The truth about inflation being a proverbial tax on the poor and most marginalized is once again being proven in the U.S.A., per the recent analysis of federal data on inflation. That’s but one of several takeaways from the report on WND by the Daily Signal, which cited research economist E.J. Antonini, Ph.D. with the Center for Data Analysis at the Heritage Foundation. While the report is sobering, it has the potential for this being a vehicle for advancing the ‘good news’ about manufactured housing, which will be part of our additional information with more MHProNews analysis and commentary segment that follows their article. The Daily Business News on MHProNews signature left-right headline news recap and manufactured housing connected equities segment rounds out today’s report.
Per the WND NewsCenter, which cited the Daily Signal, is the following report provided by agreement to MHProNews.
WND MONEY
Average American family has effectively lost $7,100 under Biden, economist says
His policies are why ‘families cannot afford to live’ in his nation
By WND News Services
Published December 13, 2022 at 3:57pm [Editor’s note: This story originally was published by The Daily Signal.]
By Samantha Aschieris
The Daily Signal
An economist says the average American family has effectively lost more than $7,000 due to inflation and higher interest rates since President Joe Biden took office.
The consumer price index, a key inflation measure, increased 0.1 % in November, up 7.1% from Nov. 2021, the U.S. Bureau of Labor Statistics (BLS) reported on Tuesday. The figure marks a slowdown in rampant inflation, but not a reversal of the trend that has caused prices for everyday goods like food and gas to ratchet up in recent months.
“Although the slowdown in inflation is certainly welcome, it’s not a sign of things to come. The latest data illustrate why families cannot afford to live in Biden’s America,” EJ Antoni, a research fellow for regional economics in the Center for Data Analysis at The Heritage Foundation, said in a Tuesday report. (The Daily Signal is Heritage’s multimedia news organization.)
“Under Biden, prices have risen so much faster than wages that the average family has lost $5,800 in real annual income. That loss is thanks to the ‘hidden’ tax of inflation, caused by the Biden administration and congressional Democrats’ policies ,” Antoni said.
CPI for all items rises 0.1% in November as shelter and food increase https://t.co/dJyJeKlXDJ #CPI #BLSdata
— BLS-Labor Statistics (@BLS_gov) December 13, 2022
Antoni added:
Higher interest rates are now costing the typical family another $1,300 annually. Combined with a lower real income, this effectively costs families a total of $7,100 in annual income under Biden.
The food index rose 0.5%, the fuel oil index rose 1.7%, and the shelter index rose 0.6% while the used car and truck index decreased 2.9% and the energy index decreased 1.6%, the Bureau of Labor Statistics reported.
“An unexpected decline in the prices of beef, used vehicles, and vehicle rentals caused the latest inflation data to come in below expectations. While those price decreases are a welcomed relief for consumers, the decrease is being driven by a drop in demand, not an increase in supply,” Antoni told The Daily Signal in a statement.
“In other words, people simply cannot afford these items at current prices, so consumers are buying less, driving prices down. It is more a sign of desperation than wealth,” Antoni explained.
The November report marked an improvement over some economists’ expectations that the consumer price index increased 0.3% last month and 7.3% since Nov. 2021, CNBC reported.
U.S. Treasury Department Sec. Janet Yellen said she “[believes] inflation will be lower” in 2023 during a “60 Minutes” interview with CBS’s Norah O’Donnell on Sunday.
“So I believe inflation will be lower. I am very hopeful that the labor market will remain quite healthy so that people can feel good about their finances and their personal economic situation,” Yellen said when asked what the new year will “look like for the average consumer.”
O’Donnell noted that “it’s been decades since the American consumer has had to deal with inflation like this.”
Yellen responded:
Yes, and I hope that it will be short-lived. We learned a lot of lessons from the high inflation we experienced in the 1970s.
And we’re all aware that it’s critically important that inflation be brought under control and not become endemic to our economy. And we’re making sure that that won’t happen.
