Economy Archives - Page 2 of 20

Inflation Ticks Down Less than Expected as Fears of Hot Economy Grow

October 10, 2024 Daily Caller News Foundation

Inflation fell slightly in September amid fears of a hotter-than-expected economy following strong job gains in the month prior, according to the latest Bureau of Labor Statistics (BLS) release Thursday.

The consumer price index (CPI), a broad measure of the price of everyday goods, increased 2.4% on an annual basis in September and rose 0.2% month-over-month, compared to 2.5% in August, less than the 2.3% rate that was expected, according to the BLS. Core CPI, which excludes the volatile categories of energy and food, rose 3.3% year-over-year in September, compared to 3.2% in August.

Catholic Healthcare System Plays Outsized Role in Transgender Surgery, Drugs for Kids: Database

October 8, 2024 Just the News

America’s fourth-largest Catholic healthcare system performed so-called gender affirming surgeries on 81 children and prescribed puberty blockers or cross-sex hormones to 113 over the past five years, according to a national database launched Tuesday by Do No Harm, which fights identity politics in “medical education, research and clinical practice.”

U.S. Hospitals Raked in $120 Million Performing Sex Changes on Thousands of Kids, New Data Shows

October 8, 2024 Daily Caller News Foundation

U.S. hospitals charged nearly $120 million over five years for sex-change procedures performed on around 14,000 children, according to new data compiled by medical watchdog Do No Harm.

The first-of-its-kind database, which logs sex-change procedures given to children nationwide between 2019 and 2023, catalogs a total of 5,747 minors who underwent sex-change surgeries, along with 8,579 who obtained puberty blockers or cross sex hormones.

Stadium and Arena Subsidies Not Worth It for Taxpayers: Report

October 8, 2024 The Center Square

Professional sports teams and government officials promise tax revenue benefits when taxpayer subsidies are used to build new or renovation stadiums and arenas.

But those benefits consistently do not come to fruition, according to a report from the Tax Foundation.

Commentary: Modern Society Needs Its Renaissance Men (and Women) More Than Ever

October 8, 2024 American Greatness

The songwriter, actor, country/western singer, musician, U.S. Army veteran, helicopter pilot, accomplished rugby player and boxer, Rhodes scholar, Pomona College and University of Oxford degreed, and summa cum laude literature graduate, Kris Kristofferson, recently died at 88.

Former Biden EPA Head and Climate Adviser Admits Green Energy Challenges Underestimated

October 7, 2024 Just the News

Former EPA administrator and climate advisor Gina McCarthy was a key backer of the Inflation Reduction Act (IRA). The law set the country on an aggressive march toward greenhouse gas emission reductions, including advancing wind and solar. By some estimates, the green energy credits in the law alone will cost $3 trillion over their lifetimes.

Purdue Survey Finds More Farmers Worried About Economy

October 7, 2024October 7, 2024 The Center Square

Farmer pessimism about the economy is at its lowest in nearly a decade. That’s according to a recent survey conducted by the Purdue Center for Commercial Agriculture.

The Purdue University-CME Ag Economy Barometer Index for September was at 88. That’s down 12 points from the August survey and 25 from July’s results. It’s also down 18 points from where the index was a year ago, with growers’ concerns for both the future and present leading to steep drops in both subcategories.

Experts Warn Hackers Can Take Control of EV Features, Even Trigger Battery Fires

October 6, 2024 Just the News

In September, thousands pagers and walkie-talkies held by members of Hezbollah exploded. The incident appears to have been the result of explosives hidden within the batteries of the devices by Israel’s intelligence service, Mossad, and the Israeli military, then triggered remotely.

Former RNC Political Director Creates Tool for Voters to See Cost of Living Changes Over the Years

October 6, 2024October 6, 2024 Just the News

Former political director of the National Republican Convention Gentry Collins discussed the creation of a new tool for undecided voters to use when determining who to vote for in the upcoming 2024 election.

