New Drug Prices Spiked in 2023 as Biden Admin Seeks to Keep Costs Down

Joe Biden Drug Costs

Pharmaceutical companies set median starting list prices 35% higher in 2023 than the previous year, despite the Biden administration’s ongoing efforts to tamp down on surging costs, Reuters reported Friday.

The median list price for a drug being placed on the market, many of which were for rare diseases, was $300,000 in 2023, which is up from a median price of $222,000 in 2022, according to an analysis by Reuters of 47 drugs. The Biden administration has made it a goal to tame drug prices, announcing steps like imposing automatic rebates to Medicare for drugmakers that raise their prices faster than the rate of inflation, which does not cover the starting list price.

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Commentary: Foreign Cash Could Be the Culprit Turning Our Kids into Terrorist Sympathizers

Texas A&M

Shortly after Hamas’ Oct. 7 attack on Israel, a Harvard CAPS-Harris X poll found that 48 percent of Americans ages 18-24 supported Hamas over Israel. This is in direct contrast to 95 percent of Americans 65 years of age and older who sided with Israel. This stark difference begs the question: why do half of young Americans support a group that has been designated by the State Department as a Foreign Terrorist Organization since October 1997? Our ongoing fight for transparency suggests at least some of the answers lie in Qatar’s pocketbooks.

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Commentary: How to Build a ‘Results in Advance’ Plan for Your Retirement

Retired Couple

Creating a solid retirement plan is essential for a worry-free and stable future. Still, many people lack the knowledge to achieve a successful retirement plan. 

Here’s a can’t-lose, three-step strategy to assist you in developing an effective “Results in Advance” plan for your retirement.

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Existing Home Sales up 3.1 Percent in January

New Home Owner

Existing home sales increased 3.1% in January, but year-over-year sales fell.

Existing home sales were up 3.1% from December to a seasonally adjusted annual rate of 4 million in January. Year-over-year, sales declined 1.7% (down from 4.07 million in January 2023), according to the National Association of Realtors.

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Commentary: Illegal Immigration Creates a New Slave Caste

Farm Workers

Belatedly, the southern border crisis is getting the attention it deserves.

There’s wall-to-wall coverage in the legacy and conservative press, independent documentaries proliferating on the subject, a Tucker Carlson interview with Bret Weinstein attracting over 15 million views on X, and President Joe Biden blaming Trump for a failed bill that involved the border crisis.

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Mercedes-Benz Walks Back on Huge Electric Vehicle Commitment amid Slowing Demand

MB Evs

Mercedes-Benz on Thursday walked back plans to have an all-electric line-up by 2030 as consumers decline to adopt electric vehicles (EV) at the rate automakers expected.

The company has changed its expectations to have only 50% of its sales be EVs by 2030, announcing that it will be updating its current line-up featuring the internal combustion engine into the next decade, according to Mercedes-Benz in its fourth quarter report. EV sales grew 21% year-over-year in 2023, but total car sales remained relatively the same, bucking hopes that EVs would fuel growth as the automaker pushes electric models.

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Commentary: Republicans Roll over on ‘Climate Change’

Climate Change

Why are Republicans supine in the fight against the Marxist takeover of our entire way of life? They are petrified, for some reason, about engaging the debate on the “science” of “climate change.”

This abandonment of the playing field has allowed climate spending to overtake the landscape like Kudzu vines on steroids.

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Mortgage Applications Fall as Interest Rates Remain High

Paper Work

Mortgage applications sank last week as high prices and rising mortgage rates have increased unaffordability for average Americans, according to data from the Mortgage Bankers Association.

The total volume of mortgage loan applications for homes declined 10.6% in the week ending Feb. 16 compared to the previous week when seasonally adjusted, while the purchase index fell 10% in that same time, according to a release from the MBA. The drop in applications follows an increase in the average interest rate for a 30-year fixed-rate mortgage for homes under $766,550 to 7.06% from 6.87% the week prior, intensifying housing unaffordability.

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‘Serious Problems’: Global Plague of Recessions Could Infect U.S., Experts Say

Office Meeting

The recessions currently plaguing several major countries around the world could be what drags the U.S. into an economic downturn of its own, experts told the Daily Caller News Foundation.

