The Schaftlein Report

1) Sen. Joe Manchin will only support a Prescription Drug Deal and Assistance on Health Care Premiums. Says "no" to tax increases and climate bill effectively crushing the Biden Agenda for now. Progressives liberals are furious. Sen. Bernie Sanders blasts Manchin (Chairman of the Energy Committee) calling it sabotage. Claims Climate Change is a threat to humanity 2) Biden meets with Saudi's and MBS - They get photo op and U.S. is unclear what we got? No apparent increase in oil production. 3) Biden job approval at 33% 4) 20% of Americans have applied for Federal and State Food Assistance or went to food banks. This illustrates the damaging effects of Biden's increase in inflation and food costs. 5) Border Crossings set a record in June 2022 compared to June 2021 as 192K cross bringing the 2022 Fiscal year total to 1.7M. It is out of control and open. Americans do not favor open borders. 6) Liz Cheney is down 20 points to her Wyoming Primary opponent Harriet Hagerman. 7) NASCAR star Bobby East murdered by a tattooed face homeless criminal in Westminster, a city here in Orange County CA. He was filling up his car at a gas station in the middle of the afternoon. 8) 57% of Democrats say the Constitution is racist and sexist, however 89% of Republicans, 80% of Independents and 74% of Democrats have a favorable opinion of it. 49% of Democrats want it rewritten while 77% of Republicans, 63% of Independents 47% of Democrats say no to that idea. 9)Trump to deal with a changing electorate in 2024 according to Dick Morris in his new book "The Return - Trumps Big 2024 Comeback" 50% more people voted in 2020 than 2000 while population grew by only 30%. 10) Cameron Smith wins the British Open Championship at St. Andrews!

1) Wholesale PPI increase of 11.3% is WAY too high and will bleed into an already accelerating Inflation with rising input costs. 2) Biden says June Inflation "Unacceptably high", but out of date. Is it possible it peaked - MAYBE? The risk is wage price spiral. 3) Excluding Food and Energy, the Core CPI was at 5.9%. Former Treasury Secretary Larry Summers characterized it as "Way too high and out of control" Summers warned of this a year ago. 4) Sen. Manchin throws cold water on a scaled back Build Back Better as Inflation is too much a risk for additional spending. The problem is the Biden administration and Democrats philosophically want to spend more on climate and other initiatives because that is their core belief. They care more about climate and social issues than inflation. They is the ultra leftist liberal administration policy staffers. The public is NOT with them. 5) Biden trip to Israel - Jeffrey provides a history and contradiction of the difference how Trump and Biden have approached the Middle East and the ramifications of policy changes. The success of the Abraham Accords and the relationship with Iran and Saudia Arabia. Biden says "We will not allow Iran to acquire a nuclear weapon". Also claims he supports Abraham Accords. 6) Trump strategy on when to announce his 2024 candidacy is hotly debated in Trump world and in Republican circles. Pros/Cons 7) Senator Marco Rubio leads Val Demings by 5-8% in Florida Senate race Warnock leads Walker 50-57%. Kemp leads Abrams 52-48% 8) Biden falls to 36% in CNBC polls. The lowest ever. Trumps lowest was 37%.

1) Dr. Busler gives his insight on how we got here. Have we reached peak Inflation as commodity prices have fallen significantly? 1A) Consumers expect Inflation of 6.8% one year from now and 3.6% in three years. 2) We have an Inverted Yield Curve with a 2 year / 10 year spread at - .177 basis points with the 2 year note at 3.122 and the 10 year Note at 2.945. the spread doubled today from .085 yesterday. We'll discuss the implications and what it means. 2A The dollar continues strengthening as rates rise. Will the Euro go lower against the dollar now that we are at parity? Multinational companies most effected. 3) Oil is below $98 per barrel. Why? Producers are producing near capacity and there is a slowdown in demand primarily through China. 4) Builders are slashing home prices and slowing construction as buyers pull back. Home price increases slowed slightly in April year over year to 20.4% and further slowed in May. June may be the first month post peak with prices actually dip month over month. June actual sales of homes are down 31% year over year. Cancellations have jumped and in some areas 'sales have fallen off a cliff" according to local Realtors. 5) Small business sentiment has plunged to a 48 year low as Inflation is the biggest concern by far. 6) Giant tech companies Alphabet and Microsoft and slowing hiring or marginally reducing staff. 7) Why do we still have 11M job openings? 8) Why is Treasury Secretary Janet Yellen in Asia ginning up support for a cap on Russian oil prices? Aren't the risks much greater than the potential reward? How would this work in theory? Sanctions on Russia have had only nominal success. 9) What effect is the Crypto collapse having on the over all economy. Founders of Crypto firm 3AC are missing and the company is in bankruptcy. They had $10B in Assets under management in March.

