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The pace of economic growth in the first three months of the year was far more sluggish than anyone expected—and inflation was much higher.
The post Breitbart Business Digest: Inflation Is Too Hot for the Fed to Cut Despite Sluggish Growth appeared first on Breitbart.
On Wednesday’s broadcast of CNBC’s “Squawk Box,” Professor of the Practice of Economic Policy at Harvard University and the Harvard Kennedy School Jason Furman, who served as Chairman of the Council of Economic Advisers under President Barack Obama and on the
The post Fmr. Obama Adviser: The Goal of Biden Loan Plan Will Increase Interest Rates, Inflation, Mortgage Rates appeared first on Breitbart.
A whopping 85 percent of New Yorkers said the cost of food is rising faster than their income in a poll released Tuesday.
The post Poll: 85% of New Yorkers Say Grocery Costs Are Rising Faster than Their Income appeared first on Breitbart.
President Joe Biden's approval rating is deep underwater on what Americans rated as their top two issues in an Economist/YouGov poll.
The post Poll: Biden Deep Underwater on Top Issues of Inflation, Immigration appeared first on Breitbart.
Money printer go brrrrrrrrrrrrrrr
The post Bidenflation Warning: Money Supply Surges To Highest Level In Over A Year appeared first on Breitbart.
Almost 38 percent of renters in the United States do not believe they will ever be able to call themselves homeowners, per a survey.
The post Survey: Nearly 38 Percent of U.S. Renters Do Not Believe They Will Ever Be Homeowners appeared first on Breitbart.
Argentine President Javier Milei announced that Argentina registered a 0.2 percent surplus of its GDP for the first time since 2008.
The post Javier Milei Announces First GDP Surplus for Argentina Since 2008 appeared first on Breitbart.
Breitbart Economics Editor John Carney is calling for a national Inflation Day protest this June to demand policy change on the most pressing issue for Americans.
The post Carney on ‘Kudlow’: We Need a National Inflation Day Protest This June appeared first on Breitbart.
Perhaps if we started an Inflation Day movement, more attention could be drawn to the fact that rising price levels are the results of public policy choices.
The post Breitbart Business Digest: Earth Day Is Over. Let’s Talk About Inflation Day. appeared first on Breitbart.
The already insane cost of purchasing a home has hit a new high, thanks to the ongoing horror show that is Bidenomics.
The post Nolte: Bidenomics Drives House Prices to Another Record High appeared first on Breitbart.
President Biden signature issues are ranked low among Americans' national concerns.
The post Earth Day: Americans Are Far More Worried About Bidenflation Than Climate Change appeared first on Breitbart.
The country is not moving in the right direction, and the economy is a major a factor. But the legacy media is focused on wall-to-wall coverage of he who is known as “The Bad Orange Man.”
The post Breitbart Business Digest: Trump Trial Isn’t Distracting Americans from the Ravages of Bidenomics appeared first on Breitbart.
Fast food prices in California jumped during the six-month period before the Democrat-run state mandated a $20 minimum wage for the industry.
The post Study: Democrat-Run California’s Fast Food Prices Jumped Seven Percent Prior to $20 Minimum Wage appeared first on Breitbart.
On Thursday’s broadcast of the Fox News Channel’s “Your World,” Minneapolis Federal Reserve Bank President Neel Kashkari stated that stimulus spending was “a contributor to the high inflation that we’ve seen.” And “the spending on infrastructure, the spending on new chip
The post Minneapolis Fed Pres: Biden Spending on Chips, Infrastructure ‘Is Inflationary’ and There Are ‘Cross-Purposes’ appeared first on Breitbart.
As is so often the case with Bidenomics, even good news is bad news because of the upward inflationary pressure.
The post Breitbart Business Digest: Good News Is Bad News in Biden’s Economy appeared first on Breitbart.
A Whole Foods shopper shared her frustration at reportedly paying $7 for an apple as people across America struggle with inflation.
The post WATCH — ‘Guess How Much’: Whole Foods Shopper Claims Apple Costs $7 Due to Soaring Inflation appeared first on Breitbart.
During an interview with Nexstar Media that took place on Tuesday and was released on Wednesday, President Joe Biden stated that inflation “is being stubborn and not going down to the 2% we need. But, it’s significantly different,” than where
The post Biden: Inflation ‘Is Being Stubborn’ — Things Like Junk Fees Are What ‘Really’ Impact People appeared first on Breitbart.
The latest edition of the Beige Book provides far more red flags than silver linings.
The post Breitbart Business Digest: Beige Book Provides Gloomy Outlook for U.S. Economy appeared first on Breitbart.
Actor John Leguizamo isn't happy that former President Donald Trump is gaining ground with Hispanic voters.
