Americans&#8217; average household income dropped in 2022 for the third straight year as President <a href="https://www.dailywire.com/topic/joe-biden" target="_blank" rel="noopener">Joe Biden</a> continues to paint a rosy economic picture.
The average household income in the U.S. fell from $76,330 in 2021 to $74,580 in 2022, a decline of 2.3%, <a href="https://www.census.gov/newsroom/press-releases/2023/income-poverty-health-insurance-coverage.html?utm_campaign=20230912mspios1ccpuprs&amp;utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noopener">according</a> to new data from the U.S. Census Bureau. The decline comes as inflation has remained high and food and transportation costs continue to be high.
“Income estimates are expressed in real or 2022 dollars to reflect changes in the cost of living. Between 2021 and 2022, inflation rose 7.8%; this is the largest annual increase in the cost-of-living adjustment since 1981,” the Census Bureau said in a press release.
According to the bureau, the decline in income targeted those under the age of 65, while those 65 and older “did not experience a significant change in median income between 2021 and 2022.”
The 2022 decline in income may prove problematic for Biden, who has attempted to sell Americans on his policy of “Bidenomics.”
&#8220;&#8216;Bidenomics’ is a blue-collar blueprint for America. It’s for you,” Biden <a href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2023/09/04/remarks-by-president-biden-celebrating-labor-day-and-honoring-americas-workers-and-unions/" target="_blank" rel="noopener">said</a> in a Labor Day speech last week. “As I said a thousand times, there is no quit in America. None. All I hear from my friends on the other side, what they say is wrong with America. They keep telling us America is failing. They’re wrong. I’ve got news for them. America has the strongest economy in the world right now, today.”
While inflation in 2023 has remained below 2022 levels, Americans are continuing to pay high prices for gas and basic food goods. The <a href="https://www.dailywire.com/news/food-prices-set-to-increase-above-historical-average-govt-analysis" target="_blank" rel="noopener">latest numbers</a> from the Producer Price Index and the Consumer Price Index also indicate that food prices will continue to remain higher than average through the end of 2023 and into 2024.
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According to <a href="https://www.wsj.com/politics/policy/voters-feel-better-about-the-economy-but-few-credit-biden-polls-find-3c7d98c9?mod=article_inline" target="_blank" rel="noopener">recent polling</a> from the Wall Street Journal, while some Americans say that the economy is improving, many are still skeptical of Biden’s economic policies. About three in five Americans say that Biden has not handled the economy well, while 63% say he has handled inflation poorly, according to the Journal.
Biden’s team has pointed to declining inflation and low unemployment numbers as positive signs for the economy.
“They can go out and talk about this stuff all they want, these voters aren’t hearing it, or they’re not believing it,” Republican strategist Tony Fabrizio told the Journal. “They are certainly not buying it.”

Close up on man’s hand holding twenty dollar bill, US currency, cash

Americans’ Household Income Dropped In 2022 For Third Year In A Row: Census Bureau

Americans' Household Income Dropped In 2022 For Third Year In A Row: Census Bureau

Economics

Economy

Inflation

Joe Biden

U.S.

Chairman of the <a href="https://www.dailywire.com/topic/federal-reserve" target="_blank" rel="noopener">Federal Reserve</a> Jerome Powell hinted that more interest rate hikes may be coming during a speech in Jackson Hole, <a href="https://www.dailywire.com/topic/wyoming" target="_blank" rel="noopener">Wyoming</a>, on Friday.
Powell along with other central bank officials and finance and economics experts met for the annual Jackson Hole Economic Symposium last week to discuss the state of the economy and the Federal Reserve’s efforts to curb inflation. He said the U.S. may not have hit its interest rate peak yet.
“We have tightened policy significantly over the past year. Although inflation has moved down from its peak — a welcome development — it remains too high,” Powell <a href="https://www.federalreserve.gov/newsevents/speech/powell20230825a.htm" target="_blank" rel="noopener">said</a>, according to a transcript of his remarks. “We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective.”
In order to rein in inflation to the Federal Reserve’s 2% target rate, the central bank has hiked the federal funds rate to 5.5%, the highest rate in over two decades. The Fed has also used its economic levers to pull money out of circulation in order to tamp down on economic activity and slow inflation. Despite its efforts, the economy continues to hum faster than expected, Powell said.
“So far this year, GDP growth has come in above expectations and above its longer-run trend, and recent readings on consumer spending have been especially robust. In addition, after decelerating sharply over the past 18 months, the housing sector is showing signs of picking back up,” the chairman said. “Additional evidence of persistently above-trend growth could put further progress on inflation at risk and could warrant further tightening of monetary policy.”
Powell’s uncertainty about the future of the American economy was seconded by other top central bank officials and experts at the conference.
Kristin Forbes, a professor at the Massachusetts Institute of Technology, said that the Fed’s current position is similar to a hiker attempting to summit a mountain when the trail has disappeared.
“You know where you want to go. You know where the summit is, but there are no more markers and you have to feel your way,” Forbes told <a href="https://www.wsj.com/economy/central-banking/why-central-bankers-are-unsure-whether-theyve-raised-rates-enough-aa57c648" target="_blank" rel="noopener">The Wall Street Journal</a>. “And even though you’ve covered most of the distance, that can be the hardest part. It’s steeper. It’s rockier.”
Cleveland Fed President Loretta Mester said the central bank is close, but it may need to raise interest rates at least one more time before it hits the peak.
“We are very close to a good point, and then we’ll let the economy tell us” when interest rates can start to come back down again, she told WSJ.