1) Oil dips below $100 per barrel and the Dollar and Euro reach parity. Concerns about energy costs in Europe, war in Ukraine, recession in Europe and Fed raising rates in the U.S. are the reasons. 1A) Federal Reserve on track to raise rates 75 basis points this month 2) Joe Biden's age is NOW the issue as Democrats look to alternatives 3) 46% of Republicans want someone other than Trump. We'll discuss alternatives. 4) 300 Virginia state employees quit rather than return to work in the office. GOOD! 5) "Foot in Mouth - Jill Biden "Hispanic community is as unique as a breakfast Taco". Staff apologizes 6) 60K soldiers could be removed from service for not taking the vaccination even while military recruiting is not achieving their goals. Drew provides analysis. 7) Some bay area cities are banning construction of new gas stations to fight climate change. Meanwhile China plows ahead. Meanwhile, Germany will not retire 11 Coal fired power plant. They will also RE-COMMISSION 17 coal and oil fired plants. So much for climate change when people may freeze. 8) Ukraine war shows no signs of letting up. What will it take to reach a resolution? Timing? 9) Biden to visit Palestinian hospital in East Jerusalem and pledge $100M in U.S. aid in a slap at Israel. 10) Immigration courts have a backlog of 1.8M cases. Deportations are drastically down under Biden as there are virtually no efforts made to enforce the law. Cases are dismissed or courts grant relief even after an order to remove. 70% chance of deportation under Trump, just 24% under Biden. It is a surrender to the invasion

Inflation July 11, 2022

1) In England, Boris Johnson's government collapses and he is forced to resign over lack of confidence and poor decisions 2) Confidence in Biden plummets among all groups. Right, Center and Left is not happy with his leadership and the direction or lack there of. 3) A scaled down Build Back Better? Sen. Schumer still pushing radical tax and spend climate and health care bill. Also discussing with Sen. Manchin a plan to allow Medicare to negotiate drug prices starting in 2023 4) Schumer used to fight to keep the filibuster. 5) NEA and the teachers union proposes changing the word "mother" to "birthing parent". These Woke people are completely out of touch with American values. 6) Concerning the border Invasion, instead of helping the state of Texas, the U.S. is investigating Texas operation Lone Star to combat the border surge claiming potential civil rights violations 7) Brittney Griner pleads guilty to drug charges in Russia. 8) Newsome "freedom commercial" draws criticism from Floridians who are overwhelmingly happy with their governor. Backlash for Montana vacation and will he run for President in 2024? 9) Federal Reserve remains on course to hike rates 75 basis points this month in effort to curb inflation. Some sign say the inflation is cooling. Mortgage rates decline to 5.3% is largest since 2008. Commodities have fallen by a large amount. 10) Russia continues to prosecute the Ukraine war slowly advancing as casualties mount and territory falls.

• Only 12% say the USA is going in the right direction.
• Biden approval at 36% in Monmouth poll. 58% Disapprove. A 22 point gap. 3) Radical liberal Democrats are frustrated with Biden on abortion even though he has very limited options on this subject.
• Likewise, even after signing a bipartisan bill, they are still not happy in the aftermath of Highland Park which had very tough gun laws.
• Biden administration sues Arizona over law requiring proof of citizenship to vote? This perfectly illustrates the gap between ordinary Americans who favor such laws and the political elite.
• Germany is on track to shut down 3 fully operating nuclear plants while Europe is having an energy crisis. The EU has requested they keep them open. Again the radical greens are in control in Germany. How stupid can they be?
• Oil prices fall below $100 as fears of recession take hold.
• Biden administration is considering raising ozone standards in Permian basin where we get 40% of our oil. He is either brain dead or deliberately committing political suicide.

Biden's Failing Presidency/Chicago Killings Guest - Joe Visconti - Political Commentator 1) 71% of Americans do not want Biden to run for re-election. 45% feel he is a bad President, 36% too old and 60% doubt his mental abilities 1A) Democratic Pollster John Zogby rates Biden's performance as President a D. Says "He is in real trouble" 2) 6 dead and 19 hospitalized in Chicago Parade shooting. 21 year old suspect in custody. PRIOR tot he parade, 54 shot and 7 killed during holiday weekend. This city is out of control;

