You feel the prices rising, and you're worried about war, the border, and governors and bureaucrats who just can't seem to give up on their "emergency" powers. You're probably among the 80% of Americans who say that they are not better off today than they were a year ago. That's according to a recently performed I&I/TIPP poll. According to Tipp Insights' Terry Jones: The poll asked: "Generally speaking, is your family better off today than it was one year ago, worse off than it was one year ago, or about the same as it was a year ago?" Fewer than one in five (20%) said they were … [Read more...]
Archives for March 2022
War Uncertainty Plagues Middle East with Threat of Famine
Ukraine is the breadbasket of Europe and the surrounding regions of the Middle East and North Africa. Without grain supplies from Ukraine and nearby Russia, food could become scarce and unaffordable in the region. Heba Saleh and Emiko Terazono report for the Financial Times: Russia’s invasion of Ukraine has made life even harder for Fadia Hamieh, a Lebanese university lecturer who was already struggling to make ends meet in a country with a failing economy. Since the start of March, flour has disappeared from the shops and the price of bread has increased by 70 per cent. “Supermarkets are … [Read more...]
Is there Any Oil Left? Saudi Aramco Says Market Is Tight
Saudi Arabia and the United Arab Emirates hold the bulk of the world's spare oil capacity. With prices for oil surging, Saudi Arabia's state run oil company, Saudi Aramco was asked if there was much oil to spare, and its answer was, essentially, "not much." Reuters reports: Global oil demand is growing healthily as economies recover from the pandemic and spare production capacity is declining, the CEO of Saudi Arabia's state oil company Aramco said on Sunday. Oil prices have surged to 14 year highs above $100 per barrel in recent weeks as Russia's invasion of Ukraine prompted fears of … [Read more...]
IT HURTS: Americans Can Now FEEL the Inflation
You know that measurements of inflation have been creeping up for months, higher and higher. But now you can probably can "feel" inflation, as it eats away at your savings and paycheck. That's the feeling many Americans are experiencing today. The Wall Street Journal's Julia Carpenter reports: The highest inflation in four decades became real for Matthew Rivera when he ordered a plate of chicken wings last month at a restaurant in the Catskill Mountains. He normally pays $8-10, and this time it was $20. The old, lower price was crossed out on the menu. “ ‘Inflation,’ ” was the explanation … [Read more...]
Record Orders for E-Bikes in Response to Surging Oil Prices
As oil prices have surged, Americans are turning to electric bikes to fill their transportation needs without relying on petroleum fuels. Bloomberg's Ira Boudway reports: The Pedego Electric Bike store in St. Louis normally closes for the month of February because there are not enough sales to justify keeping it open through the winter. This year, with an unusually large number of phone calls coming through, it re-opened early. February wound up being a “bonanza of a month” at the store, according to Pedego chief executive officer Don DiCostanzo, who oversees the e-bike brand’s 208 … [Read more...]
Tom Brady Is Proof You Shouldn’t Retire if You Still Love Your Work
You know that Your Survival Guy thinks you should keep working if you still can. For most Americans, the years just before retirement are the most lucrative. You've reached the top of your field, and are paid well for your experience and deep knowledge. Why give that up if you still love your work? Now, Tom Brady, who claimed to retire earlier this year has already decided to come back to football for another year. He obviously loves his work, and feels like he can contribute more to his field. The Wall Street Journal reports: Six weeks, basically. The life cycle of a hardy mayfly. A brief … [Read more...]
Americans Find the Limit of Their Patience With Price Increases
A mixture of stimulus checks and changes in buyer behavior during the COVID-19 pandemic led to a massive increase in consumer spending. Now, with inflation at 40 year highs, shoppers may have finally reached the limit of what they are willing to pay for certain goods. Suzanne Kapner reports for The Wall Street Journal: Apparel retailers and department stores are bumping up against pockets of price resistance, a sign that consumers are curtailing spending as inflation remains at the highest level in four decades. Macy’s Inc. M +1.47% tried to raise prices on some mattresses and sofas by … [Read more...]
Arizona Wins Major Flat Tax Victory
Arizona residents have avoided a major tax increase on higher incomes after a judge ruled the tax unconstitutional (per the Arizona state constitution). The surtax would have charged some Arizonans an 8% marginal tax rate, but after the judge's ruling, Arizona's tax rates will actually fall to some of the lowest in the nation by 2024. That year, Arizona will phase in the lowest flat tax rate in the country (for states with an income tax), of only 2.5%. The WSJ editorial board writes: Nixing the surtax means Arizona will soon have a flat tax of 2.5% on individual incomes, the lowest flat rate … [Read more...]
Biden Fed Pick Withdraws from Consideration
Sarah Bloom Raskin, Joe Biden's top pick for the Federal Reserve's financial regulation vice-chairmanship has withdrawn from consideration after her nomination was opposed by numerous senators from both major parties for her past partisanship. Colby Smith reports in the Financial Times: Joe Biden’s pick to lead financial regulation at the Federal Reserve withdrew her nomination on Tuesday, after the centrist Democrat Joe Manchin joined Republicans in opposing her confirmation. In a letter to the US president first reported by The New Yorker, Sarah Bloom Raskin, a former Fed board member … [Read more...]
ESG Managers Fail the China Test
You know by now that ESG fund managers are using investor dollars to pursue their own political goals. That's why Your Survival Guy encourages you to invest in individual stocks and bonds with the help of an investment advisor who has a fiduciary responsibility to you. ESG funds, on the other hand, are selling you something different. They want you to buy their view of the world. And while they may talk a big game, the reality is that their ESG principles only seem to apply to countries in the U.S.A. In National Review, Andrew Stuttaford implies that when there's money to be made in China, … [Read more...]