Tag Archives: #Economics

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Fear is the career killer

A libertarian styling herself Freckled Liberty on Twitter has been adamantly opposed to taking the COVID-19 vaccine, and mocking, daily, Joe Biden’s statement, “We are looking at a winter of severe illness and death for the unvaccinated — for themselves, their families and the hospitals they’ll soon overwhelm.” She has been counting down, every day, ‘day 88 of unmasked and unvaxxed “winter of severe illness and death’: still not vaxxed, still not masked, still not ill, still not dead. 💃🏼”

Now it seems that her friends and family won’t attend her wedding ceremony, because they’re just too scared. If her friends and family are vaccinated, and can obviously choose to wear N95 masks if they feel the need, there’s just no need to be fearful, but after almost two years of fear messaging, it seems that a lot of people have internalized it. From The New York Times:

    As Offices Open and Mask Mandates Drop, Some Anxieties Set In

    Using local guidelines, many companies are loosening Covid safety rules, leaving workers to navigate masking and social distancing on their own.

    By Emma Goldberg and Lananh Nguyen | Friday, March 18, 2022

    Employers are embracing a workplace atmosphere reminiscent of prepandemic times — elevators jammed, snack tables brimming, face coverings optional — even as a new subvariant of the Omicron coronavirus spurs concerns about health and safety. Across the country, office occupancy has hit a pandemic high, 40 percent, reached just once before in early December, at the same time that indoor mask mandates drop.

    Also see: William Teach: NY Times Is Super Excited By Things We’ll Keep In Post Pandemic Life

    After several false starts in calling workers back, company leaders now seem eager to press forward. A flurry of return-to-office plans have rolled out in recent weeks, with businesses including American Express, Goldman Sachs, JPMorgan Chase and Microsoft calling some workers back to their desks. Many of those companies followed state and local governments in easing Covid-19 restrictions, arguing that ending mask mandates could make workplaces more pleasant. But some workers, especially those with compromised immunity or unvaccinated children, feel uncomfortable with the rush back to open floor plans.

    “Masks have created a real psychological barrier to getting back to office culture,” said Kathryn Wylde, head of the Partnership for New York City, a business group. “As long as things are going in a positive direction with Covid, I think the relaxation of mandates will work for the vast majority of people. As soon as we see a reversal, I think we’ve got trouble.”

    The Partnership’s January survey of New York City employers found that 38 percent expected to have more than half of their workers back in the office on an average weekday by late March. As employees come back, they’re facing a patchwork of Covid safety protocols. Just one-quarter of U.S. workers are covered by vaccine mandates in the workplace, according to Gallup data from last month.

    This has left many workers to navigate masking on their own, making Covid safety measures a matter of office etiquette rather than protocol. Some have negotiated new remote work arrangements with their bosses as rules have eased, or even left their companies in search of jobs at workplaces that made them feel safer.

It would seem obvious: if a worker is afraid that he will contract the virus, he can voluntarily get vaccinated, as most people are, for free, and he can continue to wear a face mask, even an N-95 mask.

That palpable fear seems almost measurable, given that 38% of NYC employers anticipate having more than half of their office workers at heir desks by the end of March, when that number should be 100% anticipate having 100% of their workers back. If, as the Times stated, just a quarter of workers were covered by vaccine mandates on their jobs, such still doesn’t mean that most workers aren’t vaccinated. From USA Facts:

  • In New York (state), 17,370,136 people or 89% of the state has received at least one dose.
  • Overall, 14,759,477 people or 76% of New York’s population are considered fully vaccinated.
  • Additionally, 6,556,874 people or 34% of New York’s population have received a booster dose.

From the more sensible New York Post:

    When it comes to masking, New Yorkers still choose fear over facts

    By Heather Mac Donald | Saturday, March 19, 2022 | 8:08 AM EDT | Updated: Sunday, March 20, 2022 | 2:45 AM EDT

    Just when you thought the abyss between red-state and blue-state sensibilities could not grow wider comes post-pandemic America to reveal further cleavage.

