(FREE) PAINE IN THE MORNING: What you need to know this Thursday – August 11, 2022

Here’s what you need to know today, Thursday – August 11, 2022.

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Biden Claims America Had ‘Zero Percent Inflation In The Month Of July’ – President Joe Biden claimed on Wednesday that the United States experienced “zero percent inflation in the month of July” while ignoring that the Bureau of Labor Statistics’ latest Consumer Price Index Report announced inflation rose 8.5% year-over-year.

On Wednesday, the Consumer Price Index Report revealed that the rate of inflation is down from June’s 9.1% inflation rate. It did show that “zero percent” inflation occurred from June to July but that the country still experienced an increase in prices overall compared to a year ago. – READ MORE

IRS: We Will ‘Absolutely Not’ Target Everyday Americans With New Army Of Agents –  Internal Revenue Service (IRS) Commissioner Charles Rettig vowed in a recent letter that the agency would “absolutely not” use the 87,000 new employees funded by the Inflation Reduction Act to target middle-class Americans.

In his letter to lawmakers, Rettig contended that the $80 billion provided to the IRS through the pending $740 billion Inflation Reduction Act is long overdue. He argued that the resources would be devoted to “large corporate and global high-net-worth taxpayers” while serving as an aide to typical filers. – READ MORE

WH Econ Adviser Bernstein: We’re Not Guaranteeing No Audits for People Making Under $400,000, But I Don’t Think There Will Be Increase – On Monday’s broadcast of CNBC’s “Squawk Box,” White House Council of Economic Advisers member Jared Bernstein said that he doesn’t expect increased audits on the middle class due to increased IRS Funding in the Inflation Reduction Act reconciliation bill and vowed the newly-expanded IRS won’t be going after anyone making under $400,000 but said they aren’t guaranteeing nobody who makes under $400,000 will be audited.

Co-host Brian Sullivan asked, “How much of this is going to be just IRS tax collection? They want to double the size of the IRS. I understand the industry has been shrunk, gutted, in some people’s words. And do you expect increased audits on the middle class?” – READ MORE

Despite Manchin’s Spin, the Inflation Reduction Act Will Devastate the Economy –Sen. Joe Manchin (D-WV), Sen. Chuck Schumer (D-NY), and President Joe Biden must think voters are fools.

That’s the only possible explanation for why they thought the “Inflation Reduction Act ” was an appropriate title for a bill that spends hundreds of billions of dollars, raises more in taxes, and hikes the cost of doing business at a time when people are facing record inflation and a recession. Democratic leaders think voters won’t notice their disastrous policies and will forgive them at the ballot box in November. They couldn’t be more wrong. – READ MORE

Port of L.A. Flooded with Cargo Nearly a Year After Biden ‘Fixed’ Supply Chain Crisis – Remember way back in October of 2021 when President Biden supposedly fixed the broken supply-chain issues just in time for the holidays simply by visiting the Port of Los Angeles? Yeah. Well, about that fix…it now seems the supply chain is (unsurprisingly) even more broken than ever at our nation’s busiest container port. And in reaction, the port is sounding the alarm over the backlog of cargo containers already waiting at the docks as even more ships flood the port with this year’s holiday cargo. That’s right: it’s ten long months later, and Gov. Gavin Newsom, Transportation Secretary Pete Buttigieg, and the rest of the feckless Biden Administration have failed to actually fix anything.

CBS reports that just as America’s retailers are starting to gear up for the upcoming holiday season, there are warning signs that a nationwide shipping gridlock may lead to more bare shelves and merchandise shortages. While the reasons for the gridlock are numerous, thousands of cargo containers are already piled up, clogging the docks while they wait for trains to transport them across the country. “There are about 35,000 containers that are designated for rail on our docks right now,” said L.A. Port Executive Director Gene Seroka. “On a normal day, it looks more like 9,000 units.” That’s quite a significant difference. – READ MORE

Not moooo-ving: Beef prices are going to stay high, here’s why – Cattle ranchers believe that beef prices will remain high as inflation, high energy prices and droughts are making it more expensive to raise cattle, according to Reuters.

While grain prices have fallen as Ukraine’s exports have returned to the global market, the price of feed remains higher than it was last year, according to Reuters. This, combined with a decline in the number of cattle available for slaughter, is raising the cost to slaughter cattle, leading to a 10% increase in ground beef prices compared to last year, Reuters reported. – READ MORE

Energy Emergency: Britain Planning for Days of Winter Blackouts – Households throughout the UK are reportedly facing the prospect of days of blackouts in the winter months under an emergency rationing scheme.

In preparation for potential gas shortages during the winter months, in which imports from countries such as Norway and France are in jeopardy, the British government has allegedly laid out plans for a four-day blackout under a “reasonable worst-case scenario”. – READ MORE

China Announces Major Gasoline Price Cut After Biden Sends Strategic Reserve Oil to Beijing – China’s government-run Xinhua News Agency announced on Tuesday that the Communist Party would lower gasoline and diesel prices nationwide, a move following growing purchases of cheap Russian petroleum products and of American gasoline leftist President Joe Biden released from the country’s Strategic Petroleum Reserve (SPR).

“The prices will go down by 130 yuan (about 19 U.S. dollars) per tonne and 125 yuan per tonne, respectively, according to the National Development and Reform Commission (NDRC),” Xinhua reported. The communist regime outlet noted that the price drop was the fifth of its kind this year and fourth since June. The government agency announcing the move, Xinhua detailed, acted in response to a drop in international oil prices – partially fueled by a collapse in demand in China, where the Communist Party regularly, and arbitrarily, imposes sweeping Chinese coronavirus lockdowns in major cities without warning. – READ MORE

Couple Leave City, Transition To Homestead Life In The Mountains – After receiving a cancer diagnosis, a couple from a city in Southern California gained a new perspective on life and began to question their lifestyle. They then made the huge decision to move to the mountains of North Carolina for a more intentional life. Six years on, they are growing their own food, homeschooling their daughter, and living their dream life.

Jason and Lorraine Contreras, and their daughter, Penelope, currently have a 14-acre homestead in western North Carolina. They have learned to grow the majority of their own food, raise their own meat, improve the land and soil they live on, and thrive without electronic distractions. – READ MORE