2A) Leftist radicals renounce Independence Day 3) Year to date, we have the worst stock market in 52 years. 3A) Atlanta Federal Reserve gage see Q-2 GDP falling negative 2.1%. This follows Q-1 negative 1.6%. Recession can be defined as 2 consecutive quarters of negative growth. Dollar strengthens as the Euro currency approaches parity with the U.S. dollar. $1.20 to $1.02. 4) Oil Price Blame - Biden 51%, Big Oil 26% and Putin 15% Energy producers roast Biden over staffer who tweeted under his name requesting gas station owners lower prices. Biden needs a lesson in Economics 101. This is beyond juvenile. Meanwhile his administration is doing everything possible to hamper the industry. Like blocking an upgrade to a refiner in U.S. Virgin Island while our refiners are running at 94-98% capacity. 4A) On 7-1-22, California INCREASED Gas Taxes by 3 cents as the increase is by law automatically tied to inflation. The gas tax in CA is now 54 cents a gallon. Supper majority of Democrats in the state legislature are responsible for this. However voters are also to blame as they approved not rolling it back in a referendum. 4B) CA Gov. Newsome proposes a $1,050 rebate to Californians. This "free money" will help the needy and also will add pressure to inflation. We'll explain the social cost and benefit. 5) Federal Reserve to raise rates in July by another 75 basis points to try and curb inflation caused by spending $6T during the pandemic years 2020 and 2021, artificially low interest rates for way too long, Even in 2022, the deficit will be 1.3T. Our Government spends too much money. 6) Russia claims full control of Luhansk region in battle for Donbas and bombing of civilian targets continues. 6A) Capping prices on Russian oil could cause prices to explode to $380 if Russia retaliates by reducing supply. 7) Sunday show had the media personalities looking for ways around the Roe decision. HHS Secretary Bacerra said the only true way is for Congress to pass a law. Liberal Progressives want more and they are angry at Biden. 8) NYC bomb throwing BLM radicals who plead guilty of attacking police were not charged with enhanced terrorism as prosecutors were overruled by the Justice Department. They will likely serve 2 years which is less of a sentence than many January 6 participants. Double Standard here.

Schaftlein Report | Supreme Court Crushes EPA in 6-3 Ruling Guest - Jeffrey Dunetz - LidBlog Author ( LidBlog.com ) Topics: 1) West Virginia versus EPA: Ruling reverses 1973 law that empowered the EPA's regulatory authority over Coal, Power Plants and the Fossil fuel industry. EPA does not have unheralded regulated authority to dictate policy. Congress should dictate rules and not the EPA. This is a HUGE loss for Climate Activists. Victory for energy!! 2) This year the EPA has denied 69 requests from oil companies to make cheaper gasoline under "small refinery exceptions" for ethanol to meet renewable fuel standards. While there are food shortages in the world, radical democrats and climate activists force higher prices on consumers by requiring corm based ethanol in some gasoline products thus increasing the price. 2B) Court rules 5-4 for Biden against Trump's Remain in Mexico policy for people coming from other countries 3) 73% of Americans believe the country is going in the wrong direction in one poll and 85% in a second poll. 4) In Real Clear Politics Polling Average, Biden hit s new Low of 38% approval and 57.5% Disapproval. 19.5% deficit. On the Economy. he is upside down by 30 points. 5) Small businesses and larger corporations are leaving Chicago as violent crime is up 35%. Once again a liberal democrat is in charge. 20 year old woman shot at point blank range in back of head in Upper East side of NYC strolling her baby 6) Inflation and crime are way more important to Americans than Abortion 7) Recession fears grow as food inflation is at a 42 year high. Biden rules out asking Saudi Arabia to produce more oil. 8) Biden reaffirms commitment to back Ukraine to defeat Russia as more weapons to be sent by NATO countries to Ukraine 9) 1-6 hearings resemble Soviet show trials. Secret Service refutes witness claims of Trump in The Beast.

Topics : 1) Cook Political Report moves 6 House races toward GOP. 38 Democratic seats considered toss up or worse 10 Republican seats considered toss up or worse Current projection is GOP pick up of 20-35 seats 2) Supreme Court rules voting map crafted by Republicans in Louisiana is correct by 6-3 vote overruling Obama appointed District Judge who tried to draw a district demographically more favorable to Democrats 3) Biden deflects responsibility for human trafficking deaths in Texas. 2 Mexican citizens arrested. 4) Sweden and Norway approved to join NATO. U.S. send additional troops (now 100K) in Europe plus additional ships and fighter jets. Russia calls the move "Destabilizing" 5) While we have high oil and gas prices, the fossil fuel industry has lost 67K jobs since Biden took over due to restrictions on domestic oil and gas production as the administration goes green at consumers expense. 5A) Fed Chairman Powell vows to tackle inflation which has been high for a year. Why did they wait so long to address. We have been talking about this for over a year. 6) AOC and other radical Democrats call for Abortion clinics on Federal Land shot down by Biden, Harris and "other Democrats". Pelosi takes communion at Vatican even though her bishop prohibits it 7) As crime escalates in LA county, West Hollywood votes to reduce "Defund" the police budget and reduce the number of officers even though crime is up 137%. This is an ultra liberal area. 8) Former White House aide testifies before 1-06 committee. Democrats claim bombshell testimony, Republicans yawn as the information revealed is mainly old news and some of it is already discredited. The ratings for the hearings have been a disappointment to Democrats. Liz Cheney suggests criminal prosecution for Trump. 9) Lee Zeldin wins GOP Governor primary in NY and will face Gov. Hochul in the fall.