Bidenconomy: Credit Card Debt Rising Fast

By William Teach June 12, 2024 – 7:00 am

I’ve been reliably told that the economy is great and everyone is making a ton of money

Credit card delinquencies are rising. Here’s what to do if you’re at risk

 Seriously overdue credit card debt is at the highest level in more than a decade, and people 35 and under are struggling more than other age groups to pay their bills.

The share of credit card debt that’s severely delinquent, defined as being more than 90 days overdue, rose to 10.7% during the first quarter of 2024, according to the Federal Reserve Bank of New York. A year ago, just 8.2% of credit card debt was severely delinquent.

Who was VP the last time this happened?

The average annual interest rate on a new credit card is 24.71%, according to LendingTree, the highest since the company began tracking in 2019. That’s in part because the Federal Reserve has raised its key interest rate rate to a 23-year high to combat the highest inflation in four decades, which peaked at 9.1% in June 2022.

Simultaneously, pandemic-era aid such as stimulus payments, the child tax credit, increased unemployment benefits, and a moratorium on student loan payments has ended. Wage gains haven’t all kept up with inflation, which hits lower-income consumers harder, and rent increases have eaten into savings some consumers may have built up during the early years of the pandemic.

Silvio Tavares, CEO of VantageScore, a credit score modeling and analytics company, said that delinquencies have now exceeded their pre-pandemic levels, and that renters are especially vulnerable to falling behind.

And all this debt and the late payments will effect people’s credit score, making it harder to get a loan and get an apartment.

Credit cards only make up about 6.5% of consumer debt, according to a Bank of America Global Research report, but the increase in delinquencies appears to be outpacing income growth.

Pretty much everything is outpacing income growth. Weirdly, the word “Biden” is not mentioned once. Can you imagine if this happened while Trump was president?

Read: Bidenconomy: Credit Card Debt Rising Fast »

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California Looks To Seize Profits From Oil Companies

By William Teach June 11, 2024 – 4:33 pm

Might this be the point where gas and oil companies just say “OK, bye” and end operations in the People’s Republik Of California? Or, at least, refuse to sell to the state for their numerous operations, like for the governor’s limo and jet?

California looks to seize profits from Big Oil in climate change lawsuit

California will attempt to use consumer protection laws to seize some of the world’s biggest oil companies’ profits as part of a lawsuit accusing them of deceiving the public for decades over their role in climate change.

State attorney-general Rob Bonta invoked a new state law on Monday that allows claimants to target company profits that can be identified from the violation of consumer protection and advertising laws.

In an updated filing, it lists recent examples of alleged “false advertising and misleading environmental marketing by some of the defendants” and seeks profits they have generated to be deposited into a victims’ restitution fund.

The effort is part of a lawsuit that was launched by California against ExxonMobil, Chevron, Shell, BP and ConocoPhillips last September, and broadly accuses fossil fuel companies of spreading misinformation, sowing doubt about climate science and claiming that some of their products are “clean”.

So, what happens? Sadly, none of them will say “see ya”. This will be bound up in lawsuits for a long time, and, let’s say the PRC wins: the cost of fossil fuels will skyrocket. It will all be passed on. Which means the cost of consumer goods will go up. Food, homes, clothes, you name it. I just wish companies would play hardball. Start pointing out that people are using the hell out of fossil fuels as they drive around, take the bus, take flights, go on boats? That 50% of every barrel goes to other than fuels? Explain how well government services will work if there is no fossil fuels. What happens with police, fire, emergency. With maintaining roads.

This is just a typical shady Democrat shakedown.

Read: California Looks To Seize Profits From Oil Companies »

Posted in AGW Socialism, Global Warming | 4 Comments | Trackback URL

If All You See…

By William Teach June 11, 2024 – 1:00 pm

…is marshland being inundated by a fast rising sea, you might just be a Warmist

The blog of the day is 357 Magnum, with a post noting crimes in Oakland are keeping roads from being paved.

Read: If All You See… »

Posted in If All You See | 19 Comments | Trackback URL

Weird: Colorado’s Legal Pot Market Is Crashing

By William Teach June 11, 2024 – 10:30 am

I’ll not again that I am not against legalized marijuana. I don’t do it, but, if others want to, have at it. It’s certainly not as bad a drug as alcohol, though people do seem to be using it in some form or fashion way more throughout the day, kinda like an alcoholic sneaking sips. But, that’s their problem. But, what happens when government gets too heavily involved?

Colorado’s Weed Market Is Coming Down Hard and It’s Making Other States Nervous

On Jan. 1, 2014, Iraq War veteran Sean Azzariti made headlines worldwide as the first person in the U.S. to buy legal weed.

