Nov 19, 2023

Twixter



Antisemitism was rising online. Then Elon Musk’s X supercharged it.

After neo-Nazi protests in Charlottesville, white supremacists were confined mostly to fringe websites. Musk’s purchase of Twitter changed that.


In the weeks following the Oct. 7 Hamas attack on Israel, Twitter user @breakingbaht criticized leftists, academics and “minorities” for defending the militant group. But it wasn’t until the user spoke up on behalf of antisemites that he struck a viral chord with X owner Elon Musk.

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The user blamed Jewish communities for bringing antisemitism upon themselves by supporting immigration to the United States, welcoming “hordes of minorities” who don’t like Jews and promoting “hatred against whites.”

“You have said the actual truth,” Musk responded. Soon, @breakingbaht had gained several thousand new followers — and the antisemitic conspiracy theory that Jews are causing the replacement of White people was ricocheting across the internet once again.

Antisemitism has long festered online, but the Israel-Gaza war and the loosening of content moderation on X have propelled it to unprecedented levels, coinciding with a dramatic rise in real-world attacks on Jews, according to several monitoring organizations.

Since Oct. 7, antisemitic content has surged more than 900 percent on X and there have been more than 1,000 incidents of real-world antisemitic attacks, vandalism and harassment in America, according to the Anti-Defamation League — the highest number since the human rights group started counting. (That includes about 200 rallies the group deemed to be at least implicitly supporting Hamas.)

Factors that predate the Gaza war laid the groundwork for the heightened antisemitic atmosphere, say experts and advocates: the feeling of empowerment some neo-Nazis felt during the Trump presidency, the decline of enforcement on tech platforms in the face of layoffs and Republican criticism, even the 11-day war between Israel and Hamas in 2021, which gave rise to harsh criticism of Israel’s actions and sustained antisemitism online.

But Musk plays a uniquely potent role in the drama, disinformation specialists say. His comments amplifying antisemitic tropes to his 163.5 million followers, his dramatic loosening of standards for what can be posted, and his boosting of voices that previously had been banned from the platform formerly known as Twitter all have made antisemitism more acceptable on what is still one of the world’s most influential social media platforms.

Musk’s endorsement of comments alluding to the great replacement theory — a conspiracy theory espoused by neo-Nazi demonstrators in Charlottesville in 2017 and the gunmen who killed people inside synagogues in Pittsburgh in 2018 and Poway, Calif., in 2019 — brought condemnation from the White House and advertising cancellations from IBM, Apple, Comcast, and Disney, among others.

Late Friday, Musk was unrepentant: “Many of the largest advertisers are the greatest oppressors of your right to free speech,” he tweeted after word of the cancellations spread. He did not respond to an emailed request for comment.

Joan Donovan, a former research director at Harvard University’s Shorenstein Center who now teaches at Boston University, included Musk in what she described as “a strata of influencers … who feel very comfortable condemning Jewish people as a political critique.”

“In moments where there is a lot of concern, these right-wing influencers do go mask-off and say what they really feel,” she said.

The Israel-Gaza war also has given new life to prominent Holocaust deniers who have proclaimed on X, Telegram and other platforms that the Hamas attacks that left hundreds of Israelis dead were “false flags.” The #Hitlerwasright hashtag, which surged during the 2021 war, has returned, with Memetica, a digital investigations firm, tallying 46,000 uses of the phrase on X since Oct. 7. Previously, the hashtag appeared fewer than 5,000 times per month.

The Center for Countering Digital Hate, a nonprofit focused on online extremism and disinformation, identified 200 posts that promoted antisemitism and other forms of hate speech amid the conflict. X allowed 196 of them to remain on the platform, the group said in a report.

Seventy-six of those posts amassed a collective 141 million views in 24 hours after an explosion at the al-Ahli hospital in Gaza City on Oct. 17. The majority of the posts appeared on X Premium accounts, a subscription service that grants a blue “verified” check mark to anyone willing to pay a monthly fee. Previously, such status was available only to public figures, journalists and elected officials.

