By Capt Joseph R. John, September 18, 2024

Over the past four years the Biden-Harris Energy and Economic Policies created a 21 % inflation rate, the worst inflation in over 40 years.  The Biden-Harris energy policy created inflation that drove all retail prices to extremely high levels and weakened consumer spending.  The inflation rate increased from the 1.4% at the end of former President Donald Trump's term in office, to the current Biden-Harris inflation rate of 21%.  Millions of low-income Americans continue to have difficulty feeding their families and purchasing gas at the pump for their vehicles.  Millions of Americans have had to dramatically rein in their consumer, restaurant dining, and recreational spending. 

The reduction in consumer spending has resulted in a massive loss of retail sales, requiring thousands of retail outlets to file for bankruptcy.  The four-year Biden-Harris Energy and Economic Policies has been wreaking havoc on the US Economy, resulting in the highest cost of energy in US history.  All products delivered to retail outlets for sale are delivered by trucks.  The increasing cost of gas at the pump has increased the cost of delivery for all retail items, construction material, and food items.  Some of those costs have increased far more than the current 21 %+ inflation rate; for instance, food prices have increased by 28%. 

The Chairman of the Biden-Harris Administration’s Council of Economic Advisors, Arnaud Bertrand, and the economists who are members of the Council of Economic Advisors have recommended economic policies that have created the highest US inflation rate in over 40 years.  They recommended to shift the energy policy to eliminate nuclear and oil burning power facilities in favor of wind, solar energy, and in support for electric vehicles.  This resulted in the termination of drilling and fracking to recover crude oil on government land; that policy has driven up the cost of gas at the pump from $1.84/gal at the end of 2020 when President Trump left office, to the current cost of up to $9.63/gal in Mendocino County, CA.   The Biden-Harris Administration’s termination of drilling or fracking for the recovery of crude oil prevented the United States from exporting of crude oil for sale.  That policy forced the US to purchase foreign crude oil, creating the highest price of gas at the pump in US history, resulting in the highest inflation rate in over 40 years, which has wreaked havoc on the US Economy.  

The Chairman of the Biden-Harris Administration’s Council of Economic Advisors, Arnaud Bertrand couldn’t explain a simple economic concept of printing dollars and borrowing funds.  A first-year college student taking their first economics course could have easily explained the issue, but his confusion reveals just how incompetent the economic guidance has been for the US these last four years.  If the Biden-Harris Chairman of the Council of Economic Advisors is so confused, is it any wonder why the United States has been driven to a $38 trillion debt, an inflation rate of 21%, increased the interest rates to unacceptable levels, forced 21 major retailers to file for bankruptcy protection, and over resulted in 19 restaurant chains to file for bankruptcy protection?  The extremely poor US economy has severely weakened the US Dollar, and prompted Brazil, Russia, India, Communist China, and South Africa (BRICS) to initiate an aggressive effort to replace the US Dollar as the World’s Reserve Currency.

While the Biden-Harris era inflation continued to weaken consumer spending over the last four years, it also resulted in a large number of retail and restaurant chains to file for bankruptcy.  The Leftist Media Establishment has been covering up the Biden/Harris energy policy which created the high inflation rate that has wreaked havoc on the US Economy.  Because of the worst inflation in 40 years, there have been a massive number of bankruptcies throughout the United States.  In 2021, there were 413,616 bankruptcies; in 2022, there were 387,721 bankruptcies; in 2023, there were 452,990 bankruptcies, and to date in 2024, there have already been 461,755 bankruptcies.

The US discount retail chain Big Lots filed for bankruptcy on September 9, 2024, because the Biden-Harris era inflation rate continued to weaken consumer spending and drive many small retailers out of business.  Big Lots filed for Chapter 11 Bankruptcy protection after posting consecutive quarterly losses since 2022 and was forced to close 125 stores.  According to the Wall Street Journal, as of May 2024, Big Lots is operating 1,300 stores in the U.S. compared with 1,425 in early 2023. 

