dmgadmin

News

Biden’s Economy Just Took Another Nosedive

By dmgadmin

In the first quarter of this year, the economy grew at a seasonally adjusted annual rate of 1.3%, which represents a three-tenths of a percentage point downward revision.

The correction showed GDP growth reduced to 1.2%, which was what economists had predicted.

The newest update, the second of three, shows GDP growth in the first quarter was lower than 3.4%.

Over a few weeks, when experts gain a clearer view of the economy’s performance in the first quarter, the Bureau of Economic Analysis changes its GDP estimates.

The GDP figure for the first quarter of 2023 is lower than it was for the entire year, when the economy grew by a robust 2.5 percent.

Gus Faucher, chief economist at PNC, stated, “The U.S. economy should continue to expand into 2024, albeit at a slower pace than last year because of high interest rates remaining a drag.” Because of robust job growth and incomes rising faster than inflation, consumer fundamentals are strong. In 2024, real GDP growth will be close to the economy’s long-run potential, at less than 2%.

Lower consumer spending was partly responsible for the first quarter’s poorer growth. This may have been prompted by the Federal Reserve’s attempts to control inflation by maintaining higher interest rates for longer periods of time.

Since the Fed raised its interest rate target to 5.50% from 5.25% in response to excessively high inflation, experts have been predicting for months that the GDP will contract. Usually, higher rates result in a slowdown in economic production.

However, the strong GDP data from the past few quarters and the underlying strength of the labor market have given the Fed some justification to maintain higher interest rates for an extended period of time.

President Joe Biden has a talking point in his reelection campaign because of the positive GDP growth.

Still, the general public has a very poor opinion of the way he has handled economic matters.

A recent Harris poll for the Guardian indicates that 56% of Americans believe the country is experiencing a recession. The National Bureau of Economic Research, a private academic organization, defines a recession as a large fall in economic activity that spreads around the economy and lasts more than a few months.

Not only has the economy’s overall output continued to grow, but the job market has also maintained its strength, and the unemployment rate is low.

In April, the economy created 175,000 new jobs, yet the jobless rate did not rise above 4%.

Although the Federal Reserve Bank of Atlanta’s “GDP Now” tracker projects that GDP growth in the second quarter of this year will be 3.5%, the official GDP statistics for the second quarter will not be available until July.

Author: Scott Dowdy

Keep Reading

News

No More Meat? Communists Push New Orwellian Plans

By dmgadmin

An “expert” who openly identifies as Communist has promoted a “de-growth” philosophy, which Western policymakers and corporations now wish to put into practice. In case you’re wondering what it means, the stated solution to the entirely manufactured catastrophe of “climate change” is for first-world nations to transform into Marxist dystopias.

It is interesting to note that the elites who most actively promote climate alarmism are also the ones who flagrantly and severely break their own laws. Our accusers constantly fly around the globe in dirty private planes, but our infrequent vacations are causing the earth to burn like a ball of fire. Because wealthy people are purchasing enormous seaside homes, we can be certain that the waters are rising. At gatherings meant to limit our everyday intake of meat, climate alarmists devour expensive steak and lobster. Climate emergency denial is supported by evidence. What is the purpose of propaganda?

In short, climate alarmism serves as a handy pretext for imposing Marxist rule and violating individual liberties. Climate deniers want to subjugate the people who live on the planet, not save it. According to a recent Atlantic piece that Climate Depot cited, this reality is evident.

The term “degrowth communism” is ludicrous, as it amalgamates two ideas that are inherently divisive. According to the degrowth theory, there will always be a link between economic growth and carbon emissions; therefore, wealthy countries should reduce their consumption and the “material throughput” that drives GDP and generates demand for energy in order to combat climate change.

