THE CAPE CHARLES MIRROR FEBRUARY 24, 2024 AT 7:22 PM
Paul Plante says:
“BLUNDERING JOE” Biden is a big bag of hot wind with respect to his specious claims and BIDEN BOBANCE that BIDE-O-NOMICS creates good, high-paying union jobs while building an economy that works for everybody from the bottom up and middle out, as we will clearly see by going back to the Plug Power saga starting with a Reuters article titled “Plug Power jumps on govt loan, liquid green hydrogen production start” by Mrinalika Roy and Tanay Dhumal on January 23, 2024, where we have BIDEN CORPORATE WELFARE for failing businesses that can’t make it on their own goosing Plug Power’s stock, which in turn gooses the stock market, and by doing so, makes BIDE-O-NOMICS look good to the rich investor class who profit off of BIDE-O-NOMICS, to wit:
Jan 23 (Reuters) – Plug Power said on Tuesday that it has secured over $1 billion in government funding and started producing liquid green hydrogen at its Georgia plant, sending the company’s shares up about 20% in morning trade.
end quotes
And there is BIDE-O-NOMICS in action, people, and make no mistake about it, which takes us back for more, to wit:
The hydrogen fuel cell firm said it has finalized a term sheet negotiation with the U.S. Department of Energy (DoE) for a $1.6 billion loan facility.
The company has been facing liquidity issues amid supply challenges in the liquid hydrogen market in North America, and had raised going concern doubts in November.
end quotes
The company has been facing liquidity issues and had raised going concern doubts in November precisely because the business is not really viable as we can readily by referring to an excellent engineering analysis on the subject titled “Energy and the Hydrogen Economy” by Ulf Bossel, who studied Mechanical Engineering in Darmstadt (Germany) and the Swiss Federal Institute of Technology in Zurich, where he received his Diploma Degree (fluid mechanics, thermodynamics) in 1961, and after a short work period at BBC, he continued his graduate education at the University of California at Berkeley, receiving his Ph.D. degree in 1968 for experimental research in the area of space aerodynamics, and after two years as Assistant Professor at Syracuse University he returned to Germany to lead the free molecular flow research group at the DLR in Göttingen, leaving that field for solar energy in 1976, where he was founder and first president of the German Solar Energy Society, and started his own R&D consulting firm for renewable energy technologies, and in 1986, BBC asked him to join their new technology group in Switzerland where he became involved in fuel cells in 1987 and later director of ABB’s fuel cell development efforts worldwide; and Baldur Eliasson, who studied Electrical Engineering and Astronomy at the Swiss Federal Institute of Technology in Zurich, where he received his doctorate in 1966 on a theoretical study of microwave propagation, and then he worked for three years as radio astronomer at the California Institute of Technology at Pasadena before joining the newly founded Brown Boveri (later ABB) Research Center in Switzerland in 1969, where he is in charge of ABB’s Energy and Global Change Program worldwide and reports directly to ABB’s Chief Technology Officer, while representing ABB in a number of international programs, where, for example, he is Vice Chairman of the “R&D Program on Greenhouse Gas Mitigation Technologies” of the International Energy Agency and has received many international awards for his contributions to environmental sustainability, where we find in Section 8.1 The Limits of a Pure Hydrogen Economy, as follows:
The results of this analysis indicate the weakness of a “Pure-Hydrogen-Only Economy” as depicted in Figure 14.
All difficulties with the pure Hydrogen Economy appear to be directly related to the nature of hydrogen.
Most of the problems cannot be solved by additional research and development.
We have to accept that hydrogen is the lightest of all gases and, as a consequence, that its physical properties do not fully match the requirements of the energy market.
Production, packaging, storage, transfer and delivery of the gas, in essence all key component of an economy, are so energy consuming that alternatives should and will be considered.
Mankind cannot afford to waste energy for idealistic goals, but economy will look for practical solutions and select the most energy-saving procedures.
The “Pure-Hydrogen-Only Solution” may never become reality.
The degree of energy waste certainly depends on the chosen path.
Hydrogen generated from rooftop solar electricity and stored at low pressure in stationary tanks may be a viable solution for private buildings.
On the other hand, hydrogen generated in the Sahara desert, pumped to the Mediterranean Sea through pipelines, then liquefied for sea transport, docked in London and locally distributed by trucks may not provide an acceptable energy solution at all.
Too much energy is lost in the process to justify the scheme.
end quotes
PLUG POWER IS PIE-N-THE-SKY regardless of how many taxpayer dollars Joe Biden wastes on it, precisely because hydrogen is the lightest of all gases and, as a consequence, its physical properties do not fully match the requirements of the energy market, so that production, packaging, storage, transfer and delivery of the gas, in essence all key component of an economy, are so energy consuming that alternatives should be considered, which isn’t going to happen with Joe Biden and his INSANE GREEN DREAM in control of things, which takes us back for more, to wit:
It also planned a $1 billion equity raise earlier this month.
“This funding, when received, will support the development construction and ownership of up to six hydrogen production facilities, significantly advancing green hydrogen deployment in the United States,” CEO Andrew Marsh said during an investor call.
“With our Georgia plant operational, and the Tennessee plant coming online, we expect a significant reduction in costs,” he added.
Talking about the Georgia plant, Marsh said while “the construction took slightly longer than expected”, the facility will bolster Plug’s supply of liquid hydrogen being delivered to its customers for material handling operations, fuel cell electric vehicle fleets, and stationary power applications.
The plant, which the company said is the largest liquid green hydrogen plant in the U.S. market, is designed to produce 15 tons per day (TPD) of liquid electrolytic hydrogen.
“The DoE loan facility seems well baked, but we have to wait until the second half of 2024.”
“Seems they are getting the finance options they need and wiggling out of a very tight spot,” said Craig Irwin, an analyst at Roth Capital Partners.
As companies are moving towards their net-zero emission targets, hydrogen, a zero-emission gas at point-of-use, serves as both a fuel and as energy storage, helping them reduce their carbon footprint.
The company said the production is expected to positively impact its bottom line and provide an additional step change in fuel margin expansion.
end quotes
Which takes us back to Joe Biden’s BOBANCE about creating good high-paying jobs, which we see isn’t happening here, anyway, in this Albany, New York Times Union article titled “Plug Power starts hiring freeze as the company’s finances tighten – Company is also expecting to receive a $1.6 billion loan from the Energy Department” by Larry Rulison on January 23, 2024, to wit:
COLONIE — Latham fuel cell maker Plug Power has instituted a hiring freeze and is planning to increase prices on its products a week after it raised concerns over its financial stability.
Plug Power CEO Andy Marsh also revealed that the company is in the final stages of obtaining a $1.6 billion loan from the U.S. Department of Energy that could be drawn down on starting in the second half of 2024 to help with the cost of building six new clean hydrogen manufacturing plants.
Hydrogen is used to power Plug Power’s fuel cells, and the company recently completed its first industrial-sized facility to produce hydrogen from water using electrolysis.
“We’re grateful for our partnership with the Department of Energy and look forward to our continued collaboration, which will play a pivotal role in scheduling our forthcoming plants in Texas and New York,” Marsh said Tuesday during the company’s 2024 business outlook conference call with stock analysts.
Shares of the company surged 32 percent to $3.75 during mid-day trading, although that number is significantly lower than its stock price from a year ago, when shares were trading north of $17.
The news comes a week after Plug Power announced it had activated a sale of up to $1 billion in stock as it started to run low on cash and issued a “going concern” warning that cast doubts on Plug Power’s ability to keep operating.
Plug Power had only $110 million in unrestricted cash at the end of the third quarter of 2023, compared to $690 million at the end of 2022.
The company says it will have $150 million in capital expenses in 2024 to complete clean hydrogen plants in New York, Texas and Tennessee.
Most hydrogen produced in the world today is made from methane, meaning it releases carbon into the atmosphere when produced.
Plug Power is seeking to create a new market for so-called green hydrogen made from water that can be used to power its fuel cells and used by other companies seeking to reduce carbon emissions.
Plug Power lost $283 million during the third quarter of 2023 and has yet to turn an actual profit as it expands into capital-intensive ventures on clean hydrogen production in the U.S. and abroad.
Hydrogen-powered fuel cells only largely emit water vapor as a byproduct, making it a good fuel to use to combat climate change caused by carbon emissions from fossil fuels like natural gas and petroleum.
Plug Power makes fuel cells for vehicles and stationary applications like data centers.
Marsh said that during the hiring freeze, positions will be eliminated through attrition.
The company has several thousand employees, with its headquarters in Latham and a fuel cell factory in Bethlehem.
“While adopting a more conservative outlook, we remain dedicated to leading the industry and building the company prudently,” Marsh said.
end quotes
And so much then for all those good high-paying jobs Joe says he is creating because it sure does look like they are frozen here.
http://www.capecharlesmirror.com/paul-p ... ent-902558
Just musings, is all
Re: Just musings, is all
THE CAPE CHARLES MIRROR FEBRUARY 26, 2024 AT 10:23 PM
Paul R Plante, NYSPE says:
Before we go back to that incipient BIDEN GREEN HYDROGEN BOONDOGGLE, for a real good look at just how stupid and short-sighted and frankly idiotic this Biden crowd including Gina Raimondo really are as they push Joe’s INSANE GREEN DREAM on us, let’s go to an article in the Albany, New York Times Union titled “Semiconductor manufacturing expected to strain NY electrical grid – The recently announced expansion of GlobalFoundries will bring another large load project to New York as the electric grid’s reliability margins narrow” by Molly Burke York Times Union on February 26, 2024, where we have BIDEN STUPID ON THE HOOF, as follows:
ALBANY — As some of New York’s most influential politicians celebrate the infusion of federal money to expand the GlobalFoundries Fab 8 campus in Malta, questions remain about the ability of the state’s electrical grid to meet the needs of another high-demand project.
end quotes
Those “influential” politicians start with Democrat Charley “CHUCK” Schumer, and never in my life have I seen such a bunch of thumb-sucking losers in charge of things as is this crowd, throwing around BILLIONS of taxpayer dollars without a clue as to the true ramifications of their actions on the stability of America, which is not theirs to destroy.
How long now has it been known that these CHIP FABS are energy hogs?
That answer is years!
How long has it been known that New York is heading towards an energy deficit?
Years again, but notwithstanding, plow ahead with an energy-consuming project because as part of his Stalinesque FIVE-YEAR PLAN to build back America better to create an economy that works for everybody from the bottom up and middle out, it is what Joe Biden, who has never worked a real job in his life and knows nothing about anything other than getting his pocket stuffed and his palm greased as a hack politician, wants, and what Joe wants, he gets, which takes us back for more of this short-sighted idiocy, to wit:
The project will expand the current semiconductor manufacturing plant while adding a second facility, estimated to be 358,000 square feet, that GlobalFoundries said will triple their capacity.
But the process of manufacturing semiconductors requires significant energy to power operations, with estimates that the Micron plant near Syracuse will use up to 928 megawatts by 2035.
One megawatt powers roughly 750 to 1,000 households.
In 2023, prior to the major expansion’s announcement, GlobalFoundries had plans on file with local municipalities noting that its structures would run on 195 megawatts when completed.
The new multi-billion dollar expansion will bring a significant jump in that required energy.
The Times Union reported in January 2023 that the growing semiconductor industry would place a strain on the electrical grid’s reliability margins.
The growth comes as the state is transitioning energy sources toward renewables and away from fossil fuels to meet requirements in New York’s ambitious Climate Leadership and Community Protection Act, signed into law in 2019.
The climate law requires that 70 percent of statewide electricity come from renewable energy by 2030, and that New York’s electricity system is completely emission-free by 2040.
The New York Independent System Operator — a not-for-profit that manages the state’s electrical grid and marketplace — estimated in its Jan. 12 quarterly report on reliability that approximately 260 megawatts of large loads were installed across the state in recent years.
That amount is projected to increase to 764 megawatts in 2025, reducing the reliability margin during normal operations and weather to less than 100 megawatts.
end quotes
People, frankly, this is insane, and yet, it is also reality, which takes us back for more, to wit:
The Independent System Operator’s comprehensive reliability plan estimated that the reliability margin could be eliminated within the decade.
“When considering the impact of proposed large load projects, the available statewide reliability margin decreases and approaches a deficiency in 2030 for higher demand scenarios,” the plan says.
The estimates face more dire predictions if New York experiences extreme weather — like a sustained heat wave of 95 degrees or higher — which is becoming more common due to the effects of climate change.
Low reliability margins, which measure the electrical grid’s “insurance policy” of extra power to be used for high demand of electricity or unforeseen circumstances, could lead to brownouts and increased reliance on emergency energy purchases from neighboring states or regions.
The increase in “large load projects” — which use significant amounts of energy to operate — is projected to be a risk to the reliability of the state’s power grid if new renewable energy resources are not introduced at a similar rate.
“This has been a concern for quite some time and now it is a red light concern,” said Gavin Donohue, president of the Independent Power Producers of New York.
“We’ve gone from yellow to red.”
A study by David Brooks, an electrical engineer at Harvard University, that was co-authored with Udit Gupta and others, shows that by 2030 the computing sector will use 20 percent of electricity globally, and that chip manufacturing “accounts for most of the carbon output attributable to hardware systems,” both due to its energy consumption and its release of greenhouse gases during the process.
The Fab 8 plant annually manufactures 400,000 wafers — which are later divided into computer chips — that are in demand by 60 percent of the market.
The expansion is receiving $1.5 billion in federal funding from the CHIPS and Science Act to upgrade and expand its manufacturing plants in New York and Vermont.
The grant comes from the $52 billion federal commitment to aid the U.S. computer chip industry to expand manufacturing capacity and the supply chain amid growing economic and technological threats from China.
GlobalFoundries was the first chip manufacturer to be awarded a CHIPS grant under the program, which is overseen through the Commerce Department.
GlobalFoundries is also getting a loan of federal money along with state and potentially local government subsidies to help pay for a $12.5 billion investment at Fab 8 and at its chip factory in Essex Junction, Vt., outside of Burlington.
New York’s Green CHIPS program, which was signed into law by Hochul in 2022, will provide $575 million in tax credits to GlobalFoundries for the expansion.
Empire State Development, which runs the Green CHIPS program, will also commit $15 million in workforce development funding to the GlobalFoundries project.
The Green CHIPS program also requires that GlobalFoundries enter into a “sustainability plan” with Empire State Development to use fully renewable energy for the site’s electricity with “potential onsite solar energy infrastructure and onsite battery storage systems.”
GlobalFoundries already receives a discounted 15 megawatt allotment from ReCharge NY, a program run by the New York Power Authority.
That allotment is expected to increase after consideration at NYPA’s board of directors meeting in March.
The project is also getting $30 million from the state for infrastructure investment in the expansion.
ReCharge NY incentivizes businesses and nonprofits to stay in New York with 7-year contracts providing access to discounted hydro and market energy sources.
In 2023, high-load businesses like GlobalFoundries saved an average of $250,000 per megawatt compared with market rate.
The program sources 455 megawatts of power from hydro-electric sources in Western and Northern New York, while procuring 455 megawatts from market sources.
ReCharge NY currently has 66 megawatts of unallocated power, Paul DeMichele, a spokesperson for NYPA, said.
The Independent System Operators most recent annual report showed that two years ago, 22 percent of the market was from hydro-electric power, 21 percent was from nuclear power, 4 percent from wind and less than 1 percent from solar, while more than 51 percent came from oil and gas.
The strain of the “large load project” is expected to narrow the reliability margin as a project is brought onto the grid through an interconnection process.
Kevin Lanahan, a spokesman for the Independent System Operators, said that the pace of new renewable energy sources is not matching the pace of retiring fossil fuel-based energy leaving the grid, leading to an overall decline in the total megawatts available on New York’s grid.
Donohue, who is also a member of the New York Climate Council, which was tasked with developing a scoping plan to meet the goals of the climate act, said that New York needs “honest assessments” about how energy-demanding projects can be brought to the state while prioritizing the reliability of the electrical grid.
“The pace of promises in New York does not keep up with the pace of play,” Donohue said.
“New York is a very difficult state to build anything and even more complicated when it’s an energy infrastructure project, regardless of the fuel source.”