The post John Leguizamo Whines that Trump Is Gaining with Hispanics, Admits Inflation Is ‘Bad Right Now’ appeared first on Breitbart.
Jerome Powell spoke today from our nation's capital and indicated what we all know to be true: The Fed has no business cutting rates at this time.
The post Breitbart Business Digest: Powell Speaks and States the Obvious—No Rate Cuts Are Coming appeared first on Breitbart.
Biden talks up the economy’s strong growth but doesn’t address the fact that the inflation rate he’s given us surpasses the GDP growth rate. He also doesn’t mention that much of this growth was funded directly by government stimulus and other financial aid given to the public.
The White House claims the economy is roaring, and mainstream media suggests only Republicans doubt it. However, consumer sentiment is declining, albeit with a slight recent uptick, which both the White House and mainstream media quickly seized upon as a positive trend. Inflation also rose this month, but the White House contends it’s down compared to 2022 levels. It appears the White House chooses to cite macro or micro data depending on what makes them look better.
The average gas price increased by 7% this month compared to last month. However, it remains lower than the $4.90 it hit in 2022. So, I suppose the White House can chalk up another win.
The reality is, both the average American and business owner perceive the economy as dismal and lack confidence in the future. Despite high inflation, the specter of recession still looms large, suggesting stagflation may become a reality in the near future. We could easily find ourselves grappling with growing unemployment alongside escalating prices. Technically, we’ve been in a recession for some time now, but Janet Yellen’s assertion that a recession isn’t defined by two consecutive quarters of negative growth was surprising to me and most university economics professors, as it contradicts the textbook definition of a recession.
Regarding stagflation, it’s defined by rising prices and growing unemployment. In the strictest sense, the White House is correct that we haven’t reached that point yet. More jobs are being created each month. However, if you’re looking for a job, the difficulty in finding one is obvious. This is largely due to the fact that 70% of the new jobs being created are part-time, while about 20% are government jobs. Depending on one’s definition of “jobs,” an argument could be made that significant numbers of new full-time private sector jobs are not being created.
The truth is, the economy has been on shaky ground throughout Biden’s entire administration. The only thing preventing a complete collapse is government stimulus and government job expansion, both of which add to the deficit and debt, merely postponing the inevitable. And that inevitable end is fast approaching.
Several US municipalities have implemented excessively high minimum wages, reaching up to $20 an hour. As a result, retailers, fast food chains, and ride-hailing apps like Lyft and Uber are exiting these markets. Grocery stores are transitioning to self-checkout systems, while fast-food establishments are introducing order kiosks. Moreover, many CVS and Walgreens drugstores have significantly reduced their floor staff, in some instances to just one employee.
Under Bidenomics, we’ve witnessed a 46% increase in gas prices, with mortgage rates inching closer to 7%. Meanwhile, the demand for new mortgages is dwindling.
Real wages, adjusted for inflation, have dropped by an average of $371. The White House’s deception on this matter lies in presenting a chart of inflation that peaked in June 2022 and has since been declining, while wages have been on the rise. At first glance, it may seem that the worst of inflation is behind us and wages now surpass inflation. However, it’s crucial to remember that prices have not decreased.
The rate at which wages are increasing, at 5%, now exceeds the rate of price increases, at 3.2%. However, over the past four years, we’ve seen cumulative inflation of nearly 20%. So, whereas you once earned a dollar, you now earn $1.05, while goods that previously cost $1.00 now cost $1.20. As a result, your real wages, adjusted for inflation, have decreased.
In short, the money you earn buys you less stuff.
Due to a decline in inflation-adjusted income, US savings rates have dropped to 3.6% from the pre-pandemic level of 6%. Credit card delinquencies and car loan defaults have reached record highs. Many Americans report borrowing money each month just to cover their cost of living.
Bidenomics is a disaster, and the White House is still considering cutting interest rates, which would cause inflation to skyrocket.
The post Credit Card Defaults, Inflation, Part-Time Jobs: The Economy Is a Disaster appeared first on The Gateway Pundit.
FIRST ON THE DAILY SIGNAL—President Joe Biden’s efforts to deflect blame for the border crisis and high cost of living aren’t working with swing voters, according to new polling from Echelon Insights.
An even higher percentage view his administration as a failure.
The survey of 2,401 registered voters in six battleground states—shared exclusively with The Daily Signal—reveals key insights about swing voters, a segment of the U.S. population who aren’t strongly aligned with either political party.
Asked to rate the Biden administration, 65% of swing voters described it as a failure. A majority of Hispanic men, young voters (18-35), and married women also give the Biden administration a failing grade.
The poll finds 59% of swing voters blame Biden’s policies for the crisis at the southern border, compared with 23% who say it’s due to factors outside of his control, while 18% are unsure or don’t view it as a problem.