The piece goes on:

“In recent years, the degrowth movement has grown, especially in intellectual circles and throughout Europe. There are significant ramifications for the theory. To achieve degrowth, we would have to give up some of our material luxuries rather than develop carbon-neutral ways to fuel our opulent modern lifestyles. Kohei Saito, a prominent advocate, proposes enforcing a strict limit on the country’s aggregate energy consumption with annual reductions. Energy-intensive activities could face complete prohibitions or extremely high taxes. Perhaps it’s time to bid adieu to SUVs, hamburgers, and your annual Christmas cross-country journey. It would probably be against the rules for you to turn the thermostat up or down too much during the summer or winter. The government may designate certain products as “excessive” and forbid advertising for them in an effort to reduce wasteful spending. If growth slows down and requires fewer workers, the government will reduce the workweek and ensure that everyone has a job.”

The publication further stated that Saito explicitly considers himself a Communist. Saito paints a picture of a utopia that is unattainable in reality, one in which citizens willingly and democratically give up their rights and comforts in favor of workers’ cooperatives and modest socialist support.

Author: Blake Ambrose

Keep Reading

News

Democrats Go Broke With $3 Million Per Day

By dmgadmin

This year, an oversight group from California took charge of the budget for the San Francisco Unified School District. What they discovered will either astound you, infuriate you, or make you shrug like a bored Parisian and say, “Well, San Francisco.” Regardless of your response, when a state-level oversight body in California seems better than what the locals have been doing, you know something is wrong.

State law required San Francisco Unified to work with the Fiscal Crisis and Management Assistance Team (FCMAT) on a “fiscal health risk review” because the state superintendent of public instruction had “labeled the district a lack of going concern.”

“Going broke” is another term for “lack of going concern.”

Education authorities certainly made it appear that way, but it cannot be easy going broke on a $1.1 billion K–12 education budget in “the most childless city in the country.”

Here is a synopsis of FCMAT’s findings, provided by Chad Aldeman of The 74 Million. According to FMCAT, San Francisco Unified

The government paid for employee roles using one-time relief monies; it will be necessary to fire them or find alternative sources of income or savings.
The projected student enrollment has not been modified to reflect ongoing decreases.
The system overstates the average daily attendance when estimating future income because it does not keep track of monthly attendance data.
The company has an understaffed budget office, poor payroll system oversight, and issues monitoring employee overtime expenses.
In total, SFU has expended $1.3 billion out of its $1.1 billion budget. Indeed, “a lack of going concern.”

There were two factors that hindered my ability to calculate the amount San Francisco spent on each student.

One issue is that San Francisco Unified is uncertain about the precise number of students it should be teaching, based on my calculation of $1,300,000,000 divided by equals. And while that may amuse us both for a little while, it is not exactly illuminating. At the very least, it doesn’t align with the perspective of San Francisco Unified.

Regardless of how excellent your local district may be, there is a darker side to all those dollar-per-pupil statistics you see. In actuality, not much has changed throughout the years in terms of the amount of money that goes toward the classroom (i.e., supplies, books, seats, etc., and even the teacher’s pay). Administrative expenses consume almost all additional funds. Eliminate at least two tiers of management, give taxpayers billions back, and improve education while significantly cutting down on red tape and leftist ideology.

Florida provides a mirror image of what’s happening in San Francisco Unified.

The reason Florida’s public schools are also struggling is that a record number of parents are pulling their children out of the classroom and enrolling them in private or charter schools, or even homeschooling them, thanks to Governor Ron DeSantis’s successful backing of school choice.

If you give parents a choice, they will almost always make a wise decision. Others continue to send their children to public schools while wondering, as many in San Francisco do, where all the money has gone.

Author: Blake Ambrose

Keep Reading

News

New Biden Tax Could CRUSH The Economy

By dmgadmin

Another punishing action for productive folks: President Joe Biden’s planned increase in capital gains taxes might have disastrous implications for the economy.

If re-elected, Biden intends to dramatically raise the top marginal tax on qualifying dividends and long-term capital gains to 44.8 percent, which is far higher than the existing rate of 23.8 percent.

The Trump tax cuts may expire concurrently with the raise, delivering a two-pronged blow that may “destroy” the economy, according to Ted Jenkin, president of Exit Stage Left Advisors and CEO of Oxygen Financial.

