Big Banks Predict Recession, Fed Pivot in 2023

Hmm.

Let's see if these predictions hit gold.

At the Wall Street Journal, "More than two-thirds of economists at 23 major financial institutions expect the U.S. to have a downturn this year."

In California, Republicans Hope to Flip These Biden-Leaning Districts

It's going to be extremely embarrassing iIf some of the districts flip to the G.O.P. 

At the Los Angeles Times, "These California districts voted big for Biden, but Republicans are optimistic about their chances":

As the sun set behind rows of modest homes, Republican Matt Jacobs knocked on doors urging voters in Oxnard to ditch their incumbent Democratic congresswoman and pick him to improve their quality of life.

“I care deeply about this community,” Jacobs told Jacqueline Mercado, 28, adding that he was born and raised in Ventura County, a message he repeated in English and fluent Spanish in this predominantly Latino neighborhood. “I just think things can be better all around.”

With her 1-year-old daughter crawling nearby, Mercado, a Democrat, nodded vigorously when Jacobs asked if the cost of groceries was affecting her family. “Absolutely,” Mercado said, before telling him that she would vote for him in Tuesday’s election.

“I just want someone to make everything better,” said Mercado, an employee of the state’s toll-free 211 system that connects Californians with job training, after-school programs and other services. “Make things better, like inflation. That really matters, because gas is crazy right now. Food. Everything.”

Such pocketbook concerns are among the reasons Republicans say they feel good about their odds in blue regions like California’s 26th Congressional District, which Joe Biden won by 20 points.

The GOP is favored to take control of the House in Tuesday’s election, and voters like Mercado could make that happen or determine the size of its majority.

The midterms have been defined by Republicans arguing that Democrats are poor stewards of the economy and their policies have fomented rising crime and Democrats warning that Republicans are too extreme when it comes to abortion rights, threats to democracy and potential cuts to Social Security.

The 26th, largely based in Ventura County with a sliver of Los Angeles County, is probably a reach for Republicans. But the prospect of it being in play suggests vulnerability for Democrats in a number of districts in California and across the country that Biden won by double digits.

“If California Democrats have a headache in California 26, they’ve got the flu in a whole range of more competitive seats,” including contests in the Central Valley and Southern California, said David Wasserman, a congressional forecaster for the nonpartisan Cook Political Report.

Democrat Julia Brownley has represented much of Ventura County in Congress since 2013. On Tuesday, the district was moved from “solid Democrat” to “lean Democrat” by Cook, which based its prognostication on a poll that showed a statistical dead heat between the candidates and the amount of money flowing in. The Cook Report also forecast tightening contests in districts represented by Democrats Katie Porter of Irvine and Josh Harder of Turlock. Many of these districts, in historically conservative bastions such as Porter’s in Orange County, are now closely split between Democratic and Republican voters, or are places where Democrats wield a numeric edge but have a Republican incumbent, such as Reps. Mike Garcia of Santa Clarita and David Valadao of Hanford.

The 26th District, however, doesn’t fit into either of these categories. The incumbent is a Democrat, and though the district gained conservative Simi Valley in the 2021 redrawing of congressional maps, Democrats still have a nearly 15-percentage-point voter registration edge.

Wasserman was among the prognosticators who was skeptical when Brownley’s prospects were initially questioned.

“But clearly the environment has deteriorated for Democrats since then,” he said. “Though she’s still a clear favorite, she is not in as solid shape because Republicans have a credible candidate and there is still some ancestral Republican support in Ventura County.”

Inflation, gas prices, concerns about crime and the lack of exciting statewide campaigns are a boon for Republicans, said Democratic strategist Andrew Acosta.

“All of this is a toxic brew,” he said, adding that voters in districts like Brownley’s may be liberal on social issues but malleable on economic matters. “And we are in a pocketbook election.”

GOP politicians represented the area in Congress for 70 years, until Brownley won her seat in 2012. One out of five of the district’s voters decline to identify with a political party.

More than 20 House campaign committees and leadership PACs contributed to Brownley and Jacobs over a three-day span in late October, making it “the top House target for Republicans and Democrats alike” for such efforts, according to the research director for the California Target Book, a nonpartisan guide that analyzes races in the state. A pro-Brownley outside group recently chipped in a half-million dollars.

GOP redistricting expert Matt Rexroad said that these moves, as well as President Biden’s appearance with Rep. Mike Levin in Oceanside on Thursday, indicate that several districts in California are competitive...

 

'Biden: Releasing 15 Million More Barrels of Oil Reserves Right Before Election ‘Not Politically Motivated at All!’'

From Ed Driscoll, at Instapundit, a huge roundup, "GREAT MOMENTS IN MALARKEY."

Voters Overwhelmingly believe American Democracy is Under Threat, But No One Wants to Lift a Finger to Save It

You gotta love this country, especially all the gullible lambs being led to the slaughter. Oh, the country's on the brink? Who cares?!!

Actually, democracy's not on the ballot, is not in danger, and this poll shows it. The New York Times asks leading questions and the rubes parrot what they've heard in the leftist press --- and on Twitter! (Hi Meathead!)

Here, "Voters See Democracy in Peril, but Saving It Isn’t a Priority":

In less than a month we will determine whether we want to continue living in a Constitutional Democracy or let our 246 year experiment in Self Rule give way to Fascism. There is only one way to avoid the latter: Pull the lever for a Democrat.

— Rob Reiner (@robreiner) October 11, 2022

Voters overwhelmingly believe American democracy is under threat, but seem remarkably apathetic about that danger, with few calling it the nation’s most pressing problem, according to a New York Times/Siena College poll.

