Thursday, July 20, 2023

Bidenomics? Courtney's Open Tabs Call BullSh*t

Courtney Is Judging You Now. 

* Americans Seeking Cheaper Everyday Essentials Threaten Corporate Growth: (Bloomberg) - Americans are cutting back on personal hygiene products in a troubling sign for the US economy and consumer-focused companies.

* Businesses are cutting workers’ hours in a warning sign for the economy:WAPO - Businesses are starting to cut workers’ hours, forcing hundreds of thousands of people into part-time roles, in what could be an early warning sign for the economy. The number of people who worked part time, but want to work full time, rose by 452,000 in June, the biggest jump in more than three years, according to the Bureau of Labor Statistics.

* Major U.S. Banks To Report Biggest Jump In Loan Losses Since COVID Pandemic: After three years of relatively low defaults, partially owing to pandemic-era stimulus cash and other government assistance, lenders are now feeling the negative effects of higher interest rates and inflation on borrowers.

 Debt increases over a trillion in five weeks, quickest pace ever: This is simply astounding. It took from our founding until 1980 to accrue the amount of debt that we have now added in just over five weeks. It is truly hard to overstate the magnitude and impact of this spending. 

 * Joe Lies - The federal deficit has nearly tripled: The federal government's deficit nearly tripled in the first nine months of the fiscal year, ballooning both because of a sharp increase in government spending and a significant drop in tax revenues. FJB 

 * The Dollar’s Epic Drop Sends Franc and Yen Surging: Under Biden, My portfolio increased by 17%, but the value of the dollar decreased by 23%. Tell us about that great economy Joe. All smoke and mirrors folks. Simple math. A Million dollars under Trump is worth about 750g's now. Still think you're moving forward?
The U.S. Treasury reported a $1.4 trillion deficit so far nine months into fiscal year 2023: “Three-quarters into the fiscal year and we’re borrowing an astounding $5.1 billion per day: “By the end of 2023, federal debt held by the public equals 98 percent of GDP.”

* Leading Economic Index Falls For 15th Straight Month, Indicating Looming Recession: The leading index uses 10 indicators designed to show whether the economy should be expected to improve or worsen. Seven of the 10 indicators fell in June.

* Existing Home Sales Plunge: The pace of home sales in June fell by 18.9 percent compared with a year ago: This was the slowest pace for home sales since January and the slowest June since 2009.

* Survey Shows Manufacturing Continues to Shrink for 11th Straight Month: Manufacturing activity in the Mid-Atlantic region fell again in July, according to a monthly survey released Thursday by the Federal Reserve Bank of Philadelphia.

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