From CNBC:
Mortgage rates jump back over 7% as stronger economic data rolls in
The average rate on the popular 30-year fixed mortgage crossed over 7% on Monday for the first time since December, hitting 7.04%, according to Mortgage News Daily.
It comes after the rate took the sharpest jump in more than a year Friday, after the January employment report came in much higher than expected. Rates then moved up even more Monday after a monthly manufacturing report came in high as well.
Mortgage rates have been on a wild ride since the summer, briefly crossing to a 20-year high of 8% in October. Rates then fell sharply, as investors saw more and more evidence that the Federal Reserve would end its latest phase of interest rate increases.
…
“The rapid increase in rates over the past two days is actually not too surprising given the fact that the market was widely seen as overly optimistic on the Fed rate cut outlook. The Fed has repeatedly pointed to economic data having the final say in that outlook and data has been shockingly unfriendly to rates as of Friday morning’s jobs report,” said Matthew Graham, chief operating officer at Mortgage News Daily.
As mortgage rates fell over the past two months, buyers seemed to be returning to the market. That coincided with a slight uptick in the number of homes for sale. Total inventory, however, is still historically low and is keeping competition high. It is also keeping home prices stubbornly hot.
first
Drat
10 yr 3.50
fawth
Total inventory, however, is still historically low and is keeping competition high. It is also keeping home prices stubbornly hot.
This is standard for the NJ/NY/CT area. Soon enough, muppets may be offering physical pleasures to secure their bid.
“physical pleasures to secure their bid.”
The signs going up.
1) When talking heads keep using the term ‘Inflation is lower’, do the muppets understand the rocket is still rising in altitude, albeit at a slower velocity but has no chance of retreating?
Joe… JOE. Omg…. JOOOEEE!!
“These truths we believe! You know, the thing! Magas went to kill your baby! Hey folks, look!”
Joe, you’re in your living room, not on a podium.
“I don’t use that stuff, it binds me up too much.”
Joe, you met with Macron, not Mitterrand; he’s been dead since 1996.
“Ahh.. I love Macarons! Ya got any?”
C’mon Ed. It rises in altitude every year. It is under 3% so Fed is done. Biden conquered it. Nothing but smooth sailing..except for anyone white collar and not in sales role. They are unnecessary trash in corp America apparently.
House down street sold for nearly ask 1.4m. Young mid 30s NYC couple – one Android expert at some niche tech firm and wife worked for V&gina monologues or something. Wonder who is paying the mortgage?
Now, new build down street confidently asking 1.6m. My neighbor was a sanitation worker when he moved to this neighborhood. We are in loony land.
Bystander,
Maybe the boomers are giving the youngins’ the money to buy these houses. Maybe Phoenix can weigh in. lol.
Bystander: Bloomberg had an article yesterday, 32,000 tech layoffs so far in 2024( I guess AI is considered a sub- set of tech, and not affected), plus thousands of other white collar layoffs, so who is buying these houses with million dollar price handles? The jobs numbers are strong, but where is the growth coming from? Retail, hospitality?
About 70 New York City housing Authority employees have been arrested in a federal raid.
The New York Post reports that dozens of employees and contractors were taken away by police in handcuffs after the raid on Tuesday.
The workers are expected to be charged in connection with a variety of alleged corruption and kickback schemes, sources told NBC New York.
Corruption. Another word for American corrosion. Like the frame of a Ford truck.
“Experts said that to get inflation under control we needed to drive up unemployment.
We found a better way.
Under my plan, unemployment has been under 4% for two full years now, and inflation has been at the pre-pandemic level of 2% over the last half year.”
– President Joe Biden
3b says:
February 6, 2024 at 9:16 am
so who is buying these houses with million dollar price handles?
Well the last time it was janitors without jobs. I’d bet there is plenty of fudging going on at lenders, there will be a scandal, they will ask for a bailout, and the balance will be added to the national debt.
neighbors around the corner listed their beaten down 4 BR for 800k. If they get it, I’ll list mine…I don’t care…I’ll move to a 2 BR apartment.