Germany announced on Monday that it fell into a technical recession in the fourth quarter of 2023, after reporting its second month in a row of negative growth, following several other top nations experiencing economic difficulties. While the U.S. has managed to avoid a recession due to its size and diverse industries, foreign economic malaise may drag the U.S. economy down through changes to trade and global inflation that would lead to a loss for American businesses, experts told the Daily Caller News Foundation.

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Gov. Youngkin Stands by Northern Virginia Arena Plans Despite Opposition from Unions

Glenn Youngkin New Stadium

In a statement released Tuesday, Governor Glenn Youngkin committed to see through his plans to bring the Washington Wizards and Capitals to Alexandria, Virginia with a new sports and entertainment district complete with new facilities for the teams to play.

Youngkin made the declaration after a breakdown of negotiations with two major unions resulted in their opposition to the arena, and after Virginia Senator L. Louise Lucas (D-Portsmouth) successfully stalled a Senate bill necessary for the arena project to begin and now controls the fate of the House version of the bill after it landed in the Senate Finance Committee she chairs.

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Auto Executives: Chinese EVs Could ‘Demolish’ U.S. Production

BYD Electric Vehicle

Detroit placed the U.S. on wheels but if Motor City wants to go electric it faces fierce global competition.

Chinese electric vehicle maker BYD outsold Tesla in the fourth quarter of 2023. The foreign automaker said it produced more than 3 million new energy vehicles in 2023 compared to Tesla’s 1.8 million.

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New Data Centers Set to Stress U.S. Electric Grid Further

Electric Substation

For the past couple of years, assessments of the national electric grid’s ability to deliver power during peak demand periods, such as heat waves and cold snaps, have shown increasing risk for blackouts.

The North American Electric Reliability Corporation, the nation’s grid watchdog, finds the main cause is retirements of coal plants without enough natural gas plants coming online.

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Rare Earth Mineral Mines Shutter as Demand for Electric Vehicles Plummet

Ablemarle Corporation mining site

A slowdown in the growth of electric vehicle (EV) demand has led to entire mines being shut down as the supply of rare earth minerals essential for EV components exceeds demand, according to The Wall Street Journal.

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Americans Lost a Record $10 Billion to Fraud in 2023

Hacker on Laptop

The latest report from the Federal Trade Commission (FTC) reveals that American adults lost a record amount of money to acts of fraud in the year 2023, totaling around $10 billion.

As reported by Axios, the number of Americans who fell victim to fraudulent scams was roughly 690,000. The average lost amount per person was $500.

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Transit Ridership Slightly Climbing but Still 22 Percent Short of Pre-COVID Levels

Bus Riders

Transit ridership has seen a significant decline across the U.S. since the beginning of COVID-19. Although now rising slowly, transit agencies are still seeing a 22% drop from peak pre-COVID ridership.

Overall weekly ridership went from 196.3 million the week of Jan. 26-Feb. 1, 2020 to 152.7 million the week of Feb. 4-10, 2024. That’s according to reports from the American Public Transportation Association.

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Domestic Oil Production in U.S. Reached Record Levels

Oil Drilling

Domestic oil production in the U.S. reached a new record in November of 2023, hitting 13.31 million barrels per day, according to data from the U.S. Energy Information Administration.

The previous record was 13.25 million barrels per day. That was set in September 2023.

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Former CEO: High Interest Rates ‘Killing’ Companies as Layoffs Continue

Bob Nardelli

President Joe Biden is blaming corporations for high prices and “shrinkflation.” Business executives and many economists disagree, arguing the real problem is inflation created by federal deficit spending policies.

Ahead of the Super Bowl, Biden posted a video on X saying, “While you were Super Bowl shopping, did you notice smaller-than-usual products where the price stays the same? Folks are calling it Shrinkflation and it means companies are giving you less for every dollar you spend. I’m calling on the big consumer brands to put a stop to it.”

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Rampant Crime Takes Toll on America’s Small Businesses, New Survey Reveals

Small Business

Nearly one-third of small business employers in January said that crime has raised everyday business costs, according to a Job Creators Network Foundation (JCNF) poll obtained exclusively by the Daily Caller News Foundation.

