US Economy: Americans' Perception vs. Economic Indicators

Biden's claim of 9% inflation under Trump and reluctance towards rate cuts in 2024 raises skepticism about the true state of the economy.

### Assessing the US Economy, Inflation, and Immigration Impact
* 📉 President Biden claims inflation was **9% when he took office**, but the actual figure was **1.4%**. Despite experts highlighting the economy's relative strength, a poll shows **50% of Americans believe it's headed in the wrong direction**.
* 💸 Americans feel the cumulative effect of inflation, with the overall basket of goods being **20% more expensive since 2020**. Wage growth lags behind inflation, and **full-time jobs are disappearing**.
* 💰 Since 2020, almost **$19 trillion has been printed**, with both Trump and Biden contributing significantly to the money supply increase.
* 🏠 The Federal Reserve chairman suggests that immigration boosts demand for housing, which in turn **nudges mortgage rates upwards**.
* 📉 The Federal Reserve president, Jerome Powell, signals reluctance towards further rate hikes, emphasizing the need for **evidence of declining inflation**.
* 👥 The impact of immigration on the economy is a contentious issue, with some arguing that it **disproportionately affects the socioeconomically disadvantaged**.
* 🎯 When assessing the economy, it's crucial to consider both **data-driven arguments** and the **actual experiences and sentiments of the American people**.
* 👮 There are opportunities to improve government efficiency by **reducing the size of the workforce**, especially in **non-essential areas**.

President Biden says during 2020 when Trump was President, he says inflation was what, 9% is what he claims, right? 9%, and he's been able to lower it, and he blasts Americans claiming Americans have the money to spend but they're not, and some people are pissed off about that. Is the economy as bad as Americans think? What do you think? Do you think the economy as bad as it is today? That's some people talk about. Federal Reserve chairman says migration boosts mortgage rates, but at the same time the President says Federal Reserve president rate cuts may not come in 2024. Tom, that's pretty heavy right there for some people. Renters fear they'll never own a home, and Americans are raking up phantom debt in ways they never have before. I want to start off with this Federal Reserve story here. Rate cuts may not come in 2024. Interest rates may remain steady throughout 2024, stating, I would need to see multiple positive inflation readings suggesting that this inflation process is on track. Cash Cardi anticipating a

potential shift in labor market dynamics indicates that a marked increase in job creation could warrant an interest rate cut. He previously anticipated two rate cuts in 2024 but may revise this depending on upcoming data despite reason inflation reduction slowing and signs of a possible re-acceleration. Cash cutting aligns with Fed Chair Jerome Powell in signaling reluctance towards further rate hikes. He emphasizes the need for evidence of declining inflation considering rate cuts, asserting there is a limit when we say, Okay, we need need to do more. He has normally been a moderate level-headed voice, and so to hear him coming out saying, I'm not sure what he's really saying here, is, I'm not sure we were going to go with one rate cut because inflation's edging edging edging closer to 4% and away from the 2%. So they saw that, and I feel like this is him floating to the markets to let them know, Hey, pay attention to your mirrors, statistics that are out there in CPI are not look like they're getting better.

we need to see the labor market move. So don't automatically think there's going to be cuts. Now why is he saying this? Because if you absolutely say there's no cuts, the stock market's going to move 2% that day. That's what will happen right now because they're counting 2%. If somebody says that, if they came out today and said, Okay, forget about September CU. Remember everybody's angling saying, 'Hey, one rate cut this year, probably at the September, mid-September meeting of the Fed,' and they're pricing that in. That's what the markets are looking for, that 'cause even a small cut in rates on billions and billions and billions of dollars of corporate debt is a lot, lot of EBITDA and a lot of stock value that you get back. And so I think they're trying to soften the blow. We're closer to four than we are to two, which really says that the economy is leveling and struggling to get to the better they want, and it's staying leveled at just okay if this

