SOUND FAMILIAR?
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Guess Which Millionaire Actor Called America “F***ing Awful”
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HOOVER HIGHLIGHTS:
Beware America’s Soaring Public Debt
By Michael J. Boskin
By Michael J. Boskin
Michael Boskin cautions that President Biden’s spending plans will create enormous deficits that will persist long after the economy reaches full employment. He maintains that significant debt buildups have usually been followed by serious national economic problems such as sluggish growth rates, increased inflation, financial crises, or all of them. Moreover, high public debt will eventually crowd out private investment and harm the economy’s potential to expand prosperity.
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Vindictive suit by a hateful Manhattan district attorney general seeking notoriety and higher public office?
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++There comes a time when it is way past time to stand and fight. If we do not take back education America is done for. and that includes the mass media.
School Districts: The New Ground Zero
Radical liberal elitists have been hard at work co-opting local school boards and departments of education for years in order to spread their ideology. But parents and concerned citizens are waking up, speaking up, and fighting back against the Left’s extremist goals to indoctrinate and sexualize students in school systems across America.
Read more about how you can engage.
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ROSS Rants:
Inflation will continue to be an issue into the fall and likely the winter. The Atlanta Fed has now acknowledged this. Retail inventories are the lowest since 1992. These inventory shortages have to get made up before it can be said that the supply situation is back to normal. There are now long delays in ship loading in China and Taiwan due to new virus outbreaks. Labor shortages in the US will continue into the fall, and maybe longer if the Dems get their way to continue some of the welfare programs. 2.7 million people retired recently making the labor shortage more critical. One cause of the labor problem is some companies like airlines gave early retirement to many employees last year when they panicked about how long the pandemic would last. The press and Dem economists pounded Trump when he said there would be a vaccine before year end, and a V recovery, but he was right, and the result is many employers let too many people retire based on false stories in the press and among Dem biased economists during the election. Between the retirees, and the $300, there is nobody left to work who have any skills. We lost a whole group of highly experienced older workers to retirement, and now there is a major gap in skills and experience that cannot be replaced quickly. The labor shortage is not going away quickly as a result. Back to my theory that technology will be rapidly implemented to fill this gap. That is why I believe tech stocks will do well long term. I can assure you the $300 will end in September.
Here are some possible and likely scenarios. Even with10% growth in GDP, it could take until mid to latter 22 to fully recover all the lost GDP from before April 2020, which was one of the worst GDP declines in history. The economy is now outperforming most other recoveries. Expect Powell to suggest tapering to begin in 2022 when in Jackson Hole in August. Stocks will react negatively to that even though everyone expects it. The Fed is forecasting 4.5% unemployment by end of 21 and 3.5% in late 22. I think that may prove conservative. Fiscal support is ending soon with $4 trillion already disbursed (7.5% of GDP). That will drop to 1.5% of GDP in 2022. The proposed infrastructure funds will not even hit the economy in any major way until 2025 at least, if it is passed. Insiders who work with the White House tell me the $6 trillion proposed by Bernie will likely be $2.5 Trillion, if that, but some tax increases will get pushed through by reconciliation.
The whole supposed compromise on infrastructure is just bait and switch. Biden said unless they pass the rest of the $6 trillion there is no deal. So what was accomplished with agreeing to the $950 billion infrastructure piece if in the end it is only going to be a small part of a massive tax and spend $6 trillion. It is all classic DC, BS, and the Dem original plan to try to ram through huge tax increases and wasteful left wing programs. We again have seen Manchin is not to be trusted with his cave on the voting bill. Biden is pushing a far left agenda, and Schumer is afraid of the bartender replacing him next election in NY, and that is the reality of what is happening. The infrastructure agreement on its own is meaningless.
