Category: Economy

Corporate Media in Crisis as Outlets Grapple with Biden’s Economy

Virginia Star Staff
Joe Biden

Numerous legacy media outlets are struggling with challenges posed by President Joe Biden’s economy and resorting to drastic measures, Axios reported on Friday.

Close to a dozen of these outlets are firing workers, dealing with employee strikes or looking to sell, according to Axios. The Federal Reserve’s imposition of high interest rates to bring down inflation is hindering their ability to accumulate more debt, complicating their efforts to extend the timeline for resolving their financial difficulties.

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Leadership of Major U.S. Landowner Chock-Full of Chinese Communist Party Members

Virginia Star Staff
American Farmland

Top executives at Hong Kong-based WH Group Limited, the world’s largest pork producer that controls vast swaths of U.S. farmland through its American subsidiary, are Chinese Communist Party (CCP) members, according to a Daily Caller News Foundation review of corporate records and state-run media reports.

Records and reports reviewed by the DCNF identify four top executives and the chairman of the pork giant as CCP members with extensive ties to the Chinese government. WH Group controls nearly 150,000 acres of land across 29 U.S. states through its subsidiary Smithfield Foods, a family-run business established in 1936, which it purchased for $7.1 billion in 2013. While a keyword search on Smithfield’s website returned only two articles mentioning the firm’s relationship with WH Group, neither of the two articles mentioned China. An online map of Smithfield’s global business activities does not list any operations in, or connection to, Asia, despite archived reports from their website suggesting otherwise.

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U.S. Economic Growth Exceeds Expectations with Rate Cuts on the Horizon

Virginia Star Staff
Blue Collar

The U.S. economy grew at a rate of 3.3% in the fourth quarter of 2023, according to gross domestic product (GDP) statistics released by the Bureau of Economic Analysis (BEA) on Thursday.

In the third quarter of 2023, real GDP rose 4.9%, down from the second estimate of 5.2%, but in line with initial estimates. Economists expected that GDP growth would be around 2% for the fourth quarter of 2023, in line with typical U.S. growth rates.

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Commentary: Big Labor State Politicians’ ‘Wall of Denial’ Is Starting to Crumble

RealClearWire
California Illinois

For decades, cold, hard data from the Internal Revenue Service (IRS) have shown that states like New Jersey, Illinois and California are paying a high price for allowing dues-hungry union bosses to continue getting workers fired for refusal to bankroll their organizations.

Year after year, far more taxpayers have been leaving forced-unionism states than moving into them.  And the average tax filer moving out of a forced-unionism state has reported having an adjusted gross income (AGI) on his or her IRS form that is substantially higher than the average for a tax filer moving into a forced-unionism state.

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Biden Administration Stiffed Nonprofit That Helped with Afghanistan Withdrawal, Virginia Democrats Claim

Tom Pappert
Tim Kaine

The Biden State Department reportedly failed to pay nearly $700,000 to the Northern Virginia Emergency Response System (NVERS), a nonprofit partnership of Virginia governments, hospitals, and other private sector groups, after it was called to support the Biden administration’s relocation of Afghan citizens in the aftermath of the 2021 withdrawal of the United States military from Afghanistan.

A letter addressed to Secretary of State Antony Blinken detailing the unpaid debt was signed by six Democrats representing Virginia in Congress, including Senators Tim Kaine and Mark Warner, as well as Representatives Jennifer Wexton (VA-10), Don Beyer (VA-08), Abigail Spanberger (VA-07), and Gerry Connolly (VA-11).

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Smaller Banks’ Earnings Limp as High Interest Rates, Sector Turmoil Send Customers Fleeing to Megabanks

Virginia Star Staff
Bank Teller

Many smaller banks posted dismal fourth quarter earnings as depositors continue to flee to booming megabanks that have been unfazed by interest rate hikes and a crisis that shook the sector early last year, according to The Wall Street Journal.