guys are saying that and Jerome is saying that and then you have a story coming out with President Biden. This goes with rate cuts. Biden claims inflation was 9% when he came into office when it was actually 1.4%, despite acknowledgment of inflation reality and impact on consumer confidence. Biden attributed the issue to greedy corporations, so he's blaming the corporations, defending his administration's handling of the economy amidst growing criticism and negative poll ratings. Biden's defiance against inflation worries contrast with public sentiment and polling data, with concerns mounting over economic management. So here's where I'm going with this. Time when did they change the way they measure inflation? The way they measured inflation was every two years, and then they changed it to measuring inflation every 12 months. Here's the thing with that. When they changed it from 24 months to 12 months, what was the reasoning for it? The reasoning for it is some claim that going from 24 to 12 months actually showed the rates were lower and people

would say if we were shown the 24mon rate inflation is actually such and such. It was always higher than what they reported and the US government had a number that were reporting for inflation versus what it actually was. So what is the likelihood and I know this a crazy question I'm asking about him. What is the likelihood that Biden is saying 9% because maybe it was 9% on the way they measure that works against Trump, but saying it's lower now on the measurement that works in favor of Biden. I don't know if you understand what I'm saying. So it's kind of like saying well in this category the way these guys calculate on the golf score of these three categories that is the old way of doing it. Yes, it was 99.1%, but for us I'm going to measure it on this one that's a little bit more friendly to me. We're only at 3.9%. Do you think that's what Biden it or do you think he was just delusional?

lying. First of all, if I think about the man, I think he was probably mistaken. However, you bring up a great point. It has been the great game of politics to find the number you like, the way you like to measure it, and find somebody, some Think Tank, some Department of the government. Oh, the Treasury Department says this, but the Department of Agriculture said this. How can you be talking about crops of the agriculture number I like, and then, Oh, the agriculture is going to favor themselves, I'm going with the Treasury Department. There's always been this game of find the number you like and then use that and beat up the other guy. But in this case, I think Biden is just playing mistaken. I think he's absolutely mistaken. Like maybe he looked at his own reports that showed that when we had Peak inflation in 2022, it was nine, ladies and gentlemen. When you put the entire basket of goods and the total impact on the American Consumer, it was nine. As a matter of fact, some say it was

even worse, but they say, well, we're not including energy, or we are including energy. Again, the parlor game here. In this case, I think Biden was just mistaken because I mean, this is a guy that's reading teleprompters and getting mistaken the last two weeks. And he doesn't do well. Just to be objective, not picking on him and not being bombastic, he hasn't done well in sort of analytical type interviews going back and forth. And I think in this case, he's just mistaken. Let me just give you some numbers. You bring a great point about going back two years versus one year. Inflation peaked at 9% in June of 2022. Here's the chart right here. So if you go to June of '22, at that point, Biden had been president since January 20th, 2021. That's when he took office. So that is a year and 6 months after he took office. It peaked. It hit 5% June of 2021. So 6 months into him taking office. Boom.

it went up. So, the question is, how much lag time from all the money printing that was done under Trump and Biden. So, here's what Biden could have done and should have done better and actually what worked. So, we all remember in March of 2020, Trump passed the CARES Act. How much money was it? $2.2 trillion of printing money. Whether that was necessary, whether that was a good decision, whether there was a bad decision, go ahead and argue it. Obviously, Biden wins the election, he comes in, but he decides to do what? Print more money. So, where does the inflation culprit lie on? Is it Trump printing the 2.2 and how much money, how much trillions of dollars did Biden print after he got elected? I would argue that he shouldn't have done anything. He printed way too much. What was the stat? 40% of all the money supply in the history of America was printed since 2020. Inflation. But I will give him credit, a 30-month period. Yep, I will give Biden credit because inflation

peaked in June of 22, a month after that, 2 months after that, August of 2022. What was, what did Biden pass the Inflation Reduction Act so it actually worked. So since he passed it right then, inflation has come down. Is he guilty of doing the money printing in 2021? Yes, but is he also, I guess, has deserve some accolades for the Inflation Reduction Act. The reality is this, both sides printed a hell of money and took on more debt for the economy, but we'll see what happens with the economy. If I may, the CARES Act was passed, went into effect on March 27, 2020. Biden had been elected, and it was nearly 60 days later that they were debating whether to change it. And he could as president, he had executive order power, he had the ability to go back with Congress. It was favorable to him, and he could have. There were things that could have happened later, and they talked about the extension, and they talked about where it went. The election wouldn't happen until November, you know.