In fact, more than a third of independent voters and a smaller but noteworthy contingent of Democrats said they were open to supporting candidates who reject the legitimacy of the 2020 election, as they assigned greater urgency to their concerns about the economy than to fears about the fate of the country’s political system.

The doubts about elections that have infected American politics since the 2020 contest show every sign of persisting well into the future, the poll suggested: Twenty-eight percent of all voters, including 41 percent of Republicans, said they had little to no faith in the accuracy of this year’s midterm elections.

Political disagreements appear to be seeping into the fabric of everyday life. Fourteen percent of voters said political views revealed a lot about whether someone is a good person, while 34 percent said it revealed a little. Nearly one in five said political disagreements had hurt relationships with friends or family.

“I do agree that the biggest threat is survival of our democracy, but it’s the divisiveness that is creating this threat,” said Ben Johnson, 33, a filmmaker from New Orleans and a Democrat. “It feels like on both sides, people aren’t agreeing on facts anymore. We can’t meet in the middle if we can’t agree on simple facts. You’re not going to be able to move forward and continue as a country if you can’t agree on facts.”

The poll showed that voters filtered their faith in democracy through a deeply partisan lens. A majority of voters in both parties identified the opposing party as a “major threat to democracy.”

Most Republicans said the dangers included President Biden, the mainstream media, the federal government and voting by mail. Most Democrats named Donald J. Trump, while large shares of the party’s voters also said the Supreme Court and the Electoral College were threats to democracy.

Seventy-one percent of all voters said democracy was at risk — but just 7 percent identified that as the most important problem facing the country.

These ostensibly conflicting views — that voters could be so deeply suspicious of one another and of the bedrock institutions of American democracy, while also expressing little urgency to address those concerns — may in part reflect longstanding frustrations and cynicism toward government.

Still, among voters who saw democracy as under threat, the vast majority, 81 percent, thought the country could fix the problem by using existing laws and institutions, rather than by going “outside the law,” according to the poll. Those who said violence would be necessary were a small minority. “If we’re just talking about freedom, having freedom, and that we get to have a say in our choices, then I think we still have that,” said Audra Janes, 37, a Republican from Garnavillo, Iowa. She added, “I think that we need to stop trying to rewrite the Constitution and just reread it.”

Overall, voters’ broader frustration with a political system that many view as dangerously divided and corrupt has left them pessimistic that the country is capable of coming together to solve its problems, no matter which party wins in November.

The poll’s findings reinforce the idea that for many Americans, this year’s midterm elections will be largely defined by rising inflation and other economic woes — leaving threats to the country’s democratic institutions lurking in the back of voters’ minds...

Saudi Arabia Defied U.S. Warnings Ahead of OPEC+ Production Cut

The Saudis apparently coordinating a cut in production in both countries, at a time when the global economy needs the opposite.

At the Wall Street Journal, "Riyadh dismissed American officials who said the output reduction would be perceived as siding with Russia, in a new blow to relations":

RIYADH, Saudi Arabia—Days before a major oil-production cut by OPEC and its Russia-led allies, U.S. officials called their counterparts in Saudi Arabia and other big Gulf producers with an urgent appeal—delay the decision for another month, according to people familiar with the talks. The answer: a resounding no.

U.S. officials warned Saudi leaders that a cut would be viewed as a clear choice by Riyadh to side with Russia in the Ukraine war and that the move would weaken already-waning support in Washington for the kingdom, the people said.

Saudi officials dismissed the requests, which they viewed as a political gambit by the Biden administration to avoid bad news ahead of the U.S. midterm elections, on which control of Congress hangs. High gas prices and inflation have been central issues in the campaign.

Instead, the people said, the kingdom leaned on its OPEC allies to approve the cut, which is aimed at reducing production by 2 million barrels a day.

Adrienne Watson, a National Security Council spokeswoman, rejected Saudi contentions that the Biden administration efforts were driven by political calculations. U.S. officials questioned a Saudi analysis that the price of oil was about to plunge and urged them to wait and see how the market reacted. If the price did collapse, U.S. officials told their Saudi counterparts, OPEC+ could react whenever they needed.

“It’s categorically false to connect this to U.S. elections,” Ms. Watson said. “It’s about the impact of this shortsighted decision to the global economy.”

Since the OPEC+ decision, the White House vowed to fight OPEC’s control of the energy market. Lawmakers from across the political spectrum called on the U.S. to cut off arms sales to Saudi Arabia. And U.S. officials started looking for ways to punish Riyadh.

In one of its first responses, U.S. officials said, the Biden administration is weighing whether to withdraw from participation in Saudi Arabia’s flagship Future Investment Initiative investment forum later this month. According to people familiar with the matter, the U.S. has pulled out of a working group meeting on regional defenses next week at the Gulf Cooperation Council, based in Saudi Arabia.

Mr. Biden’s visit to Saudi Arabia in July was meant to repair relations after the president entered office with a vow to treat the kingdom as a pariah over human rights, particularly the 2018 killing of Saudi journalist Jamal Khashoggi at the hands of Saudi agents.

Images of the president’s fist bump with Crown Prince Mohammed bin Salman became a polarizing symbol of the trip.

But according to people inside the Saudi government, Mr. Biden’s July visit did little to change Prince Mohammed’s determination to chart a foreign policy independent of U.S. influence, in a break from almost 80 years of American-Saudi partnership.

If anything, said the people inside the Saudi government, the visit angered Prince Mohammed, who was upset that Mr. Biden went public with his private comments to the Saudi royal over Mr. Khashoggi’s death, which prompted Saudi officials to publicly contradict Mr. Biden’s characterization of their interaction.

