Based Underground is now a conservative news aggregator AND curated newsletter.
(Schiff)—Recent data have many cheerful about the economy. But according to Peter in his latest podcast, the economy may already be in recession. Here are some of Peter’s biggest causes for concern:
The recipe for GDP growth is a recipe for disaster
The big factor driving the GDP was the increase in government spending. Well, where’s the government getting this money? It’s borrowing it! That’s not a recipe for economic growth — that’s a recipe for disaster!”
Spending increases caused massive increases in national debt and liabilities.
The US national debt currently stands at $34.1 trillion. Total unfunded liabilities tower in the hundreds of trillions, mostly from Social Security and Medicare.
Peter states that this used to be a priority, but is no longer:
Back in the 1980s, 1990s we were still pretending we were going to do something about entitlements —about Social Security, about Medicare, that there was going to be some effort to fix the problem before it blew up… Nobody at this point believes that we’re going to do anything about stopping the bomb from going off. In fact, it’s already gone off. We’ve already passed the point.”
Social Security is officially broke
Social Security trust funds are now liquidating their treasury holdings, putting a massive net drain on the US treasury.
And it’s getting worse:
[The] drain is getting bigger every day as more people retire whether voluntarily or involuntarily and more people just drop out of the labor force and stop paying taxes.”
Peter explains that many roles are being replaced by AI and automation tools, which don’t help the Social Security fund:
They’re not going to be paying Social Security taxes. Computer programs don’t have to pay into FICA. This this is going to get bigger but given the fact that we have this huge hole in Social Security, we’re bleeding — we’ve got a massive deficit that’s running out of control.”
Peter projects a total depletion of Social Security reserves within the next few years.
Making matters worse, manufacturing has been in recession
This confounds the administration’s narrative of a healthy economy:
They keep talking about a “Manufacturing Renaissance.” They got the “r” right, except it’s a recession instead of a renaissance.”
The Fed Philly Manufacturing Index has been negative for 18 out of the past 20 months, a manufacturing dark age.
This all begs the question:
How can you talk about a great economy? How healthy can the economy be when a vitally important part, the goods-producing sector, has been in a recession for almost two years?”
There are signs of higher inflation to come
Peter points out that just this week, oil prices rose $5 a barrel and the M2 money supply increased a whopping $100 billion, a significant expansion.
Plus, the Fed won’t deny voters anything this election year.
Peter concludes:
I’m correct that inflation is going to be picking up, it’s going to be weakening the economy. We could see a more meaningful turnaround. Maybe we’ll even get the government to come back and officially acknowledge that we’re in a recession.”
‘Merely Coincidental’: Secular Scientist Work Overtime to Explain Away the Miracles of Christ
by Harbingers Daily
Was the miracle of Jesus feeding the 5,000 with just five loaves and two fish a little less than miraculous? Well, that’s what a group of scientists are claiming in a recent paper published in a scientific journal. Instead of a supernatural provision by the Lord, they claim the feeding…
Google Hosts Party for Democratic Operatives Plotting To ‘Resist the Republican Agenda’
by Free Beacon
The resistance’s bar tab is on Google. Priorities USA, a top Democratic super PAC with an affiliated dark money group, is convening a summit of left-wing digital activists on Wednesday afternoon to deliver a post-mortem on Vice President Kamala Harris’s election loss and strategize how to “resist the Republican agenda,”…
“The Correction Before the Surge”: Why Gold and Silver’s Future Is Brighter Than Ever
by Sponsored Post
It was long overdue by most estimates. Precious metals prices have been steadily rising for far longer than even the …
Ukraine Denies Reports From Think Tank That It Is Months Away From Developing a Nuclear Weapon
by Natural News
Ukraine has denied reports suggesting it could develop a nuclear weapon soon, following claims by a Ukrainian military think tank. The report, published by the Ukrainian think tank and nongovernmental organization the Center for Army, Conversion and Disarmament Studies, claimed that Kyiv could use spent nuclear fuel from its remaining…
Alex Jones Reveals Elon Musk Saved Infowars From Being Sold to The Onion
by End Times Headlines
Alex Jones has declared ‘the cavalry is here’ as attorneys for Elon Musk’s X jumped in to help put a temporary pause on the sale of his controversial Infowars to The Onion. The satirical news publication said the bid was sanctioned by the families of Sandy Hook Elementary victims who…
FBI Whistleblower Says FBI Intentionally Blocking Security Clearances for Trump Officials
by The Conservative Treehouse
It should not come as a surprise to see the same methods deployed against President Trump in 2024 that were used by the FBI in 2016. The difference is now that President Trump understands the full power of his office in the security clearance process and that he doesn’t need…
Pastor Greg Locke Burns Voodoo Doll He Claims Was Found on His Property
by End Times Headlines
Even amid ongoing warfare, we are called to stand firm on the Word of God. Pastor Greg Locke knows well the spiritual and physical attacks directed at him; he was recently targeted by a gunman. Now, he faces another spiritual assault, this time from someone attempting to place a curse…
Trump’s Incoming FCC Chief Already Putting Target on Big Tech ‘Censorship Cartel’
by WND
Social media companies have become a “cartel” for suppressing information with which they disagree, and that agenda now is going to be getting the attention of Brendan Carr, President-elect Donald Trump’s pick to be the chairman of the Federal Communications Commission. It was social media companies who played a role…
Sabotage: Two Undersea Internet Cables Connecting Four NATO Nations Were Severed
by Publius
Many in the international community are claiming sabotage as the only viable explanation for two fiber optic internet cables in the Baltic Sea being severed less than 24-hours apart. Fingers are being pointed at Russia as one of the the cables connected NATO nations Germany and Finland. The latter was…
Pennsylvania Supreme Court Orders Democrats to Immediately End Counting of Illegal Ballots
by Infowars
The Pennsylvania Supreme Court on Monday ordered Democrats in several counties to immediately halt their unlawful counting of illegal ballots in the Senate race recount. The Pennsylvania Supreme Court had ruled before the election that mail-in ballots lacking formally required signatures or dates should not be included in official results….
22-Year-Old Woman With Depression Was Almost Euthanized, She Changed Her Mind Right Before She Was Killed
by Life News
Why do you oppose euthanasia, Wesley? If people want to die, we should help them die. No. And here’s an individual example explaining just one reason why. A deeply depressed woman was about to be lethally injected in the Netherlands — but changed her mind just in the nick of…
“Massive Breach”: T-Mobile Network Hacked by Chinese State Sponsored Intelligence
by Tyler Durden, Zero Hedge
(Zero Hedge)—Where’s John Legere in a pink t-shirt when you need him? Among the multiple stories over the last few weeks about Chinese intelligence and hackers either attempting to, or outright gaining access, to U.S. cell phone networks (with reports stating President Trump and his team were targeted), comes news…
Trump’s Idea to Shut Down Department of Education Gets High Five From Top Christian Evangelist
by WND
A priority for the incoming administration of President-elect Donald Trump is to tackle the Deep State, the bureaucracy in Washington that is a self-perpetuating industry, to find what American taxpayers don’t need or want. And get rid of it. One of the targets he’s already identified is the Department of…
Experts Sound Alarm Over ‘Shocking’ Spike in Strokes Among ‘Healthy’ Young People
by Slay News
Health experts have issued a chilling warning to the public over a “shocking” spike in strokes among “healthy” young people. The “alarming” surge was identified in official UK government data. The data shows that recorded cases of deadly strokes skyrocketed in 2023 and continued soaring this year. In 2023/24, the…