You only heard about a few major programs, but there was a total of 39 different new Covid related spending programs during the pandemic. Most will end in September, and the eviction and foreclosure moratorium ends in a week unless extended, which it will be. CA will pay off all past due rent. And they wonder why people don't pay even when they can. What a negative morality and personal responsibility lesson that creates. You are the one paying with your tax dollars Congress gave to CA. Hope you feel good paying the rent for these scammers. Now it is all about the Fed actions. The recent drop in the stock market a week ago may have been the cause of the ten year yield to drop as investors parked proceeds in Treasuries last week. Keep watching the Fed, Then watch to see if the next piece is $2.5 Trillion. We will know a lot more in the next week. Standby for market volatility.
Biden has turned key policy decisions over to foreigners. Paris accord decides climate policy, the G7 decided international rules on minimum taxes, and NATO and the EU is deciding policy with Russia and China and Covid responsibility. Who elected these people to make key policy decisions for the US. Trump's America first policy was simply a statement that all policy decisions have to be made by Americans where the impact of these agreements will affect US citizens and companies. That is what all other major countries do. It was not anything special, but now we see what abandonment of that concept results in. Others make some of our major policy decisions.
Covid in kids has seen 306 cases of young people getting some heart reaction. Only 2 have died. The others recovered quickly. Apparently this only happens with the second shot, and is almost always connected to some sort of other health issues. New research has shown that for people under 30, one shot provides almost 100% protection, and there is no need for the second shot for that group. There are apparently zero heart issues where only one shot has been given. Fauci has rejected this research conclusion. He has been a problem with directives provided by the government, and he has possibly complicated recovery for the pandemic. Be careful who you listen to when it comes to vaccinating kids. They need to all be vaccinated unless they have serious co-morbidity issues, but only with one shot so say the experts now. That would also speed up getting everyone immune.
Social media banned any communication about the lab as the source, and they banned any publication of possible treatments that now have proven to work.. They may have caused some additional people to die as a result. Who said some 25 year old at Facebook can opine on science and deny us truth. They built a narrative through censorship that caused medical professionals to be shut down by the mob, and that is a horrible example of how social media has corrupted communication and free speech in America, and endangered us.
We saw Monday that the market is its usual irrational self. Last Friday things were dire, and a major sell off occurred. Nothing changed over the weekend, so of course on Monday it was buy anything as fast as you can. There is nothing rational about the stock market. I continue to be fully invested, but still very worried about the long term, whenever that is.
The huge rise in crime is very simple to explain. There is no consequence to committing crime in Dem run cities. No bail required, so out they go the same day. No charges for 60% of all the looters arrested in NYC. In LA there are no consequences for committing crime thanks to the Dem DA. And on it goes across most major cities. NYC is now very dangerous, like it was in the 70's under Dinkins. The solution is very simple. Giuliani did it very quickly with broken windows. The cops were told no offense, however minor, goes unpunished. Crime in NYC dropped to where NYC became the safest city in America, and one of the safest in the world.. He also forced out liberal judges. In Queens last week the position of administrative judge became open. There are several senior judges who are tough on crime who were in direct line. Instead a very left, more junior judge, who was not in line, was made administrative judge. So goes law and order in Queens. In Portland they charged a cop with assault for hitting a rioter in the head with his baton. It was in the act of trying to subdue her as she resisted arrest, and was not intentional. So now the other cops on the riot squad quit the squad. Good luck Portland which has seen a massive increase in violent crime and especially murder. Parts of Chicago are more dangerous that Iraq.
But if anyone points out that the shootings are almost exclusively in the black community they will be pilloried. Black Lives only matter if a cop shoots someone resisting arrest and threatening the cop's life. If you are a black gang banger it is apparently OK to shoot other blacks (54 in Chicago alone this past weekend). In Buckhead it has gotten so bad the area is trying to secede. If they do, the city loses a big chunk of tax base. The number of cops shot or attacked this year is up 45% from last year. The number of dead cops is way up. Do we see Nancy kneeling in the capital for the dead cops. Not even a mention for them. And Biden's answer- crack down on gun stores. They miss the real problem which is permissive laws and judges, and a gang culture in black communities. All the anti-cop rhetoric from the press and Dems has just encouraged the gangbangers. That is why Eric Adams will now be the next mayor of NYC-even blacks are fed up with left wing politics when it comes to law and order. His election is an inflection point missed by Biden with his crack down on gun shops.
