<a href="https://www.dailywire.com/topic/china">China</a>’s collapsing real estate market could throw the world’s second largest economy into chaos and worsen a global economic slowdown.
Chinese developers have lost at least $90 billion in the last year, according to reporting from <a href="https://www.bloomberg.com/news/articles/2022-08-12/china-crisis-wipes-out-90-billion-of-developer-market-value">Bloomberg</a>, as home prices have gone down for the last 11 months. Dozens of developers have defaulted on their debts, and many of them have stopped work on unfinished housing, which has sparked mass outrage and even protests as <a href="https://www.latimes.com/world-nation/story/2022-08-15/the-chinese-dream-of-home-ownership-is-crumbling-the-economy-could-go-with-it">more than 80%</a> of Chinese homebuyers take out mortgages and begin paying them down before their prospective home is completed.
This arrangement, which was once a source of easily accessible capital in a red-hot housing market, has left countless Chinese consumers holding the bag on half-finished homes that may never be fully constructed. Thousands of homebuyers are refusing to pay mortgages on unfinished properties in a <a href="https://www.economist.com/podcasts/2022/08/17/could-chinas-mortgage-boycotts-threaten-the-global-economy">mortgage boycott</a> that has spread to nearly 100 cities and has affected over 320 development projects.
“It’s gotten to the point where no one is taking care of it. So we naturally also have to defend our own rights,” one boycotter, who remained anonymous to avoid retribution, told <a href="https://www.latimes.com/world-nation/story/2022-08-15/the-chinese-dream-of-home-ownership-is-crumbling-the-economy-could-go-with-it">The LA Times</a>. “If we the people are not happy, it’s difficult to have a stable society.” She also told the outlet that some homebuyers who demanded answers have been threatened or detained for their trouble.
Over half of household wealth in China is reportedly tied up in housing, so the reversal of fortunes in real estate could have wide-reaching economic consequences.
“We are seeing it everywhere,” <a href="https://www.latimes.com/world-nation/story/2022-08-15/the-chinese-dream-of-home-ownership-is-crumbling-the-economy-could-go-with-it">said</a> Michael Pettis, finance professor at Peking University’s Guanghua School of Management. “You get these spreading waves, and the bigger the sector is, the more powerful those waves are. And in China, unfortunately, the property sector is huge.”
Beijing has reportedly signaled that whatever rescue efforts take place are to prioritize protecting homeowners over developers, although much of the response has been left to local governments.
“The aim of the rescue measures is to save the property market and household confidence, but not the developers,” <a href="https://www.bloomberg.com/news/articles/2022-08-12/china-crisis-wipes-out-90-billion-of-developer-market-value">said</a> Gary Ng, senior economist at Natixis SA. “As it is unlikely to see significant policy changes, the golden age of fast revenue growth and high leverage for property developers is probably over.”
Local governments are likely to be somewhat handicapped in their response to the crisis, as their budgets were already strained during the COVID pandemic. Furthermore, <a href="https://www.wsj.com/articles/chinas-economy-tested-by-strained-city-finances-11659261600">40% of their revenue</a> has come from land sales, which have dried up in the cratering real estate market that is driving this crisis.
Other economic indicators seem quite grim. Chinese youth unemployment has reached <a href="https://www.ft.com/content/990bda2e-54b0-4712-8b47-065eef49449e">nearly 20%</a>, consumer confidence has hit <a href="https://www.scmp.com/economy/economic-indicators/article/3180029/chinas-consumer-sentiment-hits-record-low-pessimistic">record lows</a> in recent months, and, in a sign that the Chinese government may believe the economy in more dire straits than they’re letting on, the People’s Bank of China (China’s central bank) has lowered interest rates while most of the world is raising them to combat inflation; inflation in China is not as severe as many other major economies, but it is still at a two-year high. Less than a week ago, <a href="https://web.archive.org/web/20220815133732mp_/http://en.people.cn/n3/2022/0812/c90000-10134505.html#.YvpLI_0rx9Y.twitter">Chinese state media indicated</a> that the PBOC would prioritize combating inflation for the remainder of 2022.
Interference from Beijing has put further stress on the Chinese economy — crackdowns on private industry to combat “income inequality” and curb “unscrupulous business practices” have reportedly damaged the tech sector and private tutoring companies. China’s aggressive <a href="https://www.dailywire.com/news/china-faces-economic-slowdown-amidst-covid-lockdowns">“zero-covid” lockdowns</a> continue to <a href="https://www.bbc.com/news/world-asia-china-62547503">disrupt day-to-day</a> life for millions of its citizens and have created widespread despair and uncertainty. Efforts to increase economic investment via greater liquidity may fall flat when Chinese consumers are <a href="https://www.cnbc.com/2022/06/30/pboc-chinese-plans-to-save-hit-a-record-high-in-q2-job-concerns-rise.html">increasingly determined</a> to save whatever money they can rather than spend it.
“In this economy, cash is king, having money on hand is most important,” a 32-year-old construction worker, identified only as Gu, <a href="https://www.latimes.com/world-nation/story/2022-08-15/the-chinese-dream-of-home-ownership-is-crumbling-the-economy-could-go-with-it">told</a> The LA Times.
“China is definitely in a very desperate situation,” <a href="https://www.ft.com/content/990bda2e-54b0-4712-8b47-065eef49449e">said</a> Xingdong Chen, an economist at BNP Paribas. “The problem now is no effective demand. If you don’t allow people to come out and consume … there is no demand.”
A key sign of flagging Chinese demand is the sharp decline in imports, with <a href="https://www.bloomberg.com/opinion/articles/2022-08-16/if-the-china-crisis-deepens-a-global-recession-will-be-much-harder-to-avoid#xj4y7vzkg">commodities like</a> iron and copper ore dropping drastically. China is a leading consumer of commodities on the global market, and a drop in demand for industrial materials could have major ramifications in developing countries in Africa and Latin America.
The world economy is already in a fairly precarious state: supply chains for vital resources such as gas, oil, and grain have been disrupted by the ongoing <a href="https://www.dailywire.com/topic/ukraine-russia-war">Russian invasion of Ukraine</a>, food shortages and famine are expected in <a href="https://www.dailywire.com/news/asian-african-nations-face-famine-as-ukraine-crisis-hits-global-food-supply">much of the developing world</a>, and <a href="https://www.dailywire.com/news/u-s-in-a-recession-after-second-straight-quarter-of-negative-growth">by all reasonable definitions</a>, the U.S. is in a recession. The potential fallout from an economic catastrophe in China is difficult to gauge.
The ongoing conflict over the independence of <a href="https://www.dailywire.com/topic/taiwan">Taiwan</a>, for example, could be affected in myriad ways. On one hand, Xi Jinping, who is widely expected to seek an unprecedented third term as president to become the longest-serving ruler of China since Mao, may ratchet up tensions or even invade Taiwan to gin up nationalist support and distract from domestic woes. Alternatively, a flailing economy might convince him that China is not in a strong enough position to take the island or risk further disrupting its economy by destabilizing a major trading partner.