“Elon Musk has shaped X into a social media universe that revolves around his beliefs and whims while still shaping politics and culture around the world. And he’s using it to spread the most disgusting lies that humans ever invented,” said Emerson Brooking, resident fellow at the Digital Forensic Research Lab of the Atlantic Council think tank and co-author of the 2018 book “LikeWar: The Weaponization of Social Media.”

Antisemitism goes mainstream

Hatred against Jews has long been a feature of the internet. Extremists were early adopters of social media platforms, using them to find like-minded people to share views that would be distasteful in other settings, Brooking said.

In the mid-2000s, lies spread by anonymous users on platforms such as 4chan and Usenet blamed Jews for the Sept. 11, 2001, attacks and for the 2008 financial crisis. But the most extreme antisemitism, such as Holocaust denial, remained largely confined to the fringe, said Oren Segal, vice president of the Center on Extremism at the ADL. Well-known Holocaust deniers had little access to mainstream news media.

By the 2010s, however, an internet subculture that repackaged antisemitism into something seemingly more palatable started to take shape — often on newer and less moderated platforms like Discord, 8chan, and Telegram, and also on mainstream services like Facebook and YouTube. Instead of swastikas, the currency became jokes, memes like Pepe the Frog, and terms for white supremacy like “alt-right.” The election of former president Donald Trump galvanized this group; Richard B. Spencer, then president of the white-supremacist National Policy Institute, made headlines by telling a meeting of supporters after Trump’s election victory, “Hail Trump! Hail our people! Hail victory!”

“Suddenly, racists and antisemites who had lived at the margins of society found that they had new legitimacy. And a rising generation of far-right Americans saw that it was okay to say and do hateful things, because the president was doing them already,” Brooking said.

The 2017 Unite the Right rally in Charlottesville, organized on Facebook and the gaming platform Discord, became the first time a broad group of Americans, watching on television and online, heard the slogan “Jews will not replace us,” chanted by a torch-carrying crowd seeking to prevent the removal of a statue of Confederate Gen. Robert E. Lee.

“We saw an inflection point where online expression had turned into bigger real-world organizing,” the ADL’s Segal said of the demonstration.

Trump did little to tamp down these ideas and often amplified them, occasionally retweeting antisemitic memes and famously saying “there were very fine people on both sides” of the Charlottesville rally, at which a neo-Nazi sympathizer drove his car into counterprotesters, killing a woman.

In an emailed statement, the Trump campaign denounced any effort to link the former president to antisemitism. “The real racists and antisemites are deranged Democrats and liberals who are marching in support of terrorist groups like Hamas and calling for the death of Israel,” the statement said. “There has been no bigger champion for Israel than President Trump, as evidenced by moving the U.S. Embassy to Jerusalem, signing laws that curb anti-Semitism, and much more.”

The statement added, “For a media organization like The Washington Post to make such a ridiculous charge proves it has its own racism and anti-Semitism issues they must address before casting stones.”

The Trump years also saw the rise of mass shooters steeped in antisemitic fabrications. In New Zealand, El Paso, Buffalo, and at the Tree of Life synagogue in Pittsburgh, shooters cited the great replacement theory as their inspiration, and in some cases posted manifestos about it.

Amid the growing violence, tech platforms that had taken a tolerant approach to antisemitic posts cracked down. YouTube banned Holocaust denial in 2019 and Meta did so in 2020, after CEO Mark Zuckerberg had defended not prohibiting such content just two years earlier. Both companies expanded their hate speech policies to include white-supremacist content in 2019.

Those actions sent antisemitism back to the fringes, and to newer services, such as Gab, that specifically catered to right-wing audiences. “What I can tell you is major accounts that were spreading antisemitism … were falling like dominoes,” said Heidi Beirich, co-founder of the Global Project Against Hate and Extremism. “They were quickly re-platforming themselves in places like Gab. But there they were more preaching to the choir as opposed to being able to radicalize random people.”

Then in 2022, Musk’s $44 billion purchase of Twitter closed.

