in a recession all year, which will only get far worse with high inflation and more rate hikes,' Schiff posted on Twitter on Wednesday."

Fact check: Trump left Biden with a 1.4% inflation rate and 6.4% GDP growth.

A year later, Biden turned that to 8.6% inflation and a 1.6% shrinkage in the GDP.

Previously, Newsweek reported, "The combination of decades-high inflation, supply chain snags and astronomical gas prices have driven both economists and members of the public to declare that the economy is on its way to a recession, and one billionaire investor says we have already reached that point.

"In an interview Tuesday morning with CNBC's Squawk Box, ARK Invest founder CEO Cathie Wood told Andrew Ross Sorkin she and others were wrong about continuing inflation, in addition to supply chain woes that have become commonplace for over two years, with no discernible end in sight."

Wood fears the worst outcome possible: inflation becoming deflation, which will lead to a depression and not a recession.

She said, "Inflation has been a bigger problem, but I think it has set us up for deflation.... We think we are in a recession, and the real big problem out there is inventories...the increase of which I've never seen this large in my career, and I've been around for 45 years."

The White House spin is that no one could have predicted Ukraine.

But Biden's bungling of Ukraine is responsible for the economic fallout. Instead of telling Zelensky no, we won't give you NATO protection, FJB imposed economic sanctions on Russia, which backfired. The ruble grew stronger, the euro grew weaker and a bunch of drivers are asking, dude, where's my $3 gasoline?

Andy Puzder, retired CEO of the Carl Jr.'s and Hardee's fast-food chains, wrote, "While 3 in 4 Americans recognize that the economy is bad according to the latest CBS News poll, Americans are feeling economic pain every day at the gas pump and the grocery store. Whether we are already in a technical recession or not, a recession is what working- and middle-class Americans are experiencing – despite what Biden may believe. 

"Unfortunately, this isn’t the first time Biden has waved off a massive point of national angst. Almost one year ago, he said inflation was 'going to pop up a little bit and then go back down.' Now is at the highest rate in 40 years. As recently as April, Biden touted his economic performance claiming that the 'economy had gone from being on the mend to being the move.' No one should be fooled by his economic fantasies."

Wood and Puzder are far from alone.

Bloomberg reported, "Bob Michele kicked off his Wall Street career during the stagflation crisis of the early 1980s.

"More than four decades later, JPMorgan Asset Management’s chief investment officer says the economic outlook today looks even worse -- with a U.S. recession now looking more likely than a soft landing. 

"Central banks are a long way from reversing the most flagrant excesses of the easy-money era while inflation looks ever-more entrenched, per Michele. 

"His pessimism is reflected in an historically bad first half of a year that’s just drawn to a close. Stocks and bonds around the world combined have fallen by the most on record, according to Bloomberg data going back to 1990, with $8 trillion wiped off the S&P 500 alone."

The smart money vacated the premises on Wall Street months ago.

The Democrat plan is to have a flunky destroy the economy so Gavin Newsom can rebuild it.

We shall see if Democrats get away with it.

One thing is for sure, more small businesses will fail.

Biden's recession will hurt women and minorities hardest.

29 comments:

  1. "Biden's recession will hurt women and minorities hardest."

    Women? Minorities? Why do you have to do this, Don? Bad enough the government splits people into control groups without you adding to it.
    You don't think Men will be hurt?
    How about Indian, Hispanic, Asian, or Polynesian?

    "Biden's recession will hurt Americans hardest."

    Fixed it for you.
    -LG

    ReplyDelete
    Replies
    1. It's wry humor mocking the overuse of the phrase by the leftist msm.

      Delete
    2. Thank you Mr. Spectre. I swear, people are getting dumber EVERY FOOKING DAY.

      Delete
    3. News Bulletin:
      Earth Destroyed Tomorrow at Noon by Massive Meteor Strike. Women and Minorities Hardest Hit

      Delete
    4. As a white person living abroad, escaping the leftism that destroyed the west, I can tell you Don is wrong for sure. It should read "hurt white males the most" Blacks and women will still get their free handouts.