Net income was down substantially at many small and regional banks in the fourth quarter, including KeyCorp, Citizens Financial Group, PNC Financial Services Group, Comerica and Zion Bancorporation, falling 90%, 70%, 40%, 90% and 50%, respectively, according to the WSJ. Despite the poor performance at the small and regional level, America’s megabanks — JPMorgan, Bank of America, Wells Fargo and Citigroup — saw their earnings increase 11% during 2023 to over $100 billion.

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Stigma of ‘Dirty Fossil Fuels’ Drives Young People Away from Lucrative Careers in Oil and Gas Work

Just the News
Petroleum Engineers

Petroleum engineering is the highest paying bachelor’s degree in the United States, according to a report by Payscale, but despite an average annual salary of $97,500, oil companies struggle to fill positions.

The industry faces a number of challenges. Employees often face cyclical layoffs whenever commodity prices collapse, and that makes the jobs appear unstable. Young people today are also concerned about working in an industry they’re taught is destroying the planet.

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United Airlines CEO Says They Are Making Plans Without Boeing After Manufacturing Issues

Virginia Star Staff
United Boeing

United Airlines CEO Scott Kirby said Tuesday that the company is making a plan to move forward without Boeing after the manufacturing company grounded its MAX 9 planes, according to CNBC.

Boeing has suffered a series of problems in the last several weeks after multiple planes had major mechanical and structural errors, forcing the company to ground all Max 9 aircraft with door plugs. Kirby told CNBC that the decision to ground the aircraft was the “straw that broke the camel’s back” for United.

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As Local Opposition to Wind and Solar Projects Grows, Some States Seek to Override Local Decisions

Just the News

Legislatures in 23 states and the District of Columbia have passed some form of a carbon-free electricity goal, but many of these measures do not address the ancillary costs of making it happen.

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Health Insurance Premiums Cutting into Employees’ Wages

Virginia Star Staff
Doctor and Patient

A new study reveals that rising health insurance premiums have been dramatically cutting into the pay that employees should be earning.

As Axios reports, the findings by the Journal of the American Medical Association (JAMA) Network Open determined that families with workplace health insurance may have lost as much as $125,000 in earnings over the last 30 years. This trend is especially impacting low-income employees.

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Commentary: The Reason Some Diamond Brands So Expensive

Virginia Star Staff
Diamond Ring

One of my first full-time jobs outside of college was working in the jewelry industry at Harry Winston in Manhattan. The experience I gained as a sales assistant, working at the historical house of Winston, expanded my understanding of the power of a brand.

The amount of money customers would spend on a Harry Winston diamond, while scoffing at what was down the street at Tiffany’s, seemed absurd. I was on a yearly salary of $35k, and people were dropping more than that amount on a tennis bracelet with less than 30 minutes of deliberation.

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Home Sales in 2023 Were the Lowest in 28 Years as Affordability Crisis Plagued Americans

Virginia Star Staff
Home Owners

Sales for existing homes, which make up a majority of the housing market, slumped to the lowest level since 1995 as rising prices and sky-rocketing mortgage rates increased unaffordability, according to the National Association of Realtors (NAR).

Existing home sales sank 1.0% in December compared to the previous month, falling 6.2% annually, with 4.09 million homes being sold for the year, according to a report from the NAR. The slump in sales follows a year of rising prices due to inflation, constrained supply and sky-high mortgage rates, which at one point neared 8%, suppressing demand and Americans’ ability to buy in the housing market.

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Cloud Hangs over Commercial Real Estate as Trillions in Debt Set to Come Due

Virginia Star Staff
Commercial Real Estate

Commercial real estate is facing a mountain of debt that many borrowers could have trouble refinancing due to a rapid hike in interest rates and record vacancies, according to The Wall Street Journal.

