Remember when foolish Flu Manchu lockdowns forced millions of people out of work? And remember how the federal government kept extending unemployment benefits?
Weirdly, paying people not to work results in people not working. Who knew?
It’s bad enough when politicians enact witless economic policies with huge price tags, but it’s even worse when those policies destroy American lives and livelihoods. New research shows that this will be the pandemic-era legacy of the politicians that forcibly closed businesses, made people stay home, then incentivized millions of out-of-work Americans to give up the opportunity to get their lives back on track.
It’s now clear that half the states kept destructive policies in place even after their devastating effects were known. What should have been a temporary bridge to keep people afloat while America tackled COVID-19 became a nightmare of dependence and depression.
In March of 2020, the federal government began paying weekly “bonuses” known as supplemental insurance to people on unemployment. That meant many people received more money from unemployment insurance than they did while working. It was even expanded to include those who hadn’t paid into the program.
By the fall, the country began emerging from the pandemic, vaccines became available, and business started to open again and look for workers. The speed of American resilience was something to behold. But the government refused to make the transition with the rest of the country and kept paying people to stay home.
Eliminating people’s jobs and paying them to be unemployed was robbing millions of Americans of the dignity that comes with finding purpose and achieving self-sufficiency. It destroyed lives, driving dependency on government, contributing to drug and alcohol addiction, and exacerbating isolation and depression.
These effects of the program were blatantly obvious through the spring of 2021 but that didn’t stop the Biden Administration and Congress from extending the benefits through September. By the summer of 2021, the nation had nearly 11 million unfilled jobs, a spike from just under 7.2 million at the beginning of the year.
That’s why 26 states decided to terminate the unemployment bonuses early instead of letting them expire in September 2021. At the time, some in the media portrayed the move as cruel, ripping critical funds away from those struggling during the pandemic.
But new research from the Texas Public Policy Foundation shows that the states that ended the benefits early had superior job growth, ending the soul-crushing dependency inflicted upon millions by the misguided policy. By the end of 2021, only Texas and three other states that ended the bonuses early had regained all the jobs that they lost during the pandemic.
In the states that continued paying the unemployment bonuses through September 2021, job growth was anemic. Roughly 3 million more people stayed on unemployment in states that maintained the increase in benefits versus the states that ended the program early.
More from Vance Ginn:
2/ Findings of enhanced UI:
“half the states kept destructive policies in place even after their devastating effects were known. What should have been a temporary bridge to keep people afloat while America tackled COVID-19 became a nightmare of dependence and depression.” pic.twitter.com/EbylQJyCgF
4/ “In the states that continued paying the unemployment bonuses through September 2021, job growth was anemic. Roughly 3 MILLION more people stayed on unemployment in states that maintained the increase in benefits versus the states that ended the program early.” pic.twitter.com/BGzaP7aLCu
Those results explain why the socialist pipedream of “Universal Basic Income” would be disasterous for all involved. It would balloon the deficit, create moral hazard and encourage welfare dependency among work-eligible citizens, suppress the economy, and knock some of the most vulnerable Americans off the skill ladder to success, all for the sake of robbing Peter to pay Paul.
Basic economic incentives and human nature don’t change just because the Democratic Party finds them inconvenient.
Ukraine fights back, Biden isn’t going to do jack about it, Kyle Rittenhouse is going to sue everyone, inflation soars, the Canadian “emergency” is ended, disaster looms for Democrats, and Ilhan Omar gets an unusual challenger. It’s the Friday LinkSwarm!
While reports of the battle are confused and preliminary, it appears that Ukrainian forces counterattacked, shot down some Russian helicopters, and have so far been able to prevent the Russians from landing reinforcements. Initial claims that the Russian force at the airfield had been “destroyed” were later clarified; it now seems that the battle at Gostomel is continuing. It’s easy to understand how crucial this battle is, simply by looking at a map. If the Russians could gain control of the Gostomel airfield, they could score a quick knock-out of the Ukrainian capital as part of what is being called their “decapitation” strategy.
Russian news services are claiming they’ve taken the airfield, but that may be stale news or propaganda.
Ukrainian forces take up positions in Kiev. Also: “Reports that the Ukrainian military has delivered a strike on a Russian airfield in Millerovo, Rostov Oblast have now been confirmed.”
The invasion of Ukraine by the armed forces of Russia at Russian President Vladimir Putin’s orders marks the first time since 1945 that Russia has engaged in a conventional war with a near-peer nation.
Ukraine isn’t restive Warsaw Pact nations, it isn’t Afghanistan, it isn’t Chechnya, it isn’t Georgia, and it isn’t Crimea.
The conflict launched by Putin is on a far grander scale than the invasion of Crimea in 2014, launched as Ukraine’s last pro-Russia president, Viktor Yanukovych, was driven from office in a popular uprising.
Putin, by choosing to reach beyond the ethnic-Russian majority separatist provinces of Donetsk and Luhansk in the Donbas Basin, has decided to end the independent, Western-looking Ukrainian government of President Volodymyr Zelenskyy and install a pro-Putin quisling.
And while the fog of war, some deliberate mis-and disinformation operations by the combatants, and the far-from-perfect filter of Western media leaves much unknown at this time, what is known is that Zelenskyy is still in power a day after the Russian offensive. Further, the Ukrainian military appears to be taking a toll on the Russians invading from three sides: south across the Pripyat Marshes from Russian satellite Belarus; west from Russia, including Donbas; and north from the Black Sea in the region of Odessa and Transnistria, a Russian client breakaway state in Moldavia.
Modern conventional war is extremely difficult to do well. Imagine being a conductor of an orchestra, all while the audience was lobbing soccer balls at you and your musicians as you perform J.S. Bach’s Chaconne in D — that’s modern warfare. Putin is attempting a highly complicated operation over large distances in the face of a determined foe. Further, he’s doing so with an army largely composed of conscripts serving for only one year.
Since Putin has decided to oust the Ukrainian government, this means that every day Zelenskyy remains in office is another day that adds to Ukrainian national confidence to resist — and another day that Putin looks to have miscalculated.
A Russian Military Ship telling 13 Ukrainian troops on Snake Island to surrender. They were met with a response of " Russian military Ship, go fuck yourself."
Both the EU and the Biden Administration offer sanctions they admit will not do Jack Squat.
FULL DOCUMENT: This is the general license that US Treasury has issued exempting any "energy" related dealings from the sanctions imposed on some of the biggest Russian banks. It's so wide ranging that even includes "wood" as a form of energy exempted | #Ukraine#OOTTpic.twitter.com/3X5t0LFi3W
WATCH: AP reporter roasts Biden's State Department spokesman over the "frankly huge" list of exemptions in Biden's sanctions on Russia.pic.twitter.com/gzAWB4LwMg
Taiwan joins sanctions against Russia, including their semiconductor industry. I don’t know if any fabless Russian chip design company gets their chips fabbed at TSMC, so I’m not sure how badly this hurts their economy in the long run.
It is the West’s wacko environmentalists who handed Russian President Vladimir Putin the leverage and money to invade Crimea in 2014 and Ukraine this week.
