<a href="https://www.dailywire.com/topic/health-care" target="_blank" rel="noopener">Rite Aid</a> reportedly plans to close hundreds of stores as it mulls how to get ahead of billions of dollars in debt and a slew of opioid-related lawsuits.
The pharmacy retail giant is looking at shuttering about 400 to 500 of its more than 2,100 stores in a bankruptcy process, The Wall Street Journal <a class="color-link" title="https://www.wsj.com/articles/rite-aid-planning-to-shut-down-hundreds-of-stores-in-bankruptcy-de7967db" href="https://www.wsj.com/articles/rite-aid-planning-to-shut-down-hundreds-of-stores-in-bankruptcy-de7967db" target="_blank" rel="nofollow noopener noreferrer" data-ga-track="ExternalLink:https://www.wsj.com/articles/rite-aid-planning-to-shut-down-hundreds-of-stores-in-bankruptcy-de7967db" aria-label="Wall Street Journal">reported</a>. Bondholders <a href="https://www.forbes.com/sites/pamdanziger/2023/09/27/drugstore-downsizing-cvs-walgreens-and-rite-aid-to-close-nearly-1500-stores/?sh=4ee32de6e560" target="_blank" rel="noopener">reportedly</a> want to close even more stores.
Rite Aid has <a href="https://www.forbes.com/sites/antoniopequenoiv/2023/09/22/rite-aid-proposes-closing-about-a-quarter-of-its-stores-in-bankruptcy-report-says/?sh=4ea53cfe5796" target="_blank" rel="noopener">proposed</a> either selling the stores or handing them over to creditors, the Journal reported, citing people familiar with the company&#8217;s bankruptcy negotiations.
The company is dealing with more than $3.3 billion in debt and more than a thousand federal lawsuits accusing Rite Aid of knowingly filling illegal opioid prescriptions.
One of those lawsuits <a href="https://www.justice.gov/opa/pr/united-states-files-complaint-alleging-rite-aid-dispensed-controlled-substances-violation" target="_blank" rel="noopener">is from</a> the Justice Department, which alleges Rite Aid filled hundreds of thousands of illegal prescriptions, including those with &#8220;obvious red flags,&#8221; and intentionally deleted internal notes about suspicious prescribers.
“These practices opened the floodgates for millions of opioid pills and other controlled substances to flow illegally out of Rite Aid’s stores,” Associate Attorney General Vanita Gupta <a href="https://www.justice.gov/opa/pr/united-states-files-complaint-alleging-rite-aid-dispensed-controlled-substances-violation" target="_blank" rel="noopener">said</a> in March when the suit was filed.
Rite Aid has denied the allegations.
“Given the conversations remain ongoing, no decisions have been made at this time and we are focused on reaching an agreement with our financial stakeholders that will make Rite Aid stronger,” a Rite Aid spokesperson said, Forbes <a href="https://www.forbes.com/sites/antoniopequenoiv/2023/09/22/rite-aid-proposes-closing-about-a-quarter-of-its-stores-in-bankruptcy-report-says/?sh=4ea53cfe5796" target="_blank" rel="noopener">reported</a>.
Rite Aid has been plagued by stores failing to generate profits in recent years and has struggled to compete with bigger chains like CVS, Walgreens, and Walmart&#8217;s pharmacies.
Last year, Rite Aid <a href="https://www.forbes.com/sites/brucejapsen/2022/04/14/rite-aid-expects-more-closures-of-unprofitable-stores/?sh=389cded16585" target="_blank" rel="noopener">said</a> it would close 145 “unprofitable stores” as part of a plan to “significantly reduce costs.”
CVS and Walgreens, which operate around 9,000 stores each, do not have the same slate of problems as Rite Aid, but both pharmacy chains are also working on closing locations.
CVS <a href="https://www.cnn.com/2021/11/18/investing/cvs-store-closures/index.html" target="_blank" rel="noopener">said</a> in 2021 that it would close 900 stores by 2024. The closures <a href="https://www.cnbc.com/2021/11/18/cvs-store-closures-to-shut-about-300-stores-a-year-over-next-three-years.html" target="_blank" rel="noopener">were set</a> to start in the spring of last year at a rate of about 300 per year.
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Walgreens <a href="https://www.cnn.com/2023/06/30/investing/walgreens-150-store-closings/index.html" target="_blank" rel="noopener">said</a> in June that it plans to close 150 locations across the country and even more abroad to cut costs.
Rising retail theft is another factor for pharmacies. Theft cost the retail sector $112.1 billion last year, 19% higher than in 2021, <a href="https://nrf.com/media-center/press-releases/retail-crime-accounted-over-112-billion-industry-losses-2022-according" target="_blank" rel="noopener">according</a> to a National Retail Federation report.
Shoplifting has become rampant in some cities <a href="https://www.usatoday.com/story/money/retail/2023/09/27/retail-theft-lost-inventory-statistics-2022/70975031007/#" target="_blank" rel="noopener">like</a> Los Angeles, San Francisco, and New York, and pharmacies have been a common target since the riots of 2020.
Some drug stores <a href="https://www.forbes.com/sites/pamdanziger/2023/09/27/drugstore-downsizing-cvs-walgreens-and-rite-aid-to-close-nearly-1500-stores/?sh=4ee32de6e560" target="_blank" rel="noopener">resorted</a> to putting products in transparent locked cases. However, this tactic often results in a sales drop of 15% to 25%, <a href="https://www.forbes.com/sites/laurendebter/2022/04/02/stores-locking-things-up-rising-theft/?sh=67d4042511ca" target="_blank" rel="noopener">according</a> to the head of a company that sold security devices to Walgreens.
The security devices are an inconvenience since they require customers to flag down an employee and rely on them to unlock the product. They also indicate to customers that the store might not be safe.
Other factors are disrupting the chain pharmacy business model as well, <a href="https://www.forbes.com/sites/pamdanziger/2023/09/27/drugstore-downsizing-cvs-walgreens-and-rite-aid-to-close-nearly-1500-stores/?sh=4ee32de6e560" target="_blank" rel="noopener">including</a> a rise in independent pharmacies, pharmacies in grocery stores, and online prescription filling.