Jerome Powell

Inflation Still ‘Too High’ To Consider Cutting Interest Rates, Fed Chair Says

Federal Reserve

Wyoming

It’s time to give three cheers for Bidenomics … and suppurating fungal infections of the testicles, and possibly bunions. President and Venal Houseplant Joe Biden has been taking time out from quietly decomposing on the beach this summer to tout the administration’s signature economic program, which has been a boon to every patriotic American who loves Mom and Apple Pie after all the other food has run out.
Now some of you have written to me to say, “Golly gee, Hot Gandalf, with the yearly deficit up nearly 40% since government experts ruined every single thing for no reason during the pandemic, with prices up nearly 16% since the last election was rigged by corrupt news media and intelligence agencies, and with hourly wages down 5% not to mention how high gas prices would be if I hadn’t been forced to abandon my empty car by the side of the road, how can the president say his economic policies are working when all this time I thought he was dead?”
Well, to answer your questions quickly so I can get back to obsessively watching the Jennifer Lawrence nude scene from &#8220;No Hard Feelings,&#8221; I’ve decided to provide you with this handy Bidenomics Q&amp;A:
Q: What is Bidenomics?
A: Some of you may remember Reaganomics, when President Reagan cut taxes and regulations so that businesses could grow and hire workers who could then buy stuff from small businesses, so that everyone was making money and could have vacations which brought wealth to tourist locations where they hired even more workers for more money and everyone was prosperous and happy and singing and dancing around in celebration and delight. Well, that was no good.
So now we have Bidenomics, where the government gives money to their friends who invest in clean fuel like fairy dust and unicorn manure. These public subsidies, technically known as graft or peculation, will be used to build gigantic windmills that create power by slaughtering birds so the birds don’t block the sun and the sun can shine on solar batteries which then provide energy and create wonderful new jobs until night falls and the entire fantastical contraption vanishes into the imaginations of the same experts who ruined everything during the pandemic.
This way, instead of trickle down economics, where people with money buy goods and services from people who need money, you now have trickle up economics where people with no money sit around wishing they had money like the rich climate conmen who live in the Cayman Islands to avoid paying taxes to the climate conmen in government so that the government has no money which it then gives to the people with no money so that they now have as much money as the government, which is minus $32 trillion.
Q: Wait a minute. You’re saying, under Bidenomics, no one has any money?
A: No, no, no. If you have no money, you can&#8217;t afford to buy anything. So the government prints money, which of course is worthless, so that prices go up, so you can’t afford to buy anything.
Q: If I can’t afford to buy anything, how do I eat?
A: Well, it’s true that, under Bidenomics, there are some things you can’t eat, like meat or bread or food, but you can eat other good things, like your memories or the dog. You can also eat Skittles if you’re a black trans person who might enjoy being castrated and having diabetes.
Q: Wow, that sounds really great. Is Bidenomics the reason gas prices are going up as well?
A: No, that’s because of climate change. You see, 100,000 years ago, there was an ice age, and glaciers covered the country. Then, about 25,000 years ago, the climate turned warm because too many pre-historic poor people were driving Flintstone-powered cars. That’s when the glaciers melted and became the Great Lakes and John Kerry had to fly his wife’s private plane to Switzerland to make sure nothing like that would ever happen again and to get in some skiing. So now gas prices are almost $4 a gallon, except in California, where a gallon is $7, but with each full tank you get a free homeless person.
Q: Now that you’ve explained Bidenomics, I think things were better under Donald Trump. Why shouldn’t I just vote for him?
A: Because unfortunately Donald Trump is under indictment.
Q: But if things were better under Trump, why was he indicted?
A: That is why.
* * *
Andrew Klavan is the host of “<a href="https://www.dailywire.com/show/the-andrew-klavan-show" target="_blank" rel="noopener">The Andrew Klavan Show</a>” at The Daily Wire. He is an award-winning novelist, Hollywood screenwriter, and popular satirist. Klavan is the author of “<a href="https://www.amazon.com/When-Christmas-Comes-Andrew-Klavan/dp/1613162405/ref=pd_bxgy_sccl_2/132-9473875-2662038?pd_rd_w=x29DZ&amp;content-id=amzn1.sym.26a5c67f-1a30-486b-bb90-b523ad38d5a0&amp;pf_rd_p=26a5c67f-1a30-486b-bb90-b523ad38d5a0&amp;pf_rd_r=X7J7YCZYPAH29407AXTY&amp;pd_rd_wg=M65Ef&amp;pd_rd_r=c2bb5bb5-dd27-434d-9ca1-f2098f486a81&amp;pd_rd_i=1613162405&amp;psc=1" target="_blank" rel="noopener">When Christmas Comes</a>” and “<a href="https://www.amazon.com/Strange-Habit-Mind-Cameron-Mysteries/dp/1613163517/ref=pd_bxgy_sccl_1/132-9473875-2662038?pd_rd_w=lnVGk&amp;content-id=amzn1.sym.26a5c67f-1a30-486b-bb90-b523ad38d5a0&amp;pf_rd_p=26a5c67f-1a30-486b-bb90-b523ad38d5a0&amp;pf_rd_r=13RV0285EXYKN2D57RST&amp;pd_rd_wg=jW34u&amp;pd_rd_r=e0bb3c70-62ea-4448-8be5-a7cf1bba3f5e&amp;pd_rd_i=1613163517&amp;psc=1" target="_blank" rel="noopener">Strange Habit of Mind,</a>” the first two novels in the USA Today best-selling Cameron Winter Mystery series. The third installment, “<a href="https://www.amazon.com/House-Death-Cameron-Winter-Mysteries-ebook/dp/B0BW1ZTVP9?ref_=ast_author_dp" target="_blank" rel="noopener">The House of Love and Death</a>,” releases on October 31, 2023, and is now available for <a href="https://www.amazon.com/House-Death-Cameron-Winter-Mysteries-ebook/dp/B0BW1ZTVP9?ref_=ast_author_dp" target="_blank" rel="noopener">Pre-order</a>.
Follow Klavan on Twitter: @andrewklavan
This excerpt is taken from the opening satirical monologue of “<a href="https://www.dailywire.com/episode/ep-1144-the-andrew-klavan-show" target="_blank" rel="noopener">The Andrew Klavan Show.</a>”
The views expressed in this satirical article are those of the author and do not necessarily represent those of The Daily Wire.