    Residents of my 34-story Manhattan apartment building are still wearing masks in the elevators, halls and lobby, even though the building’s internally imposed mask mandate has been lifted. At least half of my neighbors in Yorkville wear masks outdoors, even though Gov. Hochul suspended the indoor mask mandate for New York City weeks ago.

    It has always been the case, no matter the rate of indoor transmission, that inhaling a large enough viral dose outdoors to become infected is almost impossible. One might have imagined that even progressives would be ready to say: “Enough of this! We’ll take our chances. Let’s get back to normal life!” But it turns out that many people have a seemingly inexhaustible appetite for fear and risk aversion, especially when linked to control.

    COVID metrics are, from a blue-state perspective, depressingly low when even the New York Times has given up on frontpage crisis-mongering. For weeks, the Times has buried its COVID stories deep in the paper, if it prints them at all, because there is only good news to report. Currently, an average of five people per day are hospitalized with or from COVID in New York City, out of a pre-pandemic population of 8.5 million. That is essentially zero risk. Deaths with or from COVID are too negligible to mention.

We already know that:

  • Vaccination does not prevent a person from contracting or spreading the virus;
  • Vaccination does seem to lessen the severity of the disease if one does contract the virus; and
  • The cloth masks that most people wear do not prevent the transmission of the virus.

It would appear that New Yorkers have learned the first lesson, but not the second or third.

But at some point there will be some obvious results: workers who cower in fear, whether in a masked-up cubicle in the office, or working remotely over Zoom and the internet, are going to get left behind. They will miss out on ‘networking,’ they will miss out on sales and new clients, and they will miss out on promotions. What office business would promote a worker who won’t come in to the office? What business would promote a masked-up employee over one who isn’t hiding his face? What office business can return to normal if its employees refuse to return to normalcy?

Fear, Frank Herbert wrote, is the mind killer, but in business, fear is the career killer.

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#Bidenomics! Inflation has tripled under Joe Biden Remember: the data used were prior to the latest surge in fuel prices

From Trading Economics:

Annual inflation rate in the US accelerated to 7.9% in February of 2022, the highest since January of 1982, matching market expectations. Energy remained the biggest contributor (25.6% vs 27% in January), with gasoline prices surging 38% (40% in January). Inflation accelerated for shelter (4.7% vs 4.4%); food (7.9% vs 7%, the largest since July of 1981), namely food at home (8.6% vs 7.4%); new vehicles (12.4% vs 12.2%); and used cars and trucks (41.2% vs 40.5%). Excluding volatile energy and food categories, the CPI rose 6.4%, the most in 40 years. Still, the biggest effects of the war in Ukraine and the consequent surge in energy costs are still to come and will worsen with the US ban on oil imports from Russia. The inflation was seen peaking in March but the recent developments in Europe coupled with the ongoing supply constraints, strong demand and labour shortages will likely maintain inflation elevated for longer. source: U.S. Bureau of Labor Statistics

It’s the “excluding volatile energy and food categories, the CPI rose 6.4%” part that gets me: it’s still winter — and my area is forecast to get 3 to 6 inches of snow on Saturday — so energy, volatile or otherwise, is a major concern for everybody, and we can’t live very long without food.


Chart source: tradingeconomics.com

You know what I note: the year-over-year inflation rate was 2.6% in February of 2021, Joe Biden’s first full month in office, and then BAM! up it jumps, more than doubling by June, and now it’s tripled.

Then there’s this, from the Bureau of Labor Statistics:

Real average hourly earnings for all employees decreased 0.8 percent from January to February, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. This result stems from essentially no change in average hourly earnings combined with an increase of 0.8 percent in the Consumer Price Index for All Urban Consumers (CPI-U).

Real average weekly earnings decreased 0.5 percent over the month due to the change in real average hourly earnings combined with an increase of 0.3 percent in the average workweek.

Real average hourly earnings decreased 2.6 percent, seasonally adjusted, from February 2021 to February 2022. The change in real average hourly earnings combined with an increase of 0.3 percent in the average workweek resulted in a 2.3-percent decrease in real average weekly earnings over this period.

