Last Call For Ridin' With Biden, Con't

There are still plenty of warning signs ahead in the housing, auto loan, and student loan sectors, but for now, not only is America's economy growing under Bidenomics, it's skyrocketing.

 

The U.S. economy grew by an annual rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs.

New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession.

The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates. Robust government hiring — including 214,000 new jobs between July and September — also added to overall strength.

“It’s enough to knock me over with a feather,” said Diane Swonk, chief economist at KPMG. “We’ve had the most aggressive credit tightening from the Federal Reserve since the 1980s and, guess what, the economy’s accelerating. We really underestimated how much consumers could keep spending."

That spending was broad-based in the third quarter, with U.S. households doubling down on both necessities, such as housing, utilities and prescription drugs, as well as luxuries including dining out, hotel stays and recreation. Businesses and the federal government also continued to spend, though GDP was dragged down by lower non-residential investments.

Overall, the latest spike in GDP is more than double the previous quarter’s annual growth rate of 2.1 percent.

What isn’t clear yet is whether higher borrowing costs could reverse some of these gains in the months to come. Economists say that acceleration in economic growth is likely to slow later this year, as pandemic-era savings dry up and millions of households resume student loan payments. Fears of a government shutdown, ongoing strikes by actors and autoworkers, and worsening wars in Ukraine and Gaza are also adding to the uncertainty.

“The U.S. consumer has so been hanging tough and powering the economy forward, but I expect much slower growth the rest of the year,” said Mark Zandi, chief economist at Moody’s Analytics, who expects economic growth to slow to an annualized rate of 1 percent in the fourth quarter. “There are a lot of headwinds out there.”

In Cincinnati, Dominique Walker just made her first student loan payment in more than three years — which means she’s rethinking all sorts of other expenses, including manicures, massages and morning coffees. She’s packing her lunch a lot more and expects to spend less this holiday season than she has been.

“I’m having to rebalance things,” said Walker, 32, a data management specialist at a hospital. “That extra $305 a month, that has to come from somewhere.”

 

The bad news is that voters think the economy is the worst they've seen in decades.

 

The Fed has lifted borrowing costs 11 times since March 2022, with the goal of slowing the economy enough to stabilize prices. Mortgage rates, at 7.6 percent, are at a two-decade high, and the housing market has all but come to a standstill. But economists say that has freed up Americans to spend elsewhere. Expenditures at restaurants, movie theaters and sporting events have all risen in the past few months, helping support continued hiring in those industries.

Meanwhile, inflation has moderated — to 3.7 percent from last summer’s peak of 9.1 percent — though it remains far higher than the Fed would like.

The spate of growth is welcome news for the White House, which has invested heavily in infrastructure as part of its “Bidenomics” plan. But despite $302 billion in spending, it has struggled to convince voters that its economic policies are working for them. Biden’s ratings on economic matters are lower than ever, with just 32 percent of Americans saying they approve of the president’s handling of the economy in a recent CNBC poll. 

 

The disconnect is staggering. Giving the economy back to Trump would be catastrophic. But tens of millions of Americans want to do just that.

 

Ron's Gone Wrong, Con't

Ahh, but we can't have an Israel-Palestine conflict without Florida coming in and reminding everyone that the fascist authoritarians running the place like GOP Gov. Ron DeSantis want to make sure that Palestinians have no voice in the Sunshine State.

 

Florida’s university system chancellor, responding to a push by Gov. Ron DeSantis, directed state universities Tuesday to disband campus groups with ties to the national Students for Justice in Palestine organization, marking the first punishments handed down to colleges here amid the Israel-Hamas war.

In a memo to school leaders, the state ordered a “crack down” on campus events led by the pro-Palestinian organization that the DeSantis administration claims amount to “harmful support for terrorist groups” like Hamas, which attacked Israel in early October. Florida, under Republican presidential candidate DeSantis, has staunchly supported Israel during the ongoing war and was monitoring college protests that have since ignited.

“Based on the National SJP’s support of terrorism, in consultation with Governor DeSantis, the student chapters must be deactivated,” state university system Chancellor Ray Rodrigues wrote Tuesday.

There are at least two Students for Justice in Palestine chapters at Florida universities facing cancellation through ties to the national organization, according to Rodrigues, who did not specify where the groups were located in the memo. The University of Florida and University of South Florida, though, both appear to have active SJP chapters.

 

Free speech is not something Florida Republicans believe in, you see. If you thought they only wanted to get rid of SJP, well, they want Black Lives Matter gone too, starting with both Florida GOP senators, Rick Scott and Marco Rubio.

Some Republican lawmakers are calling on Washington, D.C., Mayor Muriel Bowser to rename the two-block area in front of the White House that was dubbed “Black Lives Matter Plaza” three years ago amid a wave of racial justice protests.