U.S. officials said they saw no indications in their talks with Saudi leaders in recent months that Mr. Biden’s comments about Mr. Khashoggi had been damaging to ties...

 

Demand for Cars Faces Test With Rising Rates (VIDEO)

I bought a brand new Toyota pickup when I was in my early twenties, in the early 1980s, and interest raters were astronomical. What did I know back then? (*Eye-roll.) Double-digits, sheesh.

At the Wall Street Journal, "As More Cars Hit Dealership Lots, Buyers Feel Pinch of Rising Interest Rates":

Improved supply chain lifted dealer inventory and sales, but economic obstacles are weighing on customers.

More new cars and trucks are finally trickling into dealerships as supply-chain troubles ease and auto makers increase factory output. Now, rising interest rates and other economic pressures are starting to put a damper on the car-buying mood.

Several major auto makers reported U.S. sales declines in the third quarter as inventory levels remained pressured, despite some improvement in recent months. General Motors Co. posted a 24% jump in third-quarter U.S. sales as its vehicle availability increased after it was disproportionately hit last year by supply-chain constraints resulting from Covid-related shutdowns in Asia.

The auto industry has grappled for nearly two years with choppy factory schedules and thin dealership stocks, stemming from semiconductor shortages and other supply problems. Those troubles are easing and vehicle availability is slowly improving, the car companies say.

Auto executives continue to express confidence they will be able to fill a big backlog in consumer demand as production normalizes. But a worsening economic picture and higher interest rates are raising questions about whether consumers will still keep snapping up cars and trucks at the same pace once stock levels improve.

“There’s a lot of negative consumer sentiment in the marketplace. So we’re obviously concerned about that,” Hyundai Motor America Chief Executive Randy Parker said Monday, citing rising rates and stock-market declines. Hyundai’s third-quarter sales rose 3%.

Still, Mr. Parker said it was too early to say whether demand is weakening significantly and said he is cautiously optimistic that it will hold up. He said sales slowed last week partly because of Hurricane Ian’s impact on the Southeast, making it more difficult to gauge underlying consumer demand. Auto makers pointed to continued low vehicle inventories as the reason for weaker third-quarter sales. Toyota Motor Corp. said sales fell 7% in the July-to-September period. Stellantis NV’s dropped 6%, with the Jeep maker citing continued supply constraints, and Nissan Motor Co. reported a nearly 23% drop in U.S. sales for the third quarter.

Overall, industrywide sales in the U.S. for the third quarter were about 3.36 million, roughly flat over the prior-year period, according to Wards Intelligence. Ford Motor Co. is set to report U.S. sales results on Tuesday.

Electric-vehicle leader Tesla Inc. on Sunday said global vehicle deliveries in the third quarter rose about 42% to a record 343,830, but were hampered by vehicle-shipping capacity. The deliveries total fell short of Wall Street estimates.

EV startup Rivian Automotive Inc. also reported on Monday that it had produced 7,363 vehicles at its factory in Illinois and delivered 6,584 to customers during that same period. The figure remains in line with Rivian’s target of producing 25,000 vehicles this year, the company said. Rivian’s stock was up more than 6% in after-hours trading Monday.

Rising interest rates are making it harder for U.S. buyers to afford record-high pricing on new vehicles, a byproduct of the scant inventory at dealership lots. Gone are the days of 0% financing on new vehicles, which car companies and dealers have long used as a staple promotion to sell cars.

The average interest rate on a new-car loan in the U.S. hit 5.7% in the third quarter, the highest in three years, according to research site Edmunds.com.

Americans also are financing more of the purchase price than ever, reflecting record-high car prices. The average amount financed per vehicle in the third quarter was $41,347, compared with $38,315 a year earlier, according Edmunds.com. And 14% of auto-loan customers during that same period took on a monthly payment of $1,000 or more, up from 8% a year earlier, the firm found. “It seems likely that much of the pent-up demand from limited supply is quickly disappearing as high interest rates eat away at vehicle buyers’ willingness and ability to purchase,” said Charlie Chesbrough, senior economist with research firm Cox Automotive.

The firm last week lowered its 2022 U.S. sales forecast to 13.7 million new vehicles, which would be down 9% from last year. In the five years leading up to the pandemic-plagued year of 2020, the industry sold more than 17 million vehicles annually.

So far, though, car companies and dealers say that most new vehicles that get shipped from the factory are quickly snapped up by buyers.

There were nearly 1.3 million vehicles on dealership lots or en route to stores in August, up 10% from July and 19% higher than a year earlier, according to research firm Wards Intelligence. That represented a 29-day supply, the highest in months but still roughly half historical norms.

“There is still really strong consumer demand, and huge replacement demand,” said Duncan Aldred, head of GM’s Buick and GMC brands, during an interview at the Detroit auto show last month. “I think that will probably overcome a lot of the economic headwinds.”

GM said Monday that semiconductor availability has improved and output has stabilized, allowing it to stock more cars and increase sales. The number of vehicles on dealership lots or en route to stores at the end of the third quarter rose 45% from a year earlier, GM said.

Auto executives have said the semiconductor shortage that has plagued output for nearly two years is gradually easing. Still, shortages continue, and the impact tends to be felt unevenly across regions and companies...

 

Economic Issues Outweigh Concerns About Rights in Midterm Vote

Well, you would think. (*Eye-roll.*)

From Monmouth, "Biden gets poor marks on handling pivotal issues":

West Long Branch, NJ – Economic issues are a bigger factor in this year’s midterm elections than concerns about rights and democracy, according to the latest Monmouth (“Mon-muth”) University Poll. Democrats prioritize a fairly wide range of issues from climate change to abortion, while Republicans focus on a more limited set including inflation, crime, and immigration. Independents, though, tend to hone in on one issue above all: rising prices. Further dampening Democrats’ prospects are the poor numbers President Joe Biden gets for his performance on the issues most important to independents.

