Monday morning on The Tennessee Star Report, host Leahy welcomed Action Insitute Fellow and author of the new book, The New American Economy, Samuel Gregg to the newsmaker line to talk about how to improve the American economy.
Read the full storyTag: economy
Commentary: Don’t Give an Inch on the Debt Ceiling
The dust has barely settled from the contentious midterms, and the battle lines are already being drawn for the next legislative fight in Washington: the debt ceiling. With the nation at unprecedented levels of indebtedness, the choice in this fight is a stark one: a path toward stability or fiscal Armageddon.
If that sounds hyperbolic, consider the following facts about America’s finances.
Read the full storyEconomists: Buying a Home May Not Get Any Cheaper Even If the Economy Tanks
Despite expecting a recession and reduced inflation that would ordinarily put downward pressure on prices in 2023, a critical shortage of housing means prices are unlikely to change much, two economists told the Daily Caller News Foundation.
The median sales price for existing homes increased 6.6% in October compared to the same month in 2021, jumping to $379,100, according to the National Association of Realtors (NAR), primarily due to demand outstripping supply, according to both Nadia Evangelou, senior economist and director of real estate research at the NAR, and E.J. Antoni, economist at the Heritage Foundation. The inventory of unsold existing homes fell to 1.22 million in October, down 10,000 from September 2022, and less than the 1.39 million unsold existing homes in December 2019, according to the National Association of Realtors.
Read the full storyInvestors Flee the Housing Market in Troubling Sign for the Economy
Investors bought 30% fewer homes in the third quarter of 2022 compared to the same time period last year, as high borrowing costs pressured investors out of the housing market, according to real estate brokerage Redfin Tuesday.
Besides a brief plunge in the second quarter of 2020 in response to the beginning of the coronavirus pandemic, the decline was the steepest since 2008, and surpassed the 27.4% overall decline in home purchases nationwide, Redfin reported. The pandemic ultimately boosted demand for homes in suburban areas, sending investors on buying spree as they raised rents in those areas, in some cases by double digits, The Wall Street Journal reported Tuesday.
Read the full storySen. Blackburn Hammers Biden on Economy Days Ahead of Election
A U.S. senator from Tennessee is hammering President Joe Biden and the Democrat Party on the economy – particularly skyrocketing inflation – ahead of Tuesday’s midterm elections.
Sen. Marsha Blackburn has been focused on the topic all week.
Read the full storyRichard Blumenthal Runs from Grading the Economy in Debate with Leora Levy, Says It’s ‘Ongoing,’ Can’t Give It a Grade ‘Midstream’
Senator Richard Blumenthal (D-CT) sidestepped giving the economy a letter grade during his only debate with Connecticut Republican Senate candidate Leora Levy Tuesday night, but when pressed to do so by the panelist, he responded the grade is “ongoing,” and “I don’t think that we can give it a grade midstream.”
Levy, however, plainly answered, “I would grade the economy ‘F.’”
Read the full storyNashville Home Prices Fall as Mortgage Rates Continue to Rise
The average median list price for single-family homes and townhouses in Nashville for October was $510,000, according to data compiled by Movoto Real Estate – down from the previous month’s average list prices of $549,000 in September and $569,553 in August.
Read the full storyReports Indicate Connecticut GDP Fell in Second Quarter
The economy in Connecticut has some catching up to do.
Initial figures from the U.S. Bureau of Economic Analysis show the state’s economy fell behind the rest of the nation in the second quarter of 2022.
Read the full storyPoll: Joe Biden Faces Strong Disapproval Among Majorities of Catholic Voters in Six Battleground States
A new EWTN News/RealClear Opinion Research survey published Tuesday found Joe Biden is facing strong disapproval from Catholic voters in six battleground states, with large majorities stating the economy is the most pressing issue in the 2022 midterm elections.
Read the full storyPublic Affairs Specialist Clint Brewer on Fetterman’s Debate Performance and How Midterms Are a Vote on ‘Economic Discomfort’
Thursday morning on The Tennessee Star Report, host Leahy welcomed all-star panelist Clint Brewer in the studio to comment upon GOP momentum heading into the midterm elections and Pennsylvania US Senate candidate John Fetterman’s cognitive performance Tuesday evening.
