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According to a Rasmussen Reports survey published this week, the majority of potential voters are worried about the national debt.

According to the study, three-quarters, or 76 percent, are concerned about the amount of the U.S. national debt, which stands at more than $31.4 trillion. According to the United States national debt clock, this translates to more than $94,000 every American citizen and more than $246,000 each American taxpayer.

Of the 76 percent who are worried, 53 percent are “very worried.”

The study comes after Congress passed the $1.7 trillion omnibus spending bill that was backed by Democrats in Dec., which President Joe Biden signed. The 4,155-page bill includes a slew of wasteful provisions, including $575 million for “reproductive health” in areas where population growth “threatened biodiversity,” $45 billion for Ukraine, $11 million for LGBT-projects, several earmarks that total $60 million for RINO Senator Lisa Murkowski, $1.5 million for the “COVID American History Project,” and much more.

According to the Rasmussen Reports poll, half of those that were polled disapprove of the $1.7 trillion spending measure, while 45 percent support it. Furthermore, 61 percent agree with former Pres. Donald Trump’s assessment of the plan, calling it “ludicrous” and “wrong.”

According to the results of the poll:

“Majorities in every political group are concerned about the amount of the US national debt, including 87% of Republicans, 67% of Dems, and 73% of people who are not connected with either major party. However, 69% of Republicans and 53% of unaffiliated voters are extremely concerned about the rising debt and only 38% of Dems are extremely concerned.

While a large majority of Democrats (73%) approve of the $1.7 trillion spending measure enacted by Congress last month, only 21% of conservatives and 40% of unaffiliated voters do. Fifty-eight percent of Republicans, 40% of unaffiliated voters, and 14% of Dems strongly oppose the funding measure.

Eighty percent of Conservatives and 59% of unaffiliated voters agree that the $1.7 billion spending measure is a “monstrosity” and a “national tragedy,” as do 46% of Democrats.”

Author: Blake Ambrose

According to a study detailing federal data, the IRS is targeting low-wage and middle class Americans with audits, while workers earning a million or more yearly are investigated at a lower rate.

According to statistics provided by Syracuse University’s Transactional Records Access Clearinghouse (TRAC), the chances of the IRS auditing millionaires in the conventional manner carried out by tax auditors or revenue agents were just 1.1 percent.

Based on the IRS audit rate, just one out of every hundred millionaires in the U.S. was audited by tax auditors or revenue agents in Fiscal Year 2022. Even when letters issued by the IRS requesting further financial evidence are included, millionaires were only audited at a rate of 2.4 percent last year.

Last year, an estimated 700,000 millionaires were not investigated by the IRS.

Meanwhile, the IRS audit rate for Americans earning less than $25,000 per year was 1.27 percent. Revenue agents or tax auditors conducted about 8,900 audits on working-class earners, which is less than the roughly 8,700 audits done on millionaires in Fiscal Year 2022.

The TRAC study states:

“As previously noted, millionaires have the highest chances of getting audited. However, if one disregards the fantasy of auditing a billionaire by just mailing a letter, the odds that millionaires receiving a standard audit by an agent (1.1%) were actually smaller than the audit rates of the targeted lower income wage-earners, which was 1.27 percent!”

Similarly, upper-middle-class and lower-class Americans earning between $25,000 and $200,000 received over 63,000 IRS audits through tax auditors or revenue agents last year, with over 187,000 audits done via correspondence letters.

In other words, the IRS audited 1.9 out of every 1,000 middle-class Americans last year, a higher audit rate than millionaires when correspondence audits are omitted.

The report comes as Dems and President Joe Biden pushed through legislation last year to extract $20 billion from largely middle and working-class Americans via increased IRS audits.

An estimated 78 to 90 percent of the funds raised by these new IRS investigations and audits will come from American families earning under $200,000 per year. Meanwhile, only four to nine percent are predicted to come from families earning over $500,000 each year.

Author: Scott Dowdy

According to the U.N. Food and Agriculture Organization, global food prices for commodities such as grains and vegetable oils reached their highest levels ever last year despite decreasing for nine straight months as a result of the Russian military campaign in Ukraine, a drought, and other factors that caused inflation to increase and exacerbate hunger around the world.

According to the Rome-based FAO, which records monthly changes in the prices of frequently traded food commodities on the worldwide market, prices fell 1.9% in December from a month earlier. It averaged 143.7 points for the whole year, more than 14% over the 2021 average, which also experienced significant rises.

