Well, it looks like Ukraine’s army is surrending in droves to Russian forces. Maybe this will end Biden’s obsession with doling billions of dollars to Ukraine. Nah, Biden will continue doling out billions to Ukraine, but this time it will be to rebuild Ukraine (while major US cities continue to rot). But in any case, Biden and Democrats refused to return to pre-Covid levels of spending.
Federal outlays (spending) has increased by 30% from January 2020, just prior to Covid. Yet, Republicans are unable (or unwilling) to get the Biden Administration and Democrats to cut Federal spending back to pre-Covid spending levels. M2 Money is up a whopping 36%.
But never fear. US Federal debt is now above $33 trillion with $194+ TRILLION in unfunded liabilities. I feel dread after California governor “Gruesome” Newsom appointed The Fonz (a Democrat millionaire living in Maryland?) to replace Diane Feintstein in the US Senate.
S&P Global’s PMI Manufacturing jumped from 47.9 in August to 49.8 in September (and up from 48.9 in the flash September print). That is the highest print for US manufacturing since April but remains in contraction (below 5). That is the 5th straight month in contraction and 10th month in the last 11 in contraction (sub 50).
The ISM Manufacturing print also rose (to 49.0), up from 47.6 and better than the 47.9 exp (but still below 50 for the 10th straight month).
No, not Henry Winkler. But Laphonza Butler, a friend of VP Kamala Harris and the CEO of Emily’s List. And lauughably a resident of Maryland representing California.