Abandoned Construction Site

Chinese Real Estate Collapse Throws Economy Into Crisis

Real Estate Collapse Throws China's Economy Into Crisis

China

Chinese Communist Party

Economy

Housing

Real estate

Recession

Xi Jinping

Confidence among <a href="http://dailywire.com/topic/housing">home</a> builders fell for the eighth consecutive month, indicating that the United States has entered a housing <a href="http://dailywire.com/topic/housing">recession</a>, according to a Monday release from the National Association of Home Builders.
The group’s <a href="https://www.nahb.org/news-and-economics/press-releases/2022/08/builder-confidence-underwater-after-falling-for-eighth-consecutive-month">Housing Market Index</a> fell by six points in August to 49, marking the first time since the spring of 2020 that the metric has fallen below the breakeven value of 50. The three components of the Housing Market Index — current sales conditions, sales expectations, and traffic of prospective buyers — all declined to their lowest levels in the past two years.
“Ongoing growth in construction costs and high mortgage rates continue to weaken market sentiment for single-family home builders,” NAHB Chairman Jerry Konter said in the release. Mortgage rates began climbing at the beginning of 2022, according to data from government-backed mortgage enterprise <a href="https://fred.stlouisfed.org/series/MORTGAGE30US">Freddie Mac</a>, with 30-year fixed rates beginning at slightly over 3% in January and surging to over 5% as of Thursday.
Single-family homes have witnessed dramatic price increases since COVID and the lockdown-induced recession. In the first quarter of 2022, the median sale price of a home in the United States was $433,100, according to data from the <a href="https://fred.stlouisfed.org/series/MSPUS">Department of Housing and Urban Development</a>, marking a 34% rise from $322,600 in the second quarter of 2020. Freddie Mac <a href="https://www.dailywire.com/news/home-prices-mortgage-rates-expected-to-stay-elevated-through-next-year">forecasted</a> last month that home prices will grow at 4% in 2023 — a relative slowdown from 17.8% in 2021 and 12.8% in 2022.
Meanwhile, the Federal Reserve added to a series of interest rate hikes by <a href="https://www.dailywire.com/news/federal-reserve-hikes-interest-rates-again-to-combat-bidenflation">increasing</a> rates at a 0.75% increment for the second consecutive month. Rate hikes are meant to discourage inflation, yet they carry the unfortunate side effect of increasing borrowing costs — a reality that impacts mortgage rates and renders real estate more expensive.
“Tighter monetary policy from the Federal Reserve and persistently elevated construction costs have brought on a housing recession,” NAHB Chief Economist Robert Dietz added. “However, as signs grow that the rate of inflation is near peaking, long-term interest rates have stabilized, which will provide some stability for the demand-side of the market in the coming months.”
The Housing Market Index survey determined that 69% of home builders point to higher interest rates as the reason for falling housing demand. Meanwhile, 19% said they have decided to reduce prices over the past month to increase sales or prevent cancellations.
Beyond home builders, consumer confidence has declined since early 2021 amid soaring inflation and other economic bottlenecks. The University of Michigan’s benchmark Survey of Consumers recently <a href="https://www.dailywire.com/news/consumer-sentiment-plummets-to-lowest-level-since-1950s">fell</a> to a reading of 50 — indicating the lowest level of consumer optimism since 1952.
“As higher prices become harder to avoid, consumers may feel they have no choice but to adjust their spending patterns, whether through substitution of goods or foregoing purchases altogether,” Survey of Consumers Director Joanna Hsu said at the time. “The speed and intensity at which these adjustments occur will be critical for the trajectory of the economy.”
The United States met the technical definition of a recession last month as the economy <a href="https://www.dailywire.com/news/united-states-economy-shrinks-in-the-first-part-of-2022">shrank</a> at a 1.5% annualized rate in the first quarter and <a href="https://www.dailywire.com/news/u-s-in-a-recession-after-second-straight-quarter-of-negative-growth">contracted</a> at a 0.9% pace in the second quarter. Multiple White House officials contended that the rule-of-thumb definition of a recession — two consecutive quarters of negative output growth — was <a href="https://www.dailywire.com/news/consumer-sentiment-plummets-to-lowest-level-since-1950s">insufficient</a> to cast doubt on the state of the economy under President Joe Biden.