In an opinion piece for Fox Business, Jenkin stated, “If these new policies go into effect when the Tax Cuts Act expires close to 2026, millions of Americans will be forced to sell off their highly appreciated stock positions at today’s long-term capital gains rates compared to paying twice in 2026.”

As if this election wasn’t enough, voters will get to decide how much tax Americans pay when selling assets.

The potential big selloff before the new rates lock-in could trigger a stock market crash. This is not a favorable scenario for an economy that is already struggling due to “Bidenomics” and a protracted period of high inflation.

Eleven states would wind up paying more than half of their state taxes in capital gains levies under the Biden plan. The Daily Mail reports that the Biden plan will particularly badly impact states with high taxes, such as California, Hawaii, and New York.

“What would cause the economy to collapse?” Jenkin queries.

The simple explanation for this is that the stock market is subject to the laws of supply and demand. The worry is that selling leads to more selling, and if long-term individual stockholders become anxious about an impending double taxation, a large number of investors may decide to sell, particularly if Congress, the U.S. Senate, and the Biden White House appear to be in the dark.

According to Jenkins, “business owners may sell their enterprises more aggressively in order to pay lower taxes as a result of the proposed long-term capital gain rate restrictions.” “This could also significantly impede the emergence of new companies, as the opportunity to assume legal, financial, and personal risks may not excite entrepreneurs to launch businesses as they did in the past. It could also have a significant trickle-down effect on people losing their jobs as smaller companies merge into larger ones.”

Author: Scott Dowdy

Keep Reading

News

EPA Exposed In New “Climate Justice” Money Scam

By dmgadmin

There has never been a more giving administration than the Biden one. The crucial question is generous to “whom.”

The COVID-19 pandemic cost five trillion dollars, and untold billions did not provide “relief” other than to groups that were in favor of it. Scammers, con artists, liars, shysters, and left-leaning interest groups are poised to exploit the billions of dollars lying around.

Was there any connection to “COVID relief”? You’re in if you’re only six degrees away from the epidemic.

There is already evidence of at least $400 billion lost or stolen. Although the “Inflation Reduction Act” (sic) simply served to shrink taxpayers’ wallets, Biden may have done a better job of shoving money to his buddies in that legislation.

For Biden’s allies in the nonprofit organization sector, including teachers, unions, greens, and the environmental movement, the IRA represented the ultimate election payout. Examining the IRA’s treasures to determine the recipients is a unique experience. However, the Wall Street Journal discovered what could be the pinnacle of antisemitism and official ignorance.

Using the intentionally ambiguous term “climate justice,” we present the most recent funding scam. The term “climate justice” encompasses all complaints for which the leftist complaint mill needs to provide evidence. That involves abolishing capitalism and providing “justice” for Palestine.

“The Environmental Protection Agency received $3 billion from Democrats in the IRA for “environmental justice” grants, of which $600 million went into a “national grantmaker” initiative. The Climate Justice Alliance, a network of about 90 affiliates, received a $50 million grant from the EPA in December. The organization intends to use the funds to “enable community-based organizations (CBOs) to address past, current, and future environmental health and justice concerns.”

What more does the Climate Justice Alliance accomplish? It assisted in organizing the “March on Washington” in November of last year when demonstrators carried signs reading “Free Palestine Is a Climate Justice Issue.” “Only the Socialist Revolution Can Stop World War III” and “Our Government Funds Palestinian Genocide” were two other catchphrases.

A peculiar interpretation of “climate justice,” isn’t it?

A video on the group’s website employs an anti-colonial framework to demonstrate the connection between Palestine’s freedom and climate justice.

The narrator states, “The burning of fossil fuels did not cause climate change.” “Imperialism, extractivism, and settler colonialism were its starting points.”

I had to Google up “extractivism” because my spell checker does not recognize it. You should be aware of how awful it is. Thus, refrain from doing that. It is not kind to Mother Nature to “extract” oil and other materials from the ground. Neither are the Palestinians, to the best of my understanding.