“… At the end of the day, reliability is paramount.”
end quotes
And reliability with Joe Biden in charge is going right out the window!
http://www.capecharlesmirror.com/paul-p ... ent-903187
Paul R Plante, NYSPE says:
Before we go back to that incipient BIDEN GREEN HYDROGEN BOONDOGGLE, for a real good look at just how stupid and short-sighted and frankly idiotic this Biden crowd including Gina Raimondo really are as they push Joe’s INSANE GREEN DREAM on us, let’s go to an article in the Albany, New York Times Union titled “Semiconductor manufacturing expected to strain NY electrical grid – The recently announced expansion of GlobalFoundries will bring another large load project to New York as the electric grid’s reliability margins narrow” by Molly Burke York Times Union on February 26, 2024, where we have BIDEN STUPID ON THE HOOF, as follows:
ALBANY — As some of New York’s most influential politicians celebrate the infusion of federal money to expand the GlobalFoundries Fab 8 campus in Malta, questions remain about the ability of the state’s electrical grid to meet the needs of another high-demand project.
end quotes
Those “influential” politicians start with Democrat Charley “CHUCK” Schumer, and never in my life have I seen such a bunch of thumb-sucking losers in charge of things as is this crowd, throwing around BILLIONS of taxpayer dollars without a clue as to the true ramifications of their actions on the stability of America, which is not theirs to destroy.
How long now has it been known that these CHIP FABS are energy hogs?
That answer is years!
How long has it been known that New York is heading towards an energy deficit?
Years again, but notwithstanding, plow ahead with an energy-consuming project because as part of his Stalinesque FIVE-YEAR PLAN to build back America better to create an economy that works for everybody from the bottom up and middle out, it is what Joe Biden, who has never worked a real job in his life and knows nothing about anything other than getting his pocket stuffed and his palm greased as a hack politician, wants, and what Joe wants, he gets, which takes us back for more of this short-sighted idiocy, to wit:
The project will expand the current semiconductor manufacturing plant while adding a second facility, estimated to be 358,000 square feet, that GlobalFoundries said will triple their capacity.
But the process of manufacturing semiconductors requires significant energy to power operations, with estimates that the Micron plant near Syracuse will use up to 928 megawatts by 2035.
One megawatt powers roughly 750 to 1,000 households.
In 2023, prior to the major expansion’s announcement, GlobalFoundries had plans on file with local municipalities noting that its structures would run on 195 megawatts when completed.
The new multi-billion dollar expansion will bring a significant jump in that required energy.
The Times Union reported in January 2023 that the growing semiconductor industry would place a strain on the electrical grid’s reliability margins.
The growth comes as the state is transitioning energy sources toward renewables and away from fossil fuels to meet requirements in New York’s ambitious Climate Leadership and Community Protection Act, signed into law in 2019.
The climate law requires that 70 percent of statewide electricity come from renewable energy by 2030, and that New York’s electricity system is completely emission-free by 2040.
The New York Independent System Operator — a not-for-profit that manages the state’s electrical grid and marketplace — estimated in its Jan. 12 quarterly report on reliability that approximately 260 megawatts of large loads were installed across the state in recent years.
That amount is projected to increase to 764 megawatts in 2025, reducing the reliability margin during normal operations and weather to less than 100 megawatts.
end quotes
People, frankly, this is insane, and yet, it is also reality, which takes us back for more, to wit:
The Independent System Operator’s comprehensive reliability plan estimated that the reliability margin could be eliminated within the decade.
“When considering the impact of proposed large load projects, the available statewide reliability margin decreases and approaches a deficiency in 2030 for higher demand scenarios,” the plan says.
The estimates face more dire predictions if New York experiences extreme weather — like a sustained heat wave of 95 degrees or higher — which is becoming more common due to the effects of climate change.
Low reliability margins, which measure the electrical grid’s “insurance policy” of extra power to be used for high demand of electricity or unforeseen circumstances, could lead to brownouts and increased reliance on emergency energy purchases from neighboring states or regions.
The increase in “large load projects” — which use significant amounts of energy to operate — is projected to be a risk to the reliability of the state’s power grid if new renewable energy resources are not introduced at a similar rate.
“This has been a concern for quite some time and now it is a red light concern,” said Gavin Donohue, president of the Independent Power Producers of New York.
“We’ve gone from yellow to red.”
A study by David Brooks, an electrical engineer at Harvard University, that was co-authored with Udit Gupta and others, shows that by 2030 the computing sector will use 20 percent of electricity globally, and that chip manufacturing “accounts for most of the carbon output attributable to hardware systems,” both due to its energy consumption and its release of greenhouse gases during the process.
The Fab 8 plant annually manufactures 400,000 wafers — which are later divided into computer chips — that are in demand by 60 percent of the market.
The expansion is receiving $1.5 billion in federal funding from the CHIPS and Science Act to upgrade and expand its manufacturing plants in New York and Vermont.
The grant comes from the $52 billion federal commitment to aid the U.S. computer chip industry to expand manufacturing capacity and the supply chain amid growing economic and technological threats from China.
GlobalFoundries was the first chip manufacturer to be awarded a CHIPS grant under the program, which is overseen through the Commerce Department.
GlobalFoundries is also getting a loan of federal money along with state and potentially local government subsidies to help pay for a $12.5 billion investment at Fab 8 and at its chip factory in Essex Junction, Vt., outside of Burlington.
New York’s Green CHIPS program, which was signed into law by Hochul in 2022, will provide $575 million in tax credits to GlobalFoundries for the expansion.
Empire State Development, which runs the Green CHIPS program, will also commit $15 million in workforce development funding to the GlobalFoundries project.
The Green CHIPS program also requires that GlobalFoundries enter into a “sustainability plan” with Empire State Development to use fully renewable energy for the site’s electricity with “potential onsite solar energy infrastructure and onsite battery storage systems.”
GlobalFoundries already receives a discounted 15 megawatt allotment from ReCharge NY, a program run by the New York Power Authority.
That allotment is expected to increase after consideration at NYPA’s board of directors meeting in March.
The project is also getting $30 million from the state for infrastructure investment in the expansion.
ReCharge NY incentivizes businesses and nonprofits to stay in New York with 7-year contracts providing access to discounted hydro and market energy sources.
In 2023, high-load businesses like GlobalFoundries saved an average of $250,000 per megawatt compared with market rate.
The program sources 455 megawatts of power from hydro-electric sources in Western and Northern New York, while procuring 455 megawatts from market sources.
ReCharge NY currently has 66 megawatts of unallocated power, Paul DeMichele, a spokesperson for NYPA, said.
The Independent System Operators most recent annual report showed that two years ago, 22 percent of the market was from hydro-electric power, 21 percent was from nuclear power, 4 percent from wind and less than 1 percent from solar, while more than 51 percent came from oil and gas.
The strain of the “large load project” is expected to narrow the reliability margin as a project is brought onto the grid through an interconnection process.
Kevin Lanahan, a spokesman for the Independent System Operators, said that the pace of new renewable energy sources is not matching the pace of retiring fossil fuel-based energy leaving the grid, leading to an overall decline in the total megawatts available on New York’s grid.
Donohue, who is also a member of the New York Climate Council, which was tasked with developing a scoping plan to meet the goals of the climate act, said that New York needs “honest assessments” about how energy-demanding projects can be brought to the state while prioritizing the reliability of the electrical grid.
“The pace of promises in New York does not keep up with the pace of play,” Donohue said.
“New York is a very difficult state to build anything and even more complicated when it’s an energy infrastructure project, regardless of the fuel source.”
“… At the end of the day, reliability is paramount.”
end quotes
And reliability with Joe Biden in charge is going right out the window!
http://www.capecharlesmirror.com/paul-p ... ent-903187
Re: Just musings, is all
THE CAPE CHARLES MIRROR FEBRUARY 28, 2024 AT 11:45 PM
Paul Plante says:
And while we are on the subject of MASSIVE CORPORATE WELFARE funded by borrowed money at interest, known as FEDERAL DEBT, let’s go to a Reuters article titled “Chips firms seek double $28 bln US subsidies available, Commerce Dept says” by David Shepardson on February 26, 2024, where we have as follows on the subject, to wit:
WASHINGTON, Feb 26 (Reuters) – U.S. Commerce Secretary Gina Raimondo said on Monday most chips companies seeking government subsidies will get significantly less than they have sought, since the government received requests for more than double the $28 billion it plans to award.
Raimondo said companies in leading edge chips manufacturing have requested more than $70 billion.
end quotes
That is by way of background.
Where I wanted to go in that article is to here, to wit:
The $52.7 billion Chips and Science program approved by Congress in August 2022 includes a $39 billion program to subsidize chip production and related supply chain investments, and the awards will help build factories and increase production.
Earlier this month, Raimondo said Commerce would award a $1.5 billion grant to GlobalFoundries, the first major award.
“These are highly complex, first-of-their-kind facilities.”
“The kind of facilities that TSMC, Samsung, Intel are proposing to do in the United States – these are new-generation investments – size, scale complexity that’s never been done before in this country,” Raimondo told Reuters this month.
end quotes
Yes, people, they have never been done here in this country, and the consequence is that non-technical political hacks like Gina Raimondo who is pushing Joe Biden’s INSANE GREEN DREAM on us like a good little political soldier haven’t a clue as to what really is needed besides a building to make these projects viable, like large amounts of water, and large amounts of electricity.
Where are these coming from, especially in Arizona, which gets less than 13 inches (33 centimeters) of average annual rainfall as America’s second driest state behind Nevada, which meteorologist say averages less than 10 inches (25.4 centimeters) of rain per year compared to the national average of about 30 inches (76 centimeters)?
The answer is that people like Gina Raimondo don’t have a clue.
Stay tuned!
More to come.
http://www.capecharlesmirror.com/paul-p ... ent-903770
Paul Plante says:
And while we are on the subject of MASSIVE CORPORATE WELFARE funded by borrowed money at interest, known as FEDERAL DEBT, let’s go to a Reuters article titled “Chips firms seek double $28 bln US subsidies available, Commerce Dept says” by David Shepardson on February 26, 2024, where we have as follows on the subject, to wit:
WASHINGTON, Feb 26 (Reuters) – U.S. Commerce Secretary Gina Raimondo said on Monday most chips companies seeking government subsidies will get significantly less than they have sought, since the government received requests for more than double the $28 billion it plans to award.
Raimondo said companies in leading edge chips manufacturing have requested more than $70 billion.
end quotes
That is by way of background.
Where I wanted to go in that article is to here, to wit:
The $52.7 billion Chips and Science program approved by Congress in August 2022 includes a $39 billion program to subsidize chip production and related supply chain investments, and the awards will help build factories and increase production.
Earlier this month, Raimondo said Commerce would award a $1.5 billion grant to GlobalFoundries, the first major award.
“These are highly complex, first-of-their-kind facilities.”
“The kind of facilities that TSMC, Samsung, Intel are proposing to do in the United States – these are new-generation investments – size, scale complexity that’s never been done before in this country,” Raimondo told Reuters this month.
end quotes
Yes, people, they have never been done here in this country, and the consequence is that non-technical political hacks like Gina Raimondo who is pushing Joe Biden’s INSANE GREEN DREAM on us like a good little political soldier haven’t a clue as to what really is needed besides a building to make these projects viable, like large amounts of water, and large amounts of electricity.
Where are these coming from, especially in Arizona, which gets less than 13 inches (33 centimeters) of average annual rainfall as America’s second driest state behind Nevada, which meteorologist say averages less than 10 inches (25.4 centimeters) of rain per year compared to the national average of about 30 inches (76 centimeters)?
The answer is that people like Gina Raimondo don’t have a clue.
Stay tuned!
More to come.
http://www.capecharlesmirror.com/paul-p ... ent-903770
Re: Just musings, is all
THE CAPE CHARLES MIRROR FEBRUARY 29, 2024 AT 10:22 PM
Paul Plante says:
So that we can understand what is going on here with the Commerce Department handing out all this taxpayer money to these large corporations, some of which are foreign-owned and foreign-based, like Taiwan Semiconductor Manufacturing Company Limited, which has its headquarters and main operations located in the Hsinchu Science Park in Hsinchu, Taiwan, by way of some essential background as to exactly what role Democrat Gina Marie Raimondo, born May 17, 1971, a year after I returned to this country from service as a combat infantryman in America’s war of choice in Viet Nam, who is an American businesswoman, lawyer, politician, and venture capitalist who has served Joe Biden since 2021 as the 40th United States secretary of commerce, and her commerce department are supposed to be playing in our lives as American citizens, now more or less bystanders in what used to be our nation, let’s go to an excerpted chapter from the 1988 book “From Lighthouses to Laserbeams: A History of the US Department of Commerce,” where we have the following American history on that subject to consider, to wit:
On March 4, 1913, nearly 125 years after the Constitution established promotion of the general welfare as one of the great goals of government, President William Taft signed legislation creating the Department of Commerce.
It was the desire to promote the general welfare through expansion of commerce and industry that had brought the delegates to the fateful meeting in Philadelphia and made the Union possible.
The period between the Declaration of Independence in 1776 and the Constitutional Convention in 1787 had been tumultuous, marked by discord among the newly independent states.
Trade had become particularly troublesome.
At the time, much of the commerce between states was conducted along the Atlantic seaboard and via the waterways flowing into the Atlantic or the inland rivers.
The Articles of Confederation allowed each state the freedom to create regulations, tariffs, and currency and to tax neighboring states using their ports and throughways for interstate or foreign commerce.
In 1785, legislators from Virginia and Maryland recognized the need to work together to ensure mutually profitable commerce on the shared waterways of the Potomac River and agreed to meet.
George Washington, interested in plans to finance navigational improvements that would push the Potomac route westward to the Shenandoah and Ohio Valleys, offered the hospitality of Mount Vernon for the conference.
A 13-point agreement, covering tidewater navigational rights, toll duties, commerce regulations, fishing rights and debt collections, was drawn.
Mt. Vernon Conference
The success of the Mount Vernon Conference led James Madison to write Washington about a proposal for a meeting with commissioners from other states to discuss matters of interstate commerce.
A resolution appointing commissioners was introduced in the Virginia House of Delegates.
The Virginia commissioners were to meet with other state delegates “to consider how far a uniform system in their commercial regulations may be necessary to their common interest and their permanent harmony.”
In 1786, representatives from five states convened in Annapolis “to take into consideration the trade and commerce of the United States.”
At this meeting, Alexander Hamilton, in a proposal cosigned by James Madison and Edmund Randolph, recommended a general meeting of all the states at a future convention.
The mandate was to be broader than that of the Annapolis meeting, because, as Hamilton said, the delegates had been “induced to think that the power to regulate trade is of such comprehensive extent and will enter so far into the general system of the federal government, that to give it efficacy, and to obviate questions and doubts concerning its precise nature and limits, may require a correspondent adjustment of other parts of the federal system.”
U.S. Constitution
This third meeting, which was held in Philadelphia in May, 1787, and presided over by George Washington, resulted in the replacement of the Articles of Confederation with a new United States Constitution, which was adopted on September 17, 1787.
As Hamilton had foreseen, an “adjustment” was made, a profound adjustment that fundamentally restructured the government.
A national executive was authorized and new powers were given to the Congress.
These included the power to “regulate commerce with foreign nations and among the several states.”
Among the proposals which were considered at the Constitutional Convention was one by Gouverneur Morris on August 20, 1787, to create a council of state “to assist the President in conducting the public affairs.”
Morris recommended that the third member be a “Secretary of Commerce and Finance, whose responsibilities would include recommending such things as may in his judgment promote the commercial interests of the United States.”
The Constitution, however, made no provision for a council of state, although soon after Washington took office, the Department of Foreign Affairs (July 27, 1789), renamed the Department of State (September 15, 1789), the War Department (August 7, 1789) and the Treasury Department (September 2, 1789) were created to help administer the new government.
Treasury was given responsibility for business and commerce.
The Secretaries of these departments and the Attorney General, who had been appointed under the act of September 24, 1789, became members of the first Cabinet.
Two States
With the new government in place, North Carolina and Rhode Island, the only two states yet to ratify the Constitution, found that their commerce and manufactures were to be treated in the same manner as those of any foreign country if they were not part of the United States.
