Rep. Mayra Flores (R-TX), a conservative Republican and the first Mexican-born woman sworn in to Congress, said it seems as if “more breakfast tacos are leaning Republican,” — in homage to first lady Jill Biden recently comparing Latinos to breakfast tacos — as Americans continue to grapple with Bidenflation. “US inflation hit 9.1% over the past year; early polls indicate more breakfast tacos are leaning Republican #WalkAway #lexit ,” Flores said in reaction to the recent economic report , referencing the first lady recently comparing Latinos to breakfast tacos during a speech this week in San Antonio, Texas: US inflation hit 9.1% over the past year; early polls indicate more breakfast tacos are leaning Republican #WalkAway #lexit — Mayra Flores (@MayraFlores2022) July 13, 2022 Flores successfully flipped Texas’s historically Democrat-held thirty-fourth Congressional District last month — a victory many in the GOP say serves as a sign of the tides … [Read more...] about Mayra Flores: It Seems ‘More Breakfast Tacos Are Leaning Republican’
Are you sitting down? Today’s Breitbart Business Digest begins with more gloomy economic news. The key piece of data we were waiting on today is the National Association of Home Builders index (NAHB), which reflects how home builders are feeling. And the feeling is not great, apparently. Builder sentiment is now at 55, a drop of 12 points. This is the largest single-month drop ever, with one exception. (The exception being April 2020 . As you may recall, the world had decide to shut down at exactly that time.) The silver lining here is that a number above 50 is still considered positive. With surging interest rates, steadily rising costs due to the Bidenflation, and other supply chain related bottlenecks, it’s a minor miracle that anyone wants to build at all. While the wealthy are somewhat insulated from the bad news, normal Americans are getting hit hard. NAHB’s chief economist Robert Dietz noted that “significant segments of the home buying population are priced out of … [Read more...] about Breitbart Business Digest: Homebuilder Sentiment, Apple Report Send Shudders Through Economy
Florida Gov. Ron DeSantis (R) on Monday pointed to the absurdity of the Biden administration’s energy policy — or lack thereof — stifling American energy independence but fist-bumping the Saudis, asking for help. “How come it’s wrong to produce our own oil and gas here, but you can go to Saudi Arabia and fist bump to try to get it from Saudi?” DeSantis asked during Monday’s press conference, referencing Biden recently fist-bumping Saudi Crown Prince Mohammed bin Salman in the wake of reportedly urging Saudis to increase oil production: Fist bump between President Biden and Crown Prince Mohammed bin Salman at Al Salam Royal Palace in Jeddah, Saudi Arabia. pic.twitter.com/37Oz5EwwIB — CSPAN (@cspan) July 15, 2022 “I mean, it makes no sense that we wouldn’t do it. We have opportunities here to be energy independent and not have to worry about any of these other countries. And yet they’re intentionally not doing it,” DeSantis said, emphasizing that one “can’t run a modern … [Read more...] about Ron DeSantis: Joe Biden Won’t Produce Our Own Gas but Will Beg the Saudis for Help
G.K. Chesterton once said that he owed his success to having listened respectfully to the very best advice, and then doing the exact opposite. This is how we have felt over the past year and half while the vast majority of establishment economists consistently were wrong about inflation. They forecast that inflation would stay mild, that it would stay confined to a few things related to passing shortages and the reopening, that it would prove transitory, and that it had peaked. We consistently argued that this was nonsense and predicted inflation would keep rising. There were, of course, some establishment types who got things right (and plenty of heterodox economists, especially on the left, who were as wrong as the establishment types). Larry Summers, Oliver Blanchard, Jason Furman—all thoroughly establishment and left-of-center—predicted higher inflation or warned that it might prove more persistent than the rest of the establishment—including Federal Reserve and Biden … [Read more...] about Breitbart Business Digest: How Breitbart Got Inflation Right When the ‘Experts’ Got It Wrong
Former President Donald Trump highlighted the “stark” economic contrast between his administration’s “amazing success” and President Joe Biden’s “breathtaking failure” while speaking at the Save America rally in Prescott Valley, Arizona, Friday night. “You could take the five worst presidents in American history and put them together, and they would not have done the damage Joe Biden has done to our country in less than two short years,” Trump said early in his remarks, which were streamed by C-SPAN. “Less than two years ago, when I was in office, gas — gasoline — a thing called gasoline … nobody wants to talk about, was $1.87 a gallon,” he continued. “And now it’s five, six, seven, and even in some places, eight and nine dollars a gallon.” The 45th president then emphasized the contrast between the economic progress made during his time in office versus the unyielding sky-high inflation that has materialized under the leadership of the Biden administration: We gave … [Read more...] about Donald Trump Slams Biden for Sky-High Inflation: ‘Got to Get This Act in Order’
There’s no doubt that the Federal Reserve is going to raise its interest rate target at the end of tomorrow’s meeting of the Federal Open Market Committee (FOMC). What we do not know is how much they will raise. The CME Group’s Fedwatch tool tells us that the prices of fed funds futures, financial products that let traders speculate on Fed policy, currently imply a 75 percent chance of a 75-basis point hike, which is a bit of a spooky coincidence. The remaining 25 percent is for a 100-basis point hike. The odds have shifted around a lot. A week ago, the market was pricing in an almost 40 percent chance of a 100-basis point raise. A month ago, it was pricing in zero percent. The reason for this volatility is simple: We’re in a period of very high uncertainty about what is happening in the economy. As a result, it is hard to predict what policy the Fed will adopt. This is worth expanding on a bit more. To correctly predict the Fed’s interest rate decision it is not enough to know … [Read more...] about Breitbart Business Digest: How High Will Jerome Powell’s Fed Go?
Just four percent of Americans say the U.S. economy is in “excellent” shape, a recent poll from The Economist /YouGov found. The survey asked respondents, “How would you describe the current state of the American economy?” Just four percent, overall, describe the current state of the economy as “excellent,” and just 13 percent say it is “good.” The vast majority have a more negative view of the current economic state of affairs, as a majority, 51 percent, view the current state of the economy as “poor.” Over a quarter, 28 percent, describe it as “fair.” A majority of both independents and Republicans, 54 percent and 73 percent, respectively, consider the state of the economy to be “poor.” While a plurality of Democrats, 41 percent, describe it as “fair,” another 27 percent agree that it is “poor” as well. Just seven percent of Democrats consider the economy to be in “excellent” condition. Perhaps what is more, only five percent of Biden 2020 voters consider the … [Read more...] about Poll: Just 4 Percent Say U.S. Economy Is in ‘Excellent’ Shape
A key measure of inflation showed prices soaring by more than expected in June. The personal consumption expenditure price index rose by 6.8 percent compared with 12 months earlier, an acceleration of inflation from the 6.3 percent annual gain in May, according to data released Friday by the Bureau of Economic Analysis. Economists had expected a slightly lower reading of 6.6 percent. This is the biggest year-0ver-year gain since January of 1982. Compared with the prior month, the personal consumption expenditure price index was up one percent, a big increase from the monthly gain of 0.6 percent in May and above the 0.9 percent expected. This is the largest month-over-month gain since February of 1981’s one percent gain. Core PCE prices, which exclude food and energy prices, were up 4.8 percent compared with a year ago. Economists had expected this to hold steady at the 4.7 percent gain recorded in May. The monthly rise in core prices doubled the May figure, rising to 0.6 … [Read more...] about Fed’s Favorite Gauge of Inflation Surges to New 40 Year High