Americans’ views of the housing market have plunged as interest rates continue to rise because of government-fueled inflation.
Gallup released new polling data showing that only 21% of Americans say now is a good time to buy a house, down 9 percentage points from the previous year. This year and last year during the Biden administration are the only times that fewer than half of Americans said it was a good time to buy a house since Gallup began asking in 1978.
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Arizona State Senator Jake Hoffman released a statement Friday celebrating the upcoming tax rebates Arizonans will receive based on the State Budget passed by the Legislature and signed by Governor Katie Hobbs (D).
“Gas, groceries, housing, and energy prices have surged over the past three years since Democrats took control of the federal government,” Hoffman said. “This is the first time in at least 30 years our state lawmakers have been able to step up to the plate to provide a tax rebate of this magnitude for our citizens. I’m proud of the leadership of the Arizona Freedom Caucus, and for the support of our Republican colleagues, to dedicate $260 million to helping struggling Arizona families.”
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A Pennsylvania state correctional-facility inmate can expect to earn between $0.23 and $0.50 per hour at his prison job — not counting free room and board. Sixteen Pennsylvania House Democrats now want the state government that feeds and shelters these prisoners to pay them $21 an hour for their work.
Led by Representative Chris Rabb (D-Philadelphia), these lawmakers are spearheading legislation to dramatically increase the state minimum wage and apply the new rate to prisoners.
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April inflation rates show the Phoenix metropolitan area remains among the highest in the nation, with the increased cost of housing fueling the expensive cost of living.
The U.S. Bureau of Labor Statistics released national inflation data for April on Wednesday, showing the Consumer Price Index rose 0.4% last month. The numbers are seasonally adjusted. The increase is an acceleration from March, which saw only 0.1% in higher CPI among metros.
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Data shows that despite lingering inflation, Florida’s economy is excelling.
The latest data from the Florida Office of Economic and Demographic Research shows tax revenues are up and federal data reveals the Sunshine State had the nation’s 10th lowest unemployment rate.
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Georgia officials reported net tax collections for April decreased by 16.5% over a year ago.
The Peach State’s April net tax collections approached $4.2 billion, a decrease of $829.5 million compared to April 2022, when net tax collections surpassed $5 billion. Despite the drop, year-to-date net tax collections of nearly $27.8 billion are up 0.9%, or $256.9 million, compared to last fiscal year.
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Georgia Gov. Brian Kemp regularly blames Washington policies for causing inflation and hurting Georgians, but he doesn’t hesitate to announce grants — such as those for rural broadband projects — that rely on federal tax dollars.
“While failed policies coming out of Washington, D.C. are pushing us closer to a recession and forcing hardworking Georgians to endure sky-high inflation, we on the state level are doing what we can to return money back where it belongs – in taxpayers’ hands,” Kemp said in a statement earlier this month in announcing officials had issued the first round of “surplus tax refund checks” to Georgia taxpayers.
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The Federal Reserve Bank on Wednesday raised interest rates a quarter of a point again in an effort to cool inflation. “The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 5 to 5-1/4 percent,” the Fed said in an announcement about the rate hike. The rate was 4-3/4 to 5 percent.
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Arizona Superintendent of Public Instruction Tom Horne (R) released a statement Tuesday blasting opposition from Democrats and the state’s teacher union to House Bill (HB) 2800, sponsored by Representative Matt Gress (R-Phoenix).
“Shockingly, the Arizona teacher’s union and a number of Democrats in the legislature, oppose the bill. All we can think of is that they are opposed to it because it is a Republican bill. These kinds of questions should be bipartisan, and people should not oppose a good bill, just because [a] Republican introduced it,” Horne said.
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President Joe Biden announced his re-election campaign Tuesday, insisting he’s running again to “stand up for fundamental freedoms.”
Republicans in the nation’s presidential battleground states say the out-of-touch 80-year-old Democrat has cost Americans their freedoms — and their finances.
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Pennsylvania’s state Senate Republican Policy chair on Friday said he’s sponsoring legislation gradually raising the commonwealth’s minimum hourly wage to $15 and thence indexing it to inflation.
Senator Dan Laughlin (R-Erie), one of his chamber’s most moderate Republicans representing one of its most electorally competitive districts, said in a statement that he carefully mulled the issue before announcing his measure. The Keystone State’s pay floor rose to $7.25 per hour in 2008, matching the federal minimum wage, and the senator insisted now is the time for an increase, observing that 30 states now set their floors higher.
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Inflation rose again in March, but at a slower pace than previous months, the U.S. Bureau of Labor Statistics latest consumer pricing data shows.
