America, We Have a Problem
The pilots flying don’t know how to fly!
We don’t know how to say it nicely. Besides, your wealth and prosperity matter too much to pussyfoot around about stuff. So here you go:
Far from the fabled “best and brightest,” of yesteryear, today’s Washington clowns have no idea what they are doing to our economy. But it’s not good.
All eyes have been on Jackson Hole lately were government economists gather every August. But it is not a gathering of great minds. It’s a gathering of pilots who don’t know how to fly the plane.
We remember Federal Reserve chairman Jerome Powell at Jackson Hole a few years ago insisting that inflation was transitory.
Hello, must we remind anyone about inflation hitting double digits in Phoenix?
We remember the Obama economic advisor enjoying the Grand Teton weather not that many summers ago where he went to explain that all we needed was more government spending.
Hello, let us introduce you to the $35 trillion dollar US debt!
The latest huge – and costly embarrassment – was the employment report. Just last week (8/21) the Bureau of Labor Statistics discovered that 818,000 fewer jobs were created than it had announced. That’s a pretty big miss by any standard. From 2.90 million to 2.082 million jobs. And the BLS was even incompetent in releasing the news of its incompetent miss on the job number, as Zero Hedge pointed out. As it noted, many on Wall Street began to suspect that with the inflated job numbers the Biden administration was trying to cover up a labor market recession.
In any case, market participants don’t like to trade based on faulty data. And the Fed is setting policies based on unreliable data.
Well, it wouldn’t be the first coverup of bad economic news. But here’s the other shoe.
Biden’s commerce secretary Gina Raimondo told ABC News that she was “not familiar” with the BLS. (She runs the US Bureau of Economic Analysis). Not familiar? It was unclear from the conversation if she was unfamiliar with BLS or unfamiliar with the biggest jobs revision in 15 years. Either way, not great.
Raimondo is another player who described Joe Biden, before his decision to remove himself from the race as “sharp, focused and insightful.” Now she’s hot off the Democrat convention circuit telling us the Kamala Harris is “pro-business.”
The people at the Committee Unleash Restore Prosperity beg to differ. “Harris-Walz is the most anti-business ticket by a major presidential party in our lifetimes and perhaps in American history,” they say.
Here is their evidence:
Kamala Proposes $5 Trillion in New Taxes – the Biggest Tax Hike in the History of the World
The Harris tax plan would:
Raise the corporate tax from 21% to 28%
• Quadruple the tax on stock buybacks from 1% to 4%
• Double the global minimum tax from 10% to 20%
• Raise the top Income tax rate from 37% to 39.6%
• Raise the corporate alternative minimum tax from 15% to 21%
• Raise the capital gains tax from 24% to 43.5%
• Impose the first-ever tax on unrealized capital gains at 25%
• Double the number of Americans subject to the death tax
One more thing that we think nails down out case that the Washington pilots do not know how to fly the plane. We want to show you once again Jared Bernstein, the president’s chief economic advisor, about how monetary policy works. See the utter confusion for yourself:
America, we have a problem. We hope we have made the case for you how dangerous this widespread cluelessness is to your wealth and prosperity. If so, reach out to us without delay to implement a plan to protect yourself and your family with gold and silver.