Category: Economy

Tesla Reports One of Its Worst Quarters in Years in Latest Sign of Trouble for EV Market

Admin
Tesla Factory

Tesla disclosed a shaky earnings report to the public on Tuesday in the latest sign of weakness in the U.S. electric vehicle (EV) market.

The EV maker’s revenue for the first quarter of this year came in nearly 10 percent below its revenue for the first quarter of 2023, marking the largest decline the company has seen since 2012, according to its quarterly report and CNBC. Tesla’s net income also fell by about 55 percent relative to 2023, and the company warned investors that “volume growth rate may be notably lower than the growth rate achieved in 2023.”

Read the full story

Taiwanese TSMC Workers Reportedly Aim to Have Children in Arizona so Kids Become U.S. Citizens

Tom Pappert

A Tuesday report which detailed alleged culture clashes between local workers and those from Taiwan at the Taiwan Semiconductor Manufacturing Company (TSMC) facilities in Arizona reveals some workers from Taiwan, who relocated to Arizona to build the plants, will seek to start or expand families so their children reap the benefits of U.S. citizenship.

The Rest of World report described TSMC’s ventures in Arizona as a “debacle,” with American engineers subjected to intense scrutiny, public humiliation and restricted communications while being trained by TSMC in Taiwan.

Read the full story

Ukrainian Aid Costs Each American Household Almost $1,500, Economists Say

Admin
Ukraine President Volodymyr Zelenskyy with United States President Joe Biden

Even as Americans grow increasingly pessimistic and agitated about their personal finances, Congress is about to ask struggling families to cover the cost of more funding for Ukraine.

The $95 billion foreign aid package adopted Saturday by the House and facing near-certain passage in the Senate includes an additional $61 billion for Ukraine. Once added to the money already appropriated for Ukraine since 2022, the United States will have spent approximately $173 billion.

Read the full story

Virginia Drivers Must Obtain Car Insurance by July 1 as 2022 Law Goes Live

Tom Pappert
Driving a BMW in the country

Drivers in Virginia have until June 1 to obtain insurance for their motor vehicles due to a law passed in 2022 that removes the option to avoid insurance premiums with an annual fee to the commonwealth.

Governor Glenn Youngkin signed in 2022 legislation to end Virginia’s Uninsured Motor Vehicle (UMV) fee, which previously allowed citizens to annually pay $500 to the Virginia Department of Motor Vehicles (DMV) to register a vehicle without insurance.

Read the full story

Tennessee Treasurer Absent from Letter to Bank of America Demanding End to De-Banking Conservatives

Matthew Giffin
David H. Lillard, Jr.

Several state treasurers and other officials sent a letter to Bank of America warning the banking giant of apparently targeting customers with conservative politics by de-banking them—however, Tennessee State Treasurer David Lillard’s signature was absent.

The letter to Bank of America CEO Brian Moynihan said its signatories are concerned that Bank of America has a “track record of discriminating against religious ministries,” a “systemic bias” against politically conservative views, and supporters of former President Donald Trump.

Read the full story

International Money Fund Warns on U.S. Debt ‘Something Will Have to Give’

The Center Square
Congress Spending

The International Monetary Fund warned the United States that government spending and increasing national debt are not sustainable and could hurt the global economy.

The Washington, D.C.-based group that represents 190 member countries also called the U.S. economy “overheated.” The debt warning follows several other high-profile calls to address growing U.S. debt.

Read the full story

Youngkin to ‘Work with Legislators’ on Skill Games Concerns After Senate Tosses Governor’s Amended Bill

Tom Pappert
Virginia Gov. Glenn Youngkin

Governor Glenn Youngkin confirmed he will “work with legislators” to achieve compromise legislation addressing controversial skill games machines.

The Virginia Senate tossed Youngkin’s version of the bill, with just six senators voting in favor and 34 voting against. Youngkin’s amended bill sought to place strict restrictions on legislation that originally would have allowed skill games in convenience stores throughout the commonwealth.