Without these wackos, Putin would be just another gangster in charge of a crumbling country, and maybe one on the verge of a revolution to depose him.
But the facts are the facts are the facts, and the facts are these… Thanks to the West’s environmentalists, those smug greenies who are more concerned with carbon output than world peace, this gangster controls much of the energy going to the European Union (E.U.).
Thanks a lot, Greta…
A great mystery:
Under Carter, Russia invaded Afghanistan. Under Obama, Russia took over Crimea. Under Biden, Russia is invading the rest of Ukraine. Russians do land grabs when Democrats control the White House. Democrats get pissed when you point it out. But it is still true.
Biden is demonstrably more hostile to American oil and gas companies than he is to Russian companies, having frozen oil and gas leasesdespite a court order otherwise.
Thanks to Biden’s inflation, the cost of everything is going up. “70 percent of Americans are living paycheck to paycheck.”
Fellow former finance reporter Chrystia Freeland — someone I’ve known since we were both expat journalists in Russia in the nineties — announced last week that her native Canada would be making Sorkin’s vision a reality. Freeland arouses strong feelings among old Russia hands. Before the Yeltsin era collapsed, she had consistent, remarkable access to gangster-oligarchs like Boris Berezovsky, who appeared in her Financial Times articles described as aw-shucks humans just doing their best to make sure “big capital” maintained its “necessary role” in Russia’s political life. “Berezovsky was one of several financiers who came together in a last-ditch attempt to keep the Communists out of the Kremlin” was typical Freeland fare in, say, 1998.
Then the Yeltsin era collapsed in corrupt ignominy and Freeland immediately wrote a book called Sale of the Century that identified Yeltsin’s embrace of her former top sources as the “original sin” of Russian capitalism, a “Faustian bargain” that crippled Russia’s chance at true progress. This is Freeland on Yeltsin’s successor in 2000. Note the “Yes, Putin has a reputation for beating the press, but his economic rep is solid!” passage at the end:
It looks as if we’re about to fall in love with Russia all over again…
Compared to the ailing, drink-addled figure Boris Yeltsin cut in his later years, his successor, Vladimir Putin, in the eyes of many western observers, seems refreshingly direct, decisive and energetic… Tony Blair, who has already paid Putin the compliment of a visit to Russia and received the newly installed president in Downing Street in return, has praised him as a strong leader with a reformist vision. Bill Clinton, who recently hot-footed it to Russia, offered the equally sunny appraisal that “when we look at Russia today . . . we see an economy that is growing . . . we see a Russia that has just completed a democratic transfer of power for the first time in a thousand years.”
To be sure, some critics have lamented Putin’s support for the bloody second war in Chechnya, accused him of eroding freedom of the press…and worried aloud that his KGB background and unrepenting loyalty to the honor of that institution could jeopardize Russia’s fragile democratic institutions. But many of even Putin’s fiercest prosecutors seem inclined to give him the benefit of the doubt when it comes to the economy…
Years later, she is somehow Canada’s Finance Minister, and what another friend from our Russia days laughingly describes as “the Nurse Ratched of the New World Order.” At the end of last week, Minister Freeland explained that in expanding its Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) program, her government was “directing Canadian financial institutions to review their relationships with anyone involved in the illegal blockades.”
The Emergencies Act contains language beyond the inventive powers of the best sci-fi writers. It defines a “designated person” — a person eligible for cutoff of financial services — as someone “directly or indirectly” participating in a “public assembly that may reasonably be expected to lead to a breach of the peace.” Directly or indirectly?
She went on to describe the invocation of Canada’s Emergencies Act in the dripping-fake tones of someone trying to put a smile on an insurance claim rejection, with even phrases packed with bad news steered upward in the form of cheery hypotheticals. As in, The names of both individuals and entities as well as crypto wallets? Have been shared? By the RCMP with financial institutions? And accounts have been frozen? As she confirmed this monstrous news about freezing bank accounts, Freeland burst into nervous laughter, looking like Tony Perkins sharing a cheery memory with “mother.”
Angeleno’s tax dollars at work:
A city audit found LA spends $837,000 to house one homeless person. Perhaps this is why Newsom has done everything he can to block my statewide audit.
China is getting a good return on its investment in the Biden clan: “DOJ shuts down China-focused anti-espionage program. The China Initiative is being cast aside largely because of perceptions that it unfairly painted Chinese Americans and U.S. residents of Chinese origin as disloyal.” We can’t let national security stand in the way of political correctness…
In what may be remembered as one of the greatest miracles of all time, it seems that an upcoming American election cycle is set to put an end to the great COVID pandemic in regions that have been clinging to “mitigation” tactics despite them being proven ineffective long ago. What science couldn’t do for blue state governors, politics is about to. Meanwhile, much of the rest of the country has already adopted an “endemic” approach to COVID. In my Indiana community, for instance, school systems have been in-person and maskless for well over a year.
A combination of experience and common sense led local officials to recognize that while COVID was a serious virus, and an often-times unpleasant condition to endure, we just weren’t experiencing the kind of mortality rates or critical hospitalizations that would require the suspension of normal life. If I was guessing, I would say that there are more counties, cities, and communities in the United States like mine than not.
While mainstream media may be drawn like a moth to the bright lights of urban areas with all the restrictions, mandates, and panic-fueled policies enacted there, most Americans have been “living with” the virus for a long time now.
In fact, if my community is any bellwether for the nation, most Americans are already wondering why anyone is still attempting to take a non-endemic approach at this point. The virus has proven itself to be, like all other viruses, prone to seasonal surges that are largely unaltered by our theatrical mitigation techniques. Not that anyone with their head screwed on straight ever thought there was value in wearing a porous cloth mask while standing up at a restaurant, then taking it off while sitting down, but the comical nonsense of mask histrionics is now widely appreciated as a goofy spectator sport. Behold:
So silly. And so as opinion polls continue showing that an ever-increasing number of Americans are infuriated by this nonsense, and that they are done with all the aggressive pandemic restrictions that proved unnecessary a long time ago, a public pivot of massive proportions is underway amongst the political class.
Whether it’s big blue state governors like California’s Gavin Newsom hilariously announcing that he will be transitioning his state to the country’s first “endemic” virus policy – meaning they’re going to start doing some things that Texas, Florida, South Dakota, Indiana, and so many others have been doing for over a year – or whether it’s blue city school boards like San Francisco’s being recalled by angry voters for their abusive and needless shutdown and masking policies, it’s clear where we’re headed.
Despite that, the midterm news for Democrats is not good.
Democrats know that they should be preparing for a brutal showing in this November’s midterm elections. Glenn Youngkin’s victory in the Virginia gubernatorial race last year — and, more to the point, the substance and style of his successful campaign — were the first sign of it.
But the hits have kept on coming. In San Francisco last week, two progressive parents succeeded in their campaign to oust three school-board members for being . . . too progressive. Irked initially at how long it was taking for area schools to reopen for in-person learning during the pandemic, these two single parents did some digging and discovered even more to be upset about: an enormous budget shortfall, an intensive campaign to rename dozens of school buildings, and the replacement of a merit-based admissions program with a diversity-minded lottery, among other issues.