On the issue of inflation and the high cost of living, 51% of swing voters blame Biden’s policies. According to the survey, 37% think the problem is outside of Biden’s control, while 13% are unsure or don’t view it as a problem.
Of the issues surveyed, violent crime is the only one that a majority of swing voters don’t blame on Biden’s policies. In that specific case, 38% attribute a rise in crime to Biden, compared with 39% who think it’s not his doing.
These issues are regularly cited as Americans’ top concerns. They are also contributing to a gloomy outlook on America’s future and have resulted in Biden’s dismal disapproval rating.
Echelon Insights conducted the survey for The Heritage Foundation in Arizona, Georgia, Michigan, Nevada, Pennsylvania, and Wisconsin.
When asked about the 2024 presidential election, swing voters give former President Donald Trump higher marks on America’s biggest issues: addressing immigration and border security, ensuring a strong U.S. economy, maintaining world peace, bringing down the high cost of living, keeping their families safe, supporting the middle class, instilling confidence in America, and protecting rights and freedoms.
Biden outperformed Trump on just two issues: health care costs and student loan debt.
Trump’s dominance on a wide range of policy issues translates into a strong showing in five of the six states where the survey was conducted. Trump leads in Arizona, Georgia, Michigan, Nevada, and Pennsylvania. Biden had the edge in Wisconsin.
A whopping 73% of swing voters in those six states disapprove of Biden’s job performance, compared with 40% for Trump. In each of the individual states, Trump holds the advantage.
When asked to rate a conservative governing agenda compared against a liberal agenda, swing voters in all six states favored a plan that grows the economy, reduces the cost of living, cuts government spending, secures the border, and implements tougher penalties for violent criminals.
The conservative agenda performed best in Michigan, followed closely by Georgia.
Swing voters cited the high cost of living as a major concern, worrying about the economic future of their kids, ability to save for retirement, and the cost of health care.
With a national debt of more than $34 trillion and government spending exploding on Biden’s watch, these voters are more receptive to spending cuts than other ideas such as combating corporate greed and junk fees or increasing taxes on wealthy Americans.
On the issue of border security, swing voters are more likely than the overall population to worry about social services being stretched thin. They also cite drug trafficking and rising crime as problems connected to the massive influx of illegal aliens.
Some of the Trump administration’s priorities—instituting the Remain in Mexico policy, completing the U.S.-Mexico border wall, and closing the southern border to asylum seekers—rate positively among swing voters.
The survey also asked swing voters about education and the role of parents. By a significant margin, 63% to 30%, they think parents are in the best position to address controversial issues, such as sexuality, with their children.
Echelon Insights conducted the survey March 12-19 among approximately 400 voters in each of the six states. It has a margin of error of +/-2.3 percentage points overall.
The post Swing Voters Deliver Harsh Verdict: Biden Administration Is a Failure appeared first on The Daily Signal.
On Friday’s broadcast of CNBC’s “Squawk on the Street,” BlackRock CEO Larry Fink stated that it will be difficult to reach 2% inflation and one reason is “We have a trillion dollars of fiscal stimulus in the CHIPS Act, the
The post BlackRock’s Fink: Spending in ‘Inflation Reduction Act’ Will Make It Harder to Lower Inflation appeared first on Breitbart.
On Friday’s broadcast of CNBC’s “Squawk Box,” Agriculture Secretary Tom Vilsack responded to a question on if spending in the Inflation Reduction Act will create inflationary pressure by stating that “One of the things that I think is missed about the
The post Ag Sec’y Vilsack on Inflationary Pressure from ‘Inflation Reduction Act’ Spending: The Law’s ‘Paced’ appeared first on Breitbart.
In the first three months of the year, inflation measured by the consumer price index has run at a 4.6 percent annualized rate, much higher than the 1.9 percent rate in the final three months of last year.
The post Bidenflation’s Resurgence Sends Consumer Sentiment Tumbling appeared first on Breitbart.
Former Speaker of the House Newt Gingrich has suggested President Joe Biden’s “economic failure” may well be his downfall in November’s presidential election.
The post Newt Gingrich: Bidenomics ‘Means You Get Less for More’ appeared first on Breitbart.
On Thursday’s broadcast of Bloomberg’s “Balance of Power,” White House Council of Economic Advisers member Heather Boushey stated that the March PPI inflation data, which showed the highest level in almost a year, “tempers” worries in the wake of the
The post White House: PPI Inflation Hitting 11-Month High ‘Tempers’ Worries, ‘Inflation Has Been Coming Down’ appeared first on Breitbart.
On Thursday’s broadcast of Bloomberg’s “Balance of Power,” White House Council of Economic Advisers member Heather Boushey stated that President Joe Biden is fighting inflation and its impact by “lowering the cost of student debt for all of those borrowers”
The post White House: Biden’s Fighting Inflation with Student Loan Plan appeared first on Breitbart.