The ripple effect

Musk had been saying for months that one of the reasons he wanted to buy Twitter was to embrace “free speech” and relax the platform’s content moderation practices. Hours after he took over, anonymous trolls flooded the site with racist slurs.

The rise in bigotry on the platform prompted civil rights groups to pressure advertisers — sometimes successfully — to pause spending on Twitter. Last November, Musk extended an olive branch to those activists, pledging in a private meeting not to reinstate banned accounts until there was a process to do that. That concession angered far-right influencers on the site, who accused him of being a traitor to their cause.

Later that month, Musk reinstated thousands of accounts — including Trump’s — that had been banned for threats, harassment and misinformation. Since then, hateful rhetoric on the platform has increased, researchers said.

Musk invited back banned Hitler apologists, sent out his own antisemitic tweets to his followers, and promoted the work of Great Replacement backers including former Fox News host Tucker Carlson. Those actions demolished the previous bounds of acceptable speech, inviting more people to weigh in with wild theories and emotions about religious and ethnic minorities.

On Wednesday, Gab’s official X account shared a meme celebrating that Musk had affirmed “Jews are the ones pushing anti-White hatred” along with the caption, “We are so back.” (The X post, which has since been deleted, was liked 19,000 times and viewed 720,000 times.)

On Friday, several major companies announced that they were pulling advertising from X, including Apple, Lionsgate Entertainment and Comcast, parent of NBCUniversal. In the first quarter of 2022, Apple was Twitter’s top advertiser, accounting for nearly $50 million in revenue. Media Matters, a nonprofit media watchdog, published a report showing that X has been placing ads for Apple, Bravo, IBM, Oracle, Amazon and more next to pro-Nazi content. On Saturday, Musk threatened to sue Media Matters, accusing it of misrepresenting “the real experience on X.”

Some news publishers also have pulled out of the platform. NPR shut down its X account in April after Musk falsely labeled the nonprofit broadcaster “state controlled media.” On Thursday, the journalist Casey Newton announced that he would be pulling Platformer, the independent tech news outlet he founded, from X and would no longer include posts on X in the Platformer newsletter.

“It’s the only way I know how to send the message that no one should be there, that this is not a place where you should be going to get news or to discuss news or to have a good time,” he told The Post. “It is just over. If you wouldn’t join Gab, or Parler, or Truth Social, there’s no reason you should be on X. I think it’s time for journalists and publishers, in particular, to acknowledge the new reality and to get the heck off that website.”

Newton said that media companies, including The Post, that continue to pay to advertise on the site are funding Musk’s hate campaigns. “Publishers have to look themselves in the mirror and ask, why did they get into this business in the first place?” he said. “Didn’t it have something to do with speaking out against oppression and bigotry and standing up in the face of oppression?”

A Post spokesperson declined to comment.

Hateful rhetoric that appears on X ripples out to the whole internet, normalizing an unprecedented level of antisemitic hate, experts said. “Twitter is the most influential platform in shifting sentiments,” said Imran Ahmed, CEO of the Center for Countering Digital Hate. “[It] has always had an outsize influence in determining what takes start to be perceived as the vox populi.” Musk has sued the CCDH for defamation over its reports on X.

The international reach of big social platforms such as Instagram and TikTok also has served to highlight tensions. TikTok has come under fire for videos critical of Israel or supportive of Palestinians that carry the #freepalestine hashtag; TikTok data show that many of those arise from predominantly Muslim countries, such as Malaysia and Lebanon, where support for Palestinians has long been high.

Dozens of high profile Jewish content creators issued an open letter to TikTok earlier this month, saying that the platform hadn’t done enough to counter hatred and abuse toward the Jewish community on the app. On Wednesday, many of those creators, along with prominent celebrities including Amy Schumer, Debra Messing and Sacha Baron Cohen, met with representatives from the company to voice their concerns. The conversation was heated and intense, according to creators who attended.

“We recognize this is an incredibly difficult and fearful time for millions of people around the world and in our TikTok community,” TikTok said in a statement. “Our leadership has been meeting with creators, civil society, human rights experts and stakeholders to listen to their experiences and feedback on how TikTok can remain a place for community, discovery, and sharing authentically.” Since Oct. 7, TikTok has removed more than 730,000 videos for hate speech, including content promoting antisemitism, the company said.

