Bidenomics

[Thiel]

American consumers know the economy is terrible, but the Biden administration insists that masks work, boosters are essential, and gross domestic product actually increased 5.2% in the third quarter. That's a revision up from the 4.9% growth the Bureau of Economic Analysis announced in November.

The entirety of third-quarter growth could be attributed to high inflation, forcing companies to stock up on inventories and consumers to go deeper into debt to cover basic expenses. The revision was driven entirely by government spending.

Government spending accounted for 5.5% of third-quarter GDP growth. Absent that spending, the economy actually contracted, which is in line with the reality most people face.

Government spending has now outpaced consumer spending for five consecutive quarters. But the more the government spends and spurs inflation, the more officials can brag about growing the fake economy, even as consumer confidence sinks to recessionary levels. The University of Michigan Consumer Sentiment Index dropped to 63.8 in October, on par with some of the readings from the 2008 Great Recession.

[Herman]

American consumers know the economy is terrible, but the Biden administration insists that masks work, boosters are essential, and gross domestic product actually increased 5.2% in the third quarter. That's a revision up from the 4.9% growth the Bureau of Economic Analysis announced in November.

The entirety of third-quarter growth could be attributed to high inflation, forcing companies to stock up on inventories and consumers to go deeper into debt to cover basic expenses. The revision was driven entirely by government spending.

Government spending accounted for 5.5% of third-quarter GDP growth. Absent that spending, the economy actually contracted, which is in line with the reality most people face.

Government spending has now outpaced consumer spending for five consecutive quarters. But the more the government spends and spurs inflation, the more officials can brag about growing the fake economy, even as consumer confidence sinks to recessionary levels. The University of Michigan Consumer Sentiment Index dropped to 63.8 in October, on par with some of the readings from the 2008 Great Recession.

It aint just the spending, it is the green orders that is driving prices through the roof for working folks.

[DKG]

NBC News reported that US President Joe Biden has ditched the phrase 'Bidenomics' in his speeches.

A Fox News poll from mid-November found 78 percent of voters rate the economy negatively.

Only 29 percent of respondents approve of Mr Biden's handling of inflation, the poll found.

Meanwhile, an anonymous Democrat strategist told NBC News: "Whoever came up with the slogan Bidenomics should be fired.

[DKG]

As if Bidenflation wasn't bad enough. Bigger, more costly and intrusive government.

https://www.theblaze.com/columns/opinion/32-million-small-businesses-are-about-to-get-blindsided?utm_source=theblaze-breaking&utm_medium=email&utm_campaign=20231212Trending-Roth&utm_term=ACTIVE%20LIST%20-%20TheBlaze%20Breaking%20News
The government proves once again with the Corporate Transparency Act that it doesn't care about small businesses but only cares about what gives government officials more power. Unfortunately, entrepreneurs will pay the price.

Have you heard of the Corporate Transparency Act? Most of the estimated 32 million small business owners, including sole proprietors, whom the new law affects have not. It was just recently put on my radar by a handful of people — quite a shock for a measure that takes effect at the start of the new year!

A new reporting rule under the law means that businesses will need to file information with the Financial Crimes Enforcement Network (a bureau within the U.S. Department of Treasury), including personal information about the people who are associated with the business, or risk penalties for noncompliance. This is being done in the name of "fighting money laundering." Sure.

[DKG]

Biden is doing a victory lap because retail gas prices are falling across the country. Does that mean he also accepts responsibility when they spiked?

[DKG]

Bidens Assault on Retirees
There are very big concerns with the way Biden is handling the American Retirement System.

Government overspending and the over-printing of money are the two main reasons that people's retirement accounts have lost 25% over the past 2-3 years.

• $1 trillion is the estimated net loss on all retirement plans

• Pension plans have lost $3.3 trillion in Q3 of 2023

Under Biden, the US dollar's loss of purchasing power has caused the average American family to lose about $7,300 in annual income.

For Americans who were planning to retire with $1 million in their IRA, those accounts have lost almost $250,000.

[Herman]

Fitness guru Jillian Michaels reality-checked Bill Maher in a recent episode of his own podcast about the inflation crisis and the state of the economy.

Following a lengthy conversation about the COVID-19 pandemic and health, Maher repeated what he recently read in a newspaper about the economy, though he did not specify which periodical.

"Isn't it amazing to you?" he asked Michaels. "This country came out of the pandemic way better. We won the pandemic economically."

"We did? God, I don't feel that way. Explain it to me. I feel like inflation is insane," Michaels responded.

"Inflation is not insane," Maher claimed.

"Bill, go buy a car. A house has tripled here," Michaels fired back. "Buy some f***ing eggs!"

Reality aside, Michaels' response also demonstrated that Maher, a rich celebrity, is out of touch with the economic concerns of average Americans.

[Thiel]

Watch Gavin Newsom and Seth MacFarlane gaslight Biden's record.
https://twitter.com/ThisWeekABC/status/1751635477004796090?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1751635477004796090%7Ctwgr%5Eda989819e3d91f3d061bd97c8d7b514a8ec6ff83%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.theblaze.com%2Fnews%2Frogan-macfarlane-newsom-gaslighting-economy

https://twitter.com/MostlyPeacefull/status/1756344118937289108?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1756344118937289108%7Ctwgr%5Eda989819e3d91f3d061bd97c8d7b514a8ec6ff83%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.theblaze.com%2Fnews%2Frogan-macfarlane-newsom-gaslighting-economy

[Thiel]

This was paid for by the Koch family. I do not like them by the way.