North Carolina joined on November 21, 1789; Rhode Island on May 29, 1790.
Commercial and industrial interests thus provided the vital key needed to open the door to the drafting of the Constitution and to its final acceptance by the 13 existing states.
George Washington, in his first address as President, said: “The advance of agriculture, commerce and manufactures by all proper means will not, I trust, need recommendation.”
In December 1795, the House of Representatives created a Committee of Commerce and Manufactures as a third standing committee.
(The Senate established a Commerce Committee in 1816.)
Navy Department
Before the turn of the 19th century, another executive department was added.
The Navy Department was created on April 30, 1798, because of the impending war with France.
In 1829, the Postmaster General was officially invited by President Andrew Jackson to join the Cabinet.
The Department of the Interior came into being in 1849, and although broader duties had been proposed its focus became land and Indian affairs.
In 1870, the Department of Justice was created.
In 1884, Congress established a Bureau of Labor in response to the urgings of labor.
It was constituted as a separate department in 1888, but without Cabinet status.
Agriculture was the first industry of the country to be accorded an executive department by the Congress.
The Department of Agriculture was authorized by the act of February 9, 1889.
Panic of 1893
By the mid-1890s, depression conditions which followed the “Panic of 1893” had caused the newly formed National Association of Manufacturers to set as a principal goal the formation of a Department of Commerce and Industry, which would include the independent Department of Labor and other agencies.
end quotes
As an aside, the Panic of 1893 was a depression set off by the failure of two of the largest employers in the country: The Philadelphia and Reading Railroad and the National Cordage Company with the result that the stock market plummeted as businesses that had borrowed heavily to invest in railroads went bankrupt.
Going back to the history, it continues as follows:
Instead, in 1898, Congress created a U.S. Industrial Commission to investigate a number of economic and social problems, including the growing impact of corporate trusts on the national welfare.
Even when the Twelfth Census in 1900 showed that the aggregate value of manufacturing products of the United States exceeded $13 billion, approximately four times the value of all the products of agriculture, Congress did not respond to the pleas of business for a Cabinet agency for commerce and industry.
By this time, the enormous growth of business, industry, commerce and banking between 1850 and 1900 had resulted in an increase of the national wealth from under $5 billion to $88 billion, 20 percent of which was in the hands of fewer than 4,000 men.
Great Wealth
Some of these were among Theodore Roosevelt’s “malefactors of great wealth,” who had benefited from the nation’s rapid change from an agrarian society to an industrial one powered by steam engines, gasoline automobiles, electricity, telegraphs, and other inventions ranging from crude washing machines to zippers.
Problems with transportation of increased volumes of materials and goods had already led to the establishment of an Interstate Commerce Commission in 1887 to regulate railroad rates and access.
At the end of the 1890s, with the assistance of President William McKinley’s “Open Door” policy of actively promoting exports, the value of American manufactured goods sold abroad had almost tripled, and total foreign commerce had passed the $1 billion mark as exports exceeded imports for the first time.
What was to be called the great commercial invasion of Europe had begun.
Still, Congress did not act on proposals for a Cabinet department for commerce until Roosevelt succeeded to the Presidency and recommended creation of a combined Department of Commerce and Labor in his first State of the Union message in 1901.
end quotes
Teddy Roosevelt was known as a “trust buster” who took the view that the President as a “steward of the people” should take whatever action necessary for the public good unless expressly forbidden by law or the Constitution,” and as President, Roosevelt held the ideal that the Government should be the great arbiter of the conflicting economic forces in the Nation, especially between capital and labor, guaranteeing justice to each and dispensing favors to none.
Going back to the history, we have more as follows, to wit:
Roosevelt wanted the new department to have the power to investigate corporate earnings and to guard the rights of the workingman.
Spurred by the President, once again Congress considered a proposal for a Department of Commerce.
When the debate in Congress concluded, the advocates of a Department of Commerce agreed to a compromise with those seeking a Cabinet voice for labor.
For the first time in the Nation’s history, a vote was scheduled on the creation of a new executive department with a dual title, the Department of Commerce and Labor.
Years: 1903-1913
On February 14, 1903, Congress approved legislation (S.359) creating a Department of Commerce and Labor and President Theodore Roosevelt signed the bill (32 Statute 825) that same day.
Two days later, Roosevelt nominated his personal secretary, George B. Cortelyou, to be the first Secretary.
He was sworn in on February 18, 1903.
The new Department of Commerce and Labor was one of the largest and most complicated in Government.
It included a Bureau of Corporations, Bureau of Immigration, Bureau of Navigation, Light House Board, Steamboat Inspection Service, Bureau of Statistics, Coast and Geodetic Survey, Bureau of Standards, Bureau of Census, Bureau of Fisheries, and the still to be organized Bureau of Manufactures.
The Department of Labor became once more a Bureau of Labor and accounted for only one percent of all personnel.
Promoting Commerce
Charged with fostering, promoting and developing foreign and domestic commerce, the mining, manufacturing, shipping and fishery industries, the labor interests, and the transportation facilities of the United States, the Department’s work was to include:
* investigating management of corporations (except railroads) engaged in interstate commerce;
* administering the Lighthouse Service, including the establishment and maintenance of aids to navigation;
* taking the census;
* making coast and geodetic surveys;
* collecting and publishing statistics on foreign and domestic commerce;
* investigating markets for American products;
* inspecting steamboats and enforcing laws pertaining thereto for the protection of life and property;
* supervising Alaskan fur-seal and salmon fisheries;
* monitoring merchant vessels, including their registry, measurement, licensing, entry, and clearance;
* applying immigration law; and
* collecting information on hours of labor, earnings, and means of promoting material, social, intellectual and moral prosperity.
end quotes
Today, do we see Gina Raimondo making any attempt whatsoever to promote social, intellectual and moral prosperity in this country?
Going back to the history we have more as follows:
The Secretary also was required to make special investigations as requested and to report annually to the President on Department activities.
The youngest department had responsibility for some of the oldest programs in government: The maintenance of lighthouses was authorized by Congress in 1789.
The first census was conducted in 1790.
Thomas Jefferson signed legislation creating a “Survey of the Coast” in 1807.
The Treasury Department started keeping statistics on waterborne foreign commerce in 1820 and organized an Office of Weights and Measures in 1836.
Within five months, when all transfers were complete, the Department of Commerce and Labor grew from one official, the Secretary, to a total of 10,125 people in Washington and the country at large.
Cortelyou served only a year before being called to manage Roosevelt’s presidential campaign in June, 1904.
But his successor, California congressman Victor H. Metcalf, found that the work of organizing the Department had been “as thorough and complete” as was possible.
During Metcalf’s tenure, the Bureau of Manufactures, which would be most directly related to the primary function of the Department — the promotion of industry and commerce — was established in 1905 with an $11,020 appropriation and provision for seven employees, including a bureau chief and assistant messenger.
Secretaries
There were two more Secretaries of Commerce and Labor over the combined Department’s limited lifespan, Oscar S. Straus, an entrepreneur and former U.S. Minister to Turkey (1906-1909), and Charles Nagel, a politician and Missouri supreme court justice (1909-1913).
The Department became the increasing focus of requests for information of every kind — scientific, sociological, statistical, and commercial.
By 1912, manufactures accounted for 47 percent of exports, up from 32 percent in 1902 and 18 percent in 1892, with a total value exceeding $1 billion for the first time.
end quotes
In our times today, in a Reuters article titled “US economy on firmer footing heading into first quarter” by Lucia Mutikani on February 28, 2024, we have as follows on exports:
The goods trade deficit increased 2.6% to $90.2 last month, the Commerce Department’s Census Bureau said in a separate report on Wednesday.
Exports rose 0.2% to $170.4 billion, but were outpaced by a 1.1% jump in imports to $260.6 billion.
end quotes
And again, some more history:
In a report to Roosevelt, Straus summarized the climate in these words: “Our age has been very properly called an era of commercial development and expansion, and the United States, by reason of its many exceptional advantages, its boundless natural resources, and possessing a growing, intelligent, energetic, enterprising, and self-reliant population, is reaping a greater share of industrial and commercial prosperity than any of the other nations of the world.”
As the need for ever-expanding markets for manufactures intensified and workers moved from farm to factory in greater numbers, labor brought increasing pressure for separation of the Department’s functions and independent Cabinet status.
President William Taft signed legislation on March 4, 1913, his last day in office, splitting the combined department.
Labor was given Cabinet status and the designation of the Department of Commerce and Labor was changed to the Department of Commerce.
It had taken more than a century for the Congress to establish an executive department exclusively devoted to the commercial and manufacturing interests of the Nation.
http://www.capecharlesmirror.com/paul-p ... ent-904226
Paul Plante says:
So that we can understand what is going on here with the Commerce Department handing out all this taxpayer money to these large corporations, some of which are foreign-owned and foreign-based, like Taiwan Semiconductor Manufacturing Company Limited, which has its headquarters and main operations located in the Hsinchu Science Park in Hsinchu, Taiwan, by way of some essential background as to exactly what role Democrat Gina Marie Raimondo, born May 17, 1971, a year after I returned to this country from service as a combat infantryman in America’s war of choice in Viet Nam, who is an American businesswoman, lawyer, politician, and venture capitalist who has served Joe Biden since 2021 as the 40th United States secretary of commerce, and her commerce department are supposed to be playing in our lives as American citizens, now more or less bystanders in what used to be our nation, let’s go to an excerpted chapter from the 1988 book “From Lighthouses to Laserbeams: A History of the US Department of Commerce,” where we have the following American history on that subject to consider, to wit:
On March 4, 1913, nearly 125 years after the Constitution established promotion of the general welfare as one of the great goals of government, President William Taft signed legislation creating the Department of Commerce.
It was the desire to promote the general welfare through expansion of commerce and industry that had brought the delegates to the fateful meeting in Philadelphia and made the Union possible.
The period between the Declaration of Independence in 1776 and the Constitutional Convention in 1787 had been tumultuous, marked by discord among the newly independent states.
Trade had become particularly troublesome.
At the time, much of the commerce between states was conducted along the Atlantic seaboard and via the waterways flowing into the Atlantic or the inland rivers.
The Articles of Confederation allowed each state the freedom to create regulations, tariffs, and currency and to tax neighboring states using their ports and throughways for interstate or foreign commerce.
In 1785, legislators from Virginia and Maryland recognized the need to work together to ensure mutually profitable commerce on the shared waterways of the Potomac River and agreed to meet.
George Washington, interested in plans to finance navigational improvements that would push the Potomac route westward to the Shenandoah and Ohio Valleys, offered the hospitality of Mount Vernon for the conference.
A 13-point agreement, covering tidewater navigational rights, toll duties, commerce regulations, fishing rights and debt collections, was drawn.
Mt. Vernon Conference
The success of the Mount Vernon Conference led James Madison to write Washington about a proposal for a meeting with commissioners from other states to discuss matters of interstate commerce.
A resolution appointing commissioners was introduced in the Virginia House of Delegates.
The Virginia commissioners were to meet with other state delegates “to consider how far a uniform system in their commercial regulations may be necessary to their common interest and their permanent harmony.”
In 1786, representatives from five states convened in Annapolis “to take into consideration the trade and commerce of the United States.”
At this meeting, Alexander Hamilton, in a proposal cosigned by James Madison and Edmund Randolph, recommended a general meeting of all the states at a future convention.
The mandate was to be broader than that of the Annapolis meeting, because, as Hamilton said, the delegates had been “induced to think that the power to regulate trade is of such comprehensive extent and will enter so far into the general system of the federal government, that to give it efficacy, and to obviate questions and doubts concerning its precise nature and limits, may require a correspondent adjustment of other parts of the federal system.”
U.S. Constitution
This third meeting, which was held in Philadelphia in May, 1787, and presided over by George Washington, resulted in the replacement of the Articles of Confederation with a new United States Constitution, which was adopted on September 17, 1787.
As Hamilton had foreseen, an “adjustment” was made, a profound adjustment that fundamentally restructured the government.
A national executive was authorized and new powers were given to the Congress.
These included the power to “regulate commerce with foreign nations and among the several states.”
Among the proposals which were considered at the Constitutional Convention was one by Gouverneur Morris on August 20, 1787, to create a council of state “to assist the President in conducting the public affairs.”
Morris recommended that the third member be a “Secretary of Commerce and Finance, whose responsibilities would include recommending such things as may in his judgment promote the commercial interests of the United States.”
The Constitution, however, made no provision for a council of state, although soon after Washington took office, the Department of Foreign Affairs (July 27, 1789), renamed the Department of State (September 15, 1789), the War Department (August 7, 1789) and the Treasury Department (September 2, 1789) were created to help administer the new government.
Treasury was given responsibility for business and commerce.
The Secretaries of these departments and the Attorney General, who had been appointed under the act of September 24, 1789, became members of the first Cabinet.
Two States
With the new government in place, North Carolina and Rhode Island, the only two states yet to ratify the Constitution, found that their commerce and manufactures were to be treated in the same manner as those of any foreign country if they were not part of the United States.
North Carolina joined on November 21, 1789; Rhode Island on May 29, 1790.
Commercial and industrial interests thus provided the vital key needed to open the door to the drafting of the Constitution and to its final acceptance by the 13 existing states.
George Washington, in his first address as President, said: “The advance of agriculture, commerce and manufactures by all proper means will not, I trust, need recommendation.”
In December 1795, the House of Representatives created a Committee of Commerce and Manufactures as a third standing committee.
(The Senate established a Commerce Committee in 1816.)
Navy Department
Before the turn of the 19th century, another executive department was added.
The Navy Department was created on April 30, 1798, because of the impending war with France.
In 1829, the Postmaster General was officially invited by President Andrew Jackson to join the Cabinet.
The Department of the Interior came into being in 1849, and although broader duties had been proposed its focus became land and Indian affairs.
In 1870, the Department of Justice was created.
In 1884, Congress established a Bureau of Labor in response to the urgings of labor.
It was constituted as a separate department in 1888, but without Cabinet status.
Agriculture was the first industry of the country to be accorded an executive department by the Congress.
The Department of Agriculture was authorized by the act of February 9, 1889.
Panic of 1893
By the mid-1890s, depression conditions which followed the “Panic of 1893” had caused the newly formed National Association of Manufacturers to set as a principal goal the formation of a Department of Commerce and Industry, which would include the independent Department of Labor and other agencies.
end quotes
As an aside, the Panic of 1893 was a depression set off by the failure of two of the largest employers in the country: The Philadelphia and Reading Railroad and the National Cordage Company with the result that the stock market plummeted as businesses that had borrowed heavily to invest in railroads went bankrupt.
Going back to the history, it continues as follows:
Instead, in 1898, Congress created a U.S. Industrial Commission to investigate a number of economic and social problems, including the growing impact of corporate trusts on the national welfare.
Even when the Twelfth Census in 1900 showed that the aggregate value of manufacturing products of the United States exceeded $13 billion, approximately four times the value of all the products of agriculture, Congress did not respond to the pleas of business for a Cabinet agency for commerce and industry.
By this time, the enormous growth of business, industry, commerce and banking between 1850 and 1900 had resulted in an increase of the national wealth from under $5 billion to $88 billion, 20 percent of which was in the hands of fewer than 4,000 men.
Great Wealth
Some of these were among Theodore Roosevelt’s “malefactors of great wealth,” who had benefited from the nation’s rapid change from an agrarian society to an industrial one powered by steam engines, gasoline automobiles, electricity, telegraphs, and other inventions ranging from crude washing machines to zippers.
Problems with transportation of increased volumes of materials and goods had already led to the establishment of an Interstate Commerce Commission in 1887 to regulate railroad rates and access.
At the end of the 1890s, with the assistance of President William McKinley’s “Open Door” policy of actively promoting exports, the value of American manufactured goods sold abroad had almost tripled, and total foreign commerce had passed the $1 billion mark as exports exceeded imports for the first time.
What was to be called the great commercial invasion of Europe had begun.