In this photo illustration the stock trading graph of Rite

Rite Aid To Shutter Hundreds Of Stores In Bankruptcy: Report

Big Pharma

Business

Drugs

Economy

Health

Health Care

Opioid Crisis

The <a href="https://www.dailywire.com/topic/republican-party" target="_blank" rel="noopener">Republican Party</a> has the largest edge ever over <a href="https://www.dailywire.com/topic/democratic-party" target="_blank" rel="noopener">Democrats</a> with voters on the economy, according to a new poll.
An NBC News <a href="https://www.documentcloud.org/documents/23990905-230239-nbc-september-2023-poll_for-release-92623" target="_blank" rel="noopener">survey</a> released Tuesday shows the GOP with a 21-point lead over the Democratic Party when it comes to who Americans trust more to handle the financial system. The difference is the largest in the poll’s history, which dates back more than three decades to 1991.
The poll, which consisted of responses from 1,000 registered voters taken from September 15-19, found that 49% of Americans favor Republican economic policy as opposed to 28% who favor Democrats’. The margin of error is 3.1%.
It also showed Republicans with leads beyond the margin of error on the issues of border security (50% for Republicans-20% for Democrats), crime (46%-20%), immigration (45%-27%), and protecting constitutional rights (43%-35%). Democrats held sizable leads on the issues of education (30%-40%), coronavirus (26%-37%), abortion (28%-46%), and healthcare (22%-45%).
Two pollsters conducted the poll: Republican pollster Bill McInturff of Public Opinion Strategies and Democratic pollster Jeff Horwitt of Hart Research.
“On this survey after 20 or 30 years, Republicans dealing with the economy [versus Democrats], immigration and crime are all at their all-time highs,” McInturff said, according to <a href="https://www.nbcnews.com/meet-the-press/first-read/poll-republicans-advantages-immigration-crime-economy-rcna117054" target="_blank" rel="noopener">NBC News</a>.
“The other thing that is maybe not expected is these phrases: ‘protecting our constitutional rights’ and ‘protecting democracy.’ These are things where overall the electorate thinks Republicans are more focused and would do a better job than Democrats,” he added.
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The economic numbers suggest that Americans are not buying the Biden administration&#8217;s optimistic message on the economy. The White House has made a concerted effort to sell Americans on the president’s economic agenda, even adopting the shorthand tag “Bidenomics” to refer to the president’s economic policies.
The effort so far appears to have flopped. A Washington Post-ABC News poll published on Sunday shows Americans are overall pessimistic about the state of the U.S. economy. Nearly three-quarters of Americans <a href="https://www.washingtonpost.com/politics/2023/09/24/biden-trump-poll-2024-election/" target="_blank" rel="noopener">believe</a> the economy is either “not so good” or “poor” compared to just a quarter who rate the economy as “excellent” or “good.”
Inflation <a href="https://www.usinflationcalculator.com/inflation/current-inflation-rates/" target="_blank" rel="noopener">remains</a> above the Federal Reserve’s 2% target, and Fed chairman Jerome Powell stated last month that the Federal Reserve board may not be done hiking interest rates.
“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.dailywire.com/news/inflation-still-too-high-to-consider-cutting-interest-rates-fed-chair-says" target="_blank" rel="noopener">said</a>. “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.”

Joe Biden

Americans Favor GOP To Democrats On Economy By Widest Margin Ever In Poll

Democratic Party

Executive

Politics

Poll

Republican Party

The writers <a href="https://www.dailywire.com/topic/strike">strike</a> which has dragged on for 148 days has come to an end as the <a href="https://www.dailywire.com/topic/writers-guild-of-america">WGA</a> (Writers Guild of America) agreed to a deal.
Governing boards for the union voted to accept a new contract on Tuesday, effectively ending the strike and allowing writers to get back to work beginning at 12:01 a.m. Wednesday.
“The WGAW Board and WGAE Council also voted to lift the restraining order and end the strike as of 12:01 am PT/3:01 am ET on Wednesday, September 27th. This allows writers to return to work during the ratification process, but does not affect the membership’s right to make a final determination on contract approval,” the WGA wrote in a statement.
The three-year agreement addresses the main areas of concern for the union, including increased compensation, guaranteed length of employment, mandated writer&#8217;s room staff minimums, and protections against the use of AI (artificial intelligence). 
The contract won’t be officially accepted until it&#8217;s ratified by union members following a voting period from October 2 until October 9. If certain portions aren’t passed, the strike could resume.
Specifically, the contract guarantees 5% raises in the first year, 4% raises in the second year, and 3.5% in the third. Health fund contributions will increase to 12% of the companies’ reportable earnings, per <a href="https://www.cnn.com/2023/09/26/business/wga-back-to-work/index.html">CNN</a>, and writers working on the same script will no longer need to split pension and health contributions.
The outlet noted that for big streaming projects, including feature-length productions with a budget of at least $30 million, writer compensation will increase 18% to $100,000 minimum. Writers will also receive an increased percentage of residual pay for streaming projects they&#8217;ve worked on, and companies agreed to be more transparent about reporting viewership numbers.
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As for the AI concerns, the document states that “AI can’t write or rewrite literary material.” 
Despite the agreement, Hollywood can’t get back up and running like normal until the SAG-AFTRA strike is also resolved. That union went on strike beginning July 14.
A SAG-AFTRA spokesperson said the union is “reviewing the WGA’s tentative agreement and are committed to achieving a fair and just deal for our members.”
“We remain on strike in our TV/Theatrical/Streaming contract and will inform our members when there is negotiations news to share. We will not speculate regarding schedule or next steps,” the spokesperson told CNN.

