Bidenomics (Or Yellenomics)! Real Weekly Earnings For Men LOWER Under Biden Than Jimmy Carter! (Men’s Real Weekly Earnings DOWN -9% Since Q2 2021 While M2 Money UP 31%)

President Jimmy Carter is usually the bar for terrible Presidents. Under Carter, the US experienced economic stagnation and soaring inflation. At least it led to the election of Ronald Regan!

So, Biden’s much mentioned Bidenomics have produced REAL MEDIAN WEEKLY EARNINGS FOR MEN that is currently below 1979 levels under Jimmy Carter.

Even worse for Bidenomics, REAL MEDIAN WEEKLY EARNINGS GROWTH FOR MEN was -4.45% In April 2023, while the last reading prior to Covid under Trump was 6.674% YoY in February 2020. So, Bidenomics isn’t even back to Trump levels for men.

I like this chart which I call “Yellenomics” because it illustrates The Fed’s Folly of money printing and its impact on real earnings. After the Trump wage growth boom, real median weekly earnings for men has been steadily declining.

Women, on the other hand, did show a gain since Carter, but still lower than the last month before Covid struck. Women’s real median weekly earnings growth YoY since Q2 2021 are down -5%. So, Bidenomics has been less sucky for women than men.

Reminds me of The Yardbird’s classic “I’m A Man.” Worse off under Biden than under Jimmy Carter. Although The Yardbird’s “Over Under Sideways DOWN” is more emblematic of Bidenomics.

Bidenomics should be renamed Corruptionomics given Biden’s habit of selling government influence to anyone willing to waive a few million.

Bidenomics? C&I Lending Growth Crashes Along With Bank Credit Growth (WTI Crude Oil UP 1% This Morning) 30-year Mortgage Rates At 7.27%

Bidenomics, aka the Federal government takeover of the US economy with Soviet-style economic central planning, is highly dependent on loose Federal Reserve monetary policy (Janet Yellen and Powell’s wild overreaction to the massively inappropriate Covid shutdowns),

So, how is Bidenomics working out? On the bank lending front, commercial and industrial (C&I) lending growth is crashing along with bank credit growth YoY.

The US Treasury 10Y-2Y yield curve remains deeply inverted at -91.031 basis points and M2 Money growth has crashed. The 30 year mortgage rate is hovering around 7.27%.

And WTI Crude oil futures are up 1% this morning.

The body of Bidenomics.

Here is a pic of Biden sniffing Idaho.

Republicans Little Red Book! New York, California Tax Revenue Tumbles Amid Exodus To Blue States (Red States FLA, TX Show Incredible Gains In Tax Revenue)

The Republicans’ little red book is showing people escaping big crime and tax states like New York and California for lower tax, lower crime states like Florida and Texas. But to Democrats who are really bad at math, 7+7 = 0?

Most people are already familiar with the mass migration from the Democratic strongholds of California and New York, known for high crime and tax rates. We have delved into this in our article, “Americans Continue To Flee High-Tax New York And California,” highlighting Texas and Florida as preferred destinations.

California and New York have sustained population declines during Covid and after, that have long-term implications for local economies. The exodus means workers with six-figure salaries in technology, finance, real estate, and entertainment are going elsewhere, which will reduce tax revenue for the state.

MyEListing.com, an online real estate portal, used IRS migration data to reveal California and New York lost $343 million and $299 million in 2021, respectively, due to the surge in migration outflows.

The beneficiaries of the outflow are Florida and Texas, which took in $12.4 billion and $10.7 billion, respectively.

“Despite its numerous attractions, from the booming tech industry and world-class universities to beautiful landscapes and cultural richness, California’s high personal income tax rates seem discouraging for many high-wealth individuals. This, coupled with the state’s high cost of living, will likely fuel a wealth migration out of California,” MyEListing wrote in the report.

The exodus from California is so severe that state demographers forecasted the total population will be the same today as in 2060.

If left unchecked, the largest outflows of residents from specific metro areas could experience a fiscal crisis. Such a development would be tragic for Democrat-controlled cities already plunging into crisis as progressive politicians fail to enforce law and order.

Hey Joe (Biden)! Open up the US to energy independence!!!

Why US Inflation Will Start Rising Again (WTI Crude Futures UP Above $80 Again As Gasoline Futures UP 91.5% Under Bidenomics)

Joe Biden said that Republicans will impeach him in the House of Representatives since inflation is coming down. Huh? No Joe, it is because your are the most corrupt President in history, a compulsive liar and your economic policies are pure World Economic Forum mandates (open borders, Central Bank Digital currency, green energy, etc). Biden started off his Presidency by declaring war on fossil fuels that helped drive prices through the roof. And the middle class are paying the price.

But as inflation cools (blue line) thanks in part to Biden draining the Strategic Petroleum Reserve (orange line), Biden can gloat. But remember, gasoline prices remain 56% higher under Biden’s Reign of Error. Even worse, gasoline FUTURES are up 91.5% under Biden. Yikes!

But look at how gasoline prices and gasoline futures have risen in July (pink circle). The last inflation report showed that inflation has declined to 3% (still higher than The Fed’s 2% target), gasoline prices are up almost 5% since July 19, 2023.

Gasoline, meanwhile, started the year at less than $2.50 per gallon. This week, gasoline topped $2.90 per gallon and may yet reach $3.

WTI Crude Oil futures have broken through the $80 barrier … again. Heating oil futures are up 1.43% today with WTI Crude futures up 0.61%.

So as energy prices keep rising (and Biden’s EPA keeps issuing green energy edicts and fails to recognize that our power grid can’t support all the electric cars and trucks envisioned by the Obama/Biden green dreamers). As such, energy prices will keep rising and with it … inflation.

