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American households fully spent their pandemic-era savings as of March 2024
https://news.yahoo.com/finance/news/americans-spent-savings-economists-worry-113203731.html
Americans have spent their savings. Economists worry about what comes next
Analysis by Nicole Goodkind, CNN
Tue, May 7, 2024 at 4:32 AM PDT·6 min read
Americans saved quite a bit of money during the pandemic: $2.1 trillion worth, to be exact.
That extra cushion meant that consumers kept spending in the years that followed and the economy remained robust despite rising interest rates and persistent, though gradually decreasing, inflation.
But now that extra spending money is gone, economists are concerned about what comes next.
What’s happening: The most recent estimates of excess pandemic savings in the US economy have turned negative, according to Hamza Abdelrahman and Luiz Edgard Oliveira, economists at the San Francisco Federal Reserve.
That means many Americans have more debt than savings and suggests “that American households fully spent their pandemic-era savings as of March 2024,” they wrote in a recent report.
Consumer spending plays a crucial role in driving economic growth in the United States, and it has shown remarkable strength over the past two years. But now that excess savings have now dwindled to nothing, that could hurt spending and spell trouble for the American economy.
Alarmingly, debt is also accumulating. Chicago Federal Reserve President Austan Goolsbee said last month that while consumer debt levels aren’t yet “especially” high, the Fed is concerned about the rate of consumer delinquencies, or missed or late payments on expenses such as auto loans, credit card bills and rent.
Instrumental Marxism, or elite model, is a theory which reasons that policy makers in government and positions of power tend to "share a common business or class background, and that their decisions will reflect their business or class interests". It perceives the role of the state as more personal than impersonal, where actions such as nepotism and favoritism are common among those in power, and as a result of this, the shared backgrounds between the economic elite and the state elite are discernible. The theory argues that due to the high concentration of wealth within the State that the actions of State actors seek to secure and increase their wealth by passing policies that benefit the economically superior class.
Political Relations Between Poland & Belarus
https://www.youtube.com/shorts/P7fjWEwWq4E
California spent billions on homelessness without tracking if it worked
https://news.yahoo.com/california-fails-track-effectiveness-billions-185244850.html
El Cajon Mayor Bill Wells. Hamas-style attack could happen to us, border mayor warns as migrant surge continues
https://news.yahoo.com/crisis-california-hamas-style-attack-222100376.html
National debt is fast becoming the thorn in the side of the American economy that nobody wants to extract—and it will continue to cause damage, sending the U.S. into financial crisis and 10 years of stagnation.
https://www.yahoo.com/finance/news/america-left-severe-irreversible-scars-113555033.html
immigration judges. Lawmakers ask why the Biden administration won't let immigration judges talk to the media
https://www.yahoo.com/news/lawmakers-ask-why-biden-administration-190009661.html
WASHINGTON — President Joe Biden’s Justice Department has ordered leaders of the immigration judges union to seek supervisor permission before speaking, which some lawmakers and union leaders see as a move to silence critics of border policy despite Biden saying he is the "most pro-union president" ever.
Lawmakers on both sides of the aisle — from GOP firebrand Rep. Jim Jordan of Ohio., to Progressive Caucus Chair Rep. Pramila Jayapal, D-Wash. — are hounding the administration about its decision, with the issue of immigration and the crisis at the southern border front and center in the months leading up to a critical presidential election.
Government gets fatter while Americans rack up record-high credit-card debt
https://news.yahoo.com/finance/news/government-gets-fatter-while-americans-120022448.html
Millennials and Gen Z face ‘snowballing and snowballing’ debt as high card balances and interest rates eat into their credit scores
https://www.yahoo.com/finance/news/millennials-gen-z-face-snowballing-154257215.html
Total credit card debt in the U.S. topped $1.13 trillion by the end of 2023,Though it’s not unusual for debt levels to rise with the holidays, that’s the 10th straight quarter of increases. Delinquencies, too, are on the rise.While Americans of all ages are grappling with higher balances, Gen Z and millennials are seeing the largest average increases in total debt and the steepest decline in credit scores, according to data provided to Fortune by personal finance company Credit Karma on tens of millions of member accounts.