Suggesting just how central education has become to politics, San Francisco’s intensely progressive mayor, London Breed — who last fall violated her own mask mandate at a concert and defended herself by saying she was “feeling the spirit” — endorsed the school-board recall effort.
“My take is that it was really about the frustration of the board of education doing their fundamental job,” Breed said after the results were in. “And that is to make sure that our children are getting educated, that they get back into the classroom. And that did not occur. . . . We failed our children. Parents were upset. The city as a whole was upset, and the decision to recall school-board members was a result of that.”
San Francisco–based writer Gary Kamiya suggests in a piece for the Atlantic that the results of the recall seem to confirm the conservative narrative. Kamiya writes that conservatives have argued “that the Democratic Party is out of step not just with Republicans, but with its own constituents. . . . Progressives rejected such conclusions, insisting that the recall was simply about competence and was driven by an only-in-San-Francisco set of circumstances.” Kamiya concludes that the best way to read the outcome is “closer to the conservative view.” “At a minimum,” Kamiya writes, “the recall demonstrates that ‘woke’ racial politics have their limits, even in one of the wokest cities in the country.”
Over in Texas, meanwhile, failed Senate candidate and failed presidential hopeful Beto O’Rourke is gearing up to become a failed gubernatorial candidate, too. Running against incumbent Republican governor Greg Abbott, O’Rourke was most recently seen trying to pretend that he isn’t a fan of radical gun-control measures.
Asked about the promise he made during his run for president that he would “take away AR-15s and AK-47s,” O’Rourke attempted a hard about-face.
“I’m not interested in taking anything from anyone,” he said. “What I want to make sure that we do is defend the Second Amendment. I want to make sure that we protect our fellow Texans far better than we’re doing right now. And that we listen to law enforcement, which Greg Abbott refused to do. He turned his back on them when he signed that permitless-carry bill that endangers the lives of law enforcement in a state that’s seen more cops and sheriff’s deputies gunned down than in any other.”
As Charlie Cooke has noted, this is utter tripe. It also isn’t working. The latest poll of the race from the Dallas Moring News has Abbott up by seven points, 45 percent to 38 percent. O’Rourke himself remains underwater with voters: Only 40 percent view him favorably, while 46 percent say they have an unfavorable view of the candidate.
Republicans win a Jacksonville City Council race:
It's a citywide race, and this result will more or less match the average partisanship of the city for the past decade or so. But this was a Dem-held seat, and losing it in this fashion has to hurt the local party. And doesn't portend well in other races.
Kyle Rittenhouse is finally ready to sue, including lawsuits against Whoopi Goldberg and Cenk Uygur. I hope he bankrupts anyone who called him a white supremacist.
Former Houston Rockets draft bust Royce White is running for Congress as a Republican against “Squad” member Ilhan Omar. Hopefully he can be on the campaign trail more than he was on the floor for the Rockets…
That Biden Inflation is up to another 40 year high, a BLM founder heads to the big house, Democrats wake the normies, more corrupt insiders playing footsie with China, and only white liberals are upset at Joe Rogan. It’s the Friday LinkSwarm!
Welcome back Carter inflation is in full swing. “The consumer price index went up by 7.5 percent over the last year, the highest annual increase since February 1982.”
Remember the mention in last week’s LinkSwarm about how cooking oil prices drove an Austin restaurant out of business? Well it’s a global problem that’s leading to record-high food prices.
“Activist who founded Black Lives Matter Memphis is sentenced to six years in prison for illegally voting when she was still on probation for felonies including stalking….Pamela Moses, 44, voted illegally six times since she pleaded guilty to evidence tampering, forgery, perjury, stalking and theft under $500, seven years ago.”
The Democratic education establishment done screwed up by waking up normie parents.
Many public schools kicked off 2022 by switching back to remote learning — or canceling classes altogether — leaving frustrated parents across the country frantically searching for more consistent schooling options.
These past two school years of remote and hybrid learning, forced masking, and an intensified culture of unpredictability has pushed teachers, administrators, students, and parents to very edge. What began as a temporary interruption to student learning has become a vicious cycle of confusion, inconsistency and lost educational time.
Thanks to the unreliability of distance learning, children are retaining less of what they’ve learned, reading at lower grade levels and suffering from a lack of social interaction. There is little to no support for children who rely on school to provide a safe haven from difficult home lives, and students in free or reduced meal plans have a harder time receiving them.
As school policies continue to isolate students from friends and peers, such as forcing students to eat their lunch outside on buckets, or facing the same direction without talking, the tragic numbers of adolescent depression, anxiety, and suicide continue to rise.
Millions of exasperated parents, many in deep-blue cities and states, are desperately pursuing educational alternatives that better suit their families’ needs and values. Parents are enrolling their children in private and charter schools in droves, while those without the financial means to do so remain stuck in a system captive to the whims of teachers’ unions and indifferent school boards.
Many teachers are going above and beyond in the name of what is best for kids, but their ability to truly innovate and explore new ways of teaching and inspire learning is being blocked by the unnecessarily restrictive demands of union leadership.
These unions tend to operate at state and national levels in ways that do not represent most of their members. Rather than sticking up for these vulnerable children, unions — as recently exemplified by the Chicago Teachers Union — are prioritizing strikes, walkouts and funding political campaigns, halting true progress as students remain stranded at home.
Fed-up teachers across the country have resigned their union membership, tired of their dues dollars funding an agenda they don’t support.
Dr. Angelique Coetzee is the South African responsible for alerting health officials about the omicron variant of COVID-19 back in November. At the time of the discovery, she observed that it presented “unusual but mild” symptoms.
This was undeniably good news. Despite being more transmissible, the omicron variant was less severe, and many believed that it meant that the pandemic was nearing its end. But Dr. Coetzee says that she was subjected to “a lot of pressure from European scientists and politicians” to revise her original diagnosis that omicron presented mostly mild symptoms so that the public would perceive omicron to be just as dangerous as the delta variant.
She was subsequently attacked for her refusal to push the preferred narrative.
“Because of all of COVID’s mutations, all of these scientists and politicians who aren’t from South Africa were contacting me telling me I was wrong when I spoke out, that it was a serious disease … they were telling me I had no idea what I was talking about, they kept attacking me,” she told the Daily Telegraph. “In South Africa it is a lighter disease, but in Europe it has been a serious, serious illness, which is what the politicians want me to say … there has been a lot of pressure from European scientists and politicians who have said ‘Please don’t say it is a mild illness.’”
Nepo, meet Tism: “GM hires [Missy Owens], Biden niece, former Obama aide to head environment, sustainability and governance policy.” It’s a very exclusive club, and none of us are in it.
Rep. Liz Cheney (R-Wyo.) called on the U.S. to stand up to the “generational threat” posed by China while unveiling a major report on Beijing’s “malign behavior” at the same time her husband’s law firm was working on behalf of companies linked to China’s military, intelligence, and security services.
