Tag: inflation

Georgia Democrat Labor Groups Express Opposition to Biden Energy Policies

Aaron Gulbransen

Several Georgia-based labor groups, which are traditionally Democrat in both endorsements and membership, have sent letters to the Biden administration urging them to change course on policies that have resulted in rising inflation and higher gas prices.

The Atlanta North Georgia Labor Council, Coalition of Black Trade Unionists – Atlanta Chamber, and UFCW-Retail Wholesale and Department Store Unions have all sent letters to the Biden administration expressing their displeasure with current energy policies, expressing the plight of their membership in relation to inflation and fuel prices, and demanding a change of course.

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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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Fed Report: Inflation Passed on to Consumers, Will Continue for Months

The Center Square

Newly compiled data from the Federal Reserve shows that inflation is hurting businesses, costing consumers, and likely not going away anytime soon.

The Federal Reserve released its “Beige Book,” a report that compiles reports from “Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources” from the 12 Fed districts around the country.

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Poll Most Americans Agree on Who to Blame for Inflation

Admin

A majority of Americans now blame President Joe Biden for surging inflation after he attributed the crisis to Russia’s Ukraine invasion and the COVID-19 pandemic, according to a poll conducted by Public Opinion Strategies, which was commissioned by Americans for Prosperity.

The poll, which was conducted between April 12-18, found that 61% of Americans blame Biden for the widespread price increases, while 75% of respondents reported that inflation impacted their purchasing decisions over the last 12 months.

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Commentary: ‘Genocide’ Is Not a Throwaway Term of Abuse

Admin

Soaring inflation is leaving Americans battered and bruised—and not just inflation in prices. Inflation in rhetoric is also doing a number on the people of our republic.

We’ve seen it unfold with depressing regularity. Donald Trump was a “fascist dictator,” we were told. The Capitol riot was a “coup” and an “insurrection.” Climate change poses an “existential threat” to all life on earth. And, just this past week, after failing to get the legislative redistricting map he wanted from the state Supreme Court, Wisconsin’s Democratic Governor Tony Evers declared: “At a time when our democracy is under near-constant attack, the judiciary has abandoned our democracy in our most dire hour.”

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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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Reports: As Inflation Rose in 2021, So Did Americans’ Credit Card Debt

The Center Square

As inflation rose last year to a 40-year high, Americans’ credit card debt also soared, according to analyses published by the personal-finance website WalletHub.

In its Credit Card Debt study, Wallethub found that consumers racked up $87.3 billion in new debt in 2021. During the fourth quarter of 2021, debt increased by $74.1 billion, the largest increase ever reported, Wallethub notes. It was also a 63% larger increase than the post-Great Recession average for a fourth quarter.

By the end of 2021, the average household credit card balance was $8,590. “That’s $2,642 below WalletHub’s projected breaking point,” the report states.

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Greater Georgia to Launch Voter Registration for Individuals Impacted by Inflation

Cooper Moran

Greater Georgia, a nonprofit focused on voter engagement in the state, announced that they will begin voter registration for individuals in Atlanta that have been impacted by inflation.

The registration drive will center around gas stations in the area, as drivers across the country have felt the weight of record-high gas prices. In addition to gas stations, the group will target grocery stores and gun stores.

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Commentary: The Tax Increase That’s Hidden in Plain Sight

RealClearWire

Americans have less money than they had last year — though taxes haven’t been raised. So what’s the problem? Inflation, which has increased at a 40-year high annual pace of 7.9%. It acts as a hidden tax because we don’t see it listed on our tax bills, but we sure see less money on our bank accounts.

In fact, inflation-adjusted average hourly earnings for private employees are down about 2.5% over the last year. This means a person with $31.60 in earnings per hour is buying 2.5% less of a grocery basket purchased just last year. “For a typical family, the inflation tax means a loss in real income of more than $1,900 per year,” stated Joel Griffin, a research fellow at The Heritage Foundation.

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Lawmakers Call for Challenge to ARPA Rules Limiting Connecticut Tax Reduction

Bradley Vasoli
Ned Lamont

Connecticut Republican legislators said on Saturday they want the state to challenge a part of the American Rescue Plan Act which limits states’ ability to cut taxes.

GOP senators and representatives are calling for tax reduction beyond the targeted relief backed by Gov. Ned Lamont (D). A major roadblock to greater decreases will be the COVID-relief bill President Joe Biden signed into law last year. The act included $195.3 billion in recovery funds for states and barred states accepting allocations from using them to “directly or indirectly offset a reduction in net tax revenue… or delay the imposition of any tax or tax increase.”