More than 10 years later, 3D Cannabis, the dispensary in Denver’s Elyria-Swansea neighborhood where the historic purchase was made, displays a makeshift sign announcing it is “temporarily closed.” The windows and doors on the side of the building have been boarded up. Plastic bags, discarded coffee cups and other trash collect in the corners of the abandoned parking lot.

The dismal state of the historic site is a fitting symbol of the plight of Colorado’s cannabis market. What once was a success story has now left a trail of failed businesses and cash-strapped entrepreneurs in its wake. Regulatory burdens, an oversaturated market and increasing competition from nearby states have all landed major blows, leaving other states with newer marijuana markets scrambling to avoid the same mistakes.

In 2020, the market soared to $2.2 billion. But just three years later, sales had plummeted to $1.5 billion, leading to layoffs, closures and downsizing. The market downturn has spelled trouble for state finances too: Colorado took in just $282 million in cannabis tax revenues in the last fiscal year, down more than 30 percent from two years earlier.

There are lots of issues, but, this is all a cautionary tale of how government doesn’t know how to run business. They artificially jacked the price up too high, placed too many burdens on companies, and failed to adapt. There are lots of reports that roughly 50% of the weed in states is illegally grown and sold. You have citizens allowed to grow small amounts for their own use. Why wouldn’t they? They counted on people coming from other states even with the knowledge that other states were going to pass their own legalization laws. They slapped on so many taxes that it was cheaper to buy from the black market. They gave out too many licenses, over-saturating the market.

Marijuana’s continued federal illegality is another added cost.

“280E is the biggest problem with the industry by far,” Gamet says, citing a federal tax code that prevents cannabis businesses from taking typical business deductions. “I’m very familiar with that because I’ve been audited every year since 2014. It’s a lot of lawyer expenses.”

Well, there is that. It’s still illegal federally, and Los Federales will treat it as such. It’s also a federal offense to cross state borders with marijuana.

Read: Weird: Colorado’s Legal Pot Market Is Crashing »

Posted in Current Affairs, Economy | 7 Comments | Trackback URL

Lime Scooters To Place “No-Go Zone” Around Spokane Street Pride Paint

By William Teach June 11, 2024 – 7:15 am

So, apparently, people are not going to be able to rent Lime scooters and….cross the street

Seriously, if you paint the roads people actually need to drive over them, right? From the article

Lime, a popular electric scooter and bike rental service, has announced it will be implementing a “no-go zone” around a crosswalk painted with a large Pride flag mural in Spokane, Washington. The crosswalk has become the center of much discussion after the arrest of multiple teens for making skid marks on the painted pavement.

On June 6, the Spokane Police Department announced the arrest of three teenagers on charges of 1st Degree Malicious Mischief, all in relation to the alleged vandalism of a Pride flag-painted crosswalk at the intersection of Howard Street and Spokane Falls Boulevard. (big snip)

Lime has now implemented a “no-go zone” over the crosswalk, meaning scooters driven over the mural will be remotely shut down. According to the company’s website, entering a “no-go zone” will cause a Lime vehicle to “gradually come to a stop,” forcing a rider to walk their scooter until it is outside the zone.

So, what if you want to cross the street? Do you need to carry it? Go way down the block? But, you know, beyond how this paint in the road is being treated as some sort of religious object to revere, what if the government decides to arbitrarily shut down your EV, telling you where you can and cannot drive?

The Biden administration on Friday tightened vehicle fuel mileage standards, part of its strategy to transform the American auto market into one that is dominated by electric vehicles that do not emit the pollution that is heating the planet.

But, remember, the government, which is supposed to be your servant, not your master, is totally not trying to force you into an EV.

Read: Lime Scooters To Place “No-Go Zone” Around Spokane Street Pride Paint »

Posted in AGW Socialism, Global Warming, Government | 19 Comments | Trackback URL

CBS News Shocked That Clear Majority Want Illegals Deported

By William Teach June 11, 2024 – 7:00 am

The Credentialed News wonders why people do not trust them and think they are completely biased

Pretty amazing, eh?

(Mediaite) CBS Face the Nation moderator Margaret Brennan seemed to be taken aback by a new poll showing nearly two-thirds of Americans favor the deportation of all undocumented migrants.

Speaking with Anthony Salvanto — who oversees CBS News polls — Brennan cited the finding from the network’s just-released poll which showed 62 percent of all Americans support “in principle, a new government program to deport all undocumented immigrants living in the U.S. illegally.”

Brennan noted that, according to statistics from the Department of Homeland Security, “President [Joe] Biden has already deported or repatriated more people in the past year than any year since 2010.” She went on to argue that many of former President Donald Trump’s proposals about the border face major hurdles.