As Cheney stood at the podium, her husband Philip Perry’s law firm was cashing in on legal and lobbying work that his employer — Latham & Watkins (LW), one of the largest law firms in the world — was doing for a host of Chinese companies, some of which were involved in the kind of activity that Cheney was warning had to be stopped.
More fallout from the midterm variant: Suddenly dire emotional appeals about Republican governors dropping mandates become strangely clinical when it’s Democrats doing the same thing.
Over at @CNNPolitics, the same agitprop story got recycled in Florida.
But now? We’re told “Democratic governors outpace the White House with masking pullbacks.”
Democrats were caught off guard by Donald Trump’s numbers in South Texas in 2020. The Hispanic Republican women who live there were not.
Many of them have played a leading role in urging their neighbors in majority-Hispanic South Texas to question their traditional loyalty to the Democratic Party.
Hispanic women now serve as party chairs in the state’s four southernmost border counties, spanning a distance from Brownsville almost to Laredo — places where Trump made some of his biggest inroads with Latino voters.
A half-dozen of them are running for Congress across the state’s four House districts that border Mexico, including Monica De La Cruz, the GOP front-runner in one of Texas’ most competitive seats in the Rio Grande Valley.
It’s some of the clearest evidence that Trump’s 2020 performance there may not have been an anomaly, but rather a sign of significant Republican inroads among Texas Hispanics — perhaps not enough to threaten the Democratic advantage among those voters [Keep whistling past that graveyard. -LP], but enough to send ripples of fear through a party that is experiencing erosion among Hispanics across the country.
“For so long, people here just never had Republicans knocking on their doors and calling them the way we did in 2020. The majority of us are women that did it then and are doing it now because we feel it’s our responsibility to keep the American Dream alive,” said Mayra Flores, a leading candidate for the GOP nomination in a South Texas-based congressional seat.
For Flores, the road to becoming a Republican was similar to the path traveled by many Hispanic women in South Texas. She grew up seeing most of her immigrant family vote Democrat and felt that it was standard for Hispanics to only vote for Democrats. Then, she says, came an inflection point where she began to question her loyalty to the party.
A family member asked if she knew what both parties stood for, and after looking into it, Flores felt that her religious, anti-abortion and pro-border security views were more conservative than she’d ever thought and more in line with the GOP. Five years ago, she got involved in her local GOP and now a majority of her family votes Republican, too.
She wasn’t surprised at all to see Republicans gain ground in 2020 along the Texas-Mexico border, even as Democrats and Republicans outside the region expressed shock at results in places such as Zapata County — where Trump became the first GOP presidential nominee since 1920 to carry the county.
Neighboring Starr County saw the most dramatic shift of any county in the state when thousands more Republicans turned out to vote than in prior elections. While President Joe Biden ultimately won the county with 52 percent of the vote to Trump’s 47 percent, that paled in comparison to Hillary Clinton’s 2016 performance, when she garnered 79 percent to Trump’s 19 percent.
Can you hear them now, Democrats? (Hat tip: Push Junction.)
Democrats want to continue allowing private money to fund public elections. Republicans want to limit the practice, which they say gave Joe Biden an unfair and perhaps decisive advantage over Donald Trump in the 2020 presidential contest.
So far, at least 10 Republican-controlled states have passed laws to prohibit or limit the use of private money in public elections. These include the swing states of Arizona, Florida, Georgia, and Ohio. In another swing state, North Carolina, Democratic Gov. Roy Cooper vetoed such legislation, as did other Democratic governors.
During 2020, nonprofits donated more than $400 million to state and local election boards to support their work and get out the vote. Most of the funding, about $350 million, came from Facebook founder Mark Zuckerberg and his wife, Priscilla Chan, distributed primarily through the Center for Tech and Civic Life, a Chicago-based progressive-led group that includes former operatives of President Barack Obama.
Democrats and others contend that such money is necessary to support the work of underfunded election boards facing the added challenges of the pandemic. Republicans assert that the private grants were disproportionately allocated to counties eventually won by Biden, a mismatch that hurt them in 2020 and, if continued, would damage their chances in future elections.
District Attorney Larry Krasner (D-Philadelphia), one of the George Soros-funded stooges who took office in some of our major cities with the explicit promise to reduce prosecutions, tried to tell people that yes, crimes with firearms had increased, but other crimes were down. That, of course, was bovine feces.
The real reason for the increase in carjackings? It’s because the perps simply aren’t very afraid of being caught, or, if they’re caught, being seriously punished, not with a ‘social justice’ District Attorney in charge of prosecutions.
Another week, another hate crime hoax. “A 19-year-old black female college student at Southern Illinois University Edwardsville (SIUE) is now facing disorderly conduct charges over lying to police after she reported a hate crime incident in her dorm last month….black female college student Kaliyeha Clark-Mabins now faces three disorderly conduct charges for filing a false police report over the matter.”
[The sound you hear is the countless multitudes clicking off to another blog.]
Way back last decade, dispatches on the ongoing crisis were a regular staple of the blog. To summarize the crisis for those who weren’t paying attention back then:
A bunch of countries joined the Eurozone without following the requirements outlined for membership, including limiting budget deficits to 3% of less of their GDP, and overall debt-to-GDP ratio of 60% or less. How were they able to join? Simple: They lied and the Eurocrats turned a blind eye, because EU.
Foremost among those running into trouble were the PIIGS (Portugal, Italy, Ireland, Greece and Spain). (Cyprus and Malta also had serious issues, but their tiny size meant they presented no systematic risk for other nations, and Cyprus relieved its problems by becoming the dirty Russian money laundering capital of Europe.)
Ireland was probably the most incongruous of the five, since their debt only spiked when the Irish government nationalized Anglo Irish Bank to prevent it from collapsing.
In all other cases, the cause of of the problem was obvious: Each ran huge budget deficits to underwrite generous welfare state programs for countries with below replacement birth rates, and they were allowed to get away with it for a while because they used Germany’s credit rating in lieu of their own thanks to the Euro.
The problem finally came to a head after the SubPrime Meltdown in 2008 made various banks and regulatory agencies actually scrutinize balance sheets and realize just how broke the PIIGS were.
Greece was the worst, being the most dysfunctional, and absolutely refusing to slow down spending on their own. There followed a reoccurring farce where various Euro regulatory agencies (including the International Monetary Fund, the European Commission, and the European Central Bank, collectively known as “the Troika”) demanded Greece end their ridiculous high levels of deficit spending, Greece refused, the Troika threatened to cut off the tap entirely, Greece promised to be better, the Troika reluctantly extended them another loan, and then Greece continued to spend recklessly, setting up the next round of the farce.
A bunch of Eurozone countries then implemented “austerity,” which involved not cutting spending to balance their budgets, but merely reducing the deficits slightly.
