ECONOMICS

Authored by Charles Hugh Smith via OfTwoMinds blog,

The global economy is toast. (more…)

With all eyes on this week's inflation data barrage, starting with PPI tomorrow and moving to CPI on Wednesday, today's NY Fed consumer survey was closely watched to see what it would reveal about consumer inflation expectations ahead of the coming hard numbers. The result was generally agreeable: while median 1 and 5-year inflation expectations were unchanged at 3.0% and 2.8%, respectively, consumers’ three-year-ahead inflation expectations fell by 0.6% point to 2.3%, sliding to (more…)

Vice President Kamala Harris has been the biggest 'Bidenomics' cheerleader over the last 3.5 years.

"That is called Bidenomics! Ha ha ha! That is called Bidenomics and we are very proud of Bidenomics!" VP Harris said one year ago. 

"Bidenomics is working," VP Harris said at a separate event earlier in President Biden's first term. 

Again and again and again. She has raised her leftist pom poms and cheered: "Bidenomics is working" … 

You can hear the nervous chuckle when she claims over and over again, "Bidenomics is working." But in reality, America's working poor and middle class have been financially devastated by elevated inflation and high interest rates. If you talk with any blue-collar American and bring up supermarket prices, they instantly become enraged. The same goes for auto prices, shelter costs, power bills, insurance rates, pump prices, and on and on and on.

The Federal Reserve's latest monthly consumer credit report shows precisely why Americans are furious about Bidenomics—tens of millions of them have depleted savings and maxed out credit cards and are just a couple of steps away from financial ruin.  

Crushing credit card interest rates. 

Is the music about to stop for the consumer? 

So, back to VP Harris. The chuckle in her voice when she mentions Bidenomics possibly signifies that she, too, understands that out-of-control government spending on 'green' policies has been one of the main drivers of inflation.

And on Friday evening, she addressed a campaign rally in Arizona (more…)