US-POLITICS-ECONOMY-BIDEN

Three Cheers For Bidenomics! And Bunions!

Andrew Klavan

Readers Pass

Satire

Bidenomics, baby! That&#8217;s the term the <a href="https://www.dailywire.com/topic/biden-administration" target="_blank" rel="noopener">Biden administration</a> is &#8220;quite proud&#8221; of, but that nobody is able to define. Or, perhaps they are able to explain it, but avoid providing particulars about what it means because doing so would pop any illusion that the president&#8217;s economic and &#8220;cost-saving&#8221; policies are working.
For example, remember that gas stove crackdown that the Department of Energy Secretary Jennifer Granholm has long touted as being necessary to save energy and money for the American people? Well, the Department of Energy recently revised its expectations for exactly how much the average American would save under new rules, which would effectively ban nearly 50% of gas stoves off the market.
Under &#8220;Bidenomics,&#8221; consumers could save nine cents a month by ditching their gas stoves. That means you would save just shy of $11 over the next decade.
Why the change?
Well, according to the Association of Home Appliance Manufacturers (AHAM), the professionals at DOE had their initial data wrong.
&#8220;The changes in energy savings projected by DOE primarily result from DOE recognizing that the currently available cooking products are more efficient than its earlier analysis assumed,&#8221; AHAM <a href="https://www.foxnews.com/politics/biden-admin-quietly-revises-gas-stove-analysis-reduces-projected-benefits" target="_blank" rel="noopener">told</a> Fox News.
This lesson really serves as another prime example of why it&#8217;s good to question the experts — despite the Biden administration&#8217;s admonishment not to do so.
Central planners like Granholm and the gang so often overemphasize a problem and upsell the promise of their solutions only to &#8220;quietly&#8221; tamp down expectations once the spotlight is focused on something else — such as the <a href="https://www.dailywire.com/news/thanks-joe-incandescent-light-bulb-ban-goes-into-effect-this-week" target="_blank" rel="noopener">DOE&#8217;s incandescent lightbulb ban</a>. Don&#8217;t worry, the DOE promises that, too, will be better for you and me. No questions asked, and thank the government, they tell us.
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Of course, some penny pinchers out there might welcome this news. If you kept the 16 cents you saved thanks to Biden at your July 4th family barbecue in 2021, then you now have 25 cents in the bank. That means you just need <a href="https://www.forbes.com/home-improvement/kitchen/induction-cooktop-buying-guide/#:~:text=Expensive%3A%20Induction%20stoves%20start%20around,sacrifice%20some%20performance%20and%20capability." target="_blank" rel="noopener">roughly $999.75 more to buy one of the induction stoves</a> the Biden administration loves to tout.
Bidenomics: Spends hundreds to save pennies!
The views expressed in this piece are the author’s own and do not necessarily represent those of The Daily Wire.