Aerial photography of suburbs, NY

United States Enters Housing Recession

Mortgage Rates, High Costs Put The United States In A Housing Recession

Federal Reserve

Scion Asset Management founder Michael Burry — whose story was featured in the film “The Big Short” after he predicted the 2008 housing <a href="http://dailywire.com/topic/recession" target="_blank" rel="noopener">crisis</a> — has sold all of his firm’s <a href="http://dailywire.com/topic/stock-market" target="_blank" rel="noopener">stocks</a> except for one, according to a Monday <a href="https://www.sec.gov/Archives/edgar/data/0001649339/000156761922015999/0001567619-22-015999-index.htm">filing</a> with the Securities and Exchange Commission.
After holding stock in firms such as Meta and Alphabet by its previous <a href="https://www.sec.gov/Archives/edgar/data/0001649339/000156761922010747/0001567619-22-010747-index.htm">filing</a> submitted at the end of March, the firm has cut its <a href="https://www.bloomberg.com/news/articles/2022-08-15/burry-s-scion-hedge-fund-cuts-long-us-stock-holdings-to-just-one">holdings</a> from $165 million to $3.3 million. Scion reported holding no stocks save 500,000 shares of GEO Group by the end of June, which invests in private prisons and mental health systems.
Burry made a name for himself by betting against technology stocks during the dot-com bubble, earning 55% returns while the S&amp;P 500 dropped 12%, according to a profile in <a href="https://www.businessinsider.com/michael-burry-life-story-2017-5">Business Insider</a>. Burry likewise bet against the housing market after evaluating bank balance sheets and subprime mortgage data, earning $100 million for himself and $700 million for his investors — an experience that formed the basis of the 2015 film “The Big Short,” in which actor Christian Bale stars as Burry.
At the end of last week, Burry warned about consumers&#8217; tendency to spend even through economic turmoil. “Net consumer credit balances are rising at record rates as consumers choose violence rather than cut back on spending in the face of inflation,” he said per <a href="https://www.thestreet.com/investing/mr-big-short-issues-a-dire-warning-about-the-economy">The Street</a>. “Remember the savings glut problem? No more. COVID helicopter cash taught people to spend again, and it&#8217;s addictive. Winter coming.”
Indeed, several metrics show that consumers’ financial troubles are on the rise following COVID and the lockdown-induced recession. Debt service payments for consumer loans as a percentage of disposable income have risen from 5.1% during the second quarter of 2020 to 5.6% during the first quarter of 2022 after a marked decline, according to the <a href="https://fred.stlouisfed.org/series/CDSP">Federal Reserve Board of Governors</a>. The number of general-purpose credit cards surged past 500 million for the first time during the second quarter, according to a report from <a href="https://eresearch.fidelity.com/eresearch/markets_sectors/news/story.jhtml?storyid=202208040800PRIMZONEFULLFEED8612202&amp;amp;provider=PRIMZONE&amp;amp;product=FULLFEED&amp;amp;category=sectorNews&amp;amp;gic=25">Fidelity</a>. TransUnion Vice President of Research and Consulting Michele Raneri noted in the report that “high inflation and rising interest rates” are primary challenges impacting Americans’ personal finances.
Last month, the United States met the technical definition of a recession since the economy <a href="https://www.dailywire.com/news/united-states-economy-shrinks-in-the-first-part-of-2022">shrank</a> at a 1.5% annualized rate in the first quarter and <a href="https://www.dailywire.com/news/u-s-in-a-recession-after-second-straight-quarter-of-negative-growth">contracted</a> at a 0.9% pace in the second quarter. In response, the Biden administration has been carrying out <a href="https://www.dailywire.com/news/white-house-does-preemptive-damage-control-as-economy-heads-toward-recession">damage control</a> by eroding the rule-of-thumb definition.
“While some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle,” the White House said in a recent blog post. “Instead, both official determinations of recessions and economists’ assessment of economic activity are based on a holistic look at the data — including the labor market, consumer and business spending, industrial production, and incomes. Based on these data, it is unlikely that the decline in GDP in the first quarter of this year — even if followed by another GDP decline in the second quarter — indicates a recession.”

“The Big Short” New York Premiere – Outside Arrivals

‘The Big Short’ Investor Who Famously Predicted 2008 Recession Sells All But One Of His Stocks

Stock Market

Wall Street

Over-reliance on credit cards and a lack of self-control can be devastating during periods of <a href="http://dailywire.com/topic/economy" target="_blank" rel="noopener">economic</a> <a href="http://dailywire.com/topic/recession" target="_blank" rel="noopener">turmoil</a>, personal finance guru Dave Ramsey explained in a Friday interview with Fox Business.
According to the <a href="https://www.bls.gov/news.release/cpi.nr0.htm">Bureau of Labor Statistics</a>, year-over-year <a href="http://dailywire.com/topic/inflation" target="_blank" rel="noopener">inflation</a> reached 8.5% in July, with the slight moderation from the 9.1% reading in June <a href="https://www.dailywire.com/news/white-house-starts-victory-lap-amid-slightly-less-dismal-inflation-reading">driven</a> by lower prices at the pump — even as prices for food, new vehicles, medical care, and shelter continued to rise.
Ramsey responded to Americans’ increased usage of credit cards and rewards programs by noting that such strategies will only worsen budgetary problems in the future.
&#8220;We&#8217;ve seen decades since we&#8217;ve been in this bad position. And people are going to fix the inflationary problems, the pressures with the wrong tool,&#8221; Ramsey <a href="https://www.foxbusiness.com/lifestyle/dave-ramseys-inflation-survival-tips">explained</a> to Fox Business host Neil Cavuto. &#8220;And the credit card is the wrong tool. It&#8217;s going to cause them problems later. It comes home to roost. It&#8217;s really sad.”
Indeed, the number of general-purpose credit cards surged past 500 million for the first time ever during the second quarter of 2022, according to a report from <a href="https://eresearch.fidelity.com/eresearch/markets_sectors/news/story.jhtml?storyid=202208040800PRIMZONEFULLFEED8612202&amp;amp;provider=PRIMZONE&amp;amp;product=FULLFEED&amp;amp;category=sectorNews&amp;amp;gic=25">Fidelity</a>. TransUnion Vice President of Research and Consulting Michele Raneri noted that “high inflation and rising interest rates” are primary challenges impacting Americans’ personal finances.
Likewise, total household debt rose by $312 billion during the second quarter of 2022 to reach $16.2 trillion, with credit card balances seeing their largest year-over-year percentage increase in more than 20 years, according to the <a href="https://www.newyorkfed.org/microeconomics/hhdc">Federal Reserve Bank of New York</a>.
Ramsey suggested increasing financial discipline as a more viable strategy. &#8220;Whatever you&#8217;re doing, look out there into the future and say, ‘Where&#8217;s that going to? Where&#8217;s that going to take me?’ Then that kind of critical thinking will lead you back to doing a budget,” he said. “What happens in your house … is way more important than what happens in the White House. So don&#8217;t let these outside variables destroy your future by you not controlling you.”
Several financial metrics suggest that consumers’ financial troubles are on the rise following COVID and the lockdown-induced recession. Debt service payments for consumer loans as a percentage of disposable income have risen from 5.1% during the second quarter of 2020 to 5.6% during the first quarter of 2022 after a marked decline, according to the <a href="https://fred.stlouisfed.org/series/CDSP">Federal Reserve Board of Governors</a>.
Despite the economic turmoil, President Joe Biden — who <a href="https://fred.stlouisfed.org/series/CPIAUCSL">began</a> his tenure when inflation was 1.4% — <a href="https://www.dailywire.com/news/biden-claims-america-had-zero-percent-inflation-in-the-month-of-july">took a victory lap</a> in reaction to the most recent price level announcement. “Today we received news that our economy had 0% inflation in the month of July,” he told members of the press. “Here’s what that means — while the price of some things went up last month, the price of other things went down by the same amount. The result: zero inflation last month. People are still hurting, but zero inflation last month.”
The newest inflation report occurs as the Biden administration <a href="https://www.dailywire.com/news/vp-harris-breaks-tie-senate-passes-democrats-inflation-reduction-act-climate-tax-and-spending-bill">endorses</a> the Inflation Reduction Act — a $740 billion package that includes $369 billion in climate provisions. Vice President Kamala Harris cast the tie-breaking ballot in a party-line Senate vote earlier this week.

