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.

Another Bidenomics Casualty! Trucking Giant Yellow Ceases Operations (Unions + Diesel Fuel Costs = FAILURE)

Biden: “Its my Presidency and I’ll lie if I want to.” As well as demolish the economy to serve his Progressive green energy agenda.

One of the casualties? Yellow trucking. Carrier Yellow Corp. ceased all operations at 12 p.m. Sunday, according to a notice on the gates at its terminals. Its stock price is now sub $1.

Separate internal documents showed the procedures for closing the facilities as well as “talking points” to be used when informing union employees not to show up for their shifts. The documents indicated the company plans to issue a public statement Monday updating “the state of the company and the operation.”

On Friday, Yellow laid off most of its nonunion employees in areas like customer service, information technology and sales. The company stopped making pickups earlier in the week and has been delivering the remaining freight in its network ahead of what appears to be a permanent closure.

After months of negotiations with its Teamsters workforce, the carrier has been unable to reach terms over proposed operational changes it has said were required for its survival. In a breach of contract lawsuit filed last month regarding the matter, the company said it could be out of cash as soon as mid-July.

Most are expecting Yellow to announce it will file for bankruptcy Monday.

Not surprising given the disastrous earning per share. The culprits? High energy costs and a hostile Teamsters Union (labor costs and practices).

A closer look at Yellow’s earning per share deterioration as Biden’s energy folicies has taken hold and crushed the life out at Yellow Trucking.

Biden! They call him The Sleeze!

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.

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 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.

Is That All There Is? US Avoids Recession As Real GDP Rises 2.4% In Q2 As Debt-To-GDP Hits 124% (10Y-2Y Curve Rises To … -97.952 BPS)

As Peggy Lee warbled, “Is that all there is?”

Both The Federal government and Federal Reserve went wild with stimulus surrounding the Covid economic shutdown in 2020. The excessive reaction function is still working its way through the economy and we finally got Q2 Real GDP QoQ of 2.4%! But seriously, is that all we got from an increase in public debt of 39% since January 2020, and M2 Money increased 36%. And, of course, The Federal Reserve double their balance sheet from 2020 to today … and are slow walking its removal. So, with Biden’s insane green spending and Powell’s monetary stimulytpo, all we got was 2.1% Real GDP growth YoY??

And US public debt to GDP is now over 120%, thanks in part to Federal spending and Fed monetary stimulus related to the Covid economic shutdowns.

Foul Powell on the prowl.

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%.

Case-Shiller National Home Price Index Slows To -0.46% YoY As Fed Withdraws Covid Stimulus SLOWLY (Mortgage Rates UP 151% Under Bidenomics, Taylor Rule Suggests Fed Rate Of 10.42%)

The Case-Shiller home price numbers are out for May. The national home price index is down -0.46% YoY as The Fed slows M2 Money growth into negative growth territory. No doubt Biden (and Karine Jean-Pierre) will take credit for slowing home price growth, although The Federal Reserve slowing monetary stimulus is mostly responsible.

The Fed is still slow walking shrinking its enormous balance sheet. Although The Fed is cranking up their target rate.

The Taylor Rule suggests a 10.42 target rate to cool inflation. They are only half way there!!!