Commentary: Harris’ Economic Plan Would Increase Federal Stranglehold on Economy

October 6, 2024 The Daily Signal

Vice President Kamala Harris gave a speech last week to accompany the release of her 82-page economic planning document. While her words were intended to evoke optimism, the implications of the plan are troubling for America’s future.

To begin with, the plan must be placed in context.

Seattle Approves Highest Minimum Wage in the U.S.

October 6, 2024 The Center Square

Seattle employees making the minimum wage will see a mandatory raise starting next year, making them the highest paid minimum wage workers in the country.

Starting at the beginning of 2025, all employers regardless of size will be required to pay their employees at least $20.76 an hour.

Over 800,000 Fewer Native-Born Americans Are Employed than Last Year

October 5, 2024 Daily Caller News Foundation

More than 800,000 fewer native-born Americans are employed than last year as job gains among Americans continue to lag behind those of foreign-born workers, according to data from the Bureau of Labor Statistics (BLS).

The number of foreign-born workers employed increased by approximately 1.2 million year-over-year in September, while 825,000 fewer native workers were employed, BLS data shows. The large annual difference is in spite of the roughly 920,000 upward employment fluctuation for native-born workers in September compared to August, after a 1,325,000 drop from July to August.

September Job Growth Exceeds Expectations as Unemployment Falls

October 4, 2024 Daily Caller News Foundation

The U.S. added 254,000 nonfarm payroll jobs in September as the unemployment rate ticked down to 4.1%, according to Bureau of Labor Statistics (BLS) data released Friday.

Economists expected 150,000 jobs to be added in September, slightly higher than the initially reported 142,000 job gain in August, and the unemployment rate to remain at 4.2%, according to MarketWatch. Meanwhile, previously reported job gains for July and August were revised up by 55,000 and 17,000, respectively, breaking a trend under the Biden-Harris administration of overestimating employment growth in initial estimates, with the cumulative number of new jobs reported in 2023 roughly 1.3 million less than previously thought.

‘A Danger to the U.S.’: Coalition Negotiating with Striking Dock Workers Represents China-Owned Shipping Company

October 3, 2024 Daily Caller News Foundation

The coalition negotiating on behalf of employers in the ongoing dockworkers strike includes a Beijing-based shipping company, raising concern over potential Chinese economic and political influence.

Thousands of dockworkers at 14 different major ports along the East and Gulf Coasts went on strike shortly after midnight Thursday, with experts claiming the move could wreak havoc on U.S. supply chains and cost the economy as much as $5 billion a day. China Ocean Shipping Company’s (COSCO) membership in the United States Maritime Alliance (USMX) — the group responsible for hammering out a deal with the port workers — means China could wield significant influence over the labor negotiations, according to experts who spoke with the Daily Caller News Foundation.

Biden to Stay Out of Port Strike as Trade Flows Halt, Union Boss Threatens to ‘Cripple’ Economy

October 2, 2024 Just the News

The White House has remained firm in its position that it will not intervene in negotiations between port workers and dock employers as trade flows screech to a halt and the lead union boss threatens to “cripple” the economy less than 35 days before the presidential election.

A general strike spread across most of the major ports on the U.S. East Coast Tuesday as the labor union representing the workers, International Longshoremen’s Association (ILA), said dock employers failed to give in to their demands.

Swing States Hurting from Inflation, Want More from Trump, Harris on Energy Policies

October 2, 2024 The Center Square

Swing state voters are feeling the pain of high prices and want to hear more from presidential candidates about their energy policies, newly released polling data shows.

A new Morning Consult/American Petroleum Institute poll obtained exclusively by The Center Square surveyed registered voters in the key swing states of Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, and Wisconsin.

U.S. Auto Sales Remain Stuck Below Pre-Pandemic Levels

October 2, 2024 Daily Caller News Foundation

U.S. car sales remain stuck below pre-pandemic levels amid a struggling auto market, according to The Wall Street Journal.

Higher borrowing costs and increased prices on new vehicles are two key factors steering consumers away from buying, according to the WSJ. Many customers have looked to lease cars to avoid out-of-pocket costs and have turned to purchasing smaller and more affordable vehicle models.

