Jerome Powell, Janet Yellen, and Democrats remain perplexed when it comes time to economics
When inflation began to rapidly rise, they labeled it "transitory" and incorrectly predicted that the trend would plateau, before dropping. Now that we have a second period of economic descent, they say we are not in a recession — in fact, they simply redefined the word. Current chair of the Federal Reserve Jerome Powell says it doesn't make any sense that we are in a recession, given the current job statistics.
The out-of-touch imbeciles who got us into this mess are the inmates running the insane asylum — the media, Biden, and other Democrats live in a fantasy world, lucratively profiting off of our work. They pretend the massive spending of Congress and incessant printing aren't a significant cause of the inflation problem. When the Federal Reserve kept interest rates near zero, it pushed up the price of stocks, real estate, crypto-currencies, and other assets as investors, including pension funds, chased rates of return. They act as if Biden's policies to destroy the fossil fuel industry aren't a substantial cause of high energy prices, which have a ripple effect throughout the economy. Instead of blaming Biden for the high prices, they blame the boogeyman known as "Russia." To them, Manchin is now an inflation hawk. After all, the bill he is currently supporting with new spending and taxes is called the "Inflation Reduction Act" instead of "Build Back Better" — it's much more palatable to the non-thinkers that way. In the bill, they pretend IRS enforcement and higher taxes will pay for the spending and reduce the deficit — as if anyone believes they aren't intentionally killing the dollar. And apparently confiscating more taxes out of the private sector won't have an effect on private business?
We are continually told the public's balance sheets are in great shape, which could not be farther from the truth.
Democrats pretend that subsidizing college, Obamacare, preschool, daycare, electric cars, and nearly everything else reduces costs — when all it does is shift the costs to taxpayers at a raised rate. There is no incentive for the providers of these services or products to control costs when the money is guaranteed by the government.
Over the last few months, corporate actions suggest Powell and others are heading for an economic retraction – Amazon was king during the government shutdowns, but is now reportedly attempting to offload warehouses; Target executives are predicting lower profit margins, as they seek to jettison excess inventory; and now Walmart is recognizing and identifying that rising costs of the basics directly affect the ability for consumers to spend elsewhere.
This week, Ford announced they are laying off 8,000 "salaried employees" so they can comply with federal regulations to manufacture expensive and impractical vehicles that the American market is not demanding.
Objective economic data might be a good start to help Powell, Yellen, the media, and other Democrats understand how severe are the consequences when big government gets involved in the free market.
In the most drastic decline since 1947, "worker productivity fell 7.5% in the first quarter." The savings rate for Americans is now at the lowest level since the last economic disaster at the hands of government overlords in 2008. Fifty-six percent of Americans say they don't have enough cash to cover a $1,000 surprise expense. Does that indicate balance sheets in good order? Take a look at these headlines:
Real average hourly earnings decreased 3.6 percent, seasonally adjusted, from June 2021 to June 2022.
Builder Confidence Plunges as Affordability Woes Mount
Small Business Expectations for Future Conditions Hits All-Time Low
Consumer credit card debt and annual percentage rates are heading to an all-time high
Car repossessions are surging – a troubling sign for the used car market
Foreclosures are on the rise. Here's what that says about the housing market
It's the Worst Bond Market Since 1842.
The victims of the financial reset are the poor and middle classes, because energy and food costs are now eating up a large portion of their previously limited, disposable income. The shutdowns hit the economy exceptionally hard, especially small businesses.
All the above information is easily accessed, so why are the propagandists and politicians claiming we aren't in a recession? I would challenge anyone to name a Biden policy which prioritizes America or Americans. I can't spot any.