Americans are spending more on food than they have in 3 decades
https://www.yahoo.com/finance/news/americans-spending-more-food-3-161554674.html
George Soros's Former Co-Founder Sounds Economic Alarm Saying, 'The Next Problem Has To Be The Worst In My Lifetime' — Waiting For Right Time To Go Short
https://www.benzinga.com/startups/24/02/37185069/george-soross-former-co-founder-sounds-economic-alarm-saying-the-next-problem-has-to-be-the-worst-in
If the total U.S. debt were divided by every household in the country, each household would get about $252,000, according to a September tweet from The Kobeissi Letter.
https://www.yahoo.com/finance/news/much-money-d-owe-national-192507109.html
U.S. debt is the ‘most predictable crisis’ in history
https://www.yahoo.com/finance/news/jamie-dimon-believes-u-debt-093000484.html
Powell’s deficit warnings jostle lawmakers, economists
https://www.yahoo.com/news/powell-deficit-warnings-jostle-lawmakers-110000613.html
commercial real estate’s impact on banking has just begun
https://www.yahoo.com/finance/news/problem-ll-working-years-fed-202107790.html
US regional bank sell-off a cautionary sign of more pain to come
https://www.reuters.com/markets/us/us-regional-bank-sell-off-cautionary-sign-more-pain-come-2024-02-02/
WASHINGTON/NEW YORK, Feb 2 (Reuters) - Investors lulled into thinking U.S. regional banks were out of the woods after ruptures last year have been given a jolt by New York Community Bank (NYCB.N)
, opens new tab.
The under-the-radar lender's earnings report sparked a sell-off in regional bank shares in a warning for investors that had grown inured to the sector's sensitivity to high Federal Reserve interest rates nearly a year after two banks failed.
Americans' total credit card debt reached record high
https://www.usatoday.com/story/graphics/2024/02/07/us-credit-card-debt-hits-trillion/72505645007/
Credit card debt, the amount owed by all Americans on their credit cards, rose to a record $1.13 trillion at the end of last year, the Federal Reserve Bank of New York reported Tuesday.
Card balances increased by about $50 billion, or 4.6%, in the fourth quarter of 2023.
Credit card delinquencies, the amount of time in which cardholders fall behind in making payments, also increased. The percentage of card delinquencies 90 days or more rose to 6.4% from 4% in the fourth quarter of 2022.
Card debt contributed to the rise in total household debt, the amount owed by all members of a household, which rose to $17.5 trillion, an increase of $212 billion in the same period.
It will take years for the oil and gas market to recover from the 'mother of all shocks,' Harvard economist says
https://www.yahoo.com/finance/news/years-oil-gas-market-recover-005344109.html
Oil and gas prices are stuck on a roller coaster caused by the "mother of all shocks," as the supply-demand imbalance from the pandemic is still roiling energy markets, says Kenneth Rogoff, a top economist.
Chevron Says California Plays a Risky Game With Climate and Gasoline
https://finance.yahoo.com/news/chevron-says-california-plays-risky-150000227.html?ref=spot-im-jac?spot_im_highlight_immediate=true&spot_im_reply_id=sp_Rba9aFpG_fb0e8146-0178-3520-bb73-5bdde39a6eb5_c_2bXrsNBXTYzXjReHsgxulaTJoge_r_2bXtvpyoQK1zqUv0XHrp4zJfjYr&utm_source=spotim&utm_medium=e-mail&utm_campaign=replied-message&spot_im_redirect_source=email
Report: California Looking To Restrict Travel For Classic Cars
https://www.yahoo.com/autos/report-california-looking-restrict-travel-120000026.html
carbon offsets in California. Satellites detect no real climate benefit from 10 years of forest
https://www.yahoo.com/news/satellites-detect-no-real-climate-134055991.html
Gallup survey finds Democrats are losing faith in journalists
https://www.yahoo.com/news/gallup-survey-finds-democrats-losing-004529030.html
Climate change . Milankovitch (Orbital) Cycles and Their Role in Earth's Climate
https://climate.nasa.gov/news/2948/milankovitch-orbital-cycles-and-their-role-in-earths-climate/
“My partner Charlie says there [are] only three ways a smart person can go broke: liquor, ladies and leverage,” the Oracle of Omaha said
Is the state’s water conservation proposal too restrictive? Some experts say yes | Opinion
https://www.yahoo.com/news/state-water-conservation-proposal-too-130000092.html
Black font AB1668 .......2018
section 10608.20 item 2 sub item (A) For indoor residential water use, 55 gallons per capita daily water use as a provisional standard.