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Commentary: Biden’s Budget of Taxes, Taxes and More Taxes

Admin

Inflation is running rampant, federal spending is out of control, gas prices are at an all-time high and Americans are pessimistic on the future outlook of the economy. So what is President Joe Biden’s solution?

He has released a budget proposal that includes 36 tax increases on families and businesses totaling $2.5 trillion over the next decade. Alarmingly, this includes 11 tax increases on the oil and gas industry, taxes that will put a burden on households.

The budget doesn’t even include all the tax increases being pushed by Democrats because the budget omits the cost of tax increases within their stalled multi-trillion dollar Build Back Better Act. Instead of detailing these tax increases, the Biden budget includes a placeholder asserting that any new spending will be fully offset.

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Commentary: A Biden Recession Is Virtually Guaranteed After 10-Year, 2-Year Treasuries Spread Inverts as Economy Overheats from Rampant Inflation

Admin
Joe Biden

The spread between 10-year treasuries and 2-year treasuries, a leading recession indicator whose inversions have predicted almost all of the U.S. economic recessions in modern history, on March 31 inverted for the first time since Sept. 2019.

When the 10-year, 2-year spread inverts, a recession tends to result on average 14 months afterward, sometimes sooner, sometimes later. The one time there was a head fake on the 10-year, 2-year was in the mid-1990s at a time when inflation was much lower Visit Site than it is now.

As an aside, potentially the Sept. 2019 inversion might have ended up being a premature indicator, too, but then Covid and global economic lockdowns in early 2020 went ahead and ensured a recession even if one was not due. On the other hand, at that point it had been 11 years since the prior recession and so the business cycle was going to end sooner or later.

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Prices Are Still Rising Despite the Fed Saying Everything’s Under Control

Admin

The price of goods throughout the economy rose at its fastest level in decades despite assurances from Federal Reserve Bank Chairman Jerome Powell earlier this month that the central bank would get inflation under control.

The personal consumption expenditures price index (PCE) surged 6.4% in February on a year-over-year basis, the fastest pace since January 1982, the Commerce Department announced Thursday. The Dow Jones estimate projected core PCE, which strips out food and gas, would increase by 5.5%.

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At Agricultural Conference, Youngkin Highlights Importance of Agriculture, Forestry to Virginia’s Competition with Other States

Eric Burk

RICHMOND, Virginia – Governor Glenn Youngkin told attendees at the Virginia Governor’s Conference on Agricultural Trade that Virginia’s agriculture and forestry industries are key to his goal to have Virginia win in competition with other states.

“I have already put all the other governors on notice. We’re here to win. We’re here to win in all respects. We’re here to grow jobs. We’re here to keep Virginians here. We’re here to have people from your state come to our state. We’re here for international markets that actually see Virginia’s products as best in the world. And as part of all that, just so you know, you have an enthusiastic, engaged, fully-energized chief marketing officer as your governor,” Youngkin said.

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Analysis: The Biden Admin’s Drastic Gas Price Increases Date Back to His First Day in Office

Admin
Person filling up red car with petrol/gasoline

pump prices have climbed throughout his tenure.

While Russia’s invasion of Ukraine has destabilized global energy markets, causing an historic supply crunch, high gasoline prices have been the norm throughout Biden’s first 14 months, federal data showed. Experts have blamed the high prices on the administration’s energy and climate policies disincentivizing domestic fossil fuel production.

Since Russia’s invasion, gasoline prices have increased more than 20%, from $3.53 per gallon to $4.24 per gallon, according to the Energy Information Administration. However, pump prices increased a whopping 48.4% between Biden’s January 2021 inauguration and Feb. 21, three days before Russian President Vladimir Putin ordered troops into Ukraine.

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The Republican National Committee Registering New Voters at Gas Stations as Prices Surge

Admin
Mobil gas prices

The Republican National Committee (RNC) launched a voter registration initiative at gas stations across the country, drawing attention to rising gas prices under President Joe Biden’s leadership.

“We are registering voters across the country who are tired of Biden’s Gas Hike!” the RNC said Monday on Twitter. “Coming to a gas station near you!”

The effort began with a Saturday event in Arizona, according to The Hill. “Arizonans are frustrated with paying the record-high gas prices we’ve seen recently, this is an issue that affects almost every single Arizonan,” said the communications director for Arizona’s RNC, Ben Petersen, according to The Hill.

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Commentary: Biden’s Handlers Are Preparing to Eject Him and Kamala

Admin

I sense a disturbance in the force. In fact, I’ve been feeling the tremors for a while. Back in January, I wrote a column for American Greatness called “The Coming Dethronement of Joe Biden.” In it, I noted that Biden’s appalling performance as president would sooner or later—and probably sooner, given the ostentatious nature of his multifaceted failure—lead to his removal as president. 