The Consumer Price Index rose 0.1% in March, contributing to a 5% rise over the last 12 months, about double what economists say is a healthy inflation rate. Price changes varied by the respective good and service.
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Liberal Wisconsin U.S. Senator Tammy Baldwin made it official Wednesday, announcing her quest for a third term.
The Madison Democrat insists “Wisconsinites need someone who can fight and win,” but Baldwin has shown during her time in D.C. that she’s a very dependable vote for the far left agenda — an agenda that’s out of touch with many voters in the politically purple Badger State.
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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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Minnesota had the sixth lowest decrease in unemployment claims since last week, WalletHub reported Thursday.
Across the country, new unemployment claims decreased 7.3% week-over-week March 27 amid high inflation and threat of a recession, the report said.
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This week’s jobs report reveals the labor market is finally starting to crack under the weight of two years of Bidenflation and the resulting rapid increase in interest rates.
The economy created the fewest jobs last month than in any month in Biden’s presidency. The average weekly hours for employees also fell again.
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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.
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The Federal Reserve hiked its target federal-funds interest rate by a quarter of a percentage point Wednesday, the ninth in a series of hikes that started in March 2022.
The hike brings Fed’s target rate to a range between 4.75 percent and 5 percent with the Fed maintaining its pace of slowed increase. Most economists expected a quarter-point interest-rate hike in an effort to bring inflation down, but the current banking calamities contributed to the possibility of a pause, according to Bloomberg.
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Inflation has outpaced wages for nearly two years, recently released federal data shows.
A closer look at federal wage and pricing data shows workers are making less overall as the price for all kinds of goods and services rise faster than average hourly wages.
The U.S. Bureau of Labor Statistics tracks “real” average hourly earnings, which are wages of Americans with rising inflation taken into account.
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U.S. Sen. Chuck Grassley (R-IA) on Thursday grilled Treasury Secretary Janet Yellen on whether she still believes inflation is a positive for Americans and the economy.
During the Senate Finance Committee hearing on President Joe Biden’s $6.9 trillion budget proposal, Grassley also asked Yellen whether her boss has it in him to rise about politics and lead on shoring up a troubled Social Security system headed down the road to insolvency.
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Wednesday morning on The Tennessee Star Report, host Michael Patrick Leahy welcomed the original all-star panelist Crom Carmichael to the studio for another edition of Crom’s Crommentary.
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Wednesday morning on The Tennessee Star Report, host Michael Patrick Leahy welcomed the founder of CapWealth Management, Tim Pagliara in studio to explain how Silicon Valley Bank failed.
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A majority of Americans polled said they couldn’t afford to pay emergency expenses or cover their living expenses for just one month if they lost their primary source of income, according to Bankrate’s latest Annual Emergency Savings Report. The main reason cited is record-high inflation.
The majority surveyed, 68%, said they’re “worried they wouldn’t be able to cover their living expenses for just one month if they lost their primary source of income.”
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The Federal Reserve’s preferred measure of inflation, the personal consumption expenditures (PCE) price index, surged past economists’ expectations in January, breaking a recent downward trend, according to the Bureau of Economic Analysis (BEA) Friday.
The PCE price index jumped by 0.6% on a monthly basis, and climbed to 5.4% on a year-over-year basis, up from 5.3% in December, the BEA reported. Economists had predicted the year-over-year number would continue to fall to 5% in January, but prices instead shot up at the highest levels since June, The New York Times reported.
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Inflation will likely stick around for the foreseeable future, and the elevated inflation continues to worry Georgia businesses, groups said.
The U.S. Bureau of Labor Statistics reported that the Consumer Price Index for All Urban Consumers increased by 6.4% over the past 12 months, higher than anticipated. Additionally, the Producer Price Index increased by 6% over the same period.
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The national debt has risen at a blistering pace over recent decades and is now higher than any era of the nation’s history—even when adjusted for inflation, population growth, and economic growth (GDP).
Denying this reality, Nobel Prize-winning economist Paul Krugman recently wrote two columns for the New York Times in which he claimed that the debt is an “overhyped issue” and “isn’t all that unusual” from a historical perspective. His attempts to support these assertions employ the kind of fraudulent accounting that could land a corporate executive in jail.
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It is frustrating that so many otherwise competent, knowledgeable economists and commentators are failing to land a punch on President Joe Biden regarding inflation.
It’s not that people don’t know the economy is floundering. They do. Almost 66% of Americans believe the country is on the wrong track, according to the latest RealClearPolitics polling average, a sentiment driven by inflation and the difficulties it has caused for people trying to keep up with household expenses.
