All Pain, No Gain | Schaftlein Report

All Pain, No Gain | Schaftlein Report
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Guest: Joe Visconti - Emmy Award Winning Producer
Topics:
1) Basklash - Biden says what we all knew - Higher gas prices has a silver lining of shifting to renewal energy sources
a. This has been their plan all along - They WANT high gas prices
b. The problem is that high gas prices have had virtually no effect on climate change as drivers continue to drive and pay the higher cost
c. We have not seen demand destruction
d. Biden considers Gas Tax Holiday - Even Obama opposes that
2) Inflation figures price increases over the past year
a. Gasoline up 49%
b. Energy cost up 35%
c. Rents up 15%
d. Cars up 13%
e. Utilities up 12%
f. Groceries up 12%
3) Survey results show 64% of Americans blame Biden for Inflation being so high including 53% of Democrats
4) Economists say the Unemployment rate must go above 5% for inflation to ease
5) The average price of a new house is $435K
*The median price of all houses sold is $408K meaning half sold for more and half for less
**This is up 15% over last year and up 60% over 5 years
6) Goldman Sachs warns the odds of a Recession are 30% over the next year and 48% over the next two years
7) China is buying 8.4M metric tons of oil from Russia = $5.7B per month (discounted price due to sanctions)
*China is buying 7.8M metric tons of oil from Saudi Arabia = $6.3B per month
8) Due to higher oil prices, this allows the Russians to finance the war - Sanctions hurt the Russian people, but not the Kremlin
9) Anti-Trump hearings continue - Americans are generally not paying attention as so much focus is on Inflation, Gas and Food prices
10) Voters go to the polls today in Alabama and Virginia for Senate and Congressional Primaries