Dave Ramsey’s Total Money Makeover LIVE

Personal Finance Guru Dave Ramsey Reveals The Key To Enduring High Inflation

Personal Finance Guru Dave Ramsey Warns Of High Credit Card Debt Amid High Inflation

Inflation

Republican South Carolina Senator <a href="https://www.dailywire.com/topic/lindsey-graham">Lindsey Graham</a> blasted the provision in the so-called &#8220;Inflation Reduction Act&#8221; that would allow the IRS to hire up to 87,000 more agents.
At a <a href="https://www.youtube.com/watch?v=_gsIEmZ1eF4">press conference</a> with South Carolina Governor Henry McMaster Tuesday, Graham assailed the provision to hire up to <a href="https://www.dailywire.com/news/bidens-inflation-reduction-act-would-allow-irs-to-hire-up-to-87000-new-employees-raise-taxes-report">87,000 new IRS agents</a> over 10 years, more than doubling the size of the tax collection agency. Graham said that those agents would inevitably target middle-class Americans, since upper-class people have the money to afford accountants and lawyers that most people do not. Graham also vowed to fight against IRS expansion by rescinding the annual spending for the IRS and redirecting it to the southern border.
&#8220;The one that really has gotten a lot of attention is that, for some reason, somehow, every Democrat in Washington and the United States Senate believes it&#8217;s a good thing to hire 87,000 new IRS agents to come after you and your taxes,&#8221; Graham said. &#8220;This is supposed to be for the rich, but let me tell you, the rich have a bunch of lawyers and accountants. Well over half of all the audits conducted in the United States today are conducted on people who make less than $75,000 [a year].&#8221;
&#8220;I couldn&#8217;t believe it when I read it,&#8221; Graham continued. &#8220;They&#8217;re talking about expanding the IRS two and a half times.&#8221; Graham noted that the number of new IRS agents would be enough to completely fill either Williams-Brice Stadium, the University of South Carolina&#8217;s football stadium, or &#8220;Death Valley,&#8221; Clemson University&#8217;s football stadium. &#8220;So when you go to the football games this fall, just imagine everybody to your left and right being IRS agents.&#8221;
&#8220;Look at how it changes the [agency],&#8221; Graham went on. &#8220;[There are] 78,000 current employees, we&#8217;re gonna add 87,00 new ones in the next ten years. [I] wonder what they will be up to. If you think the federal government is out of control now, God help us when you get 87,000 new IRS agents who are looking under every rock and stone to get money out of your pocket. This is bigger than the British army. So, my belief is that we probably need a bigger British army and a smaller IRS.”
Graham then promised to fight the implementation of funding, and redirect that funding toward hiring more border patrol agents. &#8220;Governor, I&#8217;m gonna fight this tooth and nail,&#8221; he said, looking to McMaster. &#8220;This plan — of, I think it&#8217;s $60 billion additional funding for IRS — is implemented over a 10 year period. Every year, I&#8217;m gonna try to rescind the spending for the IRS and send it to the border, where we actually need border patrol agents. We have 18,000 border patrol agents. I&#8217;d like to see a lot more border patrol agents and less IRS agents.&#8221;
Graham closed his remarks by saying that the <a href="https://www.dailywire.com/news/vp-harris-breaks-tie-senate-passes-democrats-inflation-reduction-act-climate-tax-and-spending-bill">bill</a> would harm the economy of South Carolina and deepen the <a href="https://www.dailywire.com/news/u-s-in-a-recession-after-second-straight-quarter-of-negative-growth">recession</a> the U.S. economy is currently in. He called the bill a &#8220;power grab in the name of climate change,&#8221; and &#8220;a tax and spend bill at a time we can least afford it.&#8221; He urged Democrats in the House to vote down the bill.

Lindsey Graham

‘God Help Us’: Lindsey Graham Blasts Plan To Add 87,000 New IRS Agents, Vows To Redirect Funding To The Border

'God Help Us': Lindsey Graham Blasts Plan To Add 87,000 New IRS Agents, Vows To Redirect Funding To The Border

Internal Revenue Service (IRS)