Production and nonsupervisory employees means the working class:

Production and nonsupervisory employees

Real average hourly earnings for production and nonsupervisory employees decreased 0.6 percent from January to February, seasonally adjusted. This result stems from a 0.3-percent increase in average hourly earnings combined with an increase of 0.9 percent in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

Real average weekly earnings decreased 0.3 percent over the month due to the change in real average hourly earnings being combined with an increase of 0.3 percent in average weekly hours.

From February 2021 to February 2022, real average hourly earnings decreased 1.9 percent, seasonally adjusted. The change in real average hourly earnings combined with no change in the average workweek resulted in a 1.9-percent decrease in real average weekly earnings over this period.

Remember: this inflation has been going on since long before Vladimir Vladimirovich sent the tanks rolling into Ukraine! It has been going on since the dummkopf from Delaware took office. Here’s the five-year chart, also from Trading Economics:

Note that the year-over-year monthly inflation rate never reached even 3% during Donald Trump’s entire presidency, but reached 4.2% in April of 2021, and has been elevated ever since. It cratered during the COVID-19 lockouts, recovered several months later, but was still below 2.0% on Election Day, and below 2.0% when Mr Biden took office.

Then it skyrocketed!

What did we have? We had an economy which had made a significant recovery in the latter half of 2020, after the stupid lockdowns were (mostly) lifted, but before any of the COVID-19 vaccines were available to the general public. The vaccines became available to health care workers in December, and then in January and February were made available in the ‘tiers’ structure. By March, the vaccines became much more widely available, and COVID-19 cases were dropping. Everything good that could have helped President Biden — and I still shudder when I type that! — happened, yet people started to become poorer in real terms due to inflation.

Not everything economic is under the government’s control, but it certainly is interesting how real earnings have decreased under Mr Biden, and inflation skyrocketed almost immediately after he came into office. But it’s true: we aren’t suffering through any more of those mean tweets!

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The Patricians just don’t understand how the plebeians live! The elites push policies that will affect the working class in ways the policymakers just can't comprehend

As the patricians try to force the plebeians into plug-in electric vehicles, another thought came to me as I got our electric bills: it isn’t just gasoline prices which have increased, but electricity costs as well. From The Philadelphia Inquirer, not exactly an evil reich-wing propaganda site:

    Pa. electricity prices will be rising by as much as 50% this week. Here’s how you can save.

    Energy charges are set to increase on Dec. 1, reflecting the higher cost to produce electricity. There are ways to save. But beware the risks.

    by Andrew Maykuth | November 28, 2021

    Energy costs for electric customers are going up by as much as 50% across Pennsylvania next week, the latest manifestation of across-the-board energy price increases impacting gasoline, heating oil, propane, and natural gas.

    Eight Pennsylvania electric utilities are set to increase their energy prices on Dec. 1, reflecting the higher cost to produce electricity. Peco Energy, which serves Philadelphia and its suburbs, will boost its energy charge by 6.4% on Dec. 1, from 6.6 cents per kilowatt hour to about 7 cents per kWh. Energy charges account for about half of a residential bill.

    PPL Electric Utilities, the Allentown company that serves a large swath of Pennsylvania including parts of Bucks, Montgomery, and Chester Counties, will impose a 26% increase on residential energy costs on Dec. 1, from about 7.5 cents per kWh to 9.5 cents per kWh. That’s an increase of $40 a month for an electric heating customer who uses 2,000 kWh a month.

    Pike County Light & Power, which serves about 4,800 customers in Northeast Pennsylvania, will increase energy charges by 50%, according to the Pennsylvania Public Utility Commission.

    “All electric distribution companies face the same market forces as PPL Electric Utilities,” PPL said in a statement. Each Pennsylvania utility follows a different PUC-regulated plan for procuring energy from power generators, which explains why some customers are absorbing the hit sooner rather than later, it said.

There’s more at the original.

2022 F-150 charging in a lot nicer garage than I have. It shows you just how much money you have to have to buy one of the fool things. Photo from a Ford sales site. Click to enlarge.