Read the full story

Home Sales Drop in March as Mortgage Rates Surge over 7 Percent

Admin
Sale Pending Home

Existing home sales shrank in March as consumers respond to continuing price increases and rising mortgage rates.

Sales for existing homes fell 4.3% in March compared to the previous month and 3.7% year-over-year, to an annual rate of 4.19 million, according to a press release from the National Association of Realtors (NAR). The average for a 30-year fixed-rate mortgage reached 7.10% this week, a substantial jump from 6.88% last week, depressing Americans’ desire to switch homes and possibly acquire a higher interest rate, according to a release from real estate giant Freddie Mac.

Read the full story

Nashville’s East Bank Development Moving Forward

The Center Square

Development on Nashville’s East Bank is moving forward as the area prepares for a new $2.1 billion Tennessee Titans stadium, set to open in 2027, and development in the area surrounding it.

Both the House and Senate will soon discuss companion bills to create an East Bank Development Authority board after Nashville’s Metro Council approved a deal to have Fallon Co. develop the initial 30 acres of Nashville-owned land in the development area.

Read the full story

Report: Biden has Taken over 200 Actions Against U.S. Oil

The Center Square
Oil Drilling

President Joe Biden and his administration have taken over 200 actions against the U.S. oil and natural gas industry as energy prices have gone up, according to a new report. 

“President Biden and Democrats have a plan for American energy: make it harder to produce and more expensive to purchase,” the Institute for Energy Research states in a new report. “Since Mr. Biden took office, his administration and its allies have taken over 200 actions deliberately designed to make it harder to produce energy here in America.”

Read the full story

Electric Vehicle Maker Launches Another Round of Layoffs as Demand Slows

Admin
Rivian factory

Electric vehicle (EV) manufacturer Rivian announced its second round of layoffs just this year on Wednesday as consumer demand for EVs stalls.

The layoffs at Rivian will affect around 1 percent of the company’s staff as they continue to look for ways to cut costs to bolster struggling profits due to less-than-expected EV sales, the company confirmed to the Daily Caller News Foundation. Rivian announced in February that it was laying off 10 percent of its workforce after it released its 2024 production forecast, which was well below analyst expectations, according to Reuters.

Read the full story

U.S. Wheat Farmers Stare Down Huge Losses as Foreign Goods Flood Market

Admin
Wheat combine

Many American wheat farmers may face losses in 2024 due to a glut of foreign supply coupled with soaring equipment and labor costs amid high inflation, Reuters reported Wednesday.

Wheat prices are near their lowest point in nearly four years as supply from the Black Sea and Europe has unexpectedly flooded the market after three years of droughts draining reserves, hitting winter wheat farmers in the Great Plains particularly hard, according to Reuters. Costs for transporting and producing American wheat have soared compared to foreign wheat suppliers, with high inflation increasing costs for farm equipment, repairs and labor for farmers.

Read the full story

Tennessee Lottery Raises over $113 Million for Education in Third Quarter of Fiscal Year 2024

Kaitlin Housler
Lottery Balls

The Tennessee Education Lottery Corporation announced Tuesday it raised $113,820,000 for education in the Volunteer State during the third quarter of Fiscal Year 2024 (FY24), which spanned from January 1 through March 31.

“The Lottery is proud to announce this quarter’s results, which reinforce our commitment to funding vital education programs for Tennesseans,” Tennessee Education Lottery President and CEO Rebecca Paul said in a statement.

Read the full story

Commentary: Inflation Will Stick Around as Long as The Big Spenders Do

Admin
President Joe Biden signing a bill

August came early to the nation’s capital with last week’s round of March inflation data. The late summer weather in Washington, D.C., is notoriously hot and sticky, two accurate descriptors of the latest price increases facing families and businesses alike. Inflation is stubbornly high, and the Biden administration’s spendthrift public policies are to blame.

