Commentary: New Harvard Data (Accidentally) Reveal How Lockdowns Crushed the Working Class While Leaving Elites Unscathed

"Closed until further notice" sign

Founding father and the second president of the United States John Adams once said that “Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.” What he meant was that objective, raw numbers don’t lie—and this remains true hundreds of years later.

We just got yet another example. A new data analysis from Harvard University, Brown University, and the Bill and Melinda Gates Foundation calculates how different employment levels have been impacted during the pandemic to date. The findings reveal that government lockdown orders devastated workers at the bottom of the financial food chain but left the upper-tier actually better off.

The analysis examined employment levels in January 2020, before the coronavirus spread widely and before lockdown orders and other restrictions on the economy were implemented. It compared them to employment figures from March 31, 2021.

Read More

After Skyrocketing to Record Highs, Lumber Prices Fall Back to Earth

Close up of wood after being cut down - lumber yard

Lumber prices have begun to drop following record highs, with futures closing Monday at their lowest price in over two months.

Lumber futures reached their highest-ever price in early May according to Nasdaq, trading at $1,711.20 per thousand board feet. Futures closed Monday at $966.20 per thousand board feet, still well above pre-pandemic levels which hovered around $400.

Prices skyrocketed due to a variety of factors, including supply chain disruption due to COVID-19 restrictions, labor shortages, and higher demand due to the surge in the housing market, according to a report by Wells Fargo economists. The report noted that while prices were unlikely to return to pre-pandemic levels, restarting domestic lumber production and restoring domestic supply chains would stabilize the market.

Read More

Commentary: Minimum Wage Hikes Led to Lower Worker Compensation, New Research Shows

Opponents of minimum wage laws tend to focus their criticism on one particular adverse consequence: by artificially raising the price of labor, they reduce employment, particularly for the most vulnerable in society.

“Minimum wage laws tragically generate unemployment, especially so among the poorest and least skilled or educated workers,” economist Murray Rothbard wrote in 1978. “Because a minimum wage, of course, does not guarantee any worker’s employment; it only prohibits, by force of law, anyone from being hired at the wage which would pay his employer to hire him.

Though some economists, such as Paul Krugman, reject Rothbard’s claim, a recent study found the overwhelming body of academic research supports the idea that minimum wage laws increase unemployment.

Read More

Commentary: China’s Three-Child Policy Shows Xi Jinping Is Terrified

Xi Jinping

The Chinese government has carried out a massive population control campaign since the 1970s with the hope that it would generate economic prosperity. The government unremorsefully forced women to receive abortions, pressured or forced millions of women to be sterilized, and punished families with multiple children with debilitating fines. More than 300 million children were aborted under China’s one-child policy. 

Last week, the Chinese government ended the two-child policy, which had been in effect since 2016, and instead enacted a three-child policy. The new policy is essentially an admission that the Chinese Communist Party’s heinous population control policies will not give it the riches it had hoped for. Instead, the population control program will deliver a demographic disaster, which will ravage the country’s economy for generations. 

Many economists recognize that population control never improved China’s economy — that was the result of increased freedom in the marketplace and foreign investment. And the Malthusian crisis the government was so desperately trying to avoid with population control was an entirely false specter. 

Read More

Commentary: Massive Government Spending Has Caused High Inflation Levels and a Weakening U.S. Dollar

$100 bills in rubber bands

Inflation is up 4.92 percent the past 12 months as of May, the most since July 2008’s 5.5 percent, according to data compiled by the Bureau of Labor Statistics, amid a torrent of trillions of dollars of government spending, Federal Reserve money printing and a weakening dollar combined with the continued economic rebound led by reopening businesses from the 2020 Covid lockdowns.

The past three months alone, inflation has grown at an accelerated rate of 2 percent combined. If that trend were to hold up for the rest of the year, inflation would come closer to 8 percent.

In the month of May, price jumps in fuel oil at 2.1 percent and piped gas service at 1.7 percent offset a 0.7 percent drop in gasoline prices. In addition, new car prices grew 1.6 percent. Used cars and trucks grew at 7.3 percent again after a 10 percent jump in April. Apparel jumped 1.2 percent. And transportation services grew 1.5 percent after a 2.9 percent jump in April.