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Wednesday 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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The U.S. Bureau of Labor Statistics released fresh inflation figure Tuesday which show inflation picked back up in January.
The BLS Consumer Price Index rose 0.5% last month, part of a 6.4% increase over the last year. Overall, January’s rate is not as high as the peak inflation spikes seen in recent years, but it is still well above the increases considered advantageous by most economists.
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President Joe Biden paid a call on Wisconsin Wednesday, touting job creation and boasting that the Big Government agenda he laid out in this week’s State of the State address will get the nation’s economy humming.
But the president’s cheerleading tour conflicts with the realities on the ground for Badger State businesses dealing with higher prices, supply chain issues and labor shortages.
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Tennessee Senator Marsha Blackburn (R-TN) joined a group of Republican colleagues this week in re-introducing the Full Faith and Credit Act. The bill is led by Florida Senator Rick Scott (R-FL).
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Having received an appointment to the U.S. Senate Finance Committee this week, Senator Marsha Blackburn (R-TN) is poised to play a major role in this year’s fight over raising the debt ceiling.
Earlier this week, Blackburn joined her Utah Republican colleague Mike Lee in penning a letter, signed by 22 of their fellow senators, insisting a rise in the federal debt limit must only happen as part of a deal to pare back government spending. In an interview with The Tennessee Star, Blackburn explained her view that fiscal circumstances demand such an agreement so debt does not snowball into an even more unmanageable burden on American families.
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In his state of the state address last month, Gov. Tony Evers boasted about Wisconsin’s low unemployment rate. What the Democrat failed to mention is Wisconsin’s dismal labor participation rate, a number that underscores one of the biggest economic challenges facing Badger State businesses.
“Our labor force participation rate is worse today than it was at the bottom point of COVID when our economy was shut down,” said Scott Manley, Executive Vice President of Government Relations for Wisconsin Manufacturers & Commerce.
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by John Hugh DeMastri The Federal Reserve raised its target federal-funds interest rate by a quarter percentage point Wednesday, the slowest in a series of eight hikes that began in March 2022. The hike brings the Fed’s target rate to a range between 4.5 percent and 4.75 percent, with the Fed continuing to slow its pace after six consecutive hikes of more than 0.5 percentage points, according to a Fed press release. While Fed officials have consistently said that they anticipated a pause after the target funds rate surpassed 5 percent, investors have increasingly expected that the Fed will change its tune by its next meeting — scheduled for May 2-3, 2023 —if inflation continues to drop, Bloomberg reported. The disconnect between the Fed and investor expectations has put Fed officials in a “difficult spot,” Will Luther, the director of the American Institute of Economic Research’s Sound Money Project, told the Daily Caller News Foundation. “Fed officials can either meet expectations where they are, which might mean they fail to bring down inflation as quickly as they would like, or surprise markets by delivering the projected rate hikes, which would bring down inflation but at the risk of a potentially severe recession.” Current…
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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.
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An investigation has been launched into a three-alarm fire Saturday that reportedly killed about 100,000 chickens at the Hillandale egg farm in Bozrah, Connecticut.
At least 16 firehouses and more than 100 firefighters responded to the massive blaze, reported Fox61 News.
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The United States Customs and Border Protection is asking Americans to stop trying to smuggle in raw eggs from Mexico.
As avian flu is causing the price of eggs and poultry to rise, along with the current inflation rate, people are purchasing the products in Mexico instead of shelling out the extra cash at the grocery store.
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When the Federal Reserve convenes at the end of January 2023 to set interest rates, it will be guided by one key bit of data: the U.S. inflation rate. The problem is, that stat ignores a sizable chunk of the country – rural America.
Currently sitting at 6.5%, the rate of inflation is still high, even though it has fallen back slightly from the end of 2022.
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Thursday morning on The Tennessee Star Report, host Leahy welcomed the author of The Great Money Bubble and former director of the Office of Management and Budget during the Reagan administration, David Stockman on the newsmaker line to breakdown the ramifications of a national budget spun out of control.
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Prices for electricity in the United States soared well above overall inflationary levels last year, putting an added squeeze on consumers already reeling from significantly inflated costs of most consumer goods.
The Consumer Price Index Summary released by the U.S. Bureau of Labor Statistics this month showed the 12-month average price of electricity last month jumping a whopping 14.3 percent, more than double the 6.5 percent of overall price increases.
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Friday morning on The Tennessee Star Report, host Leahy welcomed Fox News contributor and financial guru Liz Peek to the newsmaker line to give her outlook for Wall Street and the economy for 2023.