Donald Trump leads Joe Biden in North Carolina, where inflation and national security are the leading issues for voters, per a poll.
The post Poll: Donald Trump Leads Joe Biden in North Carolina, Where Inflation, National Security Are Top Issues appeared first on Breitbart.
When Biden took office, inflation was running below the Fed's two percent target. It only took off after he pushed through his $1.9 trillion stimulus package.
The post Fact Check: Biden Blames Inflation on Trump appeared first on Breitbart.
Delinquency rates among American credit card holders are at an all-time high, according to a Federal Reserve Bank of Philadelphia report.
The post Nolte: Bidenomics Drives Credit Card Delinquencies to Record High appeared first on Breitbart.
Core inflation rose for a third consecutive month, the producer price index showed Thursday.
The post Bidenflation: Core Producer Prices Up The Most Since September appeared first on Breitbart.
The Biden White House claims to have heralded “a great year for American workers” with more jobs created “during any year of the prior Administration.” However, most are part-time or government jobs, paid for by taxpayers. Additionally, the constant influx of illegal immigrants distorts the job market.
The March jobs report shows 303,000 new jobs added. However, most of the jobs were part-time. Meanwhile, year-over-year creation of full-time positions has been in recession territory since December. Even these part-time jobs are largely going to immigrants, including illegal immigrants. Consequently, considering both part-time and full-time employment, there have been almost no jobs created for citizens.
Nearly one-quarter of the new jobs are government jobs, paid for by taxpayers. This percentage is about double the norm for government job creation, which typically falls between 10 and 12 percent. In addition to the fact that government jobs drain taxpayer funds, they also do not represent an investment in the future. Jobs created by a private company today, if successful, will grow and create more jobs in the future. Private companies develop new industries, products, and services that facilitate investment and the development of other private companies. This is why the US economy is much more robust than the economy of a centrally planned, communist country.
Even in communist China, the rapid economic growth of the past few decades was led by the private sector, not the public sector. Another problem with a growing public sector is that it draws talent away from the private sector. People who might otherwise have been inventive or innovative, creating something new in the private sector, will be absorbed into government jobs that produce nothing.
In addition to there not being enough full-time jobs, the job market is also plagued by swings and fluctuations. Inflation is a constant feature of the Biden economy, making markets more susceptible to speculation regarding Fed policy. Usually, as election time nears, the sitting president, running for reelection, will decide that the level of inflation is too low and will cut interest rates to induce an illusory job boom. Signals from the White House and the Fed suggest that they are mulling over such a destructive move now, despite the fact that the US still faces high inflation and has suffered cumulative inflation of over 18% since Biden took office.
Biden’s student loan forgiveness plan is an example of a shortsighted policy that will give people the illusion of a better economy. People who will have thousands of dollars’ worth of debt wiped clean will feel instant relief and forget that every product they buy is more expensive than under Trump. As a populist move, those wishing to have their current or future college debts erased will also vote for Biden.
Like any other government transfer, the student loan forgiveness program is transferring money from taxpayers—who may or may not have been able to afford college—to people who borrowed money, attended college, and will now enjoy the economic benefits of an education at the expense of others. The trillions Biden is giving away through this and other programs, which began during COVID, are driving up the deficit, increasing the debt, and eroding the dollar’s buying power.
There are areas where job creation and real economic growth could be fostered, such as by increasing Liquified Natural Gas (LNG) exports. The energy industry creates highly paid, full-time jobs for non-college graduates, which is something this country is running short of. However, Biden caved to the climate crowd and has halted approvals for export certifications for LNG, a commodity whose price has nearly tripled since sanctions on Russian energy exports reduced the supply to Europe and the world.
Cutting these LNG jobs and revenues is considered a victory for climate activists. However, the Energy and Commerce Committee, along with more than 150 House Republicans, including Speaker Mike Johnson, R-La., are working to reverse Biden’s ban on LNG. They argue that demand will remain the same, while Biden is effectively cutting the supply, thus driving up prices. Expanding US LNG exports would bring down prices, create jobs, increase the size of the US economy, and afford the US diplomatic advantages, bringing the US closer to its European allies.
If the Biden economy is considered good, perhaps we should revert to the supposedly bad economy under Trump, where inflation was low, unemployment was low, gas prices were low, illegal immigration was being addressed, and Russia dared not invade Ukraine.
The post Biden Job Creation: Part-time, Government Jobs, and Distorted Unemployment Numbers appeared first on The Gateway Pundit.