East Coast Port Strikes Could Bring Shortages, Rising Prices

October 1, 2024 The Center Square

Some 50,000 International Longshoremen’s Association members went on strike Tuesday against the East and Gulf Coast ports, snarling the flow of goods in what some predict could be the most disruptive strike in decades.

The strike, which extends from Maine to Texas, could affect everything from bananas to European beer and automobiles.

Hurricane Helene’s Cost Could Be 600 Lives, $160 Billion in Damages

September 30, 2024 Admin

Hurricane Helene damage in North Carolina

Six hundred people are unaccounted for, and one of North Carolina’s hardest-hit counties by the remnants of Hurricane Helene on Monday said at least 35 have died.

California U.S. Rep. John Duarte Unveils Plan to Rescue Bankrupt Farmers from China’s Economic Assault

September 30, 2024 Daily Caller News Foundation

Republican California Rep. John Duarte unveiled his plan to save American farmers from possible financial ruin due to long-standing Chinese tariffs in an exclusive interview Wednesday with the Daily Caller News Foundation.

Economic Growth, Consumer Spending Rises Three Percent in Second Quarter

September 29, 2024 The Center Square

Gross domestic product rose at an annual rate of 3% in the second quarter of 2024, showing economic growth and increased consumer spending, according to a report.

The report, released by the U.S. Bureau of Economic Analysis, shows gross domestic product over the last five years.

Boeing Union Strike to Pummel Workers and Shareholders, New Analysis Finds

September 27, 2024 Daily Caller News Foundation

The International Association of Machinists (IAM) union strike against Boeing is expected to result in a $1.05 billion loss for the company and its shareholders, as well as a significant loss for its workers and suppliers, according to an analysis by consulting firm Anderson Economic Group (AEG) released Thursday.

Boeing and company shareholders are set to lose an estimated $1.05 billion, with workers and suppliers losing $351 million from Sept. 13 to Friday due to the IAM union strike, according to AEG’s analysis of the company’s lost wages and shareholder earnings. The firm’s report does not estimate separate damages to consumers or customers for the first two weeks of the strike.

Biden-Harris Admin on Track to Oversee Massive $1 Trillion in Improper Payments, Watchdog Group Finds

September 27, 2024September 26, 2024 Daily Caller News Foundation

If current trends persist, the Biden-Harris administration will have made over $1 trillion in improper payments by the time President Joe Biden leaves office, according to a report released by the watchdog organization Open The Books on Thursday.

An improper payment is a disbursement “made by the government to the wrong person, in the wrong amount or for the wrong reason,” per federal guidelines. The Biden-Harris administration, between 2021 and 2023, oversaw $801.4 billion in such payments after adjusting for inflation, according to the report.

Solar Developments Are Spreading Across America, Threatening Farmers and Local Communities

September 26, 2024 Just the News

Fueled by massive federal subsidies in the Inflation Reduction Act (IRA), solar developers are looking to the wide open spaces of rural lands as the best places to site their projects. This is also where much of America’s farm and range land is located, as well as communities that like the existing look and character of their neighborhoods.

Last week, President Biden said of the IRA, “I’m proud to announce that my, uh, my investments, that through my investments, the most significant climate change law ever. And by the way, it is a $369 billion bill. It’s called the — uh, we, we should have named it what it was.”

U.S. House Moves Forward with Stopgap Spending Bill that Doesn’t Include Election Integrity Law

September 23, 2024 American Greatness

The Republican majority in the United States House of Representatives is now planning to vote on a stopgap spending bill that will not include a critical election integrity measure that conservatives have been desperately trying to pass.

Automakers Hit Reverse on Idealistic Electric Vehicle Targets Despite Billions in Biden-Harris Subsidies

September 23, 2024 Admin

Automakers have continued to backpedal on electric vehicle (EV) targets over the last year as a slackening of consumer demand has hampered growth despite the billions in subsidies lavished on the industry by the Biden-Harris administration.

