Trish: Americans Growing Poorer Under Joe Biden As Wages Decline

This is a rush transcript of The Trish Regan Show and may be updated. Follow along with video above or listen to the audio podcast.

The bad news just keeps piling up, it’s feeling kind of excessive, but I got to tell you about this one and going through all the data from the jobs report we got on Friday, there’s one thing in there that, well, the mainstream media isn’t talking about. The New York Times has a glowing piece about how wages are going up right now. Well, you know what? Adjusted for inflation, real wages are not going up at all. They’re down one tenth of a percent in the last month month and they are down 1.2 percent between July of 2020 and July of2021. In other words, people have less money in their pockets because we’ve got so much darn inflation.

Hello everyone. Welcome to the Trish Regan show. I am Trish Regan.

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Look, I like to tell you about good things. And, the good thing is we do have a market that’s been on fire, right? Stock prices are going up. Gold prices going up. We have real estate prices going up. So if you’re investing in any of those things right, you get a little bit of good news.

But, for everyday Americans, life is getting increasingly harder and harder. It’s not just what you feel right now. Your actual money doesn’t go as far. In fact, when you look again at real wages, real average hourly wages, they show a decline not just in the month-over-month number, but again down 1.2 percent in the last year.

And I’m just I’m shocked that nobody’s reporting this right. I love media headlines. They’re saying, ‘it’s so great. We’re finally getting some wage inflation.’

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Well, listen, you’re not really getting wage inflation if you get tons of inflation in the overall economy, right? And that’s what we have.

We’ll get an additional read on that coming up pretty soon. In fact, this Friday, we’ll be watching for the consumer price index report. We saw last month that prices were up 7.8 percent in the last year. That’s a record! But it makes all the sense, given that you’ve had some pent up demand, people have a little bit more money, which is nice, but that’s because they saved it because they weren’t going out for a year. So, you have all that pent up demand combined with multiple stimulus checks, combined with the Federal Reserve that’s printing, printing, printing.

Consequently? You get an environment such as we have right now where you have some serious inflation.

And, People aren’t earning enough to keep up with this inflation.

We’re going to get a bigger read on inflation, of course, coming out on Friday and then the week after that, we’re going to get the consumer price index, which is going to be really important to see because it has been increasing at a five point four percent rate.

But, if wages go up three or four percent, if your price tag is going up 5.4 percent, it doesn’t take a rocket science to figure out, guess what? Americans do not have as much money! And that’s the situation right now.

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(Just a reminder, everyone, I want to let you know, you can go and download the entire audio version of this podcast. You can do so on Apple’s iTunes, the Trish Regan show or on Spotify or wherever you get your podcast. So please do make sure you do that. Make sure you subscribe to the podcast so you get it every single day on your phone or on your computer. And quickly, I want to remind you, I always remind you to subscribe to my newsletter, Trish Intel. Dot com is my website, Trish Intel dot com. You can subscribe to the newsletter there and get all the stories that we are covering. There are some in politics that don’t want our voices to be heard, those that want the media to spin wage growth as being fantastic, when in fact nobody’s looking at the inflation numbers and that’s the real average hourly wage growth anyway. I do all that. I do all that. And I promise you, the news is not always pretty. It’s not always good, but it is, always real.)

And so, again, just keep in mind, when you look at wage growth and you have those that are trying to spin this for political purposes, trying to tell you, ‘oh, it’s great, you know, wages are finally going up,’ you have to counter with: well, what is inflation? What are those wages adjusted for inflation. What you’ll find out is that the wages are actually lower. So there’s going to have to be a whole lot of wage growth to keep up with all the inflation we’re seeing in the price of everything else!

I want to get to the other story that really I think just disheartens me right now. Because it feels as though America is increasingly losing its morality thanks to this Afghanistan situation here we are, of course, just days away from the 20th anniversary of 9/11. We are finally out. So I guess the politician gets to make the speech that he wanted. We are out.

But, how can how can anybody say we are out when there are still hundreds of Americans there on the ground struggling to get out? And what is so astonishing is that you have private groups now, private citizens that are coming to the rescue. I mean, for goodness sakes, when it’s when it’s up to Glenn Beck to send a couple of planes over and get people out, what does that tell you?

There’s a story being reported of an American woman who went over with a couple of her kids to Afghanistan to visit her family, to visit her parents. And then the Taliban came in, took over, and she was stuck there and she couldn’t get out. And so some private citizens arranged for a land transfer. She was able to get out not via the airport, but by trekking out of the country, which has been very difficult to do because, of course, all the borders are closed and the Taliban is there and it’s extremely dangerous. What’s so appalling is that instead of saying thank you and giving the private citizens credit, the administration turned around and said, well, you know, the Taliban knew about it and they chose to let her go.

So, it’s almost as though they’re trying to make excuses for the Taliban. I guess what they really want to give them the $9 billion. I am…. disheartened. I could go further and say just disgusted by how this has been handled. I don’t dispute that we wanted to get out, that we needed to get out. But it’s how it was done and the lack of planning.

There was a story in The Wall Street Journal over the weekend with Jake Sullivan looking like he’s the only adult in the room because in some of these State Department meetings, I guess he raised his hand and said, well, you know, maybe we shouldn’t take all the military out before we get all the people out?’ Like, you think? I mean, why would you ever get your military out before you got your people out? It’s so appalling. It is so disheartening. It shows you the sort of moral void, if you would, that that I think is going on in this administration right now. And I’m sorry, there’s no excuse for it. I suspect things are going to be increasingly worse as a result of us not having anybody there, no eyes, no ears on the ground whatsoever.