Last week, I discussed what I see in 2023 for American consumers with @NorahODonnell @60Minutes. I’m hopeful the labor market will remain healthy and know the Biden-Harris Administration will continue to do all we can to continue lowering costs for Americans. pic.twitter.com/nWtsFuHNsT
— Secretary Janet Yellen (@SecYellen) December 12, 2022
Many Americans are struggling to afford groceries and have adjusted their grocery shopping habits throughout the past year, according to a Swiftly survey released last week.
The survey’s executive summary reads in part:
Inflation and rising food costs are impacting most consumers’ grocery shopping habits, with over two-thirds struggling to pay their grocery bills.
Nearly half [of consumers] are shopping based on discounts and promotions; however, a majority spend an hour or less planning their grocery shopping trip, including time looking for discounts.
Sean Turner, Swiftly’s chief technology officer, weighed in on Tuesday’s consumer price index report.
“The urgency facing retailers is clear following this month’s CPI data. Inflation remains stubbornly high, impacting consumer’s wallets hard,” Turner said in an emailed statement. “Retailers need to provide the flexibility and convenience their customers demand, connecting online with in-store and maximizing value to keep them coming back.”
The producer price index, which “measures the prices that businesses are having to pay,” rose 0.3% last month, up 7.4% since Nov. 2021, the Bureau of Labor Statistics reported on Friday.
The Bureau of Labor Statistics reported on Nov. 10 that the consumer price index increased 0.4% in October, up 7.7% from Oct. 2021. The food index rose 0.6%, the energy index rose 1.8%, and the fuel oil index rose 19.8%, while the used car and truck index decreased 2.4% and the apparel index decreased 0.7%.
The bureau plans to release the December consumer price index on Jan. 12 , 2023.
The White House did not immediately respond to The Daily Signal’s request for comment. ##
[Editor’s note: This story originally was published by The Daily Signal.]
MHProNews note: Money supply graphic that follows was not part of the WND/Daily Signal report.
Additional Information with More MHProNews Analysis and Commentary
Without contradicting Dr. Antoni’s core contention, it should be recalled that Janet Yellen initially dismissed the risk of inflation. Per left-leaning CNN, “Treasury secretary concedes she was wrong on ‘path that inflation would take’ on June 1, 2022. “I think I was wrong then about the path that inflation would take,” Yellen told CNN’s Wolf Blitzer on “The Situation Room” when asked about her comments from 2021 that inflation posed only a “small risk.”
Fast forward since then to Democratic House Majority Whip James “Jim” Clyburn’s pre-midterm remarks to left-leaning MSNBC. Clyburn admitted that Democrats who passed legislation that bloated the budget ‘knew’ they would be causing inflation. Yellen, by extension, also ought to have ‘known’ what was coming. That suggests her comments as Biden’s Treasury Secretary were likely more political in 2021 than clinical, based on factors she and others could see developing.
While economics may not be a perfect science when the money supply is being artificially and rapidly increased, the obvious outcome would be the phenomenon commonly known as ‘inflation.’ MHProNews predicted several times early under the Biden regime that inflation was coming. Once it came, MHProNews – using data and historic insights – predicted it would be harmful, as Antonin and others are now stating. Facts and figures may have partisan implications, but proper use of data is not necessarily partisan in the slightest.
Given the widely acknowledged housing shortage, combined with rising costs, it is tragic but, in some ways, inevitable that millions of younger adults have moved back to mom and dad’s home in 2022 alone.