Content creator Montana Tucker, the granddaughter of Holocaust survivors who has more than 9 million followers on TikTok and 3 million on Instagram, attended the meeting with TikTok. She said she’s noticed a sharp uptick in antisemitism across all platforms, and plans to stay on X for now.

“It’s happening on every single app, unfortunately,” she said. “All of these people, I’m sure they would love for us to hide and to not post and to not share … but we need to be more vocal. We need to be on these apps and we need to continue to share. I think it’s more of a reason I need to start posting more on [X].”

Outside of social media, white supremacists and neo-Nazis have continued to use lightly moderated messaging platforms such as Telegram and group-run websites to distribute hate messages and propaganda since the Israel-Gaza war began, according to the Counter Extremism Project, a nonprofit that tracks the groups. The Global Project Against Hate and Extremism found that antisemitic and anti-Muslim posts on 4chan, Gab, Odysee, and Bitchute increased 461 percent from 618 to 3,466 from Oct. 6 to Oct. 8.

A researcher at the Institute for Strategic Dialogue, a London think tank that tracks hate and disinformation, said online extremists were having a “field day,” with far-right groups using Hamas propaganda to bolster antisemitic messages.

Russia’s sophisticated disinformation apparatus also has seized on the conflict. One of Russia’s widest ongoing campaigns, known as Doppelgänger, promotes fake articles on clones of major media websites. Links to the pages are sent out rapidly by large networks of automated accounts on X and Facebook.

For the past year, most of these articles have been aimed at undermining Western support for Ukraine, Russia’s top priority. But not long after Oct. 7, some Doppelgänger assets started promoting the idea that the United States cared far more about Israel and would stop sending Ukraine as much aid, according to Antibot4Navalny, a group of volunteers who track Russian disinformation on the internet.

More recently, the social media accounts amplified pictures of the Jewish Star of David spray-painted on buildings in Paris, according to the nonprofit E.U. DisinfoLab. That advanced multiple objectives, the organization said: It generated additional concern about possible increases in antisemitism in France. It likely encouraged antisemites to think they are greater in number. And above all, it focused attention on Israel, rather than Ukraine and Russia.

Benjamin Decker, founder of Memetica, said that a major portion of 4chan links to outside coverage of Israel and Hamas go to articles from media sources in Iran, China or Russia. “You can’t attribute it to these actors yet, but from the beginning there have been cross-platform communities with a vested interest in stoking hate,” he said. “There is a highly digital far-right community who loves celebrating the deaths of Jews, and that dovetails with Hamas.”

“We’re in a really dangerous place,” the CCDH’s Ahmed said. “There’s no clearer link between disinformation, conspiracy theories, and real world hate than there is with antisemitism.”

Nov 18, 2023

Church & State


We put our hand on the bible
and swear an oath to uphold the Constitution.

We don't put our hand on the Constitution
and swear an oath to uphold the bible.

--Jamie Raskin (D-MD08)

 

Today's Republican Fuckery


Gettin' real tired of these dog-ass Republicans spinning this shit - that they can hide every shitty thing they do behind "My right to free speech."

"Your Honor, even though we have nothing but QAnon bullshit and my client's own fantasy version of the events in question, the defense will establish that the gun used to murder the deceased was merely expressing its God-given right to speak freely, and that my client - as a public official - was duty-bound to assist ... and blah blah fucking blah."  

I understand we have to sort this crap out carefully, because we're setting precedent with every court decision. But Jeezus H Fuq, these idiotic "philosophies" have to be squashed, and they have to be squashed posthaste and with prejudice.


Tina Peters files federal lawsuit to block criminal investigations, prosecutions against her

Peters, a Republican who ran unsuccessfully for Colorado secretary of state last year, was indicted on 10 counts by a Mesa County grand jury. Her trial begins Feb. 7.