you have march to November, but one of the first things that he got up and did was extended it and actually printed more. So you can talk about that, but you can talk about the inflation reduction act. The inflation reduction act, that's a misnomer, that's not what it did. Power raised rates radically, yeah, that's what got after inflation. So it wasn't like two presidents that had the two knobs that perfectly controlled everything. Adam, yes, March 27 car started, but it was barely one year old when Biden and them were debating it and they extended it. So they didn't go back and say bad Trump, bad Trump, we have to do this. They actually extended it, and then pow raised rates radically. Pal deserves the credit, no doubt when it comes to inflation and interest rates. I'm not saying Trump was innocent on this. I'm just saying let's make sure we money is what I'm trying to say. Look at all the knobs that were being just to be clear. The inflation reduction act didn't have much to do

with inflation at all for I call had to do with energy and Chip production, and the chips act there was a lot of sort of that was stuffed in 783 billion went to energy and climate change. Inflation is increase of prices, right? Yeah, and we know historically that the Affordable Care Act 30 months after it was in place resulted in a 20% year one increase in people's health insurance coverage. Remember that? Yeah, it did. By the end of the second year, people's health insurance coverage increased 30% in Price Right. Obama's Affordable Care Act actually increased the cost of health insurance coverage for American workers getting it from their employers. But watch, guess what it also did? The inflation reduction act had three years of Affordable Care Act subsidies, which were meant to reduce the cost of health insurance that your previous boss Obama had increased with the Affordable Care Act. So, I guess part of the inflation reduction act did try to correct some inflation that was caused by. So, check this out, folks. Remember how I told you they changed the way they measured

inflation. So, here's an article view of Labor Statistics, okay, Commissioner's Corner. Look at the date January 10th, 2023. This is roughly 17 months ago. Okay, every year on February 14th, there's a celebration of love. This February, BLS will celebrate an improvement on Consumer Price Index, which we hope you will love. Now watch this. Look at the way they're explaining it. Beginning January 2023, index scheduled for publication on February 14th, Valentine's Day. BLS, Bureau of Labor Statistics, plans to update the spending weight in the calculation of the CPI every year instead of every two years. Spending of every year instead of every two years. They changed the calculation of inflation to favor them at this time because it would have been worse being reported on what it really was than what they were sing. So, it made the American people calmer, but the real inflation was like 30, 40, 50% higher, give or take. And a part of this was because China's economy slowed down and Biden.

drained the Strategic Petroleum Reserve. That's all kind of hand in hand together, but anyways, going back to asking a question about him, and he turns around and he says, Americans have the money to spend. They're not spending. This leads to the next story, and this is a question for you guys if you're listening to this: Is the economy as bad as Americans think? Despite experts asserting the US economy's relative strength, with Colorado State University Steven Wier highlighting its complexity, stating the combination of economic indicators is confusing even for economists. A poll reveals 50% of Americans believing the economy is headed in the wrong direction, with 42% reporting a worsened financial situation in the past year. Folks, 50% are saying we're going the wrong direction, 42% are saying it's worse this year than it was last year. That's pretty scary right there, okay? And this is Newsweek. This ain't Fox News, this is not Breitbart, this is Newsweek talking. John Van Reenan from the London School of Economics.

links the pessimism to lingering inflation effects post-pandemic, emphasizing price prices are coming down, but the increase is still fresh in people's memories. Notably, 59% of respondents in the same poll deem the economy the most critical issue, signaling the significance in the upcoming election economically. While inflation persists, March saw stronger than expected 3 and a half percent rise, contributing to public ones. However, the labor market remains resilient, with March witnessing 303,000 job increase, and unemployment dripping to 3.8%. So, the question becomes down when you hear something like this: is the economy as bad as Americans think? What matters more, showing data to make an argument and spin to say the economy is better than you guys think, or what the consumer actually feels? Well, this is interesting. Harris Poll, they ran a poll around buy now, pay later, but there were some things that came out as a result of that polling. There was a follow-up question: what's the number one thing to you in the election? Well, I got, uh, immigration.