Around $2.81 trillion in commercial real estate loans are set to expire through 2028, meaning borrowers would either have to pay the amount outright or refinance the debt with higher interest rates, according to data from market research group Trepp. Payments on commercial mortgages are typically only for interest while the loan is active, and when the loan reaches its expiration date, borrowers often refinance at current rates, but doing so would increase payments drastically in a time when commercial developers and property owners are strapped for cash, according to the WSJ.

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Poll Finds Americans Worried About National Debt

The Center Square
Congress Spending

Americans are worried about the national debt, according to the results of a new poll.

Americans have the national debt crisis as one of their top concerns along with war, inflation and crime. Those polled think the overspending has a direct impact on their personal security and also has an impact on the security of the United States, according to a recent study commissioned by Main Street Economics, a nonprofit group designed to educate Americans on the nation’s debt crisis.

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Ford Slashes Production of EV Truck Biden Drove to Promote Green Agenda

Virginia Star Staff
EV Ford

Ford is cutting back production of its F-150 Lightning electric vehicle (EV), a model that President Joe Biden took for a test drive to market his administration’s EV agenda.

Ford made the official announcement that it will be reducing its F-150 Lightning output in 2024 amid slower-than-projected growth in EV demand. Biden test drove a F-150 Lightning in Michigan in May 2021 to promote his administration’s EV agenda, which aims for EVs to make up 50% of all new auto sales by 2030.

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Commentary: New Biden Labor Dept. Rule Likely to Hurt Millions of Small Businesses, Independent Contractors

Virginia Star Staff
Remote Worker

Some 99% of American companies are small businesses, and 100% of businesses started out small, but a recently finalized rule from the Biden administration’s Labor Department will make it harder for small businesses to start, grow and succeed.

As of last May 1, a White House news release pointed out, “Young firms, which often start small with few employees, are a driving force in job creation.” That’s been particularly true since the COVID-19 pandemic, as small businesses with fewer than 50 employees have accounted for a growing share of new jobs.

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Big Pharma Raises Hundreds of Drug Prices Despite Biden Admin Efforts to Keep Costs Down

Virginia Star Staff
Pharmacist

Top pharmaceutical companies raised the list price on 775 brand-name drugs in just the first half of January, even as President Joe Biden aims to keep prices low, according to The Wall Street Journal.

The median price hike of the drugs was around 4.5%, with some rising by 10% or more, despite an inflation rate of 3.4% year-over-year in December, according to data from 46brooklyn Research acquired by the WSJ. The price hikes are in contrast to the president’s efforts to tame rising drug prices, taking actions such as imposing automatic rebates to Medicare for drugmakers that raise their prices faster than the price of inflation, which first went into effect in December, affecting 48 drugs covered under Medicare Part B.

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YoungkinWatch: Governor Says 2023 Revenues Met Expectations After Forecasting Recession in New Budget

Tom Pappert
Glenn Youngkin

Governor Glenn Youngkin said in a Monday statement that Virginia revenues met his office’s expectation during the first half of the 2023 fiscal year. The governor’s confirmation comes as he seeks to pass his new budget, which forecasts a “mild recession” in the next two years.

Youngkin’s office confirmed in its press release that “general fund revenues for December 2023 remain in line with updated revisions to the official revenue forecast,” and state revenues grew by 0.2 percent and 7.1 percent over the course of the year.

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New York Manufacturing Sees Biggest Plunge Since Pandemic Lockdowns

Virginia Star Staff
Blue Collar

The index for New York state’s general business conditions fell by 29 points to -43.7 for January, with a negative number indicating a contraction, declining to the lowest point since May 2020 when the state was struggling with the COVID-19 pandemic, according to a new survey from the Federal Reserve of New York.

Accompanying the decline and contraction in general business conditions, shipments fell 25 index points, the number of unfilled orders remained high at -24.2 index points and the amount of inventory held shrank to -7.4 index points, according to the Empire State Manufacturing Survey conducted between Jan. 3 and 10. Despite poor current conditions, optimism about future activity levels by businesses increased, with the index rising 7 points but still remaining relatively low at 18.8 points, indicating that businesses expect an economic expansion in the coming months.