WGA strike

Writers Strike Ends With Deal Involving Pay Raise, Streaming Bonuses, And Protection Against AI

Hollywood

strike

U.S.

Unions

Writer's Guild of America

The only member of the &#8220;Big Three&#8221; agencies that has not downgraded the U.S. credit rating from &#8220;<a href="https://www.moodys.com/credit-ratings/United-States-of-America-Government-of-credit-rating-790575?lang=en&amp;cy=emea">AAA</a>&#8221; status warned that another <a href="https://www.dailywire.com/topic/government-shutdown">government shutdown</a> would make the <a href="https://www.dailywire.com/topic/united-states">United States</a> look weak compared to other top-rated nations.
Moody’s Investors Service sounded the &#8220;credit negative&#8221; alarm in a <a href="https://www.moodys.com/research/Political-Risks-US-FAQ-Potential-credit-implications-of-a-government-Sector-In-Depth--PBC_1382084#What-impact-could-it-have-on-the-US-sovereign-credit-profile">note</a> on Monday as Congress scrambles to <a href="https://www.dailywire.com/news/mike-lee-argues-congress-should-avoid-government-shutdown">reach a deal to fund</a> various arms of the federal government with the new fiscal year starting at the beginning of next month.
“While government debt service payments would not be impacted and a short-lived shutdown would be unlikely to disrupt the economy, it would underscore the weakness of US institutional and governance strength relative to other AAA-rated sovereigns that we have highlighted in recent years,” Moody&#8217;s said, <a href="https://www.cnn.com/2023/09/25/economy/moodys-us-government-shutdown-credit-rating/index.html">according to CNN</a>.
“In particular, it would demonstrate the significant constraints that intensifying political polarization put on fiscal policymaking at a time of declining fiscal strength, driven by widening fiscal deficits and deteriorating debt affordability,&#8221; the note added.
The two other &#8220;Big Three&#8221; credit agencies started knocking the United States down from its top-rated &#8220;AAA&#8221; perch more than a decade ago across years of rising U.S. government budget numbers and the debt doubling since 2011 <a href="https://www.usdebtclock.org/">to more than $33 trillion.</a> Analysts <a href="https://abcnews.go.com/Business/us-credit-downgrade-means-economy-finances/story?id=101946875">say</a> that such a drop could lead to a rise in borrowing costs, hikes in interest rates, and hurt the economy.
In 2011, S&amp;P bumped the U.S. long-term rating from its &#8220;AAA&#8221; perch to &#8220;AA+&#8221; — where it stands today — citing &#8220;<a href="https://www.washingtonpost.com/wp-srv/politics/documents/spratingreport_080611.pdf?itid=lk_inline_manual_3">political brinkmanship</a>&#8221; and the debt burden just days after then-President Barack Obama <a href="http://www.cnn.com/2011/POLITICS/08/02/debt.talks/index.html">signed legislation</a> to lift the debt ceiling just days before it was estimated the U.S. could have defaulted on its financial obligations.
Fitch Ratings <a href="https://www.fitchratings.com/research/sovereigns/fitch-downgrades-united-states-long-term-ratings-to-aa-from-aaa-outlook-stable-01-08-2023">downgraded</a> the country&#8217;s Long-Term Foreign-Currency Issuer Default Rating from top-rated &#8220;AAA&#8221; to &#8220;AA+&#8221; less than two months ago after the federal government <a href="https://www.dailywire.com/news/biden-signs-bill-to-increase-debt-ceiling-avoid-federal-default">narrowly avoided</a> a default on its debt over the summer and ahead of the spending showdown now taking place in a politically-divided Congress.
Although Moody&#8217;s did not announce a downgrade on Monday, it did predict a more &#8220;pronounced&#8221; impact on economy and GDP forecasts if a shutdown ends up being &#8220;protracted and it impaired national business and consumer confidence or triggered an adverse reaction in financial markets.&#8221;
Moody&#8217;s analyst William Foster <a href="https://www.reuters.com/markets/us/moodys-warns-us-government-shutdown-would-be-credit-negative-2023-09-25/">told Reuters</a> the &#8220;likelihood of that having an increasingly negative impact on the credit profile will be there&#8221; if there is &#8220;not an effective fiscal policy response to try to offset&#8221; pressures on U.S. government debt affordability due to higher interest rates.
&#8220;And that could lead to a negative outlook, potentially a downgrade at some point, if those pressures aren&#8217;t addressed,&#8221; he added.