and the economy. Why do you say economy? Cuz the economy is bad. Well, why do you say it's bad? Because I can't afford things and I'm pinched. That is what the consumer means when the consumer says the economy. What they're saying, the polling data show, they're saying my economy, my wallet, my household. That's what they're saying. And the three things that they point to is that there's been a cumulative effect of inflation. But they don't say it that way. They say, I go the grocery store and I look back 3 years and it's 20% more. That hasn't gone down. Maybe eggs, milk, oil, gas, energy, some commodities have come down. Then goodness, they get some relief. But the overall basket of goods is 20% up since March of 201 20 to January 2024. If you ran the common inflation calculators, 20% number one, number two, wage growth is behind inflation, number three, the labor stats that are touted in the headlines aren't matching what people are feeling because

full-time jobs are going away, and more people than ever have second jobs, including cash-only side hustles or 1099 side hustles that are not showing up in job reports. So Americans are saying the economy is bad. They're saying, My economy is bad. My wallet, where that's what matters, by the way. That's right. Whereas the mainstream media gets its talking points from the White House. Tell them inflation is coming down. Tell them we blew out the jobs report. Tell them the stock market's up. And by the way, when asked, they all do say, Thank goodness my IRA, 401K. Pat the average American gives it credit. The last time I checked, my IRA, 401K were okay. So if they have a 401K with work or an IRA with like common indexes and stuff, they've given credit for that, saying, Well, thank God the market didn't crash. I saw my retirement balance. But my in my household is worse, that's what they mean. If I'll say this bomic has not helped the American people. Bomics was supposed to be a bottom-up

from the middle out, economic stimulus package to help the economy hasn't really done much. Trump was more of a top-down trickle-down economics Reagan as type of tax cut. But what's my point actually? Just check the numbers. We talked about 40% of all money printing was done since 2020. But I actually need to update my stats 'cause it's actually closer to 80%. I think it's close to like almost $19 trillion is circulating the economy. What's my point? Biden hasn't done to help the American people. Watch your Lang okay. It's a little too much but sorry. I'm going to clip that and make it my favorite ringtone. There it is. We're so quick to be binary here and one side good one side bad. If he did this then he's good he's evil. But the reality is if you look for the gray the truth is typically somewhere in the middle. There's a lot of good things you can say about Trump immigration the Border anti- wokeness. What I'll tell you straight up.

is Trump is no FIS conservative. He printed as much money as any president ever until Biden showed up. He's like, Hold my beer. I'm going print more. So everything that we're feeling now is not just a bomic thing. Some of the blame must go to Trump. How comfortable are you the fact that Trump printed $2.2 trillion? The difference here in 2020 when you say stuff like that difference is, I don't want to print any money, whether your name is Trump or Biden, until we start paying off some of our money. I'm about firing people that don't need a government job. That should go make it in the free market, which is super hard. The free market is challenging. We have probably 50% of government employees right now that are working for different agencies that we can fire and tell them go work for regular job. Not talking military. I'm not talking certain, you know, cops that we need more security for. The last thing we need to do is firing cops. We need to actually ask cops to please keep your

job and recruit more cops to keep their jobs. Every time I see a cop that's out there, I used to only do with military servicemen. Now, if I see a cop, I stop and I say, Do you realize how important your job is? I want to say thank you to you because your job matters. Thank you for putting your life on the line. I'm grateful for you. They need to hear it as well, not just them, but we can fire 50% of them. We'd figure out a way to make it work. You know, sometimes when you're run in a company and we've had to make some tough decisions as COO multiple companies that I've run, sometimes I need to make a tough decision, and the tough decision sucks. It's never fun when you're making a tough decision. It's just not, and you got to fire somebody. And when you have to fire somebody, that feeling when you fire somebody in the back of your mind, you as a CEO process it from a few different places.

probably like this person cuz you spent some time with them. Two, you're probably care about their career and you want to make sure they have something to do. And then three, you also know there's going to be backfiring because people going to talk and defamation and behind closed doors and spinning up the stories. And you know really as a CEO you can't tell the whole story. You especially can't because everyone's watching to see what you do after the way you fire somebody because they're worried about how you going to fire them one day and they need to be able to feel protected there right. The point is the government agencies don't believe they can run without the 50% of the people that they have. I'm convinced they can fire half of the people that are working for these government agencies and within 3 6 12 months everybody would move on. They'd have to give jobs they'd be forced to realize the way your attitude is matters cuz government employees sometimes don't have the best attitude the way you treat.