This video is old. Didn’t take long for this to come very close to reality using off the shelf parts- we are almost there, or actually there and testing this now:
https://youtu.be/9fa9lVwHHqg?t=17
“We found a better way. Under my plan, unemployment has been under 4% for two full years now, and inflation has been at the pre-pandemic level of 2% over the last half year.” Joe Biden.
Yeah, great idea, since spending 1.5 dollars to produce 1.0 dollar of GDP is sustainable plan.
Eh, no worries, we’ll make it up on volume…
Dumbass.
Toby Keith dead at 62. Poof you are gone.
His best song. Tells the truth about employers.
https://youtu.be/FA1oQu6z5oo?t=19
There is no AI revolution. It is on white papers and POCs. You can’t have a tech revolution. without millions of tech workers doing the changes needed in legacy systems. If there is one then work is in India. That is how you know it is hubris in US.
Honestly, I am 51 and now perhaps going to take a play out of boomers book. To keep this charage going, Fed will print trillions over next 20 years and blow it up further. My house will be 2-3m in 15 years and dow 50k.. I can happily float with some nothing job while my retirement is taken
care of. Why fight the salmon? I had one contact this week and job was “remote” except I had to spend 1 week a month in LA. My guess was some SVB order. Range was wide and the top was already my current pay. This is stuff out there…zippo
Wells Fargo, Bank of America, US Bank, Citizens, TD and KeyBank among those that file to shut 139 bank branches in January alone.
Request a zoning change, some 2×4’s. You can can make a nice house out of a bank. Most come complete with two attached carports and a sound deadened room for watching movies on Netflix.
Bystander says:
February 6, 2024 at 10:12 am
There is no AI revolution. It is on white papers and POCs. You can’t have a tech revolution. without millions of tech workers doing the changes needed in legacy systems.
Reminds me of the beginning of the movie Falling Down with Michael Douglas.
He was some sort of engineer guy.
https://www.investors.com/etfs-and-funds/sectors/sp500-morningstar-calls-cathie-wood-the-worst-wealth-destroyer/?src=A00220
Morningstar Calls Cathie Wood The Worst ‘Wealth Destroyer
ARK ETF Trust, which runs the popular ARK Innovation ETF (ARKK), has wiped out $14.3 billion in investors’ wealth over the past 10 years, says a new analysis from Morningstar. That ranks it as the No. 1 wealth destroying fund family in that time. ARK has vaporized twice the value of No. 2, KraneShares, Morningstar says.
“After garnering huge asset flows in 2020 and 2021 (totaling an estimated $29.2 billion), its funds were decimated in the 2022 bear market, with losses ranging from 34.1% to 67.5% for the year,” said Morningstar’s Amy Arnott. “Many of its funds enjoyed a strong rebound in 2023, but that wasn’t enough to offset their previous losses.”
Wouldn’t that make her the best wealth destroyer?
Swifties going after Musk.
Hey making a claim like this is a lot better than having to show up for work every day to get a check. Make an accusation, let the lawyers settle, enjoy the cash. If I owned a business I’d never hire a woman. The risk is just too high.
Seven former workers at Elon Musk’s SpaceX claim company execs discriminated against women, joked about sexual harassment and fired workers when they complained
Per the complaint, reported by Bloomberg, the workers were fired by the SpaceX in 2022 after a letter circulated through SpaceX that was critical of Musk
They claim they were subjected to inappropriate behavior and sexual jokes
LOL, my current favorite CW shell game is her own spot BTC ETF on which she needed to seriously haircut the proposed management fee to be competitive so she then…stuffs her ARK funds with the BTC ETF…
Twice as many fees!!!
She’s a fraud. I was in the incompetent camp, but believe there’s intent. Flat out fraud.
Bystander: I don’t understand that , aren’t AI people part of tech? So why all the tech layoffs, are they the non AI tech people?
We get pizza. Usually cold and coagulated by the time you get to eat it.
Well done Taylor, I should have worked for you.
Taylor Swift spends $160,000 on lavish Car tier and Louis Vuit ton gifts for her team after she made history by winning fourth Best Album Gram my
No Presidential Immunity for Donny.
Waaammmmp waaaaammmmmmmp
She’s a fraud. I was in the incompetent camp, but believe there’s intent. Flat out fraud.
America runs on Dunkin, and fraud.
