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The Hero’s Journey: Authentic Digital IDs For Bitcoin

Personalized authentic engagement design integrated into Bitcoin paradoxically transforms aspirations into unintended outcomes.

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Personalized authentic engagement design integrated into Bitcoin paradoxically transforms aspirations into unintended outcomes.

The Hero’s Journey: Creating Authentic Digital IDs And Personalized Engagement For Bitcoin Decentralized/Distributed Systems

Introduction

Numerous Bitcoin podcast discussions have led to the inevitable “wall,” a wall which, to date, has not been penetrated and its adjacent territory explored. I’m referring to the existential question of how “Bitcoinization” actually manifests for each individual, while legacy monetary infrastructure and social structures disintegrate. It’s one thing to romanticize how our new society will somehow magically crawl out of the ashes like some unburned, proud and polished phoenix and quite another to face the real-life, ugly hurdles facing us.

The deeply embedded detritus of legacy fiat thinking and behaviors do not simply disappear. In fact, as we transition to the bitcoin standard and the working people of highly developed, industrialized countries become squeezed and further impoverished during the deflationary depression (see Jeff Booth, “The Price of Tomorrow”), social unrest will erupt, and inevitably, Bitcoin itself could be blamed and viewed by many as the culprit of the collective pain. It doesn’t take profound foresight to predict that many such people, seeking blame and simple solutions, could demand even more centralization and control through the perceived safety net of an increasingly powerful authoritarian state.

Will growth in Bitcoin infrastructure adoption magically and quickly transform the superstructure of human organizational design and engagement in some novel corresponding way à la “fix the money, fix the world”? Or are we doomed to simply “pretend and extend” by overlaying old fiat social engagement design on top of this new monetary foundation and naively hope it all smooths out somehow? How can we better attune the adoption of Bitcoin’s decentralized/distributed monetary infrastructure with an empowered, Bitcoin-defined social superstructure? Will our digital ID continue to be composed of only objective data (cold data), while our subjective experiences (warm data) remain devalued? How can we support and expand individual self-sovereignty through Bitcoin engagement design?

While the Bitcoin meme “fix the money, fix the world” offers a simplified solution, this paper and its described superstructure applications seek to penetrate the territory where contemporary Bitcoin “thought leaders” and developers have yet to explore. Hopefully, we can help avoid a misguided but possibly very real collective public response for a stronger totalitarian centralization of power. We do this by empowering the individual with the narrative, mentors and experiences of personal responsibility and self-sovereignty, which support and lead to developing individual tools to authentically recreate a peer-to-peer creator economy. We must become self-empowered entrepreneurs and creators. Think “decentralized, designer craftsmanship.”

For this to emerge, we must move toward a novel disintermediated, hyper-personalized engagement design which begins and ends with each unique individual.

However, before we get to where we are going, we need to know where we’ve been and what we are currently facing. Using seductive carrot-stick reward systems and enticements, people have long been objectified and manipulated by legacy engagement systems. Such “addictive design” strategies can certainly drive behaviors — through advertising, gaming, social media and more — but at a great cost to the individual. Unfortunately, such concentrated behaviorism and operant conditioning, now combined with emergent tech, have contributed to disabling and disempowering our youth. Judgmental, performance-based exogenous validation systems and its mindless FOMO (fear of missing out) have helped create an anxiety-ridden, dependent and emotionally fragile generation. These young adults suffer from unprecedented levels of crippling psychological/emotional disease in crisis proportions, now exacerbated by recent COVID-19 lock downs. Anxiety and depression, obsessive-compulsive disorders, self-harm, addiction disorders, violence and suicide levels are off the charts. We are in the midst of an unprecedented crisis in mental illness, and it is currently underpinned and reinforced by exploitive, centralized engagement design. As Nora Bateson has said, “We need to de-industrialize and re-animate.”

Insular, rigid groupthink communities can provide a perceived “safe haven” with like-minded people, but they also demand their own narrow conformity. Groupthink can detract us from coming to know our unique selves and building upon our innate talents. It can preclude us from building vibrant communities richly thriving in diversity and bold creativity. Ultimately, there is nothing more emotionally affirming than being seen by another for who we truly are — our authentic, essential selves. We do not easily forget such profoundly meaningful experiences of being authentically seen and validated.

Companies which refuse to further exploit the vulnerabilities of our youth, and instead empower them with authentic engagement to find and grow their unique talents, and be authentically seen for their unique selves, can bring fresh, high value. Hedonic escapism may provide temporary relief but fixes nothing. We live in highly extenuating times necessitating inner resources and skills to resiliently adapt and recreate our way out of difficulty.

