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4 Things Every American Should Know Today
ONE: The federal government set a record on taxes collected and it still was not enough. According to CNSNews…
The federal government collected a record $3,586,456,000,000 in total taxes through first eleven months of fiscal 2021 (September through August), according to the Monthly Treasury Statement.
The federal government also collected a record $1,829,589,000,000 in individual income taxes in the September-through-August period.
However, because the federal government also spent $6,297,090,000,000, the Treasury still ran a deficit of $2,710,635,000,000.
TWO: Inflation jumps 5.3%… Here is a quote from CNBC.
The consumer price index, which measures a basket of common products as well as various energy goods, increased 5.3% from a year earlier and 0.3% from July. A month ago, prices rose 0.5% from June.
Economists surveyed by Dow Jones had been expecting a 5.4% annual rise and 0.4% on the month. Stripping out volatile food and energy prices, the CPI rose just 0.1% for the month vs. the 0.3% estimate, and 4% on the year against the expectation of 4.2%.
The 5.3% annual increase still keeps inflation at its hottest level in about 13 years, though the August numbers indicate the pace may be abating.
THREE: Household Income is falling… CBS News reported this.
American household income fell last year amid the economic hit of the pandemic, reflecting the first decline in median household income since the Great Recession in 2011, according to new data from the Census Bureau.
The median household income decreased 2.9% to $67,500 between 2019 and 2020, the Census said.
The hit to the economic prospects of U.S. workers was underscored by a decline in full-time workers in 2020. The Census found that the number of people with full-time jobs plunged by 13.7 million last year. That is the biggest drop since the agency started tracking this data in 1967.
FOUR: The US poverty rate is rising for the first time in a long time. Bloomberg said this.
U.S. household income fell in 2020 while the national poverty rate rose from a 60-year low as the Covid-19 pandemic upended the U.S. economy and threw millions out of work.
Median, inflation-adjusted household income decreased 2.9% last year to $67,521 according to annual data released Tuesday by the U.S. Census Bureau. The poverty rate rose one percentage point to 11.4% after having dropped for five straight years and reaching the lowest since 1959 in 2019.
Household income falling.
Poverty rate rising.
This is a different picture than what President Biden has been telling the American people; even the left-leaning media is skeptical. Politico analyzed a recent speech of President Biden. Here are some quotes.
President Joe Biden said Friday that we’re seeing an “economic recovery that’s durable and strong” despite data released earlier in the day by the Labor Department showing weaker-than-expected growth in the employment market.
“The Biden plan is working. We’re getting results. America is on the move again,” Biden said in a speech at the White House.
Biden’s positive rhetoric on the economy followed the release of Friday’s relatively weak August jobs report, which showed America’s employers added just 235,000 jobs in August. The number fell well short of the jobs added for both June and July — about 1 million a month.
So, who is the blame for the weak jobs report and other economic recovery failings? Well, for one, Coronavirus.
Biden laid blame for the sluggish growth of U.S. jobs on the “impact of the Delta variant” of the coronavirus.
Umm… Anyone else to blame?
He didn’t waste an opportunity to take aim at former President Donald Trump, either, suggesting economic conditions would be worse if Trump had been reelected last November.
“There have been so many records the stock market has hit under my presidency,” Biden said. “Imagine if the other guy was here: ‘We’re doing great. It’s wonderful. The stock market is surging. It’s gone up higher with me than anybody.’
What? Things would be worse under Donald Trump?! Wow. Who saw that coming? Sigh. My advice? Prepare for a long and cold winter.