None of these “austerity” measures eliminated deficit spending, and none addressed the issue that’s driving all of Europe (and us) bankrupt, namely unwillingness to carry out structural reforms of the welfare state. The few tiny reforms that have been undertaken have been, as NRO’s Michael Tanner notes, ridiculously timid, and even those have been heavily weighted in future years. “So far, European governments haven’t even been willing to take a penknife to the welfare state, let alone an axe.” Plus a huge round of tax hikes…
Actual austerity would mean (at a minimum) reducing spending to the amount of money actually taken in. As best I can tell, none of the PIIGS, or France, or the UK has undertaken such real austerity. That “severe” Greek austerity that just caused a change in government? It reduced Greece’s official deficit spending from 9.0% of GDP to 7.5% of GDP. They didn’t even want Greece to stop digging a hole, they just wanted them to dig more slowly.
Austerity did not fail, it was declared difficult and left untried.
Eventually growth in the Eurozone picked up just enough, and the Troika managed to install enough of their own functionaries in various PIIGS positions to ensure that their half-assed, anemic austerity programs were actually followed that, along with Brexit and the Rise of Trump, it got Eurozone debt crisis off the front page and back under the rug.
So fast forward to today. Has the European debt crisis been solved?
Hah! Of course not. Does the EU ever really solve anything? European debt grew during the pandemic, but this time they get to blame Flu Manchu rather than slow growth, high taxes, declining births and a bloated welfare state.
Spain, Italy and Greece have all continued their PIIGS-ish ways. The UK, under ostensibly conservative Tory governments for the entire pandemic and constant attack for “austerity,” and they’re still piling up debt like one of the PIIGS, though the double-whammy of Brexit dislocations and idiotic lockdowns are more to blame than increased spending per se.
Ireland, with the lowest deficit for the period, seems to have proved that their membership among the PIIGS was transitory.
What then of Portugal? Have they improved? It turns out only slightly and relatively. Their debt increased by 13.9% for the period, making them better not only than Spain, Italy, Greece and the UK, but also France, Cyprus, Malta, Hungary and Slovenia. They evidently managed a balanced budget in 2019 (at least on paper). Their Flu Manchu deficit spending is still unsustainable, just slightly less unsustainable than many of their fellow Eurozone grave-diggers.
We don’t have much standing to condemn others, as the United States ratio stands at 106.70%. Donald Trump had numerous virtues as President, but he was no deficit hawk, and Biden would crank up deficits even higher if the Senate let him.
We can see the fruits of this orgy of deficit spending in the worldwide inflation we’re seeing. (Feel free to argue whether government budget deficits or central bank quantitative easing is more at fault.) Inflation may ruin nations, but it’s the deficit-spender’s friend, letting him pay off debt on the cheap with now devalued currency. And it’s the working poor whose lives are most impoverished by it.
Robbing Peter to pay Paul has always been a popular proposition to get Paul’s vote, but we’re now robbing Peter and Paul’s unborn grandchildren to delay financial reckonings until after the next election cycle.
Larger cities will be limited to 250 metres — less than half the height of China’s tallest buildings.
Now, special exemptions may still be given if a small city really needs a new skyscraper, but they absolutely, definitely cannot go above 250-metres.
Likewise, a bigger city could go higher than that if it has a convincing case, but if it wants to go over 500-metres then forget it. No more Shanghai Towers or Ping An Finance Centers — and that’s final.
There are even new rules to follow past the 100-metre mark. To go higher than that a building will need to meet certain seismic performance and fire safety requirements.
Which sort of suggests that they didn’t have seismic performance and fire safety requirements before. Or maybe not adequate requirements. (Previously.)
Here’s the article in video form:
The usual subjects are touched on: The real estate market collapse, buildings so large there was no way all the space in them would ever be rented, Ghost Cities, etc. But the fact that the skyscraper boom got so far out of whack with economic reality is just another indication of how much of China’s “economic miracle” is a complete mirage.
Here’s a supply chain post that covers a few related topics and a little local reportage.
First, those long waits for port berths at LA/Long Beach are at an all-time high:
As of Friday, there were 105 ships waiting for berths at Los Angeles and Long Beach. That’s the highest number ever, according to FreightWaves.
Back in November, the port authorities in southern California adopted a new queuing system for ships that allows them to wait anywhere in the world without losing their spots in line. They did this because the exhaust from all the ships idling near the ports was harming the air quality. For a few weeks, this change made it appear as though the number of ships waiting had declined because they were no longer clogging up the harbor. But the Marine Exchange of Southern California adjusted its counting method soon after.
Only 16 of the 105 ships waiting are within 40 miles of the ports, FreightWaves says. The other 89 are scattered all over the world, with many congregating off the Baja peninsula.
Here’s some perspective from the story on what this congestion means relative to other times:
There are now more than three times as many container ships waiting for LA/LB berths as there were at this time last year, 11.6 times more than on June 24 (the low point for last year), and 31% more than on Oct. 24, when online searches for the term “supply chain” peaked and the ports of Los Angeles and Long Beach announced a new Biden administration-backed congestion fee plan.
FreightWaves also notes that the total amount of cargo waiting offshore is 815,958 TEU (20-foot equivalent units). That’s more than the combined amount of imports for Los Angeles and Long Beach for the entire month of November, the story says.
Second, #BareShelvesBiden has been trending on Twitter as people report largely bare shelves at their local supermarkets.
When you add up all of these reports, it seems like a lot of genuine and glaring problems for the White House chief of staff to dismiss as just “an overhyped narrative”!
It’s not hard to find Biden defenders who insist that the Twitter hashtag “#BareShelvesBiden” is “artificially amplified by far-right users to manipulate the trending section.” Fine, maybe they are, but consumers and local news affiliates aren’t hallucinating these empty shelves, and businesses aren’t imagining this inability to get the supplies and parts they need.
I guarantee you that when this newsletter is shared on Twitter, some ninny will respond that he just went to Safeway or Trader Joe’s or Whole Foods and didn’t see any shortages — as if the complaint about the supply chain was a contention that every shelf on every store in every community was bare. No, the problem is that an unpredictable mix of goods are suddenly unavailable, with little sense of when new shipments will arrive. Sometimes this problem has minor consequences — getting straight fries instead of curly fries — and sometimes there are huge consequences, such as oncologists who are struggling to get more medications and other medical supplies.
As with the border, inflation, the Afghanistan withdrawal, Covid-19, and the shortage of tests, we have to waste time convincing the administration that the country’s problems are actually real problems; the Biden team’s reflexive instinct is that any reports of problems are just right-wing propaganda. (Or perhaps someone like Klain will tell us to be appreciative because we have “high class problems.”)
I’m fortunate that here in Central Texas, we seem mostly unaffected. There are spot shortages of a few things at HEB (the only places I see really big holes are in luncheon meat; cuts of beef, chicken and pork in unprocessed form seem reasonably plentiful), and they’ve been out of V05 Extra Body conditioner for weeks. Sam’s also seems to be getting plentiful supplies of things, and last week they had Dog Pill Pockets (which they had been out of for several weeks before).
In an interview with “Varney & Co.” Tuesday, former Reagan economist Art Laffer called on the Biden administration to get out of the way of the supply chain crisis, arguing the administration’s economic policies are causing the problem instead of solving it.