spending

Taxes

With Senate Democrats passing the $740 billion &#8220;Inflation Reduction Act&#8221; Sunday, Americans might see an extra 87,000 new Internal Revenue Service (IRS) agents providing taxpayers with &#8220;better service,&#8221; according to one liberal lawmaker.
Amid high inflation and a recession, U.S. Senators broke even on voting for the legislation. All 50 Democrat Senators supported, and all 50 Republicans rejected the act, allowing Vice President Kamala Harris to break the tie vote. 
While the bill emphasizes spending toward climate and health packages — an extra $80 billion would primarily enhance IRS enforcement and operations while modernizing new technology systems. IRS enforcement aims to ramp up auditing the wealthy and impose a minimum tax on large corporations over the next decade.
However, the number of new agents has working-class Americans concerned that they could see a tax hike, considering Sen. Joe Manchin (D-WV) once said raising taxes during a recession is wrong, Fox News <a class="editor-rtfLink" href="https://www.foxnews.com/politics/sen-cardin-denies-democrats-inflation-reduction-act-will-increase-taxes-during-recession" target="_blank" rel="noopener">reports</a>.  
Sen. Ben Cardin (D-MD) attempted to ease taxpayer worries to &#8220;Fox News Sunday&#8221; host Mike Emanuel when asked if hiring 87,000 new IRS agents would &#8220;scare the heck out of millions of Americans.&#8221;
&#8220;Millions of Americans aren&#8217;t going to be impacted by that other than getting better service from the IRS having their telephone answer getting the questions they need in order to comply with our tax laws,&#8221; Cardin said. &#8220;The auditing is going to be focused on those of high income, the large corporations, etc.&#8221; 
IRS commissioner Charles P. Rettig told Congress that if the agency were given the additional $80 billion through the legislation, it would not increase audits of households earning less than $400,000, the New York Times <a class="editor-rtfLink" href="https://www.nytimes.com/2022/08/04/business/irs-audits-funding-congress.html" target="_blank" rel="noopener">reports</a>.
The Washington Post <a href="https://www.washingtonpost.com/business/2022/08/06/inflation-reduction-act-irs/">reports</a> more than half of the agency&#8217;s audits last year targeted taxpayers earning less than $75,000, with 40% earning income tax credits. Data also shows the agency lost more than 16,000 employees since 2010.
 <a class="editor-rtfLink" href="https://apnews.com/article/inflation-nato-biden-climate-and-environment-7bc6644107e4ce365ab9e225c0591b5c" target="_blank" rel="noopener">The Associated Press</a> reports that a senior administration official from the U.S. Treasury Department said the bill could raise a net of $400 billion in the next ten years. The net increase could improve the federal agencies&#8217; customer service team, who generally answers only 15% of its calls compared to the remaining callers waiting on hold while the next representative finishes helping other customers. 
&#8220;So there&#8217;s no reason to be fearful,&#8221; Sen. Cardin added. &#8220;And if you have paid your taxes and if you comply with our laws, you should want to make sure everyone else does that.&#8221; 
Sen. Richard Blumenthal (D-CT) <a class="editor-rtfLink" href="https://twitter.com/RNCResearch/status/1556296383220649984" target="_blank" rel="noopener">told</a> CNN State of the Union host Dana Bash he believes the IRS would target the highest income Americans.
&#8220;As the saying goes, that&#8217;s where the money is,&#8221; Blumenthal said, referencing the quote from the 1930s bank robber Willie Sutton when asked why he robbed banks. &#8220;That&#8217;s where they&#8217;re going to look to collect.&#8221;
&#8220;The idea that there&#8217;s going to be this army of IRS agents &#8230; descending on the average American is just preposterous,&#8221; he added.
The Washington Post reports Sen. John Barrasso (R-WY) spoke at a news conference last week, saying the proposed spending for the federal service would &#8220;put the IRS on steroids,&#8221; adding the total amount to about a million per IRS agent.
&#8220;You don&#8217;t need that many IRS agents to go after a few people they say are very, very rich,&#8221; Barrasso said, adding the bill would impact &#8220;families, farmers and the small businesses of Americans, that&#8217;s who&#8217;s going to bear the burden of this legislation.&#8221;
New taxes proposed in the bill show it would raise some $258 billion in new revenue by imposing a 15% minimum tax on companies with more than $1 billion in profits and force companies to follow IRS account principles when reporting income. 
House Minority Whip John Thune (R-SD) introduced an amendment to create exemptions for the 15% corporate minimum tax established by the bill.
Thune said of the IRS on the Senate floor last week that it only succeeded in answering about one out of every 50 phone calls during the 2021 tax season. 
&#8220;Yet 4 percent of the $80 billion is going to taxpayer services; 57 percent goes to enforcement so that the IRS can spend more time harassing taxpayers around this country,&#8221; Thune added.
The bill now heads over to the U.S. House of Representatives, where members are expected to reconvene at the end of the week to vote on the proposed legislation.

Senate Foreign Relations Committee Examines US-Russia Policy

Dem Senator Suggests Adding 87,000 New IRS Agents Will Give American Taxpayers ‘Better Service’

Dem Senator Suggests Adding 87,000 New IRS Agents Will Give American Taxpayers 'Better Service'

Senate Democrats

Sen. Mike Rounds (R-SD) said that while the July jobs report showed strong job growth, those numbers could be a &#8220;precursor&#8221; to &#8220;serious economic issues coming very shortly.&#8221;
Appearing on ABC&#8217;s &#8220;This Week with George Stephanopoulos&#8221; on Sunday, Rounds said that while the job figures were high, they masked the fact that soaring inflation meant payrolls are declining in value, so companies are still hiring.
&#8220;You talked about the possibility of a recession, we just saw that jobs report on Friday, 528,000 new jobs in July, 3.5% unemployment, that’s 50-year low,&#8221; host Stephanopoulos began.
&#8220;There are two parts that we want to remember,&#8221; Rounds <a href="https://abcnews.go.com/ThisWeek/video/sen-mike-rounds-88061623">responded</a>. &#8220;First of all, we know that our GDP has gone down the last two quarters, so let’s all recognize that’s accepted by everybody, that is down.&#8221;
&#8220;The second part is that, while we’re very happy to see the job growth, positive thing, remember that back in the 1970s, and moving into the 1980s, we actually saw job growth, because unless your wages are keeping up with inflation, payrolls actually go down in value. And so what you’re actually seeing, we believe, might be a precursor of what&#8217;s to come.&#8221;
&#8220;You&#8217;re gonna find out larger companies such as Walmart are starting to talk about to reduce the number of people they&#8217;re gonna be employing,&#8221; Rounds continued. &#8220;But in the meantime, if your wages&#8211; if you can save on wages because, as inflation goes up, the value of wages is not as great as it was, unless it&#8217;s also going up at the same or greater rate– well then, you can afford to have people stay on the payroll, and your payroll actually goes down compared to the products you’re producing or that you’re buying and moving through the market.&#8221;
&#8220;So while this is good and we want to see job growth, I don’t think we can necessarily say that this is not a precursor yet to probably some more serious economic issues coming very shortly,&#8221; he added. &#8220;We hope we’re building our way out of a recession but you don’t do that by raising taxes. You do it by promoting and expanding businesses, getting the economy rolling again.&#8221;
The economy added 528,000 jobs in July, as The Daily Wire <a href="https://www.dailywire.com/news/u-s-july-jobs-report-528000-added-unemployment-down-to-3-5">reported</a> Friday, pushing the unemployment rate down to 3.5%. But that number may not be an accurate measure of the strength of the economy, experts noted. “The gain of 528K #jobs in July as the labor force participation rate fell to 62.1, means that most of the new jobs went to people who already had jobs,” economist <a href="https://twitter.com/PeterSchiff/status/1555541334374731776?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1555541334374731776%7Ctwgr%5E67687a57aef49e925cb2d18126e753ced1a5fbab%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.dailywire.com%2Fnews%2Fu-s-july-jobs-report-528000-added-unemployment-down-to-3-5">Peter Schiff</a> tweeted.
“Collapsing real wages force many workers to moonlight to pay the bills. If the labor market were strong one job would be enough,” he added.