Former Mesa County Clerk Tina Peters filed a federal lawsuit Tuesday seeking to halt local, state and federal criminal investigations and prosecutions against her in a security breach of her county’s election system in 2021.

The 43-page lawsuit was filed against U.S. Attorney General Merrick Garland, Colorado Secretary of State Jena Griswold and Mesa County District Attorney Daniel Rubenstein. It claims their continued investigations into Peters violate her constitutional rights to free speech, freedom of association and right to petition the government to redress her grievances.

The lawsuit comes as Peters is scheduled to go to trial Feb. 7 in Mesa County. A grand jury indicted her in March 2022 on 10 counts stemming from her actions during an election software update in May 2021. Peters is facing felony and misdemeanor charges, including attempting to influence a public official and criminal impersonation.

Belinda Knisley, Peters’ deputy clerk at the time, was also indicted in the case. Knisley pleaded guilty in 2022 to three misdemeanors and agreed to testify against Peters.

Peters’ new lawsuit claims she was performing her duty to preserve records as an elections official when she had a consultant make a “forensic image” of the elections software before the update completed by Denver-based Dominion Voting Systems. Two months later, passwords used during the update were posted online by a conservative website.

The lawsuit claims the investigations and prosecutions by state and federal authorities constitute retaliation and harassment of Peters.

Rubenstein, a Republican, said Wednesday he hadn’t been served with the lawsuit.

“I … am aware that one has been filed,” he told The Sun. “Having been elected as the district attorney for the 21st Judicial District, I have a constitutional, statutory, and ethical obligation to represent this community in criminal matters.”

Griswold, the Democratic secretary of state said in a statement: “Tina Peters compromised her own voting equipment in an attempt to prove the Big Lie and risked her constituents’ constitutional right to vote. Her attempts to evade accountability with this frivolous lawsuit will not work.”


Peters, who claims without evidence that the 2020 election was stolen, ran unsuccessfully for secretary of state last year, losing the Republican primary by nearly 90,000 votes. She also ran unsuccessfully earlier this year to be chair of the Colorado GOP.

Peters was separately sentenced to home detention and community service earlier this year for trying to prevent authorities from seizing an iPad she used to make a prohibited recording of one of Knisley’s court hearings. The sentence was stayed pending an appeal. Peters was also held in contempt of court for making the recording and fined $1,500.

Nov 17, 2023

Today's WTF

The judge in Denver found that Trump did indeed engage in an insurrection, but somehow, she opines that doesn't disqualify him under the 14th amendment.

A face that will live in infamy
WTF, lady!?!

I think I kinda get it. Sometimes, the courts are saying "You guys in the legislature have to fix this shit so we can help you", but goddamn - this sounds like such a fucking cop out.


Donald Trump can appear on Colorado’s 2024 Republican presidential primary ballot, judge rules

Similar lawsuits have been filed in other parts of the country, none of which have been successful


Donald Trump incited an insurrection at the U.S. Capitol on Jan. 6, 2021, but he can still appear on the Republican presidential primary ballot in Colorado next year, a Denver District Court judge ruled Friday in a case that could have national consequences.

Judge Sarah B. Wallace’s 102-page ruling comes in a lawsuit filed by a liberal political nonprofit based in Washington, D.C. It argued that Trump’s role in the deadly Jan. 6 riot disqualifies him from running for president under the 14th Amendment and that he shouldn’t be allowed to appear on Colorado’s presidential primary ballot.

Section 3 of the amendment bars “officers of the Unites States” who took an “oath … to support the Constitution of the United States” and then “engaged in insurrection or rebellion against the same, or given aid or comfort to the enemies thereof” from holding federal or state office again.

Wallace found that while Trump “incited an insurrection … and therefore ‘engaged’ in an insurrection,” the 14th Amendment “does not apply to Trump” because he is not an “officer” of the United States.

“Part of the court’s decision is its reluctance to embrace an interpretation which would disqualify a presidential candidate without a clear, unmistakable indication that such is the intent of Section Three,” she wrote.