Bidenomics In One Chart! Bidenomics Benefits The Elites (Top 1%) Far More Than The Common Man (Bottom 50%) In Terms Of Net Worth (Bank Credit Growth Crashing To Earth)

I wanted to play Aaron Copland’s Fanfare For The Common Man, but thought that The Federal Reserve theme song (laughing song from “Death in Venice”) was more appropriate given their insane money printing since 2008 then 2020 with Covid. Yes, The Fed is laughing at us.

Bidenomics, massive spending on green energy mandates while curbing fossil fuel consumption, has been a true wonder for the top 1% of net worth (let’s call them The Elites). And Bidenomics, like Obamanomics, relied on super generous Federal Reserve money printing.

The result? Total Net Worth held by the top 1% has grown rapidly since the Covid outbreak and Fed monetary expansion (plus Congress going wild spending). The bottom 50%? They improved in terms of net worth

So, The Elites (top 1%) want The Fed to keep on printing money, since their net worth soars.

Meanwhile, US bank credit is crashing as The Fed slows M2 Money growth.

Not only is credit growth grinding to a halt, but unrealized losses on bank investment securities continues to worsen.

If you didn’t see this, then check out House testimony of extraterrestrial visitations to Earth. This has been happening since the 1950s (allegedly), so why NOW is there sudden interest in aliens? Deflection away from the horrible scandal of Biden taking money from foreign actors? Likely answer? Biden and Mayorkas will send Treasury Secretary Janet Yellen to negotiate with alien invaders giving them anmesty, free school, free food, free healthcare and directions on how to register to vote. And giving aliens preferential trade status. All for “10% for The Big Guy!”

Bidenomics? Orange Juice Futures UP 192% Under Biden, Frozen OJ Up 40% Under Biden’s Reign Of Error (Even Fed Printing Debacle Can’t Fix This Problem)

I love orange juice! Unfortnately, as a diabetic, OJ is off limits. So I have to watch others drink one of my favorite beverages.

But like everything else under Bidenomics, orange juice is far more expensive.

Orange juice futures, the subject of the comedy “Trading Places,” are up 192% under Biden’s Reign of (Economic) Error. And frozen OJ is up 40%.

Sorry Joe, The Federal Reserve can’t print its way out your horrible economic grand plans.

Regular gasoline prices are soaring … again. And are now up 55% under Bidenomics.

On that surprising GDP report, we saw the 10-year Treasury yield spike to almost 4%.

Speaking of oranges and Florida sunshine …

Bidenomics At Work! US Pending Home Sales Crash -14.8% YoY As Fed Pushes Rates Up, Negative Growth For 24 Of Last 25 Months (Is Fed Chair Powell Actually Mr. Freeze?)

The Biden Administration is gushing about Q2’s Real GDP report of 2.4% QoQ. Wow, after trillions of dollars of stimulus spending and The Fed going wild with monetary stimulus, all we got was 2.4% growth??

But let’s turn the cameras on the housing market.

Pending home sales crashed -14.8% YoY in June.

Is Fed Chair Jay Powell actually Mr. Freeze? Here is Jay Powell looking at his printing press.

US New Home Sales Fall -2.5% MoM In June To 697k Units Sold (Thank The Fed For 23.8% YoY Growth!)

New home sales in June fell -2.5% from May to June to 697k units sold. But on a year-over-year (YoY) basis, new home sales are up 23.8%. Thanks largely to The Federal Reserve slow walking the shrinking of their massive balance sheet.

Too much monetary stimulus and The Fed’s failure to remove the Covid stimulus is now hitting new home sales.

Biden’s Mortgage Market! Mortgage Demand Falls 1.8 Since Last Week, Purchase Mortgage Demand Down -49% Since April 2021, Refi Mortgage Demand Down -87% As Mortgage Rates Up 115% (Hurts So Bad?)

Biden loves to brag about Bidenomics, or should I say selective stats like the labor market. But the mortgage market hurts so bad.

Mortgage applications decreased 1.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 21, 2023.

The Market Composite Index, a measure of mortgage loan application volume, decreased 1.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index 1.5 percent compared with the previous week. The Refinance Index decreased 0.4 percent from the previous week and was 30 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 3 percent from one week earlier. The unadjusted Purchase Index decreased 2 percent compared with the previous week and was 23 percent lower than the same week one year ago.

Since April 2021, purchase mortgage demand is down -49%, refi mortgage demand is down -87% as mortgage rates are up 115%.

KJP “Hurts So Good” Presser: Prices UP 16.6% And Real Wages Down -3% Since Biden Took Office (Food UP 56%, Gasoline UP 52%, Mortgage Rates UP 153%) Hurt So Good???

Biden Press Secretary KARINE JEAN-PIERRE: “The American people are beginning to feel Bidenomics”

Prices are up 16.6% and real wages are down 3% since Biden took office.

Well, at least Jean-Pierre didn’t claim like her boss Joe Biden claimed that he “ended cancer as we know it.”

But getting back to Jean-Pierre’s claim that “The American people are beginning to feel Bidenomics.” She is right (for once). Americans are REALLY feeling Bidenomics. And it hurts SO BAD!!!

What hurts so bad? Food (CRB Foodstuffs) are up 56% under Bidenomics. Real weekly wage growth is down -90% since Biden assumed office. Regular gas prices are up 52%. And the 30Y mortgage rate is up a staggering 153%. Yes, Karine, this hurts so bad!

While real wages are down -3% under Biden and the real average weekly wage growth is down -90%. That REALLY hurts so good.

But Biden and KJP think that Bidenomics “hurts so good.”

A video of Bidenomics.