The United States Capitol building

Top Credit Rating Agency Warns Government Shutdown Would Make U.S. Look Weak

Government Shutdown

Moody's

The <a href="https://www.dailywire.com/topic/hollywood" target="_blank" rel="noopener">Hollywood</a> writers <a href="https://www.dailywire.com/topic/strike" target="_blank" rel="noopener">strike</a> could be finally coming to an end as the <a href="https://www.dailywire.com/topic/writers-guild-of-america" target="_blank" rel="noopener">WGA</a> (Writers Guild of America) came to a tentative agreement with the AMPTP on Sunday.
&#8220;WGA has reached a tentative agreement with the <a href="https://www.dailywire.com/topic/television" target="_blank" rel="noopener">AMPTP</a> (Alliance of Motion Picture and Television Producers),&#8221; the guild said in a statement, per <a href="https://www.nbcnews.com/pop-culture/pop-culture-news/hollywood-screenwriters-studios-reach-tentative-deal-resolve-strike-rcna107963" target="_blank" rel="noopener">NBC News</a>. &#8220;This was made possible by the enduring solidarity of WGA members and extraordinary support of our union siblings who joined us on the picket lines for over 146 days.&#8221;
The union noted that no details of the proposed three-year contract would be released until it is approved by the WGA West Board and the WGA East Council, which could take place on Tuesday.
&#8220;We can say, with great pride, that this deal is exceptional — with meaningful gains and protections for writers in every sector of the membership,&#8221; the statement also said.
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Even if leadership of the WGA and union members agree to the deal, it will take longer to have Hollywood back up and running like it was before. SAG-AFTRA, the labor union representing 160,000 actors and other media professionals, is simultaneously on strike and so far has not reached a mutually agreeable deal.
The WGA strike began on May 2, while SAG-AFTRA joined the picket line on July 14. This is the first dual strike of both organizations since 1960. Industry insiders hope ending the WGA strike will spur negotiations with SAG-AFTRA.
&#8220;Hopes are high that it [the tentative deal with writers] will also mean the studios and streaming services will now focus fully on actors&#8217; demands,&#8221; Susannah Streeter, head of money and markets at Hargreaves Lansdown, told <a href="https://www.reuters.com/business/media-telecom/big-media-rallies-signs-end-hollywood-writers-strike-2023-09-25/" target="_blank" rel="noopener">Reuters</a> of the potential deal.
&#8220;Already it&#8217;s likely that the big studios will face a significant hit in 12-18 months time, with so little in the pipeline and bosses are now desperate for new content to attract eyes to big and small screens,&#8221; she added.
Both unions are on strike over similar issues. Their demands include higher wages, residual payments from streaming services for projects they’ve worked on, and protection against the use of artificial intelligence technology, among other issues.

Writers Strike Could Be Ending As WGA Reaches Tentative Deal With Studios

Entertainment

Television

<a href="https://www.dailywire.com/news/whoopi-goldberg-defends-tim-scott-on-marriage-questions-why-is-my-private-life-of-so-much-interest" target="_blank" rel="noopener">Whoopi Goldberg</a> balked at a joke about singer Taylor Swift doing more to stimulate the American economy than President Joe Biden has, insisting that people were &#8220;in better shape&#8221; now than they were four years ago.
<a href="https://www.dailywire.com/news/oh-my-god-alyssa-farah-griffin-reacts-to-intensely-personal-question-from-whoopi" target="_blank" rel="noopener">Goldberg</a> made the comments during Wednesday&#8217;s broadcast of &#8220;The View,&#8221; stressing the impact of voting on the economy and calling on the younger generations to get out and vote if they wanted to see changes.
WATCH:
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Whoopi falsely claims &quot;the truth&quot; is the economy is better now than when Trump was president. &quot;We&#39;re in better shape than we were four years ago!&quot; And she snaps at a joke about Taylor Swift doing more for the economy than Joe Biden. <a href="https://t.co/DPJtIVi6fj">pic.twitter.com/DPJtIVi6fj</a>
&mdash; Nicholas Fondacaro (@NickFondacaro) <a href="https://twitter.com/NickFondacaro/status/1704514775122640952?ref_src=twsrc%5Etfw">September 20, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
&#8220;Here&#8217;s the truth,&#8221; Goldberg began, talking specifically to co-host Alyssa Farah Griffin. &#8220;We&#8217;re in better shape than we were four years ago. We&#8217;re in better shape than we were, and people of your generation need to pay attention and see how we get this done.&#8221;
&#8220;Because while we are really appreciative of – are you X or G?&#8221; Goldberg asked Griffin.
&#8220;I&#8217;m a millennial,&#8221; Griffin replied with a laugh.
&#8220;Millennials. Well, all you young-uns out there, keep in mind that this is on you now,&#8221; Goldberg continued. &#8220;If you are 18 and over, this is in your lap as well. If you don&#8217;t like what you see, if you think people aren&#8217;t doing their job then get out there and vote. Regardless. If you don&#8217;t like what you&#8217;re seeing, now it&#8217;s in your lap.&#8221;
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Co-host Joy Behar took that moment to interrupt, offering a brief shout-out to Swift and noting that especially in recent years, she had been very active in encouraging young people to get out and vote – and that she had an audience that amounted to one-third of the total population of the United States.
&#8220;She&#8217;s doing more for the economy than Joe Biden&#8217;s economic agenda, but that&#8217;s neither here nor there,&#8221; Griffin interjected, prompting laughter from the audience — but her joke was immediately panned by Goldberg.
&#8220;Um, I&#8217;m sorry, untrue. But that&#8217;s okay,&#8221; Goldberg said.