Read the full storyHome Sales Plummet in Ominous Sign for Economy
Sales of existing homes fell in September for the eighth month in a row, as historically high mortgage rates pummel demand for homes, the National Association of Realtors (NAR) announced Thursday.
The 1.5% decline from August contributed to a 23.8% slide compared to September 2021, as the median existing-home sales price rose 8.4% from last September, from $355,100 to $384,800, the NAR reported. NAR Chief Economist Lawrence Yun said that high mortgage rates were contributing to reduced demand, particularly in “expensive regions of the country.”
Read the full storyCalifornia’s Economy Hurting as Companies Flee in Droves
California officials are sounding the alarm after recent statistics showed that fewer corporate and start-up activity in the state was leading to a decline in tax revenue, according to a report by Bloomberg News.
This year, just nine companies based in the state had held initial public offerings (IPOs), which is when a company first lists shares for sale on the stock market – considered a milestone in its growth after strong activity and high valuation, the report revealed. In 2021, California – whose start-up ecosystem in ‘Silicon Valley’ is considered the most prodigious in the world – saw 81 companies conduct IPOs, making 2022 a year of a nine-fold decrease.
Read the full storyGeorgia Democrat Stacey Abrams on Why Abortion Is Necessary: ‘Having Children Is Why’ You’re Worried About Food and Gas Prices
Georgia Democrat gubernatorial hopeful Stacey Abrams said Tuesday access to abortion is necessary because “having children is why you’re worried about your price for gas … how much food cost.”
“You can’t divorce being forced to carry an unwanted pregnancy from the economic realities of having a child,” she told MSNBC’s Morning Joe.
Read the full storyAndy Ogles Talks Top Achievements as Mayor of Maury County and Key Concerns of Citizens
Wednesday morning on The Tennessee Star Report, host Leahy welcomed TN5 GOP Nominee, former Mayor of Maury County Andy Ogles to the studio to discuss past achievements as mayor and issues he is hearing on the ground through state townhalls.
Read the full storyNew Kari Lake Ad Promises to Cut Taxes for Arizonans
Arizona’s Republican gubernatorial nominee Kari Lake told Arizonans that economic relief might be on the horizon in a new ad released Sunday detailing her plan to fight high costs if elected as the state’s next governor.
“Thanks to Joe Biden’s and Katie Hobbs’ liberal tax-and-spend agenda, Arizona has one of the highest rates of inflation in the country. Katie Hobbs and the Democrat Party won’t do anything to provide relief for Arizonans, but Kari Lake will,” said the Kari Lake Campaign in a statement.
Read the full storyReport: Pennsylvania Population Growth Woes a Risk to the Economy
While Pennsylvania’s retired population grows in the future, its working-aged and school-aged populations that support them will shrink.
Such are the projections in a new report from the Independent Fiscal Office, noting flat state population growth in the near term and a slight decline in the long term (-0.1% annually).
Read the full storyCommentary: Neither White House nor Common Man Can Evade Recession Data
Newly released data from the Commerce Department show what some people have been saying for months: The nation is in recession.
Furthermore, the Biden administration’s cherry-picking of data has come back to bite it, with even its selected data points now being revised to indicate a recession. And while these numbers confirm the economy shrank in the first half of the year, the rest of this year holds little promise of recovery.
Read the full storyPennsylvania Senate Race Tightens; Economy and Crime Focal Points
Though polls in the race for Pennsylvania’s U.S. Senate seat have shown Democrat John Fetterman with a comfortable lead, it may be narrowing.
As the Nov. 8 election draws closer, Republican Dr. Mehmet Oz trails Fetterman 45% to 43%, according to a new poll of very likely voters released today by Emerson College and The Hill.
Read the full storyCommentary: The Fed’s Interest Rate Hikes Have only Destroyed $398 Billion of the $6 Trillion It Printed
“Our expectation has been we would begin to see inflation come down, largely because of supply side healing. We haven’t. We have seen some supply side healing but inflation has not really come down.”
That was Federal Reserve Chairman Jerome Powell on Sept. 21, speaking to reporters following the central bank’s meeting where the Federal Funds Rate was once again increased 0.75 percent to its current range of 3 percent to 3.25 percent in a bid to combat sticky 8.3 percent consumer inflation the past year.
