Tag: inflation

Poll: 73 Percent of Virginia Small Businesses Want Republican-Run Congress

The Center Square

Nearly three-quarters of small business owners in Virginia hope Republicans will come out on top, according to a poll conducted by the small business network Alignable.

According to the poll, 73 percent of small business owners hope Republicans will control both chambers of Congress. Less than one-fifth of business owners, about 18 percent want to see Democrats control both chambers. Another 4 percent are hoping for split control of Congress and about 6 percent chose none of the above.

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69 Percent of Minnesota Small Business Owners Want Republicans to Sweep Congress

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Nearly 70% of Minnesota small business owners said in a survey that it’s best for business if Republicans control Congress.

Between Oct. 1 and Nov. 2, Alignable asked 4,795 randomly selected U.S.-based business owners “What outcome to the November midterm elections would benefit your business the most?”

Alignable Head of Research, Corporate Communications and News Chuck Casto told The Center Square Thursday that the national survey included 367 Minnesota businesses.

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Commentary: Even Corporate Media Is Calling Out Biden’s Absurd Economic Fairytales

Admin

With only days left until the midterm elections, the advertising blitz from the political spin doctors has reached a fever pitch and the sound bites we’re hearing aren’t very sound, especially the ones from the White House on the economy. But heated rhetoric is hardly a replacement for facts and figures so, to borrow a phrase from the show Dragnet, let’s discuss “just the facts, ma’am.”

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Richard Blumenthal Runs from Grading the Economy in Debate with Leora Levy, Says It’s ‘Ongoing,’ Can’t Give It a Grade ‘Midstream’

Susan Berry, PhD

Senator Richard Blumenthal (D-CT) sidestepped giving the economy a letter grade during his only debate with Connecticut Republican Senate candidate Leora Levy Tuesday night, but when pressed to do so by the panelist, he responded the grade is “ongoing,” and “I don’t think that we can give it a grade midstream.”

Levy, however, plainly answered, “I would grade the economy ‘F.’”

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Tennessee’s Blackburn and Green Take Biden to Task for 20-Year Mortgage-Rate High

Bradley Vasoli

Republican federal legislators from Tennessee blasted the Biden administration yesterday in light of the news that mortgage-interest rates have reached a two-decade high. 

Government-sponsored mortgage corporation Freddie Mac reported this week that the 30-year fixed-rate mortgage — the option most homebuyers choose — hit 7.08 percent, exceeding seven percent for the first time since Spring 2002. The rate was 6.94 percent last week.

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Pennsylvania Business Leader Survey: Inflation Likely to Continue

Bradley Vasoli

Business leaders in Pennsylvania don’t see inflation subsiding in the near future, according to a survey released this week by the Harrisburg-based Lincoln Institute for Public Opinion & Research. 

A total of 212 businesses from across the Keystone State responded to the institute’s poll, with just over half of the respondents being business owners; 20 percent serving as either chief executive officer, head of finance or head of operations; and about a fifth serving as either state or local manager. 

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New Poll Smothers Democrats’ Hopes That Abortion Can Thwart a Red Wave

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Abortion is not a top priority for female voters and most women support abortion limits that would have been considered unconstitutional under the Roe v. Wade precedent, a new poll found, dashing Democrats’ hopes of an electoral advantage over abortion.

Inflation was about four times as likely to be listed as the most important issue for female respondents compared to abortion, with only 54% saying abortion was very important in determining their vote compared to 74% for inflation, according to the RMC Research/America First Policy Institute poll shared exclusively with the Daily Caller News Foundation. The polling cuts against a common Democratic talking point: that overturning Roe would be an electoral boon for Democrats as pro-abortion voters, and women in particular, flocked to the polls in November.

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Gilbert Runs Hard Against Pelosi Speakership in Close Race for Ohio’s 13th Congressional District

Bradley Vasoli

When U.S. House of Representatives Speaker Nancy Pelosi (D-CA-12) came to Shaker Heights, OH this week to fundraise for Democratic 13th-District congressional candidate Emilia Sykes, Republican hopeful Madison Gesiotto Gilbert was happy to let constituents know about it.