People complaining their used Tesla price is going down. Funny how they always mention this from MSRP vs what they paid after the government tax break as if that didn’t count in the purchase price.
Tesla shares plummeted to a nine-month low after Europe’s largest software company SAP said today it would no longer buy the cars for its staff.
The German company joins car rental firms Hertz and Sixt in pulling back from purchases of Teslas.
A key problem for all three firms has been Tesla slashing prices on new cars – hitting their resale value. Depreciation is typically the biggest risk for fleet managers.
BREAKING NEWS!
A federal appeals court rejected Donald Trump’s claim that he was immune to charges of plotting to subvert the results of the 2020 election.
Tuesday, February 6, 2024 10:20 AM ET
The ruling answered a question that an appeals court had never addressed: Can former presidents escape being held accountable by the criminal justice system for things they did while in office?
BRT, re: Kraneshares I went long KWEB last month when RSI touched 30.
Chart not pleasant but not repugnant, it was nearing technical levels and if there is a ‘safe’ China stock the interwebs is likely it.
Some shares plus a good dose of options so low risk/high return stuff…
May still be worth a look.
Trump can choke on Putin’s dick.
“People complaining their used Tesla price is going down. Funny how they always mention this from MSRP…”
Issue really is TSLA price cuts…plus crazy repair costs.
Mentioned a while back when someone here was taking delivery that a TSLA is one vehicle I would lease as opposed to buy since I most certainly want a hard put back at a pre-determined value for that vehicle and not be subject to market whims…
The police commissioner in NYC is reporting that illegals are now teaming up on mopeds grabbing purses from women and selling phones, whatever sensitive information is on the phone, cash, the bag itself, etc. One woman was dragged and smashed into a parking meter pole. The criminals have no ID, no information, no licenses, nothing. They don’t even know their names or DOB. These are organized groups and it’s happening in other cities, too.
Hey those women’s purses are worth more than some used cars these days. No wonder they hold on to them while being dragged into a parking meter. They had to spend a weekend with a guy they despised in order to get that prize.
Fast Eddie says:
February 6, 2024 at 10:45 am
I understand your fear Eddie. They might just come after your Louis Vui tton satchel you keep filled with Chex Mix.
https://www.opensecrets.org/orgs/top-donors
Under my plan, unemployment has been under 4% for two full years now, and inflation has been at the pre-pandemic level of 2% over the last half year.”
– President Joe Biden
Wake up Joe! Food inflation is up 33% since your term started… that is what people are paying for your failed policies. Biden tells crowd he recently met with Mitterrand, former French president who died in 1996, maybe next Biden can talk with Abe Lincoln, and George Washington. That would be impressive.
I agree. It’s really beginning to become harder in order to make a downpayment to buy a house. I guess you gotta do what you gotta do. Hehe.
Fast Eddie says:
February 6, 2024 at 10:45 am
The police commissioner in NYC is reporting that illegals are now teaming up on mopeds grabbing purses from women and selling phones, whatever sensitive information is on the phone, cash, the bag itself, etc.
Oops. Yeah, not even the house downpayment. Just to pay for food inflation. Hehe.
Man’s gotta eat ya know. Welcome to the jungle. You do realize that humans are just a (supposedly) evolved form of animal.
Fast: Some would say it adds to the electricity, excitement, and edginess of NYC. I wonder how these individuals are getting money to buy mopeds? They should be caught and immediately deported.
10:58 you can also choke on Putin’s cock.
You care about women’s purses but not about women’s reproductive rights?
Fast Eddie says:
February 6, 2024 at 10:45 am
The police commissioner in NYC is reporting that illegals are now teaming up on mopeds grabbing purses from women
Don’t let people work for six months and keep them in deplorable conditions and a few will resort to crime. I’m sure the vast majority of this purse snatching nonsense is not being done by immigrants. For the past two years, I’ve seen countless videos of African Americans mobs surrounding an innocent driver at a red light and then damaging their car for the fun of it. I suppose all African Americans should now be returned to Africa. No?
“You care about women’s purses but not about women’s reproductive rights?”
Doesn’t fit the political narrative.
Taiwan, Thailand. You would have thought we should have impeached Trump over THAT slip-up.
