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Show 14-28 Summary: We’re talking economics and the rather grim picture being painted by the data—if someone actually bothers to look. You know. Like what the media used to do. Hold truth to power. While America’s economy is suffering through economic dementia under Joe Biden, there is not a lot of good news. Not even in supposedly “good” job reports — because they keep revising things down when they think no one is looking. But there are some bright spots ahead. If, and only if, we change who is in charge of our economy. So when will the media stop covering up Joe’s economic dementia?

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Original Air Dates: July 13th & 14th, 2024 | Guest: Jonathan Williams

This Week – Bidenomics: Economic Dementia

Despite the left stream media’s best cheerleading efforts, actual data about the economy is getting out. And it’s not good. Spikes in business bankruptcies. Especially small business bankruptcies. Even personal bankruptcies.

With all the business bankruptcies, and others reporting on the verge of bankruptcy, it’s no wonder that there is also a spike in store closings. If they continue at this rate,

In an America suffering from economic dementia, we need some common sense. Which is why we turn to Jonathan Williams, the Executive Vice President of Policy and the Chief Economist for ALEC. The American Legislative Exchange Council.

Economic Dementia: Did you know?
Under Bidenomics, 27% of Americans say they skip meals due to rising food costs.And 39%  skip meals to make house or rent payments

It seems there is no end of bad economic indicators. (Just take a gander at the show notes below.) A spike in bankruptcies. Cruelly keeping interest rates high Thousands and thousands of store closures. Including discount stores. (How bad is Bidenomics when people can’t even afford to shop at discount stores?) And regulations weighing down businesses. And in the middle of all that Joe Biden and the democrats want to raise taxes? That’s not just economic dementia. That’s economic suicide.

The only way out is to change the people in charge. Because if the definition of insanity is doing the same thing and expecting different results, then electing the same politicians is political insanity.

The left-stream media and democrats have signaled (okay, shouted) they want Dementia Joe to go. CNN, if you can believe it, just fact-checked Biden’s “high-stakes news conference”. Yes. CNN!

Be on the lookout. Joe Biden’s economy has been terrible ever since he’s been in office. But the media has been providing propaganda cheerleading to convince you otherwise. Bt when the left-stream media stops covering for Joe’s economic dementia? That’s when you’ll know the knives are out.

Because no one wins an election when the economy is in the toilet.

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Show Notes: Research, Links Mentioned & Additional Info

Jonathan Williams and ALEC Links

• Jonathan’s organization is ALEC – the American Legislative Exchange Council. Find out more at ALEC.org.
  • Encourage your representatives to join ALEC! There are state and city memberships. Help elected officials understand economic problems and the real solutions available to get out of them! Send them this link: https://alec.org/membership/.
  • And you too can join as a private-sector member!
  • You can follow Jonathan on Twitter at @TaxEconomist.
• How did Oregon do in the 2024 edition of Rich States, Poor States?
• Jonathan’s op-ed in The Daily Caller: “Biden’s Pledge To Let Trump’s Tax Cuts Die Has Stirred Up A Hornet’s Nest” (Daily Caller, June 10, 2024)
• Those blue states that have seen the light: Hawaii and Connecticut: “‘Blue’ States Make Fiscal Progress: Jonathan Williams on American Radio Journal” (via ALEC, June 27, 2024)

Economic Dementia Links & Info

• Department of Interior shuts down millions of acres of Alaska to all oil, gas and mining activity (Just the News, July 8, 2024)
  • Biden’s Department of Interior blocked 28 million acres of federal land in Alaska from any oil or gas development or mining
  • Biden’s Interior also blocked a 200-mile gravel road that would have connected mining districts in West Central Alaska to a highway that runs through the middle of the state.
• Bidenomics: 27% of Americans Say They Skip Meals Due to Rising Cost of Food (Gateway Pundit, July 6, 2024)

We have so many economic dementia links, let’s break them into sub-categories.

GDP

• Economic Expectations Gauge Plunges Signaling a Looming Recession (The Epoch Times, May 1, 2024)
• Gross Domestic Product, First Quarter 2024 (Second Estimate) and Corporate Profits (Preliminary) (via BEA.gov, May 30, 2024)
• GDPNow (via Fed Reserve Bank of Atlanta, retrieved July 10)
• GDP Outlook from The Conference Board (Economic Forecast for the US Economy, Conference Board, June 13, 2024):
  • “While we do not forecast a recession in 2024, we do expect consumer spending growth to cool further and for overall GDP growth to slow to under 1% over the Q2 to Q3 2024 period. Thereafter, inflation should gradually normalize to the Fed’s 2-percent target in 2025 as quarterly annualized GDP growth rises toward its potential of near 2%.
  • So 2% GDP through the end of the year and into 2025. Yikes!

Jobs

• Peter Schiff: More Doom in the Data (ZeroHedge, July 10, 2024)
  • It was especially bad for manufacturing jobs: Zero manufacturing jobs were created in May. And 8,000 manufacturing jobs were lost in June.
• Payrolls Rise 206K After Huge Downward Revisions As Unemployment Rate Jumps To Three Year High (ZeroHedge, July 10, 2024)
  • May jobs revised from 272K, to 218K (-54K; -24.8%)
  • April jobs revised from 165K to 108K (-57K; -34.5%)
• June Jobless Rate Triggers Sahm Rule: Recession Imminent? (ZeroHedge, July 10, 2024)

Bankruptcies & Store Closures

• Business Bankruptcies Jump 34 Percent in First Half of 2024 (Epoch Times, July 8, 2024)
  • In the first half of this year a total of 3,016 commercial Chapter 11 bankruptcies were filed — an increase of 34% from last year
  • Small business filings rose by 61%
  • [Lumber Liquidators] Home improvement chain mulls bankruptcy (Daily Mail, July 8, 2024)
• US retail bloodbath continues as store closures hit 2,600 so far this year – here’s the full list (UK Daily Mail, May 8, 2024)
• The death of the dollar store: 99 Cents Only and Family Dollar to shutter hundreds of stores in ‘retail apocalypse’ (Daily Mail, May 26, 2024)
• Nationwide discount retailer with 1,400 stores sparks fears of mass closures as it mulls bankruptcy (Daily Mail, July 5, 2024)
  • Big Lots has used up most of its cash on hand because of the losses so far this year — on top of  the last two years
  • Big Lots said all of this raises substantial doubt about the company’s ability to continue.
  • How bad is Bidenomics when people can’t even afford to shop at discount stores?
• Wilco says it could lay off 70 people, close hazelnut processing facility (Statesman, July 8, 2024)
• Kroger-Albertsons selling 186 Oregon, Washington stores in merger bid (KOIN, July 10, 2024)

Oregon’s Own Economic Dementia

• More details on the 3% tax ballot measure (Taxpayer Assoc of OR, June 19, 2024)
• Proposed ballot measure to raise corporate taxes, give every Oregonian $750 a year likely to make November ballot (OregonLive, June 17, 2024)
• 2024 Legislation Session Policy Priorities (Partners for Hunger Free Oregon, 2024)
• Free Money! (Just tax corporations!)  Oregon Rebate – the Oregon basic income scam to give everyone $750. (Hint: it’s not a “rebate” if you didn’t earn it or buy it.)