Republicans have made slight gains in the public’s preference for party control of Congress since the summer. Currently, 36% of Americans say they want the GOP in charge and another 11% have no initial preference but lean toward Republican control. Democratic control is preferred by 34% with another 10% leaning toward the Democrats. The combined 47% who choose Republican control is up from 43% in August, while the 44% support level for Democratic control is down from 50%.

A majority (54%) of Americans say it is very important to have their preferred party in control of Congress. This control importance metric is slightly higher among those who want Republicans (62%) than those who want Democrats (58%) leading Congress, which is a flip of the partisan result for this question in last month’s poll. Similarly, those who want Republican leadership (65%) are somewhat more likely than those who want Democrats in charge (58%) to say they are extremely motivated to vote this year.

“Because the congressional map favors the GOP, Democrats need to do more than ‘keep it close’ in order to hold onto their House majority. One roadblock for them is that the issue picture favors Republicans,” said Patrick Murray, director of the independent Monmouth University Polling Institute.

The poll asked about the importance of 12 issue areas for the federal government to address. Those rated either extremely or very important by the largest number of Americans include inflation (82%), crime (72%), elections and voting (70%), jobs and unemployment (68%), and immigration (67%). The next tier of issue concerns includes transportation and energy infrastructure (57%), abortion (56%), racial inequality (53%), gun control (51%), and climate change (49%). The least important issues for federal government action right now are the Covid pandemic (32%) and student loan debt (31%). About 8 in 10 Republicans put inflation, crime, and immigration at the top of their issue list. A similar number of Democrats prioritize climate change, racial inequality, elections and voting, gun control, and abortion, with about 3 in 4 also giving emphasis to jobs and inflation. However, the only issue which more than 3 in 4 independents place high importance on is inflation. Additionally, independents are more concerned about overall economic issues along with crime and immigration than they are by other issues.

When asked which group of issues is more important in their support for Congress this year, concerns about the economy and cost of living (54%) outpace concerns about fundamental rights and democratic processes (38%) among all Americans. Republicans prioritize the economy (71%), while Democrats prioritize rights (67%). Independents are more likely to give preference to economic issues (61%) than concerns about rights and democracy (29%).

“Democrats are all over the place when it comes to their key issues. This makes it difficult for the party to create a cohesive messaging strategy to motivate its base. Republicans, on the other hand, just have to hammer away at rising prices and ‘the wolf is at the door’ to get their voters riled up,” said Murray. He added, “A major problem for Democrats is their base messaging doesn’t hold as much appeal for independents as the GOP issue agenda does. Even though truly persuadable independents are a rather small group these days, this small difference can have a major impact given the expectation that congressional control will hinge on a handful of very close contests.”

Perception of President Biden’s performance on these key issues is not helping the Democratic cause. The only issue where he gets a net positive rating is handling the Covid pandemic (50% approve and 47% disapprove) – which is one of the public’s lowest priority issues right now. Only 3 in 10 Americans approve of the job Biden has done on the nation’s top concern – inflation (30%) – as well as other concerns that Republicans are focused on – i.e., crime (32%) and immigration (31%). Biden also gets similarly low marks on abortion (31%) and gun control (30%) – two issues that are important to Democrats. About 4 in 10 approve of the president’s performance on other issues covered in the poll.

Democrats are about twice as likely as independents – and many multiples more likely than Republicans – to give Biden high marks for handling each of these issues. Still, Democrats are relatively less prone to approve of the president’s performance on crime, inflation, abortion, immigration, and gun control – between 61% and 69% – when compared with the other seven issues covered in the poll. Biden gets between 77% and 82% approval from his fellow Democrats on these issues, except for Covid where he earns nearly universal approval (91%).

“Obviously, the Republicans are hitting away at issues where Biden – and by extension the Democratic Party – is weakest. But it’s also worth noting that Biden does not provide a rallying point for Democratic voters on some of the issues, such as abortion, that his party is leaning on to motivate its own base,” said Murray...

Keep reading (via Memeorandum). 

Washington Post: Americans 'Resigned' to Inflation, 'Feeling Better' About Dealing With It

 Yeah, I'm sure.

At AoSHQ, "Funflation!"

Student Loan Plan Will Feed Inflation, Hurt Dems Politically

From Kim Strassel, at WSJ, "Student Debt Forgiveness Is Biden’s Bluto Moment":

His plan will feed inflation and hurt him politically.

If political moves received letter grades, Joe Biden’s student loan “forgiveness” mark might rank down there with the Deltas of “Animal House.” Think of it as the president’s Bluto moment.

In case the White House missed it, Democrats had recently been getting it together. After an 18-month food fight over the Biden agenda, the party finally united to pass the Inflation Reduction Act. It suckered spend-happy Republicans into passing a semiconductor bill that vulnerable Democrats could brag about back home. The left has successfully fanned fears on abortion, putting GOP candidates on the back foot. And Donald Trump is in the headlines—right where they want him.

Then along comes Blutarsky, and seven years of college down the drain. It would be hard to fashion a program that carries more political risk for less political reward. In the name of paying off that powerful voting bloc known as “overeducated and underemployed deadbeats,” Mr. Biden is dumping on his own inflation message, dividing his party, and insulting any American who has ever worked, saved or paid a bill.