Problem/Overview

Media and its content distribution have historically focused on how to manipulate and incentivize people to think a certain way or desire, buy and use things they perhaps would otherwise not be interested in. All sorts of consumer manipulation strategies have been used over the years, now resulting in a consumer hardened by fake news, fake engagement, fake relationships, fake moral correctness and more. People feel worse than weary or angry. We’re numb.

Centrally sourced content messaging is suspect. It cannot be trusted. It’s inauthentic. We are objectified and hustled. Young people today don’t simply want more stuff. They want experiences.

What people want now more than anything are the experiences of authentic engagement, meaning, purpose and expression. These sought-after feelings of self-determinism and authentic engagement are currently not inspired or supported by exogenous marketing sources. In truth, such feelings can only be self-generated and cultivated from within each person. Those who wish to reach a more self-empowered state can assume personal responsibility to cultivate such tools to help them get there. Why shouldn’t social, gaming and marketing identify, address and expand upon what is most desired intrinsically by the customer and provide the methodologies for getting there? In so doing, is this not providing authentic and timely “value” to the customer?

James Andrews is head of product at Genies, and author of “Self-Expression, Spirituality and Gen Z.” He expresses well the mandate for the new, self-sovereign digital identity, its demand for empowered self-knowing and authentic engagement. He asks, “What happens though when you have an entire generation chasing their authentic selves?”

“The Fix”: Marketing For Decentralized/Distributed Bitcoin Technologies

So, how does the new Bitcoin marketplace of engagement attune to each unique individual, while also delivering highly curated and personalized, authentic and meaningful engagement experiences to that individual? What is relevant or inspirational for one person may not be for another. Not everyone engages the same way. “The fix” is not found in using some new technology overlayed with same-old legacy design methodologies only to produce similarly poor outcomes. “The fix” is using Bitcoin technologies integrating biomimetic engagement design focusing on the unique individual and not compelling the individual to contort to a standardized platform.

Today’s design “meta trend” is quickly moving from industrial-era centralization to digital-era decentralized and distributed systems. The public, open-source foundational settlement layer, Bitcoin, is seeing rapid adoption globally and is experiencing a mass migration from centralized internet sites to a decentralized/distributed and disintermediated internet layer where all engagement can be monetized, streaming to the seconds. There is a rapid birthing of Layer 2 and 3 peer-to-peer engagement systems built on top of, pegged to or side-chained that disintermediate legacy third parties while empowering the unique individual. And unlike legacy/centralized sites (“the Boomer’s internet”), this distributed design has capacities to now curate and hyper-personalize products, services and experiences to the unique individual in a dynamic inspirational and aspirational manner.

So, how do we do this? How do we move from top-down, standardized, industrial-era design to focusing on the digital personalization of the unique, highly nuanced individual in a meaningful, personalized way? What novel matrix biomimetic to our own human biologic design can be used for such individuation going forward?

First, we reject our overdependency upon centralized behaviorist/operant conditioning engagement design.

Secondly, we value, support, facilitate and celebrate the strong sense of self-determinism by the individual. The focus and commitment are on authentically engaging with the individual on their terms. A healthy inner locus of control is developed by identifying and scaffolding upon the individual’s unique intrinsic motivators. If we know what play is, and is not, we can identify intrinsic motivators and authentic engagement patterns and patterns within patterns. This then becomes the matrix for authentic personalized engagement design and provides user-generated data to fine-tune identity and focus personalized content distribution.

Thirdly, monetization opportunities emerge. Through authentic engagement and developing an inner locus of control and self-determinism, opportunities to capitalize on one’s growth and creativity ensue, as the engagement matrix and identity fabric contribute to the development of an authentic digital ID. All engagement, from gaming to social to enterprise and beyond, becomes streaming monetization on top of decentralized/distributed bitcoin. A robust peer-to-peer creator economy emerges. People create and pursue what they love and are literally paid to play.

How are these three goals accomplished? What are the myriad cross-sector applications? Here is but a brief synopsis.

Synopsis

Nature’s hard-wired engagement design in all animals is not game mechanics but play. Play is the first principle of self-generated, self-motivated and self-sustaining engagement design, whereas gaming and behaviorist design are not. These centralized and manipulative designs objectify the user and are based solely on objective data, neglecting the user’s subjective, warm data. Play is a fundamental survival drive; the exogenous reward systems and enticements underpinning behaviorist design and game mechanics are not. While gaming is a small aspect or subset of play, it is not the whole of play. And not everyone likes games. Conversely, we are all subcortically hardwired to play, and everyone plays differently. The cosmic joke, the playful paradox, is that despite our differences and the fact we all play differently, we can meet and engage through the languages of play.