In the past 12 months, consumer prices rose 3.5 percent, the second month of accelerating annual inflation. In March alone, prices rose 0.4 percent. That may not sound like much, but it’s actually terrible. If that monthly inflation rate holds steady, prices will double in less than 16 years.

Read the full story

Tennessee Governor Bill Lee Joins Group of Governors in Opposing UAW’s Unionization Campaign

Kaitlin Housler
Bill Lee Volkswagen

Tennessee Governor Bill Lee joined the governors of Alabama, Georgia, Mississippi, South Carolina, and Texas in issuing a joint statement in opposition of the United Auto Workers’ (UAW) unionization campaign.

The coalition of governors said it is “highly concerned” about the unionization campaign, adding such efforts are “driven by misinformation and scare tactics.”

Read the full story

Report: States with Low Taxes, Fewer Restrictions Tops for Economic Outlook

The Center Square
Work Meeting

States with lower tax rates, lower debt and fewer government restrictions generally have stronger economic outlooks, according to the latest report that ranks states from best to worst based on how friendly their policies are to economic growth.

The American Legislative Exchange Council released its “Rich States Poor States” report Tuesday. The report ranks states based on “economic outlook” using 15 factors.

Read the full story

Minneapolis City Council Votes to Delay New Pay Standards for Uber, Lyft Drivers

Admin
Uber Driver

The Minneapolis City Council voted to delay the enforcement date for new minimum compensation standards for drivers with transportation network companies such as Uber and Lyft. Pending approval from Minneapolis Mayor Jacob Frey, the minimum compensation standards would go into effect on July 1.

In March, the Minneapolis City Council authorized an ordinance which mandates that a driver for Uber or Lyft must be paid $1.40 for every mile driven while transporting a rider, and $0.51 for every minute a rider is being transported, or $5.00 (whichever is greater). The per mile and per minute rates would be annually adjusted under the ordinance.

Read the full story

Electricity Prices have Risen Seven Times Faster Under Biden than Trump

Admin

Electricity prices have experienced a significant rise since the beginning of the Biden administration, rising more than seven times faster than under the entire Trump administration.

The average price of electricity has increased by 29.4% since January 2021 as of March, far greater than the preceding four years under the Trump administration, when electricity prices increased by only 4.0%, according to the Federal Reserve Bank of St. Louis. The jump in electricity prices accompanies a number of policies from the Biden administration that have curbed energy production, such as a regulation from the Environmental Protection Agency that requires that existing coal-fired power plants cut their greenhouse gas emissions by 90% by 2040.

Read the full story

Investors Scramble to Adjust Their Portfolios After Inflation Surge

Admin
New York Stock Exchange trading floor

Many investors are diversifying their portfolios from standard stocks and bonds as March’s inflation surge casts doubt on economy-boosting rate cuts from the Federal Reserve happening this year, according to Reuters.

The consumer price index increased to 3.5 percent year-over-year in March, up from 3.2 percent in February and far from the Fed’s 2 percent target. Markets prior to March’s inflation report anticipated a few rate cuts this year, leading investors to buy up stock in anticipation that markets would rise when cuts materialize, but the increasing possibility that the Fed will not cut rates this year has led investors to switch up their market strategy, according to Reuters.

Read the full story

Prices Edge Even Higher as Fed Chair Speculates If Inflation Is Really Under Control

Admin
Woman shopping at supermarket

Inflation jumped year-over-year in March amid speculation over whether the rate of inflation is really decelerating, according to the latest Bureau of Labor Statistics release on Wednesday.

The consumer price index (CPI), a broad measure of the price of everyday goods, increased 3.5 percent on an annual basis in March and 0.4 percent month-over-month, compared to 3.2 percent in February year-over-year, according to the BLS. Core CPI, which excludes the volatile categories of energy and food, remained high, rising 3.8 percent year-over-year in March, compared to 3.8 percent in February.