ART LAFFER: I’d follow Reagan’s advice: Don’t just stand there, undo something. Get them out. Stop paying people not to work. Get the government out of the process and that thing will clear up very quickly. That’s exactly what needs to be done. It’s the government that is causing the supply chain problem. It’s not the solution, it’s the cause. And the same thing with rapid testing and all the other things. The one thing that Trump knew how to do was get production to work correctly. And when he put through that operation to get it – Warp Speed, to get it, it worked because he worked with the markets — not against them.
Will Biden take Laffer’s advice?
Will Jackass Forever take home the 2023 Oscar for Best Picture?
The Democratic Governor of New York declaring that she’s going to make New York “the most business-friendly State in the nation” is like Danny DeVito declaring that he’s going to become an offensive lineman for the New York Jets; nothing in the rules actually forbids it, but everyone involved knows it’s not going to happen.
New York is one of the most tax-unfriendly states in America, always in a race with California and Illinois to see who can put the biggest bite on breadwinners. New York state income tax starts at 4% on the first dollar earned, and goes up to 10.9%. No wonder wealthy New Yorkers are fleeing the state as quickly as they possibly can.
Texas and Florida have no state income tax.
Texas and Florida are also both right-to-work states, but in New York workers can still be required to join a union. Hochul will never agree to make New York a right-to-work state because money from unions is the lifeblood of the increasingly bankrupt Democratic Party.
Texas has a minimum wage of $7.25. New York has a minimum wage of $13.20, third highest in the nation behind California and Massachusetts. This hardly entices labor-intensive industries to set up shop in your state.
New York ranked second to last (again behind California) for net out-migration in 2020, with 352,185 leaving the state. Florida and Texas ranked 1-2 in net in-migration.
New York citizens and companies are fleeing her failing, high-tax, high-regulation state in droves, and Kathy Hochul thinks New York can be “the most business-friendly State in the nation?”
That’s not happening. And it’s not happening not because it’s impossible, but because Hochul’s Democratic Party (which currently controls the state senate and the assembly in addition to the governor’s mansion) doesn’t do “business friendly,” unless the businesses in question are writing big campaign checks for crony favors. Democrats treat businesses as pinatas, something to bash until they dispense treats. The Democratic Party’s business model isn’t economic growth, it’s managing decline to rakeoff all the graft and kickbacks possible from an ever-expanding welfare state. Economic growth isn’t a low priority, it’s not a priority at all, and a significant fraction of its increasingly radical base thinks that capitalism itself is evil.
Hochul should probably aim for New York not being the worst state in the union for business for starters. It’s less a case of “you have to walk before you run” than “you need to climb up out of the grave before you can even start to crawl.”
Another mandate injunction, Democrats continue their popularity freefall, China seals more dirty deals, and Turkey melts down. It’s another Friday LinkSwarm!
A federal judge in Texas has issued a preliminary injunction, stopping a new rule from the Biden administration requiring healthcare workers to receive the COVID vaccine as the case moves through the courts.
The injunction came from the U.S. District Court for the Northern District of Texas in Amarillo. The case was filed by Attorney General Ken Paxton on behalf of the State of Texas against Xavier Becerra, the U.S. Department of Health and Human Services secretary.
The injunction was sought against a federal rule that would have required employers that receive Medicaid and Medicare funds—namely hospitals and other healthcare providers—to require their employees to receive a COVID vaccine as a condition of employment.
Judge Matthew Kacsmaryk ordered that the federal government provide notice to all Medicaid and Medicare providers in Texas that the mandate “will not be implemented or enforced.”
“Healthcare facilities covered by the [Centers for Medicaid and Medicare Services] Mandate have a tremendous reliance interest in Medicare and Medicaid funds. Therefore, Defendants unconstitutionally use Congress’s spending powers to ‘commandeer a State’s . . . administrative apparatus for federal purposes’ by conditioning Medicare and Medicaid funds on state surveyor compliance with the mandate,” wrote Kacsmaryk. “As a result, not only would the CMS Mandate prohibit Plaintiffs from enforcing its duly enacted COVID-19 vaccination regulations, but it would likely force Plaintiffs to administer a federal mandate that has a dubious statutory basis.”
“It is a ‘gun to the head’ and an unconstitutional use of Congress’s spending powers to compel Plaintiffs through ‘financial inducement’ to forgo exercising their police powers to enforce a federal statute.”
Democrat support from independent voters has fallen near the crucial 40% line, while almost half of all independent voters tell Gallup that they’re leaning Republican.
“If you’re a Democrat and you’re not terrified,” says The Dispatch’s Avi Woolf, “you should be.”
Well, I’m neither a Democrat nor terrified, but I am conservative and — at least for now — quite giddy.
Gallup recently updated its long-term party affiliation poll, which asks American voters one or two simple questions:
In politics, as of today, do you consider yourself a Republican, a Democrat or an independent?
(If they ID as independents) As of today, do you lean more to the Democratic Party or the Republican Party?
Currently, 31% say they’re Republicans, up slightly from the usual mid-20s to 30%. 41% told Gallup that they’re independent voters, in line with the average swing. Only 27% self-ID as Democrats, which is down from the more typical 29-32%.
As recently as May, Democrats were at 32% and the GOP at a dismal 25%.
But that’s before Presidentish Joe Biden had had a chance to do much other than send out FREE! MONEY! (handouts that helped cause our present inflation) and smile for the glowing press coverage. Since then, important parts of his agenda have taken hold and the malign incompetence of his cabinet has been fully revealed.
Apparently, Americans don’t think much of either.
But it’s the second question that should have Washington Democrats changing their shorts.
Indies, asked whether they lean towards the Democrats or the GOP, broke for the GOP 47% to 41%.
At this time in Barack Obama’s first term, the breakdown was a much more Dem-friendly 25R/41I/32D. And the Indy swing was exactly reversed, 41R/47D.
Yet the Democrats still lost a whopping 63 seats in the House and seven more in the Senate in the following midterm election.
Obama enjoyed immensely more personal popularity than Biden does — I know, I don’t get it, either — but couldn’t stop a GOP tsunami when his agenda proved unpopular.
Biden has both an unpopular agenda and a high unfavorable rating draped around his neck like a lead life preserver. And now voters are leaving his party in droves.
The woke are coming for all that sweet, sweet Medicare money.
Buried in the Department of Health and Human Services’s fiscal planning for next year is a proposal to establish bonuses for physicians who “create and implement an anti-racism plan.”
“The plan should include a clinic-wide review of existing tools and policies, such as value statements or clinical practice guidelines, to ensure that they include and are aligned with a commitment to anti-racism and an understanding of race as a political and social construct, not a physiological one,” the HHS writes . “The plan should also identify ways in which issues and gaps identified in the review can be addressed and should include target goals and milestones for addressing prioritized issues and gaps. This may also include an assessment and drafting of an organization’s plan to prevent and address racism and/or improve language access and accessibility to ensure services are accessible and understandable for those seeking care.”
I’m sure this will go over great with Medicare patients. “Mam, I can’t check on your osteoporosis until you check your privilege!” (Hat tip: Mickey Kaus.)
After Democrats abandoned trying to pass Biden’s giant leftwing “Build Back Better” porkfest this year, is the bill actually dead forever? South Carolina Republican Senator Lindsey Graham thinks so.