Read More

Yellen Admits Inflation Is About to Surge But Says It Will Be ‘Plus For Society’s Point of View’

Janet Yellen

Increased inflation could ultimately be a net positive for the U.S. economy and large government spending won’t overheat the economy, Treasury Secretary Janet Yellen told Bloomberg.

Treasury Secretary Janet Yellen, who previously chaired the Federal Reserve, said the central bank has been more concerned about inflation levels that are too low, according to Bloomberg. Increasing consumer prices could signal a return to normal, she said.

“We’ve been fighting inflation that’s too low and interest rates that are too low now for a decade,” Yellen told Bloomberg in an interview Sunday.

Read More

Economy Added 559,000 Jobs in May, Below Expectations for Second Straight Month

Walmart Hiring Sign

The U.S. economy reported an increase of 559,000 jobs in May and the unemployment rate declined to 5.8%, according to Department of Labor data released Friday.

Total non-farm payroll employment increased by 559,000 in May, according to the Bureau of Labor Statistics (BLS) report, and the number of unemployed persons dropped to 9.3 million. Economists projected 671,000 Americans would be added to payrolls prior to Friday’s report, according to The Wall Street Journal.

“We think it will take several months for frictions in the labor market to work themselves out,” Barclays chief U.S. economist Michael Gapen told the WSJ. “That just means we shouldn’t be expecting one to two million jobs every month. Instead, it will be a more gradual process.”

Read More

More Americans Lack Confidence in U.S. Economy

Joe Biden on the phone

As economic figures cast doubt on a post-COVID economic boom, the latest polling data show Americans lack confidence in the economy under President Joe Biden.

New polling data released by Gallup Monday shows Americans are not confident in the economy and are largely unhappy with the nation’s current trajectory.

The poll found only 36% of Americans are “satisfied with the way things are going.” Specifically on the economy, Americans also are pessimistic.

Read More

Former President Trump Releases Statement on Primary Poll, Biden, and Future Social Media Platform

President Donald Trump released a statement on Monday that underscored his popularity, President Biden’s bad ratings, and his future social media platform. 

The statement comes in response to President Biden’s concerning policy decisions and multiple inaccurate media reports on Trump’s actions.

Read More

Senate Republicans Expand Investigation into ‘Woke Mission Creep’ of Federal Reserve

Federal Reserve

Senate Banking Committee Republicans have expanded an investigation into regional Federal Reserve banks over their alleged “woke mission creep.”

Republicans on the Senate Banking Committee sent letters to regional Federal Reserve banks in Minneapolis, Boston and Atlanta demanding a briefing with leaders and documents related to a recent “Racism and the Economy” initiative, GOP staffers said during a press briefing Monday morning. Engaging in political advocacy is out of the Fed’s purview, the letters said.

“Of course, racism is abhorrent and has no place in our society…. I recognize the interest in studying economic disparities along demographic lines, such as race and gender,” Banking Committee Ranking Member Pat Toomey wrote in the letters sent Sunday.

Read More

Jobless Claims Hit Fresh Pandemic Low as Americans Return to Work

Photo “Unemployment Insurance Claims Office” by Bytemarks. CC BY 2.0.

The number of Americans filing new unemployment claims dropped to 444,000 last week as the economy continues to slowly recover from the coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics figure released Thursday represented a decrease in the number of new jobless claims compared to the week ending May 8, when 478,000 new jobless claims were reported. That number was revised up from the 473,000 jobless claims initially reported last week.

Read More

Commentary: After Wrecking The Economy, Northam Finally Lifts (Most) COVID Restrictions

One thing proved certain.

When the nation’s only doctor cum governor was thrust into greatness, Northam had a chance to be a physician.

Instead, Northam was every bit the live-birth abortionist he advertised being long before his blackface scandal.

Read More

Commentary: The U.S. Economy and Its Lack of Sustainability

American flag with $100 bills and stethescope

Is the economy booming or is it riding a wave of paper money with no real underlying sustainability? That is the question which policy makers in Washington, DC should be considering.