The decline in December was mainly caused by a drop in the price of vegetable oils due to a decrease in import demand, increasing soy oil output projections in South America, and lower crude oil prices. While Sugar and dairy saw a tiny increase, meat and grain also declined.

“After two years of extreme volatility, lower food commodity prices are welcome,” according to the head economist of the FAO, Maximo Torero. “Given that world food prices continue to be high, that many staples are close to record highs, that rice costs are rising, and that there are still numerous concerns related to the future supply, it is necessary to be attentive and have a strong focus on alleviating global food supplies.”

According to FAO data, last year, the United Nations Organization’s Food Price Index reached its highest level since records started in 1961.

Russia’s invasion of Ukraine in February worsened a food crisis because the two countries were key worldwide producers of barley, wheat, sunflower oil, and other items, particularly to countries in the Middle East, Africa, and Asia that were already facing food insecurity.

Food prices reached record highs as a result of the disruption of crucial Black Sea supplies, which increased poverty, inflation, and food insecurity in poor countries that depend on imports.

The energy markets and fertilizer supply, both crucial to the production of food, were also shaken by the war. There have also been climatic shocks that have exacerbated famine in regions like the Horn of Africa. The greatest drought in decades is severely affecting Somalia, Ethiopia, and Kenya, and the U.N. has issued a famine alert for areas of Somalia. Already, thousands of people have died.

Wheat and corn prices reached record highs last year, according to the FAO, albeit they declined in December along with the price of other grains. It said that crops in the Southern Hemisphere increased supply and that exporters faced fierce competition.

The Vegetable Oil Price Index for the organization reached a record high in 2017 while declining in December to its lowest point since February 2021. The FAO Meat Price Index and Dairy Price Index both reached their highest levels since 1990 for the whole year of 2022.

Author: Blake Ambrose

Last Monday, ICE released its yearly report, detailing the extent to which the Biden administration has gone to take care of illegal immigrants who have broken U.S. laws and slipped into the country.

The operational budget of the ICE Health Service Corps was approximately $324 million last year, an increase of $8 million from the previous year.

According to the yearly ICE report, the money was spent on “direct treatment – including dental and medical health services – to roughly 118,000 noncitizens held at 19 IHSC-operated facilities around the United States, which topped 1.1 million visits during the fiscal year.”

“The IHSC also monitored compliance with healthcare-related detention criteria for over 120,500 non-citizens detained in 163 non-IHSC-staffed institutions,” according to the report.

One benefit of illegally entering the nation and being in ICE detention is “an initial medical screening, including for any mental health problems, as well as any required follow-up care” paid for by taxpayers.

Individuals identified as “public safety” or “flight risks” are also served.

At ICE-owned facilities and elsewhere, 1,640 US Public Health Service Commissioned Corps officers, federal workers, and contract health professionals provide treatment.

According to Gallup composite ratings established in collaboration with the nonprofit group West Health, approximately 112 million Americans are now unable to pay for health care.

In a March 31, 2022, news release, West Health said that, unlike illegal immigrants that were detained by ICE, over a third of “cost desperate American adults indicate that they have had to cut back on utilities, and half have had to cut back on food in the previous 12 months to pay for critical healthcare.”

In 2020, the CDC reported that 31.6 million Americans, mainly those under the age of 65, had some form of health insurance.

Uninsured kids accounted for 3.7 million in the U.S.

While a large number of foreign nationals get benefits that tens of millions of American citizens do not, U.S. taxpayers incur an increasing burden.

According to a report issued in September by the Federation for American Immigration Reform, American taxpayers must pay an additional $20.4 billion in yearly costs to compensate for the needs of illegal immigrants who have entered the U.S. under Biden.

This annual number was not included in the projected $140 billion that taxpayers were already footing to pay for the provision of benefits and services to the “longer-term” population of illegal immigrants, according to FAIR.

Texas AG Ken Paxton, who said this week that he was suing the White House over a rule that punishes taxpayers in order to help offset the cost of illegal immigration, asserted that the Biden administration acted improperly “is committed to welcoming aliens who lack the ability to care for themselves. Neither Texans nor any other American should be forced to pay for these expensive immigrants.”

Author: Scott Dowdy

According to a CNBC report, a nonprofit financed by billionaire George Soros “quietly” contributed $140 million to political causes in 2021, along with another $60 million to “like-minded” charity groups.