The South Carolina Republican said that the Congressional Budget Office score, which found the $1.75 trillion bill would add $3 trillion to the deficit, is what led to its demise.
‘I think Build Back Better is dead forever and let me tell you why: Because Joe Manchin has said he’s not going to vote for a bill that will add to the deficit,’ he said on Fox News’ Hannity Wednesday night.
‘Well, if you do away with the budget gimmicks, Build Back Better, according to the CBO [Congressional Budget Office] adds $3 trillion to the deficit.’
‘This is b******t. You’re b******t,’ the West Virginia senator yelled at Arthur Delaney, a reporter for HuffPost Politics, who asked him about reports that the child tax credit has become a major sticking point in his talks with the White House.
‘I’m done, I’m done,’ Manchin fumed as the questions continued.
‘Guys, I’m not negotiating with any of you all. You can ask all the questions you want. Guys, let me go,’ he told the press as he walked through the basement of the Capitol, muttering ‘God almighty’ as he walked away.
What is behind recent pessimistic appraisals of democracy’s future, from Hillary Clinton, Adam Schiff, Brian Williams, and other elite intellectuals, media personalities, and politicians on the left? Some are warning about its possible erosion in 2024. Others predict democracy’s downturn as early 2022, with scary scenarios of “autocracy” and former President Donald Trump “coups.”
To answer that question, understand first what is not behind these shrill forecasts.
They are not worried about 2 million foreign nationals crashing the border in a single year, without vaccinations during a pandemic. Yet it seems insurrectionary for a government simply to nullify its own immigration laws.
They are not worried that some 800,000 foreign nationals, some residing illegally, will now vote in New York City elections.
They are not worried that there are formal efforts underway to dismantle the U.S. Constitution by junking the 233-year-old Electoral College or the preeminence of the states in establishing ballot laws in national elections.
They are not worried that we are witnessing an unprecedented left-wing effort to scrap the 180-year-old filibuster, the 150-year-old nine-person Supreme Court, and the 60-year tradition of 50 states, for naked political advantage.
They are not worried that the Senate this year put on trial an impeached ex-president and private citizen, without the chief justice in attendance, without a special prosecutor or witnesses, and without a formal commission report of presidential high crimes and misdemeanors.
They are not worried that the FBI, Justice Department, CIA, Hillary Clinton, and members of the Obama Administration systematically sought to use U.S. government agencies to sabotage a presidential campaign, transition, and presidency, via the use of a foreign national and ex-spy Christopher Steele and his coterie of discredited Russian sources.
They are not worried that the Pentagon suddenly has lost the majority support of the American people. Top current and retired officers have flagrantly violated the chain-of-command, the Uniform Code of Military Justice, and without data or evidence have announced a hunt in the ranks for anyone suspected of “white rage” or “white supremacy.”
They are not worried that in 2020, a record 64% of the electorate did not cast their ballots on Election Day.
Nor are they worried that the usual rejection rate in most states of non-Election Day ballots plunged—even as an unprecedented 101 million ballots were cast by mail or early voting.
And they are certainly not worried that partisan billionaires of Silicon Valley poured well over $400 million into selected precincts in swing states to “help” public agencies conduct the election.
What then is behind this new left-wing hysteria about the supposed looming end of democracy?
It is quite simple. The left expects to lose power over the next two years—both because of the way it gained and used it, and because of its radical, top-down agendas that never had any public support.
After gaining control of both houses of Congress and the presidency – with an obsequious media and the support of Wall Street, Silicon Valley, higher education, popular culture, entertainment and professional sports – the left has managed in just 11 months to alienate a majority of voters.
The nation has been wracked by unprecedented crime and nonenforcement of the borders. Leftist district attorneys either won’t indict criminals; they let them out of jails or both.
Illegal immigration and inflation are soaring. Deliberate cuts in gas and oil production helped spike fuel prices.
All this bad news is on top of the Afghanistan disaster, worsening racial relations, and an enfeebled president.
Democrats are running 10 points behind the Republicans in generic polls, with the midterms less than a year away.
President Joe Biden’s negatives run between 50% and 57%—in Trump’s own former underwater territory.
Less than a third of the country wants Biden to run for reelection. In many head-to-head polls, Trump now defeats Biden.
In other words, leftist elites are terrified that democracy will work too robustly.
After the Russian collusion hoax, two impeachments, the Hunter Biden laptop stories, the staged melodramas of the Kavanaugh hearings, the Jussie Smollett con, the Covington kids smear, and the Rittenhouse trial race frenzy, the people are not just worn out by leftist hysterias, but they also weary of how the left gains power and administers it.
Hey, remember all the way back to two weeks ago when I said that Turkey’s collapsing currency was something we should keep an eye on? Well, guess what? “Turkey Halts All Stock Trading As Currency Disintegrates, Central Bank Powerless To Halt Collapse.” ZeroHedge suggests that the collapse is engineered to disguise how much graft Recep Tayyip Erdogan and his cronies have stolen from the country.
The Chinese tech giant Huawei Technologies has long brushed off questions about its role in China’s state surveillance, saying it just sells general-purpose networking gear.
A review by The Washington Post of more than 100 Huawei PowerPoint presentations, many marked “confidential,” suggests that the company has had a broader role in tracking China’s populace than it has acknowledged.
These marketing presentations, posted to a public-facing Huawei website before the company removed them late last year, show Huawei pitching how its technologies can help government authorities identify individuals by voice, monitor political individuals of interest, manage ideological reeducation and labor schedules for prisoners, and help retailers track shoppers using facial recognition.
Citing both interviews and direct access to internal Apple documents about repeated visits by Cook to China in the mid-2010s, the report describes a $275 billion deal whereby Apple committed to investing heavily in technology infrastructure and training in the country.
The non-binding five-year deal was signed by Cook during a 2016 visit, and it was made partially to mitigate or prevent regulatory action by the Chinese government that would have had significant negative effects on Apple’s operations and business in the country.
The Information details the nature of the Chinese government priorities included in the 1,250-word deal:
They included a pledge to help Chinese manufacturers develop “the most advanced manufacturing technologies” and “support the training of high-quality Chinese talents.”
In addition, Apple promised to use more components from Chinese suppliers in its devices, sign deals with Chinese software firms, collaborate on technology with Chinese universities and directly invest in Chinese tech companies… Apple promised to invest “many billions of dollars more” than what the company was already spending annually in China. Some of that money would go toward building new retail stores, research and development centers and renewable energy projects, the agreement said.
“Disgrace: Biden abandoned over 60,000 Afghan interpreters, support personnel — along with 14,000 Americans.”
“Trump’s Social Media Platform Gets $1 Billion Investment Boost, Dems Get Nervous.” It will be interesting to see how quickly TRUTH Social can get off the ground.
In yesterday’s post, I forgot to link to these Log4J memes. Enjoy!
Why New York City lags the rest of the nation in unemployment. Thank lockdowns, shutdowns, and insane government. “The economy is not a light switch. The supply chain is not a light switch.” The money quote “New York City is just not that amazing!”
