Revelations 18:23 ‘For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Public perception of the economy is the lowest since 2008: More Americans say they trust the GOP to handle issues that hit their pocket, new poll shows
- A new poll shows nearly 7 in 10 Americans feel the economy is ‘getting worse’
- Only 12% saying it is ‘getting better’ under Joe Biden’s leadership
- In 2008, the same polling found 83% thought the economy was getting worse
- Biden has a 37% overall approval on his handling of the economy – the lowest point in the polling since he took office last year
- The only issues where Biden’s approval rating has changed is on gas prices, rising to 34 percent from 27 percent in June. Prices per gallon have dropped by a dollar on average from where they were earlier this summer when the poll was taken.
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Revelations 18:23 ‘For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- U.S. Leading Economic Indicators Point to Recession Around Year’s End
- “The US LEI declined for a fourth consecutive month suggesting economic growth is likely to slow further in the near-term as recession risks grow,” said Ataman Ozyildirim, Senior Director of Economic Research at The Conference Board.
- “Consumer pessimism about future business conditions, moderating labor market conditions, falling stock prices, and weaker manufacturing new orders drove the LEI’s decline in June. The coincident economic index which rose in June suggests the economy grew through the second quarter. However, the forward-looking LEI points to a US economic downturn ahead.”
- A US recession around the end of this year and early next is now likely. Accordingly, we’ve downgraded our forecast of 2022 annual Real GDP growth to 1.7 percent year-over-year
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Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- US Inflation Reached a New 40-year High in June of 9.1%
- Consumer prices soared 9.1% compared with a year earlier, the government said Wednesday, the biggest 12-month increase since 1981, and up from an 8.6% jump in May. On a monthly basis, prices rose 1.3% from May to June, another substantial increase, after prices had jumped 1% from April to May.
- In addition, shipping costs and commodity prices have begun to fall. Pay increases have slowed.
- For now, the relentless spike in inflation has caused a steep drop in consumers’ confidence in the economy, sent President Joe Biden’s approval ratings tumbling, and posed a major political threat to Democrats in the November congressional elections.
- Housing, in particular, has been seized by some of the highest inflation rates in the economy, causing hardships for many.
- The national median home price jumped 14.8% in May from a year earlier to $407,600.
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Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- ‘Everyone Is Struggling:’ As Inflation Soars, 41 Percent Need Side Jobs to Help Pay for Monthly Expenses
- Before prices at the pump and supermarkets started taking off, economists noticed a growing number of Americans putting money toward credit card debt or building their savings.
- Now, according to a new survey by Bankrate, 41 percent of Americans need a side income just to help pay for monthly expenses from housing to utilities to food.
- According to Bankrate, inflation is driving more than a third of Americans to increase working hours due to rising prices.
- 23-year-old Shaina Bourne felt the need to drop out of college due to her tight budget.
- After becoming a full-time nanny, Shaina soon realized she would need more money to make ends meet. That forced her to turn a hobby into a second job.
- As the cost of living continued to go up, Shaina then picked up a third job. “The extra money is going towards my immediate bills,” she said. “I’ve gone through my finances over and over and over and it’s like there’s a little extra needed in each place. Whether it is gas or groceries, even rent has actually taken an uptick in the last few months.”
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Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- World Economic Forum: Gas Prices Must Go Even Higher — to Save Democracy
- Russia’s invasion of Ukraine has brought renewed focus on this economic weakness, the WEF says.
- What is the answer for the U.S. and Europe? Pricing the alternatives to green energy out of the market. It says:
- First, leading democracies should agree to end the underpricing of fossil fuels, which is the principal factor preventing a clean energy transition. The underpricing associated with producing and burning coal, oil and gas amounted to $5.9 trillion in economic costs in 2020. Nearly a quarter of these losses – $1.45 trillion – occurred in 48 major and smaller democracies.
- The leading democracies of the G20 should collectively commit to phasing out cost and tax breaks for the production and consumption of fossil fuels. They should also phase in more efficient pricing of fossil fuels through taxes or tradable permits to cover the costs of local air pollution, global warming, and other economic damages.
- The paper goes on to argue that compliance can and must be enforced.
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Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
5 Major Trends To Watch For During The Second Half Of 2022
- 1 Economic Shaking
- Based on the latest reading from the Atlanta Fed’s GDP Now model, it appears that the U.S. economy has already plunged into a recession. I expect the U.S. economy to continue to deteriorate as we move toward the end of 2022 but I am actually far more concerned about economic conditions in Europe.
- Once the EUR/USD drops below parity, I think that the dominoes in Europe are going to start falling fairly rapidly.
- 2 Widespread Famines
- The head of the UN has publicly warned us that we are moving into an “unprecedented global hunger crisis”, and people are already starting to drop dead from starvation in some parts of eastern Africa.
- There simply is not going to be enough food for everyone, and that is going to cause enormous societal stress all over the globe in late 2022 and beyond.
- 3 More War
- The conflict in Ukraine has become extremely bitter and extremely bloody. Unfortunately, it appears that it is not going to end any time soon.
- I believe that China is planning on invading Taiwan while Joe Biden is still in office.
- The IAEA is now telling us that Iran “possesses enough fissile material to construct a nuclear bomb”, and that is a threshold that Israel always said that they would never allow the Iranians to cross.
- 4 Pestilences
- We already have COVID.
- We are also dealing with a nightmarish bird flu pandemic which has killed tens of millions of our chickens and our turkeys.
- On top of everything else, the number of Monkeypox cases continues to rise at an exponential rate.
- We have entered an era when mad scientists all over the globe are monkeying around with the deadliest bugs that mankind has ever known.
- 5 Geophysical Shaking
- There have been unusual earthquakes in diverse places such as South Carolina, and the sun has been behaving strangely in recent days, but overall things have been relatively quiet.
- Unfortunately, I expect that to change.
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Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- Bipartisan dissatisfaction with the direction of the country and the economy
- The national dissatisfaction is bipartisan. Most Americans, 85%, say the country is headed in the wrong direction. A majority of Republicans have been unhappy with the direction of the country since Biden’s election. Democrats had been positive about how things were going, but now 78% say the country is headed in the wrong direction.
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Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- Wholesale prices rose 10.8% in May, near a record annual pace
- The producer price index rose 0.8% for the month and 10.8% over the past year.
- The monthly gain was in line with estimates and the annual gain was slightly off the record 11.5% hit earlier this year.
- The data is significant in that prices at the wholesale level feed through to consumer prices.
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Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- We Asked 2,000 Americans About Their Biggest Concern
- At this point, the answer to what Americans are most worried about is pretty straightforward: inflation. In the first FiveThirtyEight/Ipsos poll, 52 percent of Americans said the most important issue facing the country was inflation.
- We asked Americans this question in a variety of ways, but regardless of how we asked it, the top answer was always the same: inflation.
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