Americans shouldn’t draw any false hope by comparing the current situation in the U.S. to that of the Japanese, says Peter Schiff. Instead, they should be comparing America to Argentina. He writes: Does the massive national debt matter? A lot of people don’t think it does, at least not yet. They point to Japan as an […]
Americans Increasingly Buying Essentials on Credit
At SchiffGold.com, Peter Schiff warns about the increasing trend among Americans of paying for life’s essentials—think food and fuel—on credit. Add in the rapidly increasing interest rates on that credit, and you can see the trouble ahead. Schiff concludes: According to MarketWatch, “Americans appear to be relying more on debt to pay for their purchases. They […]
Mortgage Applications the Lowest Since 1996
As interest rates have climbed, demand for mortgages has declined to the lowest levels seen since 1996. Diana Olick reports for CNBC: Mortgage rates just continue to climb higher, taking a particularly big leap last week. As a result, total mortgage demand fell 6% compared with the previous week, according to the Mortgage Bankers Association’s […]
The Best Place to Cut Spending
In an essay on his website, the Ron Paul Institute for Peace and Prosperity, Dr. Ron Paul, a former congressman and presidential candidate, explains that within the recently passed continuing resolution, there was one noticeable victory: the lack of funding for Ukraine’s war against Russia. Paul explains that the best place to cut America’s spending […]
Bidenomics Gutting Real Household Income
Originally posted September 15, 2023. What Has Made Americans Poorer? No wonder Mr. Biden is trying to avoid the story. The WSJ reports that according to the Census Bureau, here’s the real deal: A gusher of unprecedented and unnecessary social-welfare spending helped to produce the highest inflation in 40 years, which has made Americans poorer. […]
Bidenomics: Distrust of Public Officials and Institutions
The Tipping Point: 4 More Years of Biden The WSJ reports on Byron York’s Washington Examiner musings from a Trump rally in South Carolina: For Trump supporters, unhappiness with the Biden economy, or Bidenomics, mixes with a total distrust of the public officials and institutions pursuing Trump. I (B. York) asked everyone I spoke to […]
Will the UAW Get What It Wants?
A High Stakes Gamble Negotiations with United Auto Workers and automakers have been ongoing since mid-July. The current contract, covering roughly 150,000 workers, ended 14 September. A prolonged strike against one or all three companies is expected to significantly thump the supply chain and the economy, warns Forbes magazine. The transition to electric vehicles (EVs), […]
Americans Are Not Happy with Bidenomics
In a poll released by Quinnipiac last week, 60% of Americans indicated they were unhappy with Joe Biden’s handling of the economy. You, dear reader, are not surprised by this news, as you have read about the shortages and inflation in America since nearly the day Joe Biden set foot in the White House. Obamacare […]
A Study in the Contortions of Industrial Policy
Last week the Commerce Department made the decision to slap tariffs on solar imports from Southeast Asia. The tariffs will raise the costs of U.S. solar-energy projects that the Biden White House claims to be the vital future of U.S. energy. After a 17-month investigation, reports the WSJ, “Commerce concluded that five Chinese solar manufacturers […]
How to Reduce Debt?
Fiscal Recklessness To reduce debt, try spending much of this year demanding a debt limit increase from Congress, like President Joe Biden has done. The President’s “titanic falsehood about debt reduction,” accuses James Freeman, is one for the record books. According to the Biden Treasury Department, total public debt outstanding has increased by nearly $5 trillion since the […]
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