Taylor Swift

Whoopi Balks At Joke About Taylor Swift ‘Doing More For The Economy’ Than Biden

Whoopi Balks At Joke About Taylor Swift 'Doing More For The Economy' Than Biden

Media

The View

Whoopi Goldberg

President Joe Biden and the rest of the Biden regime continue to claim “Bidenomics,” has saved the U.S. economy.  
It is painfully obvious that none of these people live in the reality of the American working man and working woman. For them, the economy is teetering on the brink and Bidenomics has been a disaster.
At a Labor Day celebration in <a href="https://www.foxbusiness.com/politics/biden-touts-america-strongest-economy-lowest-inflation-world-despite-soaring-prices" target="_blank" rel="noopener">Philadelphia</a>, the president claimed Bidenomics “is working,” and that Bidenomics is a “blue-collar blueprint for America … It’s for you.” I am not sure what economic data the president and his team were looking at, because last week’s inflation news was not good. According to the <a href="https://www.bls.gov/news.release/pdf/cpi.pdf">Bureau of Labor Statistics</a>, the Consumer Price Index (CPI), the measure of inflation to the American consumer, rose more than expected, to an annual rate of 3.7%. The rise in inflation was primarily <a href="https://www.bls.gov/news.release/pdf/cpi.pdf" target="_blank" rel="noopener">driven</a> by gasoline prices, the “shelter” index meaning rent and housing costs, and food — the basic necessities that impact working-class Americans the hardest. The shelter index alone has been on the rise for 40 consecutive months.
Considering that the CPI in August 2022 was at 8.3%, consumers are paying 12% more for goods and services in 2023 than they were in 2021. In fact, things are so bad that an April 2023 <a href="https://www.heritage.org/debt/commentary/how-americans-have-taken-pay-cut-every-month-biden-took-office">study</a> from The Heritage Foundation, determined that Americans had lost around $7,100 in spending power since Biden’s inauguration in January 2021. It has only gotten worse.
Per <a href="https://gasprices.aaa.com/are-we-there-yet-gas-prices-may-slowly-dip-as-fall-arrives/" target="_blank" rel="noopener">AAA</a>, the national average for a gallon of gas rose by $0.05 last week, reaching $3.85. The primary culprit is the surge in oil costs, which have jumped several dollars to hover around $90 per barrel. This at a time when domestic demand for oil dropped by 1 million barrels a day.
Americans are seeing the same thing at the grocery store. Per the <a href="https://thekrazycouponlady.com/tips/money/average-cost-of-groceries-per-month" target="_blank" rel="noopener">USDA</a>, the average family of four was paying $89-132 more per month for the same groceries in January 2023 than in January 2022.
The loss of purchasing power is forcing more and more Americans to take-on debt in order to pay for necessities.
Credit card <a href="https://www.cnn.com/2023/08/08/economy/us-household-credit-card-debt/index.html" target="_blank" rel="noopener">debt</a> in America has surpassed $1 trillion for the first time, according to data released in August 2023 by the Federal Reserve Bank of New York. People are not using their credit cards for vacations and new televisions, they’re paying for essentials such as gas, rent, and food, incurring debt at a current interest rate of 28.02%, per <a href="https://www.forbes.com/advisor/credit-cards/average-credit-card-interest-rate/" target="_blank" rel="noopener">Forbes</a>.
Driven by credit card debt and auto loan balances, overall <a href="https://www.newyorkfed.org/microeconomics/hhdc" target="_blank" rel="noopener">household</a> debt levels are at $17.6 trillion. Overall household debt has spiked by $2.9 trillion since the end of 2019.
At a time when, sadly, working Americans need credit to simply exist, credit is getting more difficult to obtain. <a href="https://www.cnbc.com/2023/09/11/credit-crunch-worries-at-10-year-plus-high-new-york-fed-survey-says.html" target="_blank" rel="noopener">Sixty percent</a> of respondents to the New York Fed’s Survey of Consumer Expectations for August 2023 indicated that “the ability to get loans, credit cards and mortgages is harder now than it was a year ago, the highest level in a data series that goes back to June 2013.”
Per <a href="https://www.bankrate.com/loans/auto-loans/auto-loan-rejections-at-record-levels-fed-says/" target="_blank" rel="noopener">Bankrate</a>, the rejection rate for all credit applicants, including those applying for car loans, mortgages, credit limit increases, new credit cards and more, increased to 21.8 percent,” and are at their highest levels since 2018.
<a href="https://www.realtor.com/news/trends/foreclosures-continue-to-surge-with-more-homeowners-now-in-danger-of-losing-their-properties/" target="_blank" rel="noopener">Foreclosures</a> continue to rise, with foreclosure starts up 15% in the first half of 2023 and nearly 186,000 properties have received foreclosure filings.
And if you’ve noticed more and more tow trucks on the road these days, your eyes are not deceiving you. As far back as February 2023, <a href="https://www.yahoo.com/lifestyle/car-repossessions-rise-120000818.html" target="_blank" rel="noopener">Cox Automotive</a> reported that the rate of vehicle repossessions had increased more than 20%.
Inflation is here to stay, and apparently, so are high interest rates. Remember the wonderful economy of the 1970s?
As he seeks reelection, Joe Biden may want to find something else to highlight rather than the economy.
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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.