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bec, CC BY-SA 4.0 <https://creativecommons.org/licenses/by-sa/4.0>, via Wikimedia Commons
On Wednesday’s broadcast of “CNN Newsroom,” Biden Campaign Co-Chair Rep. James Clyburn (D-SC) responded to criticism by Biden’s former Chief of Staff Ron Klain of President Joe Biden for touting infrastructure when people are dealing with inflation by stating, “Well,
The post Biden Co-Chair Clyburn on Klain Inflation Criticism: ‘I’m Not an Economist’ ‘Don’t Know How These Issues Really Work’ appeared first on Breitbart.
The victory over inflation that the Biden administration and many on Wall Street were eager to celebrate last year now seems to have been, well, transitory.
The post Breitbart Business Digest: March Inflation Report Kills Chance of a June Rate Cut appeared first on Breitbart.
The U.S. Postal Service (USPS) has proposed a 7.8 percent price increase for stamps to "achieve financial stability."
The post U.S. Postal Service Announces Sixth Price Increase Since 2020 appeared first on Breitbart.
Haircare costs increased since 2023 under President Joe Biden, March CPI numbers revealed on Wednesday.
The post Salonflation: Haircare Inflation Takes a Snip Out of Consumers’ Wallets appeared first on Breitbart.
Exit polls in South Korea’s midterm elections on Wednesday predicted a landslide win for the left-wing Democratic Party (DP) and its “sister party,” the Democratic United Party (DUP).
The post South Korea: Exit Polls Predict Landslide Leftist Win in Midterm Elections appeared first on Breitbart.
The prices of auto repair, auto insurance, and parking have surged since 2023, according to March Consumer Price Index (CPI) data.
The post Car Ownership Prices Accelerate: Bidenflation Hits Auto Repairs, Car Insurance, and Even Parking Prices appeared first on Breitbart.
The costs of daycare and school have soared to nearly five percent since 2023, March Consumer Price Index (CPI) data shows.
The post Kidflation: Daycare and School Prices Soar appeared first on Breitbart.
President Joe Biden's former chief of staff Ron Klain complained during a recent event that the president was too focused on taking victory laps on infrastructure projects and not doing enough to address voters' immediate concerns, such as the price of groceries, according to a report.
The post Former Biden Chief of Staff Ron Klain Says Biden Taking Victory Lap While Grocery Prices Are Too High appeared first on Breitbart.
Prices of dental care, eye care, and personal care have increased since 2023, March Consumer Price Index (CPI) data revealed Wednesday.
The post Open Wide: Bidenflation Pushes Up Dental Care, Eye Care, Personal Care Products appeared first on Breitbart.
Inflation under Joe Biden has sent the costs of maintaining a household soaring. Rent, electricity, and garbage collection prices are all up.
The post Gimme Shelter: Inflation Pushing Up Rents, Garbage Collection, Electricity appeared first on Breitbart.
The worse than expected inflation likely dashes hopes for a rate cut in June.
The post Bidenflation Reignited: Consumer Prices Rise More Than Expected For Third Straight Month appeared first on Breitbart.
There's a specter haunting Wall Street. The specter of resurgent inflation.
The post Breitbart Business Digest: March Inflation Looms Over Wall Street appeared first on Breitbart.
“The rights of man come not from the generosity of the state but from the hand of God.” – JFK
Capitalism and free markets are the primary drivers of wealth creation while also protecting personal freedoms. Socialism and government intervention tend to erode personal freedoms and produce only temporary prosperity, addressing specific issues for certain groups while impoverishing others and overlooking the underlying causes of problems.
Biden’s American Rescue Plan was a good example of how ineffective socialism is at solving economic problems. By sending a $1,500 check to every poor person, he claimed, incorrectly, to have done more to reduce poverty than any other president.
Firstly, the American Rescue Plan drove up the US debt and pushed inflation to levels not seen in decades. Additionally, the $1,500 did not reduce poverty. The poverty threshold for a family of 3 is $25,820 per year. So, unless these families fell short by exactly $1,500, he did not bring them above the threshold that year. And unless he planned to send checks to all 37.9 million Americans living below the poverty line every year, forever, he has not eliminated poverty.
The only way for these people to rise out of poverty is to get a better job with a higher salary. So, the solution is free markets, not socialism.
The US ranks among the most capitalist countries in the world. In a capitalist society, the means of production are controlled by private businesses and private citizens, not the government. The economy runs according to the market, not central planning. Prices, wages, quantities, and types of production are determined by the market, with information transmitted from buyers to sellers millions of times per day.
In a capitalist society, a fast-food restaurant has the right to make a fish and peanut butter milkshake, but by refusing to buy that product, citizens signal that they do not want it, and the producer will either stop selling it or go out of business.
On average, the more government intervention there is in the economy, the lower the standard of living will be. As a hypothetical example, if the peanut butter and fish milkshake company had a government subsidy, it could remain in business, even though no one wants that product. The money the government spends supporting the unwanted fish and peanut butter milkshake company could have been spent on border security, which is one of the only purviews of government in capitalism.