Jennifer Granholm

Bidenomics! Gas Stove Crackdown Would Save Americans 9 Cents Per Month

Bidenomics! Gas Stove Crackdown Would Save You 9 Cents Per Month

Energy

Gas stoves

Politics

Joe Biden has been out and about talking about the rebound of the U.S. economy and the “wins” so-called Bidenomics is creating for America. Television economic pundits did cartwheels earlier this month as new inflation data showed the June Consumer Price Index had fallen to 3.0%, with core CPI up 4.8%, per the <a href="https://www.bls.gov/cpi/" target="_blank" rel="noopener">Bureau</a> of Labor Statistics. While this is good news for Americans, these numbers do not tell the entire story, nor do they reflect the struggle citizens are facing every day.
To begin, one must remember that the CPI measures year-over-year inflation, meaning that the June number of 3.0% was 3.0% higher than the number in June 2022. Forgotten by most of the talking heads on television is that the June 2022 <a href="https://www.dol.gov/newsroom/economicdata/cpi_07132022.pdf" target="_blank" rel="noopener">CPI</a> was 9.1% — meaning that prices in June 2023 were, on average, 12.1% higher than they were just two years ago. This means that in 2023, a family with an income of $100,000 had the purchasing power of a family making just under $88,000 two years previously.
There is financial danger lurking as credit card debt increases, high interest rates preclude the purchase of homes and cars, and consumers are having a harder time obtaining credit.
Credit card <a href="https://www.foxbusiness.com/economy/credit-card-debt-rising-double-edged-sword-economy" target="_blank" rel="noopener">debt</a> reached a record high of $993 billion in early July 2023, at a time when the average credit card interest rate topped 24%. The credit card interest rate will almost certainly rise later this month as the Federal Reserve is expected to increase interest rates by 0.25% at it’s meeting in late July.
Some pundits believe that increasing credit card debt is a sign that people believe the economy is strong and that they are comfortable taking on additional debt. I disagree. 60% of credit card holders have been carrying <a href="https://catalyst.independent.org/2022/09/22/government-causing-credit-card-debt/?gclid=Cj0KCQjwn_OlBhDhARIsAG2y6zNQIoZij5TXjNC2ibkKunklxZQlfz7Ky8c9eVV5Q0TY0oPrDVS6euoaAoqaEALw_wcB" target="_blank" rel="noopener">balances</a> on their card for at least a year, up 10% from 2021. 59% of Americans who earn less than $50,000 a year carry a credit card balance from month to month. These people aren’t using credit cards to purchase tickets to Hawaii and new TVs, they are using their cards to pay for groceries and to cover their rent or utility bills and paying 24% interest for the privilege of doing so.
Existing <a href="https://www.bankrate.com/real-estate/existing-home-sales/" target="_blank" rel="noopener">home sales</a> were down 3.3% in June, a reduction of nearly 19% compared to June 2022. This should not be a surprise as <a href="https://www.bankrate.com/mortgages/30-year-mortgage-rates/" target="_blank" rel="noopener">mortgage</a> rates are currently at 7.24% for a 30-year fixed mortgage. People simply cannot afford to sell their homes and relocate. This makes sound economic sense. No one owning a home with a 2.5% fixed mortgage rate wants to sell their home and relocate, given the extra cost they would incur to purchase a similarly valued home at 7.24%. This phenomenon is precluding many potential first-time home buyers from making that purchase and, in turn, is driving <a href="https://www.usatoday.com/story/money/2023/07/19/us-metros-states-with-rent-increases/70425895007/" target="_blank" rel="noopener">rental rates</a> upwards. In addition, it is making it harder for businesses to fill key needs as fewer potential employees are willing to relocate for a new job.
Unfortunately, many Americans can no longer pay their bills as both foreclosures and auto repossessions continue to rise. In May, the U.S. Foreclosure Market Report “found 35,196 American properties with <a href="https://finance.yahoo.com/news/foreclosures-rising-experts-means-housing-180030618.html" target="_blank" rel="noopener">foreclosure</a> filings … a 7% increase from April, but twice that much from 2022,” according to Go Banking Rates. In March, the last data available, the percentage of <a href="https://www.motor1.com/news/664132/delinquent-car-loans-repos-rising/" target="_blank" rel="noopener">delinquent</a> subprime auto loans increased to 5.3%, and repossessions will top 1.5 million this year.
It&#8217;s getting even harder for people to be approved for loans of all types, ranging from credit cards to auto loans. A recent New York Federal Reserve <a href="https://www.msn.com/en-us/money/personalfinance/borrowers-are-getting-rejected-for-loans-at-the-highest-rate-in-5-years/ar-AA1e4Yh2?ocid=msedgntp&amp;cvid=da7e37617c5c4986802b6f1c5817e305&amp;ei=29">survey</a> found that the “overall rejection rate for credit applications increased to 21.8% year-over-year in June,” the highest level since June 2018. This is a bad sign for the economy as it shows major <a href="https://www.msn.com/en-us/money/realestate/more-americans-rejected-for-loans-just-as-they-may-be-feeling-tapped-out-fed-survey-shows/ar-AA1dZL8Y?ocid=msedgntp&amp;cvid=c590680289aa4e0ae2b3ecf8cd7d0e86&amp;ei=123" target="_blank" rel="noopener">banks</a> are setting aside more money to cover bad consumer loans.
So, while President Biden and economic talking heads gush over the reduced rate of inflation, every day, hard working Americans are struggling under unprecedented levels of debt and the inability to obtain the credit to address it. Americans are hurting, and their hurt is being ignored.
Jim Nelles is a Navy veteran and supply chain consultant based in Chicago. His articles have appeared in the Washington Examiner, Newsweek, Foxnews.com, and The Daily Wire. He has served as a chief procurement officer, chief supply chain officer, and chief operations officer for multiple companies.
The views expressed in this piece are those of the author and do not necessarily represent those of The Daily Wire.