Still, Congress did not act on proposals for a Cabinet department for commerce until Roosevelt succeeded to the Presidency and recommended creation of a combined Department of Commerce and Labor in his first State of the Union message in 1901.
end quotes
Teddy Roosevelt was known as a “trust buster” who took the view that the President as a “steward of the people” should take whatever action necessary for the public good unless expressly forbidden by law or the Constitution,” and as President, Roosevelt held the ideal that the Government should be the great arbiter of the conflicting economic forces in the Nation, especially between capital and labor, guaranteeing justice to each and dispensing favors to none.
Going back to the history, we have more as follows, to wit:
Roosevelt wanted the new department to have the power to investigate corporate earnings and to guard the rights of the workingman.
Spurred by the President, once again Congress considered a proposal for a Department of Commerce.
When the debate in Congress concluded, the advocates of a Department of Commerce agreed to a compromise with those seeking a Cabinet voice for labor.
For the first time in the Nation’s history, a vote was scheduled on the creation of a new executive department with a dual title, the Department of Commerce and Labor.
Years: 1903-1913
On February 14, 1903, Congress approved legislation (S.359) creating a Department of Commerce and Labor and President Theodore Roosevelt signed the bill (32 Statute 825) that same day.
Two days later, Roosevelt nominated his personal secretary, George B. Cortelyou, to be the first Secretary.
He was sworn in on February 18, 1903.
The new Department of Commerce and Labor was one of the largest and most complicated in Government.
It included a Bureau of Corporations, Bureau of Immigration, Bureau of Navigation, Light House Board, Steamboat Inspection Service, Bureau of Statistics, Coast and Geodetic Survey, Bureau of Standards, Bureau of Census, Bureau of Fisheries, and the still to be organized Bureau of Manufactures.
The Department of Labor became once more a Bureau of Labor and accounted for only one percent of all personnel.
Promoting Commerce
Charged with fostering, promoting and developing foreign and domestic commerce, the mining, manufacturing, shipping and fishery industries, the labor interests, and the transportation facilities of the United States, the Department’s work was to include:
* investigating management of corporations (except railroads) engaged in interstate commerce;
* administering the Lighthouse Service, including the establishment and maintenance of aids to navigation;
* taking the census;
* making coast and geodetic surveys;
* collecting and publishing statistics on foreign and domestic commerce;
* investigating markets for American products;
* inspecting steamboats and enforcing laws pertaining thereto for the protection of life and property;
* supervising Alaskan fur-seal and salmon fisheries;
* monitoring merchant vessels, including their registry, measurement, licensing, entry, and clearance;
* applying immigration law; and
* collecting information on hours of labor, earnings, and means of promoting material, social, intellectual and moral prosperity.
end quotes
Today, do we see Gina Raimondo making any attempt whatsoever to promote social, intellectual and moral prosperity in this country?
Going back to the history we have more as follows:
The Secretary also was required to make special investigations as requested and to report annually to the President on Department activities.
The youngest department had responsibility for some of the oldest programs in government: The maintenance of lighthouses was authorized by Congress in 1789.
The first census was conducted in 1790.
Thomas Jefferson signed legislation creating a “Survey of the Coast” in 1807.
The Treasury Department started keeping statistics on waterborne foreign commerce in 1820 and organized an Office of Weights and Measures in 1836.
Within five months, when all transfers were complete, the Department of Commerce and Labor grew from one official, the Secretary, to a total of 10,125 people in Washington and the country at large.
Cortelyou served only a year before being called to manage Roosevelt’s presidential campaign in June, 1904.
But his successor, California congressman Victor H. Metcalf, found that the work of organizing the Department had been “as thorough and complete” as was possible.
During Metcalf’s tenure, the Bureau of Manufactures, which would be most directly related to the primary function of the Department — the promotion of industry and commerce — was established in 1905 with an $11,020 appropriation and provision for seven employees, including a bureau chief and assistant messenger.
Secretaries
There were two more Secretaries of Commerce and Labor over the combined Department’s limited lifespan, Oscar S. Straus, an entrepreneur and former U.S. Minister to Turkey (1906-1909), and Charles Nagel, a politician and Missouri supreme court justice (1909-1913).
The Department became the increasing focus of requests for information of every kind — scientific, sociological, statistical, and commercial.
By 1912, manufactures accounted for 47 percent of exports, up from 32 percent in 1902 and 18 percent in 1892, with a total value exceeding $1 billion for the first time.
end quotes
In our times today, in a Reuters article titled “US economy on firmer footing heading into first quarter” by Lucia Mutikani on February 28, 2024, we have as follows on exports:
The goods trade deficit increased 2.6% to $90.2 last month, the Commerce Department’s Census Bureau said in a separate report on Wednesday.
Exports rose 0.2% to $170.4 billion, but were outpaced by a 1.1% jump in imports to $260.6 billion.
end quotes
And again, some more history:
In a report to Roosevelt, Straus summarized the climate in these words: “Our age has been very properly called an era of commercial development and expansion, and the United States, by reason of its many exceptional advantages, its boundless natural resources, and possessing a growing, intelligent, energetic, enterprising, and self-reliant population, is reaping a greater share of industrial and commercial prosperity than any of the other nations of the world.”
As the need for ever-expanding markets for manufactures intensified and workers moved from farm to factory in greater numbers, labor brought increasing pressure for separation of the Department’s functions and independent Cabinet status.
President William Taft signed legislation on March 4, 1913, his last day in office, splitting the combined department.
Labor was given Cabinet status and the designation of the Department of Commerce and Labor was changed to the Department of Commerce.
It had taken more than a century for the Congress to establish an executive department exclusively devoted to the commercial and manufacturing interests of the Nation.
http://www.capecharlesmirror.com/paul-p ... ent-904226
Re: Just musings, is all
THE CAPE CHARLES MIRROR MARCH 1, 2024 AT 7:31 PM
Paul Plante says:
What we are seeing here, people, quite simply, is the continued transformation of our national economy we were warned about by Biden Treasury Secretary Janet “TOODLES” Yellen in her “Remarks by Secretary of the Treasury Janet L. Yellen on the State of the U.S. Economy in Chicago, Illinois” on January 25, 2024, where “TOODLES” said to all of us here in America, and in the world, as well, if not the whole of the galaxy, “I’m honored to be here at the Economic Club of Chicago to talk about the middle class in America: from when the pandemic hit, to the recovery, to what’s ahead.”
And “what’s ahead” from then is where we are now, with Biden Commerce Secretary Gina Raimondo implementing Stalin-Era Central Planning in America using the Commerce Department as her vehicle for doing so, which in turn is making her a literal CZAR OF BUSINESS here in America, where Gina gets to choose who is going to be a winner, and who she is going to have be the losers, with federal government money being the determining factor with regard to who gets to be the one, versus who is made the other by Gina, which takes us back to “TOODLES” on January 25, 2024, where we had more on BIDE-O-NOMICS and BIDE-O-NISM, as follows:
Overall, the Biden Administration has put in place the most extensive set of policies and investments to benefit the middle class and grow the economy that our country has seen in my lifetime.
Our economic plan is improving lives and laying the foundation for a new future for middle-class families and communities across the country.
The President and I understand that many Americans have long felt a deeper pessimism about the economy, going back far before the pandemic.
Due to the longer-term trends that I described, life is still harder than it should be for the middle class in this country.
To change this, our modern supply-side strategy is designed to build off of our historic recovery and continue charting a new course.
end quotes
Yes, people, Joe and “TOODLES” are indeed charting a new course, and they are using Joe Stalin’s first FIVE-YEAR PLAN as their model, because the Soviet Union’s achievements were tremendous during the first five-year plan, which yielded a fifty-percent increase in industrial output, and if it worked for DEMOCRAT ICON Joe Stalin in the Soviet Union, it should work for Joe Biden and the MIDDLE CLASS of America, as well, even if it leaves behind those of us on the bottom, which takes us back to January 25, 2024 and more “TOODLES,” as follows:
We’re focused on boosting our economic capacity in order to deliver robust and shared economic growth.
end quote
And that is what we are seeing Gina Raimondo about here, with her grants of money to the likes of Plug Power, essentially a ZOMBIE BUSINESS, without an influx if government money to keep it functioning, and GlobalFoundries, which again takes us back to “TOODLES” out there on the campaign trail politicking her little heart out for Joe while trying her best to sell us on the BIDEN BRAND, for more, as follows:
Our aim is to make middle-class lives better: for the short haul and for the long haul.
Infrastructure
We started with infrastructure.
Our country’s infrastructure has been deteriorating for decades.
In the Trump Administration, the idea of doing anything to fix it was a punch line.
But this Administration has delivered.
The Bipartisan Infrastructure Law is a $1.2 trillion investment in our nation’s infrastructure.
It is bringing new opportunities within reach for middle-class families.
It’s creating new construction jobs that do not require a college degree.
It’s providing access to clean water and to better internet.
It’s helping goods get to consumers faster and at lower cost.
These changes are happening everywhere in America, not just on the coasts or in wealthier communities.
Treasury analysis shows that funding from the Bipartisan Infrastructure Law is especially going to states with the lowest-rated public infrastructure and lower median household incomes.
Through infrastructure investment, we’re helping build a new future for people and places that have historically been left behind.
Manufacturing and Energy
Infrastructure is just the beginning.
The CHIPS and Science Act and the Inflation Reduction Act are reinvigorating American manufacturing, including through incentivizing private sector investments.
Companies have announced over $600 billion in manufacturing and clean energy investments since the start of the Administration.
These investments will fuel our economic growth and increase our economic security.
But I want to emphasize today how they’ll change middle-class lives.
The reinvigoration of manufacturing means new jobs for middle-class Americans, especially in places where potential exists, but opportunity has failed.
The IRA provides incentives to locate projects in low-income communities and in energy communities where the local economy has historically been dependent on fossil fuels.
These incentives are working.
Investments are growing faster in energy communities and in greater amounts.
Since the IRA was passed, 70 percent of IRA-related investments have been in counties where the employment rate is below the national average and 86 percent have been in counties with college graduation rates below average.
We’re also working to make sure these jobs are good ones.
The IRA’s prevailing wage and apprenticeship requirements help ensure fair wages and pathways into new industries.
The President and I are also strong supporters of unions.
Union members typically have higher wages, by around 10 to 15 percent.
They have greater access to critical fringe benefits, such as retirement benefits, medical benefits, and life insurance.
Union members also benefit from more scheduling predictability and better workplace safety.
My own academic work has found that these non-monetary factors are a key driver of job satisfaction.
And we know it’s not just good jobs that matter to people.
What follows them also matters, so we’re working to support Americans in planning for retirement.
The American Rescue Plan provided support to multiemployer pensions, protecting millions of pensions, including restoring benefits for thousands of workers and retirees who had had their benefits cut.
In October, we proposed a new rule that cracks down on additional barriers to retirement security, such as junk fees.
None of these policies are aiming to recreate an earlier era.
This country and the world have changed and we cannot go back.
What we need is a new future rooted in upgraded infrastructure and a modern tax system, fueled by twenty-first century industries, and with the middle class at its center.
The Administration is building the foundations of that future.
Our economic agenda is far from finished.
There’s much more the President and I would like to do to support the middle class.
When the expanded Child Tax Credit expired, millions of children were pushed back into poverty.
It is still too hard to be a working parent.
We need to get American families access to affordable childcare and other support for their children.
As these children get older, they should be able to get a good education, including through free community college, and receive training that prepares them for good jobs.
As they work, they should be able to afford quality housing near economic opportunities.
And as they get older, they should be able to retire with dignity.
We need to do more here too.
The obstacles the middle class has faced for decades will not disappear overnight.
But this Administration is fighting the right fight: for economic policy that makes a meaningful difference in people’s lives.
It’s what motivated me to become an economist and has been the central mission throughout my career.
And it has shaped this Administration’s actions as we have responded to the pandemic, as we have driven a strong and fair recovery, and as we are putting in place the building blocks for continued growth.
If we keep at it, America will continue its progress in overcoming the challenges facing the middle class.
The middle class has always driven the success of our country.
It will continue to lead our future.
end quotes
And with all of that to consider, it is time to take a break for station identification, but don’t change that dial because we will be back with more on BIDE-O-NISM, which in simple terms, is defined as a one party system of government with the Joe Biden in charge of everything, and in which each class, including the semi-fascists, the MAGAtards, the BASKET OF DEPLORABLES, and the DREGS OF SOCIETY have their distinct place, function, and representation in the government, with some being very much more equal than those below them in the social hierarchy that separates Biden Democrats from everybody else in America, while the individual, that being us, is subordinated to the state and control is maintained by military forces, secret police, rigid censorship, and governmental regimentation of industry and finance, so stay tuned!
http://www.capecharlesmirror.com/paul-p ... ent-904226
Paul Plante says:
What we are seeing here, people, quite simply, is the continued transformation of our national economy we were warned about by Biden Treasury Secretary Janet “TOODLES” Yellen in her “Remarks by Secretary of the Treasury Janet L. Yellen on the State of the U.S. Economy in Chicago, Illinois” on January 25, 2024, where “TOODLES” said to all of us here in America, and in the world, as well, if not the whole of the galaxy, “I’m honored to be here at the Economic Club of Chicago to talk about the middle class in America: from when the pandemic hit, to the recovery, to what’s ahead.”
And “what’s ahead” from then is where we are now, with Biden Commerce Secretary Gina Raimondo implementing Stalin-Era Central Planning in America using the Commerce Department as her vehicle for doing so, which in turn is making her a literal CZAR OF BUSINESS here in America, where Gina gets to choose who is going to be a winner, and who she is going to have be the losers, with federal government money being the determining factor with regard to who gets to be the one, versus who is made the other by Gina, which takes us back to “TOODLES” on January 25, 2024, where we had more on BIDE-O-NOMICS and BIDE-O-NISM, as follows:
Overall, the Biden Administration has put in place the most extensive set of policies and investments to benefit the middle class and grow the economy that our country has seen in my lifetime.
Our economic plan is improving lives and laying the foundation for a new future for middle-class families and communities across the country.
The President and I understand that many Americans have long felt a deeper pessimism about the economy, going back far before the pandemic.
Due to the longer-term trends that I described, life is still harder than it should be for the middle class in this country.
To change this, our modern supply-side strategy is designed to build off of our historic recovery and continue charting a new course.
end quotes
Yes, people, Joe and “TOODLES” are indeed charting a new course, and they are using Joe Stalin’s first FIVE-YEAR PLAN as their model, because the Soviet Union’s achievements were tremendous during the first five-year plan, which yielded a fifty-percent increase in industrial output, and if it worked for DEMOCRAT ICON Joe Stalin in the Soviet Union, it should work for Joe Biden and the MIDDLE CLASS of America, as well, even if it leaves behind those of us on the bottom, which takes us back to January 25, 2024 and more “TOODLES,” as follows:
We’re focused on boosting our economic capacity in order to deliver robust and shared economic growth.
end quote
And that is what we are seeing Gina Raimondo about here, with her grants of money to the likes of Plug Power, essentially a ZOMBIE BUSINESS, without an influx if government money to keep it functioning, and GlobalFoundries, which again takes us back to “TOODLES” out there on the campaign trail politicking her little heart out for Joe while trying her best to sell us on the BIDEN BRAND, for more, as follows:
Our aim is to make middle-class lives better: for the short haul and for the long haul.
Infrastructure
We started with infrastructure.
Our country’s infrastructure has been deteriorating for decades.
In the Trump Administration, the idea of doing anything to fix it was a punch line.
But this Administration has delivered.
The Bipartisan Infrastructure Law is a $1.2 trillion investment in our nation’s infrastructure.
It is bringing new opportunities within reach for middle-class families.
It’s creating new construction jobs that do not require a college degree.
It’s providing access to clean water and to better internet.
It’s helping goods get to consumers faster and at lower cost.
These changes are happening everywhere in America, not just on the coasts or in wealthier communities.
Treasury analysis shows that funding from the Bipartisan Infrastructure Law is especially going to states with the lowest-rated public infrastructure and lower median household incomes.
Through infrastructure investment, we’re helping build a new future for people and places that have historically been left behind.
Manufacturing and Energy
Infrastructure is just the beginning.
The CHIPS and Science Act and the Inflation Reduction Act are reinvigorating American manufacturing, including through incentivizing private sector investments.
