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Pritzker Goes To Bat For What The Wall Street Journal Calls “One Of The Greatest Fiscal Cons In History”

Pritzker Goes To Bat For What The Wall Street Journal Calls "One Of The Greatest Fiscal Cons In History"

Authored by Mark Glennon via Wirepoints.org,

President Biden and his allies in Congress are having a rough time winning support for…

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2 years ago

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Pritzker Goes To Bat For What The Wall Street Journal Calls "One Of The Greatest Fiscal Cons In History"

Authored by Mark Glennon via Wirepoints.org,

President Biden and his allies in Congress are having a rough time winning support for a new, historic, gigantic spending plan, but they knew who to call for help.

On Friday, Gov. JB Pritzker joined Biden on a Zoom call to with local reporters to make the case for the pending federal legislation.

You may know the bill as the “$3.5 infrastructure bill,” which is what it has been commonly called in the media.

But that’s just a testament to media distortion. It’s not $3.5 billion and it’s not infrastructure.

The true cost is likely to be $5 to $5.5 trillion over ten years according to the bipartisan Committee For A Responsible Budget.

A primary gimmick being used, it said, is pretending that programs intended to be permanent expire, which they say obscures “the true cost of the legislation and put program beneficiaries at risk.”

A Wall Street Journal editorial detailed various “time shift gimmicks” and also explained how some states will be stood up for paying, on their own, part of the cost of new, universal pre-K entitlement and free community college. Hence, their preface: “Behold one of the greatest fiscal cons in history.”

“The press has reported almost none of this,” said the Journal about the phony cost estimates.

The Biden’s Administration’s answer to the cost issue is astonishing, even by its standards. The cost is actually “zero,” they say. Biden himself said the cost is “nothing.” On what basis? They claim they will raise taxes enough to cover the cost.

How’s that for chutzpah? As long as you are billing taxpayers, you can say it costs nothing.

And infrastructure is only a small part of what it’s about, even by CNN’s charitable description: “The sweeping 10-year spending plan marks the biggest step in Democrats’ drive to expand education, health care and childcare support, tackle the climate crisis and make further investments in infrastructure.”

The bill in fact includes a massive expansion of multiple government dependency programs, which CNN tried to list, based on “what we know so far,” as they candidly put it last week. Does anybody really know besides a few insiders?

Adding to the guesswork, House Speaker Nancy Pelosi signaled over the weekend that the size of the bill may be negotiated down, but she also said the first vote may come as early as today, Monday. If that happens, don’t expect most members of Congress to have an honest understanding of what they will be voting on.

What’s most troubling is the timing of the expansion of dependency programs. If ever there was a time to move people out of government dependency and into employment it is now. It doesn’t get any better than this. Jobseekers today have the best job market in American history – over 10 million jobs are unfilled while just 9 million are unemployed. Many employers are desperate for workers. The bill’s supporters, however, measure success by how many can be added to government programs.

The U.S Chamber of Commerce has it right: “This reconciliation bill is effectively 100 bills in one representing every big government idea that’s never been able to pass in Congress,” Chamber President and CEO Suzanne Clark said. “The bill is an existential threat to America’s fragile economic recovery and future prosperity. We will not find durable or practical solutions in  one  massive  bill that  is  equivalent to  more  than  twice the  combined  budgets  of all 50 states.”

Getting back to the Pritzker and Biden Zoom call with local reporters, why did they do it that way? Why not also release the tape of the call so we could see for ourselves? Instead, we got only the media’s post-digestion remains. Dare I say that we should be suspicious of how Biden and Pritzker deal with questions and the media, and with what comes out at the end?

If the subsequent reports in Crain’s and the Chicago Tribune are correct, Pritzker spoke primarily about the expansion of benefits directed toward children. One is child care, lack of which “is holding back our recovery,” he said.