people matters the way you service people matters all that stuff matters so yeah I am fully with you on spending money left right center no matter what you I want to stop spending money let's get our finances in order okay when you're running a company and your marketing department or somebody else comes in and says hey let's put $3 million into this hey let's put $2 million into this I said until you can tell me how we can sell those items like even a basic thing that we have upstairs we need $55,000 worth of new computers and we can sell the other computers for $27,000 really yeah place the order the day you get $27,000 of selling those computers oh but that could take 6 weeks I don't give a you sell the computers you can buy the computers but you know how the government rolles forget about selling it buy it anyways and who's paying for that we're paying for that that way of spending money there is no accountability in there and you're right

I think it's a left-right-center thing when you're not the one that's actually paying for it. When Congress is like, We're pay for sure trillion dollar year trillion dollar year, raise the taxes, there's no accountability. Both sides, this is why they call it the uni-party. Federal Reserve chairman says migration boosts mortgage rates. Yeah, this is let me read this to you this is an actual so let's go through it this while the long run effect of increased immigration on inflation is unclear immigrants nonetheless need a place to live and their arrival in the US has likely also increase demand for housing. What percentage of illegal immigrants coming here you think are coming here with $300,000 to put a down payment on a house? Hey, I got to buy a house today. I want you to think about this okay what percentage of illegal immigrants are come in here with 100,000 plus cash less than 1% Cash Cash well I mean unless they're working with the cartels and the cartel are doing what do you think so

I'm actually curious, what is the average net worth of an illegal immigrant that comes across the border? I'm going to say basically a 100 bucks in their pocket, and they had to give the rest to a coyote. That's what I relate to. We came here with nothing. People who go to Panama go with money. People who go to Dubai go to Dubai with money. People who go to Singapore go to Singapore with money. Illegal immigrants that come to America don't come to America with money, or else they have better choices, okay, better options in their lives. And this guy is saying that they're going to fix and help with the increased demand for housing from Ohio, I believe. President of Federal Reserve Bank Minneapolis said on May 7. In turn, he said mortgage rates are nudged upwards with higher interest rates, saying perhaps a neutral interest rate for the housing market is higher than before the pandemic, which is now raising interest rates to reduce unpopular inflation caused by Federal government's deficit spending. I think what he's talking about here, if I had to

read between the lines here a little bit. I'm not an apologist for him. I don't know this guy, but I think what he's saying is these people are going to need apartments, and so developers are going to need loans to go get the apartments. And right now we've got limited demand. And she, you would imagine that Banks would be decreasing the rate a little bit because there's fewer people looking for a construction loan, you know what I mean, Pat? And if fewer people are looking for a loan, if we don't have a lot of applications on our desk, I'm more likely to give you maybe a quarter point better so I could win the business from Vinnie. And if there's 10 of you in here, then I'm not going to lower the rate at all because there's plenty of demand for the money I'm trying to loan. So I would think it would be a little upside down if you've got limited number of homes being built or limited number of Apartments being built, and that's what

I'm going to assume here this is multifamily housing that's being built. Then I don't think that's going to keep the rates up. I think that would, if anything, cause a developer to be able to get a little tiny bit better deal. It can't be a in good deal because the Fed rate is in there, and the spread right now is 1.7, so it's going to be hard for him to get a deal better than about 7%, 7 and a quarter right now. Who does this affect the most socioeconomically? Poor people are getting screwed by the immigrants like the rich people aren't like, Oh my God, they're taking my jobs. No, I'm good, we're good. Pat's good, Pat's not losing his job to Hector that just showed up, or they're coming from China, or they're coming from Syria, or they're coming from El Salvador, or they're coming from every country around the world 'cause it's not as South America we've highlighted that what happens is this is simply supply.