      Delete
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  3. It's bad economic news. The only thing that voters can do is toss out the Democrats at every level. Then they can get rid of the RINOs. Then Trump or Desantis can start rebuilding America. I don't even think the hair guy from California could fix it for the Dems. His only rebuilding idea is to hand out a government cheque.

    ReplyDelete
    Replies
    1. All very true, yet we all have that sinking feeling in our gut that the dems will continue to defy odds and find another way to steal/corrupt/cheat on elections. Maybe not so much for Congress since no electoral college is involved but just wait till 2024!

      Delete
    2. You just can't count out the cheating by the Dems.

      Delete
  4. Didn't women and minorities push Biden over the top?
    What goes around comes around.

    ReplyDelete
  5. Randy says: “Biden's recession will hurt women and minorities hardest.” And children. It’s all about “the children” don’cha know? Well, that assumes they survive the 9-month Leftist assault and are allowed to pop out in the first place.

    ReplyDelete
  6. Xiden has destroyed the economy faster than his handlers ever could have expected.

    He will be replaced with a more dictatorial sort to continue the revolution. Fixing the economy is not part of the plan.

    The only way for The Dems to win is with even greater voter fraud then we had in 2020. Don’t count them out.

    ReplyDelete
    Replies
    1. The Master is correct! Does any normal thinking voter actually think the socialist dems will just sit back and allow a normal election, that they KNOW is going to toss them to the side? Not bloody likely!!

      Delete
  7. I'll know the recession is over when a can of sardines is less than a dollar!

    ReplyDelete
    Replies
    1. Randy says: I’ll know the recession is over when prices at the Dollar Tree are back to a dollar.

      Delete
    2. At our Canadian version of the Dollar Tree, which is Dollarama, we now have prices on items of $1 to $5. The $5 prices are recent due to inflation.

      Delete
    3. Randy says: We have several “dollar store” chains here. Dollar General, for instance, has always had a range of prices, like your Dollarama. We have a lesser-known chain called Five Below, where everything is $5 or less. But in Dollar Tree, everything was always a dollar. From candy bars to coffee mugs, everything was a dollar. Dollar Tree recently raised their standard price to $1.25 for all items.

      Delete
  8. the irony of our situation is that the smart people in USA saw nothing wrong with the stolen election, in fact they supported it. our government passes out so many goodies to large companies that nobody wanted a president (DJT) that would make them pay their fair share. the same smartest people could never consider that the plan of the stealers of the election was to destroy America. they still don t believe that s the plan, when you ve got nothing you ll look to the government for handouts and they will own you. that s where we are headed. the only problem for the sealers is they forgot to disarm the population, that may be their downfall

    ReplyDelete
    Replies
    1. University of Chicago poll of 1000 registered voters...
      28% agree with the statement that it may necessary at some point some point soon be necessary for citizens to take up arms against the government.
      20% D 33%R 45% strong R (self identification) 37% of gun owners 35% Independents.
      No M/ F breakdown.
      Figure the women at nearly zero and you can pretty much double those percentages.

      Delete
    2. Butchered that sentence.
      We need an edit button.

      Delete
  9. Well, Brandon is always right. Ask him.

    The Democrat plan is to have a flunky destroy the economy so Gavin Newsom can rebuild it.

    ???????????????????

    People are leaving CA by the thousand. I have a feeling it ain't because business is good.

    ReplyDelete
    Replies
    1. Don needs to think bigger. This is the Davos crowd pulling Xiden's strings. They have a plan to fix it, but it means we are no longer a sovereign nation.

      Delete
    2. New World Order is the plan with the Davos crowd in charge.

      Delete
  10. Miz Wood is either stupid or lying ; this BS about large inventories must be items that nobody needs . Globalist and large corporations have destroyed the replacement parts supply chains .I am in the Municipal Fleet repair business ; parts and goods we used to be able to get the next day are weeks and even months away .

    ReplyDelete
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