Bidenomics? Since January 2021, Regular Gasoline Prices Up 57% Under Biden, CRB Foodstuffs Up 55% As Strategic Petroleum Reserves DOWN -46% (10Y-2Y Treasury Curve Inverts To -102.45)

Jared Bernstein was VP Joe Biden’s former Chief Economist and is now chair of the United States Council of Economic Advisers. Pretty impressive! Except that Bernstein is not really an economist. He has a PhD in social welfare from Columbia University. In other words, Bernstein is a Progressive Marxist cheerleader, not a real economist. Perfect for The Biden Adminstration where they installed a small town Mayor with no experience (Buttigieg) as Transportation Secretary.

But Bernstein’s interview with Fox’s Shannon Bream on gas prices under Biden says it all about his economic acumen:

Top economic advisor Jared Bernstein tries and fails to brag about gas prices under Biden.

HOST: “…what about where we started? Because when [Biden] took office, it was $2.39/gallon. Now, it’s about $3.60/gallon…”

BERNSTEIN: “Yes, it depends on what your benchmark is.”

Bernstein’s answer reminds me of the infamous reply of President Clinton about having sex in the Oval Office with Monica Lewinsky: “It depends on what the definition of sex is.”

Well, Jared, here is the data.

Since January 2021, regular gasoline prices are up 57% under Biden’s and Bernstein’s Reigns of Error. CRB Foodstuffs are up 55% under Clueless Joe and Diesel prices 50% under Bully Biden. Meanwhile, the Strategic Petroleum Reserves is DOWN -46% under Hidin’ Biden.

Meanwhile, the US Treasury 10Y-2Y yield curve has inverted to -102.45 as it does prior to a recession. I would love to hear “economist” Jared Bernstein explain that!

The Chicago Fed’s National Activity index fell to -0.32 in June. That is negative readings for 6 of the last 8 months.

The Fed still hasn’t removed its monetary stimulypto from the market.

Help US, McCarthy! Price of Insuring Against US Debt Default Remains Elevated As No End In Sight (Effective Rate Of Interest On US Mortgage Rate Rises)

Everyone seems to have amnesia about Joe Biden’s hatred of Social Security and Medicare. He has tried to cut Social Security, Medicare and Veteran’s benefits as a US Senator. In addition, it was Biden that led the charge to TAX Social Security benefits for seniors. Now Biden has pivoted and is claiming that Republicans are the ones that want to cut Social Security. Wow. Biden simply goes where the political winds blow.

Here is where we set today. The cost of insuring for a US debt default remains elevated as the US has hit its statutory debt limit. This is happening at the effective rate of interest on US mortgage debt is rising.

Help us McCarthy! Because Biden and Schumer don’t want to cut ANY spending.

We need somebody like Mr. Garvey from Key and Peele to lead the debt ceiling debate.

But never fear! Congress LOVES to spend your money, so will eventually raise the debt ceiling.

Slow Down! ADP Jobs Added Slows To 106k In January, Lowest Since August 2021

The US economy is slowing down. In fact, ADP jobs added just printed at 106k in January, the lowest reading since August 2021. ADP jobs added follows the slow down of M2 Money growth YoY as The Fed tightens its monetary policy.

Do I detect a trend (orange line)?

Speaking of trends, check out ISM Manufacturing New Orders. Lowest since Great Recession of 2008 (if I exclude the government economic shutdown Covid recession).

I doubt that January’s ADP report or the ISM Manufacturing report will be mentioned in Biden’s State of the Union address.