Authentic play is authentic engagement: It is self-generated, self-motivated and self-sustained and disintermediated. Once someone tries to intermediate or control the engagement, it is no longer play, and the many beneficial outcomes of authentic engagement are lost. If we know what play is, and what it is not, we can identify within individuals their authentic engagement patterns and patterns within patterns. This then becomes the matrix for authentic personalized engagement design. Authentic play engagement is how we identify and develop what we love to do, what we like, what we aspire to, and it identifies and develops our intrinsic motivators, drive and grit (all “warm data”).

By suppressing or hijacking access to authentic play, a person’s sense of self and inner locus of control eventually become stunted. They eventually suffer from any one or a few of the panoply of negative consequences associated with play deprivation, including the plague of mental illness. They either isolate into hedonic escapist behaviors or become mindlessly dependent, anxiously chasing extrinsic rewards and exogenous validation. This stunts their moxie, their internal drive, inner locus of control, healthy sense of self, creativity and adaptability. These degraded human potentials are the attributes needed in robust fashion to forge the unique being, one’s authentic expression, while increasing self-esteem, meaning and purpose and adaptability in a world in great transition. Play foments creativity and evolutionary adaptation.

As an older woman who grew up playing on the streets of Rio de Janeiro, Brazil in the 60’s and 70’s, I feel the loss of free, authentic play in our culture. Play has been hi-jacked and sublimated by intermediaries, leading to a great loss in authentic engagement, meaning and purpose, social skills, creativity and problem-solving, and community-building. Thanks to standardized performance testing, centralized media, extrinsic reward systems and other exogenous measurements, our children grew up valued for their conformist performance, and not who they were intrinsically meant to become. We can fix this through recreating a disintermediated global engagement design on Bitcoin.

An older, pre-retirement, long-distance truck driver who lost his job to FSD semi-trucks is not the same as the low self-esteem young woman who anxiously seeks exogenous validation through objectifying herself. Yet each can potentially recreate their selves in a way that works for them. However, this is tough to accomplish when we lack the tools, insights, methodologies and supportive community to do so, particularly when we’ve been dependent, uncritical, fiat-thinking conformists all our lives, and software is eating legacy jobs. With warm data integrated into decentralized and personalized authentic engagement design, “Bitcoin can fix this,” too.

The value and invention here involve the system, methodologies, designs and myriad applications for identifying and scaffolding upon a unique individual’s intrinsic motivators as a matrix for personalized, intrinsically motivated, authentic engagement design and a self-sovereign identity adaptable to emergent decentralized/distributed systems. The engagement profile/play personality is a dynamic composition of play behavior patterns which can be collated from IRL and online through many means, depending upon its subject. No two people are the same or engage the same way. The composition and weight of engagement patterns are endless, so each profile/play personality is unique. One is not inherently better than the other. It’s just different, as nature intended. Nature loves diversity.

The unique intrinsic engagement profile/play personality can be collated for each unique individual dynamically, from birth to old age, and used as their avatars and/or dopplegangers. An instantly recognizable and decipherable graphic icon can represent the composition of play personality/engagement profile for each unique individual so another person instantly knows how to attune and uniquely engage with increasing nuance, empathy and respect. Each of us can represent our own brand and wear and express it proudly. Products, services and experiences can be curated to the unique individual so that marketing and advertisement do not manipulate users by asking them to contort themselves but instead attune with their innate proclivities to authentically engage. Legacy marketing protocols are flipped, validating the unique person on their terms, and providing added value in an authentic manner. We deindustrialize our schooling systems, and our children become blessed with personalized learning opportunities identified, driven and scaffolded by their own intrinsic interests and authentic engagement.

Of particular note: Because play states, like sleep states (both play and sleep are fundamental survival drives), can now be biometrically identified, optimal authentic engagement opportunities can be personalized and designed to each unique user derived by their biometric data (e.g., non-addictive gaming personalized for optimal play states with countless health and performance-related outcomes).

The myriad applications of this novel engagement design are directly aligned with emergent identity in the decentralized/distributed metaverse and have broad cross-sector applications, including hyper-personalization in advertising and content delivery, ML/AI, AR/VR, IoT, gaming, social media, preventive medicine, education and so much more. Truly this can be a design that easily migrates across all sectors.