In a true capitalist society, the government only has three responsibilities: maintaining courts and public security for protecting personal property rights, building infrastructure, and protecting the border. The further the government deviates from these limited mandates, the more money is wasted.
This report will compare four countries: the US, which has an economic freedom score calculated by Freedom House of 8.22, and the more socialist countries, Germany with an economic freedom score of 7.85, China with a score of 6.2, and Venezuela with a score of 3.34.
Standard of living can be quantified in the Quality of Life Index, which ranks countries based on the level of wealth, comfort, necessities, and material goods available to citizens. It also examines physical and mental health and wellness. Germany, with a score of 91.26, ranks slightly higher than the US at 89.11, but this is probably because of obesity and obesity-related illnesses, which decrease the health indicator in the US. But on some level, obesity is a positive sign of wealth. China, at 82.80, and Venezuela, at 71.66, rank worse off, with a lower standard of living.
While socialist countries offer free or heavily subsidized higher education, the United States boasts a diverse array of prestigious universities and colleges, many of which are privately funded. This competitive landscape fosters innovation and excellence in education, attracting students from around the world. The US has 3,100 universities, with 53 ranked in the top 100 globally. China has 2,495 universities, with 6 ranked in the top 100; Germany has 461 universities, with only 1 ranked in the top 100; and Venezuela has 73 universities, with 0 ranked in the top 100.
In terms of the average number of years of education citizens have, in Germany and the US, most adults have had 14 years of education, while in China, the average is 8 years, and in Venezuela, it’s 6.6 years.
For infrastructure, China is always touted as the leader in transportation because they have high-speed rail. However, the US has a much broader transportation infrastructure than any country in the world. The US has 148,553 kilometers of railroad, China has 10,767 kilometers (with a population four times the size of the US), Germany has 33,401 kilometers, and Venezuela has 682 kilometers.
Socialist countries usually have a government-owned national flagship airline, such as Air China or Conviasa in Venezuela. In the US, the airlines are private, and the US has more flights, with more Americans flying each year than citizens in any other country. Furthermore, Americans can afford to buy cars. Cars per capita in the US are 860 out of 1000, in Germany it’s 627 out of 1000, in China it’s 223 out of 1000, and in Venezuela it’s 149 out of 1000.
The US does not have a government sovereign wealth fund. Our outbound investment is private, and yet, the US is the largest source of outbound investment on the planet.
In socialist countries, citizens depend on the government to create jobs. The US, with a relatively free market for jobs, has a low unemployment rate of 3.6%, while in socialist China it is 5.1%, and in Venezuela, it is 7.5%. However, in China, youth unemployment had reached 21.3% last year before Beijing stopped reporting and then changed the definition of youth unemployment to make the number smaller. This is another example of the benefits of a free-market society. We have private institutions, NGOs, and associations that collect and publish data, so there is greater transparency.
The salaries between the US and socialist countries are vastly different. The average American earns about $75,269 per year, while the average German only earns $48,845. In China, it’s $12,598, and in Venezuela, it’s $3,910.
And the final kicker in a socialist country is income tax. In both China and Germany, the top income tax rate is 45%. In the US, it is 37%, and in Venezuela, it is 34%. So, Americans earn dramatically more than people in socialist countries and get to keep a larger percentage of their salary compared to most socialist countries.
Apart from failing to deliver in terms of economic well-being, socialism also falls short of its claim to offer greater freedom. Economic freedom, as already discussed, is higher in the U.S. In general, personal freedoms are also higher. According to the Human Freedom Index, which evaluates countries across the following criteria: Rule of law, Security and safety, Movement, Religion, Association, assembly, and civil society, Expression and information, public health, and a number of other factors, Germany ranked higher than the US at 18th. But this was largely because of the lack of social welfare in the US and because of the higher crime rate. The US ranked as the 23rd most free country in the world, China 152, and Venezuela 163.
As a result of capitalism, Americans earn more, keep more of their salary, and have greater freedom than in socialist countries. Let’s vote to keep it that way.
The post Capitalism, Not Socialism, Makes Us Richer and Freer appeared first on The Gateway Pundit.
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President Joe Biden, Senate Majority Leader Charles “Chuck” Schumer, D-N.Y., and House Speaker Nancy Pelosi, D-Calif., look on as Vice President Kamala Harris delivers remarks on the American Rescue Plan Friday, March 12, 2021, in the Rose Garden of the White House. (Official White House Photo by Adam Schultz)
All 371 locations of the 99 Cents Only stores are shutting down, with company executives blaming the "difficult" decision on such causes as "inflationary pressures."