A wide array of auto manufacturers have abandoned key EV goals since February, with Volvo, Ford and Mercedes-Benz all dialing back electric quotas or dropping previously planned product lines. The shifts in corporate strategy suggest the EV transition — once touted by auto executives like Ford CEO Jim Farley as the industry’s future — may not be as feasible as once thought due to consumer aversion to lower mileage ranges, a lack of charging infrastructure and higher prices, experts told the Daily Caller News Foundation.

Loudoun County Guaranteed Income Pilot Program Voted Down

September 22, 2024September 21, 2024 The Center Square

After months of discussion and the adoption of similar programs by some of its neighbors, Loudoun County leadership voted down a guaranteed income pilot program.

In a surprising turn of events, Loudoun County’s Board of Supervisors abandoned the pursuit of a new economic mobility pilot in a 3-5-1 vote. Months earlier, in May, the board had voted 6-2-1 in favor of appropriating $2 million of county fund balance dollars to the program’s development.

Existing Home Sales Slip 2.5 Percent in August as Prices Climb

September 22, 2024September 21, 2024 The Center Square

Existing home sales fell in August, while sale prices continued to climb, according to the latest report from the National Association of Realtors.

Existing home sales fell 2.5% in August to a seasonally adjusted annual rate of 3.86 million. That’s down 4.2% from one year ago.

Commentary: An Economy That Serves Nobody Except Those in Charge

September 21, 2024 American Greatness

As we outlined in Part One, here in California, we have an economy that would be the fifth largest in the world if it were to be separated as a standing nation. Home to Silicon Valley, Hollywood, world-class agriculture, and medical schools, California is an economic powerhouse.

Yet we, in California, have the highest poverty rate in the nation. We have a majority of the nation’s homeless people. We have the highest overall tax rates in the nation. Our energy costs are double that of the national average. Our per-student spending in schools is well above the national average, yet our students consistently have below-average grade-level test scores. Our major cities are crime-ridden, our power grid is woefully vulnerable, and our beaches are regularly closed due to raw sewage contamination.

Trump Vows to Tax Mexican Auto Imports by 200 Percent

September 20, 2024 American Greatness

On Tuesday, former President Donald Trump promised to implement a 200% tariff on all Chinese auto imports from Mexico, with the goal making them “unsellable” in the United States and thus forcing a return to American manufacturing.

As reported by Fox News, the former president made his pledge during a campaign event in Flint, Michigan.

Fed Chairman Suggests ‘Influx’ of Migrants Are Contributing to Rising Unemployment

September 19, 2024 Daily Caller News Foundation

Federal Reserve Chairman Jerome Powell suggested migrants are helping drive rising unemployment during a press conference on Wednesday.

Powell spoke to reporters after the Fed announced it would lower its federal funds rate by 0.50% following disappointing job growth in both July and August. Unemployment currently sits at 4.2% — up from 3.4% in April 2023 — in what Powell suggested was largely a product of migrants crossing into the United States.

Federal Reserve Cuts Interest Rates by Half-Point, Stocks Surge

September 18, 2024 Just the News

The Federal Reserve cut interest rates on Wednesday for the first time since the COVID-19 pandemic. Many observers of Fed activity had predicted a quarter-point reduction but the central bank wound up cutting rates by a half-point.

FBI Report Estimates $5.6 Billion in Cryptocurrency Fraud Losses

September 17, 2024 The Center Square

Cryptocurrency scams and fraud in 2023 contributed to an estimated $5.6 billion in losses, a report from one of the federal government’s top law enforcement agencies says.

The Federal Bureau of Investigation’s Cryptocurrency Fraud Report for 2023 found that the vast majority of losses – about $3.9 million – were related to cryptocurrency investment scams.

Billions Gone and Little to Show for It Years After Rampant COVID Fraud

September 16, 2024 The Center Square

Years after the passage of federal COVID-era relief and the subsequent loss of likely hundreds of billions of those taxpayer dollars, lawmakers are still unsure where that money went, how to get it back, and seemingly have done little to prevent it from happening again.