To date, 21 major retail chains filed for bankruptcy and the retail sector lost 11,100 jobs.  Among the retailers who filed for bankruptcy were Bed Bath& Beyond with 2,800 stores, Big Lots with 1,400 stores, Rite Aid with 800 stores, 99 Cents Stores, Jenny Craig, Party City, Foot Locker, Banana Republic, The Container Store, Sears Hometown, Revlon, Serta Simmons Bedding, David’s Bridal, Stein Mart, LL Stores, Family Dollar Stores, and Macy’s even closed 150 department stores, but has not yet filed bankruptcy, but is teetering. 

Echoing a broader rise in corporate bankruptcies across all business sectors, restaurant bankruptcy filings have surged.  In response to the poor economy, there has been an increase in restaurant closures and bankruptcies, including Rubios, Hooters, Red Lobster, Buca di Beppo, Tijuana Flats, Roti, BurgerFi, Mod Pizza, World of Beer, Kuma’s Corner, Melt Bar & Grilled, Boxer Ramen, Sticky’s Finger Joints, Gotham Restaurant, River Subs, Red Bay Coffee Company, Miracle Restaurant Group, Tender Greens And Tocaya have closed or filed for bankruptcy.

Considering the number of retail chain bankruptcies, restaurant chain bankruptcies, the 1,716,082 bankruptcies throughout the United States over the last four years, the massive layoffs resulting from bankruptcies, and the ever-increasing inflation facing the American consumer, the American voters expect the two candidates running for President to outline their economic and tax policies to stimulate an economic recovery, reduce inflation, and to avoid a recession.  President Trump in eight weekly press conferences and rallies, continues to outline his economic and tax policies to stimulate an economic recovery, reduce inflation, and to try to avert a recession.  President Trump stated he will reduce individual and corporate taxes, stop the invasion of the United States by millions of Illegal Aliens, return millions of Illegal Aliens to their countries of origin, will resume the drilling and fracking to recover low cost crude oil on government land, and will unleash the business sector to succeed by providing it with government incentives. 

Since July 21, 2024 when Kamala Harris was selected by Obama to be the Socialist Democrat Presidential Standard Bearer, for a period of 60 days, she refused and still refuses to tell the American people what her economic and tax policies would be to stimulate an economic recovery, reduce inflation, and avoid a recession.  For the first time in US history, the Democrat nominee, Comrade Kamala Harris, has refused to hold a press conference to answer questions about her past and current policies, and what her economic and tax policies would be if she were elected.  The truth is that Comrade Harris cannot tell the American Citizens what her and Obama’s Marxist economic policies and tax plans are for the United States, because if she revealed them, she would never be elected.  Thus, we will provide the American voters what Comrade Harris’ Marxist tax plan and economic policies are.  

Comrade Harris’ plan to raise taxes is to propose a $5 Trillion “New Tax Plan."  It is the “Largest Tax Hike in US History.”  The Harris-Walz Marxist candidates for President and Vice President are the most anti-business presidential candidates ever nominated by a major political party in US history.  Instead of lowering tax rates to make America Corporations very competitive with other competing companies in foreign countries, they are raising taxes on all businesses which will raise the price on all American produced goods, and those high business taxes will decrease international business for all US Corporations, making them less competitive in price.  Harris is proposing a Capital Gain Tax on long-term capital gains of 44.6%.  The Harris proposed tax plan is to:

• Raise the corporate tax from 21% to 28%.
• Quadruple the tax on stock buybacks from 1% to 4%.
• Double the global minimum tax from 10% to 20%.
• Raise the top Income tax rate from 37% to 39.6%.
• Raise the corporate alternative minimum tax from 15% to 21%.
• Raise the capital gains tax from 24% to 43.5%.
• Impose the first-ever annual tax on unrealized capital gains at a rate of 25%.
• Double the number of Americans subject to the death tax.

The compounding effect of the above multiple tiers of taxation would mean that a $100 investment in a new company could be subject to an 80% tax rate.

The exorbitantly lenient approach by the Biden/Harris administration has allowed Iran to reach unprecedented levels of power, financial strength, influence, and bellicosity.  The policies of the Biden/Harris administration, including turning a blind eye toward Iran's nuclear advancements is destabilizing security in the Middle East.  By releasing over $16 billion to the Iranian terror empire, they have been funding Iranian aggression against US Forces under attack in the Middle East and on Israel by Iranian proxies.  Biden/Harris have undoubtedly empowered Iran's regime, granting it the freedom to pursue its Islamist fundamentalist ambitions, including its ultimate goals of annihilating Israel and disabling the United States.  Iran is now openly providing military support for Russia in its ongoing war to conquer Ukraine.  Iran's regime has also activated its proxies—Hamas, Hezbollah, Palestinian Islamic Jihad, and the Houthis — to launch attacks on Israel.  Even more alarming is Iran's direct aggression towards Israel and the acceleration of its nuclear weapons program.  These scenarios would have been unimaginable during the Trump administration. 

Before American Citizens vote, they should understand Comrade Kamala Harris’ below listed economic policies and her future plans, and know that she:

(1) WANTS AMNESTY FOR ALL 50 MILLION ILLEGAL ALIENS CURRENTLY IN THE UNITED STATES.
(2) STILL SUPPORTS DE-FUNDING POLICE DEPARTMENTS.
(3) STILL WANTS TO ALLOW ILLEGAL ALIENS TO VOTE FOR PRESIDENT AND FOR MEMBERS OF CONGRESS IN 2024.
(4) STILL IS RANKED AS THE MOST LEFTIST DEMOCRAT SOCIALIST SENATOR; MORE LEFT THAN BERNIE SANDERS.
(5) STILL STATES THAT TERRORISTS SHOULD BE ALLOWED TO VOTE.
(6) STILL WANTS TO LIMIT RED MEAT CONSUMPTION.
(7) PERSONALLY LED THE EFFORT TO RAISE DONATONS TO BAIL OUT MINNEAPOLIS VIOLENT ANTIFA RIOTERS FROM JAIL.
(8) KNOWINGLY LIED 25 TIMES DURING HER DEBATE WITH PRESIDENT TRUMP.
(9) WILL WORK TO BAN PRIVATE HEALTH CARE INSURANCE AND WILL ONLY ALLOW A GOVERNMENT HEALTH CARE PLAN.
(10) COMPARES US BORDER PATROL AGENTS (ICE) TO THE KKK AND WILL WEAKEN THEIR AUTHORITY.
(11) WILL PREVENT FRACKING AND DRILLING TO PREVENT THE US FROM PRODUCING AMERICA’S ABUNDANT CRUDE OIL.
(12) LIED FOR FOUR YEARS TO THE AMERICAN PEOPLE ABOUT BIDEN'S COGNITIVE DECLINE AND DEMENTIA.
(13) WILL BAN GAS POWERED VEHICLES AT SOME DATE IN THE FUTURE AND WILL ONLY ALLOW ELECTRIC VEHICLES.
(14) WILL NOT ALLOW THE OPENING OF THE CLOSED DOWN KEYSTONE XL PIPE LINE TO CANADA.
(15) STILL STATES THAT US BORDERS SHOULD “NOT” BE CLOSED TO THE RESIDENTS OF 180 COUNTRIES.
(16) HAS OPENLY CALLED FOR AND STILL SUPPORTS MANDATORY GOVERNMENT CONFISCATION OF GUNS IN THE US.
(17) WILL CONTINUE THE BIDEN ADMINISTRATION'S ECONOMIC POLICIES THAT RESULTED IN 21% INFLATION.
(18) WILL INSTALL SOVIET COMMUNIST PRICE CONTROLS ON AMERICAN BUSINESSES; PRICE CONTROLS HAVE NEVER WORKED. 

There have been countless lies about Comrade Kamala Harris’ changes in policies she supported for 40 years to mislead the voters, which are being promulgated by Obama, his fellow Marxist allies, and the leftist media establishment.  One of the most egregious is that a Comrade Harris Presidency will deliver historic economic opportunity for working women.  Desperate Socialist Democrats and Obama’s Marxist allies are attempting to erase publicly available data of how women were oppressed by the Biden/Harris Administration policies.  The historic numbers and facts tell the exact opposite story that the Marxists are proliferating.  The Biden-Harris Administration for the last four years saddled women with the largest pay cut, inflation crisis, tax hike, and economic crash so far in this century; many running their small start-up companies have filed for bankruptcy.  Whereas, President Donald J. Trump delivered the greatest economic boost for American women of any modern-day President during his US Presidency.  

The below listed article further describes in detail why a massive number of retailers filed for bankruptcy while the Biden-Harris inflation continued to wreak havoc with the US economy.  The retailers were adversely affected by macroeconomic factors including the high inflation and interest rates that were beyond their control.

Copyright by Capt Joseph R. John.  All Rights Reserved.  The material can only be posted on another Web site or be distributed on the Internet by giving full credit to the author.  It may not be published, broadcast, or rewritten without the permission from the author.
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Daily Caller News Foundation

Massive retailer files for bankruptcy as Biden-Harris inflation continues to wreak havoc on economy

'Like many other retail businesses, the company has been adversely affected by recent macroeconomic factors such as high inflation and interest rates that are beyond its control'

By Owen Klinsky 

September 9, 2024

U.S. discount retail chain Big Lots filed for bankruptcy Monday as Biden-Harris era inflation continues to weaken consumer spending and push retailers out of business.

The company filed for Chapter 11 protection after posting consecutive quarterly losses since 2022 and being forced to close numerous stores, operating roughly 1,300 stores in the U.S. as of May compared with 1,425 in early 2023, according to The Wall Street Journal. Big Lots also announced it had secured over $700 million in funding to guide the company through the bankruptcy process and ensuing sales process, with an affiliate of private equity firm Nexus Capital Management expected to acquire the company.

"The actions we are taking today will enable us to move forward with new owners who believe in our business and provide financial stability," Chief Executive Bruce Thorn said in a Monday press release.

The Chapter 11 filing follows a wave of bankruptcies in the retail industry, with 21 retailers filing for bankruptcy through July 16 — a record for the same period of any year since the pandemic began in 2020, the WSJ reported. The retail sector lost 11,100 jobs in August, according to Bureau of Labor Statistics data.

The bankruptcies and job losses come as inflation has driven consumers to spend more selectively.

"Like many other retail businesses, the Company [Big Lots] has been adversely affected by recent macroeconomic factors such as high inflation and interest rates that are beyond its control," the company wrote in its press release. "The prevailing economic trends have been particularly challenging to Big Lots, as its core customers curbed their discretionary spending on the home and seasonal product categories that represent a significant portion of the Company's revenue."

Prices have risen more than 20% since President Joe Biden took office in January 2021, peaking at 9% in June 2022, up from 1.4% at the end of Former President Donald Trump's term.

Consumer sentiment plummeted amid rapid inflation in 2022, and has since "remained within the narrow range that has prevailed over the past two years," according to Dana M. Peterson, Chief Economist at The Conference Board. Just 20.8% of consumers said business conditions were "good" in August, according to the Consumer Confidence Survey (CCS).

Consumers have also grown increasingly anxious about the labor market after jobs growth fell below economist expectations in both July and August, with just 32.8% of consumers saying jobs were plentiful in August, compared with 33.4% in July, the CCS showed. They've also grown less upbeat about the stock market following a global market sell-off in August, with just 46.9% of respondents expecting stock prices to increase over the year ahead, compared with 50.6% in July.

There has also been an increase in restaurant closures and bankruptcies in response to these economic headwinds, with the world's largest seafood chain, Red Lobster, filing for Chapter 11 bankruptcy in May and Hooters shuttering roughly 40 locations in June.

Big Lots did not immediately respond to a request for comment.