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5/6: Biden Job Approval, Rasmussen Reports |
Approve 45,
Disapprove 53 |
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5/4: Direction of Country, Economist YouGov |
Right Track 27,
Wrong Track 62 |
D |
5/4: Gen. Congress Vote, Economist YouGov |
Republicans 47,
Democrats 53 |
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Trending On The Right
Fox: Warren pushes to eliminate filibuster over Roe v. Wade, says she's 'madder than hell'
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QUICK CLICKS
First Lady Visit to Ukraine, Roe Overturn's Peril, Deaths Probed in the Bahamas
World: Jill Biden pays surprise visit to Ukraine, meets first lady (AP)
US: Most who support Roe see an overturn as a danger to women, other rights (CBS)
US: State Department 'closely monitoring' after 3 Americans found dead at Bahamas resort (Fox News)
World: Crews work through 2nd night after Cuba hotel blast kills 27 (NPR)
World: G7 to phase out Russian oil, U.S. sanctions Gazprombank execs over Ukraine war (Reuters)
World: Bitcoin drops below $35,000 over the weekend, extending Friday's losses (CNBC)
US: Biden administration braces for Putin's Victory Day surprise (POLITICO)
World: Beijing loyalist John Lee elected as Hong Kong’s next leader (NY Post)
US: Vicky White had a 'special relationship' with inmate Casey White. Here are some other people who fell in love with inmates behind bars (CNN)
World: Nepali mountaineer Kami Rita Sherpa scales Mount Everest for 26th time, beating own world record (The Guardian)
Sports: Where does Rich Strike's win rank among the all-time Kentucky Derby upsets? (USA Today)
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LEFT-LEANING SENTIMENT
Job Growth Remains An Economic Bright Spot Amid Other Issues
- It doesn’t appear likely that a recession can be avoided, because looking at the past 70 years, high inflation and low unemployment have historically led to economic downturns.
- The economy does have one positive indicator which is job growth, and it may be possible for the Fed to hike rates without triggering layoffs because workers are in such high demand.
- Instead of starting to panic, people should prepare for a potential recession by building up cash reserves, locking in a new job, or selling property.
“The Fed can’t prevent a recession, Larry Summers and his co-author say” Alex Domash and Lawrence H. Summers, Market Watch Op-ed: “The Federal Reserve will likely soon learn what gymnasts already know: sticking a landing is hard. … By raising interest rates, the central bank is hoping to achieve a proverbial ‘soft landing’ for the U.S. economy, in which it’s able to tame rapid inflation without causing unemployment to rise or triggering a recession. … Our recent research, however, suggests that engineering a soft landing is highly improbable and that there is a significant likelihood of a recession in the not-too- distant future. That’s because high inflation and low unemployment are both strong predictors of future recessions. In fact, since the 1950s, every time inflation has exceeded 4% and unemployment has been below 5%, the US economy has gone into a recession within two years.”
“The US job market has recovered faster than (almost) anyone predicted” Catherine Rampell, Washington Post Opinion: “Amid some other unfortunate economic developments — accelerating inflation, a stock-market plunge, declining productivity — there’s one bright spot… Over the past year, job growth has averaged more than half a million new positions on net each month. … today’s job market recovery is happening much faster than many expected early on in the pandemic or was predicted even as recently as the start of Joe Biden’s presidency. … The Federal Reserve has recently begun raising interest rates in an effort to reduce inflation. … Fed officials have argued that even if higher interest rates end up reducing demand for workers, that won’t necessarily cause people to lose their jobs. Why? As of March, there were about twice as many jobs open as there were unemployed workers available to fill them. Maybe employers can take down some of their job ads without laying more people off.”
One more opinion piece from the Left: A recession may be around the corner. Don't panic Allison Morrow, CNN Business
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RIGHT-LEANING SENTIMENT
Economic Downturn Is Coming, Making Elites Happy, Causing Others Pain
- A recession is likely, and global elites conspired with government officials to make it happen, as part of the “Great Reset” using COVID-19 as cover.
- The Fed is hoping to slow inflation by hiking rates, but history has shown this will inevitably lead to economic hardship, especially because politics is keeping the White House from doing all it can.
- As rates rise it costs the US government more to pay for the national debt, meaning the only way to truly fix our economic mess is by cutting spending.
