This past month a poll held by ABC and the Washington Post with a 37 year history asked Americans if they were better or worse off in the two years since Biden entered the White House. If you were to ask Biden this question, you would be regaled with a flurry of great news about a fantastic economic recovery, epic jobs numbers, falling inflation and a dropping deficit. When you ask actual average citizens, you get a much different reply.
According to the ABC/Post poll, Americans say they are worse off than they have ever been, with the most negative data in the history of the survey. Over 40% of respondents indicated their financial situation was worse under Biden. Only 16% of people said they were better off. Not only that, but 60% of Democrats polled said they did NOT want Joe Biden as their candidate in 2024, and 62% of all people polled said they would be disappointed or even angry if Biden remained in the White House for a second term. This is astounding.
How does one reconcile this reality with the claims made by Joe Biden on the economy? If this is the “greatest economic recovery ever” then why are so many Americans in financial misery?
The number of lies surrounding Biden’s economic platform are too many to count, but I will try to go through the key arguments that the White House is promoting these days and outline why these claims are manipulative or outright fraudulent. Let’s get started…
Record Jobs Creation?
Biden and his team are quick to suggest that data from the Bureau of Labor Statistics indicates an incredible jobs recovery which he is happy to take credit for. “You don’t have a recession when you have 500,000 jobs and the lowest unemployment rate in more than 50 years,” Treasury Secretary Janet Yellen told ABC’s “Good Morning America” program on Monday. “What I see is a path in which inflation is declining significantly and the economy is remaining strong,” Yellen added.
This is coming from the same woman who denied for years that inflation was real and a threat to our financial system. The same woman that reluctantly admitted to inflation only after it hit 40 year highs. So, keep in mind that Yellen’s track record indicates she is either an idiot or a liar.
Also, these kinds of statements are made while deliberately ignoring the context and details of the situation. Over 25 million+ jobs were lost on Biden’s watch as he aggressively pushed for national covid lockdowns. These lockdowns were useless in stopping the spread of the virus, but they were very effective at killing the economy.
Many conservative red states defied Biden, Fauci and the CDC and reopened after a few months when it became clear that covid was not a threat to the vast majority of people. Blue states languished in lockdowns and irrational fear for much longer. Only recently have most US states backed away from the covid hysteria and so jobs are returning. 25 million+ were lost, and 12 million have been recovered. Hardly anything to brag about, but when you look at it as if the lockdowns never happened, it might be impressive.
Beyond the return of jobs lost during the lockdowns, there is also the issue of around $8 trillion+ in stimulus in less than two years of pandemic response. The lockdowns could not have happened without covid checks and PPP loans, and the covid stimulus helped directly trigger the inflation avalanche that had been building for years. Part of this process happened under Trump’s watch, to be sure. However, it was Biden and the leftists that tried to keep the mandates and lockdowns going even when the data showed they were useless.
With $8 trillion in fiat pumped directly into the system, retail and service industries exploded in 2021 as people rushed to buy goods. Prices exploded, too, because supply could not meet demand. The problem is that the jobs created during this event are a temporary condition of inflation, not a natural result of a recovering economy. In other words, Biden’s jobs market is an illusion built on fiat. I predict we will see considerable job losses this year as savings accumulated from covid stimulus run out and as consumer credit runs dry.
Then, there is the issue of potentially fake or exaggerated BLS jobs data. 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. This is a massive discrepancy. Though it’s impossible to prove at this stage, I suspect that there is a concerted agenda to lie about employment numbers, either to make Biden look good, or to facilitate an excuse for the continuance of interest rate hikes into economic weakness.
If the BLS numbers are accurate, then why is there a record number of Americans worse off under Biden? One, the jobs being created are low wage. Two, the numbers are fake. Three, inflation is so high that wages cannot keep up with the increase in prices.
Falling Inflation?
If we calculate inflation according to the standards set during the last stagflation crisis in the 1970s and early 1980’s, then the real inflation rate is closer to 15%. Official CPI according to the new way of calculation is 6.4%. Did inflation fall recently? Yes, but not because of Biden.
The Federal Reserve has raised interest rates to nearly 5%. Keep in mind that this is after keeping rates at near zero for around 14 years, and they are expected to continue to climb to a possible 6% or more this year. Higher rates mean far less lending and far less spending by consumers and the government. They also mean that corporate stock buybacks which originally relied on cheap overnight loans from the Fed are going to slowly die out, causing stock markets to fall. The most obvious consequence of this trend will be mass job losses as companies cut costs.