Read the full storyShelby County Jobless Rate at 5.6, More than Double Williamson County’s Rate
The Tennessee Department of Labor and Workforce Development recently released county unemployment data for the month of August.
Read the full storyCommentary: Can’t Forget the Motor City
“In the 1950s,” writes J. Eric Wise in “The French Exit: A Detroit Love Story,” Detroit was “outwardly living well, a very healthy city, technologically advanced, with economic diversity, prosperity, peace, and civil life supporting the arts and sciences.” That is no exaggeration, as this writer can testify.
As Wise explains, Detroit prospered enormously from World War II and attracted workers from far and wide. My father, a mechanical engineer, was among them. In 1952, he moved our family from Alliance, Ohio, to Detroit, Michigan. The Big Three automakers gave him all the work he could handle.
Read the full storyBlake Masters Receives Endorsement from Leading Small Business Advocacy Organization
Trump-endorsed Arizona Senate nominee Blake Masters received another big-ticket endorsement Thursday, this time from the National Federation of Independent Business (NFIB), the national leading small business advocacy group.
“Blake Masters has experience working in the business community and will be a strong supporter of Arizona’s small businesses in the U.S. Senate,” said Chad Heinrich, NFIB Arizona State Director. “His top priority in Congress will be to get the economy back on track and to create a pro-small business environment. He has also expressed an interest in improving workforce training, which will help small businesses immensely as they continue to manage a worker shortage. We are proud to endorse Blake Masters today and look forward to working with him.”
Read the full storyCommentary: (Not) Sorry Democrats, Abortion Won’t Save You
The desperate attempts by the White House, congressional Democrats, and the corporate media to refocus voter attention on abortion rather than inflation are failing. Most reputable polls show that the electorate is far more concerned about mismanagement of the economy by President Biden and his collaborators in Congress than about threats to reproductive rights posed by “MAGA Republicans.” Contrary to Democratic hopes, November won’t be about abortion vs. inflation. The midterms will be a referendum on Biden’s performance, particularly as it affects inflation.
Read the full storyNew Poll Shows Americans Trust Republicans More than Democrats with the Economy
Voters overwhelmingly trust Republicans to manage the economy, a new poll ahead of this year’s midterm elections suggests, while also viewing the economy as the most important issue.
Roughly 52% of voters said that they trust Republicans to manage the economy, compared to 38% for Democrats, while only 1% of respondents said they agreed with the proposals of both parties to manage it, according to a poll conducted by the Times and Siena College, which measured the relative strength of both parties in advance of the election scheduled on Nov. 8. The economy has been the most important issue to voters heading into the polls; in a July edition of the same NYT/Siena poll, 20% called it the “most important problem facing the country today,” while roughly 76% said that it would be “extremely important” to them as they vote.
Read the full storySenator Marsha Blackburn Issues Statement Following President Biden’s Celebration of the Inflation Reduction Act
Senator Marsha Blackburn (R-TN) called out President Joe Biden on Tuesday for holding a formal celebration for the recent passing of the Inflation Reduction Act.
Read the full storyDr. Murray Sabrin Talks About His New Book, Background, and Solutions to America’s Current Economy
Tuesday morning on The Tennessee Star Report, host Leahy welcomed libertarian, professor, and author Dr. Murray Sabrin to the newsmaker line to discuss his new book The Finance of Health Care and his thoughts on how to fix the American economy.
Read the full storyHispanic Americans Point to Crime, Immigration and the Economy as Key Concerns
Recent reports indicate a dramatic political shift for Hispanic Americans, citing a defection from the left toward the right. While some mainstream media accounts dispute the shift, other national surveys are missing the on-the-ground factors that illustrate why a sizeable portion of Latinos are moving right politically, and the fact that many polls suggest Hispanics are drifting from the Democratic party over economic issues.
Read the full story‘Bideninflation’ Increases Price of Raising a Child by $26,000 in Georgia
Amid record-high inflation sweeping the country, the expense of raising a child has reached new heights. What is commonly called “Bideninflation” costs families $26,000 more per child.
Read the full storyFinance Guru Liz Peek Reacts to Student Loan Forgiveness Executive Order and Inflation
Friday morning on The Tennessee Star Report, host Leahy welcomed Fox Business contributor and Wall Street expert Liz Peek on the newsmaker for her reaction and interpretation of how the student loan forgiveness will impact inflation.