Inflation remains voters’ biggest worry, and they understand Washington’s role in feeding it. Only recently they watched General Motors and Ford hike the prices of electric vehicles by $6,000 to $8,500—roughly pacing the $7,500 tax credit the Biden “inflation reduction” law bestows. Cause, effect. Millions of American parents read Mr. Biden’s Wednesday loan announcement as news that they will be paying $10,000 more for tuition next year (and the year after that, and after that) as colleges reap the loan windfall.

Inflation remains voters’ biggest worry, and they understand Washington’s role in feeding it. Only recently they watched General Motors and Ford hike the prices of electric vehicles by $6,000 to $8,500—roughly pacing the $7,500 tax credit the Biden “inflation reduction” law bestows. Cause, effect. Millions of American parents read Mr. Biden’s Wednesday loan announcement as news that they will be paying $10,000 more for tuition next year (and the year after that, and after that) as colleges reap the loan windfall.

It won’t stop with college inflation, even Democratic economists warn. Every $20,000 of loan forgiveness is $20,000 the favored college forgiven can blow on urban loft refits or Hawaiian vacations. “Pouring roughly half [a] trillion dollars of gasoline on the inflationary fire that is already burning is reckless,” Jason Furman, the Obama administration’s top economist, tweeted. Americans already doubted Mr. Biden’s new climate and health law would do much to lower prices, but they’ll draw a direct line from the loan bailout to further price hikes. A CNBC poll says nearly 60% of Americans fear this handout will make inflation worse.

The plan rips a new fissure in the Democratic Party, as nonsuicidal members run for cover. Maine Rep. Jared Golden called loan forgiveness “out of touch.” New Hampshire Rep. Chris Pappas said this is “no way to make policy.” Nevada Sen. Catherine Cortez Masto and Colorado Sen. Michael Bennet noted that the plan doesn’t address the underlying problem of rising tuition. Ohio Rep. Tim Ryan, running for the Senate, said the forgiveness “sends the wrong message to the millions of Ohioans without a degree working just as hard to make ends meet.”

What unites these Democrats? Each is in a competitive race, and they clearly already see the potential to alienate large cross-sections of the American electorate. Sure, loan forgiveness may benefit up to 40 million people, and energize Gen Zers and some millennials to vote for the Democrats they were going to support anyway. What about the other 220 million voting-age Americans who are being asked to float the upper crust’s seminars on gender identity and social justice?

Democrats desperately need suburban voters this fall. Those would be the same suburban parents who are already furious over school closures and woke education, who scrimped and saved to pay through the nose for college, and who now look like chumps as they prepare to pay more. The CNBC poll finds that 65% of those 35 to 64—prime college-parent age—feel loans should be forgiven for no one or only for those in need (the Biden plan favors top earners). That share is even higher—78%—for those over 65.

Party leaders have fretted for years over how to handle Democrats’ cratering support among the working class. This is the answer? The loan handout is a thumb in the eye to every American who went to trade school, got an apprenticeship, took out private loans to start a small business, or simply went to work—and now must not only grind out a living and keep up with inflation but cover the poor financial decisions of the college elite...

 

Gallup: Poor Life Ratings Reach Record High

We're in a Carteresque malaise.

The chart below tells a lot. 

Life evaluations dropped to 46.4 of Americans as "thriving" during the Great (Crash) Recession of November 2008, and during late 2020, during a coronavirus pandemic, in December of that year.

See, "In U.S., Poor Life Ratings Reach Record High":

WASHINGTON, D.C. -- The percentage of Americans who evaluate their lives poorly enough to be considered "suffering" on Gallup's Life Evaluation Index was 5.6% in July, the highest since the index's inception in 2008. This exceeds the previous high of 4.8% measured in April and is statistically higher than all prior estimates in the COVID-19 era. Across extensive measurement since January 2008, the suffering percentage has reached 4.5% or higher on a handful of occasions.

The most recent results, obtained July 26 to Aug. 2, 2022, are based on web surveys of 3,649 U.S. adults as a part of the Gallup Panel, a probability-based, non-opt-in panel of about 115,000 adults across all 50 states and the District of Columbia.

For its Life Evaluation Index, Gallup classifies Americans as "thriving," "struggling" or "suffering," according to how they rate their current and future lives on a ladder scale with steps numbered from 0 to 10, based on the Cantril Self-Anchoring Striving Scale. Those who rate both their current and future lives a 4 or lower are classified as suffering. Those who rate their current life a 7 or higher and their anticipated life in five years an 8 or higher are classified as thriving.

The percentage of U.S. adults estimated to be thriving has steadily declined since it reached a record high of 59.2% in June 2021. The latest estimate of 51.2% is an 18-month low. The lowest recorded thriving rate of 46.4% was measured twice -- first, in November 2008 amid the Great Recession, and second, in late April 2020, during the initial economic shutdown associated with the outbreak of COVID-19 in the U.S...

 People are stressing. It's sad. 

Still more.

The Left's Assault on the Middle Class (VIDEO)

Here's Batya Ungar-Sargon, author of, Bad News: How Woke Media Is Undermining Democracy, for the Rising on the Hill TV: 

Definition of a Recession

From Douglas Murray, at the New York Post, "Undocumented, underhoused chestfed kids are not in a recession, say Dems":

“We should avoid a semantic battle” said Janet Yellen yesterday. “A what?” In short it seems what the Treasury Secretary means is that we should not use the word “recession.”

That is a shame, because people, including Yellen’s boss, used to like to use the word a lot. In October 2020, when he was running for office, Joe Biden said “President Obama and I left Donald Trump a booming economy – and he caused a recession. He squandered it just like he has everything else he’s inherited in his life.” He said the same thing in September 2020, claiming that American was in a “recession created by Donald Trump’s negligence.”

