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Tuesday, May 11, 2021

Biden-Fueled Inflation Concerns Growing

From the story: Federal Reserve Chairman Jerome Powell remains widely respected by the retail community, but when he talks about 2% inflation, there are many who believe the number is unrealistic. There are seven ways to demonstrate that 2% doesn’t compute. Some say that it’s a sugar high from the recent $1,400 dollar cash distribution, or the freedom granted by vaccination. Some say it could be the on-going unemployment checks – but no matter how you look at it, there are some seriously long lines are forming outside luxury retailers and prices for fashion items are skyrocketing. Have we pumped too much money into the economy? (Forbes). David Lynch looks at the role played by “uneven economic reopening” (Washington Post). From Hugh Hewitt: Pretty much everyone not in the Biden Administration admits that the #BidenInflation is upon us. But. The president still wants to throw another $4 trillion on the fire (Twitter). From another story: …the spectre of long-dormant inflation has fixed-income fund managers on edge and taking precautions to safeguard their portfolios. “Even if it is not our base-case scenario, I do think being mindful of the potential for inflation to exceed expectations is wise,” says Brett Wander, chief investment officer of fixed income at Charles Schwab. “You don’t buy car insurance because you expect to get into a car accident. You buy it in case you do” (Financial Times). Meanwhile, Biden says people will return to work “if they’re paid a decent wage” (Washington Times). But he also insisted “We’re going to make it clear that anyone collecting unemployment who is offered a suitable job must take the job or lose their unemployment benefits” (National Review). From the Wall Street Journal: Employers nationwide have complained for months that Washington’s $300-a-week bonus has made it harder to find willing workers. Yet Mr. Biden brushed aside the complaints, saying he and his staff “don’t see much evidence” that the payments are a “major factor.” The perverse incentive of the bonus is clear, and the evidence goes beyond the anecdotes from tens of thousands of employers. The 266,000 net new jobs in April far undershot economists’ forecasts, and the Labor Department’s latest Jolts survey showed some 7.4 million unfilled positions. Bank of America economist Joseph Song notes that any worker earning less than $32,000 annually would get a raise by going on unemployment, according to a Fox Business report (WSJ).

Hamas Launches 160 Rockets Towards Jerusalem

Israel responded by carrying out strikes in Gaza (Jerusalem Post). Marsha Blackburn is introducing a bill to cut off finances to Hamas (Fox News). From Andrew Yang: I’m standing with the people of Israel who are coming under bombardment attacks, and condemn the Hamas terrorists. The people of NYC will always stand with our brothers and sisters in Israel who face down terrorism and persevere (Twitter). From Tom Cotton: We stand with Israel (Twitter).

Democrats Turn on Israel

Andrew Yang a notable exception. The anger comes from usual suspects such as Rashida Tlaib, seen above, and a few newer left-wing reps (The Hill). Ilhan Omar called Israel terrorists (Daily Caller). From Seth Mandel: This is when it would sure come in handy for the Democratic Party to have a single influential pro-Israel organization within its ranks (Twitter). From David Harsanyi: There are a bunch of Democrats out there defending Hamas right now (Twitter).

Criminal Gang Shut Down U.S. Pipeline

And demanded a ransom to restore it (CBS News). From the Wall Street Journal: The economic damage from the cyber attack that shut down the 5,500-mile Colonial Pipeline—the country’s largest fuel pipeline—should be limited. But it’s a glaring reminder that cyber vulnerabilities in U.S. energy and other systems are the real infrastructure problem that President Biden should be addressing (WSJ).

Tom Cruise Returns Golden Globes to Protest Lack of Diversity

The story also notes “Cruise’s decision to return his Golden Globes was reported the same day that NBC announced it would no longer host the awards ceremony, also due to concerns about diversity.”

Washington Examiner

NY Times Op-ed: I’m Glad I Am a Young Mom

Elizabeth Bruenig was considered a young mom at 25 (NY Times). But her positive portrayal of being a young mom sparked anger among feminists (Mediaite). From the very pregnant Bethany Mandel: Fertility numbers are totally bottomed out. Very few people of our generation are having kids. People want to hear they’re doing the right thing. And Breunig is that little voice they desperately want to ignore that’s telling them that maybe they’re not. And they mad (Twitter).

German Catholic Priests Bless Same Sex Unions

Despite the clear teaching of the Vatican. From Ed Morrissey: Is this the ghost of Martin Luther come to generate another schism? Perhaps it’s more the prospect of making lucre instead. Germany allocates a certain portion of tax revenue back to churches based on affiliation, which means that German bishops and priests have a financial incentive to get butts in the pews regardless of church teaching (Hot Air). More from Morrissey (Townhall Review).

44 Percent of Women Still Fail Army Combat Fitness Test

Just 7 percent of male soldiers failed the test.

Daily Caller

People Returning Pets Adopted During Pandemic

The Pandemic Pets are returned as people go back to work. Perhaps uncle Biden will give people money to stay home with their pets.

Fox News