1) House Will Vote To Increase Spending, Debt, Taxes, and Inflation On Friday
The bill costs some $750 billion. This is on top of the $3 trillion that Biden has already spent. The chart below puts the Biden spending spree in a historical context. Adjusted for inflation the Biden spending blowout has been larger than the cost of the Louisiana Purchase, the Erie and Panama Canals, the intercontinental railroad, the interstate highway system, the eradication of polio and smallpox, the GI Bill of Rights, the Marshall Plan, the Moon Landing, and the Human Genome Project.
And next week the Dems will bring up a $300 billion veterans benefits bill that is completely unpaid for.
Biden is reminding us of the Jim Carey character in the movie The Mask: “Somebody stop me!”
How can warmer temperatures mean LESS food production? We’ve been hearing about warming for decades while world food production has set records. Does Iceland produce more food than Florida?
It’s crazy statements like this that make it hard for us to believe a word the Climate Change Industrial Complex says.
As we predicted on these pages, inflation is subsiding – as yesterday’s report on consumer prices shows. But a major reason for the slowdown in the CPI in July was that consumer demand is falling because a) the economy is slowing down and b) Americans can’t afford to buy things at the current high prices.
It’s comical to watch Biden take a victory lap over 8.5% consumer inflation, 10% producer inflation, and $4.29 a gallon of gasoline.
The still inescapable truth is that low-income and working-class American families are still being crushed by Biden-flation. Here’s how much everyday staples have increased in just the last year:
The Biden White House is denying that their $80 billion IRS expansion plan will mean 87,000 more auditors and agents.
We are being told that these tens of billions of dollars for the IRS will improve "customer service." The bill itself – which almost no one has read – is stuffed with flowery rhetoric about giving the IRS more money to help Americans and answer questions for tax filers.
Uh-huh. Then why do they also tout the raising of tens of billions of more tax revenues through this plan?
The bill itself notes that only 4% of the IRS funding is for more customer-friendly service.
In any case, the figure of 87,000 new IRS agents is no figment of anyone’s imagination. The White House’s own tables show the bill will add 87,000 new hires.
Oops. They lied again.
Yes, when the IRS pound on (or breaks down) your door, they are from the government. But, no, they aren’t here to go.
5) Labor Productivity Falls To Lowest Level In 80 Years
Are we the only ones who are more than a little troubled by this headline from earlier this week:
What this is essentially saying is that labor costs are growing faster than labor productivity. If this trend is allowed to persist it means that more jobs will leave the U.S. for less expensive workers in Mexico, China, India, and other lower-wage countries.
A big factor in the loss of average worker output is that millions of Americans of qualified workers are staying out of the workforce in the new post-pandemic era.
We have a fairly simple solution to the problem: stop paying Americans not to work through the welfare state and let more skilled immigrants into our country.