A robust use of manufactured housing during such conditions ought to be a factor that could mitigate escalating housing costs by introduction more homes that are far less expensive than conventional housing. That would be a commonsense approach. Indeed, the so-called Biden Housing Plan mentioned manufactured housing numerous times. But what went unmentioned were the two key words that could rapidly unlock access by millions to modern HUD Code manufactured homes in the 21st century. Those two words? “Enhanced preemption” – the term used by experts to describe the increased authority that the U.S. Department of Housing and Urban Development (HUD) has over local jurisdictions which unjustly zone out HUD Code manufactured homes. HUD Secretary Marcia Fudge bluntly stated that the current situation would continue “perpetually,” even as she declined to use “enhanced preemption.” See the report, details, and how the Manufactured Housing Institute (MHI) played an unstated role in the background of that exchange by Fudge with a congressman who asked about federal preemption’s possible use.
Over three years ago, the Manufactured Housing Association for Regulatory Reform (MHARR) warned that key forces at MHI were trying to ‘run out the clock’ on the Trump Administration and their more pro-small business, pro-manufactured housing policies. MHARR offered to team up with a state association to pick a test case to litigate federal preemption in order to make its enforcement authority clear. But given that those states are routinely MHI state affiliates, per MHI’s own remarks, it ought to be shocking that no state accepted MHARR’s offer.
Yet some of those same state association leaders made remarks that on the surface sounded like they were complaining about the negative impacts of zoning barriers. For instance, Amy Bliss – who sits on an MHI board – said the following.
Bliss’ remarks being so, then why didn’t Bliss or other state associations take up MHARR’s offer? Or to a point more recently raised by MHARR’s founding president, CEO and now senior advisor – Danny Ghorbani – why hasn’t MHI initiated legal action to enforce ‘enhanced preemption’ on their own? See the linked Q&A with MHProNews by Ghorbani.
These are more than hypothetical questions that have little or no relevance to our industry and the millions of new potential consumers that HUD Code manufactured housing could be serving. Oddly enough, Cavco’s Bill Boor – whose firm essentially holds two seats on the current MHI executive committee – made a relevant admission during an earnings call with investment analysts.
But instead of deploying their capital building to build more production centers, and instead of investing in litigation to enforce the industry’s rights under federal law, what does Boor’s firm continue to do? They continue to consolidate the industry, along with their other Big Three peers at MHI. Recall that Cavco recently settled the claims leveled against them by the Securities and Exchange Commission (SEC). Those SEC pleadings read like something out of a fictional novel.
These are among the reasons that MHProNews recently reported that storm clouds appear to be shaping up that could lead to more litigation and risk for companies that appear to be more intent on consolidating the manufactured home industry than they are for doing what would be prudent and profitable business practices.
MHProNews will continue to monitor and unpack the meaning for the issues behind the headlines as it relates to manufactured housing specifically, and the modular-manufactured-factory-built housing industry more generally. The linked and related reports provide more specifics on recent developments and how they shed light on the historic underperformance of manufactured housing in the 21st century. The Daily Business News on MHProNews equities and market segment of today’s report follows. ##
need to wait years for legislation that in the past has often led to little or no discernable benefit. Using existing laws are a key. https://www.wnd.com/2021/05/solution-big-tech-oligarchs/
https://www.wnd.com/2022/12/sin-christmas-returning-fields/
Daily Business News on MHProNews Markets Segment
The modifications of our prior Daily Business News on MHProNews format of the recap of yesterday evening’s market report are provided below. It still includes our signature left (CNN Business) and right (Newsmax) ‘market moving’ headlines. The macro market moves graphics will provide context and comparisons for those invested in or tracking manufactured housing connected equities.
In minutes a day readers can get a good sense of significant or major events while keeping up with the trends that are impacting manufactured housing connected investing.
Reminder: several of the graphics on MHProNews can be opened into a larger size. For instance: click the image and follow the prompts in your browser or device to OPEN In a New Window. Then, in several browsers/devices you can click the image and increase the size. Use the ‘x out’ (close window) escape or back key to return.
Headlines from left-of-center CNN Business – from the evening of 12.16.2022
- Why stocks keep tumbling
- The New York Stock Exchange is seen during morning trading on December 02, 2022 in New York City.