Around 31% of small businesses surveyed in January said that neighborhood crime has increased business costs through added expenses associated with extra security or stolen inventory, with employers in the western U.S. being the most likely to say they were affected at 35%, according to the poll. Businesses with $100,000 to $250,000 in revenue in a year were the most likely to say that neighborhood crime has increased business costs, with 53% saying yes, followed by businesses with less than $100,000 in revenue at 47%.

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Major American Financial Institutions Withdraw from Global Climate Investment Organization in Blow to Green Agenda

Several of the largest asset managers in the U.S. are withdrawing from a major coalition of companies focused on advancing green investment strategies and climate-sensitive corporate management.

JPMorgan Asset Management (JMAM) and State Street Global Advisors will not be renewing membership in Climate Action 100+, a coalition of investors and asset managers with a combined $68 trillion under management that pushes corporations to reduce emissions and adopt climate risk disclosure practices, according to Financial Times. Climate Action 100+ and Ceres — a green shareholder activist group that co-founded the coalition — are currently under investigation by the House Judiciary Committee, which is alleging that the coalition’s advancement of progressive Environmental, Social and Corporate Governance (ESG) policies may constitute non-competitive activity in violation of U.S. antitrust law.

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Virginia Democrats Narrowly Pass $15 Minimum Wage Bill Despite Objection by Gov. Youngkin

15 Hour Minimum Wage

Democrats in the Virginia General Assembly narrowly passed legislation that will raise the commonwealth’s minimum wage to $15 per hour by 2026. Their votes came despite Governor Glenn Youngkin previously suggesting such legislation was unnecessary.

HB 1 previously passed the Virginia House of Delegates on February 2 in a partisan vote with 51 in favor and 49 against. In the Virginia Senate, the bill’s counterpart, SB 1, also passed along partisan lines, with 21 votes in favor and 19 votes against.

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Commentary: Biden Gaslights America on the Economy

Biden Speaking

Joe Biden is gaslighting America on the economy. His administration is trying to oversell what has underperformed for several reasons: First, the economy is the one issue that affects most Americans most significantly. Second, Biden is doing worse on virtually every other issue. Finally, time is short: the economy is about to get worse, and the election is close. The administration’s strategy is to get Americans to believe what they hear and doubt what they see.

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More Investors Bet Inflation Is Here to Stay amid Disappointing Price Data

Investor at Work

More investors are projecting a “no landing” scenario where inflation remains elevated but economic growth continues at its current levels following a disappointing inflation report on Tuesday, according to Reuters.

Nearly one out of five fund managers polled by Bank of America predicted a “no landing” scenario as the most likely outcome in the next year, with concerns about such a scenario being intensified by a poor inflation reading that sent U.S. markets into a frenzy on Tuesday, according to Reuters. Tuesday’s consumer price index (CPI) report showed inflation decelerated in January to 3.1% year-over-year from 3.4% in the preceding month, higher than expectations of 2.9%.

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Corporate America is Starting to Shy Away from Woke Business as Backlash Mounts

Office Meeting

American companies are reversing the multiyear trend of hiring more employees in roles related to environmental, social and corporate governance (ESG) issues in an effort to increase profitability and address investor pushback, according to The Wall Street Journal.

U.S. companies shed 3,071 employees with positions related to ESG in December while only adding 2,897, continuing the trend that has been seen in half of the months in the last year of a net loss of ESG positions, according to the WSJ. The shift is in response to investors pulling their funds from companies heavily involved in ESG practices and placing their money in firms where they can get higher returns.

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Investors Scoop Up Commercial Real Estate

Empty Storefronts in Baltimore

Investors flush with cash are looking to buy up commercial real estate properties that developers are putting on the market at deep discounts as companies struggle to pay debts, according to The Wall Street Journal.

Many investment firms are looking to buy up discounted real estate after stacking up cash during the COVID-19 pandemic, including Ares Management, which is buying up 3 million square feet of office space with offers to buy up assets related to $500 million in high-priority property debt, according to the WSJ. Commercial real estate is facing around $2.81 trillion in loans that are set to expire through 2028 at a time when the industry is struggling with low demand and huge debt costs from high interest rates.

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Virginia Democrat Stalls Arena Project After Gov. Youngkin Suggests Party Doesn’t Want ‘A Strong America’

Gov. Glenn Youngkin

Key Virginia Democrats pulled their support from the proposal by Governor Glenn Youngkin to build a new sports complex in Alexandria, Virginia for the Washington Wizards and Capitals, and did not place a bill to advance the initiative on the Senate schedule on Monday.

