Washington Is Clueless
The Deficits Don’t Matter ?!
The largely unbiased Congressional Budget Office (CBO) just revised upward its estimate of the federal budget deficit for this year by $400 billion. This raises the projected deficit for the year to $1.92 trillion, which is a 27 percent increase over the CBO's initial projection at the start of the fiscal year.
The analysis identifies military aid to nations like Israel and Ukraine, as well as domestic expenditure on Medicaid and student loan forgiveness, as well as the federal government's inability to recoup payments following last year's banking crisis, as the main forces behind the move.
Using Orwellian jargon, the Associated Press explained how the handout to overeducated leftists contributed to the deficit growth by "reducing student loan borrower balances."
Considering that everything Joe Biden touches becomes more expensive, none of these statistics should come as a huge surprise. Biden has a well-known history of mismanaging money, both personally and in the form of your taxes. It seems like he never passes up the chance to spend as much of your money as possible.
Nevertheless, $400 billion is a substantial sum of money.
How long is this going to last?
Large deficits don't seem to concern any significant voting bloc in America. Fiscal responsibility has been a political liability ever since Obama/Biden defeated Romney/Ryan in 2008.
Furthermore, the deficit wasn't the only shocking statistic that was made public on June 18th. According to the Commerce Department, retail sales figures for the United States in May showed a meager 0.1 percent growth, and sales for April were revised down to -0.2 percent. This demonstrates that Americans are suffering despite the claims made by those in the establishment media and by the Biden campaign. (Were increasing household debt and delinquencies not a glaring sign? Not for partisan hacks, it seems.) All of this points to growing consumer stress.
Politically, all of this is dismal news for the current administration. Thus, anticipate that Biden will play the one and only card in his deck; triple down and implement additional inflationary policies. In the few months before elections, Biden's best chance to boost the economy is to use government funds to ease some of the strain on American families. We're not sure how he accomplishes that yet, but we can count on him to try.
Naturally, the Biden camp is hoping that inflation would somehow abate sufficiently to allow the Fed to lower interest rates in time to influence the 2024 election. Right now, that looks very unlikely.
U.S. Grads Losing White-Collar Jobs to Migrants under Biden Administration
Approximately 75% of the new employment created since 2019 have gone to Biden's wave of approximately 10 million new immigrants, which includes both legal and undocumented workers and unskilled OPT contract workers. Approximately one immigrant is brought in for every American born. Lower incomes, less business investment in productivity-boosting, high-tech workplaces, greater housing expenses, and higher Wall Street stock values are all guaranteed by the oversupply of labor.
Even worse, after Indian workers have completed training for U.S. jobs, a large number of information technology jobs are outsourced to India.
"The current situation for Americans seeking employment after being laid off is dire for college graduates, and it's expected to worsen further," stated Kevin Lynn, the founder of U.S. Tech Workers, an organization that supports professionals in the country.
The national media mostly ignores the significant community of foreign white-collar workers—over a million in number, including over 600,000 mid-skill H-1B workers—in favor of focusing on the concerns of migrants. Read the entire story here
Does This Sound Too Familiar?
In the bustling city of Capitol Heights, the government was faced with a growing debt crisis. The mayor, known for his quick fixes and temporary solutions, held a meeting with his advisors. The problem was glaring: the city's finances were in shambles, and drastic measures were needed.
"Mayor, we need to tackle this head-on," urged the finance advisor, his voice heavy with concern. "Our debts are mounting, and we're running out of options."
The mayor, however, was not one for immediate, painful remedies. "Let's delay this problem," he said, waving his hand dismissively. "We'll issue more bonds, cut some corners here and there, and revisit this next year."
And so, the cycle continued. Each year, the government found new ways to push the problem further into the future, issuing more debt, avoiding hard decisions, and hoping that something, somehow, would change.
The citizens of Capitol Heights, weary of empty promises and superficial fixes, watched as their city slowly deteriorated. Roads crumbled, schools faltered, and public services waned. They began to lose faith, realizing that the government’s strategy of "kicking the can down the road" was leading them down a path of uncertainty and decay.
As the years passed, the can grew heavier, burdened by the accumulated weight of ignored issues and delayed solutions. Eventually, it became too heavy to kick any further. The city stood at a precipice, facing the very problems that had been postponed for too long, now magnified and more daunting than ever.
Capitol Heights learned a hard lesson: that temporary fixes and avoidance only lead to greater challenges ahead. The time had come to confront the issues with courage and foresight, to pave a way for true, sustainable solutions.