Again. Stupid politics during an election year.
Hehe.
Very Stable Genius says:
February 6, 2024 at 11:45 am
You care about women’s purses but not about women’s reproductive rights?
LAX says:
February 6, 2024 at 11:34 am
10:58 you can also choke on Putin’s cock.
Not interested after it’s been in your azz.
Hehe.
11:47 stupid people during an election year.
Jim..,,guuuuuurgle that dick
You care about women’s purses but not about women’s
reproductive rightsright to bash the infant’s skull in like a baby seal?Fixed it.
Better to use a hanger.
Or a Dyson with the crevice nozzle.
Lib: All due respect, but you know better than that. If it’s determined that they are in fact illegal migrants, and they are engaging in this type of criminal activity they should be deported. Comparing that to sending African Americans back to Africa is not a valid justification or explanation. It’s bad enough that people are subject to crime from our own citizens, but for people who were welcomed and taken in to engage in this criminal activity is appalling. And, it reflects badly on the migrants who are trying to establish a life for theme here. Trying to justify this behavior because of the “ appalling” conditions they have been living in is wrong.
That’s called grasping at straws. Seeing a lot of that when people try to defend what is approaching a catastrophic failure of leadership. Nearly the entire planet is enveloped in chaos.
12:07 are you skeeeeeeered????
Now that executive branch activity is open for criminal prosecutorial scrutiny it open up a lot of possibilities going forward. Mayorkas garland blinken and the rest better start burning their papers.
Guess with all the chaos we need a dictator or in Trump’s case a compromised asshole up to his eyeballs in debt to Russia. That’ll fix things.
I have issues buying any Chinese stock now. They basically froze anyone’s Russia holdings, including ETFs. Anyone holding it at the time of invasion basically has to assume it’s a 100% loss.
3b,
I am in support of deporting any immigrant that commits a crime. My issue is sensationalizing what is probably a one-off case of purse snatching to the millions of immigrants that are lawful.
Stay away from foreign exchanges. BRT. Keep it simple. There is plenty of money to be made in our much better regulated exchanges.
lol. Don’t tell me, the dossier. You’ve been browbeaten into supporting endless wars. The neocons own you.
Anyone here OK with Trump being re-elected and pardoning himself for criminal conviction(s)? If so, please explain.
Also, on the Trump presidential immunity case. It’s a good thing it didn’t pass. If it did, then Joe could immediately lock up Trump unlawfully.
You clearly do not understand the question at issue.
TraitorJoe says:
February 6, 2024 at 12:10 pm
Now that executive branch activity is open for criminal prosecutorial scrutiny it open up a lot of possibilities going forward. Mayorkas garland blinken and the rest better start burning their papers.
After months of giving Republicans many of the things they asked for, McConnell and the Republican conference are ready to kill the national security supplemental package, even with the border provisions they so fervently demanded.
– Senator Schumer
Lib: If it’s in fact a one off case I agree, but we don’t knows that at this time.
My rightwing friends might be disappointed, but America is country of laws and nobody is above it.
This reality is out of Biden’s control, but I agree that the unspoken reason for this economic resilience in the face of FF 550 appears to be a massive stimulus called the 2023 Federal Expenditures continuing into 2024. Coupled with the inexplicable choice to refund and new issue into the shortest and most expensive part of the curve.
Seriously. WTF?
leftwing says:
February 6, 2024 at 10:04 am
Yeah, great idea, since spending 1.5 dollars to produce 1.0 dollar of GDP is sustainable plan.
12:15 when you are the biggest baddest motherfucker on the planet sometimes you gotta choose sides. We didn’t start the fire.
Keep telling yourself that.
Very Stable Genius says:
February 6, 2024 at 12: but America is country of laws and nobody is above it.
Stu: kind of thinking you may be right with your channel. We are looking very toppy. Just watched LLY blast off this morning and then watch it fade as if someone dropped a solid block of ice into scalding water. To your analysis, we don’t have to sell off, we can work it off with time.
