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Consumers Reeling from Inflation, Stocks Fall | Schaftlein Report

Guest: Dave Brat – Liberty University Dean, School of Business

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Consumers Reeling from Inflation, Stocks Fall | Schaftlein Report
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Guest: Dave Brat – Liberty University Dean, School of Business
Topics:
1) Consumer Price Index up 7% and Producer Price Index up 9.7% in 2021 – With Supply Chain disruptions and too much money printing from the Federal Reserve, Where do we go from here?
2) Energy prices are up 59% last year and oil is hovering around $84 today, gasoline and heating oil prices are causing pain for Americans – The Biden energy policies are part of the cause for this
3) Real Hourly Wages fell by 2.7% from a year earlier despite significant wage gains and a tight labor market – Inflation was greater than the wage gains
4) U.S. government has spent $6T on Covid since the pandemic started and now Federal Reserve Chairman Jay Powell is ready to raise interest rates in March along with possibly 3-4 additional hikes – What effect will this have on the economy?
5) Republicans expect inflation to run 7% in 2022 – Democrats expect 3% – What explains this large gap?
6) Consumer Sentiment fell to 68.8% in January, the 2nd lowest level in a decade – For those earning less than $100K, the reading collapsed 10% from December to January
7) With Lael Brainard’s Senate Vote pending, questions about her positions come into focus – She states Inflation is the top issue to fight
*Is a potential leftward shift in Fed policy by broadening its goals from stable employment and inflation to push climate change and racial diversity?
8) Senators Sinema and Manchin come under widespread Democratic criticism for blocking changes to the filibuster requiring 60 votes to pass legislation
*By doing this, they helped preserve the integrity that is left in our governmental system – Senate Majority Leader Schumer pushes forward to his second major defeat

Opinion

NEW NATO NARRATIVE: Ukraine Can ‘Win’ War with Russia

Know one would have even considered the possibility 3 months ago.

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Well that is one heck of a turnaround, eh?

We’ve gone from watching Russia amass an enormous fighting force on the borders of Ukraine, (all while telling the world that it was all routine and to butt out), to watching those same tanks and personnel roll into the sovereign neighboring nation, all the while worried that Russia would simply steamroll Kyiv and take the whole country for itself in a matter of days.

Nearly three months later, and that story is changing…and dramatically.

Ukrainian forces say they have pushed back the Russian military in the region around Kharkiv in northeastern Ukraine, and near the border with Russia, continuing a counteroffensive that has prompted Russian troops to withdraw from around Ukraine’s second-largest city.

Then came a surprising suggestion.

NATO’s Secretary-General Jens Stoltenberg said Sunday that “Ukraine can win this war” following an informal meeting of the group. His comments came after Finland announced it would apply to join the military alliance in what marks a historic move for the traditionally neutral Nordic country.

Joining the military alliance will “maximize” Finland’s security after Russia’s unprecedented invasion of Ukraine in February, President Sauli Niinisto said.

Sweden is expected to follow suit with both applications likely to enflame tensions between NATO and Russia further. Moscow warned last week of “retaliatory steps” if Finland joined the alliance.

Ukrainian President Volodymyr Zelenskyy is drinking the proverbial Kool-Aid as well, having claimed that Eurovision will be able to hold its enormous, annual songwriting competition in Mariupol next year.

 

Well that is one heck of a turnaround, eh? We’ve gone from watching Russia amass an enormous fighting force on the borders of Ukraine, (all while telling the world that it was all routine and to butt out), to watching those same tanks and personnel roll into the sovereign neighboring nation, all the while worried that Russia would simply steamroll Kyiv and take the whole country for itself in a matter of days. Nearly three months later, and that story is changing…and dramatically. Ukrainian forces say they have pushed back the Russian military in the region around Kharkiv in northeastern Ukraine, and near the border with Russia, continuing a counteroffensive that has prompted Russian troops to withdraw from around Ukraine’s second-largest city. Then came a surprising suggestion. NATO’s Secretary-General Jens Stoltenberg said Sunday that “Ukraine can win this war” following an informal meeting of the group. His comments came after Finland announced it would apply to join the military alliance in what marks a historic move for the traditionally neutral Nordic country. Joining the military alliance will “maximize” Finland’s security after Russia’s unprecedented invasion of Ukraine in February, President Sauli Niinisto said. Sweden is expected to follow suit with both applications likely to enflame tensions between NATO and Russia further. Moscow warned last week of “retaliatory steps” if Finland joined the alliance. Ukrainian President Volodymyr Zelenskyy is drinking the proverbial Kool-Aid as well, having claimed that Eurovision will be able to hold its enormous, annual songwriting competition in Mariupol next year.  

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Opinion

Biden Approval Crashes Again, This Time to Historic Low

This is just sad at this point.

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Look around your country.  See the struggle in real time.  Watch how hard it is for the rest of this nation to get to where they need to be, every day, and ask yourself “why does it need to be like this?”.

And then realize that all of this trouble is coming to America in what was supposed to be the launching months of a new “roaring twenties”; as COVID faded and the economy roared back to life, America was poised to be a global show for the ages.

Instead, the last year and a half have been filled to the brim with turmoil and strife and not much nice.

US President Joe Biden is taking his lumps on account of it.

An NBC News poll released Sunday shows Biden’s job approval rating has plunged to a fresh low, with just 39 percent of Americans approving of the job he’s doing and 56 percent disapproving.

This was a new milestone for the reluctant leader.

Those numbers represents the lowest mark of his presidency.

Inflation, the economy and border security are the three main areas where voters see Biden failing them. The overall cost of living is standing as the public’s top issue.

Biden’s approval rating has experienced a few brief reprieves over the course of his presidency, but has continued on a steady decline almost from the start.

Look around your country.  See the struggle in real time.  Watch how hard it is for the rest of this nation to get to where they need to be, every day, and ask yourself “why does it need to be like this?”. And then realize that all of this trouble is coming to America in what was supposed to be the launching months of a new “roaring twenties”; as COVID faded and the economy roared back to life, America was poised to be a global show for the ages. Instead, the last year and a half have been filled to the brim with turmoil and strife and not much nice. US President Joe Biden is taking his lumps on account of it. An NBC News poll released Sunday shows Biden’s job approval rating has plunged to a fresh low, with just 39 percent of Americans approving of the job he’s doing and 56 percent disapproving. This was a new milestone for the reluctant leader. Those numbers represents the lowest mark of his presidency. Inflation, the economy and border security are the three main areas where voters see Biden failing them. The overall cost of living is standing as the public’s top issue. Biden’s approval rating has experienced a few brief reprieves over the course of his presidency, but has continued on a steady decline almost from the start.

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