Falling Budget Deficit?
Again, this has nothing to do with Biden. He is trying to spend more and add more to the budget through his “Inflation Reduction Act”. Despite his many promises, he is not trying to reduce the budget. He will be FORCED to do this, however, by tightening fiscal policy.
Why is the deficit falling? Because the Fed is raising interest rates and this makes it more expensive for the government to borrow and spend. Higher interest rates raise the federal government’s borrowing costs and future interest payments on the national debt. As rates rise government programs must curb spending – meaning they are forced to reduce the budget deficit instead of spending money they don’t have.
The Reality
US retail sales just witnessed a steep decline through the end of 2022 and the holiday season, indicating that the effects of covid stimulus are well and truly over. Manufacturing tumbled as 2022 closed, defying Biden’s assertions that he is bringing back domestic production. US imports of goods have also tumbled and shipping is down across the board, yet another sign that the economy is stalling.
Intermittent spikes in retail sales have occurred, as we saw in January, but so has credit card debt, suggesting that consumers are now leaning on credit in order to cover increased costs triggered by inflation. Retail sales are not increasing, just the prices and credit expenditures. In fact, polls show 33% of Americans say it will take them at least 2 years to pay off their credit card debts, and 50% of Americans say they need their credit cards just to cover normal essential living expenses. 45% of people said they had to take on more debt during the pandemic.
The Tech sector is starting mass layoffs right now and may be a canary in the coal mine for what is about to happen to the rest of the jobs market this year. And, inflation remains high enough that 56% of Americans say they cannot keep up with the cost of living, while 77% are worried about their future financial prospects.
This information does not jive with Biden’s story at all. There is no recovery, we are in the midst of a stagflation crisis with elements of a growing recession. I believe 2023 will be the year that the recovery narrative collapses, but the government under Biden will seek to hide the implosion for as long as possible.
Article cross-posted from Alt-Market.
Five Things New “Preppers” Forget When Getting Ready for Bad Times Ahead
The preparedness community is growing faster than it has in decades. Even during peak times such as Y2K, the economic downturn of 2008, and Covid, the vast majority of Americans made sure they had plenty of toilet paper but didn’t really stockpile anything else.
Things have changed. There’s a growing anxiety in this presidential election year that has prompted more Americans to get prepared for crazy events in the future. Some of it is being driven by fearmongers, but there are valid concerns with the economy, food supply, pharmaceuticals, the energy grid, and mass rioting that have pushed average Americans into “prepper” mode.
There are degrees of preparedness. One does not have to be a full-blown “doomsday prepper” living off-grid in a secure Montana bunker in order to be ahead of the curve. In many ways, preparedness isn’t about being able to perfectly handle every conceivable situation. It’s about being less dependent on government for as long as possible. Those who have proper “preps” will not be waiting for FEMA to distribute emergency supplies to the desperate masses.
Below are five things people new to preparedness (and sometimes even those with experience) often forget as they get ready. All five are common sense notions that do not rely on doomsday in order to be useful. It may be nice to own a tank during the apocalypse but there’s not much you can do with it until things get really crazy. The recommendations below can have places in the lives of average Americans whether doomsday comes or not.
Note: The information provided by this publication or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.
Secured Wealth
Whether in the bank or held in a retirement account, most Americans feel that their life’s savings is relatively secure. At least they did until the last couple of years when de-banking, geopolitical turmoil, and the threat of Central Bank Digital Currencies reared their ugly heads.
It behooves Americans to diversify their holdings. If there’s a triggering event or series of events that cripple the financial systems or devalue the U.S. Dollar, wealth can evaporate quickly. To hedge against potential turmoil, many Americans are looking in two directions: Crypto and physical precious metals.
There are huge advantages to cryptocurrencies, but there are also inherent risks because “virtual” money can become challenging to spend. Add in the push by central banks and governments to regulate or even replace cryptocurrencies with their own versions they control and the risks amplify. There’s nothing wrong with cryptocurrencies today but things can change rapidly.
As for physical precious metals, many Americans pay cash to keep plenty on hand in their safe. Rolling over or transferring retirement accounts into self-directed IRAs is also a popular option, but there are caveats. It can often take weeks or even months to get the gold and silver shipped if the owner chooses to close their account. This is why Genesis Gold Group stands out. Their relationship with the depositories allows for rapid closure and shipping, often in less than 10 days from the time the account holder makes their move. This can come in handy if things appear to be heading south.
