The Gathering Economic Storm

Bidenโ€™s Recession Intensifies

Despite the best efforts of the complicit corporate media to explain away the last two quarters of downward economic output โ€“ the standard and long-established understanding of a recession โ€“ citizens know all too well the reality of the present economic crisis afflicting our land. As proof, Consumer Confidence recently declined to the lowest levels ever recorded by the University of Michigan survey of consumer sentiment, an index that goes back to the 1950s.

Why so much pessimism? What explains the chasm between despondent citizens and a ruling class that seems oblivious to this worsening reality?

First, regarding the anxiety of Americans, recent economic numbers more than justify that gloom and point toward even worse economic privations ahead. Not only do these indicators validate a recessionโ€ฆsome of them point to something even graver, closer to depression-type scenarios.

Consider these three recent economic data points:

1.     Utility Delinquencies โ€“ as reported by Bloomberg News, in a rare moment of honesty for a legacy media platform, an astounding 20 million American households are currently behind in paying their Utility bills. 1 in 6 households, in this land of abundance, cannot afford the simplest, most basic necessity of paying for power in their homes.

The article predicts โ€œa tsunami of shutoffsโ€ as the pandemic moratorium on disconnections of service expires across the country.

White House Press Secretary Karine Jean Pierre boasts that the America is โ€œeconomically strongerโ€ than ever, so why canโ€™t these citizens afford power? Well, the answer largely lies in the explosion in electricity prices under Biden. Amidst of a sea of soaring overall inflation, this particular price surge crushes working-class people. July saw a 15% annualized increase in electricity rates, the highest acceleration since 2006. See this chart on electricity costs under Trump vs. Biden.

By Steve Cortes

Substack
Substackhttps://substack.com/
Substack believes that great writers, bloggers, thinkers, and creatives of every background should be able generate income from their audiences on their own terms.

Columns

Why Fishermen Are Catching Fewer Lobsters in Maine

For veteran lobsterman Travis Dammier, it was the end of another trip at sea on a solo voyage to earn a living.

Viewers like you

There is no constitutional authority for any spending on public broadcasting โ€“ period. Any questions: See Article 1, Section 8 of the U.S. Constitution.

Beyond the Trump-Musk fallout?

We are witnessing an unprecedented, unhinged Democrat effort to use lawfare, big Democrat donors, street theater, congressional disruptions, potty-mouth videos, the administrative state, the legacy media, and discredited pollsters to stop the Trump agenda.

Trans-wormal

No worm ever said "I am anthropomorphizing, I am a butterfly" to a toad or flock of geese and expected acknowledgement and support.

In Greenlandโ€™s Icy Capital, Past Troubles Haunt Hopes for the Future

As geopolitical realities and ongoing economic growth raise the stakes, U.S. interest in Greenland and the dream of independence may change things in a big way.

News

Why Drug Price Reform Alone Wonโ€™t Heal America

What happens when medications become too cheap, plentiful, and automatic and we donโ€™t reform how drugs are used? We risk clinical harm.

Trump Says Musk Will Face โ€˜Very Serious Consequencesโ€™ If He Backs Democrats

President Trump warned that Musk could face โ€œserious consequencesโ€ if he decides to back Democratic political candidates in upcoming elections.

Judge Declines to Block Trump Admin From Dismantling Library Services Agency

A federal judge cleared the way for the Trump admin to move forward with plan to dismantle the federal agency that funds libraries nationwide.

Supreme Court to Review Alabamaโ€™s Death Row Case Concerning IQ Test

The Supreme Court will consider how courts should weigh multiple IQ tests when assessing a death row defendantโ€™s claim of intellectual disability.

US Travel Ban Will Not Hinder Los Angeles Olympics, LA28 CEO Says

Trumpโ€™s directive banning citizens from 12 countries from entering US exempts athletes. Officials confident Games have full backing of administration.

Musk Mulls New Political Party Amid Feud With Trump

Elon Musk is considering launching a new political party in wake of his public fallout with President Trump over a major Republican tax and spending bill.

Citigroup Reverses Course on Controversial Firearm Policies

Citigroup reversed its policy requiring retail business clients to refrain from selling firearms to those who havenโ€™t passed background checks.

AI Is Taking Thousands of Jobs; Is Yours at Risk?

Just as the internet radically changed how America conducts business, AI is also making waves in the workplace by taking thousands of jobs.
spot_img

Related Articles