foreclosure sign, real estate

Repos And Foreclosures On The Rise, But Bidenomics Is Working

Automobiles

credit card

Housing

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The Daily Wire

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Ben Shapiro

Daily Wire

Jeremy Boreing

Jeremy's Chocolate

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Michael Knowles

Wokeness

Leftist allies of Chicago&#8217;s new Mayor Brandon Johnson have proposed a budget plan that would tax the rich and businesses, and would effectively defund police in a city already nearly crippled by crime.
The <a href="https://acrecampaigns.org/research_post/first-we-get-the-money/" target="_blank" rel="noopener">budget plan</a> was proposed by ACRE, the Action Center on Race and the Economy, in conjunction with the People&#8217;s Unity Platform and is titled &#8220;$12 Billion for a Just Chicago.&#8221; The first page begins with step one of the plan: &#8220;First we get the money.&#8221;
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The plan also calls for eliminating all current vacant positions at the Chicago Police Department AND cutting the CPD budget by 9%.
&mdash; Tom Bevan (@TomBevanRCP) <a href="https://twitter.com/TomBevanRCP/status/1658850985874190346?ref_src=twsrc%5Etfw">May 17, 2023</a></blockquote>
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One of the plan&#8217;s authors, Saqib Bhatti, was a member of Johnson&#8217;s transition team.
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Big congratulations to ACRE&#39;s <a href="https://twitter.com/snbhatti?ref_src=twsrc%5Etfw">@snbhatti</a> &amp; <a href="https://twitter.com/FREEwrites_?ref_src=twsrc%5Etfw">@FREEwrites_</a> for being named to two transition subcommittees for mayor-elect Brandon Johnson &amp; working toward a stronger, more equitable, safer Chicago. <a href="https://t.co/oZPZr0tUFI">https://t.co/oZPZr0tUFI</a>
&mdash; ACRE (@ACREcampaigns) <a href="https://twitter.com/ACREcampaigns/status/1653044102940819459?ref_src=twsrc%5Etfw">May 1, 2023</a></blockquote>
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ACRE touted the budget plan in a tweet claiming it would &#8220;reimagine everything in the city from policing to climate justice, housing &amp; more.&#8221;
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🚨🚨🚨 New report alert! 🚨🚨🚨
Learn how a moral budget for Chicago would reimagine everything in the city from policing to climate justice, housing &amp; more: <a href="https://t.co/o9Q4pWm11R">https://t.co/o9Q4pWm11R</a> <a href="https://t.co/fW7zCn0BS5">pic.twitter.com/fW7zCn0BS5</a>
&mdash; ACRE (@ACREcampaigns) <a href="https://twitter.com/ACREcampaigns/status/1658865069222944774?ref_src=twsrc%5Etfw">May 17, 2023</a></blockquote>
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The <a href="https://acrecampaigns.org/wp-content/uploads/2023/05/First-We-Get-the-Money.pdf" target="_blank" rel="noopener">budget plan</a> calls for $12 billion in new taxes — which would reportedly come in part from reducing the Chicago Police Department <a href="https://news.wttw.com/2023/01/02/sparing-residents-tax-hikes-months-election-chicago-s-2023-budget-takes-effect#:~:text=The%20Chicago%20Police%20Department%27s%20budget,a%20total%20of%20%241.94%20billion." target="_blank" rel="noopener">budget</a> ($1.94 billion in 2023) by 9%, or approximately $175 million. The city would also eliminate all current police department vacancies – which, <a href="https://chicago.suntimes.com/city-hall/2022/8/31/23331411/cpd-chicago-police-vacancies-detectives" target="_blank" rel="noopener">in August of 2022</a>, amounted to over 900 patrol officer vacancies and over 100 detective vacancies.
Corporations — or any business with at least 50 employees — would face a &#8220;head tax&#8221; of $33 per employee, which the report estimated would bring in $106 million in new revenue. Anyone making more than $100,000 would face an additional 3.5% income tax – totaling approximately $1.2 billion. The city&#8217;s top 10% of earners would also get hit with a .4% wealth tax – amounting to $960 million annually.
A real estate transfer tax on transactions of over $1 million — which the report states would generate $1.63 million in revenue — would be used to fund housing projects that the report claims would &#8220;eliminate homelessness.&#8221;
The plan also demanded that Chicago refuse to use any federal money to fund law enforcement or Wall Street interests, arguing that investing that money in public housing would contribute more to community safety.
The conclusion, according to ACRE, was that the city&#8217;s budget had to be approached from a morality standpoint – and that previous budgets had not done so to their satisfaction.
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&#8220;A city budget is a moral document. A moral budget should reflect residents’ priorities and needs. The challenges Black and Brown communities in Chicago are facing today are a direct reflection of the immoral budgets that mayors and alderpeople have imposed on residents for decades,&#8221; the report stated, claiming that Chicago&#8217;s policing system had always been &#8220;racist&#8221; and had not contributed to safer communities.

Brandon Johnson Is Sworn In As The 57th Mayor Of Chicago

‘First We Get The Money’: Chicago’s New Mayor Linked To Wild Budget Proposal That Attacks Businesses And Cops

Chicago's New Mayor Linked To Wild Budget Proposal That Attacks Businesses And Cops

Brandon Johnson

Chicago

Defund The Police

Illinois

Lori Lightfoot

Taxes

The Anarchist, a coffee shop in Toronto, <a href="http://dailywire.com/topic/canada" target="_blank" rel="noopener">Canada</a>, that functioned on a “pay what you can” system, will <a href="https://www.dailywire.com/topic/anarchism" target="_blank" rel="noopener">close</a> at the end of the month after slightly more than one year in <a href="http://dailywire.com/topic/business" target="_blank" rel="noopener">business</a>.
Gabriel Sims-Fewer, the owner of The Anarchist, said in an expletive-filled <a href="https://theanarchist.ca/" target="_blank" rel="noopener">announcement</a> on the company’s website that he appreciated the opportunity to experiment with “living and working in ways that don&#8217;t enthusiastically embrace the pure misanthropy of capitalism.” He blamed the failure of his anti-capitalist business venture for the lack of “seed capital” from “ethically bankrupt sources,” which left him “unable to weather the quiet winter season, or to grow in the ways needed to be sustainable longer-term.”
“The Anarchist has been a huge success in every way I hoped, and has given me so much inspiration and education that I plan to put to use in future projects,” he told his customers. “F*** the rich. F*** the police. F*** the state. F*** the colonial death camp we call ‘Canada.’ Solidarity.”
Sims-Fewer previously wrote on a frequently asked questions <a href="https://theanarchist.ca/faqs" target="_blank" rel="noopener">page</a> that his “pay what you can” pricing scheme for drip coffee was meant to make coffee more affordable, admitting that the model gradually lost him money despite the hope that the losses would be counterbalanced by more expensive items. “I hate how everything in specialty coffee is so inaccessible to working class people, and inhospitable to everyone but the white upper middle class,” he had written on the website. “That&#8217;s also why I continue to scrutinise my prices and look for opportunities to lower them. Maybe when the shop has a couple more workers, allowing us to make significantly more drinks per day, we&#8217;ll be able to do an across-the-board price cut.”
The entrepreneur had also apologized for the fact that he is a “white, cisgender” man by noting that he is also “queer” and vowing to hiring people outside of his “particular intersection of privileges.”
“The best thing I think I can do is hire people who aren&#8217;t white, cisgender, heterosexual men, make them equal owners, and follow their lead in making the place less white-male-centered than the industry standard,” he had remarked. “That&#8217;s what I&#8217;m working towards.”
Beyond the apparent lack of access to capital faced by The Anarchist, businesses in Canada have been severely impacted by government lockdowns and vaccine mandates over the past three years. Sims-Fewer <a href="https://www.instagram.com/p/CamzEyiONqY/" target="_blank" rel="noopener">announced</a> on the coffee shop’s social media last March that proof of vaccination would be required for dining in the restaurant. Other posts included a <a href="https://www.instagram.com/p/Cm4GqPAgjrm/" target="_blank" rel="noopener">depiction</a> of police officers hung by the neck under the slogan “ACAB,” as well as a <a href="https://www.instagram.com/p/Cicwyp8gTF5/" target="_blank" rel="noopener">statement</a> which read “the queen was sh** and should have died sooner,” an ostensible reference to the death of Queen Elizabeth II, who served as the monarch of Canada and other commonwealth realms.
The Anarchist is not the first small business founded on explicitly leftist principles to recently fail in spectacular fashion: Mina’s World, a coffee shop in Philadelphia known for its LGBTQ brand identity, shuttered last year after employees <a href="https://www.dailywire.com/news/woke-coffee-shop-closes-down-after-insane-demands-from-even-more-woke-employees" target="_blank" rel="noopener">revolted</a> against the owners and demanded that they “redistribute” the company and its resources. A social media page called the “Mina’s World Workers” started posting accusations against the ownership, claiming they had subjected workers to “manipulation, abuse of power, exploitation, anti-blackness, ableism,” and other charges summarized in a “List of Grievances.”

