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Polls Show Record Number Of Americans Worse Off Financially Since Biden Took Office

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2 months ago

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ANDREW CABALLERO-REYNOLDS/AFP via Getty Images

The Biden White House has made it their top priority to present the US economy as a wellspring of jobs creation and recovery. 

Biden relies primarily on jobs data as proof that his economy is the “best economy ever” and has consistently tried to take credit for falling unemployment data and “12 million jobs created since he took office.”  This claim of course ignores the 25 million+ jobs lost during the covid lockdowns, which Biden avidly supported even after it became clear that covid was a non-threat to the vast majority of the population.  

In other words, Biden has been trying to take credit for the recovery of jobs he originally helped to destroy. Many Democrat run states are still lagging and a return to financial stability has been difficult.  Other concerns surround the manner in which labor data is being calculated.  Only last year the Philly Fed had to revise and refute White House labor gains and cut over 1 million jobs from their stats in the process.  That kind of discrepancy is not normal. 

In the meantime, inflation numbers have dropped slightly while interest rates rise, yet prices on most goods remain high.  Higher wages have not been able to catch up to far higher costs, and the stagflationary problem does not look like it will be going away anytime soon.  

With the ongoing price crisis as a backdrop, stagnant growth in half the states in the country, the apparent end to covid stimulus and credit costs rising, expectations of a recessionary crash are growing.  The White House says everything is fine, but what do the American people say?

According to a new ABC/Washington Post poll, 41% of the American public say they are now in worse shape financiallysince Joe Biden took office.  Only 16% of those polled said they were better off.  This is a record number of people in dire straights according to the data, which has been collected for 37 years.   Contrast this with the first two years of Donald Trump’s administration, when only 13% of people said they were worse off.

The poll coincides with Biden’s falling approval numbers – Just 37 percent approval for handling the economy, 38 percent on the war in Ukraine and 28 percent on the immigration situation at the Mexican border.  The public by a broad 62-36 percent would be disappointed or even angry if he were re-elected, rather than enthusiastic or satisfied.

This leads us to a not so surprising development among Democrats:  6 in 10 Democrats do not want to see Biden run for a second term.  The push for Biden to step down has been growing for the past year, with the aging candidate barely able to read a teleprompter and often seen as bumbling or incoherent.  The admissions by far-left outlets like the Washington Post of Biden’s waning popularity and economic uncertainty may be part of a growing dissatisfaction among leftists with Biden and their intention of replacing him by 2024.   

This post was originally published at Zero Hedge

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Economy

Video: Amid Banking Collapse, White House Says “We See A Strong Economy”

Strange choice of words

Published

2 days ago

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23 March, 2023

Steve Watson

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As inflation continues to skyrocket and amid huge banking collapses, the White House press secretary declared Wednesday that the Biden administration “sees a strong economy.”

CBC’s Caitlin Huey-Burns asked Karine Jean-Pierre about Joe Biden’s support for Federal Reserve Chairman Jerome Powell and what the Fed is doing to attempt to reduce inflation. 

“We understand what the American people are feeling, that is why we have made it a priority to do everything that we can to lower costs for Americans,” Jean-Pierre responded.

Then came the kicker.

“We do not see a recession or pre-recession. We see a strong economy and it’s because of the work that this president has done,” Jean-Pierre declared.

You don’t see it or there isn’t a recession?

Strange choice of words.

Keep saying it and it might become reality:

When asked if there will be an economic downturn owing to two giant bank collapses, KJP had no answer, other than to quote the Fed chairman saying the economy is sound:

Powell claims that rampant money printing isn’t driving inflation:

Treasury Secretary Janet Yellen claims that just growing debt forever is sustainable:

Are they wilfully ignorant or just flat out lying?

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    Economy

    Elon Musk Responds To Biden’s “Pay Your Fair Share” Tax Tweet

    “I paid more income tax than anyone ever in the history of Earth”

    Published

    5 days ago

    on

    20 March, 2023

    Steve Watson

    Hannibal Hanschke-Pool/Getty Images

    The world’s richest man Elon Musk has responded to a tweet sent out by Joe Biden calling for higher taxes for billionaires, noting that he’s paid more tax than any human ever in the history of the planet.

    Biden sent out the following tweet calling on rich people to “pay your fair share,” along with a claim that the average tax billionaires pay is three percent.

    Musk responded, noting that he paid a whopping 53 percent tax on Tesla stock options at both the state and federal level, and that he paid more taxes than any person on Earth in 2021 ($11 billion) and will do so again for the 2022 fiscal year.

    Musk also called for a fact check on Biden’s three percent claim.

    Musk’s call led to the following correction from the Tax Foundation being added to Biden’s tweet, showing how Biden is either just flat wrong or lying:

    Others chimed in on Musk’s comments:

    While others had some choice responses for Biden:

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    Economy

    SVB’s London Bankers Received Up To $36 Million In Bonuses Days After BoE-Orchestrated Bailout

    Published

    6 days ago

    on

    19 March, 2023

    Zero Hedge

    David L. Ryan/The Boston Globe via Getty Images

    Bankers at the London branch of Silicon Valley Bank reportedly received tens of millions of dollars in bonuses just days after the Bank of England orchestrated a rescue package that led to Europe’s largest lender, HSBC, buying the failed bank’s subsidary for just £1, Sky News reports.

    Sources described the bonus pool as “modest”, and said it totalled between £15m and £20m.

    It was unclear on Saturday how much had been awarded to Erin Platts, the UK bank’s chief executive or her senior colleagues.

    One insider said the bonus payments were a signal of HSBC’s confidence in the talent base at its new subsidiary and that the buyer had been keen to honour previously agreed payments in order to help retain key staff. –Sky

    Israeli Banks Transferred $1 Billion Out of SVB Before Collapse

    What’s more, bonuses were reportedly doled out to US staff just hours before the Santa Clara, California-based bank collapsed. The bank was taken into FDIC ownership, while SVB Financial Group has filed for Chapter 11 bankruptcy protection as it looks to find buyers for their remaining assets.

    The UK arm of (formerly) SVB employs around 700 people. The London branch’s ‘guided demolition’ was coordinated with UK Prime Minister Rishi Sunak, who played a pivotal role in an emergency auction that drew interest from several challenger banks, including the Bank of London and Oaknorth.

    According to insiders, if HSBC hadn’t stepped up, the bonuses wouldn’t have been paid, while another insider pointed out that stock held by senior executives and other employees had been rendered worthless amid the implosion.

    “The UK’s tech sector is genuinely world-leading and of huge importance to the British economy, supporting hundreds of thousands of jobs,” said chancellor Jeremy Hunt. “We have worked urgently to deliver on that promise and find a solution that will provide SVB UK’s customers with confidence.”

    “[This] ensures customer deposits are protected and can bank as normal, with no taxpayer support.”

    The government had been lobbied intensively last weekend by hundreds of tech entrepreneurs about the parlous state of SVB UK.

    They warned of “an existential threat to the UK tech sector”, adding: “The Bank of England’s assessment that SVB going into administration would have limited impact on the UK economy displays a dangerous lack of understanding of the sector and the role it plays in the wider economy, both today and in the future.”

    The founders warned Mr Hunt that the collapse of SVB UK would “cripple the sector and set the ecosystem back 20 years”. -Sky

    “Many businesses will be sent into involuntary liquidation overnight,” were SVB UK not rescued, wrote the entrepreneurs.

    This post was originally published at Zero Hedge

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