Companies have announced over $600 billion in manufacturing and clean energy investments since the start of the Administration.
These investments will fuel our economic growth and increase our economic security.
But I want to emphasize today how they’ll change middle-class lives.
The reinvigoration of manufacturing means new jobs for middle-class Americans, especially in places where potential exists, but opportunity has failed.
The IRA provides incentives to locate projects in low-income communities and in energy communities where the local economy has historically been dependent on fossil fuels.
These incentives are working.
Investments are growing faster in energy communities and in greater amounts.
Since the IRA was passed, 70 percent of IRA-related investments have been in counties where the employment rate is below the national average and 86 percent have been in counties with college graduation rates below average.
We’re also working to make sure these jobs are good ones.
The IRA’s prevailing wage and apprenticeship requirements help ensure fair wages and pathways into new industries.
The President and I are also strong supporters of unions.
Union members typically have higher wages, by around 10 to 15 percent.
They have greater access to critical fringe benefits, such as retirement benefits, medical benefits, and life insurance.
Union members also benefit from more scheduling predictability and better workplace safety.
My own academic work has found that these non-monetary factors are a key driver of job satisfaction.
And we know it’s not just good jobs that matter to people.
What follows them also matters, so we’re working to support Americans in planning for retirement.
The American Rescue Plan provided support to multiemployer pensions, protecting millions of pensions, including restoring benefits for thousands of workers and retirees who had had their benefits cut.
In October, we proposed a new rule that cracks down on additional barriers to retirement security, such as junk fees.
None of these policies are aiming to recreate an earlier era.
This country and the world have changed and we cannot go back.
What we need is a new future rooted in upgraded infrastructure and a modern tax system, fueled by twenty-first century industries, and with the middle class at its center.
The Administration is building the foundations of that future.
Our economic agenda is far from finished.
There’s much more the President and I would like to do to support the middle class.
When the expanded Child Tax Credit expired, millions of children were pushed back into poverty.
It is still too hard to be a working parent.
We need to get American families access to affordable childcare and other support for their children.
As these children get older, they should be able to get a good education, including through free community college, and receive training that prepares them for good jobs.
As they work, they should be able to afford quality housing near economic opportunities.
And as they get older, they should be able to retire with dignity.
We need to do more here too.
The obstacles the middle class has faced for decades will not disappear overnight.
But this Administration is fighting the right fight: for economic policy that makes a meaningful difference in people’s lives.
It’s what motivated me to become an economist and has been the central mission throughout my career.
And it has shaped this Administration’s actions as we have responded to the pandemic, as we have driven a strong and fair recovery, and as we are putting in place the building blocks for continued growth.
If we keep at it, America will continue its progress in overcoming the challenges facing the middle class.
The middle class has always driven the success of our country.
It will continue to lead our future.
end quotes
And with all of that to consider, it is time to take a break for station identification, but don’t change that dial because we will be back with more on BIDE-O-NISM, which in simple terms, is defined as a one party system of government with the Joe Biden in charge of everything, and in which each class, including the semi-fascists, the MAGAtards, the BASKET OF DEPLORABLES, and the DREGS OF SOCIETY have their distinct place, function, and representation in the government, with some being very much more equal than those below them in the social hierarchy that separates Biden Democrats from everybody else in America, while the individual, that being us, is subordinated to the state and control is maintained by military forces, secret police, rigid censorship, and governmental regimentation of industry and finance, so stay tuned!
http://www.capecharlesmirror.com/paul-p ... ent-904226
Re: Just musings, is all
THE CAPE CHARLES MIRROR MARCH 2, 2024 AT 7:01 PM
Paul Plante says:
And seriously, people, anymore, as this story of BIDE-O-NISM in America continues to be told, courtesy of the Cape Charles Mirror, a GRAND PALLADIUM of OUR LIBERTY, where do we even begin anymore to try and make sense out of what makes absolutely no sense whatsoever, at all.
First of all, consider that despite Article 1, Section 9, Clause 7 of the United States Constitution containing two clauses, those being the Appropriations Clause and the Statement and Accounts Clause, wherein is clearly stated that “No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law; and a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time,” which Kate Stith from the Yale Law School states is part of the “job description” of Congress, “Like the appropriations requirement, this [Statement and Accounts] requirement states not a power but a legislative duty that has been interpreted to require an annual budget,” we in fact have no budget, period.
To the contrary, according to a Reuters article titled “Biden signs stopgap spending bill to avert government shutdown, White House says” on March 1, 2024, Joe Biden has signed into law a short-term stopgap spending bill to avert a partial government shutdown, the White House said on Friday, which is a recipe for fiscal disaster, as it quite literally gives Joe Biden a BLANK CHECK to spend as recklessly as he chooses, with we, the people getting handed the bill.
Think I’m kidding, people?
Not a joke as we see by going to a CNBC article titled “The U.S. national debt is rising by $1 trillion about every 100 days” by Michelle Fox on March 1, 2024 for this dose of reality we are all facing as a result of Joe Biden’s incredible FISCAL PROFLIGACY, with no one having a clue as to where all this money is disappearing to, to wit:
The debt load of the U.S. is growing at a quicker clip in recent months, increasing about $1 trillion nearly every 100 days.
end quotes
Yes, people, you are indeed reading that right: Joe Biden is blowing through a TRILLION DOLLARS in three months with no accountability or oversight whatsoever as to where that money has went, which takes us back to that story, to wit:
The nation’s debt permanently crossed over to $34 trillion on Jan. 4, after briefly crossing the mark on Dec. 29, according to data from the U.S. Department of the Treasury.
It reached $33 trillion on Sept. 15, 2023, and $32 trillion on June 15, 2023, hitting this accelerated pace.
Before that, the $1 trillion move higher from $31 trillion took about eight months.
U.S. debt, which is the amount of money the federal government borrows to cover operating expenses, now stands at nearly $34.4 trillion, as of Wednesday.
Bank of America investment strategist Michael Hartnett believes the 100-day pattern will remain intact with the move from $34 trillion to $35 trillion.
Moody’s Investors Service lowered its ratings outlook on the U.S. government to negative from stable in November due to the rising risks of the country’s fiscal strength.
“In the context of higher interest rates, without effective fiscal policy measures to reduce government spending or increase revenues,” the agency said.
“Moody’s expects that the US’ fiscal deficits will remain very large, significantly weakening debt affordability.”
end quotes
And as Joe Biden just proved there on March 1, 2024 by signing that BLANK CHECK short-term stopgap spending bill, there are no effective fiscal policy measures in place to reduce government spending or increase revenues, nor will there be, so long as the worthless congress and the American people give Joe Biden carte blanche to spend as much as he wants on whatever he wants with no accountability, which takes us back in time to Justice Joseph Story and how he defined the relationship between the two clauses in his Commentaries on the Constitution, to wit:
“The power to control and direct the appropriations constitutes a most useful and salutary check upon profusion and extravagance, as well as upon corrupt influence and public speculation.”
“And to make their (Congress) responsibility complete and perfect, a regular account of the receipts and expenditures is required to be published, that the people may know, what money is expended, for what purposes, and by what authority.”
And all of that is now gone, people, long gone, and we are fools for letting it happen right before our eyes, which takes us back to circa 1936, and H.L. Mencken in “On Politics: A Carnival of Buncombe,” wherein is stated as follows, which in turn describes exactly where we are today in America with the FISCALLY IRRESPONSIBLE AND PROFLIGATE Joe Biden in power, to wit:
“As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people.”
“On some great and glorious day the plain folks of the land will reach their heart’s desire at last and the White House will be adorned by a downright moron.”
That great and glorious day in America when the plain folks of the land reached their heart’s desire at last and adorned the White House with a downright moron named Joseph Robinette Biden, Junior occurred in November of 2020, to our detriment as a nation and as a people, which takes us back to H.L. Mencken in “Prejudices: Third Series,” where I swear he seems to be talking about me:
“The most dangerous man to any government is the man who is able to think things out for himself, without regard to the prevailing superstitions and taboos.”
“Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, and intolerable…”
http://www.capecharlesmirror.com/paul-p ... ent-904465
Paul Plante says:
And seriously, people, anymore, as this story of BIDE-O-NISM in America continues to be told, courtesy of the Cape Charles Mirror, a GRAND PALLADIUM of OUR LIBERTY, where do we even begin anymore to try and make sense out of what makes absolutely no sense whatsoever, at all.
First of all, consider that despite Article 1, Section 9, Clause 7 of the United States Constitution containing two clauses, those being the Appropriations Clause and the Statement and Accounts Clause, wherein is clearly stated that “No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law; and a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time,” which Kate Stith from the Yale Law School states is part of the “job description” of Congress, “Like the appropriations requirement, this [Statement and Accounts] requirement states not a power but a legislative duty that has been interpreted to require an annual budget,” we in fact have no budget, period.
To the contrary, according to a Reuters article titled “Biden signs stopgap spending bill to avert government shutdown, White House says” on March 1, 2024, Joe Biden has signed into law a short-term stopgap spending bill to avert a partial government shutdown, the White House said on Friday, which is a recipe for fiscal disaster, as it quite literally gives Joe Biden a BLANK CHECK to spend as recklessly as he chooses, with we, the people getting handed the bill.
Think I’m kidding, people?
Not a joke as we see by going to a CNBC article titled “The U.S. national debt is rising by $1 trillion about every 100 days” by Michelle Fox on March 1, 2024 for this dose of reality we are all facing as a result of Joe Biden’s incredible FISCAL PROFLIGACY, with no one having a clue as to where all this money is disappearing to, to wit:
The debt load of the U.S. is growing at a quicker clip in recent months, increasing about $1 trillion nearly every 100 days.
end quotes
Yes, people, you are indeed reading that right: Joe Biden is blowing through a TRILLION DOLLARS in three months with no accountability or oversight whatsoever as to where that money has went, which takes us back to that story, to wit:
The nation’s debt permanently crossed over to $34 trillion on Jan. 4, after briefly crossing the mark on Dec. 29, according to data from the U.S. Department of the Treasury.
It reached $33 trillion on Sept. 15, 2023, and $32 trillion on June 15, 2023, hitting this accelerated pace.
Before that, the $1 trillion move higher from $31 trillion took about eight months.
U.S. debt, which is the amount of money the federal government borrows to cover operating expenses, now stands at nearly $34.4 trillion, as of Wednesday.
Bank of America investment strategist Michael Hartnett believes the 100-day pattern will remain intact with the move from $34 trillion to $35 trillion.
Moody’s Investors Service lowered its ratings outlook on the U.S. government to negative from stable in November due to the rising risks of the country’s fiscal strength.
“In the context of higher interest rates, without effective fiscal policy measures to reduce government spending or increase revenues,” the agency said.
“Moody’s expects that the US’ fiscal deficits will remain very large, significantly weakening debt affordability.”
end quotes
And as Joe Biden just proved there on March 1, 2024 by signing that BLANK CHECK short-term stopgap spending bill, there are no effective fiscal policy measures in place to reduce government spending or increase revenues, nor will there be, so long as the worthless congress and the American people give Joe Biden carte blanche to spend as much as he wants on whatever he wants with no accountability, which takes us back in time to Justice Joseph Story and how he defined the relationship between the two clauses in his Commentaries on the Constitution, to wit:
“The power to control and direct the appropriations constitutes a most useful and salutary check upon profusion and extravagance, as well as upon corrupt influence and public speculation.”
“And to make their (Congress) responsibility complete and perfect, a regular account of the receipts and expenditures is required to be published, that the people may know, what money is expended, for what purposes, and by what authority.”
And all of that is now gone, people, long gone, and we are fools for letting it happen right before our eyes, which takes us back to circa 1936, and H.L. Mencken in “On Politics: A Carnival of Buncombe,” wherein is stated as follows, which in turn describes exactly where we are today in America with the FISCALLY IRRESPONSIBLE AND PROFLIGATE Joe Biden in power, to wit:
“As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people.”
“On some great and glorious day the plain folks of the land will reach their heart’s desire at last and the White House will be adorned by a downright moron.”
That great and glorious day in America when the plain folks of the land reached their heart’s desire at last and adorned the White House with a downright moron named Joseph Robinette Biden, Junior occurred in November of 2020, to our detriment as a nation and as a people, which takes us back to H.L. Mencken in “Prejudices: Third Series,” where I swear he seems to be talking about me:
“The most dangerous man to any government is the man who is able to think things out for himself, without regard to the prevailing superstitions and taboos.”
“Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, and intolerable…”
http://www.capecharlesmirror.com/paul-p ... ent-904465
Re: Just musings, is all
THE CAPE CHARLES MIRROR MARCH 3, 2024 AT 11:14 PM
Paul Plante says:
For the record, a “snollygoster” is a shrewd, unprincipled person, while a “throttlebottom” is an innocuously inept and futile person in public office, which terms seem to describe Biden Treasury Secretary Janet “TOODLES” Yellen quite well, while her “Remarks by Secretary of the Treasury Janet L. Yellen on the State of the U.S. Economy in Chicago, Illinois” on January 25, 2024, is nothing more than a farrago of hopes, wishes, and just plain nonsense, which has “TOODLES” coming across as bumfuzzled, which is to say “in a state of bewilderment; confused or perplexed,” which in turn makes her out as an “ultracrepidarian,” which is to say “one who is presumptuous and offers advice or opinions beyond one’s sphere of knowledge,” and a “fopdoodle,” to boot, which means “TOODLES” is seen as insignificant, and here, since we just had a raft of economic news with which we can fact-check “TOODLES.” let’s go back to “TOODLES” on January 25, 2024, where we had this from “TOODLES” on BIDE-O-NOMICS, as follows:
Overall, the Biden Administration has put in place the most extensive set of policies and investments to benefit the middle class and grow the economy that our country has seen in my lifetime.
Our economic plan is improving lives and laying the foundation for a new future for middle-class families and communities across the country.
The President and I understand that many Americans have long felt a deeper pessimism about the economy, going back far before the pandemic.
Due to the longer-term trends that I described, life is still harder than it should be for the middle class in this country.
To change this, our modern supply-side strategy is designed to build off of our historic recovery and continue charting a new course.
The reinvigoration of manufacturing means new jobs for middle-class Americans, especially in places where potential exists, but opportunity has failed.
end quotes
So, people, how about her statement that the reinvigoration of manufacturing means new jobs for middle-class Americans, especially in places where potential exists, but opportunity has failed?
Have Joe Biden and “TOODLES” Yellen actually managed to do that – reinvigorate manufacturing in America?
If so, then why just the other day did Reuters have an article titled “US manufacturing contracts further” by Lucia Mutikani on March 1, 2024, where we learned as follo9ws, to wit:
WASHINGTON, March 1 (Reuters) – U.S. manufacturing slumped further in February, with a measure of factory employment falling to a seven-month low amid layoffs, but there were signs activity was on the cusp of rebounding.
end quote
If it is slumping, it counters the claim by “TOODLES” that she and Joe Biden have reinvigorated it, but let’s not make a hasty judgment here, so back for more we go:
The ISM said its manufacturing PMI fell to 47.8 last month from 49.1 in January.
It was the 16th straight month the PMI remained below 50, which indicates contraction in manufacturing.
That is the longest such stretch since the period from August 2000 to January 2002.
end quotes
How “TOODLES” gets “reinvigorated” out of that is a mystery to me, where the common meaning of the word “reinvigorate” is to give new energy or strength to something, which isn’t happening to manufacturing, which takes us back to Reuters for more, to wit:
So-called hard data from the government and Federal Reserve show manufacturing mostly treading water.
The ISM survey’s forward-looking new orders sub-index dropped to 49.2 last month after rebounding to 52.5 in January.
Production at factories was subdued, with the sub-index declining to 48.4 from 50.4 in January.
Customer inventories were considered too low for a third straight month, with shortages of some goods reported.
While that augurs well for future orders and production, there was a slight hint of supply chain constraints.
The survey’s measure of supplier deliveries rose to 50.1 from 49.1 in the prior month.
A reading above 50 indicates slower deliveries.
“For the second month, supplier responsiveness appears to be ‘stiffer,’ meaning some suppliers are struggling to keep up,” said Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee.
Factory employment continued to shrink, with layoffs accounting for half of efforts by companies to reduce headcount.
