Tag: economy

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

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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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‘It’s An Absurd Argument’: Economists Take Apart One of Biden’s Favorite Talking Points

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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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Tennessee Lawmakers Rip Biden Admin over Recession Debacle

Peter D'Abrosca

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

Aaron Gulbransen

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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Commentary: After 18 Months of Biden, We Have Yet to Hit Bottom

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

The Center Square

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

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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

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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

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

The Center Square

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

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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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Advanced Call Center Technologies Expected to Create 650 New Jobs with Expansion in Sullivan County

Kaitlin Housler

Advanced Call Center Technologies (ACT) announced Monday it will establish new operations in Bristol and Kingsport, creating 650 new jobs in Sullivan County. ACT’s expansion in the region will create 350 new jobs at its Kingsport facility and 300 jobs in Bristol, according to a press release by the Tennessee Department of Economic and Community Development (TNECD).

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As Food Prices Soar with No End in Sight, Americans Change Habits

The Center Square

Americans are changing their shopping habits because of soaring food prices. And disruptions in the international farming community have some worried about the food supply heading into 2023.

The BMO Real Financial Progress Index, a quarterly survey from BMO and Ipsos, shows that 42% of surveyed adults “are changing how they shop for groceries,” including “opting for cheaper items, avoiding brand names and buying only the essentials.”

The report found “46% are either dining out less or consciously spending less when dining out.”

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‘A Source of Concern’: Jobs Growth Stalls, Unemployment Rises in May

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The U.S. economy added 390,000 jobs in May while the unemployment rate was largely unchanged at 3.6%, according to Department of Labor data released Friday.

The number of unemployed people ticked up slightly to about 6 million, according to the Bureau of Labor Statistics (BLS) report. Economists projected 328,000 Americans would be added to payrolls prior to Friday’s report, The Wall Street Journal reported.

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Vanderbilt Poll Shows Massive Drop in Support for Biden

Peter D'Abrosca

A Vanderbilt University poll of 1000 registered voters in Tennessee shows that support for President Joe Biden has dropped among Democrats, Independents and Republicans. 

Compared to the spring of 2021, Biden’s approval rating among Democrat voters has dropped from 92 percent to 79 percent, a full 14 point fall. Among Independent voters, the decline is even steeper, dropping from 46 percent to only 27 percent, or 19 points. Republican support for the President in the state dropped from five percent to two percent. 

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Rep. John Rose Commentary: Inflation Is the Invisible Tax

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Inflation is an invisible tax that Tennesseans have to pay each and every day. Everywhere you look, inflation is wreaking havoc. At the gas station: gas is up 48 percent. At the grocery store: beef is up 20 percent, chicken is up 15 percent, butter is up 14 percent, fruits and vegetables are up 7 percent, and coffee is up 12 percent. At home: electricity is up 11 percent, furniture is up 15 percent, and rent is up 5 percent. What about a vacation? You still won’t be able to escape inflation as hotels are up 29 percent and flights are up 23 percent.

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Majority of Americans Say They Are ‘Falling Behind’ Rising Cost of Living

The Center Square

The majority of Americans feel they cannot keep up with the cost of living as inflation and the price of goods continue to rise, according to new polling data.

A poll from NBC News asked Americans, “Do you think that your family’s income is … going up faster than the cost of living, staying about even with the cost of living, or falling behind the cost of living?”

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Small Businesses Struggle to Survive in Biden’s Economy: Poll

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Small business owners are increasingly pessimistic about U.S. economic conditions and overwhelmingly support an expansion of domestic fossil fuel infrastructure, the latest polling data showed.

Just 27% of small business owners agreed the economy was in “good” or “excellent” condition, according to a Job Creators Network Foundation poll released Friday and shared with The Daily Caller News Foundation. The figure represented the lowest rating of the current economic situation among small business owners since the group began the poll a year ago.

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‘Signs of Slowing’: Unemployment Remains Unchanged as Economists Predict Dim Future

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Woman organizing table contents in restaurant

The U.S. economy added 428,000 jobs in April while the unemployment rate was unchanged at 3.6%, according to Department of Labor data released Friday.

The number of unemployed people remained even at about 5.9 million, according to the Bureau of Labor Statistics (BLS) report. Economists projected 400,000 Americans would be added to payrolls prior to Friday’s report, The Wall Street Journal reported.

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Shrinking GDP Could Hurt Georgia Economy as Recession Fears Rise

The Center Square

A shrinking gross domestic product could cost Georgia taxpayers and is likely to hurt middle-class Georgians in particular as the country appears headed toward a recession, a non-profit policy group said this week.

“The tab is coming due for all the reckless stimulus spending during the COVID-19 pandemic,” Erik Randolph, director of research for the Georgia Center for Opportunity, said in a statement. “The declining GDP in the first quarter is the strongest indicator yet that our nation is headed into a recession.”

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Inflation Hits 10.9 Percent in Metro Phoenix, Highest of Major Metro Areas and Substantially Above National Average

Rachel Alexander

Inflation is soaring under the Biden administration, and it’s even worse in Phoenix. The Bureau of Labor Statistics reported that inflation in metro Phoenix jumped 10.9% from February 2021 through February 2022, significantly more than the national average increase of 8.5% and higher than any other major metro area. This is one of the highest levels reported for Phoenix, the Common Sense Institute found.

The 8.5% inflation rate is the highest in the U.S. in 41 years. In 2020, the last year of Donald Trump’s presidency, it was only 1.5%. It began spiking as soon as Joe Biden entered office. The main goods driving the spike nationally are food, gas, and housing. 

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Commentary: The Green U.S. Supply-Chain Rules Set to Unspool and Rattle the Global Economy

RealClearWire
in a warehouse at General Mills

Making a box of Cocoa Puffs is a complicated global affair. It could start with cocoa farms in Africa, corn fields in the U.S. or sugar plantations in Latin America. Then thousands of processors, transporters, packagers, distributors, office workers and retailers join the supply chain before a kid in Minnesota, where General Mills is based, pours the cereal into a bowl. 

Now imagine the challenge that General Mills faces in counting the greenhouse gas emissions from all of these people, machines, vehicles, buildings and other products involved in this Cocoa Puff supply chain – then multiply that by the 100-plus brands belonging to the food giant.

Thousands of public companies may soon have such a daunting task to comply with a new set of climate rules proposed by the Securities and Exchange Commission.

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Measure to Allow Gambling in Georgia Advances

The Center Square
interior of a casino with slot machines

Georgia voters soon could decide whether to allow sports wagering and casino gambling.

The House Economic Development and Tourism Committee signed off this week on versions of Senate Resolution 135 and Senate Bill 142. If approved, voters could decide on the measures as soon as November.

Legalizing sports wagering and casino gambling in The Peach State has been an on-again-off-again proposition for years. The passage of the most-recent legislation could face long odds as the state Legislature is in its final days.

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Kevin Nicholson: Lawmakers Should View Service Like National Guard

The Center Square
Kevin Nicholson

One Republican candidate for governor in Wisconsin wants to pay lawmakers less in order to get them to think more about service.

Republican Kevin Nicholson wants to classify the State Assembly and State Senate as part-time jobs, and cut their $55,141 yearly salaries. 

“My feeling is that pay and benefits should be paid out in accordance with work performance,” Nicholson told The Center Square. “Moving to a part-time legislature, a citizen legislature, will allow more people to serve their state and their communities.”

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