Read the full storyRevised GDP Numbers Show the Economy Shrinking
The Department Of Commerce revised the estimate of Gross Domestic Product (GDP) Thursday morning, finding similarly to July’s estimate that real GDP contracted in the second quarter of 2022.
The revised estimate for the second quarter finds that real GDP decreased annually at a rate of 0.6%, slightly less than the July 28 estimate of a 0.9% decrease, according to the Bureau of Economic Analysis.
Read the full storyVentcon, Inc. Announces $6.7 Million Investment in Madison County
Ventcon, Inc. officials announced on Tuesday that the company will invest $6.7 million in Madison County to establish its first manufacturing operations outside of the company’s headquarters in Allen Park, Michigan.
Read the full storyAnalysis: New Pennsylvania Budget Boosts Corporate Welfare to $1.3B
Pennsylvania’s latest budget deal increased spending, and a good chunk favored private businesses, according to critics.
A new analysis from the Commonwealth Foundation says the budget carried $1.3 billion in corporate welfare spending.
Read the full storyThousands Joined Arizona’s Workforce Last Month
Arizona’s seasonally adjusted unemployment rate remained steady, remaining at 3.3% from June 2022 to July 2022. In that stretch, the state’s seasonally adjusted labor force increased by 7,209 individuals (0.2%); plus, Arizona added 18,300 jobs in that span, according to a report from the Arizona Commerce Authority.
Read the full story$4.3M Minnesota Taxpayer Subsidies Expected to Create 321 Jobs
The Minnesota Department of Employment and Economic Development will give $4.3 million of taxpayer money to five private businesses through the Minnesota Job Creation Fund and the Minnesota Investment Fund.
The state says these projects will create 321 jobs over the next three years and will eventually boost the local tax base.
Read the full storyFlorida’s Job Growth Continues Surge as Unemployment Rate Hits Historic Low
Florida’s job growth continued to surge in July while its unemployment rate also dropped to an historic low 2.7%.
“Florida continues to outperform the nation because freedom first policies work,” Gov. Ron DeSantis said. “July’s job numbers represent one of the largest month’s job gains over the past generation and Florida continues to outpace the nation in labor force growth.”
Read the full storyU.S. Senate Passes Massive Tax and Spend Bill Targeting Carbon Emissions, Prescription Drug Costs, More
The U.S. Senate on Sunday passed a $740 billion new taxing and spending bill that seeks to combat climate change and allow the government to control the price of prescription medications, among other things.
No Republicans voted for the bill, named the Inflation Reduction Act of 2022, in the divided 50-50 Senate, forcing Vice President Kamala Harris to break the tie. The measure must return to the House for a concurrence vote after senators passed several amendments Sunday. The House is expected to take the bill up again on Friday. If the House concurs, President Joe Biden has indicated he will sign it.
Read the full storyCommentary: Federal Reserve’s False Assumptions Push the Economy into Recession
Based on its assumptions, the Federal Reserve is doing everything right by raising interest rates rapidly after years of easy money. It will certainly succeed in its goal of “cooling down” the economy.
Unfortunately, the Fed’s basic assumptions are wrong, and it has already begun reducing Americans’ standard of living, as indicated by this week’s Commerce Department report showing the nation’s gross domestic product fell for the second quarter in a row, meeting the common definition of a recession.
Read the full storyAmericans Taking Side Gigs to Make Ends Meet amid Soaring Costs
The Labor Department’s newly released jobs report for July appeared to be good news for the economy — at first glance.
A dig below the surface, however, reveals a different picture: Americans, strapped for cash by inflation, taking on second jobs as families have less money to spend.
Read the full story‘It’s An Absurd Argument’: Economists Take Apart One of Biden’s Favorite Talking Points
The Biden administration’s oft-touted talking point that employment has boomed under the administration is misleading and instead simply a natural recovery from pandemic losses, economists told the Daily Caller News Foundation.
Facing consecutive quarters of negative gross domestic product (GDP) growth, sky-high inflation and plummeting consumer sentiment, the Biden administration has routinely cited a low unemployment rate and strong on-paper jobs creation as positive results of President Joe Biden’s economic stewardship. But the notion that these figures represent booming job creation is misleading since the economy has merely rebounded by adding back jobs that were lost during the pandemic and has still yet to reach pre-pandemic levels, economists told the DCNF.