Raised Fists

Get Woke, Go Broke: Anti-Capitalist Cafe That Let Customers ‘Pay What You Can’ Closes Down After One Year In Business

Anti-Capitalist Cafe That Let Customers 'Pay What You Can' Closes Down After One Year In Business

Anarchism

Business

Canada

Toronto

Wedding gown and formalwear <a href="https://www.dailywire.com/topic/business" target="_blank" rel="noopener">retailer</a> David’s Bridal has filed for Chapter 11 bankruptcy protection just after laying off more than 9,000 employees.
The Pennsylvania-based company said in a <a href="https://www.prnewswire.com/news-releases/davids-bridal-to-continue-marketing-and-sale-process-under-chapter-11-protection-as-stores-remain-open-and-orders-are-fulfilled-301798541.html" target="_blank" rel="noopener">press release</a> Monday that the company, including retail store locations, would remain open and operations would continue as normal while it seeks a buyer for the business.
CEO James Marcum attributed the decision to uncertain <a href="https://www.dailywire.com/topic/economy" target="_blank" rel="noopener">economic conditions</a> driven by changing retail behavior resulting in poor sales performance. 
“Over the last several years, we have taken meaningful strides in our transformation to fulfill the needs of the brides of today and tomorrow,” Marcum said. “We have successfully modernized our marketing and customer interaction processes and driven our retail service levels to best in class. Nonetheless, our business continues to be challenged by the post-COVID environment and uncertain economic conditions, leading us to take this step to identify a buyer who can continue to operate our business going forward.”
He continued, “We are determined to stay focused on our future, because we believe we have an important role in ensuring that every bride, no matter her budget, can have her perfect dress.&#8221;
Marum went on to say the company is grateful for “seven decades of brides and customers who have trusted us with the most special events of their lives, as well as to the dedicated associates and valued partners who make our customers&#8217; dreams come true.”
David&#8217;s Bridal started in Fort Lauderdale in 1950 as a small bridal boutique. It currently operates 298 stores in 49 states, Canada, and the United Kingdom. The chain eventually became known for selling off-the-rack wedding gowns, which were reasonably priced, with some being advertised for as low as $199. The company claimed that about 25% of brides in the U.S. wear David’s Bridal gowns at their weddings.
The business changed ownership several times over the years and previously filed for Chapter 11 bankruptcy in 2018. This latest layoff comes just after it was announced that 9,236 employees out of 11,000 total would be laid off this year.  
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According to a Yahoo Finance <a href="https://finance.yahoo.com/news/davids-bridal-files-bankruptcy-seeking-162113362.html" target="_blank" rel="noopener">report</a>, fewer weddings could also be to blame for the business slowdown. The outlet reported there were only 1.7 million <a href="https://www.dailywire.com/topic/marriage" target="_blank" rel="noopener">marriage ceremonies</a> in the U.S. in 2020, the lowest level in 121 years, after several years of more than 2 million marriages annually. 
That number has increased since 2020 but has not reached the pre-pandemic average of 2.2 million marriages yearly.

David’s Bridal

David’s Bridal, Largest Wedding Gown Retailer In U.S., Files For Bankruptcy After Laying Off 9,000 Employees

David's Bridal, Largest Wedding Gown Retailer In U.S., Files For Bankruptcy After Laying Off 9,000 Employees