State Senator Louise Lucas (D-Portsmouth) first indicated she would use her power as the Senate Finance Chair to block the bill in a Saturday post to X, the platform formerly known as Twitter, in which she slammed Youngkin for suggesting Democrats do not want “a strong America” in his speech at the 28th Mock Convention at Washington and Lee University.

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Analysis: The Impact of the Potential Sale of U.S. Steel Could be Seismic

U.S. Steel

The potential sale of one of America’s largest domestic steel producers, U.S. Steel, has raised eyebrows among lawmakers in key battleground states and even garnered the attention of the White House.

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D.C. Mayor Muriel Bowser Reveals Efforts to Stop Gov. Youngkin’s Plan to Move Wizards, Capitals to Virginia

Washington, D.C. Mayor Muriel Bowser on Sunday authored an opinion column offering reasons why Monumental Sports and Entertainment should abandon its plans to move to Alexandria, Virginia, where Governor Glenn Youngkin is working with the General Assembly to build a new entertainment complex for the Washington Wizards and Capitals.

Bowser revealed the offer made to keep the sports teams in the district, stressed the city’s ownership position over the Capital One Arena property and outlined a series of concerns about the possible move.

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Report: Unfunded Cost of Retirement Benefits Reaches $1.14 Trillion

New Jersey Capitol

New Jersey, California, New York, Texas and Illinois face a hundred billion plus deficit when it comes to paying for the benefits other than pensions promised to state retirees.

The State of New Jersey’s unfunded liability for post-retirement benefits other than pensions in state health care plans reached $174.9 billion in 2022. That was the highest in the country, according to a report by the American Legislative Exchange Council. The report stated the nationwide costs of state-sponsored post-retirement benefits reached $1.14 trillion in 2022.

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Joe Biden Mocked Mercilessly for Mumbling, Bumbling ‘Shrinkflation’ Video Released on Super Bowl Sunday

President Joe Biden was mocked by conservatives on Sunday for a video he released ahead of the Super Bowl which derided “shrinkflation,” when manufacturers lower the size or quantity of items included for a given price without informing the consumer as a result of inflation, with pundits uniformly reminding the embattled president that his inflationary policies preceded the shrinkflation.

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China’s Real Estate Collapse Infecting Troubled American Sectors

China Real Estate

The crumbling Chinese real estate sector is starting to put properties around the world on the market at deep discounts, threatening debt-laden American commercial developers and the U.S. banks holding the loans, according to Bloomberg.

In a bid to pay off massive debts, Chinese real estate developers are having to offload a huge number of properties onto the global market, depressing prices even further for a sector that already has had borrowing cost hikes, causing a loss of $1 trillion in office property values, according to Bloomberg. The drop in property values hits American commercial real estate particularly hard due to the huge amount of debt the sector holds and the dwindling U.S. demand, with banks that hold the debt also fearing they may lose out on their investment.

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Commentary: Avoid These Four Costly 401(k) Mistakes

Ford Stokes

As you near retirement, you must make smart choices with your 401(k) plan. This is especially important for baby boomers born between 1946 and 1964. For a secure retirement, avoiding mistakes and maximizing growth opportunities is crucial. Here are some common mistakes people make with 401(k) plans and solutions to improve retirement prospects.

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Illegal Immigration ‘Surge’ Will Put ‘Downward Pressure’ on Wages for Years, CBO Says

The Congressional Budget Office (CBO) projects that the ongoing surge in immigration, both legal and illegal, will put “downward pressure” on inflation-adjusted wages through 2034, according to a recently released report.

The downward effect on real wages will continue until 2027, at which point it will “partially reverse,” with immigration still expected to cause average real wages to be lower in 2034 than they otherwise would be, according to CBO. CBO did predict some positive impacts of immigration, as well, such as increased GDP growth and an expanded labor force.

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Mexico Dethrones China as America’s Main Source of Goods

Car Plant in Mexico

Mexico supplied the United States with a higher volume of goods than China in 2023, according to annual data from the Bureau of Economic Analysis (BEA) published on Wednesday.

