(FREE) PAINE IN THE MORNING: What you need to know this Wednesday – July 13, 2022

Here’s what you need to know today, Wednesday – July 13, 2022.

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Democrats Are Trying To Push Through Another ‘Build Back Better’ Bill. It Would Only Make Inflation Worse. – The go-to policy for dealing with nearly every modern problem is more government spending. So it was just a matter of time before Democrats tried to revive the failed “Build Back Better” (BBB) program to address today’s economic troubles. Of course, if they succeed, the result will be much the same as what we’ve experienced over the past 18 months: more debt and rising inflation.

As a reminder, the $2 trillion proposed BBB legislation came on the tail of an oversized $2 trillion third COVID-19 relief bill and a $1 trillion infrastructure bill. It was killed when Sens. Joe Manchin (D–W.Va.) and Kyrsten Sinema (D–Ariz.) joined all Republican senators in opposition. They rightfully worried that more spending would inflate our debt and produce inflation. But now, their party is back at it again. In the midst of the largest inflation in four decades, they’ve been negotiating behind the scenes for weeks in hopes of passing a slimmer BBB. – READ MORE

Are We Headed For An “Auto Loan Crisis” As Delinquencies Begin To Rise? –Automobile affordability worsens as Americans are saddled up with monthly payments topping $1,000, and loan delinquencies are creeping higher thanks to increasing economic pressures thanks to the Federal Reserve’s aggressive monetary tightening regime to rein in the highest inflation in 40 years. A Fed-induced downturn in the economy could end up bursting the auto bubble. – READ MORE

People Are Now Resorting To Micro-Loans To Afford Groceries & Gas – Two months ago, President Biden read off of a teleprompter: “I’ve built a strong ec- — we’ve built a strong economy with a strong job market.”

Two months later, and cash-strapped Americans are using micro-loans to afford gas and groceries amid crippling inflation. – READ MORE

Federal Reserve report: 75% of $800 billion PPP didn’t reach workers – A new report from two officers of the Federal Reserve has concluded that the vast majority of the billions of dollars spent for the Paycheck Protection Program, instituted to help save jobs when officials shut down America’s economy over the COVID-19 pandemic, went astray.

The report comes from William R. Emmons, lead economist in the Supervision Division at the Federal Reserve Bank of St. Louis, and Drew Dahl, an economist at the bank. – READ MORE

Another Alaskan Oil Project Could Be Shelved Over Environmental Concerns –ConocoPhillips’ Willow project in Alaska might end up shelved after the release of a highly anticipated environmental analysis of the project by the federal government.

In its analysis, the Bureau of Land Management outlined five alternative paths for the project, which Conoco acquired in the early 1990s. One of the alternatives involved setting up five drilling sites and constructing various infrastructure. Another alternative suggested fewer drill sites and less infrastructure, with a more limited impact on the environment. – READ MORE

Europe On High Alert: July Shutdown Of Nord Stream Pipeline Has The EU Worried – It’s a dynamic which some in the alternative media have been warning about for months – While the establishment claimed that Russia would be crushed under the weight of NATO sanctions, others have suggested that Russia could hurt the west more (specifically Europe) by implementing sanctions of their own. While mainstream governments and journalists argued about how fast NATO should implement restrictions on Russian oil and gas, none of them seemed to consider the possibility that Putin would cut off energy exports himself.

This is the problem with instituting foreign policy and engaging in geopolitics using a “cancel culture” mentality; it leads to childish thinking and a lack of foresight. You can’t “cancel” a nation if you are dependent on them for 40% of your energy needs. – READ MORE

Germany Plans “Warm Up Spaces” In Response To Gas Shortages – Cities across Germany are planning to use sports arenas and exhibition halls as ‘warm up spaces’ this winter to help freezing citizens who are unable to afford skyrocketing energy costs.

Bild newspaper reveals how the the nation’s Cities and Municipalities Association has urged local authorities to set aside public spaces to help vulnerable citizens in the colder months. – READ MORE

Biden Falsely Claims US Troops Aren’t Engaged In Combat In The Middle East –President Biden penned an op-ed about his upcoming trip to the Middle East that was published in The Washington Post on Saturday, where he falsely claimed that US troops are not engaged in combat missions in the region.

The president wrote: “Next week, I will be the first president to visit the Middle East since 9/11 without US troops engaged in a combat mission there.” Biden’s claim came not long after he updated Congress on the deployment of US combat troops. In a letter to Congress dated June 8, the president said US troops were stationed in Iraq, Syria, and Yemen. – READ MORE

Bill Gates-Backed Food Center Burned to the Ground, Fire Might Have Been Sparked by EV – A distribution center belonging to a Bill Gates-funded online supermarket in the Dutch city of Almelo caught fire Sunday night.

The fire destroyed the Picnic facility, although the local fire brigade quickly responded to the inferno, local newspaper Tubantia reported. – READ MORE

Pennsylvania Dem Unable To Speak Fluidly Months After Stroke, Report Says –Pennsylvania Democratic Senate candidate John Fetterman is unable to speak fluidly two months after suffering a near-fatal stroke that cut off oxygen to his brain, according to the Washington Post.

The report is the latest indication that the Pennsylvania lieutenant governor’s stroke was far more serious than he let on. The progressive Democrat has been off the trail since he was admitted to the hospital on May 13. Fetterman said days after the stroke that he was on the way to a “full recovery” and that he would be back to campaigning “sometime soon.” But medical experts who reviewed Fetterman’s symptoms and treatment—which included the installation of a pacemaker and defibrillator—said the stroke nearly killed him. One doctor said Fetterman was at risk of “sudden cardiac death.” – READ MORE

Former NIH Chief Is Now Highest Paid Member Of Most Expensive White House Staff Ever – When Francis Collins departed as Director of the National Institutes for Health (NIH) in December 2021, his legacy included multiple-millions of dollars in secret royalty payments to himself, prominent colleagues like Dr. Anthony Fauci, and hundreds of other scientists, officials, and researchers working under him.

Today, Collins is the highest paid adviser to the president with the most expensive White House staff ever, according to data compiled by the Chicago-based non-profit government watchdog, Open The Books (OTB) – READ MORE

5 Times Elon Musk Proved Himself to Be the ‘Bullshit Artist’ Donald Trump Described – Former President Donald Trump labeled Tesla CEO Elon Musk as a “bullshit artist” at his Alaska rally on Saturday, referring to Musk pulling out of his deal to buy Twitter as well as his claims about voting Republican. Here are some of the times that ultimate hypemaster Musk proved Trump’s characterization correct.

Former President Donald Trump had some choice words for Tesla CEO Elon Musk at his rally in Alaska on Saturday. Musk recently called off his $44 billion deal to purchase Twitter claiming that the company failed to disclose details about the number of bots on the platform. – READ MORE