Lots of Potable Water
One of the biggest shocks that hit new preppers is understanding how much potable water they need in order to survive. Experts claim one gallon of water per person per day is necessary. Even the most conservative estimates put it at over half-a-gallon. That means that for a family of four, they’ll need around 120 gallons of water to survive for a month if the taps turn off and the stores empty out.
Being near a fresh water source, whether it’s a river, lake, or well, is a best practice among experienced preppers. It’s necessary to have a water filter as well, even if the taps are still working. Many refuse to drink tap water even when there is no emergency. Berkey was our previous favorite but they’re under attack from regulators so the Alexapure systems are solid replacements.
For those in the city or away from fresh water sources, storage is the best option. This can be challenging because proper water storage containers take up a lot of room and are difficult to move if the need arises. For “bug in” situations, having a larger container that stores hundreds or even thousands of gallons is better than stacking 1-5 gallon containers. Unfortunately, they won’t be easily transportable and they can cost a lot to install.
Water is critical. If chaos erupts and water infrastructure is compromised, having a large backup supply can be lifesaving.
Pharmaceuticals and Medical Supplies
There are multiple threats specific to the medical supply chain. With Chinese and Indian imports accounting for over 90% of pharmaceutical ingredients in the United States, deteriorating relations could make it impossible to get the medicines and antibiotics many of us need.
Stocking up many prescription medications can be hard. Doctors generally do not like to prescribe large batches of drugs even if they are shelf-stable for extended periods of time. It is a best practice to ask your doctor if they can prescribe a larger amount. Today, some are sympathetic to concerns about pharmacies running out or becoming inaccessible. Tell them your concerns. It’s worth a shot. The worst they can do is say no.
If your doctor is unwilling to help you stock up on medicines, then Jase Medical is a good alternative. Through telehealth, they can prescribe daily meds or antibiotics that are shipped to your door. As proponents of medical freedom, they empathize with those who want to have enough medical supplies on hand in case things go wrong.
Energy Sources
The vast majority of Americans are locked into the grid. This has proven to be a massive liability when the grid goes down. Unfortunately, there are no inexpensive remedies.
Those living off-grid had to either spend a lot of money or effort (or both) to get their alternative energy sources like solar set up. For those who do not want to go so far, it’s still a best practice to have backup power sources. Diesel generators and portable solar panels are the two most popular, and while they’re not inexpensive they are not out of reach of most Americans who are concerned about being without power for extended periods of time.
Natural gas is another necessity for many, but that’s far more challenging to replace. Having alternatives for heating and cooking that can be powered if gas and electric grids go down is important. Have a backup for items that require power such as manual can openers. If you’re stuck eating canned foods for a while and all you have is an electric opener, you’ll have problems.
Don’t Forget the Protein
When most think about “prepping,” they think about their food supply. More Americans are turning to gardening and homesteading as ways to produce their own food. Others are working with local farmers and ranchers to purchase directly from the sources. This is a good idea whether doomsday comes or not, but it’s particularly important if the food supply chain is broken.
Most grocery stores have about one to two weeks worth of food, as do most American households. Grocers rely heavily on truckers to receive their ongoing shipments. In a crisis, the current process can fail. It behooves Americans for multiple reasons to localize their food purchases as much as possible.
Long-term storage is another popular option. Canned foods, MREs, and freeze dried meals are selling out quickly even as prices rise. But one component that is conspicuously absent in shelf-stable food is high-quality protein. Most survival food companies offer low quality “protein buckets” or cans of meat, but they are often barely edible.
Prepper All-Naturals offers premium cuts of steak that have been cooked sous vide and freeze dried to give them a 25-year shelf life. They offer Ribeye, NY Strip, and Tenderloin among others.
Having buckets of beans and rice is a good start, but keeping a solid supply of high-quality protein isn’t just healthier. It can help a family maintain normalcy through crises.
Prepare Without Fear
With all the challenges we face as Americans today, it can be emotionally draining. Citizens are scared and there’s nothing irrational about their concerns. Being prepared and making lifestyle changes to secure necessities can go a long way toward overcoming the fears that plague us. We should hope and pray for the best but prepare for the worst. And if the worst does come, then knowing we did what we could to be ready for it will help us face those challenges with confidence.