According to CNBC, the Open Society Policy Center, a Soros-backed nonprofit within the Open Society Foundations network, gave at least $140 million to “politically charged nonprofit groups” one prior to the midterm elections, in addition to almost $60 million to charitable 501(c)(3)s that are not allowed to participate in politics.

The report detailed:

“According to a copy of its 2021 tax filing obtained by CNBC, Soros, who personally donated $170 million to Democratic candidates and campaigns during the 2022 midterms, distributed the additional funds through the Open Society Policy Center, which is a 501(c)(4) nonprofit group that falls under the Soros-funded Open Society Foundations network. In addition, the Open Society Policy Center distributed around $138 million to advocacy groups and causes in 2020. Tax documents and its website show that two of Soros’ children are on its board.”

The report also reveals that the billionaire’s nonprofit donations do not necessarily go directly to political causes, but rather “may move from one of his organizations to another before being spent on the organizing, advertising, and social media operations that directly reach the voters.”

Furthermore, according to the report and the foundation’s website, much of the Open Society Policy Center’s 2021 contributions were not “earmarked” for any elections, but Tom Watson, an editorial director at Open Society Foundations, told CNBC differently.

In an email, Watson told CNBC that “there are absolutely some OSPC funding that went to organizations seeking to resist vote suppression, boost voter registration, and enhance civic involvement,” all of which are Democratic principles.

This would raise Soros’ total donations to political campaigns and causes since Jan. 2020 to at least $500 million.

Soros-funded organizations have funneled millions of dollars to many organizations that have worked to help illegal aliens evade deportation from the United States, organizations advocating for mass immigration and amnesty for illegal immigrants, and organizations working to normalize and legalize prostitution.

Author: Scott Dowdy
The Federal Reserve’s efforts to slow down the demand for labor have not been successful, according to the latest indication from the United States’ firms, which added employees to their payrolls at an explosive rate in December.

Above all predictions of economists surveyed by Econoday, payroll processor ADP reported that employment in the private sector increased by 235,000. The average prediction called for 145,000.

According to ADP, job growth picked up in December and was better than anticipated in November. The amount for November was increased from 127,000 to 182,000. This indicates that the hiring slowdown in November was much less severe than previously thought, despite the Fed’s efforts to achieve it through rate increases. According to the ADP data, employers created 239,000 new employment in October.

According to ADP, jobs in leisure and hospitality increased by 123,000. Business and professional services added 52,000 new employees. Services for health and education increased by 42,000. “Other services” saw a 31,000 increase in employment. Despite the publicized cutbacks, information still managed to add 1,000 additional employees to payrolls.

Among the services, the financial sector had a contraction and lost 12,000 jobs. The trade, transportation, and utility sectors experienced a 24,000 decline.

Overall employment in the industries that produce goods increased as a result of an unexpected rise in construction hiring. Given the downturn in residential real estate, the increase in construction employment of 41,000 was unexpected but consistent with the unexpected increase in construction spending in Nov. that was published earlier this week.

Further confirmation of the decline in industrial output and consumer demand reported in studies this week from S&P Global and the Institute for Supply Management was the 5,000-job decline in the manufacturing sector. Employment in mining and natural resources decreased by 14,000 people.

The growth in December was driven by small and mid-sized businesses. In December, companies with over 500 employees reduced their payrolls by 151,000. Payrolls rose by 195,000 for those with 49 or fewer employees. 50 to 499 employee companies increased by 191,000.

In its study, ADP stated that “job revival was evident in the last two months of 2022, spearheaded by consumer-facing service industries.”

The ADP results signal that the Federal Reserve’s initiative to manage inflation by decreasing labor demand has not yet been very successful. This comes just after a government report that showed far more job openings than anticipated. This can imply that rate increases are taking longer to reduce demand or that monetary policy is not yet as stringent as is necessary to control inflation.

Author: Scott Dowdy

The number of job openings in the US exceeded expectations for Nov., and the estimate for the prior month underwent a significant upward revision, highlighting the continued tightness in the labor market, which is likely to increase inflation concerns and encourage the Federal Reserve to keep raising interest rates.

At the end of November, there were 10.5 million available jobs, exceeding even the greatest projections. The average prediction was for 10.1 million.

The number for the end of October was changed from 10.334 million to 10.512 million, showing that the labor market was tighter than initially believed and that the fall in job vacancies at the end of last year was not as severe as it appeared.

The Job Openings and Labor Turnover Survey, or JOLTS, of the Labor Department provides the data.