“The Impending Economic Crash” Brian Parsons, American Thinker: “In the last 2-3 years, governments made crucial economic mistakes that we are feeling the impact of now. First, they closed down the global supply chain. Then they tried to make up for a lack of production by flushing economies with the money without the associated production. … If you were attuned to the corporate press, you might be led to believe that the growing hardships we are experiencing were unforeseen. … Some might say that the Biden administration selling the American economy down the river is a matter of incompetence. I tend to lean toward malice. … It would be prudent that we take a page from hurricane alley and batten down the household hatches, so to speak. … Should the crash not come, we can all benefit from taking small steps to improve the economies underneath our own roofs.”
“A Stock Market Reality Check” Editorial Board, Wall Street Journal: “Investors are trying to judge how high the Fed will have to raise rates to break the highest inflation in 40 years. … Markets are trying to make sense of a policy environment that no one has seen in four decades. The market decline does not mean the Fed is wrong to tighten. In our view it has no choice if it wants to avoid a return to the long-term inflation woes of the 1970s. But the economic risks are significant… The surprise will be if there are no nasty financial surprises—meaning credit failures—this year and next. The best economic policy response would be for the White House to spur the supply side of the economy by dropping plans to raise taxes and punish business with new regulation and other harassment. It could also end the political war on fossil fuels. But the Biden Administration seems unwilling to do any of this.”
One more opinion piece from the Right: Recession in the ’70s brought us Hamburger Helper. What can we expect now? Jay Evensen, Deseret News Opinion
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FLAG THIS
Growing Fears of Recession, Republicans More Likely to Think So
An online poll conducted in late March surveyed just under 4,000 adults, with 81% of respondents saying they consider it likely the US economy will experience a recession this year.
Republicans (91%) were more likely to predict a recession in comparison to Democrats (73%). The same trend held true for people facing economic hardship, as 88% said they feared a recession (CNBC/Momentive).
A separate study found less than half of Americans have either a “great deal” or “fair amount” of confidence that government officials will do what’s best for the economy. Federal Reserve Chairman Jerome Powell received a vote of confidence from just 43% of respondents, while President Joe Biden checked in at 40% (Gallup).
Flag Poll: Will the US economy experience a recession in 2022? Join our discussion here.
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FLAG FINDS
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WATERCOOLER
Scientology's Early Days, Garbology, Revolutionary Hair
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On May 9, 1950, Lafayette Ronald Hubbard (1911-1986) published Dianetics: The Modern Science of Mental Health. With this book, Hubbard introduced a branch of self-help psychology called Dianetics, which quickly caught fire and, over time, morphed into a belief system called Scientology.
BBC: Garbology: How to spot patterns in people's waste
Quanta Magazine: A Short Guide to Hard Problems
Smithsonian Magazine: Molly Pitcher, the Most Famous American Hero Who Never Existed
Today I Learned the hair style Princess Leia wears in Star Wars, was inspired by women of the Mexican Revolution, most notably, guerrilla fighter Clara de la Rocha.
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I think a recession is coming and I think the only way to stop it or reduce it is to cut back on government spending and decrease the size of government but I do not see that happening. The federal government just can’t do what they should no matter who is in charge. We need to cut government spending by billions but I can’t see it happening.
The economy contracted last quarter and I expect next report will be same – i.e. recession. However, the press and the Biden puppets make it sound lilke everyone is more concerned about abortion to cover up this crisis.
According to the latest government statistics were one quarter away from an official recession. If it doesn’t come in 2022 it surely will be here in 2023. I agree with those that think Covid was the great reset. There is some underlying reason why man is trying to make a one world government. It appears we have not learned from our history, back during the Tower of Babel, man thought he was in control and so God scattered him across the earth. It’s hard not to see a recession coming with the Biden administration’s goal of reversing everything we made progress on under the Trump administration. The only way we could get out of the coming recession is to open up all the oil exploration and extraction but the Biden administration will not do that.
I agree that a recession is inevitable. Whether this year or next The Fed only has so much it can do and fine tuning is difficult. I blame Biden and all the stimulus. It was too much. And this administration seems incapable of making sound business decisions.
I believe we will find ourselves in a recession this year. My belief is based on two points. First, Biden has no real plan to avoid or soften a recession. His whole presidency has been reactive, and employing a strategy of blaming someone or something for his failures. Second, he cannot adopt an even moderately pro business plan because Sanders, Warren and AOC would hammer him for “favoring the rich, at the expense of the middle class”.
So batten down the hatches, we are in for some rough weather.