I almost posted the same thing after I looked at the charts this morning. Instead of blasting through the top of the channel, which would signal danger if we dropped backed in (especially more than twice); a slow melt upwards (for a change) would be the best indicator to leave your investments be. Consolidation, is the term I hear volleyed around when this occurs. Though my paper wealth looks great when the market is skyrocketing. I know it’s most likely going to be short-lived. I would much rather see the market move up 1/4 to 1/2 percent a day. Heck at 252 trading days a year. Even at 1/4 point, you are looking at a 63% gain.
If there was one reason I would want Trump to be reelected, it would be to watch the market go straight up, before it imploded. Of course, I would be 100% out of it long before the reversal. But I’d be able to retire within a year or two very comfortably.
BRT, I remember that. RSP. Had some. Made life interesting for some option holders who had massive gains but couldn’t get out of positions because the underlying wasn’t deliverable. Think some brokerages got hit as the intentionally tied up clients positions….
TJ, forget running Exec branch members. Let’s start rounding up Congress…. some Senators, Pelosi planes touch down in FL or TX cuff the fuckers and perp walk them off the tarmac.
LFG!!!!
on the doubling of fees, she did that on another one of her funds, holding the one of her ETFs within the ETF. How is that even legal?
Ask Pumps.
BREAKING NEWS!
Mother of Michigan Gunman Found Guilty of Manslaughter
Jennifer Crumbley was convicted on four counts of involuntary manslaughter, one for each student her son killed in Michigan’s deadliest school shooting.
Married Michigan mother was getting it on the parking lot with local fireman…
As long as it is disclosed. Also, the standard practice is to rebate back so the net effect is neutral. Usually, the market does the work if the cost is out of line (i.e. Grayscale’s Bitcoin ETF).
BRT says:
February 6, 2024 at 2:14 pm
on the doubling of fees, she did that on another one of her funds, holding the one of her ETFs within the ETF. How is that even legal?
Not that it matters anymore, but consumers added another 50 billion dollars in credit card debt during the 4th quarter of 2023. American credit card balances are now 1.13 trillion. Car loan balances added another 12 billion in the 4th quarter , and now stand at 1. 6 trillion. Credit card delinquencies and car loan delinquencies are now at their highest level since 2011 and 2010 respectively. This data from NY Fed Reserve Bank.
This appears to be posted 6 weeks ago, but it must have been recorded somewhere around 2016-2018. If you are looking for insights into equity analysis spoken in plain language, this (very long) discussion is interesting. It touches on all the important basics in a comprehensive way. For the ADHD afflicted, you will tune out in about 2 minutes. The skinny, it does not have a single a-ha. It is a series of maybe 20 breadcrumbs sprinkled out start to finish. If you take the (85 minutes), you will be rewarded. Don’t take it in one slug. Try 10-20 minutes at a time.
https://www.youtube.com/watch?v=zjXvbJUnCsM
200 MPH at 3 and 4 wide. The tires are filled with nitrogen or combination of air and nitrogen because nitrogen is more stable and doesn’t heat up as much. Which, at 200 MPH and track temperatures approaching ‘roasted chicken’ levels, one could see why. On super speedways (and some other tracks), the right rears are slightly lower inflation because that’s where the car has a tendency to want to get loose up the track.
For you single engine pilots, think of what a prop is trying to do as you hold the plane steady. If you’re not fighting the car enough, you have air turbulence around you and even when you break out of a pack, another driver is trying to side draft you. In the side draft, one car gets close to the back quarter panel and creates turbulence in the wheel wells while taking the air off the rear spoiler. This drags the car back but doesn’t make the other car faster. You’re just trying to slow the other guy down. If you side draft, you better move out quick or else you’ll get sucked right in. It’s a few inches from the panel and then move! In the banking, up to 32 degrees, the downforce on the car is significantly better (heavier) than in the straight runs, where the car is lighter and will get turned and cause a huge wreck. None of this has nothing remotely to do with green flag pit strategies, wheel camber, suspension adjustments, fuel strategy and stage strategy.
Do yourself a favor and experience a super speedway in person at least once… either Atlanta, Talladega or Daytona. Stand by the fence when they approach turn four coming to the flag stand. As they pass, your heart and breathing will stop for about ten seconds. Imagine being in one of these machines at 200 MPH, 2 inches off someone’s bumper. I have a friend who works in the industry, there’s petabytes of data collected off of one race alone.
https://www.youtube.com/watch?v=epLgbfKSqQ8
LAX says:
February 6, 2024 at 11:52 am
Jim..,,guuuuuurgle that dick
I see stoner is back with nothing but stupidity to add. Did your mommy give you money to get more dope dope?