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Analysis Ties Surge in Inflation to Increased Spending, Value of Debt

Virginia Star Staff

The U.S. government and those of other countries could be using higher inflation to lessen the value of growing public debt resulting from increased spending during the COVID-19 pandemic, according to a new analysis by a Harvard economist working with The Heritage Foundation. 

The study covers government spending from 2020 through 2022, the high point of the pandemic, and looked at the U.S. and 20 other economies in the Organization for Economic Cooperation and Development, or OECD. 

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Commentary: Established Brands Often Struggle with Marketing

Virginia Star Staff
Pepsi Challenge

Unlike startups that are expected to take risks, get messy, and challenge the status quo, larger established firms inherit what could be considered golden handcuffs, given that success can make change a challenge. Indeed, care must be taken not to rock the boat for stockholders or tarnish the brand equity that has been established among a loyal customer base.

Much like the construction of a home, once a company is built, updates and improvements are only given consideration if changes will strengthen the existing model and its equity. The location, foundation, and general structure, however, are rarely tampered with by proud homeowners. And although additions can occur, it will cost not only materials but also permit approvals, and design changes may generate remorse for earlier sunk costs.

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Biggest Bank in U.S. Records Most Profitable Year Ever Despite Sector Crisis

Virginia Star Staff

Top U.S. bank JP Morgan Chase on Friday reported $49.6 billion in profits for 2023, a record for the bank, despite a sector crisis that shut down multiple smaller institutions.

Profits for the year were up for the bank despite net income bringing in only $9.3 billion in the fourth quarter, falling 15%, while the company brought in $39.9 billion in net revenue, up 12% for the quarter, according to JP Morgan’s fourth quarter earnings report. JP Morgan’s record profits come after a year of crisis for the sector, starting with a bank run in March at Silicon Valley Bank (SVB), which then spread to First Republic Bank and Signature Bank, prompting the Federal Deposit Insurance Corporation (FDIC) to step in and seize the banks, ultimately selling First Republic’s assets to JP Morgan.

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BlackRock to Make Massive Infrastructure Move to ‘Decarbonize the World’ and Reap Government Subsidies

Virginia Star Staff

BlackRock on Friday reached an agreement to acquire Global Infrastructure Partners for $12.5 billion, a move aimed at advancing the investment giant’s climate objectives and capitalizing on government subsidies, according to statements and reports.

BlackRock is the world’s largest asset manager and is a proponent of environmental, social and corporate governance (ESG) investing. Both companies share a commitment to decarbonization and BlackRock sees the deal’s timing as opportune, as governments have offered businesses rare financial incentives to build infrastructure, including for green energy projects, according to a press release.

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Part-Time Jobs Are Booming Under Biden as Americans Look to Make Ends Meet

Virginia Star Staff
Uber Driver

More Americans are having to take part-time jobs as consumers struggle with economic factors like high inflation, while full-time employment has sunk in tandem, according to data from the Bureau of Labor Statistics (BLS).

Around 133,196,000 workers were employed with full-time jobs in the U.S. in December, which was down from 134,727,000 in November — a drop of more than 1.5 million, according to the BLS. During that same time frame, the number of Americans employed in part-time positions rose by 762,000, while the number of people with multiple jobs increased by 222,000.

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Inflation Rose More than Expected in Latest Data

The Center Square
Grocery Shopping

Consumer costs increased at an elevated level again in December, according to newly released federal economic data, raising new concerns about spiking inflation.

The U.S. Bureau of Labor Statistics on Thursday released the Consumer Price Index, a key marker of inflation, showing the cost of a range of every day goods and services for Americans rose more than expected.

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U.S. Firms Worked Covertly with Chinese Experts to Brainstorm AI Policy: Report

Virginia Star Staff

Leading American artificial intelligence (AI) companies have been secretly discussing how to regulate the advanced technology with Chinese experts, The Financial Times reported on Thursday.