I just got my sparktricity bill, and with most, though not all, of our heating on it, it’s $325.73 for the house and $30.11 for the shop[1]The garage/shop is not heated.. Now, imagine if we were driving plug-in Chevy Dolts, or, for me, a plug-in Ford F-150 Lightning[2]My current vehicle is a 2010 Ford F-150, and it’s an actual work truck; I need a work truck around the farm.: all of the electric charging for the month would be coming in one monthly bill! It will be argued that that might still be a bit less than gasoline, but when a month’s worth of your driving costs comes all at once, that can be quite the shock. Yes, we have the money, and the discipline, to handle that, but when I see these ‘payday loan’ places — and they certainly seem to have metastasized in poor eastern Kentucky — you know that there are a whole lot of people who are not living just paycheck to paycheck, but from paycheck to not quite the next paycheck. Do these people have the money and discipline to save up for that next big electric bill?

We bought a house for my sister-in-law, and got her electric bill — from a different provider — which was $462.80. The house we bought for her is total electric, so that includes the range and water heater, which our bill does not.

Those bills were for February, a cold winter month, so they’ll decrease as spring springs, but I can imagine what it would be like if there were a couple hundred more bucks tacked on to charge electric vehicles. This is something the left, which tell us how wonderful it would be to go all-electric, never consider: Joe Biden and Pete Buttigieg have plenty of money, and a big electric bill would, to them, be certainly manageable, but the Patricians just don’t understand the lives, the economics, and the struggles of the working class.

More, it is well known that cold weather decreases both range and charging speed in plug-in electric vehicles. You’ll have to leave your Tesla plugged in longer, and you won’t get as many miles out of it, meaning that it will cost you more in your electric bill to charge your EV in winter, the same time as your heating costs are high.

In 2019, before the panicdemic, the Federal Reserve reported that “Nearly 40 percent of Americans would struggle to cover an unexpected $400 expense, according to a new report by the Federal Reserve — a stark reminder of many people’s financial insecurity even amid solid economic growth.” Yet the people who could handle such an expense are trying to proscribe a ‘solution’ to global warming climate change that would drastically change how the working class would have to handle things . . . if they could at all.

How many Kentuckians, how many working class people, are going to get their electricity shut off because they don’t have the money, or money-management skills, to pay for the plug-in electric vehiclesinto which President Biden and the activists want to force people?

References

References
↑1 The garage/shop is not heated.
↑2 My current vehicle is a 2010 Ford F-150, and it’s an actual work truck; I need a work truck around the farm.
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Make no mistake about it: this is exactly what the left want!

Photo at closest gas station to my house, taken on February 2, 2022.

On February 2, 2022, I took the photograph to the right at the mini-mart/gas station closest to our farm, about 2½ miles away, because the price of regular unleaded gasoline had just jumped to over #3.00 per gallon. It had been $2.999 for a while previously.

Photo at closest gas station to my house, taken on February 25, 2022.

Well, $3.139 didn’t last long. 23 days later, it was up 24¢ per gallon.

Earlier on Friday, I saw the price up to $3.699, and took a photo, at the Kroger on Bypass Road in Richmond, Kentucky, and tweeted it out. But, in the interest of journalistic integrity — whatever that is! — I thought that I ought to check at the same station as I had for the other two photos, and yup, sure enough, it was $3.699 there as well.

The math is simple: $3.699, up from $3.199, 56¢ per gallon, in just thirty days, is a 17.84% increase. That’s not the inflation rate, which is normally figured out by month, year-over-year, but a 17.84% increase in a month! Even if gasoline stayed absolutely flat until February of 2023, that would be a 17.84% increase in fuel year-over-year. With the Russian invasion of Ukraine, does anyone here think that gasoline prices will remain flat?


Look what has happened to inflation since January of 2021, which is when President Donald Trump left office, and Joe Biden replaced him. Inflation had skyrocketed well before the Soviet Russian invasion of Ukraine, well before Vladimir Putin had even hinted that such might happen. The year-over-year inflation rate was 6.2% in October of 2021.

Photo at closest gas station to my house, taken on March 4, 2022.

Don’t think that this isn’t intentional. While the Biden Administration doesn’t really control inflation, and doesn’t control oil prices, President Biden’s policies have been, since the very first day of his administration, when Mr Biden revoked the permit for the Keystone XL Pipeline. Mr Biden wants all new automobiles and personal trucks sold in the United States to be zero-emission by 2035.