Very Stable Genius says:
February 6, 2024 at 2:51 pm
Married Michigan mother was getting it on the parking lot with local fireman…
You should be happy there both registered Democrats.
Very Stable Genius says:
February 6, 2024 at 12:30 pm
My rightwing friends might be disappointed, but America is country of laws and nobody is above it.
Does that mean Joe goes to jail with influence pedaling? Just asking.
What’s the difference between influence pedaling and making your 400-person detail shack up in one of your vacant hotels?
Let me simplify.
On the taxpayer’s dime.
Libturd says:
February 6, 2024 at 4:02 pm
I am not defending Trump, just showing what a hypocrite VS Genius is. I would much rather have Haley running because Trump could easily lose to Biden. Only because people will vote for Biden because of the dislike of Trump. Biden must go before this country collapses.
3:33 dude I’m semi retired, semi erect, and counting on you Jim.
3b,
Sorry but in the mines all afternoon. In my experience, Robotics, ML and AI are not treated as core technology but research. They are programs that run proofs which are adopted more broadly in time. We can be aligned to these initiatives but very rare. In nearly 6 years, I think only one or two production accounts have
been created for AI /ML use cases. Prod accounts are managed very tightly and not seeing new ones, not even much in lower testing environments. Perhaps it is coming but I am not seeing it in my area at all
I don’t think the country is collapsing. As a matter of fact, I would be more concerned about Trump’s 10% tariff plan than anything Biden did or is doing. Really, the major difference between the two is that one bragged about every so called accomplishment and the other has similar accomplishments but doesn’t. Of course, Trump and the entire right wing so-called media keeps telling you otherwise even though all economic indicators reveal otherwise. It’s like the stolen election. I bet if you polled all Republicans, about 90% would say the election was stolen. Of course there is absolutely zero evidence. But if you repeat something enough, it eventually feels plausible. Heck, Trump and Biden are only three years apart. If you said Biden wore diapers in 2020, well Trump must be on his second year.
Truthfully, I really wish there was a better candidate than having to choose between two old geezers and one who you can’t understand versus one you wish you couldn’t understand. Haley would be fine by me too. But Trump and his Pavlovian minions will see to it that her political career is over.
LAX says:
February 6, 2024 at 4:21 pm
3:33 dude I’m semi retired, semi erect, and counting on you Jim.
Semi retired….YOU NEVER WORKED, probably the laziest person on the board. With a fried brain that shows whenever you post. Why don’t you go play with yourself just make sure you clean up before wifey gets home.
I don’t think the country is collapsing.
What do you call 34 trillion dollars in debt along with highest credit card debt ever? Even Powell says it is unsustainable , crime is through the roof, multiply that by all the illegals that we pay all food, clothing , healthcare, shelter and now NY is going to pay each one $1,000 a month to pay for their food mayor thinks it will save some money. It will catch on in all sanctuary cities. Guess where all that money comes from. We will become a third world country or be blown to bits with Iran’s new nuclear bomb. Go to the food store lately?
4:28 never ever???
I think the country is collapsing. We are refusing to enforce our laws, we’ve weaponized the media/judicial system. We have a government that lies to us on a daily basis. We are basically in the stripping pipes in the house for the leftover copper phase of the country. That being said, historically, when countries collapse, they can have very strong and rapid rebounds with no large government to waste massive amounts of resources. They can also go the other way be mired in mediocrity for decades.
the only thing collapsing is Maga
I will answer each of your points separately.