U.S. companies OpenAI and Anthropic have partaken in these covert diplomatic discussions centering around addressing concerns regarding the risks of the technology, including so-called misinformation and social cohesion threats, the FT reported. Two meetings transpired in Geneva during July and October of 2023, bringing together scientists and policy experts from U.S. and Canadian AI organizations with counterparts from CCP-backed Tsinghua University as well as other state-supported establishments.

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New Report Shows Virginia Hospitals Provide $3.3 Billion in Community Support, Generate over $64 Billion in Economic Activity

Tom Pappert

Virginia hospitals and health systems provided $3.3 billion in community support for the Commonwealth in 2022, according to a new report by the Virginia Hospital & Healthcare Association (VHHA) published on Wednesday. The report also revealed Virginia’s healthcare industry generated more than $64 billion in positive economic activity over the same period.

VHHA determined the dollar amount in community support by “reflecting the cost of uncompensated care, community wellness investment, taxes, and donations.”

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Banks Are Making Easy Money Off Crisis Government Program Designed to Bail Them Out

Virginia Star Staff
Federal Reserve

Banks are leveraging current interest rate projections to make a profit off of a program created last year designed to give access to funds for the sector amid a banking crisis, according to The Wall Street Journal.

The Federal Reserve created the bank term funding program in the midst of a banking crisis started by a bank run at Silicon Valley Bank (SVB) in March due to fears that SVB’s collapse would spread to the rest of the industry, according to the WSJ. Struggling banks can take depreciated bonds at face value and exchange those with the Fed for one-year loans in an effort to bolster liquidity, but since the loans are tied to future interest rate expectations and interest rates are increasingly expected to drop in the near future, banks can turn a profit on the difference.

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Biden Admin Releases New Labor Rule Cracking Down on Independent Contractors

Virginia Star Staff
Remote Worker

The Department of Labor announced Tuesday the final version of a rule that will force companies to recognize some workers as employees instead of independent contractors.

The new rule goes into effect on March 11 and rescinds a previous rule establishing independent contractors as a separate class of workers under the Fair Labor Standards Act that was put in place in January 2021 under the Trump administration, according to the DOL release. The rule could raise labor costs by up to 30% for employers who utilize independent contractors, such as app-based services like Uber or Lyft, which offer a freelancing model, as employers would have to adhere to minimum wage and overtime laws, according to Reuters.

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Richmond Mayor Levar Stoney Asks Virginia General Assembly to Approve $100 Million for Sewer Upgrades

Tom Pappert

Richmond Mayor Levar Stoney reportedly wants the Virginia General Assembly to approve $100 million for the city’s sewer upgrades, plus additional revenue for new speeding cameras, and warned Virginians could see their utility rates “skyrocket” without additional state funding.

“We’re asking for more because we know if we are unable to find the needed amount, a lot of this burden will fall on the ratepayers,” Stoney claimed, according to 12 On Your Side. The outlet reported that Stoney warned “utility bills could skyrocket” without additional funding approved by Virginia lawmakers and Governor Glenn Youngkin (R).

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Almost a Quarter of All Jobs Added in 2023 Didn’t Actually Exist

Virginia Star Staff
man in yellow hardhat and work jacket

The original number of jobs reported by the federal government in 2023 was revised down by a total of 749,000 jobs, meaning nearly one-fourth of jobs thought to be created in the year were not actually there, according to data from the Bureau of Labor Statistics (BLS) analyzed by the Daily Caller News Foundation.

The sum of the initial estimate from each of the government’s monthly job growth reports in 2023 totaled 3,140,000 new jobs, with later reports revising down the number of jobs added by a collective 443,000, according to the BLS. The BLS also announced in August a revision in total employment for March, subtracting another 306,000 jobs.