Price Of Gas In Southern California Rises Over 6 Dollars A Gallon

Gas, Food, And Lodging: How ‘Bidenomics’ Is Crushing The Little Guy

Gas, Food, And Lodging: How 'Bidenomics' Is Crushing The Little Guy

Automobiles

finance

Inflation

Interest Rates

Readers Pass

Gas prices in some Southern California counties have skyrocketed to an average of over $6 a gallon, the first time they have been this high in nearly a year.
As of Tuesday, the average gas price of regular gasoline in Los Angeles and Orange counties was more than $6 a gallon — $6.027 in Los Angeles County and $6.022 in Orange County, <a href="https://abc7.com/gas-prices-la-county-refinery-problems/13800035/" target="_blank" rel="noopener">according</a> to data from the AAA and Oil Price Information Service.
It is the first time the price has topped $6 since October last year.
Both Southern California counties have seen average gas prices spike more than a dollar over the last two months. The average cost in Ventura County is $6 a gallon, while prices average $5.947 in San Diego County.
According to AAA, three California counties that border Nevada also average more than $6 a gallon: Alpine ($6.999), Mono ($6.508), and Inyo ($6.143).
Several factors have contributed to rising gas prices, including OPEC countries like Saudi Arabia <a href="https://apnews.com/article/opec-oil-prices-saudi-arabia-russia-8d70999cb8258aebc3edbfdfcae278b7" target="_blank" rel="noopener">slashing</a> oil production earlier this summer. The Saudis cut oil production by one million barrels per day starting in July, which caused crude oil prices to jump.
&#8220;Oil costs are putting upward pressure on pump prices, but the rise is tempered by much lower demand,&#8221; <a href="https://www.foxla.com/news/california-gas-prices-continue-to-skyrocket" target="_blank" rel="noopener">said</a> Andrew Gross, an AAA national public relations manager.
&#8220;The slide in people fueling up is typical, with schools back in session, the days getting shorter, and the weather less pleasant. But the usual decline in pump prices is being stymied for now by these high oil costs,&#8221; Gross said.
The national gas price average is currently $3.88 a gallon, 20.3 cents higher than a year ago. The national average hit a record $5.016 a gallon in late June last year.
The Biden administration this week touted gas prices falling from that peak.
“If you look at what we’ve been able to do from last summer to this summer — lowering gas prices by a dollar twenty cents, that is because of the work that this administration has done,” White House Press Secretary Karine Jean-Pierre <a href="https://www.nytimes.com/2023/09/13/business/biden-gas-prices-inflation.html" target="_blank" rel="noopener">said</a> this month.
Over the last year, the administration has repeatedly taken credit for the occasional dip in gas prices even as prices remained high and Americans struggled to keep up with the cost.
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A year ago in September, President Biden claimed that the average gas price was below $2.99 in 41 states and the District of Columbia. In fact, the average gas price at the time was only under $3.99, not $2.99.
After news outlets pointed out the error, the White House <a href="https://www.cnn.com/2022/09/23/politics/fact-check-biden-gas-prices-unemployment-rate/index.html" target="_blank" rel="noopener">corrected</a> the official transcript of Biden’s remarks to read the correct figure of $3.99.
&#8220;I&#8217;m going to get those gas prices down again, I promise you,&#8221; Biden <a href="https://www.axios.com/2023/09/14/oil-prices-chart-forecast-inflation-biden" target="_blank" rel="noopener">said</a> last week.
Critics have <a href="https://www.foxnews.com/media/biden-dragged-touting-gas-price-drop-americans-struggle-make-ends-meet-what-planet-on" target="_blank" rel="noopener">called on</a> Biden to take responsibility when gas prices rise, but the administration has not been eager to do so. Some have also pointed out that the national average gas price the day before Biden took office was $2.38, <a href="https://newsroom.aaa.com/2021/01/new-year-sees-gas-prices-steadily-increase/" target="_blank" rel="noopener">according</a> to AAA, over a dollar less than Thursday’s $3.83 average.
Meanwhile, gas prices were the <a href="https://www.axios.com/2023/09/14/oil-prices-chart-forecast-inflation-biden" target="_blank" rel="noopener">leading cause</a> of August&#8217;s 0.6% jump in inflation.
With election season kicking into gear, gas prices will likely be featured more prominently in the political conversation, especially the question of whether the Biden administration plays a role in keeping prices high.

US-ECONOMY-GAS-PRICES

Los Angeles’ Average Gas Price Tops $6 A Gallon

Los Angeles' Average Gas Price Tops $6 A Gallon

Biden Administration

California

Gas Prices

It&#8217;s time for your daily dose of Bidenomics — where the rules are made up and the points don&#8217;t matter.
In today&#8217;s lesson, we&#8217;ll learn how the U.S. poverty rate increasing for the first time in more than a decade is actually a sign of a booming economy or something.
According to the U.S. Census Bureau, a whopping 12.4% of Americans lived in poverty in 2022. That&#8217;s up from 7.8% in 2021. In fact, it was the first increase in the U.S. poverty rate in 13 years.
That news comes as the Census also reported that the U.S. real median household income decreased by 2.3% to $74,580 in 2022. Meanwhile, year-over-year inflation rose 7.8%, <a href="https://www.foxbusiness.com/economy/us-household-income-fell-2022-census-data-shows" target="_blank" rel="noopener">per</a> Fox Business.
The Biden administration has long claimed that his policies are working and that his spending plans have juiced the American economy. Meanwhile, prices have increased <a href="https://x.com/TimMeadsUSA/status/1704138531386323270?s=20" target="_blank" rel="noopener">more than 17%</a> he took office.
In August, inflation continued to tick upward.
In a statement given to Townhall.com, Job Creators Network President and CEO Alfredo Ortiz said, &#8220;This accelerating inflation, which is nearly twice the Federal Reserve&#8217;s target rate, is another Bidenomics blow to ordinary Americans and small businesses dealing with rapidly rising prices that are lowering their real wages and living standards for two and a half years.&#8221;
Indeed, as <a href="https://rollcall.com/2023/08/02/voters-just-arent-buying-bidenomics/" target="_blank" rel="noopener">explained recently</a> by David Winston, the president of The Winston Group and a GOP adviser, just about everything is more expensive than it was on the day Biden took office.
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Biden&#8217;s solution, Winston correctly points out,  has been &#8220;trying to dress up central planning as America First.&#8221;
The current president even tried to sell his economic agenda as &#8220;BABA&#8221;— Building a Better America. As previously discussed, BABA sounds similar to former President Donald Trump&#8217;s MAGA — Make America Great Again, but like most phony imitations, it has proven to be a crappy product that falls apart under the slightest bit of pressure.
BABA didn&#8217;t really click with the American people, so now he&#8217;s trying to sell his vision for the country as Bidenomics.
It&#8217;s been a great success for America, just ask him.
Whatever he calls it, the results are the same: The American people are worse off today than they were four years ago. The proof is in the pudding — that <a href="https://www.foodandwine.com/news/snack-prices-rising-2022-oreo-mondelez-kraft#:~:text=%22The%20products%20include%20varieties%20of,percent%2C%22%20CNN%20Business%20wrote." target="_blank" rel="noopener">now costs more money</a>, evidently.
The views expressed in this piece are the author’s own and do not necessarily represent those of The Daily Wire.