Our debt spending as a percentage of GDP is not much higher with Biden than it was when Trump was in office. Trump’s corporate tax plan failed miserably in the long term and even before Covid, the debt was increasing. Factor in all of that stupid and fraud-ridden Covid stimulus and Biden is spending less now than when Trump left office. And don’t forget, Trump did it with ZIRP in effect and never went a day without telling you how amazing his economy was, especially at the lower tiers. Just like Biden’s. But Biden’s was even better. Of course, you don’t know this because you get your news from the Right wing media.
https://fred.stlouisfed.org/series/GFDEGDQ188S
The higher credit card and auto loan debt is most likely the result of two effects. One, mortage debt is way down so people feel safe about carrying higher debt limits on other things. Two, inflation makes the number look larger. We had wage inflation to go along with good old retail inflation. Most importantly, debt has been increasing at the same general rate even without adjusting for inflation since 2014. Adjusted for inflation, it may actually be slowing. Of course, you don’t know this because you get your news from the Right wing media.
https://www.newyorkfed.org/microeconomics/hhdc
Crime is through the roof you say. Well actually, it isn’t. Of course, you don’t know this because you get your news from the Right wing media.
https://www.nbcnews.com/news/us-news/people-think-crime-rate-up-actually-down-rcna129585
On immigration, you are correct. It is a drain. Not as much as we pay for poor hillbillies and poor urban families. But it is a net drain. On average, $63,000 per illegal over their lifetime. Currently, illegal immigration costs about 180 billion per year. In comparison, defense spending is 760 billion per year. Medicare alone costs 933 billion a year. It will be quite a while before we are all living in shanty towns. Of course, you don’t know this because you get your news from the Right wing media.
“Illegal immigrants are a significant net fiscal drain — paying less in taxes than they use in public services. The primary reason they create more in costs than they pay in taxes is their relative low levels of education. Based on prior research, 69 percent of adult illegal immigrants have no education beyond high school, compared to 35 percent of the U.S.-born. As a result, they tend to earn modest wages and make modest tax contributions even when income and payroll taxes are taken out of their pay. This fact, coupled with the relatively heavy demands they make on public coffers — especially for education, health care, and means-tested programs — is the reason they are a net fiscal drain. We estimate that 59 percent of illegal immigrant households use one or more major welfare programs, costing roughly $42 billion a year. At the local level, the largest single cost is for public education. We estimate the cost of educating the children of illegal immigrants, most of whom are U.S.-born, totals $69 billion per year. While illegal immigrants often receive other services for their U.S.-born children, even when we estimate the net fiscal impact of just the illegal immigrants themselves, excluding their U.S.-born children, we still find they create a lifetime net fiscal drain of $68,000 on average (taxes paid minus benefits received). Even though illegal immigrants are net fiscal drains, they do pay a significant amount in taxes. We estimate illegal immigrants pay $25.9 billion a year to the federal government. Unfortunately, their tax contributions do not cover their consumption of public services. The net fiscal drain is not the result of illegal immigrants being unwilling to work. In fact, we find that illegal immigrant households are significantly more likely to have at least one worker than households headed by the U.S.-born, and there is little evidence that immigrants come specifically to get welfare. Legal immigrants and U.S.-born Americans who have relatively few years of school are also a net fiscal drain on average because they too tend to earn modest wages, make modest tax contributions, and use social services extensively. None of this should be seen as a moral failing on the part of low-income people. Nonetheless, it is the reason why communities across the country worry so much about losing their middle-class tax base, as it is primarily middle- and upper-income people who keep public coffers full. The fiscal situation today is very different from the situation more than 100 years ago during the last great wave of immigrants, when federal, state and local government was a much smaller share of GDP. Also, at that time industrial jobs for the less educated were plentiful and paid, by the standards of the day, relatively high wages. But none this is the case today. We need an immigration policy that reflects current realities, and we need to rigorously enforce it. Otherwise, the fiscal costs will be significant, as many communities across the country are currently finding out. ”
https://judiciary.house.gov/sites/evo-subsites/republicans-judiciary.house.gov/files/evo-media-document/camarota-testimony.pdf
For what it’s worth, Biden is trying to pass a pretty decent immigration reform bill. Way more restrictive than any Democrat in the past ever presented. But the Trumpies won’t pass it as it would hurt their only “real” platform position that’s truthful.
So what do you have to say?
Things really are not that bad. Immigration is really not having that much of an impact on our daily lives. We might actually benefit from them in the future too as labor shortages become a real issue among a population that doesn’t have enough kids.
Grim, I posted a very thorough response for Jim. Please release it when you get a chance. I spent a good 15 minutes of my valuable time on it.