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Businesses Are Getting Crushed ‘Beneath the Surface’ of Economy, New Figures Show

Virginia Star Staff

In recent years, mid-sized companies between $100 million and $750 million in yearly revenue have been increasingly struggling compared to large businesses, taking the brunt of poor economic conditions and high interest rates, according to asset manager Marblegate.

From 2019 to the end of 2022, mid-sized companies had a 24 percent drop in earnings before interest, taxes, depreciation and amortization (EBITDA) compared to public companies, which had their earnings rise 18 percent, according to a study by Marblegate acquired by Axios. The discrepancy between large and midsized companies is in part due to the increased cost of credit for smaller businesses, which are more affected by the Federal Reserve’s interest rate hikes, with the federal funds rate currently being placed in a range of 5.25 percent and 5.50 percent, the highest point in 22 years.

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Commentary: An Economic Bill of Rights for the 21st Century

Virginia Star Staff
Manual Labor

Beginning April 1, the minimum wage for employees working in California’s fast food chains and health care industries will rise to $20 per hour and, in some cases, up to $23 per hour. Many employers managing independent restaurants, retail, and other industries will have to match the higher hourly rate to retain employees. And for hourly employees whose wages are indexed to the minimum wage, mostly in California’s unionized public sector, wages will rise proportionately.

There is no national consensus on the impact of minimum-wage laws. It is part of a much larger debate over what constitutes an optimal economic environment to enable, quoting from Franklin Delano Roosevelt, “economic security and independence.”

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House Freedom Caucus Calls Speaker Johnson’s Proposed Spending Deal with Schumer ‘Total Failure’

Just the News

The conservative House Freedom Caucus slammed House Speaker Mike Johnson’s proposed top-line spending deal with Senate Democrats as a “total failure,” arguing the potential agreement costs about $68 billion more than the Louisiana Republican said it would.

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Government Employees Number More than 23 Million for the First Time

Virginia Star Staff
Government Workers

Government employees in the United States topped 23 million for the first time in December, according to the employment numbers released today by the Bureau of Labor Statistics.

In November, according to BLS, there were 22,951,000 people employed by the local, state and federal governments in the United States. In December, there were 23,003,000.

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Blue States Saw Highest Homeless Rates in 2023

Virginia Star Staff
Homeless Person

Blue states and the District of Columbia dominated the top spots for homeless residents per capita, according to a December report from the Department of Housing and Urban Development (HUD).

New York and Vermont came in second and third with an estimated 103,200, or 52.4 for every 10,000, and roughly 3,295, or 50.9 per 10,000, respectively, according to rates calculated by Axios from the report. Washington, D.C., had a higher rate of homelessness than all 50 states at 73.3 per 10,000 residents, or an estimated 4,922 people.

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Bill Gates’ Foundation Poured Millions into Chinese Government Organizations in 2022

Virginia Star Staff

The Bill and Melinda Gates Foundation paid out or approved for future payment roughly $23 million in grants to Chinese government organizations during its 2022 reporting period, tax documents show.

The nonprofit listed grants to over 20 different Chinese entities, including Chinese government agencies, labeled as “foreign government” on its 2022 tax forms. The majority of the grants were for projects related to public health research and analysis, including several projects involving diseases and vaccine delivery.

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Democrats Support Efforts to Unionize More Auto Plants as EVs Are Projected to Cause Job Losses

Just the News

Democrats are supporting the United Auto Workers (UAW) labor union’s efforts to unionize more auto plants as electric vehicles are projected to result in job loss across the industry within the next 10 years.

Democrats in Congress passed the Inflation Reduction Act of 2022, which included tax incentives for the purchase of certain electric vehicles as well as funding to expand the EV charging network in the U.S.