Federal watchdog and other reports estimate anywhere from $200 billion to half a trillion was lost to waste, fraud and abuse across various federal and state COVID-era programs.

U.S. Borrowing Tops $1.9 Trillion So Far This Year

September 16, 2024 The Center Square

The federal government borrowed $1.9 trillion in the first eleven months of fiscal year 2024, including $380 billion in August, a startling amount as federal watchdogs sound the alarm on spending.

Those borrowing figures come from the latest Monthly Treasury Statement from the Treasury Department.

Portion of World Electricity Generated by Fossil Fuels Has Fallen Two Percentage Points in 30 Years

September 14, 2024September 13, 2024 Just the News

Reports in the legacy media regularly claim that we are rapidly eliminating fossil fuels, and the energy transition is steamrolling its way to success. Data, however, appears to show a different picture.

According to the Energy Policy Research Foundation, fossil fuels remain critical to keeping the lights on. In 2023, coal, natural gas and oil-fired power plants produced 18 terawatt hours of electricity, which was 60% of the total. This was a decline of 62% in 1993.

Virginia County Continues to Pursue Guaranteed Income Pilot Project

September 13, 2024September 13, 2024 The Center Square

A select group of Loudoun County residents may soon receive an extra “no strings attached” $500 per month from the county.

Loudoun County’s Board of Supervisors voted in its most recent finance committee meeting to move forward with plans to establish a guaranteed income pilot project, as several other Virginia localities have done — along with more than 150 other localities across the country, according to Mayors for a Guaranteed Income.

Trump Pledges to Eliminate Taxes on Overtime

September 13, 2024 Daily Caller News Foundation

Former President Donald Trump on Thursday pledged to eliminate taxes on overtime wages if he is elected back to the White House in November.

Commentary: Kamala Harris’ War on Housing

September 12, 2024 American Greatness

As Kamala Harris campaigns to become the most powerful person in the world, her detractors claim, among other things, that she has no idea how to manage the economy. She has certainly demonstrated that with her recent pronouncements. Even her usual supporters have been critical of her economic policy suggestions. Price controls on groceries. $25,000 grants for first-time homebuyers. A tax on unrealized capital gains. But while Harris backpedals from some of her most economically illiterate schemes, it’s only to attract more votes. Don’t be fooled. She hasn’t changed.

To demonstrate Harris’s long-standing record of waging economic war on productive citizens, consider her actions while serving as California’s Attorney General. She used that office to support policies that made homes unaffordable. Those policies roll out from California and infect the rest of the country.

Generous Benefit Plans Leading Government Employees to Be Nearly 40 Percent More Expensive than Private Sector

September 12, 2024 Daily Caller News Foundation

State and local government workers were roughly 40% more expensive to employ than private sector employees in the second quarter of 2024, largely due to generous benefit plans, according to data from the Bureau of Labor Statistics (BLS) released Tuesday.

Total compensation costs, including wages, salaries and benefits, averaged $43.94 per hour for private sector employees, approximately 40% less than the $61.37 average hourly compensation cost for state and local government workers, according to the BLS data. The disparity was primarily driven by pricey government benefit plans, with costs averaging $13.04 per hour for private industry workers, over 80% less than the $23.57 per hour in benefit costs for their state and local government counterparts.

Inflation Rate Inches Down as Economy Continues to Slow

September 11, 2024September 11, 2024 Daily Caller News Foundation

Inflation fell in August amid fears of an economic slowdown following two straight months of disappointing job gains, according to the latest Bureau of Labor Statistics (BLS) release on Wednesday.

The consumer price index (CPI), a broad measure of the price of everyday goods, increased 2.5% on an annual basis in August and rose 0.2% month-over-month, compared to a 2.9% year-over-year rate in July, according to the BLS. Core CPI, which excludes the volatile categories of energy and food, rose 3.2% year-over-year in August, compared with 3.2% in July.