Read the full story

Commentary: High Gold Price Points to Sustained Inflation

Admin
Gold Bars in vault

The economy looms large in the minds of most people and not simply because it is an election year. It affects us directly. We spend a lot of our waking hours at work, and our jobs are often connected to the welfare of families and children. With everything being more expensive, getting a toe hold on mere middle-class status is harder now than it was for older generations. Many people are slipping down a rung or three.

In addition to long-term trends like the decline of manufacturing and the cut-throat financialization of corporate America, unique recent events loom large. COVID lockdowns, soon followed by the government money giveaway—PPP loans, augmented unemployment benefits, rent relief, and other stimulus plans—disrupted our routines and affected the entire economy. While these measures likely prevented a deep recession, the shutdowns ruined a lot of businesses, and the various stimulus funds ended up unleashing inflation.

Read the full story

Inflation, COVID-Era Spending Policies Result in Teacher Layoffs Nationwide

The Center Square
Teacher instructing students in classroom

School districts across the country are laying off teachers, citing high inflationary costs, budget deficits, and federal COVID-era funding running out after receiving windfalls in federal subsidies for three years.

The federal COVID-era subsidies were funded through ESSER (Elementary and Secondary School Emergency Relief) grants administered by state education agencies. Financed through the CARES Act and supplemental appropriations, the grant funding expires Sept. 30.

Read the full story

Part-Time Employment Surges for Another Month While Full-Time Falters

Admin
Driver Uber

The number of Americans working part-time jobs surged in March, while full-time jobs declined slightly, according to data from the Bureau of Labor Statistics (BLS) released Friday.

There were 28,632,000 people with part-time jobs in March, 691,000 more than in February, when there were 27,941,000, according to the BLS. In that same period, the number of people employed in full-time positions dropped by 6,000, from 132,946,000 to 132,940,000.

Read the full story

Increased Crime Cutting into Small-Business Earnings, Survey of Owners Finds

Admin
Business Owner

One-third of small-business owners say increased crime is cutting into their earnings, and 7 in 10 grade President Joe Biden’s performance negatively in terms of helping small businesses, a new poll finds.

Pollsters John McLaughlin and Scott Rasmussen conducted the survey, along with the Job Creators Network Foundation in March, among 400 small-business owners. When asked about their sentiments regarding the state of the economy, 46% of small-business owners said the economy is getting worse, while just 27% said it’s getting better.

Read the full story

Virginia A.G. Miyares Celebrates Victory as SEC Halts Biden Climate Change Mandate

Tom Pappert
Virginia Attorney General Jason Miyares

Virginia Attorney General Jason Miyares celebrated a victory on Friday after the U.S. Securities and Exchange Commission (SEC) halted the enforcement of its new climate changes rules for publicly traded businesses that were imposed by the Biden administration.

The coalition of 25 attorneys general originally sued the Biden administration to block SEC rule changes that require publicly listed businesses report what the government considers climate change risks. A press release from the attorney general notes companies would be forced to “release a plan to adapt to climate agenda recommendations” under the proposed rules.

Read the full story

Commentary: Job Program for Americans-No Jobs for Illegal Aliens, Period

Admin
Illegal migrants at border

I am weary of hearing the trope that we need more illegal aliens because “Americans won’t work those jobs.” My bet is that most Americans share this sentiment as well.

Amidst a myriad of concerns about illegal immigration, one prominent worry among Americans is the potential adverse effects on the U.S. workforce. There is apprehension that undocumented migrants could potentially displace native-born workers, leading to job loss and further exacerbating the nation’s tax burden. The media and the left love to dismiss such considerations as fearful, xenophobic, and bigoted, arguing instead that alien workers fill a vital gap in the American workforce. But these concerns, nevertheless, are valid.

Read the full story

Study Grades Natural Gas as Best Source for Reliability, Affordability and Environmental Impact

Just the News
Natural Gas Pawer Plant

A new study finds that natural gas is the most effective energy source meeting growing energy demands affordably and reliably, while balancing environmental and human impact.