Author: Steven Sinclaire

Keep Reading

News

Housing Shortage Truth: New Report Details Who Is To Blame

By dmgadmin

Experts informed the Daily Caller News Foundation that the increase in illegal immigration under President Joe Biden has made the already expensive housing market for normal Americans worse by exacerbating the scarcity of shelter.

Pew Charitable Trusts estimates that there is now a $4 million to $7 million housing shortfall in the United States as developers struggle to meet demand due to difficult financial circumstances and onerous regulatory procedures. According to experts who spoke with the DCNF, the recent wave of illegal immigrants is adding to the system’s strain by aggravating the current shortage of supply in the housing market at a rate that developers are unable to keep up with. Average Americans are under pressure from rising housing costs caused by inflation and higher mortgage rates.

“There is no doubt that the demand for housing will rise with the immigration of millions of people, regardless of immigration status,” E.J. Antoni, a research fellow at the Grover M. Hermann Center for the Federal Budget at the Heritage Foundation, told the DCNF. “The border states and so-called sanctuary towns where Governor Abbott has been sending the influx of illegals appear to be the most affected, or at least have received the most media attention.”

According to statistics from the Center for Immigration Studies (CIS), under Biden, the number of people who were born outside of the United States increased by 6.6 million. The Center estimates that illegal immigration is to blame for 58% of this rise.

Ira Mehlman, the Federation for American Immigration Reform’s communications director, told the DCNF, “I am not sure anybody can accurately measure the effect.” “It makes sense that when a lot of people move here, they need somewhere to live, and supply and demand dictate that prices increase when there is a surplus of need oversupply.”

According to the Federation for American Immigration Reform, in 2021, Miami had more than 626,000 total illegal immigrants, accounting for 11% of the population, while Houston had around 413,000, San Diego had 188,847, and Loudoun County, Virginia, had more than 26,000, representing 6.3% of the county’s population.

To relieve pressure in his state, Republican Texas Governor Greg Abbott, who has had to deal with the majority of the flood at the southern border, has resorted to bussing thousands of migrants to places like New York City, Denver, and Chicago.

“Visit high-impact locations—such as New York City or Denver—because it undoubtedly affects those at the lower end of the housing market,” Melhman told the DCNF. “Clearly, the sheer number of housing and hotel rooms that are already accessible in areas like New York City restricts the supply for other individuals seeking an inexpensive place to reside.”

In order to handle the massive number of immigrants, New York City has resorted to employing hotels as shelters. In reaction to the migrant inflow in the second half of 2023, Democratic officials in New York City, Denver, Massachusetts, Illinois, and Washington, D.C., all proclaimed states of emergency.

According to city comptroller figures, as of March 10, 2024, some 64,600 individuals were residing in shelters supported by New York City, and 182,900 had passed through the system since spring 2022. According to The Colorado Sun, as of January, Denver shelters were hosting 4,500 migrants, making them the city with the highest number of migrants per capita.

Andrew Arthur, a resident fellow in law and policy at CIS, told the DCNF, “All of those individuals have to find a place to live, and they can only live in government-provided housing and sanctuary cities for so long.” As a result, all of those people will be forced to leave. They will most likely move into multifamily housing.

S&P Global data shows that property prices in New York and Miami increased by 8.7% and 8.0%, respectively, in the past year that concluded in February. These increases were more than the 6.4% national average.

According to National Multifamily Housing Council research, the U.S. was already falling short of the demand for affordable apartments before the most recent wave of illegal immigration, with the overall number declining by 4.7 million between 2015 and 2020. According to the research, immigration is one major factor influencing apartment demand.

“It can take up to two years to build a single apartment, so there is no way to handle this enormous influx of illegal immigrants that exacerbates the housing crisis in the US and drives up the price that multifamily housing companies charge for those units,” Arthur told the DCNF.

According to Consumer Affairs data, the United States built 1.45 million new privately owned dwelling units in 2023, with a greater concentration in specific places like Texas than California due to pricing and regulatory constraints. The average cost of building a home is currently over $392,000, increasing by almost $100,000 between 2019 and 2022.