California roads had the fifth worst score with a third of roads in poor condition, according to USA Facts.
https://www.yahoo.com/news/california-roughest-roads-us-study-213904251.html
Here’s how the percentages broke down:
Rhode Island: 48%
New Jersey: 45%
Hawaii: 40%
New Mexico: 34%
California: 33%
Fact Check: Biden Proposed a Border Fence in 2007, Saying No Great Nation Has Uncontrolled Borders
https://www.yahoo.com/news/fact-check-biden-proposed-border-182200493.html
Biden administration to unveil contractor rule set to upend gig economy
https://www.yahoo.com/finance/news/biden-admin-announce-independent-contractor-153013403.html
Since 1789 (Since George Washington was elected ) any incumbent who received over 75 percent of the votes in his party’s primaries (Trump won 94 percent) won the general election . But not in 2020.
Since 1898, any candidate winning Ohio and Florida plus North Carolina has taken the presidency – but, again, not in 2020.
There’s more. Not in 150 years has a candidate whose vote total jumped as much as Trump’s did from one election to the next ended up losing the election.
For almost sixty years, the winner of the electoral votes from Ohio and Florida has also won the nationwide election – but in 2020, no.
For forty years, nineteen bellwether counties around the country have correctly predicted the ultimate winner of the presidential sweepstakes – and who won eighteen of them in 2020? Trump.
Then there’s the blatantly obvious difference in voter enthusiasm between Trump – with his epic campaign rallies – and Biden, whose events sometimes seemed to draw more journalists than voters.
Then there’s what is apparently a suspicious variation in turnout rates between otherwise very similar cities: for example, 84 percent in Milwaukee, but only 51 percent in Cincinnati .
Disney investments'Tremendous loss to America': South Carolina is dumping $105M of Disney investments due to 'structural rot' in the company — Treasurer warns the sane people are now gone. Time to sell DIS?https://www.yahoo.com/finance/news/tremendous-loss-america-south-carolina-173000263.html
“I think it's clear to anybody paying attention that there's a structural rot inside of Disney. It's deep, it’s pervasive, and I suspect Bob Iger, since his return as the CEO, now realizes it can't be fixed,”
EIA projections indicate global energy consumption increases through 2050, outpacing efficiency gains and driving continued emissions growth
https://www.eia.gov/pressroom/releases/press542.php
US production of planet-heating fuels hits record levels
https://www.yahoo.com/news/us-production-planet-heating-fuels-173627929.html
U.S. oil and gas companies extracted record amounts of planet-warming oil and gas in 2023 — a year that was the globe’s hottest in recorded history.
New reporting from The Guardian on Monday found that the U.S. government is planning for oil and gas production levels to stay at “near-record levels” until mid-century.
The U.S., like most wealthy nations, has picked 2050 as the date by which it will zero out the greenhouse gases released by burning gas, oil, and coal.
