Bidenomics is a deceivingly catchy phrase that really indicates more government spending on wars, technology, and climate science. Basically, itundefineds trickle-down big government as usual with many people watching all of their savings dry up while their paychecks buy less due to excessive inflation. It is another example of growth and expansion of government power and spending - no one really benefits from it except the billionaires and other cronies who have exploited our shattered dreams for the last three years. Tonight on Ground Zero, Clyde Lewis talks with financial analyst, Alan Johnson about BIDENOMICS - BURNING THROUGH YOUR POCKET.
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SHOW PODCAST:
https://aftermath.media/podcast/7-5-23-bidenomics-burning-through-your-pocket-w-alan-johnson/
SHOW TRANSCRIPT:
I actually did something that I had not done since before the Covid Crisis. I took Liam out to see the fireworks on the Waterfront. Liam made a very interesting statement during the fireworks show.
He said to me undefinedDonundefinedt you find it ironic that a bunch of farmers and total hillbillies were able to stand up to a King back in the 1700s and give us a day where all we do is blow things up?undefined He then said, undefinedPeople today have more resources to set a government straight and declare that they wonundefinedt be bullied but they wonundefinedt even do it undefined that should tell you how brave our forefathers were. undefined
What America is up against is unlike anything we have ever encountered or experienced. If there was ever an upheaval or rebellion there would be the potential of it being more bloody than the Civil War and more threatening than both world wars.
Many people do not want to consider that we have domestic enemies that are in places of power and their mission is to bring our country to a level that is comparable to a third-world country -something that has to be done in order to conduct a reset.
These treacherous agents are dividing our country, destroying our freedom, our democratic republic, our sovereignty, our values, our morality, social cohesion, the family unit, our culture, and even our monuments to American heroes.
It is being accomplished because it appears that there i no opposition and no one to explain how we all should be getting our houses in order to prepare for that which will again disrupt our modern living.
A lot of people are confused. They think it is just politics as usual undefined but it certainly isnundefinedt undefined this has gone beyond politics undefined this is a wrecking ball operation.
People stare at their TVs in disbelief when Biden was asked, undefinedCan you explain your economic plan?undefined The answer, undefinedI donundefinedt know, but Iundefinedm running on it.undefined Or, announcing to the American people that Putin is losing the war in Iraq or saying God Save the Queen or some other gaffe that makes us wonder if he has a brain problem.
Although many journalists did a fine job this week highlighting the president’s apparent confusion regarding Russia’s invasion of Ukraine, one can’t help but feel as if the news industry as a whole is avoiding the obvious follow-up question. Namely, “Is Biden OK?”
It’s not an unfair question, either, considering the Iraq/Ukraine gaffes were not an isolated series of incidents. They are simply the latest in a string of bizarre, confused and mostly unintelligible statements from Biden in the much longer string of bizarre, confused and mostly unintelligible statements that have come to define the Biden presidency.
This isn’t just about whether Biden has the stuff to finish this term, let alone serve a second one. This is also about why we in the media aren’t having a more robust debate regarding Biden’s mental acuity. The apparent lack of interest in the matter certainly feels like a change of pace for an industry that historically hasn’t shied from the issue.
But there is more to this undefined cover up and that is the cutesy marketing campaign that they are using to sanitize the fact that a lot of Americans are becoming burdened economically.
The other day I heard something said by the President that struck me as yet another marketing phrase that basically takes the current president’s name and teams it up with the word economics. Yes, we are now hearing of Bidenomics and well no one used the phrasing since Reagan with Reaganomics- and I am sure the media would giggle if we used the term Obamanomics.
It is all part of a undefinedfreshundefined new public relations campaign.
Bidenomics while cute does not make it any more pleasant -even Biden said in a speech that he doesnundefinedt know what the hell Bidenomics is but it is working.
According to a White House statement, Bidenomics rests on three pillars: massive “smart” government spending on renewable energy and semiconductors, support for unions and domestic manufacturing, and promoting competition. As a result, the White House states, “Our economy has added more than 13 million jobs—including nearly 800,000 manufacturing jobs—and we’ve unleashed a manufacturing and clean energy boom.”
The Creating Helpful Incentives to Produce Semiconductors and Science (CHIPS) Act of 2022 allocates $280 billion in federal spending to bolster U.S. semiconductor manufacturing. The Infrastructure Act of 2021 allocated more than $65 billion for “clean energy” projects. And the 2022 Inflation Reduction Act allocated an additional $394 billion for clean energy in the form of tax incentives, loans, and grants.
Bidenomics is a friendly and catchy phrase to basically indicate that there will be more government spending on wars, tech, and Climate science.
Basically trickle down big government as usual undefined with many people watching all of their savings dry up and their paychecks buying less.