Of course, very few people actually want zero-emission vehicles, which means plug-in electric cars, at least they don’t want them enough to buy them. In 2020, the plug-in electric vehicle market was 1.8% of all new car sales. In 2021, the total electric vehicle market in the United States was 4%, but that includes hybrids as well as plug-in only.

But if the price of gasoline skyrockets, the left can hope that the increased gasoline costs will drive more people to buy plug-in electrics!

The February inflation numbers are scheduled to be released on Thursday, March 10th; it’s difficult to imagine that they wouldn’t be worse than January’s. The Federal Reserve had been contemplating raising interest rates, to cool down the economy, to tamp down inflation, but if inflation continues the way it has been going, the Fed won’t be increasing interest rates, the ‘invisible hand’ of the free market will do that.

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Bidenflation If inflation was 'only' 7.5%, what items went up less than that to counterbalance those which increased more?

We recently reported on the price of a gallon of milk in the Bluegrass State, and how it had increased 121.21% since President Trump left office. Grocery prices in general have risen. We also noted that January inflation, year-over-year, rose 7.5%, which was higher than the average hourly wage increase of 5.7%. Two days ago, I tweeted that regular gasoline had jumped 20¢ per gallon.

Now comes The Philadelphia Inquirer:

Utility bills are soaring in the Philly region and so is customer outrage

Peco gas bills are up 38% from last year. PGW’s are up 17%. “I have never paid this much for heat in the winter.”

by Andrew Maykuth | Sunday, February 27, 2022

Also see: Pa. electricity prices will be rising by as much as 50% this week. Here’s how you can save.

Byron Goldstein closely monitors the energy usage at his Glenside home. So when he got a $651 bill from Peco Energy for combined electric and gas usage in January, 37% more than the $477 he paid the previous January, he knew something was off.

Goldstein discovered that Peco’s gas supply charge skyrocketed since January 2021, accounting for most of the increase. Goldstein, 74, was unsatisfied by the company’s response to his phone calls, so he filed a formal complaint to the Pennsylvania Public Utility Commission, urging the state regulator to roll back Peco’s “outrageous and irresponsible” price increase.

He was not alone. Across the Philadelphia area, thousands of utility customers opened their bills in recent weeks to learn that the cost of heating their homes had soared much more than the 7% inflation rate. Social media platforms lit up with posts from unhappy customers, directing their wrath at energy companies, regulators, and politicians.

“I have never paid this much for heat in the winter,” wrote a Philadelphia resident posting on Nextdoor.com, where several threads contained hundreds of comments venting about the price increase.

There’s more at the original, but it needs to be noted: these price increases came before the Russian invasion of Ukraine.

According to charts in the Inquirer original, natural; gas prices are actually significantly lower now than they were in 2008, but they’ve jumped significantly this winter:

The price has indeed gone up: A typical Peco customer who used 150 hundred cubic feet (ccf) of gas was billed $171.25 in January, up 38% or $46.90 from January 2021, according to PUC data. A Philadelphia Gas Works customer who used the same amount of gas was billed $261.71 in January, up 17% or $37.91 from a year ago.

Electricity bills also went up in Pennsylvania on Dec. 1, though not as much as gas bills.

With price increases like these, just how real does that reported 7.5% inflation rate feel?

The Inquirer reported, last December, that cable television and internet service rates from Comcast have increased, as have prices from AT&T and SlingTV.

The Wall Street Journal reported that NBC had a 42% drop in viewership for the 2022 Winter Olympics in Beijing, compared to the 2018 games in Pyeongchang, South Korea, something I attribute to NBC’s ‘free’ coverage being dominated by curling and other lower-interest events, while the events people are most interested in, ice skating and Alpine skiing, were being shown more often on Peacock, an internet streaming service which, naturally, has a subscriber fee. That’s just more money out of people’s pockets, or they miss out, a form of inflation that goes unaccounted.

The obvious question, at least to me, is: if inflation was ‘only’ 7.5%, what items went up less than that to counterbalance those which increased more?

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Bidenflation! The price of a gallon of milk has increased 121.21% since Joe Biden became President

Photo by Dana R. Pico, © January 4, 2022. Free use is granted, with appropriate credit. Click to enlarge.

