Crooked POTATUS better pray a jury convicts Trump today because the results his terrific #Bidenomics keep producing are fixin' to put paid to his wife's continued occupation of her imperial throne.

Wall Street's already in a swoon this morning - 9:30 CST and the Dow's been banging around the -400 points mark for a while.

Let's see what happened so far this morning that should have Biden's economic team's knees buckling and him denying reality with even more snappy old-man fervor.

The GDP revisions came out, and, well, drat.

They knocked the initial number down...again. So instead of a 1.6% growth in GDP it was actually only 1.3%.

FULL STEAM AHEAD

What does a "revised" GDP mean down here in the real Happy Meal-buying world?

Well, it means there's actually even less money of all that money POTATUS says we should be happy we have.

Here's a key reason why folks are so down on this economy: revised GDP data out this morning show inflation-adjusted disposable income down $1.4 trillion over the last 3 years: pic.twitter.com/r2GlncvZ3I

— E.J. Antoni, Ph.D. (@RealEJAntoni) May 30, 2024

There were more reminders that Americans are struggling and unable to afford even the simple extras they used to pretty much take for granted. Do you remember my piece on McDonald's last week, re: fast food prices, corporate profits, and franchisee pain? Well, more statistics have hit debunking POTATUS' assertion that Americans "have more money" ...so no big deal if prices are up.

Don’t ever forget that underneath all the political maneuvering, deception, and ruthlessness- Joe Biden is really, really dumb
pic.twitter.com/Ae5x7Z4HwI

— Buck Sexton (@BuckSexton) May 9, 2024

I mean, when you're using "fast food" and "luxury" in the same sentence in reference to the bulk of the country, something has gone horribly wrong, JACK.

Nearly 80% of Americans now consider fast food a 'luxury' due to high prices

Has a trip through the drive-through become an extravagance? The vast majority of Americans say so.

A recent nonprobability survey conducted by LendingTree found 78% of consumers now consider fast food to be a "luxury" purchase due to how expensive the meals have become.

Half of those polled said they view fast food as a luxury because they’re struggling financially. This is especially true among Americans who make less than $30,000 a year (71%), parents with young children (58%), and Gen Zers (58%).

Americans love their fast food, but a majority say they are pulling back on their consumption due to high prices. The findings show 3 out of 4 Americans typically eat fast food once a week, but 62% of respondents said they are eating it less frequently due to the cost.

There's a comparison chart from the Economist on Big Mac prices that ties in really nicely.

No, POTATUS - we're not making any of this up.

People's Democratic Republic of Connecticut for the win!https://t.co/9iZvc02H38

— Biff Ulysses Winnetka (@HypocriLib) May 30, 2024

Retailer Kohl's took a massive hit this morning after reporting a big miss in earnings. Wall Street had anticipated a bit of a turnaround, as Kohl's is seen as an alternative shopping venue to pricier outlets. The thinking was that as higher-end stores saw a drop-off in sales, some of that was going to filter down to retailers like Kohls's. Those middle-of-the-pack chains that are still appealing to shop at but not outright discounters would be able to gain sales as consumers economized, but didn't stop shopping entirely.

Looks like it didn't quite pan out that way.

Kohl’s shares plummeted more than 20% in early trading Thursday after the company posted a surprise loss per share, coming in well below Wall Street’s expectations for a slight profit.

Kohl’s reported a net loss of $27 million, or a loss of 24 cents per share, compared with a year-ago profit of $14 million, or 13 cents per share.

Net sales decreased 5.3% to $3.18 billion compared with the year prior, with comparable sales down 4.4%.

The company also lowered its sales guidance, anticipating a decline of 2-4% over the course of this year.

That doesn't exactly scream confidence in a turnaround.

Software company Salesforce also had its first revenue miss since 2006 (!).

Salesforce shares plummeted as much as 17% in extended trading on Wednesday after the cloud software vendor reported weaker-than-expected revenue and issued guidance that trailed Wall Street’s expectations.

It sure seems as if every sector was coming in much weaker than anticipated...

Corporate profits massacred in Q1..
Layoffs sure to follow from those 'greedy corporations' pic.twitter.com/ue8VxdTJeQ

— Frog Capital (@FrogNews) May 30, 2024

...and I sure hope those UAW members are happy as clams with those new contracts. While they have jobs.

The goods producing portion of our economy appears to have tipped into it's 2nd recession in 2 years.
American Manufacturing is back Jack...🤦‍♂️ pic.twitter.com/HPVNR3EixT

— Frog Capital (@FrogNews) May 30, 2024

The only ones spending money - and only because they can print it to buy student debt votes, etc - is the government.

Revised GDP data for first quarter shows gov't expenditures grew faster than first estimated while consumer spending was revised down: pic.twitter.com/Il3ryNUWAn

— E.J. Antoni, Ph.D. (@RealEJAntoni) May 30, 2024

37% of Americans have paid a late fee sometime in the past year. Luckily damn thing for all of us that POTATUS told those mean banks to "back off, Jack," huh?

Many consumers are finding it hard to keep up with their bills.

To that point, 37% of Americans have been charged a late fee on some kind of bill in the last 12 months, according to a new report by NerdWallet.

Credit card late fees were the most common, with 21% of survey respondents incurring at least one. Others had been charged late fees on utility bills, 10%, and rent, 8%. NerdWallet polled 2,061 U.S. adults in early April.

Now, cynics that we are, you or I might think rather than late fees, Biden's focus should have been on reducing the root cause of needing to pay bills late, to begin with, right? Maybe take a stab at doing something about the inflationary pressures he keeps piling on, for starters?

Alas...no.

PRIORITIES

https://t.co/u8iCGhXled pic.twitter.com/JfYj54Smm9

— bartleby (@ElderBartleby) May 30, 2024

As desperate as they are to keep these sweet gigs they got, the #Bidenomics promises and printing presses will turn and burn right on through November.

White House teeth have to be gnashing at this very moment - "What's taking that %#@*ing jury so long?" 

*gnashgnashgnash snarl gnash*

Take all the time ya need, folks.