Manufacturers also reported hiring freezes.
end quotes
So much for Joe and “TOODLES” reinvigorating manufacturing in America, then, which takes us to a Reuters article titled “US mortgage rates rise for a fourth-straight week, Freddie Mac says” by Amina Niasse on February 29, 2024, where we see what Joe Biden and his BIDE-O-NOMICS are doing to the middle class in America, to wit:
NEW YORK, Feb 29 (Reuters) – U.S. mortgage rates rose for a fourth-straight week, Freddie Mac reported on Thursday, reaching a two-month high and again becoming a factor impeding traffic among rate-sensitive prospective home buyers.
“The recent boomerang in rates has dampened already tentative homebuyer momentum as we approach the spring, a historically busy season for homebuying.”
“While sales of newly built homes are trending in a positive direction, higher rates and elevated prices continue to pose affordability challenges that may leave potential homebuyers on the sidelines,” said Sam Khater, Freddie Mac’s chief economist.
High mortgage rates eroded buyer traffic last year as tight inventory and home price gains limited affordability.
Home sales remain under pressure, with pending home sales retreating by 4.9% in January, according to National Association of Realtors data.
end quotes
The higher rates are caused by BIDENFLATION as a result of BIDE-O-NOMICS, which takes us to another Reuters article titled “US pending home sales fall in January as high mortgage rates deter buyers” by Amina Niasse on February 29, 2024, for more of what BIDE-O-NOMICS is doing to the middle-class in America, to wit:
NEW YORK, Feb 29 (Reuters) – Pending U.S. home sales retreated in January, a report on Thursday showed, as buyers continue to struggle with still-high mortgage rates.
The National Association of Realtors Pending Home Sales index fell 4.9% to 74.3.
The increase in pending sales in December was revised sharply lower to 5.7% from 8.3%, even as the index value for that month was revised higher, reflecting NAR revisions for 2023.
end quotes
And from there, we go to a CNBC article titled “Key Fed inflation measure rose 0.4% in January as expected, up 2.8% from a year ago” by Jeff Cox on February 29, 2024 for more on BIDE-O-NOMICS, to wit:
Inflation rose in line with expectations in January, according to an important gauge the Federal Reserve uses as it deliberates cutting interest rates.
The personal consumption expenditures price index excluding food and energy costs increased 0.4% for the month and 2.8% from a year ago, as expected according to the Dow Jones consensus estimates.
Headline PCE, including the volatile food and energy categories, increased 0.3% monthly and 2.4% on a 12-month basis, also as forecast, according to the numbers released Thursday by the Commerce Department’s Bureau of Economic Analysis.
Services prices increased 0.6% on the month while goods fell 0.2%; on a 12-month basis, services rose 3.9% and goods were down 0.5%.
Within those categories, food prices accelerated 0.5%, offset by a 1.4% slide in energy.
On a year-over-year basis, food was up 1.4% while energy fell 4.9%.
end quotes
And from there we go back to a Reuters article titled "Services drive US prices higher in January; inflation gradually cooling" by Lucia Mutikani on February 29, 2024, for this look at the Biden economy, to wit:
WASHINGTON, Feb 29 (Reuters) – U.S. prices accelerated in January amid a surge in the costs of services like housing and finance, but the annual increase in inflation was the smallest in three years, keeping a mid-year interest rate cut from the Federal Reserve on the table.
The report from the Commerce Department on Thursday also showed consumer spending slowing last month, restrained by decreases in outlays on goods, including motor vehicles, furniture and other long-lasting household equipment.
Services, which also include healthcare, restaurants, hotels and motels as well as recreation, are at the heart of the U.S. central bank's fight against inflation.
Excluding the volatile food and energy components, the PCE price index increased 0.4% last month.
Services prices jumped 0.6%, the most since last January, after climbing 0.3% in December.
They were boosted by a 0.6% rise in the cost of housing and utilities.
The cost of financial services and insurance surged 1.3%, likely reflecting higher share prices.
Prices for services at restaurants, bars, hotels and motels rose, as did those for recreation and healthcare.
end quotes
Healthcare, of course, under BIDE-O-MOMICS, was supposed to be coming down, not going up like it is, which takes us back to Reuters again, to wit:
PCE services inflation excluding energy and housing shot up 0.6% last month, the most since March 2022, after rising 0.3% in December.
The so-called super core inflation increased 3.5% on a year-on-year basis in January after rising 3.3% in December.
The super core inflation has risen at a 4.1% annualized rate in the past three months.
Policymakers are watching the super core measure to assess progress in their battle against inflation.
With inflation picking up, price-sensitive consumers slowed their spending last month.
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.2% after increasing 0.7% in December.
When adjusted for inflation, spending fell 0.1% after rising 0.6% in December.
A Conference Board survey on Tuesday showed consumers less upbeat about the jobs market in February.
Income was boosted by a 3.2% cost-of-living adjustment for Social Security recipients and a special dividend paid by Costco Wholesale Corp.
But a sharp increase in taxes combined with inflation left income at the disposal of households unchanged after a 0.3% rise in December.
end quotes
So there we have some actual data to consider, people.
Does it really mean anything, however, when we have "TOODLES" Yellen telling us how good we all are doing thanks to BIDE-O-NOMICS in America?
Stay tuned.
http://www.capecharlesmirror.com/paul-p ... ent-904692
Paul Plante says:
For the record, a “snollygoster” is a shrewd, unprincipled person, while a “throttlebottom” is an innocuously inept and futile person in public office, which terms seem to describe Biden Treasury Secretary Janet “TOODLES” Yellen quite well, while her “Remarks by Secretary of the Treasury Janet L. Yellen on the State of the U.S. Economy in Chicago, Illinois” on January 25, 2024, is nothing more than a farrago of hopes, wishes, and just plain nonsense, which has “TOODLES” coming across as bumfuzzled, which is to say “in a state of bewilderment; confused or perplexed,” which in turn makes her out as an “ultracrepidarian,” which is to say “one who is presumptuous and offers advice or opinions beyond one’s sphere of knowledge,” and a “fopdoodle,” to boot, which means “TOODLES” is seen as insignificant, and here, since we just had a raft of economic news with which we can fact-check “TOODLES.” let’s go back to “TOODLES” on January 25, 2024, where we had this from “TOODLES” on BIDE-O-NOMICS, as follows:
Overall, the Biden Administration has put in place the most extensive set of policies and investments to benefit the middle class and grow the economy that our country has seen in my lifetime.
Our economic plan is improving lives and laying the foundation for a new future for middle-class families and communities across the country.
The President and I understand that many Americans have long felt a deeper pessimism about the economy, going back far before the pandemic.
Due to the longer-term trends that I described, life is still harder than it should be for the middle class in this country.
To change this, our modern supply-side strategy is designed to build off of our historic recovery and continue charting a new course.
The reinvigoration of manufacturing means new jobs for middle-class Americans, especially in places where potential exists, but opportunity has failed.
end quotes
So, people, how about her statement that the reinvigoration of manufacturing means new jobs for middle-class Americans, especially in places where potential exists, but opportunity has failed?
Have Joe Biden and “TOODLES” Yellen actually managed to do that – reinvigorate manufacturing in America?
If so, then why just the other day did Reuters have an article titled “US manufacturing contracts further” by Lucia Mutikani on March 1, 2024, where we learned as follo9ws, to wit:
WASHINGTON, March 1 (Reuters) – U.S. manufacturing slumped further in February, with a measure of factory employment falling to a seven-month low amid layoffs, but there were signs activity was on the cusp of rebounding.
end quote
If it is slumping, it counters the claim by “TOODLES” that she and Joe Biden have reinvigorated it, but let’s not make a hasty judgment here, so back for more we go:
The ISM said its manufacturing PMI fell to 47.8 last month from 49.1 in January.
It was the 16th straight month the PMI remained below 50, which indicates contraction in manufacturing.
That is the longest such stretch since the period from August 2000 to January 2002.
end quotes
How “TOODLES” gets “reinvigorated” out of that is a mystery to me, where the common meaning of the word “reinvigorate” is to give new energy or strength to something, which isn’t happening to manufacturing, which takes us back to Reuters for more, to wit:
So-called hard data from the government and Federal Reserve show manufacturing mostly treading water.
The ISM survey’s forward-looking new orders sub-index dropped to 49.2 last month after rebounding to 52.5 in January.
Production at factories was subdued, with the sub-index declining to 48.4 from 50.4 in January.
Customer inventories were considered too low for a third straight month, with shortages of some goods reported.
While that augurs well for future orders and production, there was a slight hint of supply chain constraints.
The survey’s measure of supplier deliveries rose to 50.1 from 49.1 in the prior month.
A reading above 50 indicates slower deliveries.
“For the second month, supplier responsiveness appears to be ‘stiffer,’ meaning some suppliers are struggling to keep up,” said Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee.
Factory employment continued to shrink, with layoffs accounting for half of efforts by companies to reduce headcount.
Manufacturers also reported hiring freezes.
end quotes
So much for Joe and “TOODLES” reinvigorating manufacturing in America, then, which takes us to a Reuters article titled “US mortgage rates rise for a fourth-straight week, Freddie Mac says” by Amina Niasse on February 29, 2024, where we see what Joe Biden and his BIDE-O-NOMICS are doing to the middle class in America, to wit:
NEW YORK, Feb 29 (Reuters) – U.S. mortgage rates rose for a fourth-straight week, Freddie Mac reported on Thursday, reaching a two-month high and again becoming a factor impeding traffic among rate-sensitive prospective home buyers.
“The recent boomerang in rates has dampened already tentative homebuyer momentum as we approach the spring, a historically busy season for homebuying.”
“While sales of newly built homes are trending in a positive direction, higher rates and elevated prices continue to pose affordability challenges that may leave potential homebuyers on the sidelines,” said Sam Khater, Freddie Mac’s chief economist.
High mortgage rates eroded buyer traffic last year as tight inventory and home price gains limited affordability.
Home sales remain under pressure, with pending home sales retreating by 4.9% in January, according to National Association of Realtors data.
end quotes
The higher rates are caused by BIDENFLATION as a result of BIDE-O-NOMICS, which takes us to another Reuters article titled “US pending home sales fall in January as high mortgage rates deter buyers” by Amina Niasse on February 29, 2024, for more of what BIDE-O-NOMICS is doing to the middle-class in America, to wit:
NEW YORK, Feb 29 (Reuters) – Pending U.S. home sales retreated in January, a report on Thursday showed, as buyers continue to struggle with still-high mortgage rates.
The National Association of Realtors Pending Home Sales index fell 4.9% to 74.3.
The increase in pending sales in December was revised sharply lower to 5.7% from 8.3%, even as the index value for that month was revised higher, reflecting NAR revisions for 2023.
end quotes
And from there, we go to a CNBC article titled “Key Fed inflation measure rose 0.4% in January as expected, up 2.8% from a year ago” by Jeff Cox on February 29, 2024 for more on BIDE-O-NOMICS, to wit:
Inflation rose in line with expectations in January, according to an important gauge the Federal Reserve uses as it deliberates cutting interest rates.
The personal consumption expenditures price index excluding food and energy costs increased 0.4% for the month and 2.8% from a year ago, as expected according to the Dow Jones consensus estimates.
Headline PCE, including the volatile food and energy categories, increased 0.3% monthly and 2.4% on a 12-month basis, also as forecast, according to the numbers released Thursday by the Commerce Department’s Bureau of Economic Analysis.
Services prices increased 0.6% on the month while goods fell 0.2%; on a 12-month basis, services rose 3.9% and goods were down 0.5%.
Within those categories, food prices accelerated 0.5%, offset by a 1.4% slide in energy.
On a year-over-year basis, food was up 1.4% while energy fell 4.9%.
end quotes
And from there we go back to a Reuters article titled "Services drive US prices higher in January; inflation gradually cooling" by Lucia Mutikani on February 29, 2024, for this look at the Biden economy, to wit:
WASHINGTON, Feb 29 (Reuters) – U.S. prices accelerated in January amid a surge in the costs of services like housing and finance, but the annual increase in inflation was the smallest in three years, keeping a mid-year interest rate cut from the Federal Reserve on the table.
The report from the Commerce Department on Thursday also showed consumer spending slowing last month, restrained by decreases in outlays on goods, including motor vehicles, furniture and other long-lasting household equipment.
Services, which also include healthcare, restaurants, hotels and motels as well as recreation, are at the heart of the U.S. central bank's fight against inflation.
Excluding the volatile food and energy components, the PCE price index increased 0.4% last month.
Services prices jumped 0.6%, the most since last January, after climbing 0.3% in December.
They were boosted by a 0.6% rise in the cost of housing and utilities.
The cost of financial services and insurance surged 1.3%, likely reflecting higher share prices.
Prices for services at restaurants, bars, hotels and motels rose, as did those for recreation and healthcare.
end quotes
Healthcare, of course, under BIDE-O-MOMICS, was supposed to be coming down, not going up like it is, which takes us back to Reuters again, to wit:
PCE services inflation excluding energy and housing shot up 0.6% last month, the most since March 2022, after rising 0.3% in December.
The so-called super core inflation increased 3.5% on a year-on-year basis in January after rising 3.3% in December.
The super core inflation has risen at a 4.1% annualized rate in the past three months.
Policymakers are watching the super core measure to assess progress in their battle against inflation.
With inflation picking up, price-sensitive consumers slowed their spending last month.
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.2% after increasing 0.7% in December.
When adjusted for inflation, spending fell 0.1% after rising 0.6% in December.
A Conference Board survey on Tuesday showed consumers less upbeat about the jobs market in February.
Income was boosted by a 3.2% cost-of-living adjustment for Social Security recipients and a special dividend paid by Costco Wholesale Corp.
But a sharp increase in taxes combined with inflation left income at the disposal of households unchanged after a 0.3% rise in December.
end quotes
So there we have some actual data to consider, people.
Does it really mean anything, however, when we have "TOODLES" Yellen telling us how good we all are doing thanks to BIDE-O-NOMICS in America?
Stay tuned.
http://www.capecharlesmirror.com/paul-p ... ent-904692
Re: Just musings, is all
THE CAPE CHARLES MIRROR MARCH 4, 2024 AT 12:58 PM
Paul Plante says:
And while we are on the subject of Joe Biden, and his secretary of the treasury Janet “TOODLES” Yellen, who told us on January 25, 2024 that Joe Biden’s economic plan is improving lives and laying the foundation for a new future for middle-class families and communities across the country, and that life is still harder than it should be for the middle class in this country, so that to change that, their modern supply-side strategy is designed to build off of our historic recovery and continue charting a new course, one focused on boosting our economic capacity in order to deliver robust and shared economic growth, with their aim being to make middle-class lives better for the short haul and for the long haul, because this country and the world have changed and we cannot go back, and the obstacles the middle class has faced for decades will not disappear overnight, but she and Joe and Gina Raimondo and Jennifer Granholm and Peter Paul Montgomery Buttigieg are fighting the right fight for economic policy that makes a meaningful difference in people’s lives, which is what motivated “TOODLES” to become an economist and has been the central mission throughout her career as she and Joe are putting in place the building blocks for continued growth, and if they keep at it, America will continue its progress in overcoming the challenges facing the middle class, which class has always driven the success of our country, and will continue to lead our future, imposing a Soviet-Union style centrally planned economy, also known as a command economy, on the United States of America, which is an economic system where a government body, in this case, Joe’s commerce department, makes economic decisions regarding the production and distribution of goods, for proof of that statement, let us go to an asiafinancial article titled “US Starts Funding Awards to Ramp up Chip Production at Home” on December 12, 2023, where we are informed as follows on that subject of Joe’s Soviet-era “command economy,” which is the economic system of Cuba, North Korea, Belarus, China, Iran, and Russia, as follows:
US Commerce Secretary Gina Raimondo has begun announcing major funding awards that aim to fire up US production of computer chips.
Raimondo said she expects to make around a dozen funding awards within the next year, including multi-billion-dollar announcements that could drastically reshape US manufacturing of semiconductors.
Meanwhile, California chip giant Nvidia was being encouraged to sell semiconductors to China – but not their top-of-the-range AI products.