This wasn’t the speaker’s first major show of support for Sykes; Pelosi cut her a $30,000 check via her campaign organization in July. When Pelosi flew east to support Sykes,  a state representative from Ohio’s 34th Legislative District who the National Republican Congressional Committee calls Pelosi’s “protégé,” Republican spokesperson Courtney Parella put out a statement saying, “Emilia Sykes is bought and paid for by Nancy Pelosi and would serve as a rubber stamp for Pelosi’s failed economic agenda.”

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Georgia Democrat Stacey Abrams on Why Abortion Is Necessary: ‘Having Children Is Why’ You’re Worried About Food and Gas Prices

Susan Berry, PhD

Georgia Democrat gubernatorial hopeful Stacey Abrams said Tuesday access to abortion is necessary because “having children is why you’re worried about your price for gas … how much food cost.”

“You can’t divorce being forced to carry an unwanted pregnancy from the economic realities of having a child,” she told MSNBC’s Morning Joe.

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Abrams Suggests Abortion Is ‘Economic Imperative,’ Particularly Now amid High Inflation

Just the News

Stacey Abrams on Wednesday implied that abortion can and is used by women to help keep costs down amid rising inflation.

During an interview on MSNBC with “Morning Joe’s” host Mike Barnicle remarked that abortion “nowhere reaches the level of interest to voters” as does sky-high inflation prices for groceries, gas and other consumer products.

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SMART Union Delivers First-of-Its-Kind Endorsement to Kari Lake

Neil Jones

Arizona’s Republican Gubernatorial nominee Kari Lake has received a history-making endorsement from the Sheet Metal, Air, Rail, and Transportation (SMART) Union Transportation Division of Arizona, marking the first time the union has supported a Republican running for a governor’s seat.

“We are confident that Kari Lake will be a champion for transportation workers and do everything she can to support our members and make Arizona’s rail industry the safest in the nation,” said Scott Jones of the SMART Transportation Division in a statement shared with the Arizona Sun Times. “Railroad safety is not a partisan issue, it’s our livelihood. So no matter who you choose, choose to vote in the 2022 general election.”

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IRS Makes Highest Deductible Hike on Record Due to Inflation

Admin

The Internal Revenue Service (IRS) increased the individual tax deductible for 2023 at the highest rate in more than 35 years due to inflation.

Individual tax deductibles increased by $900 to $13,850, up $1,800 to $27,700 for married couples filing jointly, a roughly 7% increase compared to tax year 2022, the IRS announced Tuesday. This increase is the largest hike since 1985, when tax brackets were first tied to inflation, The Washington Post reported.

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End of Benefits, Rising Inflation Contribute to Food Insecurity in Connecticut

The Center Square

As benefits such as the enhanced child tax credit end and inflation increases, more Connecticut residents are facing food insecurity.

As DataHaven reports that 17% of Connecticut adults have been unable to afford food at some point in the past year, Julieth Callejas, who serves as executive director of End Hunger Connecticut, told The Center Square in an exclusive interview that many factors contribute to the trend. The percentage is the highest in the last five years.

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Real Retail Spending Fell in September as Inflation Pinches Consumers

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Retail spending held steady in September compared to August, but fell adjusted to inflation as consumers spent more on essentials, The Wall Street Journal reported Friday.

Despite the fact that consumers spent roughly the same as they did in August, $684 billion, according to the U.S. Census Bureau, these results are not adjusted for inflation, which rose 0.4% on a monthly basis in September, indicating that consumers were getting less value from their spending, according to CNBC. For example, spending at bars and restaurants grew by 0.5% in September, but prices at the same establishments increased by 0.9%, the WSJ reported.

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Kari Lake Slams Katie Hobbs for Not Supporting More Tax Cuts as Inflation Continues to Soar

Neil Jones

New data shows that inflation continues to rise for consumers across the country, and in response, Arizona’s gubernatorial Republican nominee Kari Lake slammed her Democrat opponent Katie Hobbs for not supporting more tax cuts in the state.

“Today’s skyrocketing inflation data is another tragic reminder of the damage Democrats like Katie Hobbs and Joe Biden have done to Arizona’s economy. Arizona families can’t keep up with the soaring costs. I have a plan to provide some immediate relief by eliminating taxes on groceries and rent, which Katie Hobbs obviously opposes because she’d rather tax you than help you. It’s unfathomable that Katie Hobbs wants Arizonans to pay tax on top of these already crushing prices, but not surprising coming from the party of Joe Biden,” Lake said in a statement emailed to the Arizona Sun Times.