The U.S. imported about $427.2 billion worth of goods from China, whereas imports from Mexico reached around $475.6 billion, according to the data. Trade tensions between the U.S. and China persist as America continues to impose sanctions and tariffs while the two countries engage in a race to develop artificial intelligence technology.

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American Billionaires Bankrolled Activist Crusade Against Natural Gas Hubs Before Biden Signed Off on Approval Pause

Natural Gas Power Plant

American billionaires bankrolled an activist campaign targeting liquefied natural gas (LNG) export terminals that influenced the White House’s decision to pause new and pending approvals for the projects, according to The Wall Street Journal.

The philanthropic organizations of the Rockefeller family and Democratic megadonor Michael Bloomberg cumulatively provided millions of dollars to activists who pressured Biden administration officials to crack down on LNG export hubs over the past several years, according to the WSJ. The activists ultimately got their way on Jan. 26, when the White House announced that the administration would pause new project approvals as the Department of Energy (DOE) widens the scope of its reviews to include climate impacts of LNG export terminals alongside considerations like national security and economic benefits.

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Big Corporations Try to Clean Up Their Act After Reports of Rampant Child Migrant Labor

Farm Workers

U.S. companies are conducting full-scale audits and shifting “focus” after multiple reports revealed child immigrants were working in increasingly dangerous conditions, according to The New York Times.

In 2023, the Department of Labor opened an investigation into companies like Lucky Charms and Cheetos after reports of immigrant children working in dangerous conditions while thousands of children have crossed over into the U.S. in the last several years. Many other companies, including McDonald’s, Whole Foods, Costco and more, have announced that they are conducting full audits to prevent migrant children from working in dangerous conditions, according to the NYT.

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Virginia Democrats Kill Gov. Youngkin’s Tax Proposal Until at Least 2025

Lucas stuart

Democrats in the Virginia State Senate have beaten the attempt by Governor Glenn Youngkin and Virginia Republicans to cut the commonwealth’s income tax rates and reform Virginia’s sales tax until at least 2025.

SB 632, filed by State Senator Richard Stuart (R-Montross), was continued into 2025 on Tuesday in an overwhelming vote by the Senate Subcommittee on Finance and Appropriations, led by State Senator L. Louise Lucas (D-Portsmouth).

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Ford Lost Billions on EVs in 2023

Ford EVs

Ford lost billions of dollars on its electric vehicle (EV) product lines last year, according to corporate documents.

The company lost $4.7 billion on EVs in 2023, a greater loss than the $4.5 billion the company expected it would lose in 2023 at mid-year, according to a summary of the company’s annual earnings. The company pointed to “an extremely competitive pricing environment” as a key reason for the losses.

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Commentary: Inflation Is the Reason Joe Biden Is So Unpopular

Joe Biden

We’ve paid much attention to President Biden’s flagging job approval here, in part because it tends to be a strong predictor of how an election will turn out. Biden is marching into this election season as likely the least popular president to face the voters since Herbert Hoover. While he may yet be saved by the fact that he is facing off against Donald Trump, who brings his own baggage to the table, it’s an ominous indicator.

At the same time, the economy is running hot. Growth is over 3%, unemployment is under 4%, and inflation has fallen from its peak. So why the seeming paradox of an unpopular president in a time of strong economic growth, especially when the strength of the economy is itself a traditional predictor of presidential job approval?

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Chinese Solar Companies are Gearing Up to Cash in on Biden’s Signature Climate Bill

Solar Panel Installation

Chinese solar manufacturers are building factories in the U.S. to reap American subsidies created by the Inflation Reduction Act (IRA), President Joe Biden’s signature climate bill, according to The Wall Street Journal.

Companies based in China are responsible for about 25% of the 80 gigawatts in new solar manufacturing capacity announced in the U.S. since the IRA became law in August 2022 and established robust tax credit programs to incentivize domestic green energy production, according to the WSJ. Assuming that the factory construction and expected outputs announced by these China-based solar companies stay on schedule, they could reap a combined $1.4 billion worth of value from IRA subsidies each year.

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Union Power Slips as Percentage of Union Jobs Declines

Union Rally

The percentage of hourly and salaried workers in a union decreased in 2023, continuing a trend of ongoing decline in the past few decades.