Fast forward a couple of years and The White House is now reframing the meaning of the word and warning us all not to use it. It is true that until yesterday it was generally agreed that two straight quarters of negative GDP growth was the common definition of a recession. But yesterday President Biden said, “That doesn’t sound like a recession to me.” This fact should surprise no one.

Because re-naming things is one of the left’s favorite pastimes. If you cannot change the facts then you can at least change the language around the facts. By doing so you can massage the facts, make them less concerning and in the process wish reality away. For a time, at least...

Keep reading.

Escape From C.A.? Los Angeles and San Francisco Lead the Way (VIDEO)

I love my state but Democrats have destroyed it. It's tragic.

I can't leave. I'm locked down career-wise at my college, teaching until I retire. In a decade or so I'll be able to, though. I'll have plenty of time to consider my options. Nevada or Wyoming? Idaho or Tennessee? Florida or Texas?

Who knows? 

Maybe California will be red state by then, with California's plurality Hispanic population following South Texas's lead? Never say never. Stranger things have happened. 

But as you can see, people who are free to flee, leave. It's a thing and getting bigger.

At the Los Angeles Times, "California exodus continues, with L.A., San Francisco leading the way: ‘Why are we here?’":

After living in the Bay Area for nearly seven years, Hari Raghavan and his wife decided to leave for the East Coast late last year.

They were both working remotely and wanted to leave California because of the high cost of living and urban crime. So they made a list of potential relocation cities before choosing Miami for its sunny weather and what they perceived was a better sense of safety.

Raghavan said that their Oakland house had been broken into four times and that prior to the pandemic, his wife called him every day during her seven-minute walk home from the BART station because she felt safer with someone on the phone. After moving to Miami, Raghavan said they accidentally left their garage door open one day and were floored when they returned home and found nothing had been stolen.

“We moved to the Bay Area because we had to be there if you want to work in tech and start-ups, and now that that’s no longer a tether, we took a long hard look and said, ‘Wait, why are we here again?’ ” Raghavan said.

He said there wasn’t much draw in California’s quality of life, local or social policies, or cost of living. “That forced us to question where we actually wanted to live,” he said.

An acceleration of people leaving coastal California began during the first year of the pandemic. But new data show it continued even after lockdowns and other COVID restrictions eased.

California ranks second in the country for outbound moves — a phenomenon that has snowballed during the pandemic, according to a report from the Federal Reserve Bank of Chicago, which tracked data from moving company United Van Lines. Between 2018 and 2019, California had an outbound move rate of 56%. That rate rose to nearly 60% in 2020-21.

Citing changes in work-life balance, opportunities for remote work and more people deciding to quit their jobs, the report found that droves of Californians are leaving for states like Texas, Virginia, Washington and Florida. California lost more than 352,000 residents between April 2020 and January 2022, according to California Department of Finance statistics.

San Francisco and Los Angeles rank first and second in the country, respectively, for outbound moves as the cost of living and housing prices continue to balloon and homeowners flee to less expensive cities, according to a report from Redfin released this month.

Angelenos, in particular, are flocking to places like Phoenix, Las Vegas, San Diego, San Antonio and Dallas. The number of Los Angeles residents leaving the city jumped from around 33,000 in the second quarter of 2021 to nearly 41,000 in the same span of 2022, according to the report.

California has grappled with extremely high housing prices compared with other states, according to USC economics professor Matthew Kahn. Combined with the pandemic and the rise in remote work, privileged households relocated when they had the opportunity.

“People want to live here, but an unintended consequence of the state’s environmentalism is we’re not building enough housing in desirable downtown areas,” Kahn said. “That prices out middle-class people to the suburbs [and creates] long commutes. We don’t have road pricing to help the traffic congestion, and these headaches add up. So when you create the possibility of work from home, many of these people ... they say ‘enough’ and they move to a cheaper metropolitan area.”

Kahn also pointed out that urban crime, a growing unhoused population, public school quality and overall quality of life are driving out residents.

“In New York City, but also in San Francisco, there are all these fights about which kids get into which elite public schools,” he said. “The rich are always able to hide in their bubble, but if the middle class looks at this quality of life declining, that’s a push factor to leave.”

Redfin chief economist Daryl Fairweather cited a June report that tracked the change in spending power of a homebuyer on a $2,500 monthly budget. While 11.2% of homes in Los Angeles were affordable on that budget, using a 3% interest rate, that amount swelled to about 72% in Houston and about 50% in Phoenix.

“It’s really an affordability problem,” Fairweather said. “California for the longest time has prioritized single-family zoning, which makes it so people stay in their homes longer because their property taxes don’t reflect the true value. California is the epicenter of where the housing shortage is so people have no choice but to move elsewhere.”

While California experienced a major population boom in the late 20th century — reaching 37 million people by 2000 — it’s been losing residents since, with new growth lagging behind the rest of the country, according to the Public Policy Institute of California. The state’s population increased by 5.8% from 2010 to 2020, below the national growth rate of 6.8%, and resulting in the loss of a congressional seat in 2021 for the first time in the state’s history.

Although California has relied on immigration to offset its population decline for the past two decades, that flow has also shrunk, according to UCLA economics professor Lee Ohanian.

Delays in processing migration requests to the U.S. were compounded during the pandemic, resulting in the lowest levels of immigration in decades, according to U.S. Census Bureau data.

Estimates showed a net increase of 244,000 new immigrants between 2020 and 2021 — roughly half the 477,000 new immigrant residents recorded between 2019 and 2020 and a drastic reduction from more than 1 million reported from 2015 to 2016.

The state is also seeing a dwindling middle class...

The "middle class"? Ha! 

How about the Medieval class? The so-called middle class in California is now our postmodern neo-feudal peerage for the metaversal-future.