Mike Rounds

GOP Senator: Jobs Report Could Be A ‘Precursor’ Of ‘Serious Economic Issues Coming Very Shortly’

GOP Senator: Jobs Report Could Be A 'Precursor' Of 'Serious Economic Issues Coming Very Shortly'

Jobs

Republican

This Week

<a href="https://www.dailywire.com/topic/bernie-sanders">Senator Bernie Sanders (I-VT)</a> slammed the Inflation Reduction Act (IRA) negotiated by <a href="https://www.dailywire.com/topic/chuck-schumer">Senate Majority Leader Chuck Schumer (D-NY)</a> and Senator Joe Manchin (D-WV), in part because of a recent nonpartisan report that revealed the bill would do very little to actually reduce inflation.
Saturday evening, Vice President Kamala Harris <a href="https://thehill.com/homenews/senate/3591216-harris-breaks-50-50-deadlock-to-advance-landmark-climate-tax-health-bill/">rushed</a> to the Senate to cast the tie-breaking vote 51 &#8211; 50 to move the bill for debate before considering amendments. Despite voting in support of advancing the climate change and government spending bill, Sanders immediately voiced his concerns about the legislation.
&#8220;I want to take a moment to say a few words about the so-called Inflation Reduction Act that we are debating this evening,&#8221; Sanders <a href="https://www.businessinsider.com/bernie-sanders-inflation-reduction-act-schumer-manchin-2022-8">said</a> on Saturday. &#8220;I say so-called because according to the [Congressional Budget Office] and other economic organizations that have studied this bill, it will in fact have a minimal impact on inflation.&#8221;
In a letter sent responding to Senator Lindsey Graham (R-SC), the nonpartisan Congressional Budget Office (CBO) reported that the bill would barely make a dent in surging prices over the next year and half.
&#8220;In calendar year 2022, enacting the bill would have a negligible effect on inflation, in CBO’s assessment,&#8221; the CBO <a href="https://www.budget.senate.gov/imo/media/doc/58357-Graham.pdf">claimed</a>. &#8220;In calendar year 2023, inflation would probably be between 0.1 percentage point lower and 0.1 percentage point higher under the bill than it would be under current law, CBO estimates.&#8221;
In reaction, Graham blasted the Democrats for their &#8220;tax and spend proposal.&#8221;
&#8220;Democratic statements about the proposal are quite frankly wrong and misleading,&#8221; Graham <a href="https://www.budget.senate.gov/ranking-member/newsroom/press/cbo-confirms-to-graham-dems-inflation-reduction-act-wont-reduce-inflation#:~:text=CBO%20found%3A,would%20reduce%20incentives%20to%20work.">said</a>.
Graham also noted that the Inflation Reduction Act — which <a href="https://smartasset.com/financial-advisor/inflation-reduction-act#:~:text=The%20proposed%20legislation%20aims%20to,another%20vote%20in%20the%20House.">cost</a> taxpayers more than $700 billion — benefits wealthy families with government subsidies while hurting the economy.
“Further, CBO indicates that the Obamacare subsidies can go to a family of four earning $304,000 a year. This is, by any reasonable definition, people who are doing well and not in need of subsidies from the government,&#8221; he <a href="https://www.budget.senate.gov/imo/media/doc/58357-Graham.pdf">added</a>. “Also, CBO confirmed my suspicion that the way the 15 percent corporate minimum tax is constructed would hurt economic growth.&#8221;
The CBO also <a href="https://www.budget.senate.gov/imo/media/doc/58357-Graham.pdf">reported</a> that the IRA’s &#8220;proposed new corporate minimum tax would reduce the incentive for those large corporations to invest, primarily by limiting the tax benefit of accelerated depreciation and by decreasing the after-tax return on their new investment.&#8221;
“So what have we learned today from CBO? The bill does not lower inflation, it hurts economic growth and the Obamacare subsidies are absurd,&#8221; Graham <a href="https://www.budget.senate.gov/ranking-member/newsroom/press/cbo-confirms-to-graham-dems-inflation-reduction-act-wont-reduce-inflation#:~:text=CBO%20found%3A,would%20reduce%20incentives%20to%20work.">remarked</a>.
The CBO also reported that a key provision of the bill that bans pharmaceutical manufacturers from raising the prices of drugs higher than the rate of inflation would actually increase the cost of new drugs.
&#8220;The Congressional Budget Office projects that the inflation-rebate and negotiation provisions would increase the launch prices for drugs that are not yet on the market relative to what such prices would be otherwise,&#8221; the CBO <a href="https://www.axios.com/2022/08/05/democrats-drug-prices-medicare-effects">explained</a>.
Sanders also claimed that his colleagues must focus on &#8220;the major crises facing working families.”
&#8220;If we cannot do that, not only will people continue to hurt and suffer, but to my mind, it is questionable how long we will remain a democracy,&#8221; he said on Saturday.
It is likely that the final version of the bill will be slightly different after debate as senators like Sanders attempt to add preferred amendments to the bill.

Bernie Sanders

Bernie Sanders Slams ‘The So-Called Inflation Reduction Act’

Bernie Sanders Slams 'The So-Called Inflation Reduction Act'