Marriage

Americans are more pessimistic about their finances than at any time since the Great Recession as <a href="http://dailywire.com/topic/economy" target="_blank" rel="noopener">economic</a> challenges such as <a href="http://dailywire.com/topic/inflation" target="_blank" rel="noopener">inflation</a> persisted throughout the past year.
Some 50% of respondents to a Gallup <a href="https://news.gallup.com/poll/469898/half-say-worse-off-highest-2009.aspx" target="_blank" rel="noopener">survey</a> said they are “financially worse off” compared to one year ago, while 35% believe they are “financially better off,” marking the most dismal results for the poll since the economy crashed in 2008 and 2009. Lower-income Americans were the most likely to report that they have been worse off since last year. Approximately 61% reflected pessimism about their current finances in 2023, an increase from 41% in 2022.
There is a clear partisan divide with respect to perceptions of financial well-being: 61% of Republicans and 37% of Democrats say they are worse off. However, Americans tend to offer a more optimistic view of their finances under administrations that match their party preferences.
The results come after a volatile year throughout which the economy was throttled by inflationary pressures, labor shortages, and supply chain bottlenecks, contributing to negative economic growth in the first two quarters of last year. Year-over-year headline inflation was charted at 6.5% in December 2022, according to <a href="https://www.dailywire.com/news/the-tide-has-turned-inflation-sees-largest-drop-since-2020-lockdowns" target="_blank" rel="noopener">data</a> from the Bureau of Labor Statistics, marking a decrease from the 9.1% inflation recorded in June 2022.
President Joe Biden noted during his State of the Union <a href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2023/02/07/remarks-of-president-joe-biden-state-of-the-union-address-as-prepared-for-delivery/" target="_blank" rel="noopener">address</a> on Tuesday that inflation, charted at 1.4% in the month before he assumed office, is presently on the decline. “Inflation has been a global problem because of the pandemic that disrupted supply chains and Putin’s war that disrupted energy and food supplies. But we’re better positioned than any country on Earth,” he commented. “Food inflation is coming down. Inflation has fallen every month for the last six months while take home pay has gone up.”
Even as nominal wages rose amid companies hiking pay to attract more employees, the country nevertheless witnessed a decrease in real wages of 1.7% between December 2021 and December 2022, according to <a href="https://www.bls.gov/news.release/realer.htm#:~:text=Real%20average%20hourly%20earnings%20decreased,weekly%20earnings%20over%20this%20period." target="_blank" rel="noopener">data</a> from the Bureau of Labor Statistics. The latter metric considers the effect of inflation on household purchasing power.
The pessimism regarding current finances also follows one of the <a href="https://www.dailywire.com/news/stocks-had-their-worst-year-since-2008-after-biden-boasted-about-their-performance" target="_blank" rel="noopener">worst</a> years for the stock market in modern history. The S&amp;P 500 Index dropped 20% last year, rivaling the 37% decline witnessed in 2008 amid the collapse of the banking system, as well as the 12% and 22% declines witnessed in 2001 and 2002 amid the dot-com bubble. Retirement account values, therefore, <a href="https://www.dailywire.com/news/stocks-had-their-worst-year-since-2008-after-biden-boasted-about-their-performance" target="_blank" rel="noopener">plummeted</a> 25% for the first three quarters of the year.
Respondents to the Gallup survey maintained a fair degree of optimism regarding their future financial prospects. Some 60% believe their finances will be “better off” one year from now, while 28% believe their finances will be “worse off.” Gallup said Americans “remain optimistic about the year ahead for their financial situations, which they typically are, almost regardless of recent economic conditions.” Continual optimism that translates into strong consumer behavior could “help to minimize or avert an economic recession.”
The economic challenges have prompted most economists to forecast a recession for this year, although many still predict the United States can avoid a contraction. Bank of America Chief Investment Strategist Michael Hartnett said in a <a href="https://business.bofa.com/en-us/content/year-ahead-2023/investment-market-outlook-forecasts.html" target="_blank" rel="noopener">report</a> that a recession would occur in the first half of the year before markets attain a “much more solid footing,” while an <a href="https://www.dailywire.com/news/economists-predict-whether-2023-will-see-a-recession" target="_blank" rel="noopener">outlook</a> from Goldman Sachs Chief Economist Jan Hatzius noted analysts at the company believe “there are strong reasons to expect positive growth in coming quarters.”

Consumer Prices See Largest Increases In 30 Years

More Americans Say They Are Worse Off Financially Than Any Other Time Since The Great Recession

More Than Half Of Americans Say They Are Worse Off Financially

Poll

Recession

<a href="http://dailywire.com/topic/cryptocurrency" target="_blank" rel="noopener">Cryptocurrency</a> lender BlockFi filed for bankruptcy on Monday as a liquidity crisis continues to upend the nascent digital asset sector.
Despite measures taken to protect the company from fallout related to defunct cryptocurrency exchange FTX, which was expected to acquire BlockFi, executives announced efforts to “consummate a comprehensive restructuring transaction that maximizes value” for stakeholders.
“From inception, BlockFi has worked to positively shape the cryptocurrency industry and advance the sector,” Berkeley Research Group Managing Director Mark Renzi, a financial adviser to the company, said in a <a href="https://www.businesswire.com/news/home/20221128005451/en/BlockFi-Commences-Restructuring-Proceeding-to-Stabilize-Business-and-Maximize-Value-for-all-Clients-and-Stakeholders" target="_blank" rel="noopener">press release</a>. “BlockFi looks forward to a transparent process that achieves the best outcome for all clients and other stakeholders.”
BlockFi, which presently has $256.9 million on hand, has frozen the use of its platform. The company listed an outstanding $275 million loan to FTX.US in a bankruptcy filing, according to a <a href="https://www.cnbc.com/2022/11/28/blockfi-files-for-bankruptcy-as-ftx-fallout-spreads.html" target="_blank" rel="noopener">report</a> from CNBC. The company “expects that recoveries from FTX will be delayed” as fallout in the cryptocurrency sector continues.
The House Financial Services Committee is <a href="https://www.dailywire.com/news/bipartisan-committee-to-hear-from-sam-bankman-fried-and-crypto-allies-next-month" target="_blank" rel="noopener">preparing to hold</a> hearings regarding the collapse of FTX, which is based in the Bahamas, as the Justice Department and the Securities and Exchange Commission continue their own investigations. Regulators are renewing calls for enhanced federal oversight of the industry.
FTX, which had been controlled by 30-year-old multibillionaire Sam Bankman-Fried, filed for <a href="https://www.dailywire.com/news/30-year-old-billionaire-loses-entire-fortune-overnight-as-his-bahamas-based-cryptocurrency-empire-implodes" target="_blank" rel="noopener">bankruptcy</a> after users discovered that trading firm Alameda Research, a company run by former Bankman-Fried love interest Caroline Ellison, had allegedly been using funds from FTX to make investments. Bankman-Fried, whose fortune disappeared overnight when his company folded, initially sought $8 billion from investors to <a href="https://www.dailywire.com/news/former-crypto-billionaire-sam-bankman-fried-whose-entire-fortune-just-went-to-zero-is-calling-around-for-new-investors" target="_blank" rel="noopener">cover withdrawal requests</a> made by customers after the bankruptcy filing. A number of <a href="https://www.dailywire.com/news/here-are-the-investors-who-lost-millions-in-the-ftx-implosion" target="_blank" rel="noopener">institutional investors</a> marked down their shares in the company over the past several days.
John Ray III, the lawyer who represented plaintiffs after the collapse of Enron, said that the cryptocurrency empire run by Bankman-Fried was the worst example of mismanagement he has ever witnessed. “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” Ray, who succeeded Bankman-Fried as chief executive to manage the bankruptcy, said in <a href="https://www.dailywire.com/news/lawyer-overseeing-ftx-fallout-never-in-my-career-have-i-seen-such-a-complete-failure" target="_blank" rel="noopener">court documents</a>. “From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”
Bankman-Fried garnered controversy as a result of his <a href="https://www.dailywire.com/news/here-are-the-democrats-and-republicans-who-received-campaign-cash-linked-to-bankrupt-crypto-empire-ftx" target="_blank" rel="noopener">extensive contributions</a> to the Democratic Party, to which he was among the largest contributors in the most recent midterm elections, as well as his parents’ <a href="https://www.dailywire.com/news/mother-of-disgraced-crypto-billionaire-sam-bankman-fried-is-a-democratic-fundraiser-who-once-wrote-essay-blasting-personal-responsibility" target="_blank" rel="noopener">connections</a> within left-wing political circles. The possible fraudster has also <a href="https://www.dailywire.com/news/left-of-center-media-accepted-millions-from-democrat-donor-and-disgraced-crypto-wunderkind-sam-bankman-fried" target="_blank" rel="noopener">donated millions</a> to media outlets such as Vox, ProPublica, and The Intercept.
Earlier this year, cryptocurrency companies Voyager and Celsius declared bankruptcy. Lawmakers recently increased their <a href="https://www.dailywire.com/news/democrats-renew-push-for-cryptocurrency-regulations-target-company-that-serves-as-both-exchange-and-bank" target="_blank" rel="noopener">skepticism</a> of SoFi, a company which operates both a bank holding company and a cryptocurrency exchange, while other cryptocurrency firms such as Genesis have <a href="https://www.dailywire.com/news/second-major-cryptocurrency-exchange-could-be-poised-to-go-bankrupt" target="_blank" rel="noopener">indicated</a> the looming possibility of bankruptcy. Genesis is owned by Digital Currency Group, which also holds investments in popular exchange platform Coinbase and several dozen other cryptocurrency ventures, according to a <a href="https://www.axios.com/2022/11/21/silence-digital-currency-group-dcg-genesis-crypto" target="_blank" rel="noopener">report</a> from Axios. Genesis ceased withdrawals and new loan activity last week.