The number of job openings is regularly monitored by the Federal Reserve as an indicator of the labor market’s demand. According to Fed Chairman Jerome Powell, the Fed must lower labor demand in order to lower inflation. The concern is that rising labor demand will drive up wages, which would drive up prices. Workers can then seek even higher pay as a response to rising costs, a scenario known as a “wage-price spiral.”

Fed policymakers are concerned that inflation will get entrenched in the economy if workers start to anticipate that high levels of inflation would remain. Inflation expectations, according to central bankers, are still firmly anchored, but if the Fed does not curb inflation soon, this may change.

The ratio of unemployed people to open positions is one important indicator of the strength of the labor market that Fed officials study. These are usually evenly matched. At the time of the epidemic, there were 1.2 jobs for every unemployed person, which was viewed as high and indicative of a tight labor market.

The ratio has been badly out of balance for more than a year due to decreasing unemployment rates and unusually high levels of open positions. According to the JOLTS report released on Wednesday, the ratio stayed at 1.7 to 1 in December, which is still far lower than the two-to-one ratio witnessed last year but is still an unparalleled ratio before the epidemic.

In November, there were 4.2 million more people departing their positions than in October, and the percentage of workers quitting their jobs increased from 2.6 to 2.7 percent. Workers frequently willingly leave jobs when they anticipate being able to earn more money or find employment elsewhere, therefore quits are seen as another indicator of how tight the labor market is.

Author: Scott Dowdy

Former FTX CEO Sam Bankman-Fried has pleaded not guilty to various counts arising from his cryptocurrency empire’s demise.

The 30-year-old former millionaire sparked outrage as it was revealed that he commingled money between exchange platform FTX and sibling trading business Alameda Research, resulting in the loss of billions of dollars as consumers hurried to withdraw their accounts. On Tuesday, Bankman-Fried pleaded not guilty to eight counts of conspiracy to commit securities fraud, conspiracy to commit wire fraud, and conspiracy to commit money laundering.

According to CNBC, reporters and journalists rushed a black SUV taking Bankman-Fried to a Manhattan courthouse; Barbara Fried, the disgraced entrepreneur’s mother and a big Democratic fundraiser, collapsed to the wet sidewalk amid the bustle.

Bankman-Fried was recently let out of jail on a $250 million bond and allowed to return to his parents’ house in northern California near Stanford University. Caroline Ellison, former CEO of Alameda Research, and Gary Wang, co-founder of FTX, have already pleaded guilty. According to reports, Ellison, a past romantic interest of Bankman- Fried’s, may have collaborated with authorities.

Journalist Matthew Russell Lee said that after the arraignment, U.S. District Judge Lewis Kaplan provisionally set a trial date for October. Due to the attention drawn to the case, which has dominated headlines for over two months, Mark Cohen, Bankman-Fried’s lawyer who previously defended Ghislaine Maxwell, requested that Kaplan allow the sealing of the addresses and names of the two individuals who managed to secure the $250 million bond. Kaplan agreed to the motion.

Bankman-Fried has no shortage of supporters: according to Open Secrets statistics, the former executive was the seventh-biggest overall donor in the last midterm elections and the second-biggest donation to the campaign that put President Joe Biden in the White House. He said in a recent interview that he gave Republicans “roughly the same amount” in dark money.

Among those who benefited from Bankman-Fried’s contributions were incoming House Minority Leader Hakeem Jeffries (D-NY), Senators Cory Booker (D-NJ), Debbie Stabenow (D-MI), Joe Manchin (D-WV), Dick Durbin (D-IL), and Patty Murray (D-WA) (D-WA).

Bankman-Fried, who is facing 115 years in prison if found guilty on all counts, was allowed White House audiences with key administration officials in the months leading up to his arrest. Gabriel Bankman-Fried, his younger brother and the leader of the organization Guarding Against Pandemics, attended one of the sessions and was assigned his own rendezvous.

Last month, officials in the Bahamas, where his firms were based, seized the entrepreneur and deported him to the United States.

The Bahamas Securities Commission stated in a statement that the agency “directed the transfer of all digital assets” maintained by the company, totaling $3.5 billion in cryptocurrency, to government-controlled digital wallets “for protection” after fears of potential hacks circulated. The transfer took place on November 12, the same day that FTX declared bankruptcy in the United States. The assets are kept by the agency “temporarily” until the Bahamian Supreme Court decides how to treat them.

Author: Blake Ambrose

Luxury house sales have recently dropped significantly as the country struggles with economic issues.