Sorry not sorry, but saying Trump isn't "an officer of the government" may be true now - on Nov 17, 2023 - but on Jan6 he was President Of The United Fucking States. So your whole premise is total fucking bullshit.

Wallace’s ruling came after she heard five days of testimony, including from police officers who were at the U.S. Capitol on Jan. 6, two congressmen and constitutional experts.

While Trump is unlikely to win the general election in Colorado in 2024 if he is the GOP nominee — he lost to President Joe Biden, a Democrat, by 13 percentage points in the state in 2020 — the ballot-access case could still have major consequences on the national stage.

The nonprofit that brought the lawsuit, Citizens for Responsibility and Ethics, which doesn’t disclose its donors, is likely to appeal the ruling. The Colorado GOP, which fought the lawsuit, said it expects Wallace’s finding to be challenged.

Legal experts believe the questions of whether Trump should be allowed to run for president again will eventually land before the U.S. Supreme Court.

Similar lawsuits have been filed in other parts of the country, none of which have been successful.

On Tuesday, Michigan Court of Claims Judge James Redford said deciding whether an event constituted “a rebellion or insurrection and whether or not someone participated in it” are questions best left to Congress and not “one single judicial officer.” A judge, he wrote, “cannot in any manner or form possibly embody the represented qualities of every citizen of the nation — as does the House of Representatives and the Senate.”

Last week, Minnesota’s Supreme Court rejected another effort to block Trump from appearing on Minnesota’s GOP primary ballot next year.

The Colorado lawsuit was brought on behalf of a group of Republican and unaffiliated voters. The defendant was Colorado Secretary of State Jena Griswold, a Democrat whose office took a neutral stance on the case.

“The court determined that Donald Trump is eligible to be placed on the Colorado ballot in the March presidential primary,” Griswold said in a written statement on Friday. “This decision may be appealed. As secretary of state, I will always ensure that every voter can make their voice heard in free and fair elections.”

Colorado’s presidential primary will be held March 4.

Aaaaaargh!!!

Today's Beau

Question: What has Putin won?

Short answer: Jack shit.

He wanted Ukraine in Moscow's orbit
Nope - he drove Kyiv into the arms of the west

He wanted to degrade NATO and stall its expansion
Nope - NATO has expanded, and it's stronger that ever

He wanted resources and industrial capacity and a warm water seaport
Nope - he can't even keep his shit at Sevastopol now

He wanted to show his power and global reach - that he can go toe-to-toe with anybody
Nope - he can't even go toe-to-toe with a country half the size of Russia, using 45-year-old NATO surplus. And he's lost half his Black Sea Fleet (including a submarine) to a country that doesn't even have an operable navy


Today's Leeja

"It is proper to take alarm at the first experiment on our liberties."
--James Madison

  1. The law must have a non-religious purpose
  2. The effect of the law must neither advance nor inhibit religion

About That China Thing


I have to wonder if Xi's general discombobulation is one reason China continues to fuck with Taiwan.

Or maybe it's just that he's eliminated everybody who would advise him not to do stoopid things.


Overheard

The seven secrets of highly successful people
  1. Private school
  2. Legacy Ivy League admission
  3. Nepotism hire
  4. Seed money from family
  5. Club memberships
  6. Personal assistant, nanny, ghost writer
  7. Journalists who ask, "What's your secret?", and then uncritically publish the answer


The Rebound

There are problems with the American economy. 
  • Housing affordability
  • Wage suppression
  • Labor rights being denied
  • Massive Inequity
Way too many people are struggling just to squeak by.

IMHO, we can fix an awful lot of those difficulties by fixing the tax code. We've seen the long term results of the Trickle Down thing, and we have to face the simple fact that it was bullshit from the start. Poppy Bush nailed it perfectly in 1980 when he called it Voodoo Economics.

For every dollar in direct stimulus (the kind Biden and the Dems pushed thru in 2021), we see, on average, a boost in economic activity of $1.19. For every dollar in tax cuts (like the GOP's TaxScam2017®) we see 59¢ in return. Tell me you wouldn't fire your broker if he kept pushing you in the wrong fucking direction on this shit.