MILWAUKEE, WISCONSIN – AUGUST 15: U.S. President Joe Biden speaks to guests at Ingeteam Inc., an electrical equipment manufacturer, on August 15, 2023 in Milwaukee, Wisconsin. Biden used the opportunity to speak about his “Bidenomics” economic plan on the one-year anniversary of the Inflation Reduction Act of 2022.

Poverty Rate Increases For First Time In Over A Decade: Bidenomics!

Donald Trump

Inflation Reduction Act

Poverty

CNN anchor Jake Tapper grilled Ford CEO Jim Farley during an interview this week about the United Auto Workers (UAW) strike that is impacting America&#8217;s big three automakers.
Around 13,000 auto workers <a href="https://www.dailywire.com/news/workers-walk-out-at-three-major-auto-factories-after-biden-predicted-strike-wouldnt-happen" target="_blank" rel="noopener">stopped</a> working as picketing began outside a Ford factory in Wayne, Michigan; a GM assembly plant in Wentzville, Missouri; and a Stellantis Jeep plant in Toledo, Ohio. The strike comes after weeks of negotiations between the union and leadership at the automakers.
A CNN reporter was interviewing Farley when Tapper interrupted her and to point out what the head of the UAW was saying.
&#8220;I just wanted to pass on a question based on something he told me the other day which is that over the last four years, each of the Big Three car manufacturers&#8217; CEOs, in addition to their multimillion dollar salaries, they received on average of 40 percent pay increase,&#8221; Tapper said. &#8220;So why are the auto workers wanting a raise beyond what&#8217;s been asked, why is that so offensive compared to the 40 percent raises they have given themselves?&#8221;
Farley said that the company was &#8220;really open to huge increases&#8221; in the &#8220;double digit&#8221; range, &#8220;increases we have never seen before, 20-plus percent.&#8221;
Farley said that going to 40 percent would put the company out of business and that he refused to cut the company&#8217;s push for electric vehicles, despite <a href="https://www.foxbusiness.com/technology/ford-set-lose-billion-electric-vehicles-year-despite-increased-revenue" target="_blank" rel="noopener">losing</a> $4.5 billion in the endeavor.
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&#8220;There&#8217;s a fine line here that we won&#8217;t go past, which is we want everyone to participate in our success. But if it prevents us from investing in this transition to EVs and in future products like the ones we have now, like new F-150, bestselling vehicle in the world — in the U.S., then everyone&#8217;s job is at risk if we don&#8217;t invest,&#8221; he said.
Tapper pushed back, &#8220;It&#8217;s just there have been record auto profits, bailouts by the U.S. government. These huge raises that these CEOs are giving themselves, and I just wonder, why there isn&#8217;t more of a desire of the CEOs to have the workers share in the profits that are coming in to these automakers who just need we remind him were bailed outside by the U.S. taxpayer a few years ago?&#8221;
WATCH:
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
CNN’s Jake Tapper grills Ford CEO Jim Farley why he isn’t giving more to workers when he is making tens of millions of dollars per year. <a href="https://t.co/ikgCtTf03O">pic.twitter.com/ikgCtTf03O</a>
&mdash; Jason Rantz on KTTH Radio (@jasonrantz) <a href="https://twitter.com/jasonrantz/status/1702904654051541073?ref_src=twsrc%5Etfw">September 16, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

2023 North American International Auto Show Held In Detroit, Michigan

Ford CEO Jim Farley On Auto Strike: ‘Transition To EVs’ Is Top Priority Despite Losing $4.5 Billion

electric vehicles

Environment

Ford Motor Co.

