Intermarkets' Privacy Policy

Donate to Ace of Spades HQ!

Recent Entries
Absent Friends
Bandersnatch 2024
GnuBreed 2024
Captain Hate 2023
moon_over_vermont 2023
westminsterdogshow 2023
Ann Wilson(Empire1) 2022
Dave In Texas 2022
Jesse in D.C. 2022
OregonMuse 2022
redc1c4 2021
Tami 2021
Chavez the Hugo 2020
Ibguy 2020
Rickl 2019
Joffen 2014
AoSHQ Writers Group
A site for members of the Horde to post their stories seeking beta readers, editing help, brainstorming, and story ideas. Also to share links to potential publishing outlets, writing help sites, and videos posting tips to get published. Contact OrangeEnt for info:
maildrop62 at proton dot me
Cutting The Cord And Email Security
Moron Meet-Ups

Nancy Pelosi Orders the Capitol Police to Arrest Any Congressional Staffers Who Aren't Wearing Masks | Main | Quick Hits: Fourteen Days to Flatten the Curve Redux Edition
July 29, 2021

That 70s Joe: Biden Misses Big on 2nd Quarter Growth as Inflation Continues Rising;
Real Wages Buying Power Falls 1.7%

The economy grew at an annualized rate of 6.5% in the second quarter, which may sound like a big number, but it's not. Remember, the economy is springing back from a period of government-and-covid forced artificial suppression.

Also remember that Biden has been pouring tomorrow's dollars into today's economy to get "Green Shoots" going for "Recovery Summer IX."

Given these facts, economists expected 8.4% growth.

Unexpectedly -- it's always unexpected when it's a leftwing Democrat in office -- Biden missed that mark by nearly 2 full points.

The second-quarter growth was just slightly better than the previous quarter's 6.3 percent rise, which was revised downward.

Unexpectedly, I'm sure.

The slower-than-expected growth was still enough to push the GDP above pre-pandemic levels, underscoring how far the economy has come in little more than a year.

At the worst of the pandemic, the economy collapsed at a striking rate of 31.4% in the second quarter of 2020, before bouncing back strongly in the next quarter.

And Biden's setting the table to put the economy on lockdown again.

Won't that be grand.

How many times can you put the shock paddles on a dead patient's chest before they stop sparking the heart to pump again?

Unexpectedly, the fed announced that the high inflation we are currently enjoying, and not enjoying very much, will be higher and more persistent than previously estimated.

The Federal Reserve admitted Wednesday that inflation could increase quicker and for longer than the central bank has projected in recent months.

Inflation could turn out to be "higher and more persistent" than previously expected if supply constraints continue to plague many economic sectors as they are now, Federal Reserve Board Chairman Jerome Powell said during a press conference Wednesday. Fed officials including Powell have repeatedly stated that consumer price increases would be "transitory," lasting 6-9 months, according to Forbes.

Weird flashback: Didn't Obama keep promising us that economic growth was just around the corner, and that our long-term malaise was therefore "transitory"?

"Inflation has increased notably and will likely remain elevated in coming months before moderating," Powell said during the press conference.

"As the economy continues to reopen and spending rebounds, we are seeing upward pressure on prices, particularly because supply bottlenecks in some sectors have limited how quickly production can respond in the near term," he continued.

The public's inflation fears are, quite rightly, rising as quickly as the price of gas:

Concerns about rising inflation, especially in housing and food costs, have jumped, doubling the fears of just three years ago, according to a groundbreaking "Inflation Index" survey provided to Secrets.

In the new Zogby Poll, the inflation that the public perceives has increased 10%. That is double what was felt in 2018.

Zogby Analytics pollster Jonathan Zogby told us, 'Americans' fear of inflation continues to rise. On a scale 1-10, where one stands for 'not at all afraid' and 10 for 'terrified,' average fear of inflation this year was 6.2, compared to last year's 5.9. Republicans and Donald Trump voters, as well as baby boomers and Generation X, are most worried about inflation."

Toy maker giant Mattel says it will be raising prices, just in time for Christmas.

You can now add toys to the growing list of products that global supply chain woes have made more expensive to produce.

Toymaker Mattel whose brands include Barbie, Hot Wheels, Fisher-Price and American Girl, said in an earnings conference call on Tuesday that it is raising prices in the second half of the year in the run-up to the holiday shopping season, which is the toy industry's most-important sales period of the year.

The effect of inflation of prices means that your wages' actual value has fallen 1.7%.

According to recently released data from the Bureau of Labor Statistics, "average hourly earnings" have increased from $29.35 in June 2020 to $30.40 in June 2021. When adjusting for inflation, however, "real average hourly earnings" have decreased 1.7% during that same period.

By comparison, when former President Trump left office, Bureau of Labor Statistics revealed that "real average hourly earnings" had risen 3.8% from January 2020 to January 2021.


While real average hourly earnings have steadily declined this year, wages rose to -1.7% in June -- an improvement compared to -3.7% and -2.9% in April and May, respectively. However, this minor boost appears feeble compared to the 4.2% real average hourly earnings reported for June, 2020.

After Biden's American Rescue Plan was passed in March 2021, inflation hit its highest level since the Great Recession for every following month.

Buh buh buh -- the Tweets!

Little wonder, then, that Rasmussen Reports finds that Biden is now officially underwater, with 52% disapproving and only 47% approving.


I guess the American citizenry isn't as pleased with Muh Tweets as the Twitter-Addicted establishment political class is.

digg this
posted by Ace at 05:29 PM

| Access Comments

Recent Comments
anchorbabe fashion cop: "Esther Williams had a nice set of gams. Some mo ..."

Thomas Bender: "@1182 >>What happened to Grrrrl power ? I ca ..."

It's me donna : "My prediction.. If the polls come out showing Kama ..."

Mister Scott (Formerly GWS): "Biden's brain is collapsing so fast he would be th ..."

Cat Ass Trophy : "Biden has to get a $10 million government funded r ..."

Eromero: "1146 What pisses me off the most is that mushbrain ..."

sock_rat_eez - they have been lying to us for decades[/i][/s][/b][/u]: "@1192, lol, yeah, probably about right ..."

Sharon(willow's apprentice): "1163 All 4 are white men. Lol ..."

Chuck Martel: "Globalists infecting the see eye ayyy orchestrated ..."

BetaCuck4Lyfe: "1163 @1138 >>-Arizona Senator Mark Kelly -Kent ..."

Blonde Morticia: " Republicans against Trump ============= ak ..."

Mr Aspirin Factory, deplorable clown: "Kumdumpser and Bootyjuice. Posted by: Cat Ass Tro ..."

Recent Entries

Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
Powered by
Movable Type 2.64