See Joel Kotkin, at City Journal (interview), "California’s Neo-Feudal Future."

White House Braces for Grim News on Economy (VIDEO)

Yes, the White House is "bracing" being attempting to redefine what a recession is. 

At Politico, "White House braces for grim news on economy":

Bracing for impact: Even if Thursday's GDP report shows a second consecutive quarter of negative growth, you won't hear the Biden admin using the R-word.

The Council of Economic Advisers is redefining what a recession is...🤔https://t.co/HHBYJKqP5V pic.twitter.com/gecR93vPPj

— Jacqui Heinrich (@JacquiHeinrich) July 24, 2022

Senior administration officials are hitting the airwaves and arm-twisting reporters in private, imploring anyone who will listen that the economy is still healthy.

The White House is scrambling behind the scenes and in public to get ahead of a potentially brutal economic punch to the face that could give Republicans the chance to declare that the “Biden recession” is under way.

Wall Street analysts, economists and even some in the Biden administration itself expect a report on Thursday to show the economy shrank for a second straight quarter, meeting a classic — though by no means the only — definition of a recession.

Senior administration officials are hitting the airwaves and arm-twisting reporters in private, imploring anyone who will listen that the economy — despised by majorities of both Republicans and Democrats fed up with inflation — is still healthy.

But White House officials admit that changing people’s minds is a daunting task as the highest inflation in four decades severely cuts into wages even as the economy continues to churn out jobs and Americans keep spending.

Economic Advisers and one of Biden’s longest-serving aides, said in an interview. “What we are trying to do is explain things in a much more nuanced way than most people are getting from the daily news flow.”

Bernstein’s CEA and the Treasury Department are cranking out blog posts and studies arguing that the current post-pandemic moment — while strange and disconcerting to many Americans — is nowhere close to a recession.

Treasury Secretary Janet Yellen showed up on NBC’s “Meet the Press” on Sunday and declared, “This is not an economy that is in recession.” On Monday, senior Biden aide Gene Sperling ventured into hostile territory on Fox News. The next day, National Economic Council Director Brian Deese joined the White House briefing to make the case.

Aides are even quietly praising occasional White House nemesis Larry Summers, the voluble former Treasury secretary who on Monday said on CNN that anyone who says we are in a recession now is “either ignorant” or “looking to make political points.” Summers still believes a recession is likely in the relatively near term.

Biden on Friday afternoon received a briefing from Yellen, Deese, Sperling, CEA Chair Cecilia Rouse, Energy Secretary Jennifer Granholm, Budget Director Shalanda Young and Amos Hochstein, coordinator of international energy policy at the State Department.

The lengthy, remote session focused on just how much gas prices are dropping (a White House fixation), the impact of that decline on consumers and continuing geopolitical issues — mainly the war in Ukraine — that could still send oil and gas prices soaring again.

White House press staff are also regularly convening background briefings with economics reporters and senior administration officials to talk up the economy’s strengths, no matter what the GDP numbers say this week.

For their part, Republican leaders sense an opportunity to leverage their already big advantage on the economy as a midterm election issue and ride it to even larger gains in November than polls predict...

 

'I Made A Huge Mistake Voting For Biden'

Ms. Zoe Nicholson from St. Louis:

Zoe, a Missouri resident: “I made a huge mistake voting for Biden.”

“I regret voting for him. I mean, it really was a terrible choice. " pic.twitter.com/EMki781Gu7

— RNC Research (@RNCResearch) July 11, 2022

J. David McSwane, Pandemic, Inc.

At Amazon, J. David McSwane, Pandemic, Inc.: Chasing the Capitalists and Thieves Who Got Rich While We Got Sick.

Americans Are Cutting Back This Fourth of July — What? Biden's America! We Don't Cutback on the Fourth or Any Other Day, and This Guy's Blaming Gas Stations

Out of touch in putting it mildly, on Twitter below.

Americans should be enjoy the blessings and bounties of the country today, not worrying whether they can afford a couple of pounds of ground beef. It's ridiculous.  

And at the Wall Street Journal, "Fourth of July Cookouts Attract Party Crasher: Rising Food Costs":

My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril.

Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.

— President Biden (@POTUS) July 2, 2022

The average cost of a summer cookout rose 17% from last year, according to a survey, prompting some Americans to dial back their festivities.

As the price of food continues to climb with the Fourth of July approaching, Jayne Crucius had to decide whether she would grill her traditional beef tenderloin.

When Ms. Crucius saw that a five-pound beef tenderloin would set her back about $135, she decided to skip it. Instead, she’s serving chicken and pork ribs at a Fourth of July party at her cottage in Atkinson, N.H.

“We can eat a lot of chicken for that kind of money,” said Ms. Crucius, who is 74 years old.

Consumers across the U.S. are choosing between dialing back on their Independence Day celebrations or accepting the higher costs at the grocery store. The average cost of a summer cookout for 10 people this year is $69.68, a 17% increase from last year, according to a survey from the American Farm Bureau Federation, an advocacy group that represents farmers.

The rise hit most Fourth of July staples, including hamburgers, pork chops, potato salad and ice cream, according to the American Farm Bureau Federation. The price of ground beef is up 36%, vanilla ice cream jumped 10% The AFBF attributes the price increases to continuing supply-chain disruptions, inflation and the war in Ukraine. The supply-chain problems and inflation have also increased the costs of farm supplies, putting the squeeze on farmers, according to the federation.

Beer lovers are also going to pay more this year if they want to sip their lagers and ales while enjoying the fireworks. Beer prices are up nearly 25% for the year to date, according to an analysis by Wells Fargo, while wine prices have risen about 6%.