- ANALYSIS
- Michael M. Santiago/Getty Images
- Analysis: Stocks had been riding high this month but the Dow plunged more than 400 points Friday, souring the mood
- After almost three years of a COVID-19 dominated economy, tourists and shoppers flock back to midtown for the sights and sounds of a traditional Christmas holiday season, December 2, 2022 in New York City, New York.
- Why recession fears are back: Americans are losing faith
- A gas pump is filling up a vehicle at a Chevron gas station on December 05, 2022 in Houston, Texas. U.S. gas prices have dropped towards $3 a gallon, with global gas prices having steadily dropped since June.
- Gas prices tumble to 15-month low. Sub-$3 could be next
- Customers shop at a Target store on November 16, 2022 in Chicago, Illinois.
- The Grinch comes for retailers
- Inrupt co-founder and CTO Sir Tim Berners-Lee speaks at the centre stage of the Europe’s largest tech conference, the Web Summit, in Lisbon on November 4, 2022. (Photo by PATRICIA DE MELO MOREIRA / AFP) (Photo by PATRICIA DE MELO MOREIRA/AFP via Getty Images)
- Inventor of the world wide web wants us to reclaim our data from tech giants
- People enjoy the sunny afternoon on New Year’s Eve in a Los Angeles park with a view of the downtown skyline, December 31, 2021.
- ‘This is a war’: Californians seek affordable housing alternatives
- 15 TikTok app STOCK
- TikTok may push potentially harmful content to teens within minutes, study finds
- Apple AirTag Lauren Hughes stalking
- VIDEO
- Video: Her ex-boyfriend stalked her using an AirTag. Now, she’s suing Apple
- A view of an Olive Garden restaurant on March 24, 2022 in Fremont, California.
- Justin Sullivan/Getty Images
- A lettuce production problem cost Olive Garden owner millions
- Elon Musk’s Twitter bans CNN, NYT, WaPo journalists
- ‘There are red lines’: Europe warns of sanctions after Twitter bans journalists
- Elon Musk censors the press
- Biden begins to refill Strategic Petroleum Reserve, while Keystone Pipeline leak prompts new emergency exchange
- Starbucks union organizers wanted credit-card tipping. Now they’re being left out
- Starbucks union starts three-day strike at 100 stores
- How the Arab world’s most populous country became addicted to debt
- What to do about the highest interest rate in 15 years
- TikTok might be too big to ban, no matter what lawmakers say
- Bernard Arnault just became the world’s richest person. So who is he?
- Tokyo will require new homes built from 2025 to have solar panels
- Taco Bell is testing two new Mexican Pizza varieties
- Why people in China are panic buying canned yellow peaches as Covid surges
- Men are dropping out of the workforce. Here’s why
Headlines from right-of-center Newsmax 12.16.2022
- DHS to Make Closing Gaps in Southern Border Fence ‘a Top Priority’
- Shipping containers fill a previous gap in the U.S.-Mexico border wall on Sept. 27 in Yuma, Arizona. (John Moore/Getty Images)
- The Department of Homeland Security announced this week that repairing gaps along the southern border fence is “a top priority” for the agency, the New York Post reports. [Full Story]
- Newsmax TV
- Donalds: WH ‘Lying’ About Border
- RNC’s McDaniel to Newsmax: McCarthy Holdouts Will Come Around | video
- Reschenthaler: Declare Fogel Wrongfully Detained by Russia | video
- Blaine Holt: Russia Won’t Miss Opportunity to ‘Saber Rattle’ | video
- Gimenez: Musk Should Move Twitter to Miami
- Charlie Kirk: Hold Dorsey Accountable for Lying to Congress | video
- Mace: Hate Speech Activists ‘Hypocrites’ | video
- Troy Miller: GOP Senators Who Voted for Marriage Act Should Be Censured | video
- Newsfront
- Musk’s Twitter Suspension of Journalists Draws Global Backlash
- Twitter’s unprecedented suspension of at least five journalists over claims they revealed the real-time location of owner Elon Musk drew swift backlash from government officials, advocacy groups and journalism organizations across the globe on Friday…. [Full Story]