Raimondo announced the first award on Monday – $35 million to a BAE Systems facility in Hampshire to produce chips for fighter planes from the “Chips for America” semiconductor manufacturing and research subsidy programme approved by Congress in August 2022.
“Next year we’ll get into some of the bigger ones with leading-edge fabs,” Raimondo told reporters.
“A year from now I think we will have made 10 or 12 similar announcements, some of them multi-billion dollar announcements.”
US wants 20% of chips made at home
In an interview, Raimondo said that the number of awards could go higher than 12.
She said she wants the percentage of semiconductors produced in the United States to rise from about 12% to closer to 20% – though that is still down from 40% in 1990 – and to have at least two “leading-edge” US manufacturing clusters.
In addition, she wants the US to have cutting-edge memory and packaging production and to “meet the military’s needs for current and mature” chips.
Raimondo noted that the US currently does not have any cutting-edge manufacturing production and wants to get that to about 10%.
Raimondo said the programme has received more than 550 statements of interest and nearly 150 pre-applications, full applications, and concept plans.
And given the extensive interest, there would be many disappointed companies.
“We have national security goals and we need to make our investments to hit those goals and we’re going to do that,” she added.
Raimondo said US officials were talking with Nvidia Corp about permissible sales of artificial intelligence chips to China but emphasized that it cannot sell its most advanced semiconductors to Chinese firms.
The Commerce secretary said Nvidia “can, will and should sell AI chips to China because most AI chips will be for commercial applications.”
She added: “What we cannot allow them to ship is the most sophisticated, highest processing power AI chips, which would enable China to train their frontier models.”
end quotes
The lure of a centrally-planned economy for Joe Biden and his administration, of course, as we can glean from the speech of “TOODLES” Yellen on the subject on January 25, 2024, is that some of the advantages of the system are the equal distribution of wealth, reduced inequality, low level of unemployment, and maximized social welfare, which in America is known as BIDE-O-NISM.
As we young Americans learned back in the 1950s in social studies, centrally planned economies such as Joe Biden has imposed on America are different from market economies, where these decisions are the result of thousands of choices by producers and consumers.
In a centrally-planned economy such as is BIDE-O-NOMICS, the production of goods and services is often done by state-owned enterprises, although as we are seeing here from Gina Raimondo, independent companies may also be incorporated into economic planning, but prices, wages, and production schedules are to be set by a centralized bureaucracy located in Washington, D.C.
According to Investopedia under “Theory of Central Planning,” advocates of central planning like Joe Biden, “TOODLES” Yellen and Gina Raimondo believe that the government can direct economic investment more efficiently than private actors, especially towards social goals with lower potential for profits and since the planning authority, in this case the Biden administration, has more resources, think TRILLIONS of taxpayer dollars, than any single company or business, government projects can also benefit from economies of scale that supposedly make government projects more productive in the long run.
But in order to coordinate among different producers and resources, central planning typically requires a highly educated technical bureaucracy, which creates something of a paradox for socialist countries like America under Joe Biden and BIDE-O-NISM, since the bureaucrats may take the role of a de facto ruling class, as we are seeing here in the case of Gina Raimondo, and Janet “TOODLES” Yellen.
And with that before us for our consideration, let’s cut to a commercial break with twenty hours of high-quality infomercials informing us all of the good life that beckons us if only we will give Joe Biden four more years to get BIDE-O-NISM firmly in place here in America to make it a socialist worker’s paradise, and then we will be right back with more, so stay tuned and don’t touch that dial!
http://www.capecharlesmirror.com/paul-p ... ent-904834
Paul Plante says:
And while we are on the subject of Joe Biden, and his secretary of the treasury Janet “TOODLES” Yellen, who told us on January 25, 2024 that Joe Biden’s economic plan is improving lives and laying the foundation for a new future for middle-class families and communities across the country, and that life is still harder than it should be for the middle class in this country, so that to change that, their modern supply-side strategy is designed to build off of our historic recovery and continue charting a new course, one focused on boosting our economic capacity in order to deliver robust and shared economic growth, with their aim being to make middle-class lives better for the short haul and for the long haul, because this country and the world have changed and we cannot go back, and the obstacles the middle class has faced for decades will not disappear overnight, but she and Joe and Gina Raimondo and Jennifer Granholm and Peter Paul Montgomery Buttigieg are fighting the right fight for economic policy that makes a meaningful difference in people’s lives, which is what motivated “TOODLES” to become an economist and has been the central mission throughout her career as she and Joe are putting in place the building blocks for continued growth, and if they keep at it, America will continue its progress in overcoming the challenges facing the middle class, which class has always driven the success of our country, and will continue to lead our future, imposing a Soviet-Union style centrally planned economy, also known as a command economy, on the United States of America, which is an economic system where a government body, in this case, Joe’s commerce department, makes economic decisions regarding the production and distribution of goods, for proof of that statement, let us go to an asiafinancial article titled “US Starts Funding Awards to Ramp up Chip Production at Home” on December 12, 2023, where we are informed as follows on that subject of Joe’s Soviet-era “command economy,” which is the economic system of Cuba, North Korea, Belarus, China, Iran, and Russia, as follows:
US Commerce Secretary Gina Raimondo has begun announcing major funding awards that aim to fire up US production of computer chips.
Raimondo said she expects to make around a dozen funding awards within the next year, including multi-billion-dollar announcements that could drastically reshape US manufacturing of semiconductors.
Meanwhile, California chip giant Nvidia was being encouraged to sell semiconductors to China – but not their top-of-the-range AI products.
Raimondo announced the first award on Monday – $35 million to a BAE Systems facility in Hampshire to produce chips for fighter planes from the “Chips for America” semiconductor manufacturing and research subsidy programme approved by Congress in August 2022.
“Next year we’ll get into some of the bigger ones with leading-edge fabs,” Raimondo told reporters.
“A year from now I think we will have made 10 or 12 similar announcements, some of them multi-billion dollar announcements.”
US wants 20% of chips made at home
In an interview, Raimondo said that the number of awards could go higher than 12.
She said she wants the percentage of semiconductors produced in the United States to rise from about 12% to closer to 20% – though that is still down from 40% in 1990 – and to have at least two “leading-edge” US manufacturing clusters.
In addition, she wants the US to have cutting-edge memory and packaging production and to “meet the military’s needs for current and mature” chips.
Raimondo noted that the US currently does not have any cutting-edge manufacturing production and wants to get that to about 10%.
Raimondo said the programme has received more than 550 statements of interest and nearly 150 pre-applications, full applications, and concept plans.
And given the extensive interest, there would be many disappointed companies.
“We have national security goals and we need to make our investments to hit those goals and we’re going to do that,” she added.
Raimondo said US officials were talking with Nvidia Corp about permissible sales of artificial intelligence chips to China but emphasized that it cannot sell its most advanced semiconductors to Chinese firms.
The Commerce secretary said Nvidia “can, will and should sell AI chips to China because most AI chips will be for commercial applications.”
She added: “What we cannot allow them to ship is the most sophisticated, highest processing power AI chips, which would enable China to train their frontier models.”
end quotes
The lure of a centrally-planned economy for Joe Biden and his administration, of course, as we can glean from the speech of “TOODLES” Yellen on the subject on January 25, 2024, is that some of the advantages of the system are the equal distribution of wealth, reduced inequality, low level of unemployment, and maximized social welfare, which in America is known as BIDE-O-NISM.
As we young Americans learned back in the 1950s in social studies, centrally planned economies such as Joe Biden has imposed on America are different from market economies, where these decisions are the result of thousands of choices by producers and consumers.
In a centrally-planned economy such as is BIDE-O-NOMICS, the production of goods and services is often done by state-owned enterprises, although as we are seeing here from Gina Raimondo, independent companies may also be incorporated into economic planning, but prices, wages, and production schedules are to be set by a centralized bureaucracy located in Washington, D.C.
According to Investopedia under “Theory of Central Planning,” advocates of central planning like Joe Biden, “TOODLES” Yellen and Gina Raimondo believe that the government can direct economic investment more efficiently than private actors, especially towards social goals with lower potential for profits and since the planning authority, in this case the Biden administration, has more resources, think TRILLIONS of taxpayer dollars, than any single company or business, government projects can also benefit from economies of scale that supposedly make government projects more productive in the long run.
But in order to coordinate among different producers and resources, central planning typically requires a highly educated technical bureaucracy, which creates something of a paradox for socialist countries like America under Joe Biden and BIDE-O-NISM, since the bureaucrats may take the role of a de facto ruling class, as we are seeing here in the case of Gina Raimondo, and Janet “TOODLES” Yellen.
And with that before us for our consideration, let’s cut to a commercial break with twenty hours of high-quality infomercials informing us all of the good life that beckons us if only we will give Joe Biden four more years to get BIDE-O-NISM firmly in place here in America to make it a socialist worker’s paradise, and then we will be right back with more, so stay tuned and don’t touch that dial!
http://www.capecharlesmirror.com/paul-p ... ent-904834
Re: Just musings, is all
THE CAPE CHARLES MIRROR MARCH 7, 2024 AT 9:17 PM
Paul Plante says:
In all truth, I have to say that the very last thing I thought I would be talking about here in America in my later years would be an American president imposing on America the economic system of Cuba, North Korea, Belarus, Iran, and Russia, but such is the case today under DEMOCRAT Joseph Robinette Biden, Junior, and when you consider that those other governments all have “strongman” rulers as Joe wishes to be here in America, an autocratic dictator subject to no one and nothing but himself, it is easy then to see the appeal for Joe of what is known as a command economy which puts all power over our lives in the hands of Joe Biden, negating the role the worthless congress is supposed to play in what was supposed to be a democratic society of, by, and for the American people where RULE OF LAW, not will of Joe Biden, was supposed to prevail.
As an example of Joe Biden taking over control of the American economy, let’s go back to a Fox News article titled “Biden’s bizarre plan to nationalize American innovation – Innovation rule would give Biden power to dictate prices on any product derived from government research” by Andrei Iancu, an undersecretary of commerce for intellectual property and director of the U.S. Patent and Trademark Office from 2018 to 2021, and co-founder and co-chairman of the Council for Innovation Promotion, on March 1, 2024, where we see another aspect of BIDE-O-NISM, which in simple terms, is defined as a one party system of government with the Joe Biden in charge of everything, and in which each class, including the semi-fascists, the MAGAtards, the BASKET OF DEPLORABLES, and the DREGS OF SOCIETY have their distinct place, function, and representation in the government, with some being very much more equal than those below them in the social hierarchy that separates Biden Democrats from everybody else in America, while the individual, that being us, is subordinated to the state, which is to say, Joe Biden, and control is maintained by military forces, secret police, rigid censorship, and governmental regimentation of industry and finance, in action, to wit:
The Biden administration has unveiled a radical proposal to reshape the underpinnings of America’s innovation economy.
end quote
And yes, people, “radical” is Joe Biden’s other middle name, which takes us back to this story of the implementation of BIDE-O-NISM in America, to wit:
Through the lure of federal research dollars and a sweeping reinterpretation of a 44-year-old bipartisan law, the forces of the ideological left within the administration seek to impose price controls throughout the American economy, effectively holding private industry hostage to its demands.
end quote
Which happens to be governmental regimentation of industry and finance, in action, which takes us back to Fox for more, to wit:
At the center of this power grab is a provision of the Bayh-Dole Act of 1980, pioneering legislation widely credited with launching the modern American innovation economy.
Bayh-Dole ingeniously aligned the private-sector profit motive with the public good by allowing universities and small businesses to own and license patents emerging from federally funded research.
The act’s design trusted decentralized markets — not central planners — to transform patented discoveries into beneficial products.
end quotes
And it is exactly those decentralized markets that the autocratic dictator Joseph Robinette Biden, Junior, wants to replace with central planners, the main one of whom is Joe, himself, which again takes us back to Fox for more, to wit:
This incentive-based structure catalyzed America’s scientific leadership and directly sparked bold innovations in fields as disparate as computing and agriculture to medicine and transportation.
The provision of Bayh-Dole that progressive activists have long sought to wield as a cudgel against private industry is known as “march-in” authority, which allows the government to take over a patented product if one of four narrow triggers is met.
Legislators included it as a stopgap to deter anyone from acting on the hypothetical impulse of acquiring a patent in order to prevent it from being developed into a product.
This hypothetical has never materialized, so the government has never once marched in.
This is not surprising.
Companies will commercialize patented products or license other companies to do so if there is money to be made.
This fundamental principle of capitalism is somehow lost on the Biden administration, which now wants to seize patents if the price of a product is “unreasonable,” whatever that means.
end quotes
That fundamental principle of capitalism, however, is not so much lost on the Biden regime as it is disbelieved by the Biden administration which takes us back to a Foreign Policy magazine article titled “Janet Yellen and Mario Draghi Have One Last Job – The U.S. treasury secretary and the Italian prime minister have spent decades shaping this economy. But can they control what comes next?” by Adam Tooze, a columnist at Foreign Policy and director of the European Institute at Columbia University, on April 1, 2021, where we have Joe’s treasury secretary, Janet “TOODLES” Yellen, an architect and true believer in BIDE-O-NISM, quoted as follows:
As Yellen once remarked: “Will capitalist economies operate at full employment in the absence of routine intervention?”
“Certainly not.”
And so, BIDE-O-NISM provides the federal government with that “right” of routine intervention in the affairs of corporate America, which again takes us back to Fox for these further details, to wit:
But Bayh-Dole has no trigger that is even remotely related to a product’s price.
Nor has any administration, Democrat or Republican, since the statute passed 44 years ago ever interpreted it to include a bureaucrat’s judgment that a product costs too much.
Until now.
In a bizarre and lawless document that seems to reflect the far-left’s capture of the Biden administration, the White House unveiled in December a proposal to use the threat of march-in to dictate prices on any product derived from federally funded research.
The door would be open for bureaucrats to seize patents and ruin entire businesses if they disagree with the market price of anything, from microchips and surgical devices to implantable biomaterial and agricultural technologies.
By proposing something so radical, the Biden White House has gone public with a road map allowing de facto nationalization of all discoveries arising from federally funded research institutions, many of which emerge from the nation’s leading universities.
The administration envisions scrutinizing licensing agreements through a political lens, micromanaging the economy under the guise of assessing the “fairness” of prices.
No field escapes unscathed.
In one scenario within the guidance, administrators suggest that insufficient market availability of vehicle safety communication devices warrants seizing patents and taking over the business.
The guidance has no limiting principle and would apply even if the government invested a dollar while private industry invested millions on an invention.
In defending the draft guidance, Biden’s Federal Trade Commission egregiously mischaracterizes the Bayh-Dole Act as a “statute designed to safeguard public health needs against patent holders’ private interests.”
This distortion wrongly implies that private interests are inherently contrary to public ones.
Government takeover of private industry, in the name of protecting public need, is un-American and strains far from our founding principles: the Federalist Papers recognized that for both patents and copyrights, “The public good fully coincides in both cases with the claims of individuals.”
Americans have always known that private incentive aligns with public good.
The administration would upend this fundamental principle.
The true scope of the administration’s gambit goes beyond even economics.
Property rights become a pawn the progressive left is happy to sacrifice to advance its sweeping agenda.
One group writing in support of the proposal urges that in assessing a march-in petition, bureaucrats analyze a company’s commitment to collective bargaining and diversity quotas.
Make no mistake: Weakening or eliminating patent rights to advance political agendas will chill private sector risk-taking, technological progress and access to cutting-edge inventions.
The only good that can come of this outrageous proposal is to reveal the wild-eyed ambition within the ranks of the administration.
The next question is whether President Joe Biden himself embraces this vision.
Entrepreneurs, investors and university researchers want to know.
If not, he must wholly disavow this destructive proposal before it does more harm.
http://www.capecharlesmirror.com/paul-p ... ent-905631
Paul Plante says:
In all truth, I have to say that the very last thing I thought I would be talking about here in America in my later years would be an American president imposing on America the economic system of Cuba, North Korea, Belarus, Iran, and Russia, but such is the case today under DEMOCRAT Joseph Robinette Biden, Junior, and when you consider that those other governments all have “strongman” rulers as Joe wishes to be here in America, an autocratic dictator subject to no one and nothing but himself, it is easy then to see the appeal for Joe of what is known as a command economy which puts all power over our lives in the hands of Joe Biden, negating the role the worthless congress is supposed to play in what was supposed to be a democratic society of, by, and for the American people where RULE OF LAW, not will of Joe Biden, was supposed to prevail.