I should have added that it wasn’t Biden’s performance per se that would lead to his downfall. The problem, rather, was the way his performance was undermining his—and therefore his minders’ and puppetmasters’—political power. As Saul Alinsky, community organizer to the stars, noted, the “issue is never the issue.” Accordingly, the people who put Joe Biden in power—I cannot name them, but I know they are the same people who keep him in power—do not care about inflation, rising gas and food prices, COVID lockdowns or mask mandates, the porousness of our Southern border, the threat of war with Russia, or the myriad other issues that worry ordinary voters. I am quite certain, in fact, that the word “voters” brings a vaguely contemptuous smile to their faces.

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Fed Hikes, Higher Mortgage Rates Mark Consequences of Ongoing Inflation

The Center Square

Mortgage rates surpassed 4% for the first time since 2019 and the Federal Reserve announced a series of new rate hikes this week, two major shifts that mark the economic response to months of elevated inflation.

The Federal Reserve announced a 0.25% interest rate hike and said six more increases are on the way. Last week’s increase is meant to rein in inflation, but can have negative effects on economic growth. Meanwhile, mortgage rates are expected to increase along with the Federal Reserve rate.

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Americans’ Spending Slows Dramatically Amid Surging Inflation and Gas Prices

Admin

American’s spending slowed in February amid surging inflation and gas prices, the U.S. Census Bureau announced Wednesday.

Retail sales grew 0.3% in February, a significant dip from January’s 4.9% monthly increase, the Census Bureau reported Wednesday. January’s spending increase marked the largest jump since March 2021 after Americans received the final $1,400 government stimulus check.

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Biden in Trouble with Voters on Job Approval, Inflation, Ukraine: Poll

Admin

A new poll conducted by Insider Advantage for the Center for American Greatness shows Biden in big trouble with voters. 54% of likely voters disapprove of Biden’s job approval versus 42% who approve. Worse, this survey shows that only 36% approve of his handling of Ukraine. Other highlights from the survey are the 64% of people who believe high gas prices should be solved by eliminating Biden’s restrictions on pumping American oil and gas.

Perhaps most troubling, and portending more difficulty in the future for the country is the question that asked, “How much is rising inflation in the cost of goods and services impacting you and your family?” 85% of respondents said that inflation is having a “significant” impact on them and their families. Inflation, of course, is bad for the country, especially the middle class. But the politics of it spell trouble for Democrats whose policies have increased and accelerated the inflation currently beggaring the nation.

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Lamont Proposes Connecticut Gas Tax Suspension; Republicans Press for Vote

Bradley Vasoli

Gov. Ned Lamont (D) this week proposed a holiday from the state’s 25-cent-per-gallon gasoline tax to last through the month of June.

He said he does not believe the gas-tax break can be extended beyond July 1 insofar as Connecticut’s acceptance of federal funds under President Joe Biden’s American Rescue Plan Act (ARPA) restricts the state as to how much it can reduce taxes. The governor also voiced concern that a longer tax holiday would compromise the state’s ability to fund transportation. The gas tax’s suspension will cost the state over $90 million.

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Wholesale Price Inflation Reaches Double Digits

Admin

The Producer Price Index (PPI), which measures the prices suppliers charge businesses and other customers, surged 0.8% on a month-over-month basis as of February as consumer demand continues to spur inflation, the U.S. Bureau of Labor Statistics (BLS) announced Tuesday.

The PPI grew 10% on a year-over-year basis as of February, the BLS reported Tuesday. Economists surveyed by Dow Jones estimated wholesale prices would increase 0.9% on a monthly basis in the latest report.

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Shrinking Food Supplies, Soaring Prices Could Trigger Global Unrest, Key GOP Lawmaker Warns

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Rep. Austin Scott

With U.S. and world food prices set to soar due to inflation and supply shortages stemming from the Russian invasion of Ukraine, a key GOP lawmaker is asking the Pentagon to study the potential for conflict if the global food supply shrinks by 5%.

U.S. farmers will pay $300-$400 more per acre to grow crops this year due to inflation and costs associated with the war in Europe, Georgia Republican Rep. Austin Scott warned Monday on the Just the News TV show.

Shipping is another issue, as trade is throttled by war-related disruptions and tough economic sanctions against Russia.

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Connecticut’s ‘Moms for Bob’ Seeks Win for Republican Gubernatorial Candidate Bob Stefanowski

Susan Berry, PhD
Bob Stefanowski

Connecticut mothers disillusioned with Democrat rule in Connecticut are using their energy to block Democrat Gov. Ned Lamont from a second term and help boost Republican gubernatorial candidate Bob Stefanowski to victory in November.