Child care costs no doubt have always been a problem that keep some people from working, but did it occur to any of the reporters on the call to ask Pritzker this: Why would child care be more of an issue today, with the state’s unemployment rate at 7%, than it was before the pandemic when the rate was under 4%? To our knowledge, nobody ever asks that question.

And think about the expansion of the per-child tax credit in the pending legislation, which is the most expensive element in the bill. In concept, that’s a popular idea and has significant bipartisan support, primarily because it is projected to lift many out of poverty. The credit would be for $3,000 to $3,600 per child, depending on age.

But it’s hardly for the poor alone. The credit does not even begin to phase out until relatively high income levels — $75,000 for single parents and $150,000 for married couples. There would be no work requirement to get the credit, and the pending bill would end long-standing rules requiring a child to be a relative of the person taking the credit, as CNBC reported. Instead, whoever is caring for the child could take the credit, regardless of whether they’re related. Seems like a formula for abuse and a step toward making the federal government the family provider.

Whatever the issues are with the pending legislation, Pritzker undoubtedly is thrilled with the prospect of more federal cash flowing into Illinois. That would allow him to kick the can again on addressing the state’s structural deficit, and continue to announce program after program of new spending as he has been doing recently with federal assistance already received.

Biden called the right guy for help.

Tyler Durden Mon, 09/27/2021 - 19:40

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Low Iron Levels In Blood Could Trigger Long COVID: Study

Low Iron Levels In Blood Could Trigger Long COVID: Study

Authored by Amie Dahnke via The Epoch Times (emphasis ours),

People with inadequate…

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4 hours ago

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March 9, 2024

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Low Iron Levels In Blood Could Trigger Long COVID: Study

Authored by Amie Dahnke via The Epoch Times (emphasis ours),

People with inadequate iron levels in their blood due to a COVID-19 infection could be at greater risk of long COVID.

(Shutterstock)

A new study indicates that problems with iron levels in the bloodstream likely trigger chronic inflammation and other conditions associated with the post-COVID phenomenon. The findings, published on March 1 in Nature Immunology, could offer new ways to treat or prevent the condition.

Long COVID Patients Have Low Iron Levels

Researchers at the University of Cambridge pinpointed low iron as a potential link to long-COVID symptoms thanks to a study they initiated shortly after the start of the pandemic. They recruited people who tested positive for the virus to provide blood samples for analysis over a year, which allowed the researchers to look for post-infection changes in the blood. The researchers looked at 214 samples and found that 45 percent of patients reported symptoms of long COVID that lasted between three and 10 months.

In analyzing the blood samples, the research team noticed that people experiencing long COVID had low iron levels, contributing to anemia and low red blood cell production, just two weeks after they were diagnosed with COVID-19. This was true for patients regardless of age, sex, or the initial severity of their infection.

According to one of the study co-authors, the removal of iron from the bloodstream is a natural process and defense mechanism of the body.

But it can jeopardize a person’s recovery.

“When the body has an infection, it responds by removing iron from the bloodstream. This protects us from potentially lethal bacteria that capture the iron in the bloodstream and grow rapidly. It’s an evolutionary response that redistributes iron in the body, and the blood plasma becomes an iron desert,” University of Oxford professor Hal Drakesmith said in a press release. “However, if this goes on for a long time, there is less iron for red blood cells, so oxygen is transported less efficiently affecting metabolism and energy production, and for white blood cells, which need iron to work properly. The protective mechanism ends up becoming a problem.”

The research team believes that consistently low iron levels could explain why individuals with long COVID continue to experience fatigue and difficulty exercising. As such, the researchers suggested iron supplementation to help regulate and prevent the often debilitating symptoms associated with long COVID.

“It isn’t necessarily the case that individuals don’t have enough iron in their body, it’s just that it’s trapped in the wrong place,” Aimee Hanson, a postdoctoral researcher at the University of Cambridge who worked on the study, said in the press release. “What we need is a way to remobilize the iron and pull it back into the bloodstream, where it becomes more useful to the red blood cells.”