Conclusion

When the measurement of performance goals (cold extrinsic data) become more important than the inherent joy and attunement found in an activity (warm intrinsic data), we have lost authentic engagement and the transformational recreative power of play. The activity becomes work. Creativity is lost. Self-sustainability, personal agency and ownership/responsibility are diminished.

By integrating personalized authentic engagement design into Bitcoin’s superstructure/social protocols, the benefits and goals we aspire to can become the unintended outcomes. It’s a playful paradox. However, this is nature’s design. If humans are to live sustainably and joyfully, it needs to be ours as well.

“All bear the inherent right to become sovereign of the self — not only in body and mind, but in soul, for any authority that is allowed to rule over you, does so by taking a piece of who you really are.” — Dan Thomas

This is a guest post by Kristen Cozad. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.

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Mortgage rates fall as labor market normalizes

Jobless claims show an expanding economy. We will only be in a recession once jobless claims exceed 323,000 on a four-week moving average.

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Everyone was waiting to see if this week’s jobs report would send mortgage rates higher, which is what happened last month. Instead, the 10-year yield had a muted response after the headline number beat estimates, but we have negative job revisions from previous months. The Federal Reserve’s fear of wage growth spiraling out of control hasn’t materialized for over two years now and the unemployment rate ticked up to 3.9%. For now, we can say the labor market isn’t tight anymore, but it’s also not breaking.

The key labor data line in this expansion is the weekly jobless claims report. Jobless claims show an expanding economy that has not lost jobs yet. We will only be in a recession once jobless claims exceed 323,000 on a four-week moving average.

From the Fed: In the week ended March 2, initial claims for unemployment insurance benefits were flat, at 217,000. The four-week moving average declined slightly by 750, to 212,250


Below is an explanation of how we got here with the labor market, which all started during COVID-19.

1. I wrote the COVID-19 recovery model on April 7, 2020, and retired it on Dec. 9, 2020. By that time, the upfront recovery phase was done, and I needed to model out when we would get the jobs lost back.

2. Early in the labor market recovery, when we saw weaker job reports, I doubled and tripled down on my assertion that job openings would get to 10 million in this recovery. Job openings rose as high as to 12 million and are currently over 9 million. Even with the massive miss on a job report in May 2021, I didn’t waver.

Currently, the jobs openings, quit percentage and hires data are below pre-COVID-19 levels, which means the labor market isn’t as tight as it once was, and this is why the employment cost index has been slowing data to move along the quits percentage.  

2-US_Job_Quits_Rate-1-2

3. I wrote that we should get back all the jobs lost to COVID-19 by September of 2022. At the time this would be a speedy labor market recovery, and it happened on schedule, too

Total employment data

4. This is the key one for right now: If COVID-19 hadn’t happened, we would have between 157 million and 159 million jobs today, which would have been in line with the job growth rate in February 2020. Today, we are at 157,808,000. This is important because job growth should be cooling down now. We are more in line with where the labor market should be when averaging 140K-165K monthly. So for now, the fact that we aren’t trending between 140K-165K means we still have a bit more recovery kick left before we get down to those levels. 




From BLS: Total nonfarm payroll employment rose by 275,000 in February, and the unemployment rate increased to 3.9 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, in government, in food services and drinking places, in social assistance, and in transportation and warehousing.

Here are the jobs that were created and lost in the previous month:

IMG_5092

In this jobs report, the unemployment rate for education levels looks like this:

  • Less than a high school diploma: 6.1%
  • High school graduate and no college: 4.2%
  • Some college or associate degree: 3.1%
  • Bachelor’s degree or higher: 2.2%
IMG_5093_320f22

Today’s report has continued the trend of the labor data beating my expectations, only because I am looking for the jobs data to slow down to a level of 140K-165K, which hasn’t happened yet. I wouldn’t categorize the labor market as being tight anymore because of the quits ratio and the hires data in the job openings report. This also shows itself in the employment cost index as well. These are key data lines for the Fed and the reason we are going to see three rate cuts this year.

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Inside The Most Ridiculous Jobs Report In History: Record 1.2 Million Immigrant Jobs Added In One Month

Inside The Most Ridiculous Jobs Report In History: Record 1.2 Million Immigrant Jobs Added In One Month

Last month we though that the January…

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Inside The Most Ridiculous Jobs Report In History: Record 1.2 Million Immigrant Jobs Added In One Month

Last month we though that the January jobs report was the "most ridiculous in recent history" but, boy, were we wrong because this morning the Biden department of goalseeked propaganda (aka BLS) published the February jobs report, and holy crap was that something else. Even Goebbels would blush. 