Biden Administration

Federal Government

<a href="https://www.dailywire.com/topic/joe-rogan">Joe Rogan</a> slammed Democrats this week during an episode of &#8220;The Joe Rogan Experience&#8221; for trying to avoid calling the state of the U.S. economy a &#8220;<a href="https://www.dailywire.com/topic/recession">recession</a>.&#8221;
Rogan made the remarks after his guest, YouTuber Chris Williamson, told him that Wikipedia had repeatedly made edits to the definition of &#8220;recession.&#8221;
There were dozens of <a href="https://www.dailywire.com/news/wikipedias-recession-page-shows-41-edits-in-one-week-attempts-at-changing-definition">edits</a> made to Wikipedia&#8217;s &#8220;Recession&#8221; page by unregistered users. The edits even grabbed the attention of Elon Musk, who <a href="https://nypost.com/2022/07/29/elon-musk-blasts-wikipedia-after-it-suspends-edits-of-recession-page/">tweeted</a> at one of Wikipedia&#8217;s founders that the site was &#8220;losing its objectivity.&#8221;
&#8220;The government is trying to not call it a recession,&#8221; Rogan said, adding that the political Left was &#8220;literally changing the definition, which is terrible and it should be pushed back against in a big way.&#8221;
&#8220;It should be something that people get angry about, like, ‘Hey, you’re f***ing with definitions in order to pretend that you’re doing a good job,’” Rogan continued. &#8220;We’ve always used that term to define whether or not the economic policies that are currently in place and whether or not the management and the government has done a good job of making sure that the economy stays in a good place. They definitely haven’t done that.&#8221;
&#8220;What a bunch of weasels,&#8221; Rogan concluded.
Last week, the U.S. Bureau of Economic Analysis released data showing that the U.S. economy shrank for the second straight quarter, satisfying the traditional requirement of a recession, The Daily Wire <a href="https://www.dailywire.com/news/joe-biden-shrinking-gdp-consistent-with-transition-to-stable-economy">reported</a>.
The Biden administration has downplayed the poor economic news by claiming that the economy is transitioning out of a fast-paced, post-pandemic recovery to a more stable environment. The White House’s claims come as Americans continue to be battered by inflation, which measured over 9% in June.
“Now, there is no doubt we expect growth to be slower than last year rather than the rapid clip we had,” Biden claimed after the numbers were released. “But that’s consistent with the transition to a stable, steady growth and lower inflation. There is going to be a lot of chatter today on Wall Street and among pundits about whether we are in a recession, but if you look at our job market, consumer spending, business investment, we see signs of economic progress in the second quarter as well.”
Biden quickly faced pushback from inside his own party, including New York City Mayor Eric Adams (D), who said that the economy was in a recession.
“We are in a financial crisis, like you can never imagine,” Adams <a href="https://www.dailywire.com/news/nyc-mayor-adams-bucks-biden-admin-admits-were-in-a-recession">said</a>. “Wall Street is collapsing; we’re in a recession.”
Tim Pearce contributed to this report.
Related: <a href="https://www.dailywire.com/news/in-denial-and-out-of-touch-jake-tapper-isnt-buying-biden-admin-spin-on-recession">‘In Denial And Out Of Touch’: Jake Tapper Isn’t Buying Biden Admin Spin On Recession</a>

UFC 277 Weigh-in

Rogan Slams Democrats For Trying To Claim Economy Is Not In A Recession: ‘What A Bunch Of Weasels’

Rogan Slams Democrats For Trying To Claim Economy Is Not In A Recession

Joe Biden

Joe Rogan

A key measure of <a href="https://www.dailywire.com/topic/inflation">inflation</a> rose to a new 40-year high in June, according to new data, marking troubling news for Americans as the economy officially entered a <a href="https://www.dailywire.com/topic/recession">recession</a> on Thursday.
According to new <a href="https://www.cnbc.com/2022/07/29/inflation-figure-that-the-fed-follows-closely-hits-highest-level-since-january-1982.html">data</a> put out by the Bureau of Economic Analysis (BEA) on Friday, the personal consumption expenditures (PCE) index increased 6.8% in June, the highest yearly increase since January 1982. The month-to-month change in PCE was also the highest since February 1981, when the PCE also jumped 1% from the previous month.
The PCE index also found core inflation (removing food and energy prices) up 4.8% yearly, which was higher than the previous month’s increase. The numbers exceeded Dow Jones estimates for inflationary increases.
The new inflation numbers also come as the U.S. officially <a href="https://www.dailywire.com/news/u-s-in-a-recession-after-second-straight-quarter-of-negative-growth">entered</a> a recession on Thursday, as gross domestic product decreased for a second consecutive quarter.
The BEA’s first estimate of the nation’s <a href="https://www.dailywire.com/topic/economy">gross domestic product</a> was worse than the predicted expansion of 0.5%, shrinking at an annualized rate of 0.9%. Economists widely define a recession as two consecutive quarters of negative growth.
“The decrease in real GDP reflected decreases in private inventory investment, residential fixed investment, federal government spending, state and local government spending, and nonresidential fixed investment that were partly offset by increases in exports and personal consumption expenditures (PCE),” the BEA explained. “Imports, which are a subtraction in the calculation of GDP, increased.”
Despite the poor economic news, President Biden has maintained that the U.S. economy is in good shape and “on the right path.”
“Coming off of last year’s historic economic growth – and regaining all the private sector jobs lost during the pandemic crisis – it’s no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation,” Biden <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/07/28/statement-by-president-biden-on-second-quarter-gdp-report/">said in a statement</a>.
“But even as we face historic global challenges, we are on the right path and we will come through this transition stronger and more secure,” the president added. “Our job market remains historically strong, with unemployment at 3.6% and more than 1 million jobs created in the second quarter alone.”
Biden also pushed two pieces of legislation, the CHIPS Act and the Inflation Reduction Act, that would spend billions of more dollars.
The two plans combined would cost taxpayers roughly $920 billion. CHIPS would <a href="https://www.geekwire.com/2022/senate-passes-chips-and-science-act-dubbed-a-historic-investment-in-u-s-innovation-and-tech/">cost</a> nearly $250 billion and the Inflation Reduction Act <a href="https://www.politico.com/news/2022/07/27/manchin-schumer-senate-deal-energy-taxes-00048325">would</a> spend $670 billion total while raising certain taxes. Experts have also <a href="https://www.wral.com/fact-check-did-biden-s-government-spending-cause-inflation/20247768/">surmised</a> that Biden’s $1.9 trillion “American Rescue” spending plan contributed to the current record-high inflation mentioned by the president.
Tim Meads contributed to this report.