The research team pointed out that iron supplementation isn’t always straightforward. Achieving the right level of iron varies from person to person. Too much iron can cause stomach issues, ranging from constipation, nausea, and abdominal pain to gastritis and gastric lesions.

1 in 5 Still Affected by Long COVID

COVID-19 has affected nearly 40 percent of Americans, with one in five of those still suffering from symptoms of long COVID, according to the U.S. Centers for Disease Control and Prevention (CDC). Long COVID is marked by health issues that continue at least four weeks after an individual was initially diagnosed with COVID-19. Symptoms can last for days, weeks, months, or years and may include fatigue, cough or chest pain, headache, brain fog, depression or anxiety, digestive issues, and joint or muscle pain.

Tyler Durden Sat, 03/09/2024 - 12:50

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Walmart joins Costco in sharing key pricing news

The massive retailers have both shared information that some retailers keep very close to the vest.

Published

7 hours ago

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March 9, 2024

By

As we head toward a presidential election, the presumed candidates for both parties will look for issues that rally undecided voters. 

The economy will be a key issue, with Democrats pointing to job creation and lowering prices while Republicans will cite the layoffs at Big Tech companies, high housing prices, and of course, sticky inflation.

The covid pandemic created a perfect storm for inflation and higher prices. It became harder to get many items because people getting sick slowed down, or even stopped, production at some factories.

Related: Popular mall retailer shuts down abruptly after bankruptcy filing

It was also a period where demand increased while shipping, trucking and delivery systems were all strained or thrown out of whack. The combination led to product shortages and higher prices.

You might have gone to the grocery store and not been able to buy your favorite paper towel brand or find toilet paper at all. That happened partly because of the supply chain and partly due to increased demand, but at the end of the day, it led to higher prices, which some consumers blamed on President Joe Biden's administration.

Biden, of course, was blamed for the price increases, but as inflation has dropped and grocery prices have fallen, few companies have been up front about it. That's probably not a political choice in most cases. Instead, some companies have chosen to lower prices more slowly than they raised them.

However, two major retailers, Walmart (WMT) and Costco, have been very honest about inflation. Walmart Chief Executive Doug McMillon's most recent comments validate what Biden's administration has been saying about the state of the economy. And they contrast with the economic picture being painted by Republicans who support their presumptive nominee, Donald Trump.

Walmart has seen inflation drop in many key areas.

Image source: Joe Raedle/Getty Images

Walmart sees lower prices

McMillon does not talk about lower prices to make a political statement. He's communicating with customers and potential customers through the analysts who cover the company's quarterly-earnings calls.

During Walmart's fiscal-fourth-quarter-earnings call, McMillon was clear that prices are going down.

"I'm excited about the omnichannel net promoter score trends the team is driving. Across countries, we continue to see a customer that's resilient but looking for value. As always, we're working hard to deliver that for them, including through our rollbacks on food pricing in Walmart U.S. Those were up significantly in Q4 versus last year, following a big increase in Q3," he said.

He was specific about where the chain has seen prices go down.

"Our general merchandise prices are lower than a year ago and even two years ago in some categories, which means our customers are finding value in areas like apparel and hard lines," he said. "In food, prices are lower than a year ago in places like eggs, apples, and deli snacks, but higher in other places like asparagus and blackberries."

McMillon said that in other areas prices were still up but have been falling.

"Dry grocery and consumables categories like paper goods and cleaning supplies are up mid-single digits versus last year and high teens versus two years ago. Private-brand penetration is up in many of the countries where we operate, including the United States," he said.

Costco sees almost no inflation impact

McMillon avoided the word inflation in his comments. Costco  (COST)  Chief Financial Officer Richard Galanti, who steps down on March 15, has been very transparent on the topic.

The CFO commented on inflation during his company's fiscal-first-quarter-earnings call.

"Most recently, in the last fourth-quarter discussion, we had estimated that year-over-year inflation was in the 1% to 2% range. Our estimate for the quarter just ended, that inflation was in the 0% to 1% range," he said.