In 2020, back when Donald Trump was President of the United States, a gallon of milk at the Kroger on Bypass Road in Richmond, Kentucky, was 99¢ per gallon. In 2021, the price had increased to $1.29 per gallon, in the same store.

Then, on January 4, 2022, I took a photo of the increased price, to $1.79 per gallon, and posted it on Twitter. That was a pretty big jump, 38.76%, but I at least hoped that the price would remain stable.

Photo by Dana R. Pico, © February 23, 2022. Free use is granted, with appropriate credit. Click to enlarge.

Well, I might have hoped that, but my hopes have been quickly dashed; a gallon of 1% milk, at the same store, even in the same dairy case, is now $2.19 per gallon, a 22.35% increase in 50 days! Milk has risen, in the same store, 121.21% since the end of 2020, since the end of President Trump’s term, since Joe Biden has moved into the White House.

121.21%!

We had previously noted that the January year-over-year inflation rate was 7.5%, higher than economists’ guesstimates, the highest in 40 years, and higher than the average hourly wage increase of 5.7%.

It’s one thing to see that statistics printed in The Wall Street Journal, and something entirely different to see them, in yellow and red cardboard signs, as you are reaching in to buy a gallon of milk.

The average working stiff might not read The Washington Post, might not pay attention to the statistics as given on finger-blackening newsprint or a flickering monitor screen, but he’s likely to have noticed how everything has gotten more expensive.

On September 16, 2016, Heather Long, then with CNN, published “Problem: Most Americans don’t believe the unemployment rate is 5%,” noting that, despite the ‘official’ U-3 unemployment rate, people believed that unemployment was much higher, around 9% or more, which I pointed out was close to the U-6 unemployment rate at the time. And no matter what the official ‘numbers’ are, when a gallon of milk has gone up 121.21% in just over a year, inflation certainly feels higher than 5.7%

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Bidenomics: Inflation is at a 40-year high, and wages are growing far more slowly than prices

I am old enough to remember the late 1970s and early 1980s. The United States was stuck in what some called ‘stagflation,’ with stagnant economic growth coupled with high inflation. Former Governor Ronald Reagan (R-CA) used what he called the ‘misery index,’ the total of the inflation and unemployment rates to hammer President Jimmy Carter right out of office in the 1980 election.

Christopher Rugaber of the Associated Press wrote an article entitled,[1]Article titles in newspapers are more commonly written by the papers’ editors than the authors, so Mr Rugaber may not have written the article title. in The Philadelphia Inquirer, U.S. inflation might have hit a 40-year high in January: Economists have forecast that when the Labor Department reports January’s inflation figures Thursday, it will show that consumer prices jumped 7.3% compared with 12 months ago, saying:

    Economists have forecast that when the Labor Department reports January’s inflation figures Thursday, it will show that consumer prices jumped 7.3% compared with 12 months ago, according to data provider FactSet. That would be up from a 7.1% year-over-year pace in December and would mark the biggest such increase since February 1982.

Well, the unnamed economists got it wrong: it was 7.5%!

    Prices climbed 7.5% in January compared with last year, continuing inflation’s fastest pace in 40 years

    High inflation is undermining a robust recovery, testing policymakers at the Federal Reserve and White House

    By Rachel Siegel and Andrew Van Dam | Thursday, February 10, 2022 | 8:32 AM EST

    Photo at closest gas station to my house, taken on February 2, 2022.

    Prices continued their upward march in January, rising by 7.5 percent compared with the same period a year ago, the fastest pace in 40 years.

    Inflation was expected to climb relative to last January, when the economy reeled from a winter coronavirus surge with no widespread vaccines. Today’s new high inflation rate reflects all the accumulated price gains, in gasoline and other categories, built up in a tumultuous 2021.

    In the shorter term, data released Thursday by the Bureau of Labor Statistics also showed prices rose 0.6 percent in January compared with December, same as the November to December inflation rate, which officials revised upward slightly.

    As with previous months, higher prices reached into just about every sector of the economy, leaving households to feel the strain at the deli counter, shopping mall and just about everywhere else.

There’s more at the original.