Crypto Lender BlockFi Plans Bankruptcy Filing Within Days In FTX Fallout

Crypto Company BlockFi Files For Bankruptcy After FTX Collapse

Another Major Crypto Company Files For Bankruptcy

Cryptocurrency

Securities and Exchange Commission

Speaking at the B20 event in Bali, part of the G20 summit, which is comprised of 19 countries and the European Union, Klaus Schwab, founder and executive chairman of the World Economic Forum (WEF), spoke of his hopes for a “deep systemic and structural restructuring of our world.”
Back in the midst of the COVID epidemic, Schwab seized the opportunity to advance his agenda, <a href="https://www.globalgovernanceproject.org/the-great-reset/klaus-schwab/">writing</a>, “There is now a brief opportunity for global leaders to cooperate to achieve a ‘Great Reset’ – a step forwards to a more resilient, cohesive, equitable and prosperous world.”
“If we look at all the challenges, we can speak about the multi crises, economic, political, social, ecological, and institutional crises,” Schwab said at the G20 summit. “But actually, what we have to confront is a deep systemic and structural restructuring of our world. And this will take some time and the world will look differently after we have gone through this transition process.”
“Politically, the driving forces for this transformation, of course, is the political transition into a multi (unintelligible) world, which has a tendency to make our world much more fragmented. For this reason, events like this one, the G20 and so on, are the very important connectors to unwind a too great segmentation &#8230;” he continued.
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Klaus Schwab is now part of the G20 and here he is giving his instructions directly to our &quot;elected&quot; leaders…
🔊sound &#8230;🧐<a href="https://twitter.com/hashtag/WEF?src=hash&amp;ref_src=twsrc%5Etfw">#WEF</a> <a href="https://twitter.com/hashtag/KlausSchwab?src=hash&amp;ref_src=twsrc%5Etfw">#KlausSchwab</a> <a href="https://t.co/SSpLUkUONI">pic.twitter.com/SSpLUkUONI</a>
&mdash; Wall Street Silver (@WallStreetSilv) <a href="https://twitter.com/WallStreetSilv/status/1592519737677959172?ref_src=twsrc%5Etfw">November 15, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
“We have continuous partnerships with many governments around the world,” Schwab has said in the past. “Then of course, we have NGOs, we have trade unions, we have all those different parts – media, of course – and very important experts and scientists and academia … religious leaders, social entrepreneurs …”
“We can, says Schwab, cure ‘inequality and the unfairness that underpins it,” Daily Wire Editor Emeritus Ben Shapiro wrote in a piece titled, “<a href="https://dailywire.com/news/ben-shapiro-the-real-story-of-the-great-reset/">The Real Story Of The Great Reset</a>.”
“He doesn’t mean that we ought to press forward free markets and property rights more broadly – the greatest alleviators of poverty in human history,” Shapiro continued. “Instead, he means we ought reorganize the global economy in centralized fashion. Every country ought to pursue ‘a broader, if not universal provision of social assistance,’ plus ‘a move toward enhanced protection for workers in the form of mandatory benefits.’ This inevitably means that governments will ‘decide that it’s in the best interest of society to rewrite some of the rules of the game and permanently increase their roles.’”

Greentech Festival 2020 – Day 1

WEF Chairman Urges World Leaders For ‘Deep Systemic And Structural Restructuring Of Our World’

WEF Chairman Urges World Leaders For 'Deep Systemic And Structural Restructuring Of Our World'

Klaus Schwab

World

World Economic Forum

Menu