Read the full storyManufacturing Company Announces $95 Million Investment in Bedford County
Duksan Electera America, Inc. officials announced Wednesday that the company will invest $95 million to locate its first North American manufacturing facility in Shelbyville, Tennessee. Duksan Electera is a branch of the South Korean-based Duksan Group which is an advanced material manufacturer.
Read the full storyTennessee Lawmakers Rip Biden Admin over Recession Debacle
Tennessee’s lawmakers are ripping the Biden administration as he and other Democrats attempt to convince Americans that the country is not on the cusp of a recession, despite the expected Thursday announcement of two straight quarters of economic shrinkage.
“Instead of changing the definition of recession, why won’t the White House change their policies that may get us in a recession in the first place?” Rep. John Rose (R-TN-06) asked on Twitter, linking to a speech he gave on the floor of the U.S. House.
Read the full storyBill Hagerty Condemns the Biden Administration’s ‘Spin’ on Potential Recession
U.S. Senator Bill Hagerty (R-TN) denounced the Biden administration’s recent attempt to change the conversation on the economy and the potential of a recession with host Elizabeth MacDonald on Fox Business’ “The Evening Edit” on Monday.
“It’s more spin coming out of the White House, Liz. I think you look at the estimates – what’s going to happen on Thursday, we’re going to probably read a negative 1.5 percent GDP growth. That’s another straight consecutive quarter to quarter decline,” said Hagerty.
Read the full storyTechnologyAdvice, LLC Announces $2.7 Million Investment in Nashville to Expand Headquarters
TechnologyAdvice, LLC officials announced this week that the company would invest $2.7 million to expand its headquarters and other back-office functions in Nashville, Tennessee.
Read the full storyTennessee Hills Distillery Announces $21.3 Million Investment in Sullivan County
Tennessee Hills Distillery officials announced Monday that the company will invest $21.3 million to expand in Northeast Tennessee by adding a Bristol location to serve as the company’s new headquarters. The company’s newest investment joins its existing operations in Jonesborough and Johnson City.
Read the full storySeparating from the Pack: TN-5 Candidate Jeff Beierlein Says He Is ‘A Viable Alternative to the Status Quo’
Thursday morning on The Tennessee Star Report, host Leahy welcomed TN-5 congressional candidate Jeff Beierlein in studio to discuss his background in leadership and managing people and what separates him from the rest of his opponents.
Read the full storyEconomist: 30 Percent Chance That U.S. Enters a Recession Within a Year’s Time
A Goldman Sachs economist says there is a 30% probability of the U.S. entering a recession within one year and 48% within two years.
Goldman Sachs Chief U.S. economist David Mericle outlined the probability of a recession at an event Tuesday and said that the likelihood of a recession would decrease if the U.S. had not entered one within two years.
Read the full storyTennessee Department of Finance and Administration Releases June Revenue Numbers
The Tennessee Department of Finance and Administration announced Friday that overall June state tax revenues exceeded budgeted estimates. On an accrual basis, June is the 11th month in the 2021-2022 fiscal year.
Read the full storyCommentary: After 18 Months of Biden, We Have Yet to Hit Bottom
Next week will mark one and a half years since Joe Biden became president on Jan. 20, 2021. On July 20, every American should look within and ask: “Am I better off than I was 18 months ago?”
To Biden’s credit, the unemployment rate has fallen from 6.4% when he took office to 3.6% in June. Today’s figure is a notch higher than the 3.5% joblessness that Americans enjoyed in February 2020, thanks to President Donald Trump’s Republican tax cuts, deregulation, energy dominance, and other pro-growth initiatives.
Read the full storyAll-Star Panelist Clint Brewer on the Dynamics of Inflation at Home and Abroad
Thursday morning on The Tennessee Star Report, host Leahy welcomed all-star panelist Clint Brewer in-studio to comment upon inflation in America and around the world.
Read the full storyFinancial Analyst Liz Peek Talks Lying Biden, Inflation, Economy, Recession, and Europe’s Shaky Ground
Thursday morning on The Tennessee Star Report, host Leahy welcomed Fox Business contributor and Wall Street expert Liz Peek on the newsmaker line to discuss the lies of President Biden, the lack of business skills in the White House, and the instability of Europe.
Read the full story