Popular Mexican singer Vincente Fernandez died, and the woke couldn’t wait to crap on his grave:
If you had to tell the story of why Hispanics are abandoning the Democrats in droves using a single image, it would look something like this.
Did you know that an Israeli airstrike hit a Syrian port last week? Did you see anything about that in the news? Seems like the sort of thing the media would cover before they decided that a bunch of lunatics shouting at J.K. Rowling is more important.
Texas House Speaker Dade Phalen attends fundraiser for quorum-busting Democrats in the Rio Grande Valley (including State Reps. Terry Canales, Sergio Munoz Jr., Oscar Longoria, Armando Martinez, and Bobby Guerra, and State Sen. Chuy Hinojosa) while skipping a Republican event a mile away. Remind me again why Phalen is speaker?
“Pasadena Mechanic Sues City Over Parking Space Regulation Prohibiting His Business from Operating.”
There’s nothing this Austin City Council can’t seem to ruin, including the Trail of Lights.
Speaking of science experiments: What happens when you hit a gong with a baseball traveling at Mach 1.5? And you know there’s super-slow motion involved…
Whoa:
A Hutchinson, KS business just West of the Airport destroyed during 80+ mph gusts around 4:30pm.#kswxpic.twitter.com/Yd6ul9EeBo
I left a good bit of these as a comment on a Louis Rossmann video, and then decided not to let a good rant go to waste. The topic was whether inflation would continue to rise, and whether the economy would get better or not and why.
The economy won’t get better in the near term because the people at the top of the Biden Administration don’t seem care if the economy gets better.
The thing the Biden Administration is most concerned with is Social Justice garbage that the rest of America is actively hostile to.
$5 a gallon gas? They don’t care. If they cared, they wouldn’t have killed Keystone. They want oil prices high so they can force conversion to the Green New Deal schemes that they seem to have numerous investments in (see, for example, John Kerry’s investment in Hillhouse China Value Fund).
Milk increase by 40% or 50%? They don’t care. Few of them have children, and an additional $20, $50, or $100 a week for basic necessities has no effect on their lifestyle.
The thing the Biden Administration seems to deeply care about is graft, fraud, social justice, transexualism, pronouns, and protecting the inroads Critical Race Theory has made into America’s educational system. Victimhood Identity Politics, AKA wokeism, AKA Critical Race Theory, AKA “Sex as Social Construct” are all part and parcel of the “Successor Ideology” that is the new religion of America’s leftwing elites. They regard fighting American parents who oppose CRT as much bigger political priority than opposing Communist China.
That, and letting in millions of illegal aliens to provide new Democratic Party voters via amnesty down the line, and imposing vaccine mandates on an already reeling economy.
Trump wasn’t perfect. He didn’t restrain government spending and took too long to wake up to the threats posed by CRT etc. to the republic. But he did care deeply about America having robust and growing economy with low unemployment, and set about implementing polices (selective deregulation, renegotiating trade agreements, controlling illegal immigration to increase American wages) to help grow the economy, despite being hampered by getting “jammed at the line” by the Russiagate hoax.
His successors in the White House seem to want to undo every Trump policy that helped grow the economy simply because they were Trump policies. They’ve made everything worse.
Yes, oil prices were always going to rebound from the 2020’s misguided lockdowns. But the Democratic Party’s active hostile to American oil production (cancelling Keystone, forbidding drilling) has made things worse.
Yes, the Fed printing money is a huge problem. But it’s a much bigger problem now that Democrats have weakened the country by undoing Trump reforms and we’re no longer importing deflation from China. We should audit the Fed (at the very least). But clearly that will not be done under the current Administration.
How do we get out of the current jam? We could balance the budget, stop spending money we don’t have, and audit spending programs to see exactly where that money went. (Remember how Bill De Blasio’ wife just happened to “lose” $850 million of taxpayer money?) None of that is going to happen under a Biden Administration.
And the inflation is not just a Fed problem, it’s a global problem, with just about every Western nation running budget deficits and encouraging “quantitative easing” by their respective central banking authorities.
This is turning into a long rant with many topics that require a great deal of explanation and research to unpack. But the upshot is that one big reason that our economy is lousy is that current Administration doesn’t care that our economy is lousy, because they’re focused on other goals (mostly antithetical to the interests of average working Americans), and because actually fixing the economy offers them no opportunities to get their beaks wet.
And they won’t address the real causes of of current supply chain issues (union featherbedding rules at California ports) because that would mean forcing some Democrats to stop getting their beaks wet.
And we can’t have that.
Trump was not perfect, and criticize his flaws all you want. But I think I speak for most Americans when I say that I would gladly put up with an endless stream of mean tweets if it means we could have the late 2019 Trump economy back.
Paul Krugman, May 7: “[Treasury secretary] Janet Yellen and I believe that the Fed can contain any inflationary risks.”
Paul Krugman, June 21: “For those paying closer attention to the flow of new information, inflation panic is, you know, so last week.”
Paul Krugman, July 23: “Overheating is still possible, and the Fed should keep its eye on that possibility. But the big numbers aren’t as scary as they seem.”
Paul Krugman, August 12: “Anxiety about the inflationary impact of public investment just doesn’t make sense if you work through the numbers.”
Paul Krugman, September 10: “Companies aren’t acting as if they expect lots of future inflation, where they can hike wages without losing competitive advantage. They’re acting, instead, as if they see current inflation as a blip.”
Paul Krugman, November 11: “So yes, that was an ugly inflation report, and we hope that future reports will look better. But people making knee-jerk comparisons with the 1970s and screaming about stagflation are looking at the wrong history. When you look at the right history, it tells you not to panic.”
The New York Times, this morning:
Inflation jumped to the highest level in nearly 40 years, fresh data released on Friday showed, as supply chain disruptions, rapid consumer demand and rising housing costs combined to fuel the strongest inflationary burst in a generation (emphasis added).
The rising costs spell trouble for officials at the Federal Reserve and the White House, who are trying to calibrate policy at a moment when the labor market has yet to completely heal from the pandemic, but the risk that price increases could become more lasting is increasing.
The Consumer Price Index climbed by 6.8 percent in the year through November, the data showed, the fastest pace since 1982.
One of the reasons inflation is such a serious problem right now is that we have an administration, a Fed, and a lot of ideologically or politically aligned economic elites who are wedded to the belief that inflation is not a serious problem.
Proving that some of the most basic facts of economic life for ordinary people elude some Nobel-prize winning economists, Krugman dismisses the idea that inflation hurts the poor worse than the rich.
Inflation redistributes from creditors to debtors — not exactly a burden on the bottom half of the income distribution 2/
Hey, Mr. Super-Genius: A family of four just getting by on $1,500 is hurt a lot more when the price of milk rises by 80 cents a gallon and gasoline rises a dollar a gallon.
Here Louis Rossmann (who does something like two videos a day) expounds upon that theme:
Some of his complaints are more acute for New York City than the rest of the country, but he’s far more in touch with reality than Krugman seems to be.
So what does the Biden Administration plan to do about inflation? Easy. They’re going to redefine it away by removing commodity prices from the CPI.
