governmentspending
Happy Tuesday, and welcome to another edition of Rent Free. This past week is a rare one where all the major housing news is happening at the federal level. Major developments include: The announcement of the first round of "Baby YIMBY" grant awards, and housing advocates' disappointment at where this first tranche of money is going.House Republicans call for cutting federal housing programs, including total defunding of the enforcement of fair housing regulations.President Joe Biden's endorsement of "rent caps" in a debate performance made headlines for a lot of other reasons.But first, our l...
Reason
Getting this high should be illegal. Parody of Afroman's "Because I Got High" written by Remy; performed by Remy; mastering by Ben Karlstrom. LYRICS: I was gonna buy some dronesBut it'll go highI was gonna forgive all these loansSir, it'll go highYou can't print trillions at will—don't you know why?Why man? Yeah yeahBecause it got highBecause it got highBecause it got high See back before we printed cashIt was not highIt can be not high?Back when dollars were backed by these stacksIt was not highI'm not followingThe dollar's lost this much since then—do you know why?Why man? Yeah yeahBecause i...
Reason
One of President Joe Biden's pledges upon entering office in 2021 was to expand Americans' access to high-speed broadband internet. But despite apportioning tens of billions of dollars to the task, not one person has been connected to the internet as a result of the initiative. Contained within the 2021 infrastructure bill, the Broadband Equity Access and Deployment (BEAD) program authorized more than $42 billion in grants, to "connect everyone in America to reliable, affordable high-speed internet by the end of the decade." "In 2021, the Biden Administration got $42.45 billion from Congress t...
Reason
You can add the Internal Revenue Service to the ranks of federal agencies conceding that raining taxpayer money on all and sundry to offset the negative effects of pandemic-era closures didn't go as well as intended. Not only was a program meant to offset the cost of paying workers during lockdowns and voluntary social-distancing prone to being gamed, but the "vast majority" of claims submitted to the program show evidence of being fraudulent. The Tax Man Is Shocked To Discover FraudstersIn the course of a detailed review of the Employee Retention Credit, "the IRS identified between 10% and 20...
Reason
"Did you hear the one about the world's greatest watch thief? He stole all the time." But even that guy might be impressed by the sticky fingers of the National Responsible Fatherhood Clearinghouse (NRFC), a tiny corner of the Department of Health and Human Services (HHS) that managed to pilfer nearly $75 million in taxpayer money last year to maintain, among other things, an official government repository of "dad jokes." It's funny—but not in a good way. The agency's website is the source of the cringey joke above, along with other forehead-slappers such as "Why don't you ever see elephants h...
Reason
Calls for more public school spending are growing louder in states like Texas, Pennsylvania, and New York. "You will see terrible cuts," warned Texas State Representative Jon Rosenthal, who is leading a group of Democratic lawmakers demanding that Gov. Greg Abbott call a special session to boost education funding in the state. Public school budgets are a mess heading into next school year but it's not for a lack of dollars—President Joe Biden's COVID-19 windfall for public schools is backfiring. During the pandemic, Congress doled out $190 billion in K-12 relief aid, which created a fiscal cli...
Reason
U.S. inflation reached a whopping 7.9% in February, the highest in almost four decades. At this stage, several causes have been weighed from different political fronts, but government spending is the main culprit, according to a new study by the Federal Reserve Bank of San Francisco. U.S. Inflation CausesQ4 2021 hedge fund letters, conferences and more The government’s spending agenda has included a massive $6 trillion in relief measures to dampen the economic effect of supply chain issues, lockdowns, and unemployment, all related to the Covid health crisis. Out of this amount, lawmakers appro...
ValueWalk
Gold had an interesting week, as the start of the fourth quarter draws in mixed reports, stemming from weak jobs reports, continued COVID-19 restrictions, record-high oil prices, supply chain bottleneck, and inflation. The Fed continues to give mix signals as to what policies they will implement to help curb inflation and give a substantial boost to the economy. Recently, the Fed’s Jerome Powell mentioned the possibility of tapering COVID era policies, but yet, we do not know what tapering measures will be implemented. Q3 2021 hedge fund letters, conferences and more Government SpendingIn Wash...
ValueWalk
In hisDaily Market Notes report to investors, while commenting on the global supply chains, Louis Navellier wrote: Q1 2021 hedge fund letters, conferences and more Yield AberrationsThe yield on the 10-year note, which ended March at 1.74%, went as low as 1.53% last week in a surprising move that defied the various reports showing higher inflation rates and decidedly strong economic activity. There were various assumptions offered for why this counter-intuitive move in rates took place, ranging from short-covering activity, to foreign buying interest, to a sense that economic and earnings growt...
ValueWalk
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