Arthur told the DCNF, “You cannot construct rapidly enough at the pace they are flooding in.” “You have to demonstrate that there will be a need in order to actually secure the finance, and this becomes much more challenging when dealing with an undetermined number of applicants, as is the case right now.”

Author: Blake Ambrose

Keep Reading

News

Trump Team Announces Big Crypto News

By dmgadmin

The first presidential campaign from either of the two main political parties to accept Bitcoin contributions is that of the former president, Donald Trump.

In an email news release on Tuesday, Trump’s staff revealed the innovative fundraising strategy. Donors may make contributions using “any cryptocurrency accepted through the Coinbase Commerce platform” to the campaign’s joint fundraising committees.

Coinbase Commerce reports that people transmit money using hundreds of different Bitcoin forms.

The campaign stated that this is the first time a major party presidential contender has accepted cryptocurrencies for donations, adding to President Trump’s already ground-breaking digital fundraising operation.

In contrast to President Joe Biden and Democrats, who “continue to believe only government has the solutions to how our nation leads the globe,” the statement praised Trump’s record of promoting innovation and deregulation.

It says this:

“Donald J. Trump, our President, has championed financial technology innovation and lowered restrictions, while Democrats, such as Joe Biden and Elizabeth Warren, his official spokesperson, continue to believe that government alone can solve the problems of how our country leads the world. The attempt to lessen the government’s influence on an American’s financial decision-making is part of a profound movement toward independence. The declaration made today shows President Trump’s dedication to a platform that prioritizes individual liberty above communist centralized governance.”

On the contribution page, there is a statement that is comparable.

It states, “President Trump stands ready to embrace new technology that will make America great again, while Biden puts restrictions and red tape on all of us.”

A day after launching the fundraising website, the campaign debuted the “Palm Beach Playbook,” its nightly newsletter this week.

In a statement to Breitbart News, senior advisor to President Trump’s campaign Brian Hughes stated, “Palm Beach Playbook will give news and exclusive updates regarding President Trump’s historic campaign.” “Voters who are sick of Weak Joe Biden and the Fake News Media will receive the truth about President Trump’s America First initiatives through this email newsletter.”

Author: Blake Ambrose

Keep Reading

News

Blue-State Migrants Issue New, Expensive Demands

By dmgadmin

According to a Dominican Republic immigrant who spoke with reporters, New York’s government is not keeping its word to assist immigrants in resettling in American areas and providing them with employment and benefits.

In an emotional video message to WHEC-TV on Friday, Yaniry Pena attacked Monroe County, New York, officials for making her life much more difficult than she had anticipated.

The article claims that Pena and her kids fled their house in the Dominican Republic and traveled to El Salvador before starting a perilous month-and-a-half journey to the border, where they entered the United States.

Speaking to the news outlet through an interpreter since she does not understand English, Pena claims that her treatment in New York has traumatized her.

It is quite traumatic, the resentful Pena said. It has been really distressing, she said. We have not received any confirmation of the instructions to travel to Monroe County or Rochester.

Pena claims that after entering the country, she traveled to New York and signed up for a Rochester free housing program. Upon their arrival, the Holiday Inn Downtown placed her and her kids in a room for four months, after which they received a free duplex.

Pena said that after being in the country for a year, she is still not eligible for a work permit and that the living area is without gas or electricity.

When Berkeley Brean of WHEC asked Pena if she liked being in the United States, the immigrant said, “Si. However, it’s not in Rochester. Rochester is not good.

Pena’s predicament draws attention to a specific issue with the influx of migrants brought in by Joe Biden’s permissive policies. Even with the abundance of freebies, free legal assistance, and handholding, the majority of migrants continue to receive benefits, either fully or in part.

In response to the immigration issue, Governor Kathy Hochul (D) of New York recently announced the approval of a $237 billion state budget that allows an extra $2.4 billion for migrant-related expenses on top of the billions previously spent.

Furthermore, extravagant spending on Biden’s border crossers is increasing, even though Hochul and New York City Mayor Eric Adams (D) have taken steps to seem tough on migrants by placing time limitations on housing—only allowing the expelled migrants to reapply for more accommodation.

