Originally published at: https://peakprosperity.com/daily-digest/abolish-the-supreme-court-kunstler-predicts-drastic-events-before-the-election/
Economy
A recent report finds that from 2000 to 2024, the purchasing power of the U.S. dollar has decreased due to inflation, with a dollar in 2000 equivalent to $1.83 in 2024. This reflects an average annual inflation rate of 2.55%, meaning today’s prices are 1.83 times higher than in 2000. Inflation rates varied, with a peak of 3.36% in 2000 and a projected rate of 2.53% in 2024. Prices rose differently across categories: gas went from $1.30 to $3.52 per gallon, bread from $0.91 to $1.95, and eggs from $0.98 to $3.20. The S&P 500 index provided a real return of 230.08% after adjusting for inflation. Data comes from the Bureau of Labor Statistics and the Official Data Foundation.
Contrasting this, another report finds that millennials are wealthier than other generations at the same age. Examples like Marissa Jannetti and her husband have seen significant wealth increases through homeownership. In 2018, they bought a condo in Orange County, CA, with an FHA loan and a 3.5% down payment. Refinancing in 2020 reduced their mortgage rate from 4.25% to 3.15%, saving $1,000 monthly and allowing them to build equity. Older millennials’ median net worth more than doubled from $60,000 in 2019 to $130,000 in 2022, largely due to real estate. According to the report, real estate now makes up 42% of millennial assets. Those who bought homes before the pandemic saw rapid equity growth, benefiting from a strong housing market. Despite rising home values, many millennials are staying put due to low mortgage rates. Real estate remains a solid long-term investment, and millennials are encouraged to enter the market soon despite current high prices and rates, with the option to refinance later for better terms.
Health
A federal judge in California has ordered the EPA to strengthen fluoride regulations in drinking water, citing potential risks to children at typical nationwide levels. U.S. District Judge Edward Chen found that adding fluoride to water to fight cavities poses unreasonable risks to developing brains. He ruled that fluoride presents an unreasonable risk under the Toxic Substances Control Act. The ruling was praised by Food & Water Watch, which sued the EPA after it denied their petition to ban fluoridation chemicals. The EPA is reviewing the decision. Fluoridation has been practiced in the U.S. since 1945, with over 200 million Americans receiving fluoridated water. This practice is uncommon in Europe.
Politics
Fran Lebowitz, a cultural critic, has called for President Joe Biden to dissolve the Supreme Court. Lebowitz’s comments reflect a broader trend among some on the left who are increasingly critical of the Constitution and the Supreme Court. This movement includes prominent figures like Senate Majority Leader Chuck Schumer, who has warned conservative justices of repercussions, and Rep. Alexandria Ocasio-Cortez, who has called for the impeachment of conservative justices and questioned the necessity of the Supreme Court. Other Democratic leaders, such as Sen. Elizabeth Warren, advocate for court-packing to ensure a liberal majority. Sen. Sheldon Whitehouse has indicated that Vice President Kamala Harris supports this idea.
In a recent article, James Howard Kunstler describes a chaotic political landscape in the United States, comparing current Democratic leaders to the Jacobins of the French Revolution, who lost touch with public sentiment and led the country into disarray. Kunstler portrays President Biden as ineffective and hints at growing discontent, with Vice President Kamala Harris seen as an unsuitable successor due to her perceived inadequacies. There are fears that reckless decisions could lead to dangerous international conflicts, with tensions particularly high with Russia. The article suggests that former President Trump, despite his flaws, represents a form of leadership that is missing in current governance, and hints at the possibility of drastic events in the upcoming election cycle.
Sources
Inflation Erosion: $1 in 2000 Now Worth $1.83 in 2024
“$1 in 2000 is equivalent in purchasing power to about $1.83 today, an increase of $0.83 over 24 years.”
Source | Submitted by rhollenb
America’s Headless Horseman: A Nation in Chaos
America, you are a headless horseman riding blindly into chaos.
Source | Submitted by James McIllwain
Millennials Outpace Previous Generations in Wealth Accumulation, Thanks to Real Estate Investments
“Younger households’ net worth is disproportionately affected by housing market trends,” Hale continues. “Put another way, in aggregate, millennial wealth is benefiting from high home values.”
Source | Submitted by Barbara
Federal Judge Orders EPA to Tighten Fluoride Regulations Over Children’s IQ Concerns
“The scientific literature in the record provides a high level of certainty that a hazard is present; fluoride is associated with reduced IQ,” wrote Chen, an appointee of Democratic former President Barack Obama.
Source | Submitted by Shplad
Fran Lebowitz Calls for Dissolution of Supreme Court, Ignites Controversy
Lebowitz called for President Joe Biden to “dissolve the Supreme Court” despite the fact that it would violate the Constitution and remove one of the most critical protections against executive and legislative abuse.
Source | Submitted by AaronMcKeon