The <a href="https://www.dailywire.com/news/former-union-president-says-auto-workers-feel-abandoned-by-the-democratic-party-as-union-criticizes-bidens-ev-push" target="_blank" rel="noopener">United Auto Workers</a> announced a strike against <a href="https://www.dailywire.com/topic/ford-motor-co" target="_blank" rel="noopener">Ford</a>, General Motors, and Stellantis, as the union demands higher wages and “economic and social justice.”
Around 13,000 auto workers <a href="https://apnews.com/article/auto-uaw-workers-strike-gm-ford-stellantis-7ce3ca9d94b911250d07556b7af376c7" target="_blank" rel="noopener">stopped working</a> as picketing began outside a Ford factory in Wayne, Michigan; a GM assembly plant in Wentzville, Missouri; and a Stellantis Jeep plant in Toledo, Ohio. The strike comes after weeks of negotiations between the union and leadership at the automakers. 
“We didn’t want to be here. We want a fair agreement. We want fair economic and social justice for our members. That’s what this is all about. And it’s a shame,” <a href="https://www.nbcnews.com/business/business-news/live-blog/uaw-strike-ford-general-motors-stellantis-live-updates-rcna105134" target="_blank" rel="noopener">said</a> Shawn Fain, president of the auto workers union. 
The strike is currently only targeted at three factories as the UAW pushes for a 36% pay bump over a four-year period for workers. Ford and GM said they could do 20% and Stellantis put forth a 17.5% increase over four years, according to the Associated Press. 
Other demands by the union are a 32-hour work week with pay for 40 hours, pensions for new employees, and inflation-based pay bumps. 
Prior to the strike, GM outlined that, in addition to the 20% pay increase over four years, the company would add “inflation protection,” increase its contributions to retirement health care savings by 25%, and increase vacation time. GM CEO Mary Barra <a href="https://www.gmnegotiations2023.com/public/us/en/negotiations/home.html" target="_blank" rel="noopener">described</a> the offer as a “compelling and unprecedented economic package.” 
President Joe Biden, who <a href="https://www.axios.com/2023/09/05/uaw-strike-likely-detroit-automakers" target="_blank" rel="noopener">predicted</a> that a strike would not take place, will reportedly discuss the standoff sometime on Friday. 
&#8220;No, I&#8217;m not worried about a strike until it happens. I don&#8217;t think it&#8217;s going to happen,” Biden said on Labor Day. 
Alfredo Ortiz, president and CEO of Job Creators Network, slammed Biden in a statement after the strike, saying that the president was in part responsible for the strike.
&#8220;President Biden is partly responsible for the economically damaging UAW strike because Bidenflation has caused declining real wages and living standards for ordinary workers, resulting in UAW taking this drastic action to swing the wage pendulum in the other direction. Biden&#8217;s pro-union rhetoric, including calling himself the most pro-union president in history, has also contributed to the UAW overplaying its hand with ridiculous compensation demands that threaten the livelihoods of hundreds of thousands of workers, thousands of small businesses that service the big three automakers, and even the automakers themselves,&#8221; Ortiz said.
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Ford said that a strike “could have wide-ranging consequences for our business and the economy. It also impacts the very 57,000 UAW-Ford workers we are trying to reward with this contract.”
Stellantis, who had about 5,800 employees in Ohio stop work making the Jeep Wrangler and Gladiator, said it was “disappointed” by the strike. 
&#8220;We are extremely disappointed by the UAW leadership’s refusal to engage in a responsible manner to reach a fair agreement in the best interest of our employees, their families and our customers,&#8221; a statement from Stellantis said. &#8220;We immediately put the Company in contingency mode and will take all the appropriate structural decisions to protect our North American operations and the Company,” the company added.

United Auto Workers Hold Limited Strikes As Contract Negotiations Expire

Workers Walk Out At Three Major Auto Factories After Biden Predicted Strike Wouldn’t Happen

General Motors

Michigan

Missouri

Ohio

Georgia Republican Governor <a href="https://www.dailywire.com/topic/brian-kemp" target="_blank" rel="noopener">Brian Kemp</a> declared a state of emergency over inflation on Tuesday and suspended the gas tax in <a href="https://www.dailywire.com/topic/georgia" target="_blank" rel="noopener">Georgia</a>, saying federal spending and energy policies were to blame for high fuel prices. 
Kemp, who previously suspended the gas tax in the Peach State from March to December 2022, issued the emergency executive order as gas prices <a href="https://www.wsj.com/economy/august-cpi-report-inflation-slowdown-85936a0a#:~:text=Americans%20paid%20more%20at%20the,energy%2Ddata%20and%20analytics%20provider." target="_blank" rel="noopener">jumped</a> more than 10% higher in August from July. This was the highest month-to-month jump in over a year, according to the Wall Street Journal. 
&#8220;From runaway federal spending to policies that hamstring domestic energy production, all Bidenomics has done is take more money out of the pockets of the middle class,” Kemp <a href="https://gov.georgia.gov/press-releases/2023-09-12/gov-kemp-announces-gas-tax-suspension-georgians-face-sustained-inflation#main-content" target="_blank" rel="noopener">said</a>. “While high prices continue to hit family budgets, hardworking Georgians deserve real relief and that&#8217;s why I signed an executive order today to deliver it directly to them at the pump. Working with partners in the General Assembly, we&#8217;ll continue to help Georgians weather the economic headwinds caused by this president, his administration, and their allies in Congress.&#8221;
A gallon of regular gas in Georgia, on average, costs about $3.56, up from the $3.23 a gallon cost one year ago. A gallon of diesel, on average, costs about $4.36, down from last year’s costs of $4.68, <a href="https://gasprices.aaa.com/?state=GA" target="_blank" rel="noopener">according</a> to AAA.
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Gas prices have in part risen from production cuts from Saudi Arabia and the continuing war in Ukraine, but some critics have said that the Biden administration&#8217;s energy policies, which have <a href="https://www.dailywire.com/news/war-on-alaska-biden-admin-cancels-alaskan-oil-and-gas-leases-bans-drilling-on-millions-of-acres" target="_blank" rel="noopener">focused on</a> scrapping drilling and pushing green alternatives, have contributed to higher costs as well. 
According to Kemp’s office, the tax suspension will save drivers 31.2 cents per gallon on regular gasoline and 35 cents per gallon on diesel fuel. 
&#8220;I applaud Governor Kemp’s suspension of motor fuel taxes to keep our people and our economy moving despite Washington’s inaction on rising fuel prices,” said Georgia House Speaker Jon Burns (R). “Georgia’s success story is no accident – it is the result of conservative policies enacted to keep Georgia the nation’s best state for business.”
Kemp’s executive order, effective from Wednesday until October 12, said, &#8220;rampant inflation is negatively impacting Georgia’s economy and the social and economic wellbeing of its residents.”
Statistics from the Federal Bureau of Labor Statistics (BLS) <a href="https://www.dailywire.com/news/bidenflation-consumer-price-index-jumps-up-again" target="_blank" rel="noopener">revealed</a> on Wednesday after Kemp’s announcement indicate the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.6% in August, rising 3.7% over the last 12 months.

Governor Of Georgia Brian Kemp Holds His Election Night Watch Party In Atlanta

Kemp Declares State Of Emergency Over ‘Bidenomics,’ Suspends Gas Tax In Georgia

Kemp Declares State Of Emergency Over 'Bidenomics,' Suspends Gas Tax In Georgia

Brian Kemp

Executive Orders

Georgia

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