The truth is no one actually knows, but that is exactly why this discussion must be had.

Since the China virus was inflicted upon the world, it is indisputable that the federal government has authorized $5 Trillion between the Trump spending of $3.1 Trillion to meet the crisis and Biden’s recently passed additional $1.9 trillion so he could sign checks to people too. This is on top of the $1 Trillion in planned deficits during the 2020 fiscal year.

Read More

Jobless Claims Fall to 498,000, Hit New Pandemic Low Once Again

The number of Americans filing new unemployment claims dropped sharply to 498,000 last week as the economy continues to recover from the coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics figure released Thursday represented a large decrease in the number of new jobless claims compared to the week ending April 24, when 590,000 new jobless claims were reported. That number was revised up from the 553,000 jobless claims initially reported last week.

Read More

Jobless Claims Drop to 576,000, Lowest Level Since March 2020

Unemployment sign

The number of Americans filing new unemployment claims dropped to 576,000 last week as the economy continues to recover from the coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics figure released Thursday represented a large decrease in the number of new jobless claims compared to the week ending April 3, when 769,000 new jobless claims were reported. That number was revised up from the 744,000 jobless claims initially reported last week.

Read More

Jobless Claims Increase to 719,000 as Recovery Continues

Unemployment sign

The number of Americans filing new unemployment claims increased to 719,000 last week, even as the economy continues to slowly recover from the coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics figure released Thursday represented an increase in the number of new jobless claims compared to the week ending March 20, when 658,000 new jobless claims were reported. That number was revised down from the 684,000 jobless claims initially reported last week.

Roughly 18.2 million Americans continue to collect unemployment benefits, according to the report.

Read More

New Jobless Claims Drop Slightly to 712,000

The number of Americans filing new unemployment claims decreased slightly to 712,000 last week as the economy continued to suffer the effects of the ongoing coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics figure released Thursday represented a decrease in the number of new jobless claims compared to the week ending Feb. 27, in which there were 754,000 new jobless claims reported. That number was revised up from the 745,000 jobless claims initially reported last week.

Read More

Commentary: Will Biden Kill the Trump Economic Recovery?

The U.S. economy is poised to continue a massive recovery that began after labor markets bottomed in April with 25 million jobs lost during Covid, with 16 million of the having been recovered since then — provided that President-elect Joe Biden does not kill the rest of the recovery that began on President Donald Trump’s watch.

Really, all Biden needs to do right now is almost nothing, and allow the U.S. economy to fully reopen once the Covid vaccine has been fully administered and the number of daily new cases approaches zero.

Read More

US Economy Lost 140,000 Jobs in December, Economists Expected a Modest Gain

The U.S. economy reported a decrease of 140,000 jobs in December while unemployment stayed unchanged at 6.7%, according to Department of Labor data released Friday.

Total non-farm payroll employment declined by 140,000 in November, according to the Bureau of Labor Statistics report, and the number of unemployed persons stayed stagnant at 10.7 million. The number marked the first time since April, the U.S. reported negative job growth.

Read More

Treasury Sending Out $600 Stimulus Checks This Week

A second round of stimulus checks, this time in the amount of $600, is being sent out this week, the U.S. Treasury Department said Wednesday.

Referred to as economic impact payments, the $600 check individuals will receive is part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, a bill President Donald Trump signed Sunday.

Read More

Commentary: Trump Economy Grows Record 33.1 Percent in Third Quarter Amid Rapid Recovery

The U.S. economy blew the barn doors off all other past recoveries with a record, inflation-adjusted 33.1 percent gain in the Gross Domestic Product (GDP) — more than any other quarter in economic history — in the last major economic report before the election in November.

That is great news for the American people, and it certainly bodes well for President Donald Trump in his bid for reelection against former Vice President Joe Biden as the race for 2020 comes down to the wire. It comes as more than 14 million jobs have been recovered since labor markets bottomed in April amid the Covid state-led lockdowns, according to the Bureau of Labor Statistics.