It will be another example of growth and expansion of government power, and certainly, big government spending and no one really will benefit from it undefined except the billionaires and others that have exploited our shattered dreams for the last three years.
The corporations also are not caring at all about what the people want as they are facilitating woke messages that have created chaos and mistrust amongst the consumers.
The more the government seeks to influence the private sector, the more the private sector will orient itself toward producing what the government wants versus what consumers want.
There is no satisfaction or trust anymore and every day that we do our banking or pay out for every little thing undefined there is still the threat of a new system that will most certainly control the money system and put limits on spending based on social credit.
Bidenomics is nothing more than the application of government intervention to guide, direct and restructure the economy as the White House thinks it should be structured,
It is nothing more than a needless intervention. A talking point that the democratic side can use as a marketing term to sell the continued loss of dollar value in the country.
Many Americans barbecued, drank, popped fireworks and went nuts during the Fourth of July Holiday.
But under Bidenomics Americans spent more money on the food and all of the other party favors they wanted for the celebration.
Based on an annual survey of U.S. consumers, having a cookout is the most popular way of celebrating Independence Day.
In 2014, total spending was estimated at just $6.3 billion, and this yearundefineds 23 percent year-over-year increase is the largest on record - even larger than that observed in the first pandemic recovery year.
Higher prices are clearly fueling spending this year. With 87 percent of respondents saying they were going to celebrate this year, an average of $93.34 was spent per person on food, up from $84.12 last year.
That is what is called, Bidenflation.
While Americans had built up savings at an unprecedented rate following the pandemic, households are struggling to put money away this year—a trend that has fueled fears among economists of an incoming recession.
During the COVID-19 health emergency, when many across the country were forced into lockdowns and the national economy suffered a shutdown, peopleundefineds personal savings thrived, with people saving as much as 30 percent of their monthly income and having $2.3 trillion in excess savings between 2020 and 2021, according to the Federal Reserve.
For context, it should be noted that these excess savings were concentrated in the top half of households by income, while many lower-income households struggled to make ends meet.
Three years later, the rate of savings among American households is rapidly falling. In February, the U.S. personal savings rate was estimated to be around 4.6 percent—much below the decades-long average of about 8.9 percent, according to the Bureau of Economic Analysis. But what does this mean?
Some economists think that the collapse of household savings could lead to a spending slowdown and trigger a recession. Consumer spending currently represents about 70 percent of the U.S. GDP, a crucial factor influencing the countryundefineds economic growth.
Up until now, the recent growth of inflation and the Federal Reserveundefineds attempts to curtail it by raising the bankundefineds key interest rate in 2022 and this year have not curbed household spending by as much as expected. Thatundefineds because Americans had a lot of savings accumulated during the years of the health emergency they could burn through.
Now, these savings are starting to dry up, as inflation remains relatively high at 4.05 percent in May despite having cooled down compared to its peak of 9.1 percent in June last year. On top of that, wages havenundefinedt grown much at all in recent years, staying much behind inflation.
And this is in addition to the effective tax of inflation itself, which drives up the cost of goods and services as the dollar loses its value. Inflation was cited as the main reason why 76 percent of Americans polled in an Associated Press-University of Chicago survey in May had a negative view of Biden’s economic policies.
Many attribute escalating prices to unprecedented levels of government spending, coupled with policies that discouraged the production of oil and gas, driving up the cost of gasoline and diesel, fertilizer, food, and transportation, although the Biden administration has blamed the Russian invasion of Ukraine.
Biden claimed that tax cutting under Reagan only benefitted the rich and “hollowed out the middle class.” By contrast, a central pillar of Bidenomics is “empowering and educating workers to grow the middle class,” according to the White House statement.
But some economists argue that Biden has it backward, that government intervention makes the private economy even more of an insider game at the expense of everyday Americans.
The other major component of Bidenomics is a sharp increase in government regulation. This includes new draconian emissions regulations from the Environmental Protection Agency (EPA), new appliance regulations from the Department of Energy (DOE), and new Securities and Exchange (SEC) requirements for producing audited reports on CO2 emissions for all listed companies.
Beyond costs, critics charge that the Biden administration has been particularly aggressive in attempting to centralize authority within federal agencies at the expense of local government.
You got to put those tax dollars towards enforcing the oppression and stamping out anything the government sees as misinformation. It is also convenient to use all that money to weaponize the security establishment to hunt down and destroy your enemies undefined and allow other criminal activity to just get a slap on the wrist.
Yes, Americans you are paying for this. This is why yu are losing your savings and the value of a hard-earned dollar.
The increasing pressure on Americansundefined pockets can be seen by the fact that people are spending more on their credit cards. People are investing in lottery tickets hoping fr a miracle.