and demand. How many illegals or migrants, or as the Biden Administration calls them, newcomers? Hey y'all, come on in. Have come in since the Biden Administration? 5 million, 10 million, what's the number? The number that's being reported is roughly 8.5, 8.8 million. Some are saying it's 15 million. Let's just do basic economics here. What are the two principles of economics? Supply and demand. Is there more supply in America now, meaning humans? There's apparently 8 to 10 million more now. These people, we just established, even if it's 5 million, whatever it is, there's more people in America since this open border, ridiculous Biden policy. Cool, follow me now. Those people, we've just established that maybe 1% of them, if that, are showing up with hundreds of thousands of dollars. Those people are buying businesses. There's a protocol for that. But 99% of them are basically have no money, have no wages, and they need to work. And they're getting stimmy checks.

handouts or debit cards. They need places to live, free Apartments, free hotels. Knocking on people's doors, yo, I'm taking over now. How many times have we highlighted the squatting situation in New York? So it's affecting the poor people socioeconomically. They're losing jobs to these people. They're losing money to these people. They're losing opportunities, these people. That's why yo, Chicago's going red. Now we can't take this anymore. They're prioritizing immigrants over citizens. They're taking jobs and opportunities and housing. In this specific case, from the disadvantage of disenfranchise.

You're Being INSTRUCTED Not To Notice This!!! | Patrick Bet-David's Last WARNING

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FREENVESTING

President Biden's Stance on Inflation and the Federal Reserve

Biden claims he has lowered the 9% inflation rate from the time he took office, blaming greedy corporations for the high inflation.

The Federal Reserve is signaling reluctance towards further interest rate hikes, with the possibility of no rate cuts in 2024, which contrasts with Biden's stance.

The economy's management and the measurement of inflation have sparked growing concerns and negative public sentiment.

Biden's Role in Inflation and Money Printing

Biden's claim of 9% inflation could be a result of how it is measured, but it is more likely a mistake on his part.

In reality, inflation peaked at 9% in June 2022, with a significant increase since he took office in January 2021.

The inflation surge is attributed to the substantial amount of money printed, both under Trump's CARES Act and Biden's additional spending after taking office.

Biden's Impact on Inflation and the Economy

Biden's Inflation Reduction Act is credited with bringing down inflation, but he also engaged in money printing and increasing debt.

The act included measures to address the inflation caused by the Affordable Care Act.

The Bureau of Labor Statistics made changes to the calculation of the Consumer Price Index to present a more favorable view of inflation, potentially masking the true extent of the increase.

The American Economy's Perception and Reality

Experts are divided on the state of the US economy, with 50% of Americans believing it's heading in the wrong direction and 42% feeling their financial situation has worsened in the past year.

The pessimism is linked to lingering inflation effects post-pandemic, despite a stronger-than-expected 3.

5% rise in March and a resilient labor market with a 3.

The consumer perception of the economy is driven by the cumulative effect of inflation, stagnant wage growth, and a disconnect between labor statistics and people's actual experiences.

The Impact of Second Jobs and Economic Policies on Americans

Many Americans are now juggling second jobs, including cash-only side hustles, leading to a widespread sentiment of economic hardship.

The current economic policies, including heavy money printing, are not effectively improving the financial situation for the average American household.

There is a growing feeling of dissatisfaction with both the previous and current administrations' economic approaches, as many people struggle to make ends meet.

The Importance of Recognizing and Supporting Law Enforcement

Showing appreciation for the police force is crucial, as their job is vital and often thankless.

While recognition is important, there is also a belief that government agencies could function effectively with a 50% reduction in staff.

The need for accountability and financial responsibility in government spending, especially within law enforcement, is emphasized.

The Impact of Immigration on Housing Demand and Mortgage Rates

Increased immigration is contributing to higher demand for housing in the US, potentially affecting mortgage rates.

Illegal immigrants are unlikely to have significant funds to purchase homes, leading to a potential strain on housing resources.

The Federal Reserve's response to this growing demand may lead to an increase in mortgage rates to address inflation caused by government deficit spending.

The Impact of Increased Immigration on Housing and Jobs

The current open border policy has led to a significant increase in the immigrant population in America, putting pressure on housing and job opportunities for the existing citizens, particularly affecting the socioeconomically disadvantaged.

The influx of immigrants, many of whom have limited financial resources, is creating competition for affordable housing and employment, leading to job losses and reduced opportunities for the local population.

The situation is causing frustration and a sense of prioritization of immigrants over citizens, especially impacting the disadvantaged and disenfranchised communities.