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progree's Journal
progree's Journal
May 20, 2022

Minnesota GOP chair Hann apologizes for antisemitic image - Soros manipulating two puppets with the

faces of two prominent Minnesota Jewish Democrats --

Minnesota GOP chair Hann apologizes for antisemitic image, MPR News Staff May 19, 2022

... The chair of the Republican Party of Minnesota apologized Thursday for an image that was projected at the party's state convention of George Soros manipulating the strings of puppets with the faces of two prominent Jewish Democrats. The image was contained in a video shown by secretary of state candidate Kim Crockett. The faces on the puppets were DFL elections attorney Marc Elias and Secretary of State Steve Simon. Soros is also Jewish.

... Crockett, who won the party endorsement at the convention, has not spoken publicly about the video, but [Minnesota GOP chair] Hann said he talked to her.

... “I have concluded after talking with Ms. Crockett that the depiction of Mr. Soros was not intended as antisemitic, and that neither Ms. Crockett nor her creative team were aware that the depiction of a puppet-master invokes an old but persistent antisemitic trope,” Hann said.

... [DFL Party Chair Ken] Martin also pointed to an earlier incident when Crockett was suspended from the think tank the Center of the American Experiment for making a racist remark about Somalis in Minnesota.

Crockett apologized for that remark at the time, but was captured on video during this year's campaign saying that she would say the same thing today.

More: https://www.mprnews.org/story/2022/05/19/gop-chair-hann-apologizes-for-antisemitic-image

the Center of the American Experiment is far right, so for them to be upset about a racist remark about Somalis, well it had to be pretty awful

Crossposting to Jewish Group

Picture from Behind the Aegis's Jewish Group posting:

May 1, 2022

There's a big hole in the Fed's theory of inflation --- incomes are falling at a record 10.9% rate

(that's after adjusting for inflation)

There’s a big hole in the Fed’s theory of inflation —- incomes are falling at a record 10.9% rate, Marketwatch, 4/30/22
(no paywall, its an msn.com link -Progree)

The most concerning thing about Thursday’s report on U.S. gross domestic product for the first quarter wasn’t that the first line of the first table showed that real GDP fell at a 1.4% annual rate. It was the little-noticed news on line 34 showing that real disposable incomes fell for a fourth straight quarter.

Over the last four quarters, the purchasing power of after-tax household incomes plunged by $2.2 trillion (in 2021 dollars). That’s a 10.9% decline, by far the largest in the records dating back to 1947.

Of course, the decline in incomes is merely the unwinding of the massive support that households received from the government in 2020 and 2021 via direct pandemic stimulus payments, the child tax credit, and enhanced benefits for unemployment insurance, food stamps and Medicaid, and more.

. . . But the Fed is determined to quash demand. That’s what raising interest rates is all about: Slowing demand in an overheated economy by raising the costs of borrowing. ((the article argues that quashing demand when inflation-adjusted incomes are falling like this is only going to make incomes fall more -Progree))

. . . The prospect for stagflation—low growth with high inflation—is real. “The appropriate solution to inflation would be to work to alleviate supply-side constraints,” say Nersisyan and Wray. To do that, unfortunately, “we need more domestic investment, not less.”

More: https://www.msn.com/en-us/money/markets/there-s-a-big-hole-in-the-fed-s-theory-of-inflation-incomes-are-falling-at-a-record-10-9-rate/ar-AAWHEFQ?ocid=msedgdhp&pc=U531&cvid=15f1a5a79a714edd9e40436aeb6fdd32

The Personal Income Report he is referring to is at:
The full release with all the tables is at: https://www.bea.gov/sites/default/files/2022-04/pi0322.pdf

I can't find the Line 34 data he is talking about. But in Line 46 of Table 2 of pi0322.pdf, it has

Disposable Personal Income, Total, billions of chained (2012) dollars: quarterly,

2020 Q4: 15,443.0,   2021 Q1: 17,221.6,   Q2: 15,805.6,   Q3: 15,640.0,   Q4: 15,418.0,   2022 Q1: 15,339.2

And yes, there are 4 straight quarters of decline, and 2022 Q1 over 2021 Q1 is a 10.9% decline:

(2022 Q1 / 2021 Q1 - 1) * 100% : (15,339.2 / 17,221.6 - 1) * 100 = -10.93%

Table 2 Line 22 "Government social benefits to persons" shows a huge amount in 2021 Q1 relative to the preceding and following quarters.

Future such comparions of quarterly real disposable income vs. the same quarter a year ago will likely be much less dramatic declines, with the unusual 2021 Q1 falling out of the comparison. For example, comparing 2022 Q1 to 2021 Q2 (that's the last 3 quarters) is

(2022 Q1 / 2021 Q2 - 1) * 100% : (15,339.2 / 15,805.6 - 1) * 100 = -2.95% (-3.91% annualized)

2022 Q1 vs. 2021 Q4 (one quarter) is a 0.51% decline (-2.07% annualized)

but its still in the wrong direction, just not so apocalyptic.

Edited to add the personal savings rate graph below (#7)

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About progree

Thanks for all the good wishes. A wellness check was done several days ago My next door neighbor of 43 years is looking out for me

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