What happened? Let's take a closer look.

On the surface, it was (almost) another blockbuster jobs report, certainly one which nobody expected, or rather just one bank out of 76 expected. Starting at the top, the BLS reported that in February the US unexpectedly added 275K jobs, with just one research analyst (from Dai-Ichi Research) expecting a higher number.

Some context: after last month's record 4-sigma beat, today's print was "only" 3 sigma higher than estimates. Needless to say, two multiple sigma beats in a row used to only happen in the USSR... and now in the US, apparently.

Before we go any further, a quick note on what last month we said was "the most ridiculous jobs report in recent history": it appears the BLS read our comments and decided to stop beclowing itself. It did that by slashing last month's ridiculous print by over a third, and revising what was originally reported as a massive 353K beat to just 229K,  a 124K revision, which was the biggest one-month negative revision in two years!

Of course, that does not mean that this month's jobs print won't be revised lower: it will be, and not just that month but every other month until the November election because that's the only tool left in the Biden admin's box: pretend the economic and jobs are strong, then revise them sharply lower the next month, something we pointed out first last summer and which has not failed to disappoint once.

To be fair, not every aspect of the jobs report was stellar (after all, the BLS had to give it some vague credibility). Take the unemployment rate, after flatlining between 3.4% and 3.8% for two years - and thus denying expectations from Sahm's Rule that a recession may have already started - in February the unemployment rate unexpectedly jumped to 3.9%, the highest since February 2022 (with Black unemployment spiking by 0.3% to 5.6%, an indicator which the Biden admin will quickly slam as widespread economic racism or something).

And then there were average hourly earnings, which after surging 0.6% MoM in January (since revised to 0.5%) and spooking markets that wage growth is so hot, the Fed will have no choice but to delay cuts, in February the number tumbled to just 0.1%, the lowest in two years...

... for one simple reason: last month's average wage surge had nothing to do with actual wages, and everything to do with the BLS estimate of hours worked (which is the denominator in the average wage calculation) which last month tumbled to just 34.1 (we were led to believe) the lowest since the covid pandemic...

... but has since been revised higher while the February print rose even more, to 34.3, hence why the latest average wage data was once again a product not of wages going up, but of how long Americans worked in any weekly period, in this case higher from 34.1 to 34.3, an increase which has a major impact on the average calculation.

While the above data points were examples of some latent weakness in the latest report, perhaps meant to give it a sheen of veracity, it was everything else in the report that was a problem starting with the BLS's latest choice of seasonal adjustments (after last month's wholesale revision), which have gone from merely laughable to full clownshow, as the following comparison between the monthly change in BLS and ADP payrolls shows. The trend is clear: the Biden admin numbers are now clearly rising even as the impartial ADP (which directly logs employment numbers at the company level and is far more accurate), shows an accelerating slowdown.

But it's more than just the Biden admin hanging its "success" on seasonal adjustments: when one digs deeper inside the jobs report, all sorts of ugly things emerge... such as the growing unprecedented divergence between the Establishment (payrolls) survey and much more accurate Household (actual employment) survey. To wit, while in January the BLS claims 275K payrolls were added, the Household survey found that the number of actually employed workers dropped for the third straight month (and 4 in the past 5), this time by 184K (from 161.152K to 160.968K).

This means that while the Payrolls series hits new all time highs every month since December 2020 (when according to the BLS the US had its last month of payrolls losses), the level of Employment has not budged in the past year. Worse, as shown in the chart below, such a gaping divergence has opened between the two series in the past 4 years, that the number of Employed workers would need to soar by 9 million (!) to catch up to what Payrolls claims is the employment situation.

There's more: shifting from a quantitative to a qualitative assessment, reveals just how ugly the composition of "new jobs" has been. Consider this: the BLS reports that in February 2024, the US had 132.9 million full-time jobs and 27.9 million part-time jobs. Well, that's great... until you look back one year and find that in February 2023 the US had 133.2 million full-time jobs, or more than it does one year later! And yes, all the job growth since then has been in part-time jobs, which have increased by 921K since February 2023 (from 27.020 million to 27.941 million).

Here is a summary of the labor composition in the past year: all the new jobs have been part-time jobs!