Don’t worry……..
https://www.youtube.com/live/AKhZ0S8vlEc?si=YkobLZoh7cDXbn5i&t=3256
BRT says:
February 6, 2024 at 5:12 pm
I think the country is collapsing. We are refusing to enforce our laws, we’ve weaponized the media/judicial system. We have a government that lies to us on a daily basis. We are basically in the stripping pipes in the house for the leftover copper phase of the country. That being said, historically, when countries collapse, they can have very strong and rapid rebounds with no large government to waste massive amounts of resources. They can also go the other way be mired in mediocrity for decades.
Libturd says:
February 6, 2024 at 4:27 pm
“I don’t think the country is collapsing…”
Neither did Baghdad Bob. While I suspect you’re certainly more thoughtful about the topic than useless stooges like Unstable and ExLax, I think BRT’s ‘stripping the pipes’ analogy is accurate. You Dem apologists can deflect, pretend and gaslight all you want, but the vast majority people know that things are not OK! The southern border isn’t OK! Military recruiting/readiness isn’t OK! The SecDef disappearing for a week and the prez not knowing is not OK! Leaving billions in military equipment to the Taliban isn’t OK! Trading the world’s most notorious arms dealer for a basketball player isn’t OK! Public safety in our cities isn’t OK! The state of affairs in the middle east isn’t OK! Inflation isn’t OK! Our union-led, Dem-protected education system isn’t OK! Govt spending/debt isn’t OK! One political party removing opponent candidates from ballots isn’t OK! You get the point…
Jim
First time I read LAX 3:33 line as semi retired it registered in my head as semi retarded.
LAX says:
February 6, 2024 at 4:21 pm
“dude I’m semi retired…”
Jim says:
February 6, 2024 at 4:28 pm
“Semi retired….YOU NEVER WORKED”
Don’t waste your time, Jim. This dope is literally like a 1950’s housewife — he’s a homemaker that’s completely dependent on the breadwinner. So I’m sure he can be semi-retired, or even fully-retired, just as long as his wife continues to bring home the bacon — and is willing to share it with him. I bet the guy doesn’t have a single account in his name. Cucksville!
The immigration bill is pretty strong. Republicans ought to pass it. If they don’t, they can no longer complain about immigration. Seriously. Read the bill. Trump is playing politics over crisis. Of course.
SmallGovConservative says:
February 6, 2024 at 6:11 pm
Libturd says:
February 6, 2024 at 4:27 pm
“I don’t think the country is collapsing…”
Excellent post enough said!
6:19 I got one account in my name that the kind and generous people of New Jersey will pay me once I turn 60. Yessssir. Tier 1. Not extravagant but a nice little monthly stipend for life. Wish I coulda stayed longer. But it’s darn nice out here. Yeah I followed the blonde. You would too. 5’9″ Pennsylvania gal. Deep blue eyes, light Nordic skin and the love of my life. 30 years baby.
Lib: I agree. The Republicans are idiots in turning it down. Trump is playing politics, and his ego of course.
Dude…… all you care about is MariTide. If that thing gets green-lighted, you are buying oceanfront.
LAX says:
February 6, 2024 at 6:54 pm
6:19 I got one account in my name that the kind and generous people of New Jersey will pay me once I turn 60. Yessssir. Tier 1. Not extravagant but a nice little monthly stipend for life. Wish I coulda stayed longer. But it’s darn nice out here. Yeah I followed the blonde. You would too. 5’9″ Pennsylvania gal. Deep blue eyes, light Nordic skin and the love of my life. 30 years baby.
I was pricing out a stay in Chicago. The cash for the room stay was $718, but the all-in charge with all the bullshit taxes was $931? Are you fucking kidding me?
7:25 you ain’t wrong!! Funny thing watching the abuse the ocean has dished out lately, oceanfront has lost some of its appeal.
Priceline. Chifi.
Go to the Priceline site through Capital One Shopping portal. The next day, they will offer you 15% off Priceline bookings. You can use this hack to save a lot of money. I’ve saved $2,600 in a little over a year since discovering this day before hack.
Stu: I am talking about the City of Chicago tacking on $213, not an intermediary. Yeah. WTF?
First 2/7/24