We knew it was going to be bad, but not this bad this soon

From the Desk of Donald J. Trump. Highly recommended. The best blogger in the United States, and almost certainly the best informed. First:

A guy named Miles Taylor, who I have no idea who he is, don’t remember ever meeting him or having a conversation with, gets more publicity pretending he was in the inner circle of our Administration when he was definitely not. Some people refer to him as “absolutely nothing.” I hear he is on CNN and MSDNC all the time, but he had nothing to do with any of my decisions, and I wouldn’t even know what he looks like. He is the guy who fraudulently wrote a make-believe book and statement to the failing New York Times calling himself “Anonymous.” That’s right, he, a lowlife that I didn’t know, was Anonymous. Now he’s putting together a group of RINOs and Losers who are coming out to protest President Trump despite our creating the greatest economy ever, getting us out of endless wars, rebuilding our Great Military, reducing taxes and regulations by historic levels, creating Space Force, appointing almost 300 Judges, and much, much more! He is a phony who will probably be sued over his fake book and fake “Anonymous” editorial, which caused so much treasonous stir. Miles Taylor and his fellow RINO losers like Tom Ridge, Christine Todd Whitman, and Crazy Barbara Comstock voted for Biden, and now look what they have—a socialist regime with collapsing borders, massive tax and regulation hikes, unrest in the Middle East, and long gas lines. He is even giving us men setting new records playing women’s sports. What a disaster for our Country it has been!

And then:

I see that everybody is comparing Joe Biden to Jimmy Carter. It would seem to me that is very unfair to Jimmy Carter. Jimmy mishandled crisis after crisis, but Biden has CREATED crisis after crisis. First there was the Biden Border Crisis (that he refuses to call a Crisis), then the Biden Economic Crisis, then the Biden Israel Crisis, and now the Biden Gas Crisis. Joe Biden has had the worst start of any president in United States history, and someday, they will compare future disasters to the Biden Administration—but no, Jimmy was better!

And speaking of Jimmy Carter, from Instapundit.

WELCOME BACK, CARTER:

Inflation over last 12 months: 4.2%, highest year over year rate since September 2008. Inflation in March: 0.9%, highest since April 1982 (note a monthly rate of 0.9% is 10.8% annualized). Avg. price gallon of regular gas: $2.99, highest since November 2014. Used Car prices: up 12.4% in last year. New car prices up 7.0%. Median home price: up 18.4% over year.

April jobs report: 266,000 new jobs, vs. predicted 1 million.

Stagflation, anyone?

AND HERE’S THE QUESTION: From inflation to jobs to the border, Biden is flailing — when will the media notice?.

If the media could take a break from obsessing over the House Republicans choosing a new conference chair, they might have noticed that Joe Biden’s presidency is falling apart.

On every major front, Biden is flailing — even by the depressingly low bar set for him by the Washington press corps.

April just saw the highest rate of inflation in 13 years, according to the Department of Labor. Prices for everything, including food and gasoline, immediately skyrocketed after Biden’s $2 trillion welfare scheme (sometimes referred to as a “stimulus package”) went into effect and flooded the economy with more money than anyone knows what to do with.

Biden’s preoccupation? Spending even more.

The unemployment rate actually went up from March to April, even as Biden bragged that he’s the one responsible for mass vaccinations that are, at least in theory, supposed to be moving people back into the workforce. But no, his extension of the obscene amount of federal unemployment benefits has would-be workers choosing to sit pretty at home cashing government checks. Those benefits don’t end for another four months, assuming they aren’t extended again (you can never assume anything with Nancy Pelosi in charge).

They will notice when they can blame it on Donald Trump and not a minute sooner.

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30 Responses to We knew it was going to be bad, but not this bad this soon

  1. eb says:

    Yeah, but, like 81 trillion people voted for Sleepy Joe!!

    I think there was severe inflation in those numbers too.

  2. Rt141Rebel says:

    If I have to endure the 70s gain, at least bring back Disco, Punk, cocaine, and quaaludes.