BIDENOMICS ISN'T WORKING.
Hear from Americans, in their own words, about how Bidenomics is...or isn't...working for them. Real stories from real Americans.
https://www.bidenomics.com/

[Herman]

Full-time fumble: 'Bidenomics' masks the true employment picture

Joe Biden at his State of the Union address in March boasted his administration has created 15 million new jobs since January 2021. Not exactly. When you delve into the math, not only is the number highly misleading, but it turns out that new jobs consist largely of part-time employment, nebulous self-employment, and government workers. And among native-born citizens, the job market is in a recession.

The Bureau of Labor Statistics publishes two jobs reports: the "Establishment Survey" and the "Household Survey." The Establishment Survey samples actual employers and shows the growth in non-farm payroll jobs (as well as a breakdown by specific industry), while the Household Survey samples individual households and measures broad census data, such as total number of employment-age population, size of the labor force, the U3 unemployment rate, and total number of employed and unemployed.

Biden's talking point about job creation is the ultimate self-indictment.

Getting a precise picture of U.S. employment requires conflating data from both surveys. Typically, the data complement each other. But in recent years the numbers have diverged. For example, the Establishment Survey shows about 3 million additional people employed since January 2021. This may be due in part because the employer-based survey picks up more illegal aliens than the survey of households.

The White House obviously prefers to tout the Establishment Survey's figure. In any event, the reality is Biden has a much worse record of job creation than Donald Trump. And that's before we delve into the nature of these new jobs.

Not even close to 15 million
When COVID-19 shut down the world in March 2020, employment cratered. It took well over a year to come back from the lockdowns and merely get back to par with the pre-COVID baseline in February 2020. As such, the only fair comparison for Biden to make is to measure the number of employed individuals today compared to February 2020.

Viewed that way, we don't have 15 million new jobs — we have just 5.5 million jobs created between January 2021 and February of this year, according to the Establishment Survey, and just 2.3 million according to the Household Survey.

Let's go with the more impressive 5.5 million figure, even though the Philadelphia Federal Reserve believes it's overstated.

Although 5.5 million still sounds meaningful, remember the country is constantly growing. Since February 2020, the civilian non-institutional population of working-age residents grew by 8.1 million. So job growth has not kept pace with population growth, especially judging from the Household Survey. This is why the civilian labor force participation rate is down from 63.3% ahead of the lockdowns to 62.5% today. When factoring in population growth, in fact, we find an additional 729,000 unemployed individuals today.

Put another way, 611 of every 1,000 Americans of employment age were working before COVID compared to 601 today. Also, an additional 5 million people are no longer in the labor force but of working age, which means that for whatever reason they gave up on the job market. Federal Reserve Chairman Jerome Powell explains these missing workers are the result of "excess retirements."

In short, we have a much larger population without jobs than before COVID.

Part-time and multiple jobs
Compared to the same period under Trump, the current labor market today is terrible. After 37 months into Trump's tenure, the Establishment Survey shows 6.7 million jobs created.

But here's the kicker: The population only grew by 5.6 million, which means job growth under Trump outpaced population growth by 20%. Under Biden, population growth has outpaced job growth by 47% — or 252%, going by the Household Survey. Hence, by virtue of population growth alone, we have gone backward in the job market since COVID.

It gets worse. As I've noted before, we have been losing full-time jobs. All the net job growth has come from part-time employment. In total, 3.4 million part-time jobs have been added since January 2021, with 1.7 million just over the past nine months.

This could very well be why there are a few million jobs detected by the Establishment Survey but not the Household Survey. It would also not be surprising if many of these jobs were temporary or part-time.

Biden's talking point about job creation is the ultimate self-indictment. Even during an official period of low unemployment, we have a permanently weak economy where no real full-time jobs are being created to keep up with the population growth. If this is what a job boom looks like, just wait until the official recession hits.

[Thiel]

The Biden administration announced Friday plans to "cancel" another $7.4 billion in federal student loan debt for 277,000 borrowers, despite a growing pile of lawsuits.

[Brent]

Are you better off under Biden?

[Oliver the Second]

Are you better off under Biden?

FUCK NO   

[DKG]

FUCK NO   

That appears to be the consensus.

[DKG]

The Biden administration's National Labor Relations Board recently adopted a new and ideologically charged standard on joint employment. This new joint-employer rule, which threatens to create uncertainty and multiple new burdens for employers who contract out part of their work, is currently mired in litigation.

Biden's veto represents a significant policy shift that will adversely affect the business landscape, particularly in a time when economic stability is paramount. This veto not only rejects clear bipartisan legislative action but also imposes additional burdens on businesses already navigating a challenging economic environment.

The NLRB's revised joint employer standard notably lowers the threshold for determining when two businesses are considered joint employers. Under the previous administration, the standard required that a company must have "direct and immediate" control over the terms and conditions of employment to be considered a joint employer.

The new rule broadens this definition, allowing a business to be deemed a joint employer even if it has only indirect influence over the employment conditions of another company's workers. The old standard provided clarity and stability for businesses engaging with contractors and franchisees, but the new standard seems to create ambiguity on purpose.

What does Biden have to gain from all of this? Union votes. But how many votes will he lose if this new rule dampens the economic recovery in an election year?

The veto will have significant implications. First, the new joint employer standard will certainly lead to increased litigation, as the boundaries of "indirect" and "potential" control are tested in courts. The resulting legal uncertainty will burden businesses with additional costs and discourage the formation of beneficial business relationships, particularly in sectors like franchising and contracting, where such relationships are common.

As the U.S. Chamber of Commerce has pointed out, this rule change could "result in decreased business formation and growth, and create significant costs for both large and small companies."

Moreover, in an economy still recovering from the COVID-19 pandemic, the timing of such a regulatory shift seems particularly counterproductive. Businesses are currently facing a myriad of challenges, from supply-chain disruptions to inflationary pressures. The added uncertainty and potential liability under the new joint employer standard could hinder recovery efforts.