As an example of Joe Biden taking over control of the American economy, let’s go back to a Fox News article titled “Biden’s bizarre plan to nationalize American innovation – Innovation rule would give Biden power to dictate prices on any product derived from government research” by Andrei Iancu, an undersecretary of commerce for intellectual property and director of the U.S. Patent and Trademark Office from 2018 to 2021, and co-founder and co-chairman of the Council for Innovation Promotion, on March 1, 2024, where we see another aspect of BIDE-O-NISM, which in simple terms, is defined as a one party system of government with the Joe Biden in charge of everything, and in which each class, including the semi-fascists, the MAGAtards, the BASKET OF DEPLORABLES, and the DREGS OF SOCIETY have their distinct place, function, and representation in the government, with some being very much more equal than those below them in the social hierarchy that separates Biden Democrats from everybody else in America, while the individual, that being us, is subordinated to the state, which is to say, Joe Biden, and control is maintained by military forces, secret police, rigid censorship, and governmental regimentation of industry and finance, in action, to wit:
The Biden administration has unveiled a radical proposal to reshape the underpinnings of America’s innovation economy.
end quote
And yes, people, “radical” is Joe Biden’s other middle name, which takes us back to this story of the implementation of BIDE-O-NISM in America, to wit:
Through the lure of federal research dollars and a sweeping reinterpretation of a 44-year-old bipartisan law, the forces of the ideological left within the administration seek to impose price controls throughout the American economy, effectively holding private industry hostage to its demands.
end quote
Which happens to be governmental regimentation of industry and finance, in action, which takes us back to Fox for more, to wit:
At the center of this power grab is a provision of the Bayh-Dole Act of 1980, pioneering legislation widely credited with launching the modern American innovation economy.
Bayh-Dole ingeniously aligned the private-sector profit motive with the public good by allowing universities and small businesses to own and license patents emerging from federally funded research.
The act’s design trusted decentralized markets — not central planners — to transform patented discoveries into beneficial products.
end quotes
And it is exactly those decentralized markets that the autocratic dictator Joseph Robinette Biden, Junior, wants to replace with central planners, the main one of whom is Joe, himself, which again takes us back to Fox for more, to wit:
This incentive-based structure catalyzed America’s scientific leadership and directly sparked bold innovations in fields as disparate as computing and agriculture to medicine and transportation.
The provision of Bayh-Dole that progressive activists have long sought to wield as a cudgel against private industry is known as “march-in” authority, which allows the government to take over a patented product if one of four narrow triggers is met.
Legislators included it as a stopgap to deter anyone from acting on the hypothetical impulse of acquiring a patent in order to prevent it from being developed into a product.
This hypothetical has never materialized, so the government has never once marched in.
This is not surprising.
Companies will commercialize patented products or license other companies to do so if there is money to be made.
This fundamental principle of capitalism is somehow lost on the Biden administration, which now wants to seize patents if the price of a product is “unreasonable,” whatever that means.
end quotes
That fundamental principle of capitalism, however, is not so much lost on the Biden regime as it is disbelieved by the Biden administration which takes us back to a Foreign Policy magazine article titled “Janet Yellen and Mario Draghi Have One Last Job – The U.S. treasury secretary and the Italian prime minister have spent decades shaping this economy. But can they control what comes next?” by Adam Tooze, a columnist at Foreign Policy and director of the European Institute at Columbia University, on April 1, 2021, where we have Joe’s treasury secretary, Janet “TOODLES” Yellen, an architect and true believer in BIDE-O-NISM, quoted as follows:
As Yellen once remarked: “Will capitalist economies operate at full employment in the absence of routine intervention?”
“Certainly not.”
And so, BIDE-O-NISM provides the federal government with that “right” of routine intervention in the affairs of corporate America, which again takes us back to Fox for these further details, to wit:
But Bayh-Dole has no trigger that is even remotely related to a product’s price.
Nor has any administration, Democrat or Republican, since the statute passed 44 years ago ever interpreted it to include a bureaucrat’s judgment that a product costs too much.
Until now.
In a bizarre and lawless document that seems to reflect the far-left’s capture of the Biden administration, the White House unveiled in December a proposal to use the threat of march-in to dictate prices on any product derived from federally funded research.
The door would be open for bureaucrats to seize patents and ruin entire businesses if they disagree with the market price of anything, from microchips and surgical devices to implantable biomaterial and agricultural technologies.
By proposing something so radical, the Biden White House has gone public with a road map allowing de facto nationalization of all discoveries arising from federally funded research institutions, many of which emerge from the nation’s leading universities.
The administration envisions scrutinizing licensing agreements through a political lens, micromanaging the economy under the guise of assessing the “fairness” of prices.
No field escapes unscathed.
In one scenario within the guidance, administrators suggest that insufficient market availability of vehicle safety communication devices warrants seizing patents and taking over the business.
The guidance has no limiting principle and would apply even if the government invested a dollar while private industry invested millions on an invention.
In defending the draft guidance, Biden’s Federal Trade Commission egregiously mischaracterizes the Bayh-Dole Act as a “statute designed to safeguard public health needs against patent holders’ private interests.”
This distortion wrongly implies that private interests are inherently contrary to public ones.
Government takeover of private industry, in the name of protecting public need, is un-American and strains far from our founding principles: the Federalist Papers recognized that for both patents and copyrights, “The public good fully coincides in both cases with the claims of individuals.”
Americans have always known that private incentive aligns with public good.
The administration would upend this fundamental principle.
The true scope of the administration’s gambit goes beyond even economics.
Property rights become a pawn the progressive left is happy to sacrifice to advance its sweeping agenda.
One group writing in support of the proposal urges that in assessing a march-in petition, bureaucrats analyze a company’s commitment to collective bargaining and diversity quotas.
Make no mistake: Weakening or eliminating patent rights to advance political agendas will chill private sector risk-taking, technological progress and access to cutting-edge inventions.
The only good that can come of this outrageous proposal is to reveal the wild-eyed ambition within the ranks of the administration.
The next question is whether President Joe Biden himself embraces this vision.
Entrepreneurs, investors and university researchers want to know.
If not, he must wholly disavow this destructive proposal before it does more harm.
http://www.capecharlesmirror.com/paul-p ... ent-905631
Re: Just musings, is all
THE CAPE CHARLES MIRROR MARCH 9, 2024 AT 6:39 PM
Paul Plante says:
And while we are on the subject of BIDEN BOBAUNCE (boastful behavior, boasting; a boast) by Joe Biden going into the SILLY SEASON leading up to the November 2024 presidential elections, along with being barraged by PURE POLITICAL BULL**** you have to be an idiot or moron to believe, and OUTRIGHT OUTRAGEOUS LIES from TEAM BIDEN and Joe, himself, let’s drop back in time to February 2, 2024, and the “Statement from President Joe Biden on the January Jobs Report” where we have this excellent example of PURE BIDEN BOBAUNCE right in the first sentence, to wit:
America’s economy is the strongest in the world.
end quotes
Which statement is pure horse****.
We are a beggar nation on the world stage that can’t defend its own borders so deeply mired in ever-increasing debt that we need to depend on money coming in from China as they pick up our debt at interest in order to keep the doors of our worthless government open.
But let’s get back to Joe on February 2, 2024, because we have a GREAT BIG LIE based on a FRAUD ON THE PUBLIC coming from Joe in the very next sentence, to wit:
Today, we saw more proof, with another month of strong wage gains and employment gains of over 350,000 in January, continuing the strong growth from last year.
end quote
And that, people, simply is not true, which to say, it is a falsehood!
Think I’m kidding?
Not a joke, people, as we clearly see from a CNBC article titled “U.S. job growth totaled 275,000 in February but unemployment rate rose to 3.9%” by Jeff Cox on March 8, 2024, where we have Joe’s BIG WHOPPER exposed for all the world to see, to wit:
Job creation topped expectations in February, but the unemployment rate moved higher and employment growth from the previous two months wasn’t nearly as hot as initially reported.
February was a step higher in growth from January, which saw a steep downward revision to 229,000, from the initially reported 353,000.
Job growth in December also was revised down to 290,000 from 333,000, bringing the two-month total to 167,000 fewer jobs than initially reported.
end quotes
A STEEP DOWNWARD REVISION, people, means that on February 2, 2024, Joe was using a GROSSLY EXAGGERATED FIGURE in that self-serving press release, which is a FRAUD on the public by Joe Biden, who we will NOT HEAR apologizing to us in March for outright lying to us in February about the January jobs figure, which takes us back to Joe’s February 2, 2024 press release for more BIDEN BULL**** as follows:
Our economy has created 14.8 million jobs since I took office, unemployment has been under 4% for two full years now, and inflation has been at the pre-pandemic level of 2% over the last half year.
end quotes
And Joe’s statement that the economy has created 14.8 million jobs since Joe took office is obvious BULL**** based on INFLATED JOB NUMBERS as we can see from these revisions alone, which revisions always come after the fact, when nobody is looking.
And that statement by Joe that inflation has been at the pre-pandemic level of 2% over the last half year, is similarly misleading, and in fact, is a contrived number intended to be misleading, as we see in a Reuters article titled “Fed’s Powell still expects rate cuts, but inflation progress ‘not assured'” by Howard Schneider on March 6, 2024, to wit:
Reports bolstering the “soft-landing” narrative, such as encouraging figures on services prices on Tuesday or signs of slowing consumer spending, have been counterbalanced by others showing inflation stuck in significant ways, such as from still-rising shelter costs, or evidence of unexpected economic strength, such as January’s outsized gain of more than 350,000 jobs.
end quote
Going back to Joe running his mouth on February 2, 2024, telling us how great he is, and how we are lucky to have him in the white house instead of somebody truthful and competent, we have more as follows:
It’s great news for working families that wages, wealth, and jobs are higher now than before the pandemic, and I won’t stop fighting to lower costs and build an economy from the middle out and bottom up.
I’ll continue to stand in the way of efforts by Congressional Republicans to enact massive tax giveaways for the wealthy and big corporations; cut Medicare, Medicaid, and Social Security; and raise costs for American families.
end quotes
Joe Biden is going to stand in the way of efforts by Congressional Republicans to enact massive tax giveaways for the wealthy and big corporations?
BULL****, when it is Joe himself who is handing out tax giveaways right and left to big corporations like TSMC in Taiwan, as we see in a Reuters story titled “TSMC to win more than $5 billion in grants for a US chip plant, Bloomberg reports” on March 8, 2024, as follows:
March 8 (Reuters) – Taiwan Semiconductor Manufacturing Co, the world’s largest contract chipmaker, is set to win more than $5 billion in federal grants from the U.S. government for setting up a chipmaking plant in Arizona, Bloomberg News reported on Friday.
TSMC and the U.S. Commerce Department did not immediately respond to Reuters requests for comment.
end quotes
And with that said, let’s cut to station identification and a commercial break for twelve full uninterrupted hours of high-class infomercials from TEAM BIDEN touting all that Joe Biden and BIDE-O-NOMICS have done for the American people to make their lives better than any other American president has ever made them, and then, we will be right back.
http://www.capecharlesmirror.com/paul-p ... ent-906084
Paul Plante says:
And while we are on the subject of BIDEN BOBAUNCE (boastful behavior, boasting; a boast) by Joe Biden going into the SILLY SEASON leading up to the November 2024 presidential elections, along with being barraged by PURE POLITICAL BULL**** you have to be an idiot or moron to believe, and OUTRIGHT OUTRAGEOUS LIES from TEAM BIDEN and Joe, himself, let’s drop back in time to February 2, 2024, and the “Statement from President Joe Biden on the January Jobs Report” where we have this excellent example of PURE BIDEN BOBAUNCE right in the first sentence, to wit:
America’s economy is the strongest in the world.
end quotes
Which statement is pure horse****.
We are a beggar nation on the world stage that can’t defend its own borders so deeply mired in ever-increasing debt that we need to depend on money coming in from China as they pick up our debt at interest in order to keep the doors of our worthless government open.
But let’s get back to Joe on February 2, 2024, because we have a GREAT BIG LIE based on a FRAUD ON THE PUBLIC coming from Joe in the very next sentence, to wit:
Today, we saw more proof, with another month of strong wage gains and employment gains of over 350,000 in January, continuing the strong growth from last year.
end quote
And that, people, simply is not true, which to say, it is a falsehood!
Think I’m kidding?
Not a joke, people, as we clearly see from a CNBC article titled “U.S. job growth totaled 275,000 in February but unemployment rate rose to 3.9%” by Jeff Cox on March 8, 2024, where we have Joe’s BIG WHOPPER exposed for all the world to see, to wit:
Job creation topped expectations in February, but the unemployment rate moved higher and employment growth from the previous two months wasn’t nearly as hot as initially reported.
February was a step higher in growth from January, which saw a steep downward revision to 229,000, from the initially reported 353,000.
Job growth in December also was revised down to 290,000 from 333,000, bringing the two-month total to 167,000 fewer jobs than initially reported.
end quotes
A STEEP DOWNWARD REVISION, people, means that on February 2, 2024, Joe was using a GROSSLY EXAGGERATED FIGURE in that self-serving press release, which is a FRAUD on the public by Joe Biden, who we will NOT HEAR apologizing to us in March for outright lying to us in February about the January jobs figure, which takes us back to Joe’s February 2, 2024 press release for more BIDEN BULL**** as follows:
Our economy has created 14.8 million jobs since I took office, unemployment has been under 4% for two full years now, and inflation has been at the pre-pandemic level of 2% over the last half year.
end quotes
And Joe’s statement that the economy has created 14.8 million jobs since Joe took office is obvious BULL**** based on INFLATED JOB NUMBERS as we can see from these revisions alone, which revisions always come after the fact, when nobody is looking.
And that statement by Joe that inflation has been at the pre-pandemic level of 2% over the last half year, is similarly misleading, and in fact, is a contrived number intended to be misleading, as we see in a Reuters article titled “Fed’s Powell still expects rate cuts, but inflation progress ‘not assured'” by Howard Schneider on March 6, 2024, to wit:
Reports bolstering the “soft-landing” narrative, such as encouraging figures on services prices on Tuesday or signs of slowing consumer spending, have been counterbalanced by others showing inflation stuck in significant ways, such as from still-rising shelter costs, or evidence of unexpected economic strength, such as January’s outsized gain of more than 350,000 jobs.
end quote
Going back to Joe running his mouth on February 2, 2024, telling us how great he is, and how we are lucky to have him in the white house instead of somebody truthful and competent, we have more as follows:
It’s great news for working families that wages, wealth, and jobs are higher now than before the pandemic, and I won’t stop fighting to lower costs and build an economy from the middle out and bottom up.
I’ll continue to stand in the way of efforts by Congressional Republicans to enact massive tax giveaways for the wealthy and big corporations; cut Medicare, Medicaid, and Social Security; and raise costs for American families.
end quotes
Joe Biden is going to stand in the way of efforts by Congressional Republicans to enact massive tax giveaways for the wealthy and big corporations?
BULL****, when it is Joe himself who is handing out tax giveaways right and left to big corporations like TSMC in Taiwan, as we see in a Reuters story titled “TSMC to win more than $5 billion in grants for a US chip plant, Bloomberg reports” on March 8, 2024, as follows:
March 8 (Reuters) – Taiwan Semiconductor Manufacturing Co, the world’s largest contract chipmaker, is set to win more than $5 billion in federal grants from the U.S. government for setting up a chipmaking plant in Arizona, Bloomberg News reported on Friday.
TSMC and the U.S. Commerce Department did not immediately respond to Reuters requests for comment.
end quotes
And with that said, let’s cut to station identification and a commercial break for twelve full uninterrupted hours of high-class infomercials from TEAM BIDEN touting all that Joe Biden and BIDE-O-NOMICS have done for the American people to make their lives better than any other American president has ever made them, and then, we will be right back.
http://www.capecharlesmirror.com/paul-p ... ent-906084