The “Grading the Grid” study by the Mackinac Center for Public Policy, a pro-free market nonprofit, and Northwood University rates natural gas, coal, petroleum, nuclear, hydroelectric, wind, solar and geothermal generation sources on their reliability, environmental and human impact, cost, innovation and market feasibility.

Read the full story

Americans Skipping Meals to Afford Housing Under Biden: Poll

Admin
Mom and Kids eating

A major real estate company released a survey on Friday which found that renters and homeowners are significantly reducing their quality of life to afford housing under President Joe Biden.

Nearly one in five homeowners and renters reported skipping meals to afford housing in Biden’s economy, according to a new survey conducted by Redfin. The median asking rental price increased from less than $1,700 when Biden took office in January 2021 to nearly $2,000 as of February, according to Redfin’s data.

Read the full story

Job Market Continues Hot Streak Despite Persistent Layoffs

Admin
Job Interview

The U.S. added 303,000 nonfarm payroll jobs in March as the unemployment rate ticked down to 3.8%, according to Bureau of Labor Statistics (BLS) data released Friday.

Economists anticipated that the country would add 200,000 jobs in March compared to the 275,000 jobs that were added in initial estimates for February, and that the unemployment rate would remain unchanged at 3.9%, according to Reuters. The job gains are in spite of persistent layoffs that reached a 14-month peak in March at 90,309.

Read the full story

Ford Delays Production of New Electric Truck to Be Manufactured at BlueOval City

Kaitlin Housler

Ford announced Thursday that it is delaying the rollout of two new all-electric vehicle models. Once the facility is operational, one of them will be manufactured at BlueOval City at the Memphis Regional Megasite in West Tennessee.

The company said it plans to begin customer deliveries of its new all-electric pickup truck model made at BlueOval City in 2026 – one year after the original anticipated delivery date.

Read the full story

Layoffs Surge to 14-Month High as Inflation Crushes Employers

Admin
Stressed woman looking at computer

The number of people laid off from American companies reached the highest point since January 2023, according to data from outplacement firm Challenger, Gray & Christmas, Inc.

American employers cut 90,309 employees in March, 7 percent higher than the 84,638 employees laid off in February and higher than the 82,307 positions cut in January, according to a report from Challenger, Gray & Christmas, Inc. The layoffs are in contrast to seemingly strong job gains, which totaled 275,000 in February, while the unemployment rate ticked up to 3.9 percent.

Read the full story

Commentary: The Unattainable American Dream

RealClearWire
American flag waving in front of house

Get married, have children, buy a house, and live comfortably on a single income. Not very long ago, that path was the reality, the norm, for the great American middle class.

But America has gone backward in this regard, and struggling citizens know it all too well. Experiencing the kinds of lives enjoyed by our parents and grandparents has become impossible for most Americans, leading to widespread disenchantment and a palpable loss of patriotism and confidence in America.

Read the full story

Electric Vehicle Market Share Plummets in First Quarter as Consumers Sour

Admin
Tesla Showroom

Growth in sales for electric vehicles (EV) slowed in the first quarter of the year as consumers remained wary of the product even though growth in sales of new vehicles remained strong, leading to a drop in EV market share, according to The Associated Press.

Sales for new vehicles grew 5 percent in the first three months of the year, but EV sales grew only 2.7 percent as more consumers chose traditional vehicles due to cost and product concerns, according to the AP. The average sales price declined 3.6 percent year-over-year to $44,186 in March as dealers looked to offload built-up inventory.

Read the full story

Gas Prices Creeping Higher Again as Election Cycle Heats Up

Admin
Pumping Gas

The national average cost of a gallon of gas at the pump jumped by 20 cents over the past month, according to AAA.

Currently, Americans are paying about $3.55 per gallon on average, up from about $3.35 a month ago, according to AAA’s data. Goldman Sachs, one of the largest financial institutions in the U.S., has recently cautioned that prices could surge above $4 per gallon by May, according to Yahoo Finance.

Read the full story