Commentary: Unemployment Up Another 760,000 Since December 2022 as Unemployment Rate Jumps to 3.9 Percent

Don’t look now, but U.S. labor markets appear to be churning in the wrong direction, as the unemployment rate jumped to 3.9 percent in February, and the unemployment level hit a new high for this cycle at almost 6.5 million, up 760,000 from its low this cycle of 5.7 million in Dec. 2022, according to the latest data from the Bureau of Labor Statistics.

Read the full story

Commercial Foreclosures Increase 97 Percent from Last Year to Near Decade-High

Commercial Shopping Space for Lease

Commercial real estate foreclosures increased 97 percent in January 2024 compared to last year, reaching a high that has not been seen in nearly a decade, according to new data.

With 635 commercial foreclosures in January 2024, foreclosures increased 17 percent from December 2023 and 97 percent from January 2023, according to a report last week from property data analyst ATTOM.

Read the full story

Almost a Quarter of All Jobs Added in 2023 Didn’t Actually Exist

man in yellow hardhat and work jacket

The original number of jobs reported by the federal government in 2023 was revised down by a total of 749,000 jobs, meaning nearly one-fourth of jobs thought to be created in the year were not actually there, according to data from the Bureau of Labor Statistics (BLS) analyzed by the Daily Caller News Foundation.

The sum of the initial estimate from each of the government’s monthly job growth reports in 2023 totaled 3,140,000 new jobs, with later reports revising down the number of jobs added by a collective 443,000, according to the BLS. The BLS also announced in August a revision in total employment for March, subtracting another 306,000 jobs.

Read the full story

Commentary: The High Price of Gaslighting Americans on Bidenomics’ ‘Success’

Anyone still wondering why voters trust former President Trump more than President Biden on the economy should read what the White House posted on X about inflation last week: “Ahead of the holiday season, costs are down for everything from airline tickets and car rentals to toys and TVs.” Biden and his underlings continue to believe public disapproval of his disastrous economic performance can be improved with happy talk and cherry picked statistics. It assumes Americans can’t remember how much less the cost of living was when Biden was elected.

Read the full story

Republicans Achieve Highest Marks on the Economy in over 30 Years: Poll

The GOP holds its largest advantage on the economy in over 30 years, with 53% of Americans trusting Republicans more than Democrats on the issue, according to a poll released Tuesday.

Republicans held a 14-point lead over the Democrats, of whom only 39% of Americans said handle the economy better, according to a Gallup poll. The GOP scored 10 points higher on the economy than last year, marking the largest margin between the two parties since 1991.

Read the full story

EXCLUSIVE: GOP Presidential Candidate Doug Burgum Blasts Fox Business Debate Moderators: Why Did They Threaten to Shut off My Microphone When All I’m Trying to Do ‘Is Answer the Questions That the Other Candidates Weren’t?’

Presidential candidate and North Dakota Governor Doug Burgum joined The Tennessee Star Report with Michael Patrick Leahy on Friday to share his thoughts about Wednesday’s debate and to lay out his vision for the country, without the worry that his microphone was going to be cut off.  TRANSCRIPT Michael Patrick Leahy: 7:33 a.m.; broadcasting live from our studios on Music Row in Nashville, Tennessee, in-studio, the original all-star panelist, Crom Carmichael. On the newsmaker line right now, my friend, Governor Doug Burgum of North Dakota, one of the seven candidates who was on the stage Wednesday night at the GOP debate. Governor Burgum, welcome to The Tennessee Star Report. Doug Burgum: Mike, great to be with you. Thanks for having me on. Michael Patrick Leahy: Doug, you and I have known each other for over 40 years. You were a year ahead of me at Stanford Business School. I remember you sort of in the halls talking with the guys that started with Sun Microsystem, and then you went on to be very successful. Went back to your hometown, Fargo, North Dakota, literally bet the farm, started Great Plains Software – very successful. You ended up selling it to…

Read the full story

Voters Overwhelmingly Side with the GOP on the Economy: Poll

Republicans hold a commanding lead among voters’ views toward which party handles the economy better as President Joe Biden continues to pitch his economic policy to the American people, according to a new NBC News poll.

Republicans lead Democrats 49% to 28% among registered voters surveyed on the economy, which is the largest lead in NBC polling since 1991, according to NBC News. Biden has sought to sell his economic policy, dubbed “Bidenomics,” to Americans, which consists of high-spending stimulus programs and green energy subsidies.