Read More

Recovery Continues, Economy Should be Back to Peak in Fourth Quarter

The rapid recovery from the lockdown continues. Economic reports from September indicate the economy has rebounded to 97 percent of its peak reached this past February. The surge in new orders for both manufacturing and service companies points to further gains in the months ahead.

These gains should bring the economy’s output and spending (GDP) back to its prior peak during the fourth quarter of the year.

Read More

661,000 Jobs Added in September, Less Than Expected

The U.S. economy added 661,000 jobs in September, while unemployment fell to 7.9%, according to Department of Labor data released Friday.

Total non-farm payroll employment rose by 661,000 in September, according to the Bureau of Labor Statistics report, and the number of unemployed persons fell by 1 million to 12.6 million.

Read More

Steve Cortes Discusses Positive Virus Trends, the Economy, and How Trump Can Win Big in November

Wednesday morning on The John Fredericks Show, host John Fredericks welcomed Senior Advisor to Trump-Pence 2020 who discussed positive coronavirus news and how the economy responds to that as well as Trump flipping states that he previously did not in 2016.

Read More

Census Data Boosts Trump, Showing Record Income Gains and Historic Low Poverty

As he heads into the final stretch of the election, President Trump is getting a boost from new census data showing historic, broad-based economic gains for U.S. households in 2019.

The U.S. Census Bureau on Monday released data showing median household income surging to a record high of more than $68,700 last year. The increase of 6.8% in household income was the largest one-year increase on record.

Read More

Commentary: Another One Million Leave Unemployment in a Week as Trump’s Predicted Rapid Recovery Continues

Another 1 million Americans left continued unemployment claims the week of Sept. 5 on an unadjusted basis, the latest data from the Department of Labor shows.

That brings the number collecting unemployment from its 13.8 million Aug. 29 level, and from its 22.8 million May 9 level, down to its current 12.3 million, an overall decrease of 10.5 million from its peak.

Read More

Survey: Families in Four Largest U.S. Cities Facing Significant Financial, Health, Education Setbacks

More than half of the households surveyed in the four largest U.S. cities are facing serious financial problems as a result of their state and city shutdowns, a new five-part polling series conducted by NPR, The Robert Wood Johnson Foundation, and Harvard T.H. Chan School of Public Health, found.

Read More

Commentary: Economic Recovery Continues as 3.7 Million Jobs Added in August

The U.S. economy added another 3.7 million jobs in the month of August, according to the Bureau of Labor Statistics’ household survey of Americans reporting they have jobs, bringing the total up to 13.8 million jobs that have been recovered since labor markets bottomed in April, something almost nobody but President Donald Trump was predicting.

At the worst of the coronavirus recession, as many as 25 million jobs were lost by April, and now more than half of those jobs have been regained, as a V-shaped recovery has clearly formed.

Read More

Steven K. Bannon: The Democrats Are the Party of Death and Destruction

Tuesday morning on the John Fredericks Show, host John Fredericks welcomed Steven K. Bannon to discuss the Democrat’s campaign of death and destruction and the road to victory for Trump.

Read More

White House Adviser Navarro: ‘No Question’ China Wants Biden to Beat Trump

A senior White House adviser said he agreed with an assessment by the U.S. Office of the Director of National Intelligence that China prefers that President Trump lose re-election in November.

“Well, there’s no question that’s true,” Peter Navarro, White House Trade and Manufacturing Policy advisor, told Just the News in an interview. “Donald J. Trump is the toughest – only president -he’s the toughest and only president to stand up to China since Nixon and Kissinger went to China back in the 70s. I mean, every president since then, has allowed in some way, to let the Chinese Communist Party have their way with the United States economy, and also our defense sector.”

Read More

New Durable-Goods Orders Rise Again in June

New orders for durable goods posted a second consecutive month of rebound in June, rising 7.3 percent following a gain of 15.1 percent in May. The two gains followed drops of 18.3 percent in April and 16.7 percent in March. If transportation equipment is excluded, new orders for durable goods increased 3.3 percent in June following a 3.6 percent rise in May. Durable-goods orders had been holding above the $200 billion level since May 2011 before posting sharp declines in March and April (see first chart). New orders for June are back above the $200 billion threshold, totaling $206.9 billion, but are still 21.9 percent below June 2019.