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Social Security Cost-of-Living Adjustment Gets Biggest Bump in Decades to Keep Up with Inflation

Admin

The Social Security Administration (SSA) announced the largest increase to the Social Security cost-of-living adjustment in over three decades due to high inflation.

The SSA announced that supplemental income benefits, which are paid to beneficiaries in addition to their regular benefits to offset inflation and other unexpected costs, would increase by 8.7%. This would, on average, increase benefits by $140 per month for most beneficiaries, beginning in January of 2023.

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Grover Norquist: Katie Hobbs Says She Won’t Raise Taxes But Refuses to Sign Americans for Tax Reform’s No-Taxes Pledge

Rachel Alexander

During a recent Arizona Chamber of Commerce gubernatorial candidate forum, Democratic Secretary of State Katie Hobbs, who is running for governor, said she would not raise taxes as governor. When asked by ACC President and CEO Danny Seiden if she would raise taxes, Hobbs responded, “Absolutely not. I am pro-growth.” She pointed out that raising taxes requires a two-thirds vote in the Arizona Legislature, which would make it difficult. 

Instead, Hobbs said in a new ad that she will cut taxes to help Arizonans deal with inflation; cutting income taxes for 800,000 families and exempting diapers, baby formula, and over-the-counter medicine from sales tax. However, in 2015, she voted against HB 2001, which indexed the Arizona income tax for inflation.

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Key Inflation Metric Doubles Expectations with Core Prices Still High

Admin

Wholesale inflation exceeded economists’ expectations year-over-year in September, according to the Bureau of Labor Statistics’ (BLS) Producer Price Index (PPI), with core prices staying high despite efforts from the Federal Reserve to rein in inflation.

The index increased 0.4% for the month, while the Dow Jones had only estimated a 0.2% gain; prices rose 8.5% year-on-year for final demand goods and services, down from 8.7% in August but higher than expectations of an 8.4% increase, according to the BLS. Final demand prices not including food and energy, or “core” prices, rose 7.2% year-on-year in September.

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New Kari Lake Ad Promises to Cut Taxes for Arizonans

Neil Jones

Arizona’s Republican gubernatorial nominee Kari Lake told Arizonans that economic relief might be on the horizon in a new ad released Sunday detailing her plan to fight high costs if elected as the state’s next governor.

“Thanks to Joe Biden’s and Katie Hobbs’ liberal tax-and-spend agenda, Arizona has one of the highest rates of inflation in the country. Katie Hobbs and the Democrat Party won’t do anything to provide relief for Arizonans, but Kari Lake will,” said the Kari Lake Campaign in a statement.

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Trump Strongly Hints He May Run for President Again at Arizona Rally for MAGA Candidates

Rachel Alexander

Former president Donald Trump held a Save America rally in Mesa, Arizona on Sunday afternoon to support the MAGA slate of candidates he’s endorsed in the state and to talk about the attacks he’s under. He dropped multiple hints at Mesa’s Legacy Sports Park that he may be running for president again in 2024.

Trump said, “We’ll be making a decision soon. I think everyone is going to be really happy.” He added later during the event that he got more votes in 2020 “than any sitting president in history. Now we may just have to do it again. Stay tuned.”

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Report: Wages Took Their Worst Hit in 25 Years

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More than half of Americans saw their wages fail to keep up with inflation between the second quarters of 2021 and 2022, according to researchers from the Federal Reserve Banks of Dallas and Cleveland in a report published Tuesday.

On average, over the past 25 years, just 44.6% of employees saw their real wages decline over 12 months, with the second quarter 2022 rate of 53.4% being the most aggressive since 2011, the researchers reported in a Dallas Fed-published article. Of those who saw their wages decline, the median decline was 8.6%, much higher than the average median decline of 6.5% seen in the past 25 years, the typical range of which is a 5.7% to 6.8% decline.

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Poll: Americans Say Grocery Prices Will Affect Their Vote in November

The Center Square

High grocery prices are top-of-mind for voters with a little over a month until the midterm elections, according to a new poll. 