- Report: 1/6 Panel to Urge DOJ Prosecution of Trump on at Least 3 Charges
- The House’s Jan. 6 select committee is preparing a vote calling for [Full Story]
- National Archives’ Release of Hunter Biden Emails Could Put WH in Bind
- The National Archives reportedly plans to release hundreds of pages [Full Story]
- Trump Announces Multistep Agenda to Protect Speech, Tackle Big Tech
- Former President Donald Trump unveiled a five-point plan to tackle [Full Story] | video
- Court Rules Trans Athletes Can Compete on Conn. Sports Teams
- A federal appeals court on Friday dismissed a challenge by four [Full Story]
- Russia Launches Another Major Missile Attack on Ukraine
- Russia Launches Another Major Missile Attack on Ukraine
- Ukrainian authorities reported explosions in at least three cities [Full Story]
- Related
- Zelenskyy Wants Russia Banned From 2024 Olympics
- EU Defense Agency Chief: Europe Cannot Rely on US Alone as Shield
- Russia: US Air Defense Systems Could Be Targets in Ukraine
- Russian Troops in Crimea Battered by Ukrainian Drones
- Top Ukrainian General: ‘No Doubt’ Russia Will Attack Kyiv Again Soon
- Kyiv Warns of Long Utility Disruptions After Russian Missiles Batter Grid
- Trump NFT Trading Cards Sell Out, Raise $4.45M
- The entire collection of former President Donald Trump’s digital [Full Story]
- Mayorkas Impeachment Would Have Precedent
- With a record number of illegal immigrants flooding into the U.S. [Full Story] | Platinum Article
- Griner: ‘I Intend to Play Basketball’ This Season
- Brittney Griner, who was headed back home to Arizona after leaving a [Full Story]
- Trump to Speak to Jewish Group Amid Controversy Over Ye, Fuentes Dinner
- Former President Donald Trump is scheduled to address an Orthodox [Full Story]
- Wall Street Journal Poll: Most Pessimistic About Economy
- More than 65% of U.S. voters say the economy and the country are [Full Story]
- Japan Unveils Biggest Military Buildup Since WW II Amid China Worries
- Japan on Friday unveiled its biggest military build-up since World [Full Story]
- Goldman Sachs to Lay Off up to 4,000
- Goldman Sachs Group Inc. will lay off up to 4,000 people in early [Full Story]
- US to Repair Gaps in Southern Border Fence
- The Department of Homeland Security announced this week that [Full Story]
- 7 Donors Each Gave DeSantis More Than $1M for Reelection Bid
- Seven donors contributed than $1 million each to Florida Gov. Ron [Full Story]
- Abortions Fall 97% in Texas After Roe Reversal
- Abortions in Texas dropped by 97% in the month after the Supreme [Full Story]
- Questions Surround Legality of FBI-Twitter Coordination
- Several simultaneous bombshells have confirmed a host of conservative [Full Story] | Platinum Article
- McCarthy Supported on Vow of No ‘Blank Checks’ to Ukraine
- Former national security adviser Robert O’Brien said he backs House [Full Story]
- Netanyahu: Peace With Saudis Would ‘End Arab-Israeli Conflict’
- Benjamin Netanyahu told the Washington Examiner that a peace deal [Full Story]
- Unilever Resolves Ben & Jerry’s Lawsuit Over Palestinian Sales
- Unilever, the British conglomerate that owns Ben & Jerry’s, announced [Full Story]
- Satellite Launched to Map the World’s Oceans, Lakes, Rivers
- A U.S.-French satellite that will map almost all of the world’s [Full Story]
- Pope Returns Greece’s Parthenon Sculptures in Ecumenical Nod
- Pope Francis has decided to send back to Greece the three fragments [Full Story]
- Missing US College Student Found in Spain: Family
- An American college student who was reported missing from a French [Full Story]
- Israeli, UAE Ambassadors Hold ‘Productive Meeting’ With DeSantis
- Ambassadors from Israel and the United Arab Emirates met with Florida [Full Story]