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Battered by ongoing high inflation, a majority of Wisconsin businesses see a recession ahead, according to Wisconsin Manufacturers & Commerce’s latest Wisconsin Employer Survey.
WMC’s survey finds 60 percent of businesses believe the Badger State economy is headed for a recession this year. On the surface, the number appears to be an improvement from last summer’s survey when 71 percent of respondents worried a recession was looming. But Nick Novak, WMC’s vice president of communications and marketing, said more employers moved from being sure about a recession to uncertain about the economy.
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Are you wondering why checking out at the grocery store these days feels like making a mortgage payment? This week’s four-decade-high inflation is a direct result of the Federal Reserve taking its eye off the ball over the last two years. Instead of focusing on its mandate of keeping prices stable, it has been more concerned with financing massive federal deficits and kowtowing to liberal ideology.
But now the Fed chair is claiming just the opposite.
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Governor Brian Kemp announced his budget proposal on Friday, highlighting $250 income tax rebates, one-time discounts on homeowner property tax, and spending on education, economic development, improving healthcare access, and a $2,000 cost-of-living increase for state employees.
“Despite national economic headwinds caused by 40-year high inflation, Georgia’s economy remains a leader nationwide. As we look ahead to the upcoming fiscal year, we expect the state’s economy to be well positioned to withstand any further national economic slowing,” he said in a letter to lawmakers.
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While the Consumer Price Index for All Urban Consumers dropped 0.1% in December and the year-over-year inflation rate stands at 6.5%, a Georgia nonprofit says Peach State residents may not be feeling the good news.
“We keep seeing positive headlines about the inflation rate, but that good news is lost on average Georgians who are continually pinched on the cost for everyday necessities like groceries and gas,” Erik Randolph, Georgia Center for Opportunity’s director of research, said in a statement. “Although there was some positive news in the December numbers, it’s important to keep in mind that core inflation remained elevated, including for food. If policymakers in Washington truly want to help the most economically vulnerable in our country, they must return to fiscal sanity and rein in the spending.
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During their inaugural speeches, Governor Brian Kemp and newly-elected Lieutenant Governor Burt Jones painted a picture of Republican successes in Georgia but called for further tax relief, investment in schools and health care, and tough-on-crime policies. “Last year on the campaign trail, no matter where we went, hard-working Georgians told us about the pain they and their families were feeling at the pump, at the grocery store, in everyday life, thanks to 40-year-high inflation. I know these pains haven’t gone away,” Kemp said Thursday after being sworn in for a second term. The inauguration came amid the first week of the legislature’s session, and a day before Kemp’s office will share his budget proposals with legislators. Kemp said his proposal would include $2,00o pay raises for state employees, including teachers and law enforcement; $150 million in grants to address learning loss; $1 billion set aside for income tax refunds; and $1.1 billion for homeowner property tax relief. In his speech, Jones praised Kemp for his leadership and said Kemp made Georgia the first state to reopen the economy amid COVID-19. “We have a $6 billion surplus. Our unemployment rate is a record low. We’ve created hundreds of thousands of new…
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Average interest rates for bank-issued credit cards this past November surpassed a record set in 1985, Axios reported Wednesday, citing data from the Federal Reserve.
The previous record rate was 18.9%, set in the first quarter of 1985, with November’s rate of 19.1% comfortably eclipsing it, according to Axios. Credit card interest rates climbed alongside the Federal Reserve’s federal funds rate, which the Fed hiked a historically aggressive pace in 2022 to blunt economic demand and reduce the impact of inflation, NPR reported.
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Governor Brian Kemp allowed Georgia’s moratorium on state gas and diesel taxes to expire on Tuesday night, after first introducing the moratorium in May and renewing it six times since then.
In 2022, Georgia’s gas tax was 29.1 cents and the diesel tax at 32.6 cents, but that’s going up on Wednesday to 31.2 cents and 35 cents, respectively. As of January 10, before the taxes took effect, Georgia’s average gas price was $2.808, below the national average of $3.270, according to AAA Gas Prices.
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Governor Glenn Youngkin is at 52 percent approval, 32 percent disapproval in a Virginia Commonwealth University Poll that comes as he makes a pitch for tax cuts and business incentives ahead of a General Assembly session beginning January 11.
“Poll respondents feel that inflation needs to be dealt with and democracy ensured for our future,” former governor L. Douglas Wilder said in an announcement of the L. Douglas Wilder School of Government and Public Affairs poll.
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Friday morning on The Tennessee Star Report, host Leahy welcomed Finance Professor Murray Sabrin to the newsmaker line to give his take on the 2023 economic forecast.
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