Read the full story

Commentary: Could the Baby Boomer Retirement Wave and Labor Shortages Absorb the Recession?

The national unemployment rate dipped to 3.5 percent in July, according to the latest data from the Bureau of Labor Statistics, once again hitting more than 50-year lows.

It’s still peak employment as far as the eye can see. Even with the past two years’ high inflation dropping dramatically and disinflation usually correlating with higher unemployment and a recession, that simply has not occurred yet, despite all the warning signs typically associated with an economic slowdown or downturn.

Read the full story

Tennessee Launches Dashboard Showing How ‘American Rescue Plan’ Funds Are Being Used

The state of Tennessee launched a dashboard with data showing how the state has spent funds granted to it via the American Rescue Plan Act, a federal bailout package for states whose economies were decimated due to lockdowns during the COVID-19 panic. 

The dashboard explains the parameters of the usage of the federal funds, and notes that Tennessee received almost $4 billion of taxpayer money:

Read the full story

Commentary: As Hiring Slows Down, So Does the Economy

The U.S. economy added 209,000 jobs in June, according to the latest establishment survey by the Bureau of Labor Statistics, less than expected as 306,000 were added in May, as hiring slowed down nationwide. Meanwhile, the unemployment rate remained about the same at 3.6 percent.

Historically, when hiring slows down by establishments, that usually coincides with economic slowdowns and recessions. In the recent cycle, the 2020 and 2021 recovery from COVID notwithstanding, hiring peaked at about 5.2 percent annualized increase in Feb. 2022. Now, it’s down to 2.5 percent.

Read the full story

Wisconsin Manufacturers and Commerce Urges DNR to Move on Permitting Line 5 Pipeline Project

Time is of the essence for the Evers administration to act on a critical energy pipeline relocation project in northern Wisconsin, according to the state’s largest chamber of commerce and manufacturers’ association. 

Wisconsin Manufacturers & Commerce (WMC) is urging the state Department of Natural Resources to swiftly move forward with a slow-moving permitting process of Enbridge Energy Co.’s Line 5 relocation project in northern Wisconsin. 

Read the full story

North Dakota Governor Doug Burgum Launches Bid for White House, Joining Crowded Field of GOP Contenders

At a Fargo events center packed with family, friends and neighbors, North Dakota Governor Doug Burgum stressed his small-town roots, his success in building a multi-billion dollar software business on the Great Plains,  governing a growing state, and his vision for an innovative America in announcing his bid for the White House. 

The newly minted presidential candidate joins a crowded field of declared Republican presidential candidates, launching his campaign on the same day former Vice President Mike Pence kicked off his in Iowa. 

Read the full story

Commentary: Recession Looms as Banks Collapse and the Economy Slows

The unemployment rate still remains at historic lows of 3.4 percent in April, according to the latest data by the Bureau of Labor Statistics, amid other worrying signs for the U.S. economy including a continued collapse of job openings, a string of bank failure and an overall slowing Gross Domestic Product (GDP).

In the survey, as the population increased by 171,000, those not in the labor force increased by 214,000 as labor participation dipped slightly by 43,000. Those who said they had a job increased by 139,000 after a 577,000 increase in March. As a result, the unemployment rate has actually ticked downward for two consecutive months from 3.6 percent in February, to 3.5 percent in March and now 3.4 percent in April.

Read the full story

Commentary: The Experts Were the Crisis in 2020

The quote from Tolstoy’s War and Peace is a useful way to begin addressing the Washington Post editorial board’s confident assertion that “’A collective national incompetence in government’” was at the root of the U.S.’s alleged failure vis-à-vis the coronavirus in 2020. According to the Post quoting from a recently released report (“Lessons from the Covid War”), “The United States started out ‘with more capabilities than any other country in the world,’ but “it ended up with 1 million dead.” Were he still around, one guesses Tolstoy would mock the conceit of the Post’s editorialists.

Read the full story

Unemployment Rates Drop in Nearly Every Tennessee County

In a new release on Thursday, the Tennessee Department of Labor and Workforce Development (TDLWD) announced March 2023 decreases in the unemployment rates in all but one county. Meigs County, a rural area situated between Chattanooga and Knoxville with a population of around 13,000, was the only one of 95 counties that saw an increase in its unemployment figure – by 0.7 percent.