  3. JC says:

    Isn’t he just great.

  4. Lurks says:

    Miles Taylor ? WTF. Miles of Tale’s
    Even a kindergarten drop out can spot that one

  5. Lurks says:

    Miles Taylor ? WTF. Miles of Tale’s

    Even a kindergarten drop out can spot that one

  6. Primer says:

    China has 3.5 lazy years to move on the Sth China sea, even Taiwan, with The Dementia Patient’s proxy no-name committee in charge, just slapping Joe around a bit might satisfy Xi for a while….but opportunity knocks.

  7. Boxcar says:

    Joe tried to emulate Jimmy Carter’s Fireside Chats, but the fire went out.

  8. gardez bien says:

    The price increases from, say, February 2020 came largely from disruptions to supply chains, and this has happened in Australia too.

    Now, however, there is a problem of money supply caused by government borrow tp spend policy.

    Whilst the earlier price increase may have worked themselves through in a normal recovery, the ‘Stimulus’ of some $6 trillion announced since January will be seriously inflationary.

    I hadn’t expected to see stagflation again so soon.

  9. Spurgeon Monkfish III says:

    MSDNC

    LOL – reminiscent of our beloved ALPBC.

  10. Spurgeon Monkfish III says:

    the fire went out …

    … and Geriatric Joe had no idea who or what he was, where he was, what he was meant to be talking about or what planet he was on.

    Riveting stuff, for all the wrong reasons.

  11. Mother Lode says:

    I expect that they will soon be announcing polling showing that Biden’s approval ratings are breaking all records.

  12. Carpe Jugulum says:

    Boxcar says:
    May 13, 2021 at 4:05 pm

    Joe tried to emulate Jimmy Carter’s Fireside Chats, but the fire went out.

    The fire was made of dried cow dung fueled by his soiled pampers

  13. Baa Humbug says:

    Primer says:
    May 13, 2021 at 3:45 pm

    China has 3.5 lazy years to move on the Sth China sea, even Taiwan, with The Dementia Patient’s proxy no-name committee in charge,

    Biden does NOT have dementia. He has advanced Parkinsons. I’ve been dealing with a parent with the same for some years now and the two of them show stark similarities.

    If you’re expecting Biden to not last the 4 years you’ll be disappointed.
    As long as he is given high doses of carbidopa and levodopa and rested for long periods during the day he’ll last for many years.
    Look how many years Michael J Fox continued to work despite advanced P.

  14. H B Bear says:

    Well that didn’t take long. Every time…

  15. Primer says:

    ‘Biden does NOT have dementia. He has advanced Parkinson’s.’
    Alas Baa ….he better start shaking soon or we’ll go back to dementia.
    M. Fox couldn’t sign anything long ago…. Dementia Man will have to keep doing it or he’ll be sprung for your Parkinsons. Let’s keep watch for a hand into coat front, Napoleonicly.

  16. Zulu Kilo Two Alpha says:

    Biden looks to broker ceasefire in Israel, Gaza

    Israel faced an escalating conflict on two fronts on Thursday, scrambling to quell riots between Arabs and Jews on its own streets after days of exchanging deadly fire with Palestinian militants in Gaza.

    Despite diplomatic efforts to ease the crisis, which US President Joe Biden said he hoped would end “sooner than later”, hundreds of rockets flew across the Gaza Strip overnight on Wednesday.

    An emergency UN Security Council meeting on the tensions has been requested for Friday. The council has already held two closed-door videoconferences since Monday, with the US — a close Israel ally — opposing adoption of a joint declaration, which it said would not “help de-escalate” the situation.

    Israeli Prime Minister Benjamin Netanyahu spoke on Thursday AEST to Mr Biden, who said “Israel has a right to defend itself”.

    Mr Biden said US diplomacy was in high gear with national ­security and defence staff “in constant contact with their counterparts in the Middle East — not just with the Israelis, but also with everyone from the Egyptians and the Saudis to the Emiratis”.