Of course, the lottery is what can be seen as a poor tax and even though they say that it is not for investment purposes many see it as an investment to hopefully find the end of the rainbow.
The Average American has over $54,000 worth of debt - with 56 percent saying they owe more for necessities than for “nice-to-haves.”
U.S. Chapter 11 bankruptcy filings jumped 68% in the first half of 2023 from a year earlier.
There is also that looming prospect that the dollar will lose its power as the dominant global currency.
What was once discussed as a conspiracy theory is now a mainstream idea that is being openly discussed around the world.
So what does the future hold? Does the loss of reserve status mean that the US dollar will simply vanish?
No of course it wonundefinedt vanish undefined it will just evolve like most currencies do undefined it is just a matter of adding or subtracting a few zeroes and moving decimal points.
But As China continues to push its trading partners to accept yuan, if even 20% of that trade surplus ends up being exchanged for gold, we could easily see a $5,000 gold price given gold’s current supply and demand fundamentals.
As the Western Financial Empire is breaking up currently, the Eastern & Southern Empire is gaining ever more significance. More than 30 countries want to join the BRICS and many also the SCO (Shanghai Cooperation Organization). There is also the Eurasian Economic Union (EEU) which exists since 2014 and consists of several ex-Soviet Union States.
The enlarged group will consist of more than 40 countries and represent around 2/3 of the global population and 1/3 of global GDP.
We have to admit that while we have somehow survived 243 years as an experimental republic the money that fuels our superiority is weakening under its own deficits and debt burden together with political and moral decay.
The Russian Foreign Minister Lavrov has just announced that Iran has joined the Shanghai Cooperation Organization and that Belarus will also become a full member.
The BRICS meeting in Johannesburg takes place on Aug 22-24.
BRICS will in fact merge with Shanghai cooperation organizations and the Eurasian Economic Union.
As empires die, weak leaders are the norm and seem a necessary condition to exacerbate the inevitable collapse.
This appears to be the plan as the undermining of our government and our way of life secures the fear that no one is going to recover.
So we can all speculate about the outcome of the current crisis in the West and how it will all end. These situations seldom consist of individual events but are normal processes that take a number of years or even decades.
We must remember that we have already seen half a century of decline since 1971 so we are now likely to experience an acceleration of the process.
You can avoid this if you hear the undefinedLast Callundefined and pay your tab in other forms of exchange.
It is not just the decline of the West which is happening in front of our eyes, but also the emergence of an extremely powerful cooperation of 40-plus countries which will drive a global commodity-based expansion on a scale never seen before in history.
One does not have to be an economist or financial advisor to recognize the massive threat to the U.S. economy posed by China and Russia. The leaders of the BRICS coalition have as their stated goal to replace the dominance of the U.S. Dollar in the world. If they can even partially accomplish this goal, they will disrupt the abilities of American businesses and citizens to thrive.
If they can fully accomplish their goals, it would cause an economic collapse in the United States, unlike anything we’ve seen.
The U.S. Dollar’s status as the world’s reserve currency and the Petrodollar has enabled us to accumulate a massive national debt without crumbling under the weight of it because the vast majority of other nations would crumble along with us. But if China, Russia, or a globalist coalition pulls the financial rug out from under us, we will fail.
What some Americans do not understand is that this would not be isolated to government finances. It’s understandable some would think they won’t be affected because our economy has always been resilient; even after major downturns such as 2008-09, most Americans were able to come out of it okay.
But what we’re seeing developing right now is very different from 2008-09. A sudden chain reaction of collapses, from stock markets to housing markets, would decimate wealth across the nation.
Central banks know this, which is why they’re moving as much as they can as quickly as possible to precious metals.
Remember that the massive global shift which is about to start is not based on personalities. Leaders are instruments of their time and the right leaders will emerge in most countries to bring about this tectonic shift.
Sadly, the US hasn’t got a leader at all. It seems that Biden has got his strings pulled by an unelected and unaccountable team around him. This is an extremely vulnerable situation for what has been the mightiest country in the world.
As we pointed out earlier we need to ask if is Biden okay. A major military power without a leader is very dangerous.
A Leader who creates cutesy marketing campaigns to rob us yet again of our hard-earned money is something else that needs to be addressed.
If a group of farmers and literal hillbillies could tell a King that he is an incompetent leader to save themselves from being overt-taxed and enslaved.. so can we.
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SHOW GUEST:
Alan Johnson is a conservative radio commentator who appears regularly on Ground Zero with Clyde Lewis and America’s First News with Matt Ray, as well as other shows. He is a serial entrepreneur and business owner providing financial and IRA services specializing in Precious Metals IRA accounts with the United Gold Group. Their phone numbers are (323) 380-5485 or (800) 753-8534.
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