Certain Democrats in New York are insisting that taxpayers foot the bill for these migrants’ permanent free housing, while millions of Americans are fighting just to maintain a roof over their heads.

Author: Blake Ambrose

Keep Reading

News

Dems Laugh About Wrecking Economy – RINOs Responsible!

By dmgadmin

Speaker Mike Johnson (GOP-LA) reportedly gave nearly all Democrats earmarks in exchange for their votes in favor of a $1.2 trillion spending bill, which most House Republicans opposed.

Hakeem Jeffries, the leader of the House Democrats (D-NY), gained a significant advantage by voting in favor of Johnson’s budget measure, which included a sizable increase in earmarks for Democratic home districts, during their negotiations over two federal funding bills.

In this legislative term, Democrats said they did not receive their fair share of congressionally directed projects, or earmarks. Rep. Rosa DeLauro (D-CT), the top Democrat on the House Appropriations Committee, said that Jeffries made it plain that Democrats would supply the votes to approve the funding package in exchange for an increase in their portion of the earmarks.

The transportation funding measure contained the earmarks, which increased the earmarks for Democrats by $616,279 for nearly every member compared to what had come out of committee months earlier, according to a CNN analysis.

According to CNN, “almost every single Dem for at least one project” received an earmark in the massive spending plan.

Jeffries wished to keep the triumph a secret, DeLauro told CNN.

“There was no requirement. The negotiator, Jeffries. He got us everything we needed. That is all. Getting things done does not necessarily require a press conference. That is his manner,” DeLauro remarked.

“It is true that nobody could have predicted all of this nonsense that has occurred here at the start of this Congress. However, Democrats have found success under Jeffries’ leadership, which has elevated the party’s stature and effectiveness, according to ranking member of the House Rules Committee, Rep. Jim McGovern (D-MA).

Rep. Jim Himes (D-CT) said, “I saw him take the caucus temperature, listen to a lot of people, and eventually end in a position that not everyone rejoiced, but everyone was comfortable with.”

Author: Steven Sinclaire

Keep Reading

News

Beloved American Restaurant Closes Down

By dmgadmin

Following the closure of over 100 stores last week, the seafood business Red Lobster, which lost millions of dollars on its all-you-can-eat shrimp offer last year, has formally filed for bankruptcy.

Red Lobster said in a statement that it has voluntarily filed for Chapter 11 in Florida. It still plans to maintain its sites, though.

The business reported receiving a funding commitment of $100 million to support continuing operations.

The seafood chain said that it will “pursue a sale of essentially all of its assets as a continuing concern, drive operational efficiencies, and streamline the business through a decrease in locations.”

The news follows a $76 million loss for the business in 2018 and a 30% decline in visitors since 2019.

In a court filing on Sunday, Red Lobster disclosed that its assets and liabilities ranged from $1 billion to $10 billion.

Thanks to the bankruptcy, Red Lobster will be able to postpone landlord evictions and other vendor debts that it has not paid in recent months.

“This restructure is Red Lobster’s best course of action going forward.” Red Lobster CEO Jonathan Tibus stated, “It enables us to overcome several financial and operational obstacles and come out stronger and refocused on our goals.”

The main stakeholder in the U.S. seafood chain, Thai Union, had to write off $530 million in the fourth quarter of last year due to the firm’s all-you-can-eat shrimp offer, which ultimately led to its liquidation. The chain initially had 650 locations.

The $20 promotion ultimately increased to $25.

Red Lobster has also gone through five CEOs since 2021 as a result of its recent struggles to stem the company’s declining revenue.

“A former Red Lobster executive told CNN that the Thailand-based firm imposed massive cost reductions, including those that were pennywise and pound stupid because they damaged sales.”

Additionally, according to the complaint, Red Lobster owes its 36,000 workers $16.7 million in outstanding pay.

Established in 1968, the corporation boasted around 700 sites as of 2019. Sales fell by 13% between 2019 and 2023, indicating that it was unable to recover its popularity following the epidemic.

Author: Scott Dowdy

Keep Reading

Ad Blocker Detected!