Galanti made clear that inflation (and even deflation) varied by category.

"A bigger deflation in some big and bulky items like furniture sets due to lower freight costs year over year, as well as on things like domestics, bulky lower-priced items, again, where the freight cost is significant. Some deflationary items were as much as 20% to 30% and, again, mostly freight-related," he added.

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Walmart has really good news for shoppers (and Joe Biden)

The giant retailer joins Costco in making a statement that has political overtones, even if that’s not the intent.

Published

8 hours ago

on

March 9, 2024

By

As we head toward a presidential election, the presumed candidates for both parties will look for issues that rally undecided voters. 

The economy will be a key issue, with Democrats pointing to job creation and lowering prices while Republicans will cite the layoffs at Big Tech companies, high housing prices, and of course, sticky inflation.

The covid pandemic created a perfect storm for inflation and higher prices. It became harder to get many items because people getting sick slowed down, or even stopped, production at some factories.

Related: Popular mall retailer shuts down abruptly after bankruptcy filing

It was also a period where demand increased while shipping, trucking and delivery systems were all strained or thrown out of whack. The combination led to product shortages and higher prices.

You might have gone to the grocery store and not been able to buy your favorite paper towel brand or find toilet paper at all. That happened partly because of the supply chain and partly due to increased demand, but at the end of the day, it led to higher prices, which some consumers blamed on President Joe Biden's administration.

Biden, of course, was blamed for the price increases, but as inflation has dropped and grocery prices have fallen, few companies have been up front about it. That's probably not a political choice in most cases. Instead, some companies have chosen to lower prices more slowly than they raised them.

However, two major retailers, Walmart (WMT) and Costco, have been very honest about inflation. Walmart Chief Executive Doug McMillon's most recent comments validate what Biden's administration has been saying about the state of the economy. And they contrast with the economic picture being painted by Republicans who support their presumptive nominee, Donald Trump.

Walmart has seen inflation drop in many key areas.

Image source: Joe Raedle/Getty Images

Walmart sees lower prices

McMillon does not talk about lower prices to make a political statement. He's communicating with customers and potential customers through the analysts who cover the company's quarterly-earnings calls.

During Walmart's fiscal-fourth-quarter-earnings call, McMillon was clear that prices are going down.

"I'm excited about the omnichannel net promoter score trends the team is driving. Across countries, we continue to see a customer that's resilient but looking for value. As always, we're working hard to deliver that for them, including through our rollbacks on food pricing in Walmart U.S. Those were up significantly in Q4 versus last year, following a big increase in Q3," he said.

He was specific about where the chain has seen prices go down.

"Our general merchandise prices are lower than a year ago and even two years ago in some categories, which means our customers are finding value in areas like apparel and hard lines," he said. "In food, prices are lower than a year ago in places like eggs, apples, and deli snacks, but higher in other places like asparagus and blackberries."

McMillon said that in other areas prices were still up but have been falling.

"Dry grocery and consumables categories like paper goods and cleaning supplies are up mid-single digits versus last year and high teens versus two years ago. Private-brand penetration is up in many of the countries where we operate, including the United States," he said.

Costco sees almost no inflation impact

McMillon avoided the word inflation in his comments. Costco  (COST)  Chief Financial Officer Richard Galanti, who steps down on March 15, has been very transparent on the topic.

The CFO commented on inflation during his company's fiscal-first-quarter-earnings call.

"Most recently, in the last fourth-quarter discussion, we had estimated that year-over-year inflation was in the 1% to 2% range. Our estimate for the quarter just ended, that inflation was in the 0% to 1% range," he said.

Galanti made clear that inflation (and even deflation) varied by category.

"A bigger deflation in some big and bulky items like furniture sets due to lower freight costs year over year, as well as on things like domestics, bulky lower-priced items, again, where the freight cost is significant. Some deflationary items were as much as 20% to 30% and, again, mostly freight-related," he added.

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