The mothers, who have formed a group dubbed “Moms for Bob,” are hoping their efforts will do for Stefanowski what parents did for Virginia Gov. Glenn Youngkin (R).

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Central Bank Expected to Raise Interest Rates Wednesday

Admin
Person counting cash

The Federal Reserve is expected to raise interest rates after its meeting Wednesday to combat the country’s soaring inflation, Axios reported.

The central bank is believed to raise its target fed funds rate by a quarter percentage point from zero after the end of the two-day meeting ending Wednesday, Axios reported. The Fed’s decision will outline the bank’s monetary policy for the near future and determine whether the U.S. economy enters a recession or continues surging price hikes, according to Axios.

Inflation has soared to nearly 8% year-over-year as of February while unemployment stayed below 4%, indicating that the Fed has been behind the curve in its effort to address sustained inflation, Axios reported. Federal Reserve Chairman Jerome Powell is now reportedly tasked with fixing a delicate economy without crashing it despite a war in Ukraine and renewed COVID-19 lockdowns in China.

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It’s Not Just Inflation: Consumers Are Paying More Through Shrinkflation

The Center Square
inside of grocery store; close up of products in the aisle

Americans are seeing the real costs of inflation in their daily lives as they pay record high gas prices, significantly increased grocery costs, and suffer sticker shock at restaurants, hair salons and other places.

Restaurants are charging more, with some posting notices on their doors. Increased prices, they say, are necessary to stay open simply to cover their increased costs for cooking oil and other goods. Some restaurants post signs accompanying empty containers to show that while they’re not increasing prices, their portion sizes are smaller.

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Pennsylvania Senators Introduce Tax Breaks and Regulatory Reform for Energy Producers

Bradley Vasoli
Doug Mastriano and Scott Hutchinson

Pennsylvania State Senators Doug Mastriano (R-Chambersburg) and Scott Hutchinson (R-Oil City) last week proposed a measure to lighten the tax and regulatory burden for fossil-fuel producers.

Their legislation, entitled the PA Energy Independence Act, would immediately pause income taxation for natural-gas developers, reduce state gas-extraction fees by 200 percent and end Governor Tom Wolf’s (D) moratorium on new state-land leases for fossil-fuel drilling. It would also suspend the state’s participation in the Regional Greenhouse Gas Initiative (RGGI), which would amount to a tax on carbon emissions.

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Farmers Hit Hard by Price Increases as Food Price Spike Looms

The Center Square
Man in white shirt and jeans planting seeds in the ground of a garden

Goods and services around the country are becoming increasingly more expensive, but farmers may be among the hardest hit as inflation, supply chain issues, and Russia’s invasion of Ukraine are expected to send food prices soaring even higher.

That impact is being felt by farmers around the country.

“The cost of fertilizer is up as much as 500% in some areas,” said Indiana Farm Bureau President Randy Kron. “It would be unbelievable if I hadn’t seen it for myself as I priced fertilizer for our farm in southern Indiana. Fertilizer is a global commodity and can be influenced by multiple market factors, including the situation in Ukraine, and all of these are helping to drive up costs.”

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Tennessee Revenues for February $212 Million More Than Budgeted

Laura Baigert

Tennessee tax revenues for February of $1.2 billion exceeded the budgeted estimate of $1.03 billion by $212 million or 20.6 percent, Commissioner of the Department Finance and Administration Butch Eley announced Friday.

February 2022 revenues were also $111.7 million more than what the state received in taxes in February 2021, reflecting a growth rate of nearly 10 percent.

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Inflation Expected to Get Worse This Year

The Center Square

Gas prices and inflation hit yet another high this week, raising more concerns about the impact on regular Americans and the future of the U.S. economy.

The Bureau of Labor Statistics Thursday reported that the Consumer Price index, a major marker of inflation, rose 7.9% in the previous 12 months.

“The 12-month increase has been steadily rising and is now the largest since the period ending January 1982,” BLS said. “The all items less food and energy index rose 6.4 percent, the largest 12-month change since the period ending August 1982. The energy index rose 25.6 percent over the last year, and the food index increased 7.9 percent, the largest 12-month increase since the period ending July 1981.”

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Inflation Soars to Another Four-Decade High

Admin

The Consumer Price Index (CPI) increased 0.8% in February, bringing the key inflation indicator’s year-over-year increase to 7.9%, the U.S. Bureau of Labor Statistics (BLS) reported.

The core price index, which measures inflation of goods less food and energy, increased 0.5% in February, the BLS reported. Food prices reportedly grew 7.9% on a year-over-year basis as of February, the BLS reported, and energy prices soared 25.6%.

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