I’m sorry. It’s a bad time. It feels like the 1970s and Jimmy Carter all over again. We’ve got Americans effectively hostage. (Oh, but don’t say that, right?) Because right now, the spin from those that are trying to to support this administration, they would say, ‘oh, you can’t say they’re hostage because, you know, they could go back to their homes.’ Well, no, they are being held hostage because they can’t leave the country! And I don’t think that there’s any way that you can spin this in any kind of a nice way.

But it gets me to just this lack of faith that I think I have that so many of us have right now in our government. And it’s very frustrating. They they can’t seem to do anything right. And we can’t count on them to get out of an area that we’ve been in for 20 years. How are we supposed to count on them for anything?

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I want to turn back to the market for a second, and this is another reason to subscribe to  my newsletter, because we do a lot of these market stories.

I just want to point out that is bad. Is it all bad with the jobs report. Two hundred and twenty five thousand jobs were added instead of the expected seven hundred thousand plus! So really, really, really bad. OK, just complete total with total mess. But, I think the market’s going to continue going up and I think it could continue being sort of a prosperous time for a lot of these stocks because while earnings have been strong, (I mean, earnings just blew it out of the water) They were way out ahead of what a lot of people thought, 95.6 increase in last quarter’s earnings. And, analysts estimates are somewhere for just under 30 percent increase in earnings for this quarter. The third quarter, which is going to begin really, you know, we’ll get a lot of that data coming up in October.

So ahead of that in September, I think a lot of people are sort of like reshuffling in. A lot of investors are saying, ‘wait a second, I’ve got to keep up with this because those earnings are going to come in stronger.’ And, that’s why you see some of the valuations on stocks moving up, up, up, up and away. And sometimes it’s like, whoa, I mean, this is kind of crazy, but it’s in part because I think people are playing catch up, because again, ninety four ninety five point six percent increase in last quarter’s earnings this quarter is expected to be just under 30 percent.

So obviously, then the stock becomes worth more.

There’s an inflation effect as well. Right. And and I think that’s a reality to to factor in to here. I mean, I keep telling people you’ve got to be on guard for inflation. And some of the best ways to position yourself would be one to be an equity markets, to be looking at commodities (Gold is one I talk about a lot. Oil, even with the administration shutting down Keystone, it actually probably helps the price of oil because it’s that much more scarce. Oil is a good, good place to be.) I like real estate, real estate investment trusts, as well, because it gives you that that gives you that hedge against inflation, which is here. And there’s going to be plenty more of it. And so there’s there’s a lot of things actually you could be looking at. You should be looking at we talk about it at Trish Intel dot com. So do sign up for the newsletter.

Tech stocks meanwhile, while everybody says, ‘oh, my gosh, tech stocks are just crazy’ the fang stocks, Facebook, Amazon, Apple, Netflix, Alphabet, you know, formerly known as Google. All of these companies, though, I would anticipate are still going to have increasingly strong earnings. it’s challenging if you’re saying, ‘OK, I want to get in today.’ Right, because they’re already trading at such high levels. But, if you if you have been in, I just encourage people to stay in a lot of these equity products, the stock market right now, because until until you start getting some real signals from the bond market, I would think that you are still going to have some upside. Right now, we’ve got no signals from the bond market of tough times ahead. We got one point three percent yield on treasuries! My gosh, my gosh, so would you lend me one hundred bucks for 10 years at 1.3 percent, knowing, by the way, what I just told you about real average hourly earnings because inflation is so high?

I don’t think so. Doesn’t make a whole lot of sense.

Anyway, I want to get to this story because this is extremely important. Senator Amy Klobuchar went on CNN over the weekend and she did this interview in which she expressed her concerns about what had happened in Texas. And she said she she again called for Breyer to resign. She would like to see that so dems can get their person on the court while Joe Biden is in office. But she also said she was open to the idea of packing the court effectively. She said that President Biden has a commission already in place to study this issue, as I’ve been telling you about almost every day on this show, because I worry about us turning into a Venezuela or Argentina. Packing the court — that’s, by the way, one of the first things that happens. And this is exactly she wants to get rid of the filibuster and have the opportunity to get justices in that are more aligned with her and her party’s politics. And so this is this is serious stuff. (commercial.)

I think we all care about this. And and you know, the reality I think I’m just going to leave you with is that look. Joe Biden is there, whether we like it or not, I mean, I think the guy should just resign over everything that’s happened. I think he should clear out everybody in the State Department that came up with these bad ideas. But in actuality, that’s probably not going to happen.

The next sort of level here is impeachment. I suspect that if the tables were turned and Trump was in the Oval Office right now. For sure. For sure. For sure! I mean, he probably would already be impeached. I mean, people would be going absolutely crazy.

But I don’t see that kind of call, if you would, for Joe Biden. So I don’t think it’s necessarily going to happen. I mean, Mitch McConnell said, ‘look, we’re not interested in that.’

And so I think that there may be some effort among some representatives in Congress because, you know, they went through this before and they know how it is and they know how the game is played. But I would also say this; we need to move beyond the politics of this moment. And I’m really horrified by talk of packing the court, taxing everyone. I do think there will be another stimulus plan. There will be more stimulus checks, because this jobs report, I think that all of these things are increasingly leading us in this direction of being more and more like Latin America.

I want you to go Trish Intel Dotcom. I want you to sign up for my newsletter. I want you to be here listening to this channel every single day I’m here. All of it’s free, by the way. Everything is free. I just care about getting this message out. So, please do your part, share the message. Tell your friends I’m here on Apple, iTunes, on Spotify, on YouTube, on Rumball, on Facebook. And I am committed to making sure at TrishIntel.com that you hear the truth. I’ll see you back here tomorrow. Thanks for listening.

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