    How long will it be before full scale war breaks out in the Middle East?

  17. mundi says:

    The M1 in USA has gone up to $16T, this has happened in just the last 4 weeks and was enough to trigger >4% inflation – the same level as the peak of the idiotic property market just before the GFC implosion.

    USA is probably going to have double digit inflation by the end of the year, ala the 80’s.

  18. m0nty says:

    LOL, stagflation again. Every prediction of stagflation on the Cat has failed spectacularly. One might think you lot would learn the lesson.

    We could do with a little bit of inflation. It has been too low for way too long. Lifting interest rates back to normal levels would be healthy for the economy as a whole.

    It is still too early to say if this will be an extended inflation run rather than a short spike due to temporary factors. But even if there is an inflation breakout, the ammo stockpile of interest rate rises is as high as it has ever been.

  19. Rex Anger says:

    We could do with a little bit of inflation. It has been too low for way too long. Lifting interest rates back to normal levels would be healthy for the economy as a whole.

    It is still too early to say if this will be an extended inflation run rather than a short spike due to temporary factors. But even if there is an inflation breakout, the ammo stockpile of interest rate rises is as high as it has ever been.

    Hey fatman! Had you ever thought that Fantasy Football websites and donut stores are among the first luxuries jettisoned at the outset of any financial crisis?

    And that there won’t be any JobDodger to fall back on this time?

  20. vlad says:

    Malaise.

  21. Figures says:

    But even if there is an inflation breakout, the ammo stockpile of interest rate rises is as high as it has ever been.

    Well no moron it’s the lowest it’s ever been in history because every government is in debt up until their eyeballs – as are their people.

    Anything remotely resembling normal interest rates will see a 95% fall in house prices and every government will default.

  22. Buccaneer says:

    The Chinese have missed their window, incompetent us presidents have used conflict to cover up their inadequacies the same way a fat man comfort eats to make himself feel better. The Biden admin will jump all over a conflict with China and there is little in the way of msm scrutiny so any criticism will remain on the edge of consciousness.

  23. thefrollickingmole says:

    Monty heres a thought experiment for you.

    You brought an overpriced house (brought about by consecutive government mismanagement at all levels) but thats ok, on 4% interest its less than rent.

    Over the next 2 years the interest rate goes back to more ‘normal” 10% for homebuyers.

    What effect would that have?

    Also this is spooky ju-ju territory.

    Could Australia get negative interest rates?
    Now the world is in uncharted territory. Central banks in Australia and elsewhere are lowering rates or considering lowering rates, to UNDER zero per cent.

    With a continuing threat of recession and an official RBA cash rate of just 0.5 per cent (March 2020), policy makers have few other options in their artillery to stimulate investment and demand.

    But if depositors had to pay interest, rather than be paid interest, they would surely be motivated to remove savings from the banking system.

    Taking their money out of the bank and investing or spending it would have a stimulatory effect on the economy explained an International Monetary Fund research article in February 2019.

    The problem, the IMF researchers explain, is that many consumers would simply take their money out and keep it in cash if rates went negative, so they suggest banning cash completely.

    “In a cashless world, there would be no lower bound on interest rates,” wrote the IMF’s Ruchir Agarwal and Signe Krogstrup.

    “A central bank could reduce the policy rate from, say, [positive] 2 percent to minus 4 percent to counter a severe recession.”

    Dr Lowe told a parliamentary committee in early August that he was prepared to take rates to zero.

    “It is possible we end up at the zero lower bound.

    “I think it’s unlikely but it’s possible.”

    Since then the Reserve Bank governor has updated his view of negative rates.

    “Negative interest rates in Australia are extraordinarily unlikely,” said Dr Lowe in a speech on ‘unconventional monetary policy.’

    “Negative interest rates in Australia are extraordinarily unlikely.”

    Dr Lowe was quite clear in his November 2019 speech that Australia did not have the financial and economic problems of Europe, where negative rates had been tried.

