Bidenomics: More companies announce bankruptcies, shutter operations, citing inflation
Just The News notes how more companies have announced bankruptcies and shuttered their operations while citing the inflation endemic to Biden’s economy.
More companies are declaring bankruptcy and shutting down operations, citing inflation and high costs. Inflation and the economy remains a top issue among all voters, according to a recent The Center Square Voters’ Voice Poll.
Retailers are closing nearly 3,200 stores this year, according to a recent analysis from CoreSight Research. The closures are a 24% increase from 2023.
U.S. drug stores and pharmacy closures led to 8 million square feet of shuttered retail space this year, the research company said. It also notes that retailers are losing inventory and customers due to retail theft. “Retail shrink” is closely connected to “organized retail crime,” it notes.
Out of the 3,200 being closed, the majority are being closed by roughly 30 retailers, with Family Dollar closing the most of over 600, according to the data, CBS News reported.
Tupperware is the latest to announce it’s permanently closing its last operating production plant in the U.S. in Hemingway, South Carolina. All of its 148 workers will be laid off, the first in September, followed by others in waves through next January. Tupperware announced its plans last week, stating it would continue to produce its products in a plant in Lerma, Mexico.
The iconic plastic container company has also been shedding real estate and dealing with a non-compliance notification from the New York Stock Exchange, Plastics Today reported.
The teen apparel retail chain, Rue21, also filed for bankruptcy last month, announcing it was closing all 540 of its stores. The Pittsburgh-based retailer was in $200 million worth of debt and is laying off all of its 4,900 employees because of “under-performing retail locations … inflation and macroeconomic headwinds,” CNN reported.
The California-based discount retail chain 99 Cents Only filed for bankruptcy in April because “the last several years have presented significant and lasting challenges in the retail environment,” the Los Angeles Times reported. Its closing all 371 of its stores.
Others closing stores this year include CVS Health, 7-Eleven, Rite Aid, Express, Walgreens Boots Alliance, Macy’s, The Body Shop, Soft Surroundings, Burlington stores, Foot Locker, Carter’s Big Lots, Dollar General, Abercrombie & Fitch Co., Big Lots, Best Buy and others, according to the CoreSight analysis.
(Read more at Just The News)
All the while, Joe and his lackies in the press have tried to convince us that the economy is fine.
For example, just in January, Biden’s lackies at CNN came up with this headline (and followed it with the quoted text): “The US economy is doing well. President Biden wants to know why so many Americans are still feeling bad.”
By many metrics, the US economy is humming along. The jobs market is robust; consumers are spending again; and inflation has eased to a three-year low.
That has prompted President Joe Biden to repeatedly ask his advisers: Why then are so many Americans still not feeling great about the economy?
The significant gulf between a string of positive economic indicators and the public’s stubbornly grim sentiment about the US economy has been the subject of the president’s frequent inquiries when he has spoken with members of his economic team in recent weeks and months, sources familiar with those discussions told CNN.
That disconnect looms large over Biden’s political prospects, with White House advisers and campaign officials acknowledging that how Americans feel about the economy could be decisive in determining whether the president can win a second term in November.
Inflation began to spike early in the president’s term and has consistently proved to be one of Biden’s most persistent political problems. While inflation has eased in recent months, prices on most goods are still higher than they were in the spring of 2021.
Still, Biden’s economic advisers are increasingly telling the president in private that they feel optimistic about the direction things are headed. Historic-high prices that plagued the first few years of the Biden administration continue to moderate, all while economic growth is outpacing expectations. Advisers are also reminding the president that with each passing day, the unique trauma of the Covid-19 pandemic is getting smaller and smaller in the rearview mirror for many Americans.
(If you like to have your press lying to your face, then read more at CNN)
So the Joe and the press wanted to gaslight us until we would not accept it any more
The problem with their calculation on gaslighting us on the economy was that we were living reality long before they emerged from their own delusions.
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CNN has one obvious message for Biden: Voters want you to bring down inflation rather than just scolding the press for reporting on President Trump
The Daily Caller allows CNN to give a little free advice to Dementia Joe: “Voters want you to fix inflation rather than scolding the press for reporting on Trump.”
CNN Chief National Correspondent Jeff Zeleny said on Monday that voters are more concerned with President Joe Biden’s handling of the economy than they are about his campaign’s interest in highlighting press coverage of former President Donald Trump.
Former President Donald Trump leads President Joe Biden by 0.8% in a national head-to-head matchup, according to the RealClearPolling average of polls, with the lead growing to 2.9% when independent candidates Cornel West and Robert F. Kennedy Jr. and Green Party candidate Jill Stein are included. Zeleny questioned the Biden campaign’s decision to spend money focusing on Trump’s May 30 conviction on 34 felony counts of falsification of business records by a Manhattan jury.
“A lot of surveys after the Trump trial showed that it barely moved the needle at all,” Zeleny told “CNN News Central” host Brianna Keilar, pointing to polling that shows that inflation and the economy are the top issues on voters’ minds.
(Read more at the Daily Caller)
The economy isn’t something that Joe can fix in a few months.
Despite the fact that Joe has been able to kill the economy in the matter of a few years, he still cannot pull his bacon out of the fire in the short time between now and the election.
With that in mind, we need to keep up our guard against a gaslighting pres and press.
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Biden’s federal deficit to reach $2 trillion this year
Fox Business points out how Joe’s wreckless COVID spending, electric-car mandates, and other initiatives have produced a deficit that will hit $2 trillion this year.
The nonpartisan Congressional Budget Office (CBO) on Tuesday released an update to its 10-year budget outlook that found the federal budget deficit will approach $2 trillion in the current fiscal year.
The CBO’s latest estimate projects the budget deficit will reach $1.9 trillion in fiscal 2024, which would be the third largest in U.S. history and $200 billion larger than last year’s deficit. The projected $1.9 trillion deficit would trail only the $3.1 trillion fiscal 2020 deficit and the $2.7 trillion fiscal 2021 deficit that were incurred during the peak of spending on pandemic-era relief programs.
In February, the CBO estimated that the fiscal 2024 deficit would be more than $1.5 trillion, but it revised that figure upward by $408 billion, or 27%, in the latest update in response to new government spending since its prior report.
The agency explained that the increase was due to several factors, including $145 billion in additional student loan debt cancellation by the Biden administration and recalculation of loan balances; $70 billion due to costs associated with resolving bank failures in 2023 and 2024 that will eventually be almost entirely offset; and about $60 billion in newly enacted legislation that increased spending above its prior baseline, including funding for Ukraine, Israel and countries in the Indo-Pacific region.
Annual budget deficits are expected to surge in the years ahead, surpassing the $2 trillion threshold with a projected deficit of nearly $2.2 trillion in 2030. Deficits would continue to rise in the following years, topping $2.8 trillion in 2033 and 2034 in the CBO’s analysis.
The CBO projected that the debt held by the public relative to gross domestic product (GDP) — a metric used by economists to gauge the size of the national debt relative to the economy — would rise to 99% of GDP this year. That means the national debt held by the public would be essentially the same size as the U.S. economy.
(Read more at Fox Business)
A lot of this has been coming for decades. Some has been saddled on us by politicians too afraid to cut expenses. But trillions have come from free wages and other programs.
Let me remind you: it was Joe Biden who sent everyone home for COVID (whether we had it or not) and paid us to stay home. It was Joe who came up with the idea of funding electric cars and poured money into building charging stations (eight complete as far as 2024).
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Mark 1:1 
He’s so lost
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