Meigs County also had the highest unemployment rate of any county, with 5.6 percent. Most of the other top ten highest unemployment rates were in rural counties, including Bledsoe, Haywood, Lake, Scott, Clay, Cocke, Decatur, Lauderdale, and Grundy Counties.

Read the full story

Commentary: On Economy, Biden Re-Election Faces Challenges

As President Biden embarks on his reelection campaign, a majority of American voters are dissatisfied with his stewardship of the U.S. economy. Aware of the general angst among the electorate, Biden is threading the needle by saying he’s running on the strength of his overall record, while vowing to “finish the job” that he started when he stepped into the Oval Office. It’s a daunting task, with an overwhelming majority of registered voters expressing deep pessimism about the economy: 40.2% say the United States is currently in a recession, 17% call it a general state of stagnation, and 10.4% believe the country is in an outright depression.

Read the full story

Pennsylvania Leadership Conference Poll: Election Integrity Conservatives’ Foremost Concern

At the Pennsylvania Leadership Conference this weekend, a straw poll of right-leaning activists from across the Keystone State found election integrity tops their public concerns. 

Cybersecurity Association of Pennsylvania President Scott R. Davis, who administered the survey, told attendees at the Penn Harris Hotel west of Harrisburg that 38 percent of those who voted called election integrity the foremost issue facing the state General Assembly. Trailing that topic were the state budget (28 percent) and gun laws (six percent). Eleven percent chose another issue. 

Read the full story

Commentary: Spending Limits in Iowa Can Provide Property Tax Relief

Property taxes are a concern for taxpayers across the nation. Iowans, just as with many other states, are confronted with skyrocketing property taxes. The reason for high property taxes is local government spending. Spending drives taxes. This is the main reason why past property tax reforms in Iowa have failed to provide relief.

Montana state Rep. Caleb Hinkle understands that spending is driving higher property tax bills. To remedy this solution, he has introduced a local government spending limitation that will help slow the growth of local government spending and provide much-needed property tax relief.

Read the full story

Fed Likely to Raise Interest Rates, But at a Less Aggressive Rate

The Federal Reserve is likely to further slow its historically aggressive pace of interest rate hikes at its Wednesday meeting as inflation cools, but consumers will still feel the pinch of higher interest rates, according to economists who spoke with the Daily Caller News Foundation.

The Fed is likely to hike interest rate hikes by just 0.25 percentage points after its Wednesday meeting, setting the range for its target federal-funds rate to between 4.5% and 4.75%, due to slowing inflation, The Wall Street Journal reported. Although consumers may see some relief from inflation as a result of the Fed’s rate hikes, they might give back some of those gains as heightened interest rates drive up borrowing costs, Heritage Foundation economist E.J. Antoni told the DCNF.

Read the full story

GOP Lawmaker Floats Mechanism to Default Spending to Current Levels to Avert Debt Ceiling Crises

With the nation stuck at its $31.38 trillion debt limit and the Department of the Treasury imposing “extraordinary measures” to keep the government running, one GOP lawmaker is floating a new proposal to default federal spending to current levels to avert recurring standoffs over raising the debt ceiling.

Democrats are demanding a vote on a clean debt ceiling increase, while House Republicans, in particular the party’s conservative wing, hope to match any such increase with spending cuts. The White House has thus far rebuffed calls from House Speaker Kevin McCarthy to negotiate.

Read the full story

State Senate Majority Leader Pitches Flat Tax for Wisconsin

by Benjamin Yount   Wisconsin’s Senate majority leader says there is plenty of money available to reconfigure the state’s personal income tax rates. State Sen. Devin LeMahieu, R-Oostburg, on Friday said Wisconsin’s record $6.6 billion surplus will help get the state over the hump. “So, for sure in the first two years of the budget we’ll have plenty of revenue,” LeMahieu said. His proposal would move Wisconsin from a top personal income tax rate of 7.65% to a flat rate of 3.25% for everyone by 2026. LeMahieu estimates that his plan will save taxpayers $5 billion. “It maybe looks a little daunting in years three and four,” Lemahieu said of the impact on state coffers. “When other states have done this, sales tax revenue goes up, and other revenue goes up because there’s more money in the system. It changes people’s spending habits.” LeMahieu said Wisconsin’s economy has grown over the past several years, and he expects that to continue. He also said lowering the tax rate to 3.25% would make Wisconsin the lowest among its neighbors. Minnesota’s income tax rates start at 5.35%, while Illinois, Iowa and Michigan all have flat taxes that are or would be higher than…