Doubters Beware: U.S. Oil Production Is Setting New Records
Given the fact that the Biden Administration hasn’t exactly been friendly to the U.S. oil industry, some may be puzzled by this production surge. There is a simple explanation. The price of oil, and technological innovations like hydraulic fracturing, are much more significant than any president’s policies.
https://www.forbes.com/sites/rrapier/2023/10/08/doubters-beware-us-oil-production-is-setting-new-records/?sh=6c4795686767
US oil exports hit 3.99 million barrels a day in the first half of 2023, according to the EIA.
https://www.yahoo.com/finance/news/more-oil-supertankers-ever-headed-041708994.html
U.S. crude oil production will rise to 12.9 million bpd in 2023...Nov 7 (Reuters) - U.S. crude oil production this year will rise by slightly less than previously expected while demand will fall, the U.S. Energy Information Administration (EIA) said on Tuesday.
The EIA issued the new outlook after Saudi Arabia and Russia extended voluntary production cuts of 1.3 million barrels per day through December as demand concerns weigh.
U.S. crude oil production will rise to 12.9 million bpd in 2023, the agency said, compared with its previous estimate of 12.92 million bpd.
https://www.reuters.com/markets/commodities/us-crude-output-rise-by-less-than-previously-forecast-2023-eia-2023-11-07/
California water crisis?
more like an allocation mismanagement agenda.
To be precise, agriculture in California uses about 80 percent of the state's developed water supply but only 40 percent of the state's total water. How does that work?
If you're looking at total freshwater use in California, roughly 50 percent is actually set aside for environmental purposes — i.e., it's allowed to stay in streams or wetlands to maintain ecosystems. Another 40 percent or so goes to agriculture, and the remaining 10 percent goes to cities and towns. (These precise numbers fluctuate between wet years and dry years.)
So, of the water that's stored behind dams and in reservoirs and is intended for economic purposes — what's known as the "developed water supply" — about 80 percent goes to farms and 20 percent goes to cities and towns. But that's why you often hear different numbers bandied about.
http://www.vox.com/2015/4/1/8326555/california-water-restrictions
U.S. payments on debt spike to $659 billion, nearly doubling in two years
The U.S. government spent $659 billion this year paying off the interest on its debt, according to a Treasury report released Friday, as the nation's widening fiscal imbalance and the Federal Reserve's rate hikes dramatically raised the federal cost of borrowing.
https://www.yahoo.com/news/u-payments-debt-spike-659-202342513.html
Parents’ rights groups march outside Gavin Newsom’s Fair Oaks home in ‘War on Children’ rally
https://www.yahoo.com/news/parents-rights-groups-march-outside-204833408.html
Debt Exceeds Income in All But One State — 10 States Where Inflation Is Having Biggest Negative Impact
https://www.yahoo.com/finance/news/debt-exceeds-income-one-state-134752246.html
Dollar's reserve currency status depends on U.S. controlling spending, 'bond king' Gundlach warns
https://www.yahoo.com/finance/news/dollars-currency-status-depends-u-132115414.html
Legalized prostitution (loitering) Newsom Senate Bill 357 causing businesses problem
Report shows blue counties have higher murder rate than red, calls out 'flawed' studies promoted by top Dems
https://www.yahoo.com/news/report-shows-blue-counties-higher-120003705.html
The fast-growing energy source which will power the future: Yes, it's coal
https://www.yahoo.com/news/fast-growing-energy-source-power-121634112.html
The simple fact of the matter is that both the Xi Jinping government in China and India’s government, led by , consistently choose to prioritise the maintenance of their national energy security above climate goals set at annual conferences like the upcoming COP 28 conference in the UAE. Like many other developing nations, India and China have been rational actors when it comes to fulfilling the energy needs of their societies, choosing factors like affordability and reliability over the Western norm of policymaker virtue signaling.
San Francisco Bay boaters forced to fight off 'pirates' as seafaring bandits ravage community
https://www.yahoo.com/news/san-francisco-bay-boaters-forced-080029890.html
Leaked Document Reveals Biden Admin’s Ukraine Corruption Worries: Report
Alex Nguyen
Mon, October 2, 2023 at 7:51 AM PDT·1 min read
https://www.yahoo.com/news/leaked-document-reveals-biden-admin-145126575.html
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