That photo, taken by me on Groundhog Day? On Tuesday, February 8th, 87 Octane regular gasoline was up to $3.259 per gallon locally.

President Reagan, who defeated President Carter by a large margin, saw the Republican Party lose a significant number of seats in the 1982 elections as inflation remained high and recession struck.

    Sharp inflation has undermined an otherwise robust recovery. The economy has rebounded remarkably since plunging into recession almost two years ago. Over the past 12 months, the U.S. economy has added nearly 7 million jobs and average hourly earnings have climbed 5.7 percent. The overall economy has shown relative resilience to new waves of the coronavirus, and stocks have bounced back from their volatile start to 2022.

If wages have risen 5.7%, but inflation is at 7.5%, it’s pretty simple: American workers are falling behind, are becoming poorer in relative terms.

    High inflation has left an indelible mark on the economy, including the highest price increases for housing, food and energy that many workers have ever seen. And questions loom about how or whether policymakers will be able to rein prices back in without slowing the recovery or even causing another recession. The answers will have enormous implications for policymakers at the Federal Reserve and in the Biden administration.

That has always been the problem, and was a large part of the problem that faced Presidents Carter and Reagan; the halting of inflation meant a recession.

The timing is different this year: we are not in a recession, but if there is one, after the elections, and it persists into 2023 and 2024, it could encourage the voters to throw the Democrats out of the White House. The Republicans will point out that the economy was strong, with very low inflation, during President Trump’s term, prior to the COVID-19 outbreak and the government’s draconian response to it, much of it ordered by state governors rather than the President.

The President doesn’t really control the economy — no one does — but he normally gets either the credit for a good economy or the blame for a bad one. Come election day, I will be very happy to see Joe Biden get the blame for a bad economy!

References

References
↑1 Article titles in newspapers are more commonly written by the papers’ editors than the authors, so Mr Rugaber may not have written the article title.
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Governor Andy Beshear hurts the poor in Kentucky

Steve Beshear, the former Governor of the Commonwealth of Kentucky, has a guesstimated net worth of $1.5 million. Mr Beshear spent almost his entire adult life in politics, and:

is an American attorney and politician who served as the 61st governor of Kentucky from 2007 to 2015. He served in the Kentucky House of Representatives from 1974 to 1980, was the state’s 44th attorney general from 1980 to 1983, and was the 49th lieutenant governor from 1983 to 1987.

He ‘suffered’ through an interregnum when he finished third in the Democratic primary for Governor, and he spent twenty years practicing law with Lexington’s prestigious firm of Stites and Harbison. Briefly put, Mr Beshear led a reasonably privileged lifestyle in the Bluegrass State’s second largest city.

The former Governor’s son, Andy Beshear, wound up leading a similarly privileged lifestyle, able to attend Vanderbilt University, the only private school in the Southeastern Conference, current estimated cost of attendance $80,546 per academic year, and then the University of Virginia School of Law, current estimated cost of attendance for out-of-state students $91,704 per academic year.

In 2005, he was also hired by Stites and Harbison. No ambulance-chasing for the younger Me Beshear.

The younger Mr Beshear was elected state Attorney General in 2015, and subsequently Governor in 2019.

When the COVID-19 pandemic, or panicdemic as I sometimes call it, arose in early 2020, Governor Beshear issued draconian executive orders which shut down much of the ‘non-essential’ businesses in the Bluegrass State. Fifteen days to flatten the infection curve, we were told!

View from Natural Bridge, October 23, 2021. Photo by Dana R Pico. Click to enlarge.

Fast forward to this autumn. The Pico family visited Natural Bridge State Park on Saturday, October 23rd. It wasn’t a long visit, in that we didn’t have much time, so we took the skylift to the top of the bridge, from which I took the photograph.[1]Photos copyright by Dana R Pico. May be freely used with proper attribution.

When one of my Twitter friends replied, “I am surprised more leaves haven’t turned yet!” I resolved to return in two weeks to repeat the photo. So, we returned on Sunday, November 7th, and I got the photo, which will appear further down.

We had more time on Sunday, so while we took the skylift up, we decided to hike down Balanced Rock Trail, which ends not at the bottom of the skylift, but at Hemlock Lodge, the park’s hotel, gift shop and dining room facility.