U.S. consumer inflation rose by 8.6% in May, its highest jump since December 1981, according to the Labor Department. Increases in energy prices and a nearly 12% rise in grocery costs drove May’s inflation jump, the department said.

There doesn’t appear to be any relief on the horizon for consumers. Some of the nation’s biggest food suppliers have said they would continue to raise prices as they face higher costs for labor, packaging, ingredients and transportation. The increase in fuel costs is also making it more expensive to produce and sell food.

Rising gas prices are hurting consumers too. With less disposable income, more shoppers are searching for ways to stretch their dollars.

Susan Doherty, who is semiretired and lives in Windham, N.H., said she and her husband are eating more chicken and pork for dinner because beef has gotten so expensive.

Ms. Doherty said she typically serves marinated sirloin steak tips for her Fourth of July party. But this year, she plans on buying fewer steak tips and will supplement the beef with marinated chicken, she said...

Steve Forbes, et al., Inflation

At Amazon, Steve Forbes, et. al., Inflation: What It Is, Why It's Bad, and How to Fix It.

Energy Inflation Derails Biden's Climate Agenda

Well, I guess that's one good thing about inflation. 

At the Wall Street Journal, "Under the president’s watch, emissions have risen, renewable-energy development has slowed and oil and coal use is up":

WASHINGTON—President Biden came to office vowing to cut dependence on fossil fuels, putting environmentalists in charge of energy policy and asking Congress for billions of dollars to fund a transition to cleaner energy.

Seventeen months later, greenhouse gas emissions are up, renewable-power development has slowed, and oil and coal consumption are on the rise. The biggest aspects of the green agenda are stuck in Congress, while Mr. Biden, facing surging energy prices and inflation, urged U.S. oil refiners this week to expand capacity.

Domestic oil and gas production has increased since Mr. Biden came into office and is projected to rise to record highs, but that has just inflamed concerns from environmentalists that Mr. Biden is backing away from his green agenda.

“I thought the country had turned a corner,” said Mary Nichols, a former California regulator and longtime environmental leader, “that the country was headed in the right direction.”

“Now this last year or two leaves you wondering whether that is true,” Ms. Nichols said.

Mr. Biden reaffirmed his environmental commitments Friday at the Major Economies Forum on Energy and Climate, a virtual summit he hosted with representatives of more than 20 countries and international groups, including the European Commission and China.

“The critical point is that these actions are part of our transition to a clean and secure long-term energy future,” Mr. Biden said, adding later, “The science tells us that the window for action is rapidly narrowing.”

At home, however, Mr. Biden’s agenda has run into the reality of rising oil prices, punishing inflation and policy conflicts. Mr. Biden pledged last year to cut U.S. greenhouse gas emissions by 50% to 52% below 2005 levels by 2030. But doing so will require Congressional approval of measures such as tax incentives for clean energy, analysts say.

Coal-state Sen. Joe Manchin (D., W.Va.), who derailed Mr. Biden’s roughly $3.5 trillion climate and social spending bill last year, has been negotiating with Senate Majority Leader Chuck Schumer (D., N.Y.) on a new bill that would include the tax incentives, but a deal is far from certain.

The stakes for Mr. Biden are high. High inflation and record gasoline prices at the pump are a political liability heading into the midterm elections, where Republicans have a chance to seize majorities in the House and Senate.

At the same time, Mr. Biden risks losing support among young and progressive voters by seeming to back away from his green agenda, activists and political analysts said.

“It is hard to forever turn people out when you’re not producing results,” said Bill McKibben, an environmentalist and co-founder of 350.org, a group dedicated to stopping the use of fossil fuels world-wide. “Especially among young voters who care about this immensely there seems to be real signs it’s doing damage.”

Administration officials say they are still on course to meet their climate goals, citing measures including executive actions to reduce greenhouse-gas emissions, spending to build out an electric-vehicle charging network and the rejoining of international climate talks.

Mr. Biden wants clean energy “installed here, deployed here and exported from here,“ Energy Secretary Jennifer Granholm said. ”He has taken steps in every single aspect of that to make those things happen. It doesn’t happen overnight.”

Some of the problems bedeviling Mr. Biden were triggered by events beyond his control.

The economy’s sharp rebound from the pandemic fueled higher demand for energy, raising costs. Russian President Vladimir Putin’s invasion of Ukraine further taxed energy markets, leading Mr. Biden to label rising gas costs as “Putin’s price hike.”

Administration critics, however, say White House policy conflicts and political miscalculations made things worse as oil prices rose from roughly $53 a barrel when Mr. Biden took office to nearly $120 now.

One problem, these people say, was a too-rosy view of how smoothly the U.S. could move off fossil fuels. Mr. Biden used his first day in office to block completion of the Keystone XL oil pipeline and freeze new oil and gas leases on federal land.

“Unfortunately, what we have seen since January 2021 are policies that send a message that the administration aims to impose obstacles to our industry delivering energy resources the world needs,” Bill Turenne, a spokesman for Chevron Corp., said in a statement to reporters Wednesday.

Mr. Biden is now asking oil-and-gas companies to pump and export more in response to soaring prices and war in Europe, leaving him open to criticism from Republicans that his early decisions fed the problem and from environmentalists that he was backtracking on his climate agenda...

Why Aren't Democrats Dancing for Joy About Sky-High Gas Prices?

From Ed Driscoll, at Instapundit, "THE COUNTRY’S IN THE VERY BEST OF HANDS: Joe Biden Gets Smashed by Resurrected Clip, Karine-Jean Pierre Flails in Response."

It's a link-fest over there, with this hypersonic missile of truth on gas prices: