U.S. Inflation Reached 30-Year High in October - WSJ

U.S. inflation hit a three-decade high in October—rising at a 6.2% annual rate

3x the Fed’s target, for those keeping score at home.

Inflation also topped 5% for the fifth straight month.

Transitory!

Just over a week until I get to drink the real thing.

The GE Empire Breaks Up - WSJ Opinion

GE’s rise and fall is fundamentally a story of American capitalism. Capital flows to businesses that create the most value for investors. But success is always precarious as business and technology change. Growth requires constant innovation, adaptation and, yes, creative destruction.

Republicans Rescue Biden’s Agenda - WSJ Opinion

Without those GOP votes, the bill would have failed and Democrats would have suffered another political defeat and more recriminations. Instead, Democratic leaders are moving ahead fast to focus on their $4 trillion entitlement spending and tax bill that is now more likely to pass.

This is a calculation I can’t understand. The two bills have been linked since day one. So even if the first bill was good for their District, surely the combination of them would be a net negative.

Six Democrats voted against the BIF, even after getting the written promise of votes from Moderates. So if the BIF failed, so would that agreement.

Good News For Dems: Biden And Harris Now Polling At 66% Approval If You Combine Their Numbers - The Babylon Bee

Experts are pointing to Biden’s stellar performance on the economy, his confident leadership, and mathematical addition as reasons why his combined approval rating with Kamala is so high.

Hard to argue with math!

5:57am, and all four of my children are awake.

Daylight Savings Time is a great idea!

Infrastructure Law Seen Having Small, Positive Impact on Growth - WSJ

Economist Mark Zandi of Moody’s Analytics estimates that by 2031, the law will have improved labor-productivity growth by 0.03 percentage point a year.

$550B in new spending well spent! This is the kind of transformative legislation America needs.

Why the Billionaires’ Tax Matters to You, Too - WSJ

This (calculating unrealized gains) so-called mark-to-market approach is used by companies, especially financial firms, in reports to investors.

Most famously by the good folks at Enron!

“The income-tax deferral on unrealized gains is unfair. It allows the wealthiest Americans to avoid tax during a time of increasing concern with inequality. Most Americans can’t take advantage of these strategies,” says Ari Glogower, a professor at Ohio State University’s law school.

That may be because over 40% Americans pay $0 in income tax.

Twitter on iOS Now Lets You Easily Search For Tweets From Specific Accounts - MacRumors

offers users a much easier way to search for tweets from a specific user. While the ability was previously possible using the standard Twitter search field

Awesome! Now I’ll be able to cancel people on the go.

Biden ‘Perfectly Comfortable’ Paying Separated Families, White House Says - WSJ

President Biden is “perfectly comfortable” with his administration paying immigrant families to resolve lawsuits

Yesterday he called the news of settlements “not true” and “garbage.”

Democratic leaders amp up pressure on holdouts of Biden agenda - TheHill

He declined to specify how many moderates remain in that category, but said it’s enough to prevent even the rule on the bill from passing if it’s brought to the floor without resolving those outstanding issues.

C’mon guys! Just vote for the thing, it doesn’t matter what’s in it! Plus, you’ll love the consulting jobs that you’ll get after voters kick you out of office next year.

House Democrats Add Paid Leave, State-and-Local Tax Deduction to Bill - WSJ

The House plan would raise the $10,000 cap on the state and local deduction to $72,500

Hooo eeee! Nice to see the Democratic Party delivering urgently needed tax relief to the ultra-wealthy!

But other Democrats have criticized efforts to repeal or lift the cap, arguing that it will primarily benefit the wealthy.

What? That’s crazy! Don’t hard working average Americans pay their State and local governments $72,500 a year in taxes?

For instance, the bill would create a new tax credit for companies that employ local news journalists, expand a tax break for employers that pay for child care and allow deductions for union dues and employee uniforms.

And free ice cream for all!

Democrats restricted a proposed tax credit for plug-in electric vehicles. Earlier versions of the legislation had allowed the full credit for married couples making up to $800,000; that is now reduced to $500,000.

Finally, some fiscal responsibility.

McAuliffe Was Right! Victorious Youngkin Pulls Off Mask To Reveal He’s Been Trump All Along - The Babylon Bee

“Hello, haters and losers!” Trump yelled. “I win again! Now I’m president of this state! Forty-nine more to go!”

I love the quotes they come up with. I can totally hear Trump saying that.

Trump Forced To Start From Scratch On His ‘Dems Rigged The Virginia Election’ Speech - The Babylon Bee

“Sad! Not good!” Trump reportedly exclaimed as he watched the results coming in on Newsmax.

Ugh, what a waste!

The latest version of the Reconciliation Bill allows the Backdoor Roth IRA to remain until couples hit that $450,000 income magic mark.

If a couple makes:

• $208,000 or less: Direct Roth Contributions.
• $208,001 - $449,999: Use the Backdoor Roth
• $450,000+: No Roth for you!

Why not just open the Roth option to couples up to $450,000 and then there’s no controversy? Backdoor Roths take one extra step, one extra day, and one extra tax form. It’s the same thing.

This is the problem, though, when you try to write tax legislation that at least 50 senators oppose in less than 2 months.

And at the end of the day, we’re talking about the taxability of $12,000 a year. That’s 2.6% of a $450,000 income for the entire year. Upsetting the entire apple cart over $4,500 in actual taxes due.

I really, really like having a HomePod on my desk.

Pelosi Says House Democrats Will Add Paid Leave Back to Bill - WSJ

Some Democratic lawmakers said the party’s loss in the Virginia governor’s race Tuesday underscored the need to quickly pass both the social spending and climate plan and a parallel infrastructure bill that has been held up in the House.

When you misread the first pitch, what’s to keep you from misreading the second?

White House officials said they hoped the Democrats’ weak election showings Tuesday would prod lawmakers to act swiftly to approve Mr. Biden’s legislative agenda, arguing that voters want action from Washington, and that sentiment was echoed on Capitol Hill.

Economy was the #1 issue for voters in Virginia and NJ, so pouring trillions of new spending, stimulus, and fiscal giveaways on top of inflation teetering on the edge of running away seems ill-advised. These two bills are going to keep the economy artificially suppressed and turn up the economic misery in the near term.

Home warranties, like all warranties, are a waste of money.

💸

November morning.

Boo!

🎃

American Who Got $1,200 In Exchange For Lost Livelihood Wishes He Had Just Illegally Crossed The Border For $450,000 Instead - The Babylon Bee

The Biden Administration will be sending millions and millions of dollars to families who broke U.S. law and were separated at the border.

Back when I was a kid, crime didn’t pay.