- US Opens Probe of Cruise Robotaxi Braking, Clogging Traffic
- S. safety regulators are investigating reports that autonomous [Full Story]
- Senate Passes Stopgap Funding Bill to Avert Government Shutdown
- The U.S. Senate passed by a 71-19 vote a weeklong stopgap funding [Full Story]
- Grassley, Hawley: DHS Redacted Critical Info About Disinformation Board
- Republican Sens. Chuck Grassley of Iowa and Josh Hawley of Missouri [Full Story]
- Rare Coins Dug Up in Jerusalem Further Jewish Ties to Ancient Israel
- Coins excavated from a fortified section of Jerusalem known as The [Full Story]
- Kentucky Supreme Court Strikes Down School Choice Law
- The Kentucky Supreme Court on Thursday ruled that a law permitting [Full Story]
- Claudine Gay to Be Harvard’s 1st Black President, 2nd Woman
- Harvard University announced Thursday that Claudine Gay will become [Full Story]
- ‘Only Kevin’ Republicans Set for House Speaker Battle
- Moderate House Republicans who have grown weary of farther-right [Full Story]
- Finance
- DeSantis Signs Bill Seeking to Stabilize Insurance Market
- Republican Gov. Ron DeSantis signed a sweeping property insurance bill on Friday. How much and when it will work to stabilize the stormy market is another question…. [Full Story]
- Bankman-Fried FTX Fraud Trial Could Be Year Away
- Amazon Failed to Record Warehouse Injuries: OSHA
- Lauren Fix, The Car Coach: Used Car Market Won’t Recover Till 2025
- Phoenix Airport 1st to Offer Self-Driving Rides
- More Finance
- Health
- The Key to Better Winter Sleep
- If you want to get some good sleep at night, be sure to get outside for a bit during the day, even if it’s cloudy. That’s the advice of researchers at the University of Washington in Seattle, where overcast skies are common and daylight is limited in winter. Studying student… [Full Story]
- Jane Fonda Announces Cancer Now in Remission
- Hold the Cookies If You Drink the Hottest Holiday Drink: Pilk
- People With Cluster Headaches More Likely to Have Heart Disease, Mental Illness
- Many Adults Say They Don’t Need COVID Booster: Kaiser Poll
====================================
Updated
- NOTE 1: The 3rd chart above of manufactured housing connected equities includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry finance lender.
- NOTE 2: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
- NOTE 3: Deer Valley was largely taken private, say company insiders in a message to MHProNews on 12.15.2020, but there are still some outstanding shares of the stock from the days when it was a publicly traded firm. Thus, there is still periodic activity on DVLY.
- Note 4: some recent or related reports to the REITs, stocks, and other equities named above follow in the reports linked below.
2022 …Berkshire Hathaway is the parent company to Clayton Homes, 21st Mortgage, Vanderbilt Mortgage and other factory-built housing industry suppliers.
· LCI Industries, Patrick, UFPI, and LP each are suppliers to the manufactured housing industry, among others.
· AMG, CG, and TAVFX have investments in manufactured housing related businesses. For insights from third-parties and clients about our publisher, click here.
Disclosure. MHProNews holds no positions in the stocks in this report.
· For expert manufactured housing business development or other professional services, click here.
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That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports, further below. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)
By L.A. “Tony” Kovach – for MHProNews.
Tony earned a journalism scholarship along with numerous awards in history. There have been several awards and honors and also recognition in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com. This article reflects the LLC’s and/or the writer’s position and may or may not reflect the views of sponsors or supporters.