My point is that Biden and the Democrats are working the problems, and making some changes that are showing some pretty great results.

I realize I sound like a cheerleader, but when it works, it works - and we should all be able to acknowledge that.

So lemme see - Biden's doing as well as anybody could do handling numerous foreign affairs clusterfucks (including 2 hot wars and other periodic flare-ups), he's got the economy starting to click, he's got us poised on the verge of enormous Climate Change progress, and he's not a fucking Nazi.

So if you're dumb enough to be looking for a reason to vote Biden-Harris that doesn't stop at "HE BEAT THAT DOG-ASS NAZI TRUMP", then you've got plenty to go on.



Household Wealth Has Taken Off, Fed Data Show. That Explains a Lot.

Americans’ wealth grew by 37% from 2019 to 2022, an astonishing pace of accumulation that helps explain why the U.S. economy has remained robust, according to the latest report on consumer finances released Wednesday by the Federal Reserve.

U.S. households’ real median net worth grew to $192,900 by the end of 2022, up from $141,100 recorded three years prior, according to the latest Survey of Consumer Finances. The rapid pace of wealth growth was the largest three-year increase recorded in what the Fed described as the modern survey results. It was more than double the next-fastest increase on record, according to the banks.

That's a 37% increase since the pandemic.

The Fed’s Survey of Consumer Finances is ordinarily conducted every three years and is one of the primary sources of information on the financial condition of different types of U.S. families, but was delayed because of the Covid-19 pandemic. The data released Wednesday are from surveys conducted between March and December 2022.

The figures shed fresh light on just how much financial strength American households were able to build up throughout the course of the pandemic, as generous federal stimulus payments and a slowdown in spending in 2020 allowed families to accumulate savings and pay down debt. Easy-money policies allowed households to refinance mortgages at ultralow rates, while student-loan forbearance programs put payments on hold for tens of millions of borrowers.

As a result, all measures of what the survey terms “financial fragility” declined between 2019 and 2022. The median leverage ratio, or a family’s total debt relative to its total assets, declined to its lowest level in two decades, at 29.2%. The median ratio of debt payments to income ratio also dropped to its lowest level on record, at 13.4%.

That combination of soaring net worth and rising affordability of debt payments helps to explain why the economy has been able to defy expectations and remain so resilient in the face of high inflation and rapidly rising interest rates. With more cash on hand, households have been able to keep up a surprisingly strong level of spending, which has propped up the labor market and helped stave off a long-anticipated recession.

Americans’ surge in net worth was helped along by rising homeownership rates, the increase in home values, higher stock prices, greater overall participation in investing, and, to some extent, higher incomes. Americans who owned their homes or participated in the stock market were more likely to have built up wealth between 2019 and 2022, Federal Reserve economists said.

By 2021, U.S. household median income hit $70,300, a 3% increase from the prior survey. But the mean household income increased 15% from $123,400 recorded in 2018 to $141,900 in 2021.

The income gains were “relatively widespread,” though there were variances among demographic groups, according to the Fed. Median income rose by 1% for white households over the three-year span, for example, but declined by 2% for Black families and fell by 1% for Hispanic.

Other big wealth generators, homeownership and stock-market participation, also increased slightly between 2019 and 2022. The homeownership rate rose to 66.1% of the population, according to the Fed. The median net housing value rose from $139,100 in 2019 to $201,000 in 2022, a positive for homeowners. This was due, in large part, to the fact that home prices rose and debt was relatively flat.

But for those looking to buy, things were getting tougher. Housing affordability fell to historic lows, with the median home worth more than 4.6 times the median family income.

Investing activity also picked up. About two-thirds of working-age families reported they invested in a retirement plan during the 2022 survey period. Roughly one in five households invested in stocks, up from the 15.2% recorded in the 2019 survey. That had a measurable impact given the “sizable rise in major stock indexes” over this period, according to the Fed. All major income groups experienced robust growth in the median and average values of their investments.