The post 99 Cents Only Stores Closing All 371 Locations, Citing ‘Inflationary Pressures’ appeared first on Breitbart.
A $100 grocery haul in 2019 costs almost $140 today for the same common items, causing consumers to "become creative to cope."
The post Analysis: Grocery Prices Nearing 40 Percent Higher Than In 2019 appeared first on Breitbart.
The fossil fuel industry is cashing in on the $7.5 billion for electric vehicle (EV) charging stations that President Joe Biden approved in the Inflation Reduction Act, lobbying to have the stations built at existing gas station locations.
The post Report: Fossil Fuel Lobby Cashes in on Biden’s $7.5 Billion for EV Chargers appeared first on Breitbart.
Breitbart economics editor John Carney said Thursday on Fox Business Network's "Kudlow" that former President Donald Trump's trade philosophy was about "reciprocity."
The post Carney on Kudlow: Trump’s Trade Philosophy Is ‘If You Are Fair with Us, We Will Be Fair to You’ appeared first on Breitbart.
The Atlanta Fed said inflation is falling much more slowly than expected, so the Fed will probably not cut rates until the end of the year.
The post Bostic Says Fed Should Wait Until November or December To Cut Rates appeared first on Breitbart.
On Wednesday’s broadcast of MSNBC’s “All In,” former Biden Chief of Staff Ron Klain stated that “Prices are too high” and “the price of gasoline is still high, other prices are still high, and people feel that pinch.” And President
The post Klain: ‘Prices Are Too High’ and Biden Needs ‘More Progress’ and to ‘Use His Tools’ on Border appeared first on Breitbart.
In the economic seas we're currently navigating, the idea of a Fed rate cut is starting to look like a theoretical exercise detached from the practical realities on the ground.
The post Breitbart Business Digest: Fed Cuts May Have to Wait Until After the Election appeared first on Breitbart.
The potential that the Fed's next move is up instead of down is arguably the most underpriced risk in the market.
The post Breitbart Business Digest: The Most Underpriced Risk in the Market Right Now appeared first on Breitbart.
Bidenflation is freaking people out as they look forward to their retirement years.
The post Nolte: Amount of Money People Believe They Need for Retirement Jumps 53% in Biden’s America appeared first on Breitbart.
On Monday’s broadcast of NBC’s “Today,” President Joe Biden responded to a question on what he would say to people whose money isn’t going as far due to inflation by saying, “we have the best economy in the world. We’ve
The post Biden on Inflation: COVID Will Have ‘Lasting Effect’ and Must ‘Get People to Move Again’ and Improve ‘Best Economy’ appeared first on Breitbart.
The cost of Easter celebrations is nearing a historic high as inflation sends the prices of staples such as eggs and chocolate soaring.
The post Easter Inflation: Cost of Eggs, Chocolate Soars as Holiday Approaches appeared first on Breitbart.
The job of rebuilding the collapsed Francis Scott Key Bridge in Baltimore is going to take a lot longer than many people initially thought—and cost a lot more money.
The post Breitbart Business Digest: It’ll Take at Least a Decade and $2 Billion to Rebuild the Bridge appeared first on Breitbart.
The Fed targets two percent inflation.
The post Inflation Remains Stubbornly High as Fed’s Preferred Gauge Rises 2.5 Percent appeared first on Breitbart.
On Thursday’s broadcast of CNN’s “AC360,” CNN Political Commentator and former Obama adviser Van Jones said that the economy is an issue where “actual reality and emotional reality have not lined up” for President Joe Biden because while there are many
The post Van Jones: Food, Mortgage Inflation Making People Not Feel ‘Actual Reality’ appeared first on Breitbart.
On Thursday’s broadcast of NBC’s “MTP Now,” Minnesota Gov. Tim Walz (D) stated that “prices are still up. So, there’s kind of a general malaise that gets attached to the president.” But egg prices are up “because of bird flu,
The post Dem Gov. Walz: ‘General Malaise’ Attached to Biden Due to Inflation, But Eggs Are Up Due to Bird Flu appeared first on Breitbart.
A majority of voters are "worse off financially" under Joe Biden, up 25 points since he assumed office in 2021, according to a poll.
The post Poll: Majority Are ‘Worse Off Financially’ Under Joe Biden, Up 25 Points Since 2021 appeared first on Breitbart.
On Wednesday’s broadcast of MSNBC’s “Andrea Mitchell Reports,” Treasury Secretary Janet Yellen stated that a key plank of President Joe Biden’s agenda to lower costs is by “creating incentives to dramatically improve the use of clean energy in the United
The post Yellen: Pushing Green Energy to Lower Energy Costs ‘Over Time’ Is Key Part of Fighting Inflation appeared first on Breitbart.