Biden had a meeting with Yellen, Powell, Gensler and the various other financial agency heads. One topic was that climate change actions needs to be a required report from public companies. You now know about the lack of accuracy of climate data, but companies are now supposed to report on their progress fighting climate change which nobody can accurately measure or define. Companies are not in the climate business, they are in whatever business they do, and their focus needs to be on that line of business, not carrying out some badly misinformed policies on climate. The Fed and SEC and Treasury should not have anything to do with climate change. It is not their mandate, nor expertise, nor their responsibility. I am sure nobody at the Fed or SEC has one clue about the true data on climate change, but they will be charged with forcing corporations to report on it for these uninformed staffers to then opine on. They are diverting scarce financial regulatory resources to a policy direction that does not even have accurate data from which to judge anything . In addition, the Fed is now supposed to focus on something called financial equality. Not their mandate. What are they supposed to do, force banks to make bad loans again so they can report they made loans to minority communities. They learned nothing from 2008 home loans.
Now we have a course being taught at Cornell which somehow claims things in the universe are racist. You did not read that wrong. The course title is "Black Holes, Race and the Cosmos." Also at Cornell the astrophysics department has made physics optional, since it is deemed to have a "disparate impact on female and black students." Translation, the Asians and white males have a higher aptitude for it, so let's go to the lowest common denominator so the others can get a pass grade by eliminating a critical core course. At Hunter College the music department somehow equates harmonic hierarchies as a "stand in for racial hierarchies". It goes on across universities. You could not make this stuff up, but it tells us how bad education is today in American universities. All of this is what Amy Wax was trying to point out. In their claim to be for inclusion, they are creating a massive division through identity politics, where none had existed. My experience in the military even 55 years ago was race was not an issue aboard ship. We were all shipmates period. Now our new defense secretary has ordered all military to be indoctrinated in divisive racial ideology. My nephew in the Army says it is causing issues that never existed before. Instead of fostering, we are all in this together as a cohesive unit -it is now, we are all different, and don't you dare to assume we are all equal. China thinks this is great stuff.
Hunter is now selling what he claims is art for hundreds of thousands to unnamed buyers, and they attacked Trump because some people stayed one night at his hotel and paid the going rate. Where is the press when it comes to Biden family outright corruption.
Now there is a genocidal maniac as president of Iran. Hitler and Stalin reincarnated. Iran continues to have proxies attack allies and create problems for Israel. Yet Biden is determined to make a deal freeing Iran to be able to cause real mayhem and work on their bomb in a few years. They clearly never took a history course, nor ever heard of a guy named Chamberlain. "Peace in our time". How do they moralize about Trump, and then do this. Biden is carrying out Obama's policies, and creating a very dangerous world, but he is doing it in partnership with the EU, so that makes it all OK.
Mid flight the other day the pilot came on to say some passengers are refusing to wear a mask and unless they comply he will have the police meet the plane. I assume they all complied. The subway was full when I rode it this week at rush hour. NYC is slowly returning. Hotels are still running 14% behind this time in 2019 in Revpar.
Today, if you get prostate cancer you have over a 90% probability of not dying from it, and 99% if you catch it very early like I did. Get your PSA test and annual physical. The blood tests have been greatly improved recently. As a result of this research on prostate blood tests, there are now new blood tests that detect early stage cancers of a wide variety at a very early stage. There is now a new blood test that can detect pancreatic cancer at a very early stage, and they may have new drug treatments that may be able to deal with it if found very early. Huge breakthroughs are rapidly happening now in medicine by the American drug companies, which is why Biden's policy of breaking patents on vaccines is so stupid. Get your annual lab tests. It can save your life.
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