But, Biden has also let way more in. If you’re making way more than any year since 2010 and spending more, it makes sense, right?

“Homeland Security says that President Biden has already deported or repatriated more people in the past year than any year since 2010,” Brennan said. “And then, depending on the details of what’s talked about on the campaign trail, some of what Mr. Trump talks about could be illegal. It doesn’t seem practical, in some sense, to round up children. And then we know that the courts have questioned whether local authorities would have the ability to do it. And federal authorities don’t have the resources. So what exactly do people think they’re supporting?”

How about this: surge the National Guard to the border. Give states authority to catch and deport. Put up border barriers on land and in the rivers. End asylum claims. Make it known that anyone caught illegally in the U.S. will be immediately deported, no court, nothing. Just goodbye, like used to happen pre-1980’s amnesty. That none will get money, housing, food, medical, clothes, education. No support. This will free up federal officials to catch illegals. Require state, county, and local law enforcement to hold illegals. The U.S. has shut down all immigration many times to allow for assimilation. We do this for 20 years and the number of illegals will drop rapidly.

But, we can still allow the normal legal migration for those going through the normal method for citizenship. And, any who overstay visas. Immediate deportation.

“When you measure public sentiment on this — or really, just about any policy — you’re getting a sense of direction,” Salvanto replied. “You’re getting broad brush strokes. But those kinds of details, that’s often up to the legislatures and the courts.”

Isn’t up to We The People? Shouldn’t elected officials follow our wishes?

Read: CBS News Shocked That Clear Majority Want Illegals Deported »

Posted in Illegal Immigration, Wonky Media | 5 Comments | Trackback URL

Paris’ Idea To Have AC Free Olympics Runs Into A Snag

By William Teach June 10, 2024 – 4:00 pm

See, Paris really, really, really wants the Olympics with the lowest carbon footprint (except for the hundreds and hundreds of fossil fueled jets, all the FF vehicles), so, they cut the AC at the venues and dorms. They’re expecting about 300K to attend, not including the athletes, trainers, etc. About that

Paris wanted an AC-free Olympics. Visiting nations had other plans.

For all the steps Paris organizers have taken to put on the greenest Olympics ever, their boldest measure – the one they’ve touted again and again – pertains to the dorms in the Athletes’ Village. The rooms don’t have air-conditioning. Because of other cooling measures, organizers have assured, the athletes won’t need it.

But in a farcical turn, when the Games start next month, an Olympic Village designed to showcase sustainability will be more of an energy hog than organizers had hoped.

That’s because portable air-conditioning units will be everywhere. Wheeled in. Shipped in. Ordered by visiting countries that want their athletes to sleep well and perform at the highest level – even if it means a larger carbon footprint.

Worried about what potentially could be the world’s hottest year on record, wealthier nations have effectively undercut Paris’s marquee sustainability measure, signaling that, yes, they care about environmental aims – but not if it risks the comfort of their athletes. Some of those athletes are accustomed to temperatures cooler than what the dorms might have provided and raised concerns to their national Olympic committees.

Bleating about the need to Do Something is all fun and games right up till it’s the Warmists themselves who are forced to Do Something, eh?

“We will bring them. And we will take them back to Greece,” said Alexandra Palli, president of the Greek Olympic committee for environmental sustainability, who said her country was responding to the wishes of its athletes. “They need support. Because what they do is very difficult anyway.”

There’s always some reason why Warmists do not have to walk the talk.

And then there’s the matter what athletes are accustomed to.

“Temperature control is a big thing,” said Kat Holmes, a fencer from Washington, D.C. “I like it really cold when I sleep.”

More precisely, she likes the temperature set at 69 degrees. (snip)

“I am very pro-environment,” she said. “But the point of this is to bring together the world’s best athletes to perform the best they can.”

The perfect allegory: the world needs to do something, as long as it doesn’t inconvenience me.

Read: Paris’ Idea To Have AC Free Olympics Runs Into A Snag »

Posted in Climahypocrites, Global Warming | 6 Comments | Trackback URL

If All You See…

By William Teach June 10, 2024 – 1:00 pm

…is a sea that will dozens of feet by 2050, you might just be a Warmist

The blog of the day is Don Surber, with a post on the real reason for the Hunter Biden trial.

Read: If All You See… »

Posted in If All You See | 64 Comments | Trackback URL

Myorkas Doesn’t Know When Biden’s Border EO Will Be Implemented, But, Still Releasing Almost All Illegals

By William Teach June 10, 2024 – 10:30 am

Is anyone else getting the idea that Biden’s border EO is basically election season smoke and mirrors?