"BlackRock CEO Larry Fink said that he thinks "we're going to have higher inflation than most people believe, and much of that is going to help those people who are worried."
The post BlackRock’s Fink: Inflation Will Be Sticky, But That’ll ‘Help’ Since Wages Are Rising, Food ‘Moderated’ — It Was Bad Before appeared first on Breitbart.
The economic consequences of the calamity in Baltimore are likely to be substantial.
The post Breitbart Business Digest: The Economic Consequences of the Baltimore Catastrophe appeared first on Breitbart.
A big supply chain disruption is just what the U.S. economy does not need right now.
The post Baltimore Port’s Closure Threatens Inflation and Bigger Deficits appeared first on Breitbart.
In Cole Porter’s “Miss Otis Regrets,” the heroine announces that she’s unable to lunch today. Why? She has a good excuse — because she was strung up by a mob for killing “the man who had led her so far astray.”
Now Ms. Yellen regrets. Janet Yellen holds the venerable office of Secretary of the Treasury. Former chairman of the Federal Reserve, Yellen is well qualified for the job and an ostensibly serious person. Yet she has proved unfit for the office, regurgitating administration talking points with an utter lack of seriousness. Inflation — she declared in 2021 that it was “transitory.” Abortion — restricting it would be “very damaging” to the economy. By contrast, she supports the administration’s gusher of “green” spending as constructive. ‘S wonderful.
Ms. Yellen regrets she has revealed herself to be a political hack. “I regret saying [inflation] was transitory,” Yellen said in a March 13 interview on Fox News. “It has come down. But I think transitory means a few weeks or months to most people.” Three years later, it might be worth asking what “transitory” means to her and who suggested she use the term in coordination with the other occupants of the Biden administration clown car.
When Yellen adopted the administration line on inflation being “transitory,” nobody had led Yellen astray. She killed her own reputation. However, she is also able to lunch today. Why anyone should even believe anything she says is not exactly a riddle wrapped in a mystery inside an enigma. No one should.
Joe Biden is delivering his State of the Union speech tonight. Apparently he will chide Americans for not appreciating his wonderful economy; declining real wages will not be mentioned. He will denounce “shrinkflation,” as though people are too stupid to know inflation when they see it. Nor will Biden mention the eight million or so illegals who have streamed across the border, wreaking havoc, since he opened it.
Biden has always been mean-spirited. He is a nasty person, and always has been. Take, for example, his recent interview in the New Yorker. The interview is replete with Biden’s trademark classlessness, but take just one example: his smearing of Justice Thomas:
In a concurring opinion on Dobbs, Justice Clarence Thomas argued that the legal rationale for overturning Roe could be applied to “correct the error” in cases on same-sex marriage, the decriminalization of homosexuality, and access to contraception. I asked Biden if he thought that the Justices would undo those protections. “I don’t think there’s a majority to go there,” he said, but added, “I think that a couple on the Court would go considerably further”—specifically “the guy who likes to spend a lot of time on yachts.”
“Thomas?” I asked.
Biden grinned.
Those familiar with Thomas’s history will appreciate the absurdity of describing him as a yachtsman. He is better known for driving around America in an RV. But in any event, it is Biden–not Thomas–who has enriched himself and his family to the tune of many millions of dollars through influence peddling. Worst of all, he peddled his influence to powers hostile to America. It takes a lot of nerve for Joe Biden to sneer at the Court’s foremost intellectual for accepting a ride on a boat.
But that is Joe Biden: mean-spirited, through and through.
Jeffrey Anderson presents a comparative analysis of presidents and inflation. The mainstream press to the contrary notwithstanding, he explains what Biden has done to make us feel so black and blue. It’s not our imagination. It’s the inflation, stupid! See his City Journal column “No great mystery.” Anderson manages to review the data and perform the analysis with a sense of humor.
The daycare minders at the White House have persuaded Biden to single out “shrinkflation” as the villain. However, “shrinkflation” reflects “inflation.” It is a manifestation of rising prices. Sentient observers understand that Biden economic policies have triggered the inflation that we have suffered, just as they understand that Biden’s senescence has slowed the windmills of his mind. Biden trusts we won’t notice he indicts himself when he decries “shrinkflation.”
Biden’s daycare minders take us for fools. Thus the administration’s critique of Republicans for causing the invasion of illegals that Biden invited, facilitated, and denied. They think we are stupid.
We hear that Biden threatens to point the finger at alleged corporate wrongdoing as the source of our pain in tonight’s State of the Union address. For some reason or other this wave of alleged wrongdoing has run riot under the regime of…Joe Biden. It was somehow held in check under the regime of…Donald Trump. James Bovard seeks to immunize us against the foolishness of the Biden party line in his New York Post column “Joe Biden’s State of the Union ‘shrinkflation’ swindle.”
Vaunce News 