In addition to bulking up the asset side of the household balance sheet, Americans also reduced their debt obligations over the course of 2019 to 2022. The median leverage ratio—a household’s total debt relative to total assets—declined to 29.2%, the lowest recorded rate in 20 years, according to the Fed. Only about 6.5% of U.S. families with debt had payment-to-income ratios above 40% as of 2022, the lowest rate on record.

Although the Fed’s survey data only extends through the end of 2022, the relative strength of U.S. consumers has extended into 2023 as well, despite the spending down of pandemic-era savings, higher interest rates, and inflation rates persistently above the Fed’s 2% target.

The deleveraging Americans did during the pandemic has continued to keep consumer spending levels up, according to new, separate research released Wednesday by the Federal Reserve Bank of New York. The large swath of households that took advantage of low interest rates and extra savings to pay down debt, paired with forbearance programs like the pause on student-loan payments, led to significant, sustained improvements in household cash flows.

About 14 million households refinanced their mortgages, which reduced housing debt by about $30 billion annually through 2021, the New York Fed researchers found. Starting in 2020, the researchers calculated, the additional cash flow available for consumption amounted to about $450 billion.

That extra cash has helped drive the unexpectedly steady levels of high consumer spending. While spending growth has retreated somewhat from its 2022 levels, the six-month average of 5.4% is well above its prepandemic level of 3.1% in February 2020. That, in turn, has helped keep readings of gross domestic product on the upswing, given that consumer spending is a huge engine of economic activity.

But with higher interest rates bearing down on consumers and continued restrictions on purchasing power, economists question how long U.S. households can sustain the spending.

It's time for somebody to step up and save Capitalism from the Capitalists - again.

That someone has always been a Progressive, and those Progressives are all on the Democrats' side of the aisle now.

Nov 16, 2023

The Freakdom Caucus

They've spent decades lying about, and fucking up our government, and then running against fucked up government, and then making sure government stays fucked up so they can keep milking the sheep.

And when 60% of the GOP and 100% of the Dems vote against them in session, they lose their shit because somehow - after all that lying and fucking up - they haven't convinced anybody that government can work, and will work according to what they alone have formulated.

Makes 'em really mad.



Republican Congressman Melts Down Asking What His Party’s Even Doing

Representative Chip Roy began yelling at members of his own party during a House hearing.


Representative Chip Roy went scorched earth on his Republican colleagues on Wednesday, haranguing them for years wasted on inaction and chaos as opposed to doing their jobs.

The Texas Republican and Freedom Caucus member spent his time on the House floor on Wednesday shouting and wildly gesticulating at his caucus, condemning them for capitulating on promises by working with Democrats and lamenting the party’s transparently vacuous approach to building a border wall.

“One thing. I want my Republican colleagues to give me one thing. One. That I can go campaign on and say we did,” Roy said. “One!”

“Anybody sitting in the complex, if you want to come down to the floor and come explain to me one material, meaningful, significant thing the Republican majority has done besides well, ‘I guess it’s not as bad as the Democrats,’” Roy lamented.
The House GOP finally passed a stopgap spending solution on Tuesday, after months spent ousting their own speaker and bickering over who to replace him with. That bill is now headed to the U.S. Senate, where it will face another round of criticism, just two days ahead of a potential government shutdown.

On Tuesday, Roy argued that the latest bill is “precisely” what got former Speaker Kevin McCarthy booted from the job.

“I am sick and tired of it. I didn’t come here for second place. I didn’t come here for more excuses. I didn’t come here for the speaker of the House to assume the position, and in 17 days, pass a continuing resolution on the floor of this House through suspension of the rules,” Roy fumed during his speech on the House floor.

He then took a jab at Donald Trump, criticizing conservatives for failing to meet their policy goals even when the party had the majority in the House, Senate, and White House during Trump’s presidency.

“With all due respect to former President Trump, they sure as hell didn’t get border security done when we had the White House and the House and the Senate,” Roy said. “Nothing!”

“Talked a big game about building a wall and having Mexico pay for it. Ain’t no wall and Mexico didn’t pay for it, and we didn’t pass any border security,” he added.