Signs on the doors to Hemlock Lodge. Photo by Dana R Pico. Click to enlarge.

And Hemlock Lodge is where we found these signs on the doors, requiring masks for entry. Well, we didn’t have masks with us, and entered anyway, quickly discovering that the signs were mostly honored in the breach by park visitors, though employees did wear the infernal things.

What we also found was that the once-thriving restaurant was closed to dining! There were two ladies working therein, who would get carry-out orders. I asked them why the place was closed, and was told that the facility had been shut down due to COVID-19, and that was in March of 2020. Most of the staff had been laid off, and now, twenty months later, they still were not back.

Natural Bridge State Park is located in the Red River Gorge geological area, and straddles Powell and Wolfe counties in Kentucky. These are two very poor counties:

  • Powell County: The median income for a household in the county was $25,515, and the median income for a family was $30,483. Males had a median income of $26,962 versus $18,810 for females. The per capita income for the county was $13,060. About 18.90% of families and 23.50% of the population were below the poverty line, including 31.00% of those under age 18 and 20.00% of those age 65 or over.
  • Wolfe County: The median income for a household in the county was $19,310, and the median income for a family was $23,333. Males had a median income of $23,859 versus $18,952 for females. The per capita income for the county was $10,321. About 29.90% of families and 35.90% of the population were below the poverty line, including 50.20% of those under age 18 and 26.70% of those age 65 or over.

As much as people hear about jobs going begging for people, much of that is in suburban and urban areas; rural eastern Kentucky is not like that. When Governor Beshear — a Democrat, of course — shut down so much of the state parks, he put people out of work that had fewer prospects for finding something else.

View from Natural Bridge, November 7, 2021. Photo by Dana R Pico. Click to enlarge.

For restaurant workers? There’s Miguel’s Pizza, right across State Route 11 from the entrance to the state park, but it offers lower wages and doesn’t have state employee benefits. Governor Beshear, reared in wealthier Lexington, the scion of a prominent family, doesn’t really understand what he has done to rural Kentuckians, or, if he does understand, he doesn’t really care.

This has been the problem with the Patricians all along: they are so wrapped up in their own little worlds that they have lost any concept of what it is like for the plebeians. For the well-to-do, well, heck, two weeks to flatten the curve was nothing, they could handle it!

But for the working class, two weeks without their jobs isn’t nothing; it’s two weeks without bills getting paid. Governor Beshear doesn’t understand that, and doesn’t want to understand that.

References

References
↑1 Photos copyright by Dana R Pico. May be freely used with proper attribution.
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Good news from the Bluegrass State

This is great news on the opening day of COP26

Governor Jim Justice (R-WV) is a bit of a scumbag, owing millions of dollars to the Commonwealth of Kentucky for violations at his old, closed down coal mines here, money he hasn’t paid. Well, now he’s going to start to make it right, and to do so, he’s going to reopen four coal mines in the Bluegrass State, to do the required strip mine reclamation work, and produce coal to help pay for it.

    Official: Companies will hire workers, resume production at four Kentucky coal mines

    By Bill Estep | November 1, 2021 | 3:32 PM EDT | Updated: 3:40 PM EDT

    Companies tied to West Virginia Gov. Jim Justice plan to resume coal production at several surface mines in Eastern Kentucky, including two where state regulators argue Justice missed deadlines to finish reclamation, according to the president of the companies.

    Jim Justice’s son Jay, president of the Justice Companies, said companies have begun work to start producing coal at the Bevins Branch and Beech Creek mines in Pike County, the Bull Creek mine in Knott County and the Infinity mine in Harlan County.

    When all four are up and running, they will employ 120 people in mining jobs and another 30 in support positions, Jay Justice said.

There’s a lot more at the original, but the important part that I see is that 150 jobs will be created, and the left should be pleased: coal mining jobs are normally good paying union jobs!

Eastern Kentucky has become a very poor region as the coal mining industry slowly waned; 150 new jobs will certainly be welcome. More, coal mining creates downstream jobs, for the railroads and trucking, to haul the coal that is produced.