Read the full story

House Speaker Fight Foreshadows Larger Debt Ceiling Battle on the Horizon for Republicans

The gridlock that paralyzed House Republicans over the past week in their quest to elect a new Speaker could be a foretaste of more to come, with party moderates and conservatives set to tangle in the months to come over raising the debt ceiling and reining in reckless government spending.

Although newly elected Speaker of the House Kevin McCarthy ultimately prevailed in his bid for the office over a small but determined band of House Freedom Caucus members, his slim GOP majority in the House will be vulnerable if and when conservatives rebel again down the road, as some are predicting, in an effort to reassert debt reduction as a top priority for the party.

Read the full story

Big Banks Predict Significant Economic Downturn in 2023: POLL

Of the 23 major financial institutions that work directly with the Federal Reserve, 16 anticipate a recession within the next 12 months, with two anticipating one the year after, according to a survey published by The Wall Street Journal Monday.

These institutions, which range from Bank of America to UBS, note that Americans are spending their savings, banks are heightening lending standards and the housing market is in a decline, all classic warning signs that a recession is impending, the WSJ reported. All of this is being exacerbated, the banks say, by the Fed’s historically aggressive pace of interest rate hikes, designed to blunt stubbornly persistent inflation.

Read the full story

Tennessee Touts 2022 Economic Developments: 16,000 Job Commitments, $8.6 Billion in Private Investments

Governor Bill Lee and the Tennessee Department of Economic and Community Development (TNECD) posted their picks for the top five new business investments in the state during 2022. 

In all, about 100 projects were supported by TNECD statewide in 2022, resulting in more than 16,000 jobs and $8.6 billion in private investment, according to the department.

Read the full story

Commentary: The $1.7 Trillion Omnibus Prioritizes Diversity, Equity, and Inclusion in Higher Education and STEM Spending

The national debt is growing, but Congress’ recent spending bill is a telltale sign that it has no intention of shrinking the deficit.

After receiving bipartisan support in the Senate, the House passed a 1.7 trillion spending bill on Dec 16, avoiding a government shutdown.

The bill allocates funding mostly to defense, including $45 billion to Ukraine, which will assist the country in its war effort against Russia.

Read the full story

Blackburn Releases New Video on the Economy, Discusses What Has Kept Tennessee Growing as Nation Struggles

Tennessee Republican Senator Marsha Blackburn is preparing to release a video via social media discussing the state’s economy and spoke with The Tennessee Star this week to discuss both the pressures it endures as well as its bright spots compared with other regions.

In the one-minute spot, which shows the senator touring a Clarksville-area manufacturing plant, she discusses the challenge ongoing inflation poses to producers as they attempt to provide affordable goods to Tennesseans. 

Read the full story

Pennsylvania Is Missing 113,000 Workers

Pennsylvania is missing young workers and the problem is one that won’t simply go away.

While the commonwealth isn’t the only state struggling with a shrinking youth population, state-to-state comparisons are difficult to make due to data issues. What’s clear is that Pennsylvania has had a significant drop in its labor force participation rate. Rather than a story of older workers retiring, the majority of missing workers are under 45 rather than over.

Read the full story

Commentary: It’s the Most Wonderful Time of the Year (for the Washington, D.C. Establishment)

It is Christmas season.  The decorations are hung or need to be. Gifts are being purchased. The Advent Week of peace is being celebrated. Parties are being thrown. And Americans wind down from a long, stressful year.

Unfortunately, while most Americans refocus, the rest of the world doesn’t stop, but in many cases looks at this time as an opportunity to exploit.

Read the full story

Virginia Will Enter Next Session with Money Surplus

Virginia lawmakers will enter their next regular session in January as the state continues to record budget surpluses.

The commonwealth finished the last fiscal year with a surplus of nearly $2 billion and the state revenue collections continue to exceed expectations. Some economists are warning against using the excess money to increase spending during the legislative session.

Read the full story

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 story

Economists: 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 story

Investors 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 story