Groups affiliated with the Black Lives Matter (BLM) movement have faces a backlash after messages sent out following the grisly Oct. 7 Hamas attacks on Israel appeared to support terrorists and express anti-Israel sentiment.

“BLM chapters across the nation have circulated disturbing anti-Semitic rhetoric and images on social media, encouraging the spread of pro-Hamas propaganda,” the group of more than 20 House and Senate members, all Republicans, wrote in a statement accompanying their letter.

“Continuing to honor terrorist sympathizers with a plaza in our nation’s capital is a slap in the face to all Americans, especially Jewish and Israeli Americans.”

Among Republicans signing the letter: Sens. Marco Rubio (Fla.), Thom Tillis (N.C.), Lindsey Graham (S.C.), Rick Scott (Fla.), Josh Hawley (Mo.), Marsha Blackburn (Tenn.) and Bill Cassidy (La.); and Reps. Elisa Stefanik (N.Y.), Jim Banks (Ind.) and Jeff Duncan (S.C.).

The mayor’s office didn’t immediately respond to The Hill’s request for comment on the letter or plans for the plaza.

Immediately after Hamas’s deadly blitz on Israel, which included attacks on multiple kibbutzim and an outdoor music festival, some BLM chapters expressed sympathy with Palestine and appeared to justify the aggression against Israel.

A BLM Chicago chapter posted on X, the social media platform formerly known as Twitter, an image of a paraglider with the message “I stand with Palestine.” BLM Phoenix shared statements declaring that “Palestinian freedom fighters are not terrorists!,” and “The Palestinian attack was a revolution and attempt to reclaim their freedom.”

BLM chapters are run independently and can be unaffiliated with the broader Black Lives Matter organization, which hasn’t commented on the latest Israeli-Hamas conflict.

 

Sure seems like cancel culture to me. Free Speech only for approved groups is not how it works, gang.

 

And Black Lives Still Matter.

Another Day In Gunmerica, Con't

Another day, another AR-15 rifle used in a mass shooting, another butcher's bill of the dead to account for, in what is being called the worst mass shooting massacre in Maine history.

At least 16 people were killed and dozens more injured in multiple shootings here Wednesday night, in what is likely the deadliest shooting in Maine’s history.

Department of Public Safety Commissioner Michael Sauschuck refused to confirm the number of deaths in a news conference late Wednesday, but the Associated Press, citing unnamed law enforcement sources, reported 16 deaths. Earlier in the night, Androscoggin County Sheriff Eric Samson and a Lewiston city councilman had said that as many as 22 people died.

Maine State Police are searching for Robert Card, 40, in connection with the shootings at Sparetime Recreation and Schemengees Bar & Grille. By Thursday morning, more than 100 state and federal law enforcement officials were participating in the manhunt for Card.

Card, who lives in Bowdoin, is a trained firearms instructor who police believe is in the U.S. Army Reserve out of Saco. He recently reported mental health issues, including hearing voices, and made threats to shoot the National Guard base in Saco, according to state police, who said he spent two weeks at a mental health facility this summer.

They warned the public that Card should be considered armed and dangerous. In surveillance photos released by police, the man identified as Card can be seen lifting a rifle as he enters a building.

The car police believed he was driving, a white Subaru Outback, was found near the Lisbon boat dock on Frost Hill Avenue near Route 196. Police were knocking on doors of nearby homes while helicopters remained in the area Wednesday night.

The Lisbon Police Department wrote in an early morning Facebook post that police recommend Lisbon residents “continue to shelter in place with an emphasis on residents between Mill Street in Lisbon Center, along the Rt 196 corridor east to Main street in Lisbon Falls. Businesses located within this area especially will mostly be closed until safety concerns have been addressed.”

Shortly after 6 a.m. Thursday morning, state police said authorities were expanding shelter-in-place and school closing advisories to include the town of Bowdoin as well.

 

If the information about the suspect is correct, he's supposed to be "one of the good guys with a gun", a trained Army Reserve firearms instructor. Instead, police believe he is responsible for a multi-site rampage that happened so quickly and so brutally that officials are still as of this morning trying to fully determine the number of casualties. An entire county is locked down to prevent more.

 

This is one person terrorizing an entire community, with a weapon more than capable of causing mass death and destruction, using a weapon of war for its intended purpose of killing, sold as such, and showing that a person trained to use that weapon can kill many, injure hundreds, threaten thousands.

I hope to God they find this guy and put him in a box for the next thousand years, bt maybe even the state of Maine should be asking about what needs to be done to prevent the next shooting, and whether or not we have the will to do it.

Spoilers: we won't, and we don't.

Just another day here in Gunmerica.