Gimme EXPENSIVE Shelter (Under Biden)! Owners Equivalent Rent Rose 8.1% YoY, Highest In History (25 Straight Months Of NEGATIVE Real Weekly Earnings Growth YoY)
A few days ago I wrote about the suffering of America’s middle class under Biden’s Reign of (Economic) Error. Housing is far more expensive under Biden as are energy prices, car prices, food prices, and auto loan rates. Biden’s economy is truly unaffordable for millions of Americans.
Then we have yesterday’s inflation report that revealed 25 straight months of negative REAL average weekly wage growth. Yikes! Inflation is still growing faster than nominal wage growth, putting Americans further behind.
Then we have Owner’s Equivalent Rent rising to 8.1% year-over-year (YoY), a new record high. Way to go, Unaffordable Joe! This is happening as The Fed slows M2 Money growth into negative territory (-4.05% YoY).
Don’t like Owner’s Equivalent rent? Rent of primary residence YoY? It is the second highest growth rate in history at 8.80%, after last month’s rate of 8.814% YoY.
Shelter CPI was 8.09582% in April, down ever so slightly from March.
Meanwhile, the Biden family raked in AT LEAST $10 million in payoffs from China hidden through multiple entites.
Sleazy Joe Biden and his son, mega sleeze Hunter..
Republicans allege Biden family earned millions from shady foreign deals
The White House dismissed the investigation as ‘yet another political stunt’
Joe Biden has previously defended Hunter Biden’s business practices
Joe Biden’s son Hunter and his brother James received millions of dollars in payments from shadowy figures in China and Romania, Republicans investigating the president’s family claimed.
Republicans in Congress have vowed to aggressively pursue the Bidens and claim the bank records they have obtained show a wide-ranging scheme by the president’s relatives to trade off the family name.
There is no evidence in the records that any payments were made to Joe Biden, either as during or after leaving office.
Abbe Lowell, a lawyer for Hunter Biden, said: “Today’s so-called ‘revelations’ are retread, repackaged misstatements of perfectly proper meetings and business by private citizens.”
James Comer, the chairman of the House Oversight Committee leading the probe, said bank records in his possession showed that a Romanian client of Hunter Biden sent more than $3 million to an associate of the president’s son between 2015 and 2017.
It has long been known that Hunter Biden did legal consulting work for Gabriel Popoviciu, a wealthy Romanian business executive who was convicted in 2016 on corruption charges.
However it is unclear why Mr Popoviciu paid Hunter Biden’s business associate directly rather than the law firm he was working for at the time.
Oversight Committee Chair James Comer unveiled a report into the family’s finances
The business associate, Rob Walker, later wired around $1 million in installments to Hunter Biden, another business associate James Gillian, and Hallie Biden, the widow of the president’s oldest son, Beau Biden.
Hunter Biden and Hallie Biden were romantically linked for a period after Beau’s death in 2015.
Donald Trump’s former lawyer, Rudy Giuliani, was also involved with Popoviciu, which Mr Comer did not reference in his findings on Wednesday.
The White House dismissed the whole investigation as “yet another political stunt”.
“Congressman Comer has a history of playing fast and loose with the facts and spreading baseless innuendo while refusing to conduct his so-called ‘investigations’ with legitimacy,” Ian Sams, White House spokesperson, said.
Mr Comer has also claimed that Hunter Biden leveraged his family name to secure his business partners meetings with his father while he served as vice president.
They included Vuk Jeremic, a Serbian politician who was running in 2016 to be the next UN secretary-general, who Republicans claim tried to leverage his business ties to seek a meeting with the then-vice president’s national security adviser, Colin Kahl.
According to a June 2016 email, Mr Jeremic asked Hunter Biden and another business associate, Eric Schwerin, to set up a meeting with Mr Kahl in relation to the UN secretary-general election.
In July 2016, Mr Jeremic sent a follow up email saying the meeting with Mr Kahl “did not last very long” and that the vice president’s office appeared to be “outside the decision-making loop” on the issue.
“Colin promised to get better informed on what’s going on at the moment,” Mr Jeremic wrote, according to the report.
Republicans said they were seeking further communications related to the matter, but concluded that “a Biden administration official met with Jeremic to discuss the UN Secretary General election at the direction of Hunter Biden and/or his business associates.”
Mr Kahl did not immediately respond to a request for comment.
Republicans’ also claim they have found payments from two Chinese nationals, one of whom has ties to the Chinese Communist Party (CCP) of $100,000 to Hunter Biden’s professional corporation.
A poster titled “China Payments to Bidens” is visible as Mr Comer holds a news conference on the investigation
According to Republicans, the Chinese nationals were connected to CEFC, a Chinese energy conglomerate, and had a business relationship with Hunter Biden.
The GOP congressmen claim one of the individuals “used CEFC to bribe and corruptly influence foreign officials”.
In the report, the House probe acknowledged there are “legitimate commercial transactions” between Chinese entities and individuals.
“However, the pattern of behaviour engaged in by the Bidens and their Chinese counterparties—memorialised in relevant bank records—signals an attempt to layer companies and cloud the source of money,” the committee alleges.
Republicans have previously stated that companies associated with Hunter Biden and the president’s brother, James Biden, received just over $1 million indirectly from the Chinese company State Energy HK Limited.
As in the case of Popoviciu, Hunter Biden’s associate Mr Walker was wired $3 million and then made wire transfers to Hunter and James.
The latest GOP announcement on Wednesday claimed Mr Walker also sent some of that money to Hallie Biden and an unknown bank account identified as “Biden”.
The top Democrat on the House Oversight Committee, Jamie Raskin, said: “Chairman Comer has failed to provide factual evidence to support his wild accusations about the President. He continues to bombard the public with innuendo, misrepresentations, and outright lies, recycling baseless claims from stories that were debunked years ago.”