Commentary: 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.

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Commentary: 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.

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Blake 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.”

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Commentary: (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.

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New 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.

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Dr. 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. 

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Hispanic 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.

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Finance 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.

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Revised 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.

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Ventcon, 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.

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Analysis: 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.

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Thousands 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. 

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$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.

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Florida’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.”

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U.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.

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Commentary: Federal Reserve’s False Assumptions Push the Economy into Recession

Federal Reserve

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.

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Americans 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.

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‘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.

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Manufacturing 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.

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Tennessee 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. 

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Bill 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.

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TechnologyAdvice, 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.

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Tennessee 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.

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Separating 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.

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Economist: 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.

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Tennessee 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.

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Commentary: 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.

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Financial 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.

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City of Madisonville Achieves Tennessee Main Street Accreditation

The Tennessee Department of Economic and Community Development (TNECD) announced Wednesday that Madisonville has achieved Tennessee Main Street accreditation.

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Michigan Gov. Whitmer Touts $77 Billion 2023 Budget, Despite No Tax Relief

Gov. Gretchen Whitmer is touting the $77 billion 2023 fiscal year budget that she says will improve Michigan’s economy and workforce.

Whitmer bragged that the budget negotiated with Republicans doesn’t raise taxes. However, it also keeps $7 billion of taxpayer money locked in state coffers while spending another $7 billion more than the prior budget.

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Bob Rolfe Officially Exits Department of Economic and Community Development with Farewell Message

Bob Rolfe officially exited the Tennessee Department of Economic and Community Development (TNECD) to enter the private sector Friday with a farewell message shared to social media. Rolfe has served as TNECD Commissioner since March 2017, when he was appointed by former Tennessee Governor Bill Haslam.

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VK Integrated Systems Relocating Manufacturing Operations from California to Clarksville, Tennessee

VK Integrated Systems (VKIS) announced Friday that the company will invest $840,000 to relocate its manufacturing operations from Fullerton, California, to Clarksville, Tennessee by breaking ground on the new manufacturing site in Montgomery County.

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Commentary: The Biden Bust Could be Coming to a Neighborhood Near You Soon

For many readers, the above title will conjure up memories of the 2008 housing crash caused by the proliferation of subprime mortgages and the subsequent tsunami of defaults. But a better corollary for the coming Biden bust is the Carter crash that occurred three decades earlier. During the final two years of Carter’s term, sales of existing and new homes collapsed because the Fed was forced to raise interest rates sharply to get double-digit inflation under control. This, in turn, produced double-digit mortgage rates that priced millions of potential buyers out of the market.

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Commentary: States Can Help Conservatives Secure Even More Legal Victories

America is currently in the midst of a broader political realignment. The political Left, which once upon a time purported to stand for the forgotten “little guy” against the titans of Big Business, has in recent years decided that Big Business is actually an ally of convenience in its long Gramsci-an “march” through the institutions. Chris Rufo has perhaps demonstrated this trend better than anyone else.

And the political Right, whose once-instinctive neoliberal proclivities made it a convenient ally for Big Business, is currently rethinking its approach to political economy in general, as well as its specific relationship to culturally leftist multinational corporations. The most tangible recent expression of this rethinking has been Florida Republican Gov. Ron DeSantis’ crippling punishment of The Walt Disney Company for its coming out on behalf of sexually grooming innocent children in the Sunshine State.

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Gubernatorial Hopeful Jensen Calls for ‘Phasing Out’ Minnesota’s Income Tax to Help Fight Inflation, Boost Economy

Republican gubernatorial candidate Dr. Scott Jensen announced at a Thursday press conference his comprehensive plan to fight inflation.

Jensen’s “FIT” plan — “Fight Inflation Together” — comprises a variety of reforms and policies pertaining to taxes and spending. These include but are not limited to investigating wasteful government spending, vetoing tax increases and initiatives that increase the cost of living, eliminating social security taxes, and enacting deregulatory measures that allow businesses to obtain permits and licenses with less hassle.