    He was also clear that was not convinced that negative interest rates were worth the problems they caused. He questioned their success as a policy tool in other countries.

  24. m0nty says:

    You brought an overpriced house (brought about by consecutive government mismanagement at all levels) but thats ok, on 4% interest its less than rent.

    Over the next 2 years the interest rate goes back to more ‘normal” 10% for homebuyers.

    What effect would that have?

    It would clear out investors from the market and depress house prices back to more sane levels. Just because the housing bubble has lasted a long time doesn’t mean it should last forever.

    A market correction would disadvantage owners, but they have been advantaged for a long, long time. It’s about time buyers caught a break.

  25. Eyrie says:

    Monty,
    geez you’re stupid and letting the world know it.

    Would some genius explain to me why the target interest rate should not be 0%?

  26. Figures says:

    It would clear out investors from the market and depress house prices back to more sane levels. Just because the housing bubble has lasted a long time doesn’t mean it should last forever.

    Wow! I never thought it was possible for you to say anything remotely intelligent. You are correct here. Of course, what you’re missing is that governments are absolutely petrified of this happening because it would: a) lead to massive economic dislocation (particularly among a more favoured political group); b) it would lead to a collapse in stamp duty for state governments (bankrupting them); c) it would also come at a time when those governments are paying 10 per cent on their own outsized debts (bankrupting them again); and d) it would also be accompanied by a massive depression the likes of which the world has never seen before because the leveraging we have now is around a zillion times worse than what it was before the Great Depression.

    In short, it doesn’t matter whether home owners should be bailed out (they shouldn’t), what matters is that they will be. The central bank will throw everything at keeping these house prices high. Of course, they may not succeed – it didn’t “work” in Japan but it “worked” just fine in Venezuela and Zimbabwe.

    The key is that our debt levels are monstrous (public and private) and will lead to a huge reckoning. You – like all leftists – have to say that can’t happen and you point to the last ten years and say “look, it’s been fine so far so therefore you will always be wrong”. Weirdly, you don’t apply the same logic to all your failed forecasts of the world melting due to global warming. The difference being that there are a plethora of examples of countries going bankrupt and going through hyperinflation as a result of public and private debt being too high so we know that it *can* indeed happen whereas the earth melting due to carbon dioxide has never happened before in all of history.

    Having said that this is one of those things I want you to continue your belief in. Like vaccines. I hope you get a hundred vaccines and I hope you invest everything you own under the assumption that central banks know what they’re doing.

  27. m0nty says:

    Figures, government debt is not held in variable interest loans. You idiot.

  28. Figures says:

    Figures, government debt is not held in variable interest loans. You idiot.

    Wow, you are a complete moron aren’t you? You do realise that governments get into debt by selling both long dated bonds *and* short dated bonds don’t you? Short dated bonds (the ones governments prefer for most of their debts because they typically have the lowest interest rates) need to be constantly rolled over (eg every 90 days). As interest rates rise, that means they will be rolled over at increasingly higher rates.

    If governments could raise the vast majority of their debts purely from 30 year bonds right now, then you could probably make an argument that their debts won’t hurt them too much as interest rates rise (although the ensuing depression would certainly hurt their revenue generation). But very little government debt is bought at the 30 year (or even 10 year) rate. Obviously it is impossible to know what sort of rates 30 year bonds would have if they were used to service 100% of government debt but it is reasonable to think they would have to be vastly higher than their current level. It’s a moot point regardless though as they are not a high proportion of government debt right now. It depends on the country, state etc but, typically a huge proportion of government debt will need to be rolled over at much higher rates if and when interest rates rise.

  29. Figures says:

    If governments could raise the vast majority of their debts purely from 30 year bonds right now

    Should read “If governments could *and did* raise the vast majority of their debts purely from 30 year bonds right now”

  30. Fair Shake says:

    CNN: Meanwhile from our reporter on the frontline of the Pronoun Crisis. Is the it he she bin laden they taking the offensive to 11?

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