Convention of States Action, along with Trafalgar Group, released the poll, which found that 68.3% of surveyed voters say that the “increase in the price of groceries is impacting their motivation to vote in the 2022 election.”

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As Inflation Rages On, More Americans Are Living Paycheck to Paycheck

Admin

As inflation continues to batter consumers, the number of Americans living paycheck to paycheck climbed to 60% in August, according to a Friday report from financial services company LendingClub.

The increase, up from 57% in September 2021, was driven primarily by a greater portion of six figure earners slipping into a paycheck-to-paycheck lifestyle, according to the LendingClub report. While the proportion of those earning less than $50,000 and those between $50,000 and $100,000 living paycheck to paycheck stayed roughly the same, at 73.6% and 62.4% respectively, earners between $100,000 and $150,000 saw a more than 6.5% increase to 43.8% living paycheck-to-paycheck.

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Inflation Rose More than Expected in August, Federal Data Shows

The Center Square

Inflation rose more than expected in August, leaving Americans facing even higher prices on a range of everyday purchases, according to newly released federal inflation data.

The Bureau of Economic Analysis released the pricing data, which showed the Personal Consumption Expenditure excluding food and energy, a key marker of inflation, rose 0.6%, higher than expected by Dow Jones.

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Common Sense Institute Arizona to Welcome Katie Ratlief as New Executive Director

Neil Jones

The Common Sense Institute (CSI) Arizona announced Tuesday that the Deputy Chief of Staff for Gov. Doug Ducey, Katie Ratlief, will join the organization as its new executive director come January 2023.

“I am proud to become the Executive Director for CSI Arizona. I believe CSI has the unique capabilities to position Arizona at the forefront of the 21st century economy by capitalizing on unprecedented growth and an ever-evolving business environment through sound, accurate econometric research. At CSI, I believe we have a responsibility to use our diverse professional expertise and unwavering commitment to serve Arizonans to propel policy debates forward in pursuit of more meaningful and impactful policies,” said Ratlief.

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Stores Implementing New Ideas to Keep Up with Inflation

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Financial executives across the retail industry have been forced to adjust strategies to account for customer expectations as inflation puts pressure on outlets, The Wall Street Journal reported Friday.

Major retailers, including Macy’s and Target, who used discounts to clear excess inventory after overestimating demand for their products following a wave of pandemic-era retail spending, are being forced to develop strategies, such as reducing the size of bundles or subtly cutting down on discounts, to entice customers while protecting profit margins, the WSJ reported. Dollar stores have gained popularity as consumers struggle with inflation and — in tandem with the more aggressive discounting campaign by retailers — customers’ heightened demand for value has left some retailers concerned that customers might start to expect discounts that damage profits.

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Blake Masters Receives Endorsement from Leading Small Business Advocacy Organization

Neil Jones

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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Exclusive: Senator Blackburn Completes Annual 95-County Tour of Tennessee

Peter D'Abrosca

A U.S. Senator from Tennessee released a video recapping a 95 county tour of the state, which she does annually, meeting with members of local communities statewide. 

“We just finished our annual 95 county tour, visiting with all our county mayors, elected officials, our business owners and citizens of this great state,” said U.S. Sen. Marsha Blackburn in a video uploaded to her YouTube page. 

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Fed Hikes Interest Rates for Third Time in Four Months

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The Federal Reserve has raised target interest rates by 75 basis points for the third time this year following a Wednesday meeting of the Federal Open Market Committee.

The new target range for the federal funds rate is anywhere between 3% to 3.35% up from the current 2.37%, making it the most aggressive hike since the early 1980s. The Federal Reserve is expected to continue this trend into March of 2023 as an attempt to curb ongoing increases in inflation, CNBC reported.

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Gas Prices Rise for First Time Since June

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Following nearly 100 days of declines, gas prices rose slightly Wednesday, and are forecasted to change little in the near future.

The national average price rose by about a cent to $3.68, snapping a 98-day streak of declines since prices peaked at $5.02 in mid-June, according to data from the American Automobile Association (AAA). A slight increase was expected to occur soon after prices fell only four cents last week, the smallest decrease in months, which the AAA attributed to the impacts of “war, COVID, economic recession, and hurricane season,” in a statement Monday.

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Commentary: (Not) Sorry Democrats, Abortion Won’t Save You

Admin

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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