But wait there's even more, because now that the primary season is over and we enter the heart of election season and political talking points will be thrown around left and right, especially in the context of the immigration crisis created intentionally by the Biden administration which is hoping to import millions of new Democratic voters (maybe the US can hold the presidential election in Honduras or Guatemala, after all it is their citizens that will be illegally casting the key votes in November), what we find is that in February, the number of native-born workers tumbled again, sliding by a massive 560K to just 129.807 million. Add to this the December data, and we get a near-record 2.4 million plunge in native-born workers in just the past 3 months (only the covid crash was worse)!

The offset? A record 1.2 million foreign-born (read immigrants, both legal and illegal but mostly illegal) workers added in February!

Said otherwise, not only has all job creation in the past 6 years has been exclusively for foreign-born workers...

Source: St Louis Fed FRED Native Born and Foreign Born

... but there has been zero job-creation for native born workers since June 2018!

This is a huge issue - especially at a time of an illegal alien flood at the southwest border...

... and is about to become a huge political scandal, because once the inevitable recession finally hits, there will be millions of furious unemployed Americans demanding a more accurate explanation for what happened - i.e., the illegal immigration floodgates that were opened by the Biden admin.

Which is also why Biden's handlers will do everything in their power to insure there is no official recession before November... and why after the election is over, all economic hell will finally break loose. Until then, however, expect the jobs numbers to get even more ridiculous.

Tyler Durden Fri, 03/08/2024 - 13:30

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Angry Shouting Aside, Here’s What Biden Is Running On

Angry Shouting Aside, Here’s What Biden Is Running On

Last night, Joe Biden gave an extremely dark, threatening, angry State of the Union…

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Angry Shouting Aside, Here's What Biden Is Running On

Last night, Joe Biden gave an extremely dark, threatening, angry State of the Union address - in which he insisted that the American economy is doing better than ever, blamed inflation on 'corporate greed,' and warned that Donald Trump poses an existential threat to the republic.

But in between the angry rhetoric, he also laid out his 2024 election platform - for which additional details will be released on March 11, when the White House sends its proposed budget to Congress.

To that end, Goldman Sachs' Alec Phillips and Tim Krupa have summarized the key points:

Taxes

While railing against billionaires (nothing new there), Biden repeated the claim that anyone making under $400,000 per year won't see an increase in their taxes.  He also proposed a 21% corporate minimum tax, up from 15% on book income outlined in the Inflation Reduction Act (IRA), as well as raising the corporate tax rate from 21% to 28% (which would promptly be passed along to consumers in the form of more inflation). Goldman notes that "Congress is unlikely to consider any of these proposals this year, they would only come into play in a second Biden term, if Democrats also won House and Senate majorities."

Biden also called on Congress to restore the pandemic-era child tax credit.

Immigration

Instead of simply passing a slew of border security Executive Orders like the Trump ones he shredded on day one, Biden repeated the lie that Congress 'needs to act' before he can (translation: send money to Ukraine or the US border will continue to be a sieve).

As immigration comes into even greater focus heading into the election, we continue to expect the Administration to tighten policy (e.g., immigration has surged 20pp the last 7 months to first place with 28% in Gallup’s “most important problem” survey). As such, we estimate the foreign-born contribution to monthly labor force growth will moderate from 110k/month in 2023 to around 70-90k/month in 2024. -GS

Ukraine

Biden, with House Speaker Mike Johnson doing his best impression of a bobble-head, urged Congress to pass additional assistance for Ukraine based entirely on the premise that Russia 'won't stop' there (and would what, trigger article 5 and WW3 no matter what?), despite the fact that Putin explicitly told Tucker Carlson he has no further ambitions, and in fact seeks a settlement.

As Goldman estimates, "While there is still a clear chance that such a deal could come together, for now there is no clear path forward for Ukraine aid in Congress."

China

Biden, forgetting about all the aggressive tariffs, suggested that Trump had been soft on China, and that he will stand up "against China's unfair economic practices" and "for peace and stability across the Taiwan Strait."

Healthcare

Lastly, Biden proposed to expand drug price negotiations to 50 additional drugs each year (an increase from 20 outlined in the IRA), which Goldman said would likely require bipartisan support "even if Democrats controlled Congress and the White House," as such policies would likely be ineligible for the budget "reconciliation" process which has been used in previous years to pass the IRA and other major fiscal party when Congressional margins are just too thin.

So there you have it. With no actual accomplishments to speak of, Biden can only attack Trump, lie, and make empty promises.

Tyler Durden Fri, 03/08/2024 - 18:00

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