US Paper Money Flying out of Man’s Hand

More Bad Inflation News As U.S. Enters A Recession, Biden Pushes Spending

Supply Chain

New York City Mayor Eric Adams contradicted the Biden administration Thursday, admitting that both New York City and the United States as a whole are in a recession.
Speaking at a meeting of interfaith leaders at the Sanzer Yeshiva in Staten Island, hosted by the nonprofit Project Hospitality, Adams contradicted the Biden administration&#8217;s repeated claims that the U.S. economy is not in a recession despite two quarters of declining GDP.
Adams quickly walked back his comments when pressed by reporters, however, saying that he believes the economy will recover and that he trusts Biden.
During the speech, Adams stressed the need to spend money wisely, comparing the New York City budget to his experience growing up in a poor family. He described how his mother would show him and his siblings the family&#8217;s income and expenses. “&#8217;You tell me what to take off the plate if you want me to put something else on the plate,'&#8221; Adams said, quoting his mother. &#8220;I’m coming to you as a city and saying, ‘This is how much we have, that’s it.&#8217;”
&#8220;We are in a financial crisis, like you can never imagine,&#8221; Adams continued. &#8220;Wall Street is collapsing; we’re in a recession.”
After the speech, Adams was asked by a reporter from the Jewish publication <a href="https://hamodia.com/2022/07/28/adams-says-were-in-a-recession-contradicting-biden/">Hamodia</a> whether he believed the Biden administration was wrong for claiming that the U.S. is not in a recession. Adams seemed to walk back his remarks. “We’re going to recover, and Biden is the president, and I follow his presidency,” Adams told the outlet.
Asked whether he thinks the U.S. is currently in a recession, Adams again deferred to the Biden administration&#8217;s judgement. “The president will make a determination on the official title of where we are,&#8221; he said. &#8220;[T]hat’s the president, and I follow the lead of the president. We’re dealing with tough economic times, but we’re going to get through it, because I trust in the president.”
The Biden administration has been embarking on a damage control campaign since last week, as <a href="https://www.dailywire.com/news/u-s-in-a-recession-after-second-straight-quarter-of-negative-growth">second-quarter GDP</a> numbers showed that the U.S. economy shrank by 0.9%. Last week, the <a href="https://www.dailywire.com/news/white-house-does-preemptive-damage-control-as-economy-heads-toward-recession">White House</a> published a blog post that attempted to disregard the common definition of a recession in favor of a broader definition.
“While some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle,” the White House wrote. “Instead, both official determinations of recessions and economists’ assessment of economic activity are based on a holistic look at the data — including the labor market, consumer and business spending, industrial production, and incomes. Based on these data, it is unlikely that the decline in GDP in the first quarter of this year — even if followed by another GDP decline in the second quarter — indicates a recession.”
On Thursday, Biden touted the low unemployment rate, growing labor market, and several new investments in <a href="https://www.dailywire.com/news/doesnt-sound-like-a-recession-to-me-joe-biden-downplays-economic-woes-as-u-s-enters-recession">remarks</a> at the White House. “That doesn’t sound like a recession to me,” Biden said, before promptly walking away from the podium without taking questions from the press.

Eric Adams

NYC Mayor Adams Bucks Biden Admin, Admits ‘We’re In A Recession’

NYC Mayor Eric Adams Bucks Biden Admin, Admits 'We're In A Recession'

New York City

CNN anchor <a href="https://dailywire.com/news/you-dont-use-these-tools-jake-tapper-corners-biden-econ-adviser-for-blowing-smoke-about-inflation/">Jake Tapper</a> grilled White House Adviser Gene Sperling during a Thursday afternoon interview, suggesting that it could ultimately backfire if President Joe Biden insisted on continuing his efforts to <a href="https://dailywire.com/news/biden-admin-under-fire-for-trying-to-mask-recession-as-u-s-economy-shrinks-for-second-consecutive-quarter/">redefine</a> the term &#8220;recession&#8221; to avoid admitting the United States is in one.
Sperling joined <a href="https://dailywire.com/news/not-all-of-it-jake-tapper-interrupts-biden-official-who-keeps-insisting-gas-prices-are-putins-fault/">Tapper</a> on his afternoon show &#8220;The Lead&#8221; to discuss the latest economic numbers — particularly the second consecutive quarter marred by negative growth — which cemented American&#8217;s fears that a recession was not just looming, it had already arrived.
WATCH:
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Jake Tapper suggests <a href="https://twitter.com/hashtag/recession?src=hash&amp;ref_src=twsrc%5Etfw">#recession</a> spin is making the Biden Admin appear &quot;in denial and out of touch.&quot; <a href="https://t.co/EbG2R048Vb">pic.twitter.com/EbG2R048Vb</a>
&mdash; Virginia Kruta (@VAKruta) <a href="https://twitter.com/VAKruta/status/1552770798779236352?ref_src=twsrc%5Etfw">July 28, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Tapper noted that the United States GDP declined by 1.6% in the first quarter and again by 0.9% in the second quarter — which traditionally would be described as a recession. But the Biden Administration has repeatedly denied that such a recession was happening — or even that it might happen in the near future — and even announced on Thursday that the second quarter of negative growth was actually a sign that the economy was &#8220;transitioning&#8221; to a more stable state.
Tapper appeared unconvinced, and asked Sperling whether doubling down on denying the existence of a recession that Americans were feeling every day was the wisest course of action.
&#8220;Traditionally, a recession is understood to be two successive quarters of negative economic growth, and that is what we’re in. I understand that you will tell me that’s not the official definition, but doesn’t this semantic debate risk making the White House seem as if you’re in denial and out of touch with Americans who are really struggling out there?&#8221; he asked.
&#8220;Not at all, Jake. Let’s acknowledge that every single family is the world’s leading expert on how they themselves are doing,&#8221; Sperling replied, going on to state that the White House was certainly aware that the American people were being &#8220;squeezed&#8221; by record-shattering inflation and gas prices.
He then pivoted to tout &#8220;record&#8221; job growth — which many have noted consists primarily of people who were forced out of their jobs by COVID-related lockdowns and closures returning to the workforce.
&#8220;But I think it’s also responsible to give people a balanced view of the state of the economy. And I’ll offer you one fact, which is in the history of our country, only last year, only in 2021, has there ever been greater job growth in the first six months of a year than there were this year,&#8221; Sperling added.
&#8220;But it’s been two quarters in a row of negative GDP growth,&#8221; Tapper objected. &#8220;That is an ugly fact. And traditionally, that has been the colloquial way that a recession has been defined.&#8221;
Sperling conceded that the current state of the economy did meet the &#8220;colloquial&#8221; definition of a recession, but continued to insist that it still did not meet the &#8220;technical&#8221; definition.

Late Night with Seth Meyers – Season 6

‘In Denial And Out Of Touch’: Jake Tapper Isn’t Buying Biden Admin Spin On Recession

Jake Tapper Isn't Buying Biden Admin Spin On Recession

Jake Tapper

Menu