Mayorkas defends Biden’s executive action — but doesn’t say when it might start working

illegal alien DemocratDepartment of Homeland Security Secretary Alejandro Mayorkas on Sunday defended the Biden administration’s new executive action on the border — an order that aims to get the average of migrant encounters at the border to 1,500 or less.

It’s a level that has not been seen since President Joe Biden took office. And Mayorkas could not confirm if that level will be seen before Election Day. The order, focused on people seeking asylum at the border, was initiated five days ago.

“We are at a very early stage. Implementation, as you noted, has just begun,” Mayorkas said in an interview with host Martha Raddatz on ABC’s “This Week” on Sunday. “It’s early, the signs are positive. Our personnel have done an extraordinary job in implementing a very big shift in how we operate on the southern border.”

When asked about when we will actually see this goal reached — and whether the effects would realistically become apparent soon or before the election — Mayorkas did not disclose any timing.

It should be pretty easy, right? You simply direct that the order be implemented. That you shut things down, because encounters are above 1,500 a day. Myorkas hems and haws. And, as the article surprisingly says, “danced around” why Biden is doing this now. But, what’s really happening

Border Patrol memo tells agents in key sector to release migrants from nearly all Eastern Hemisphere countries

An internal Border Patrol memo, obtained by Fox News, instructs agents in the San Diego sector to release single adults from all but six countries in the Eastern Hemisphere and classify them as “hard” or “very hard” to remove.

The memo was sent out after President Biden’s executive order banning asylum for most illegal immigrants took effect last week.

Details in the memo, first reported by the Washington Examiner’s Anna Giaritelli, instructs agents that all single adults from the Eastern Hemisphere are to be processed via “NTA/OR,” which means Notice to Appear/released on Own Recognizance, except for migrants from Russia, Georgia, Uzbekistan, Tajikistan, Moldova and Kyrgyzstan – which are “mandatory referral” countries.

There are more than 100 countries in the Eastern Hemisphere, meaning that despite the Department of Homeland Security (DHS) and President Biden’s threats of consequences and promises to remove migrants who cross illegally under the new executive order, the overwhelming majority of the migrants in the San Diego sector are being released into the U.S.

This order only applies to this one sector, not the rest of the border. Of course, there may well be localized orders for the other sectors. And, the thing is, the San Diego sector is seeing more than the others since Texas passed their strict law to arrest illegals. Regardless, you can see that Biden followed one order to restrict the border with another to leave it wide open and just let them go with a wink wink promise to appear.

And notice that this is single people. Which mostly means young, fighting age males. What of all the Chinese nationals and Middle Eastern men crossing the border? Just let them go?

Read: Myorkas Doesn’t Know When Biden’s Border EO Will Be Implemented, But, Still Releasing Almost All Illegals »

Posted in Illegal Immigration, Joe Biden | 3 Comments | Trackback URL

Your Fault: Woman Gets Stuck In Quicksand In Maine

By William Teach June 10, 2024 – 7:00 am

I warned you to give all your money and freedom to government, but, no, you wanted to live a modern lifestyle. Selfish, selfish, selfish

Quicksand doesn’t just happen in Hollywood. It happened on a Maine beach

A Maine woman enjoying a walk on a popular beach learned that quicksand doesn’t just happen in Hollywood movies in jungles or rainforests.

Jamie Acord was walking at the water’s edge at Popham Beach State Park over the weekend when she sunk to her hips in a split second, letting out a stunned scream. She told her husband, “I can’t get out!”

“I couldn’t feel the bottom,” she said. “I couldn’t find my footing.”

Within seconds, her husband had pulled her from the sand trap, the sand filled in, and the stunned couple wondered: What just happened?

It turns out that quicksand, known as supersaturated sand, is a real thing around the world, even in Maine, far from the jungle locations where Hollywood has used it to add drama by ensnaring actors.

In most cases, it’s not that deep. Long story short, I was playing golf one time, stepped into a stream to get my ball (the why is the long part), immediately sunk up to my knee. And, seriously, Gen X has practiced for this with it being so popular in movies and TV shows when we were growing up. Unfortunately, there were no vines handy on the beach

And here we go

In this case, climate change played a role in the episode at the state’s busiest state park beach, which draws more than 225,000 visitors each year, Britt said. A series of winter storms rerouted a river that pours into the ocean, softening the sand in area where beachgoers are more apt to walk, necessitating the placement warning signs by park staff, he said.

Read: Your Fault: Woman Gets Stuck In Quicksand In Maine »

Posted in AGW Scaremongering, Global Warming | 3 Comments | Trackback URL
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