On Monday, Forbes reported:

“According to a recent study from Redfin, a technology-powered real estate agency, sales of luxury properties decreased 38.1% year over year for the three months ending November 30, 2022, the largest drop on record. This exceeded a record 31.4% drop in non-luxury house sales. The data from Redfin dates back to 2012.”

“Many of the same causes slowed the luxury market and the broader housing market in 2022: inflation, relatively high interest rates, a falling stock market, and recession worries.”

Meanwhile, America’s housing market is seeing its second-largest price drop since the conclusion of World War II.

Mitch Roschelle, founding partner of Macro Trends Advisors, noted that the correction is related to citizens’ uncertainty and concerns about economic issues:

“A number of factors will force it to reverse course, implying that property values will rise. And when you don’t know if interest rates will rise or fall. That, I believe, is keeping many people away from purchasing because they don’t for sure if rates will be lower in two months, so they’ll simply wait.”

“Another source of concern is economic uncertainty. And I believe the shoe will drop if we start seeing layoffs and unemployment begin to climb; I believe this will create a significant collapse in the housing market.”


According to a new study, most Americans are still anxious about the economy under President Joe Biden’s (D) leadership.

“Of 1,000 potential voters polled between December 12-13, 86 percent say they are concerned about the economy, with 60 percent saying they are ‘very concerned,’ suggesting a rise in anxiety since August,” the study said.

According to the Forbes analysis, signs point to a rebound in demand in the home market as loan rates fall.

Pacaso CEO and co-founder Austin Allison recently discussed the real estate sector in an interview with Fox Business, saying, “What we witnessed over the previous couple of years was not normal, you know, properties selling in a couple of days for multiples over ask is not sustainable.”

“What we’re seeing now is a return to normalcy, so when you see headlines saying that real estate is down 30% year over year, it’s essential to note that real estate transactions are still up quite a bit when compared to pre-pandemic levels,” he said.

Author: Blake Ambrose

According to a recent study, the federal government’s budget is in such bad shape that balancing the books would either require a 30% decrease in expenditure or a 40% increase in taxes.

According to figures from the Office of Management and Budget, the budget deficit, which represents the gap between government receipts and expenditures in a fiscal year, will surpass $1.4 trillion in 2022. The national debt is already approaching $31.5 trillion, even as maintenance expenses rise owing to increased interest rates. According to economists at the University of Pennsylvania, American fiscal policy is in “a state of permanent imbalance as the current debt plus projected future expenditure outstrips future tax revenue,” necessitating either a significant reduction in expenditures or a major increase in revenues.

“The federal government, like all people and enterprises, is subject to a budget constraint: it must cover all expenditures, future and current, from its non-tax and tax earnings over time,” the research stated. “By definition, fiscal imbalance must be at zero for fiscal policy to be sustainable in the absence of future changes.”

Over the next 75 years, analysts predict that the fiscal deficit would equal 7% of the current value of all future gross domestic output. To restore order to the United States’ budget, across-the-board cutbacks to programs like Medicare, Social Security, and Medicaid would be required, as would across-the-board increases to individual taxes, payroll taxes, and company taxes, or some combination of tax increases and expenditure cuts.

The future measurements of government indebtedness were calculated using the Financial Accounting Standards Board’s Generally Accepted Accounting Principles, which require corporations to record the “present value of gaps in their long-term obligations.” When existing debts are added to the present value of predicted future shortfalls over the next 75 years, the result is a $93.8 trillion fiscal imbalance.

Over the last few decades, both Republican and Democratic governments have presided over increases in the national debt. Although Barack Obama ran budget deficits of up to $1.4 trillion during his first term, President Donald Trump posted a deficit close to $1 trillion in 2019, the year just before the deficit more than quadrupled to $3.1 trillion due to stimulus spending. According to an assessment by the Committee for a Responsible Federal Budget, packages approved by President Biden will contribute upwards of $4.8 trillion in new deficit spending between 2021 and 2031.

Biden has claimed that the reported tapering of the deficit under his administration justified further expenditure, omitting to acknowledge that the spending increases over the last three years are due to stimulus programs enacted during the lockdown-induced recession.

“Things have been different under my watch. The deficit has decreased both years I’ve been in office,” Biden said. “And I just signed legislation that is going to lower it substantially more in the decades to come. Republicans in Congress are now doubling down on their pledge to re-explode the deficit. Just last week, Republican leaders stated that if they have their way, they will prolong Trump’s tax cuts, which are set to expire in a few years.”

Author: Scott Dowdy

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