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Only Two Tennessee Counties Saw Unemployment Rates Above Five Percent in May

New data released by the Tennessee Department of Labor and Workforce Development (TDLWD) on Thursday showed unemployment rates increased slightly during May in each of the state’s 95 counties. However, even with the minimal increases, 93 of Tennessee’s 95 counties maintained rates lower than 5% for the month.

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Commentary: Vast Majority of Americans Disapprove Biden’s Handling of Economy

67 percent of Americans disapprove of President Joe Biden’s handling of the U.S. economy and 71 percent disapprove of his handling of inflation as gasoline prices continue hitting records at $5 a gallon, a recent Fox News poll taken mid-June found, even as Biden recently suggested a recession is not “inevitable”.

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Gov. Walz Offers Minnesotans $1,000 Checks to Spend Half of $9.2 Billion Surplus

Gov. Tim Walz suggested sending half of the state’s $9.2 billion surplus back to taxpayers in a 15-minute special session.

Walz last weekend proposed sending individuals $1,000, and married couples $2,000.

Only Walz can call a special session, but he hasn’t after a GOP and DFL broad deal for $4 billion in tax relief and $4 billion in savings disintegrated in May as the regular session concluded.

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Crom’s Crommentary: No One in Biden Administration Offers Hope of ‘Doing Anything Right in Their Area of So-Called Expertise’

Monday morning on The Tennessee Star Report, host Leahy welcomed the original all-star panelist Crom Carmichael to the studio for another edition of Crom’s Crommentary.

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Tennessee Unemployment Rate Increases Slightly from Previous Month’s Historic Low

Preliminary data from the Department of Labor and Workforce Development (TDLWD) indicated Tennessee’s unemployment rate for May 2022 increased slightly from March and April’s record-breaking rate of 3.2%.

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Rockford Spring Company Announces New Manufacturing Operations in Lewisburg

Rockford Spring Company officials announced Thursday that the company will establish new manufacturing operations in Lewisburg. Founded in 1952, Rockford Spring Company manufactures custom precision springs and wire forms for the automotive, agriculture, firearms, hydraulics and outdoor power equipment, as well as many other industries.

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TN-5 Congressional Candidate, Maury County Mayor Andy Ogles Tells Pelosi to Focus on America and the Real Issues the Country Is Facing

Andy Ogles

Friday morning on The Tennessee Star Report, host Leahy welcomed TN5 Congressional Candidate, Maury County Mayor Andy Ogles to the newsmaker line to weigh in on recent comments made to House Speaker Nancy Pelosi, focusing on the economy, and what he’s seeing on the campaign trail.

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Tennessee Representative David Kustoff Joins Republican Colleagues in Introducing Bill that Would Provide Immediate Relief to American Farmers

Tennessee Representative David Kustoff (R-TN-08) joined a group of his Republican colleagues Wednesday in introducing H.R. 8069, the Reducing Farm Input Costs and Barriers to Domestic Production Act.

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State Tax Revenues in May Exceeded Budgeted Estimates, per Tennessee Department of Finance and Administration

The Tennessee Department of Finance and Administration announced Tuesday that overall May state tax revenues exceeded budgeted estimates. On an accrual basis, May is the tenth month in the 2021-2022 fiscal year.

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Commentary: Recession Predictor 10-Year, 2-Year Treasuries Spread Inverts Once Again Amid Crushing Inflation

The spread between 10-year and 2-year treasuries, a reliable indicator of incoming recessions that has predicted almost every recession in modern economic history, inverted once again overnight Monday amid financial markets turmoil with interest rates rising rapidly, the dollar strengthening and equities markets crashing.

That is almost certainly terrible news for President Joe Biden and Congressional Democrats ahead of the 2022 Congressional midterms. The White House has attempted to highlight relatively low unemployment numbers as signs of a healthy economy, with President Biden on June 3 declaring the latest jobs numbers as “good news.”

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Tennessee Representative David Kustoff Selected to Serve on Ways and Means Committee

Tennessee Representative David Kustoff (R-TN-08) announced Saturday that he was selected to serve on the Ways and Means Committee.

“I am honored to be on this committee, & I look forward to advancing policies that will get our nation’s economy back on track,” Representative Kustoff wrote on Twitter.

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