The decline in 2023 was small, from 10.1% of the workforce to 10% even, but the trend is significant. In 1983, about 20% of hourly and salaried workers were in a union, meaning U.S. union membership has halved in about four decades.

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Virginia Democrats Seek to Allow ‘Anti Rent Gouging’ Ordinances, Spend $100 Million in ‘Long-Term Direct Rental Assistance’

House for Rent

Democrats in the Virginia General Assembly seek to allow local cities and towns to enact “anti rent gouging” ordinances that would regulate what property owners can charge renters and when rent can be raised, and additionally seek to add $100 million to the budget to fund “long-term direct rental assistance” for 5,000 families via vouchers.

Delegate Nadarius Clark (D-Suffolk) introduced HB 721 in early January to allow “any locality” to adopt an “anti-rent gouging” ordinance that would force landlords to provide two months of written notice in the event of a rent increase, prevent landlords from raising rent more than once within a 12-month period, cap how much rent can be increased and allow communities “to establish an anti-rent gouging board” to create regulations “by which landlords may apply for and be granted exemptions” from the legislation.

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Commentary: To Rebuild Trust, U.S. Banks Have a Lot of Work to Do

Trust in banks has plummeted.  From 2019-2022, the percentage of people who believe banks and financial institutions have a positive effect on the country fell among Republicans (from 63 to 38 percent) and Independents (by nine points). The problem grows every time a right-of-center group is debanked. Recognizing the problem, “rebuilding trust” is the theme of the World Economic Forum in Davos, Switzerland. The path to rebuild trust in finance is simple—keep politics out of banking.

In spite of an alleged priority of building trust, the largest banks are aligning themselves with radical United Nations (UN) climate initiatives linked to radical efforts to reduce Africa’s population and destroy Sri Lankan agriculture.

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Boeing Reports New Problem with 737 Fuselage

Alaska Airlines' Boeing 737

Boeing has discovered additional problems with its 737 fuselages, following a fuselage panel on one of its 737 Max 9s becoming detached last month during an Alaska Airlines flight.

The international aircraft maker said Sunday the new problem is related to drilled holes in the fuselage that were discovered by a supplier employee but is not an “immediate flight-safety issue.”

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Commentary: Labor Department’s New Rule Is Bad News for Independent Contractors

Contract Worker

In what is sure to have significant implications for millions of American workers, specifically gig economy workers and contractors, the Department of Labor (DOL) issued its long-awaited final worker classification rule in January.

The new rule revises the process to determine whether a worker is an employee or independent contractor under the Fair Labor Standards Act. The government argues the rule is necessary to ensure that all workers are provided fair wages and overtime since independent contractors (people who work for themselves or a business on a contractual basis) are not given the same benefits, such as tax withholdings and paid time off, as traditional employees. However, this argument appears designed to mask the government’s true intention, which is to reduce the number of independent contractors in the country.

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Ohio U.S. Rep Jim Jordan Debuts ‘Amazon Files’ Showcasing Federal Censorship Efforts Against Books

The House Judiciary Committee and the Weaponization subpanel on Monday revealed internal documents secured via the subpoena of Amazon, highlighting the Biden administration’s efforts to address “propaganda” and “misinformation” in books the online retailer sold.

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As Support for Nuclear Power Grows Worldwide, Regulatory Costs Hinder Development in the U.S.

As the world looks for ways to decarbonize energy while keeping energy costs down, nuclear power is getting a second look. But the costs and construction times to build nuclear reactors in the United States raises the risk America may get left behind.

Concerns about the impacts of climate change drove some nations, such as Germany, to pursue a transition from fossil fuels using primarily wind and solar. Researchers such as Mark Z. Jacobson produced studies that claimed the U.S. could achieve 100% of its energy needs from wind, solar and hydroelectric without any fossil fuels or nuclear.

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Government Jobs Soared to New Record for Another Month as Federal Debt Piles Up

Office Meeting

The U.S. set a new record in January for the total number of Americans employed by the government, according to data from the Bureau of Labor Statistics (BLS).

The government added 36,000 new employees in January, with 11,000 in the federal government and 19,000 in local government, totaling 23,091,000, according to the BLS. January’s total outdid the previous record of 23,055,000 that was set in December, marking the third month in a row with a new record.

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