Commentary: Trump Has a Plan to Finally Fix the U.S. Electric Grid

September 11, 2024September 11, 2024 Daily Caller News Foundation

Citing the need for more electricity to continue growing the artificial intelligence (AI) sector and keep the U.S. tech industry ahead of China, former President Donald Trump on Sept. 5 vowed in a second term to issue a “national emergency declaration to achieve a massive increase in domestic energy supply.”

The Far-Left Confession That Kamala Harris May Not Be Able to Escape, Even After Debate

September 11, 2024 RealClearWire

Candidate questionnaires have long been a part of American politics, locking in politicians to certain policies, pledges and positions. But it has been decades since one has threatened to roil a presidential race, or undercut a major party nominee’s carefully crafted image.

House Votes to Ban Chinese-Based Company’s EV Batteries from Homeland Security

September 11, 2024September 10, 2024 The Center Square

The U.S. House of Representatives passed legislation that would prohibit electric-vehicle batteries from Gotion and several other foreign companies from being used by the U.S. Department of Homeland Security.

Commentary: Watch Out for Rent-Control Madness

September 10, 2024 Virginia Star Staff

For the latest example of why “local control” is no kind of governing principle, I present readers with the example of Proposition 33 — a rent-control measure that Californians will consider on the November ballot. Its supporters — a who’s who of left-wing activist groups and mainstream progressive organizations such as the California Democratic Party — claim that the measure merely allows local governments to impose rent controls tailored to local conditions.

Indeed, the so-called Justice for Renters Act features this simple text: “The state may not limit the right of any city, county, or city and county to maintain, enact or expand residential rent control.” If voters approve the initiative, it would repeal the Costa-Hawkins Rental Control Act. That 1995 law responded to concerns by landlords at the growing movement by local governments to impose some of the strictest rent-setting laws in the nation.

U.S. Toolmaker Stanley Black and Decker Under Fire for DEI Hiring and LGBTQ Lobbying, Faces Boycott

September 9, 2024 Just the News

U.S. toolmaker Stanley Black and Decker is under fire for embracing Diversity, Equity and Inclusion (DEI) policies that conservatives describe as “woke,” which could lead to a boycott of the company’s products.

Discount Retailer Big Lots Announces Doors Will Stay Open Through Chapter 11 Bankruptcy, Sale to Nexus Capital Management

September 9, 2024 Daily Caller News Foundation

Big Lots said Monday the retail discount chain is filing for bankruptcy, citing such factors as high inflation and interest rates.

Commentary: Kamala Harris Would Shatter America’s Labor Market Already Showing Cracks

September 7, 2024 Daily Caller News Foundation

Friday’s jobs report reveals accelerating weakness in the American economy. Only 142,000 jobs were created last month, below expectations. Half of new positions were created in the unproductive government or quasi-government healthcare and social services sectors.

A record 8.2 million Americans have second jobs. So far this year, the number of unemployed Americans has increased by one million.

Economy Added Fewer Jobs than Expected in August as Unemployment Falls

September 6, 2024September 6, 2024 Daily Caller News Foundation

Economists anticipated that the country would add 161,000 nonfarm payroll jobs in August compared to the 114,000 added in initial estimates for July, and that the unemployment rate would fall to 4.2%, according to MarketWatch. The job gains follow a disappointing July report and a downward revision of over 800,000 jobs that the Biden administration had claimed to create between April 2023 and March 2024.

Meanwhile, previously reported job gains for July were revised down from 114,000 to 89,000 while gains for June were lowered from 179,000 too 118,000.

As Prices Soar, Americans Forced to Choose Between Food and Energy

September 6, 2024September 5, 2024 American Greatness

With inflation remaining stubbornly high, many Americans have been forced to choose whether to pay for more groceries to feed their families, or to pay their energy bills to keep their families cool in the summer and warm in the winter.

According to CBS News, this new trend has been referred to as “energy poverty,” when Americans are unable to pay their energy bills or otherwise afford utilities. On average, households that spend 6 percent of their income or more on energy bills alone are considered to be in “energy poverty.” Currently, 1 in 7 American households spend approximately 14 percent of their income on energy.