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YoungkinWatch: Lawmakers Reportedly Receptive to Plan for Move of Wizards, Capitals to Virginia

Tom Pappert
Hockey Team

A number of Republican and Democratic lawmakers in Virginia have expressed support for the effort by Governor Glenn Youngkin and Alexandria Mayor Justin Wilson to bring the NBA’s Washington Wizards and NHL’s Washington Capitals to Virginia, though one high profile senator has ruled out the possibility without significant action.

The plan to relocate the professional sports teams was announced on December 15, 2023, when Youngkin said it would require $1.35 billion in public dollars, making it the “largest-ever public subsidy for a project of its kind,” according to The Washington Post.

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Virginia Economy Grew in 2023, but Failed to Match Growth of Neighboring States, Saw More Residents Leave

Tom Pappert
Woman Working

Old Dominion University released its annual State of the Commonwealth Report on December 18, 2023. While the authors found Virginia’s economy improved in 2023, they also found that people continued to leave the commonwealth, the economy grew slower than in neighboring states, and the economic activity was not evenly dispersed.

Economic “good news” offered by the report includes a “record number of Virginians” who were “at work or looking for work,” with workforce “participation increased above pre-pandemic levels.” Virginia’s hotel industry also saw growth, with revenues surpassing those of 2019.

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CCP-Tied EV Manufacturer Dethrones Tesla as Global Industry Leader

Virginia Star Staff
BYD

A Chinese Communist Party (CCP)-tied electric vehicle maker dethroned Tesla as the worldwide industry leader in the last quarter of 2023, according to stock exchange filings.

BYD and Tesla both posted record sales for battery electric vehicles in the final quarter, according to the filings. BYD sold 526,409 vehicles in the quarter while Tesla sold 484,507, with the Chinese company achieving its highest-ever car sales in 2023, according to The Wall Street Journal.

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Sporting Associations Start to Crack Down on Men In Women’s Sports

Virginia Star Staff

Sporting associations have tightened rules regarding transgender athletes competing in women’s sports in 2023, drawing complaints from LGBT activists.

The issue of men competing in women’s sports has received considerable scrutiny amid instances such as Laurel Hubbard, a biological male, competing against women in the weightlifting events during the 2020 Olympics in Tokyo, as well as University of Pennsylvania swimmer Lia Thomas’s participation in the 2022 NCAA championships, where the biological male won the 500-yard women’s final and placed highly in other events. The international governing bodies for cricket, fishing and track and field barred biological males from competing in women’s events in 2023, following a similar decision by the international governing body for competitive swimming in 2022.

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YoungkinWatch: Governor Announces $18 Million in Federal Grants for Infrastructure, Housing in 16 Virginia Communities

Tom Pappert

Governor Glenn Youngkin announced on Friday the distribution of more than $18 million in federal grants to 16 Virginia communities to improve existing housing and improve infrastructure. Youngkin claimed his distribution will help Virginians manage the increasing cost of living.

In a press release, the governor’s office said the distribution of Community Development Block Grants (CDBGs) “will support projects that rehabilitate housing, revitalize downtown districts, improve water and sewer infrastructure and provide dental facilities for needed services, benefiting more than 2,800 low- and moderate-income Virginians.”

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Biden Energy Efficiency Crackdown Leaves No Appliance in American Home Untouched

Just the News

New York City’s effort in the 1990s to regulate toilets and shower heads to cut down water usage ignited consumer outrage, even inspiring a 1996 Seinfeld television episode in which the character Kramer was so fed up with his apartment’s low-flow shower head that he purchased a high-flow head on the black market.

Three decades later, the Biden administration is leaving few appliances in the home untouched in its quest to regulate the amount of water and energy Americans use for their household chores.

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U.S. Public Pensions Invest over $68 Billion in China

Virginia Star Staff
NYSE Money

American public pension funds have invested tens of billions into Chinese companies over the last three years, according to a new study.

As reported by Axios, the study from the trade advocacy group Future Union shows that a total of $68 billion has been invested in various private Chinese entities in the last three years as of June 30th. There has been at least one public pension fund with investments in China in 42 different states.

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