Read More

Commentary: Trump Economy Is Well Ahead of Schedule

The U.S. economy has added a record 7.8 million to 8.8 million jobs back in May and June, according to the Bureau of Labor Statistics’ (BLS) respective establishment and household surveys, bringing the reported unemployment rate down to 11.1 percent even as the number of Americans returning to the civilian labor force following the COVID-19 pandemic shutdowns continues to increase.

This is incredible news because it means for certain that the labor market hit its bottom in April, the same month the IHME-estimated number of new cases daily was peaking at about 250,000 on March 29, down to an estimated 70,000 new cases a day now.

Read More

Armstrong Williams Commentary: It’s Time to Talk About Recession

Is America in a recession? It’s an unpopular question to ask, but it has now been over 3 months since COVID-19 restrictions were initiated and it is time for us to get realistic about where we are economically so that we can take the proper steps to minimize further damage to our economy. At this point, the unfortunate reality is that regardless of what we do, it is likely that it will take at least several years to see a partial recovery of economic loss and the time that it will take for a complete recovery remains unknown at this point. 

Read More

Tech Leads the Way as US Stocks Head for a Third Month of Gains

Stocks closed higher on Wall Street Tuesday, extending the market’s recent winning streak after another strong showing by technology companies.

The S&P 500 rose 0.4% and is on pace for its third straight monthly gain. The Nasdaq composite, which is heavily weighted with technology stocks, climbed to an all-time high for the second day in a row. Bond yields rose, another sign of increasing confidence in the economy.

Read More

Stock Indexes Move Higher on Wall Street After a Shaky Start

Stock indexes are higher on Wall Street in choppy trading Monday as investors weigh the risks that rising coronavirus cases could pose to hopes for an economic recovery.

The S&P 500 rose 0.4% in midday trading after an initial slide of 0.6% following weakness in overseas markets as the global tally of infections approaches 9 million. The price of gold rose, a signs of caution in the market. Bond yields were mixed.

Read More

Stocks Rally Worldwide on Hopes for Coming Economic Recovery

Stocks rose again Tuesday, part of a strong and worldwide rally for markets, after a big rebound in buying at U.S. stores and online raised hopes that the economy can escape its recession relatively quickly.

The S&P 500 climbed 1.9% for its third straight gain, bringing it back within 8% of its record set in February. Gains have built in recent weeks as reports bolster investor expectations that the worst of the downturn may have already passed.

Read More

Wall Street Veers Higher on Fed Plan to Buy Corporate Bonds

Stocks swung solidly higher on Wall Street in afternoon trading Monday after the Federal Reserve said it would begin buying individual corporate bonds, the central bank’s latest move to prop up volatile financial markets through the economic fallout of the coronavirus pandemic.

The S&P 500 was up 1% after being down as much as 2.5% shortly after trading began in New York. The gains followed sharp losses in Asia and more moderate ones in Europe. Worries were on the rise that new waves of coronavirus infections around the world could derail the swift economic recovery that Wall Street had seemed sure just a week ago was on the way.

Read More

Wall Street’s Rally Zooms Higher After Surprise Gain in Jobs

Stocks are rushing higher in morning trading Friday after a much better-than-expected report on the U.S. job market gave Wall Street’s recent rally another shot of adrenaline.

The S&P 500 was up 2.2% after the government said that U.S. employers added 2.5 million workers to their payrolls last month. Economists were expecting them instead to slash another 8 million jobs amid the recession caused by the coronavirus and the shutdowns put in place to stem it.

Read More

Commentary: COVID-19 Proves America Needs Economic Nationalism

by Spencer P. Morrison   Reports of a deadly new virus began trickling out of China in December. The infection spread rapidly. By March 12, the World Health Organization deemed COVID-19 a global pandemic. The next day President Trump declared COVID-19 a “national emergency” that would require the “full power…

Read More

Larry Kudlow Shed Light On What Will Likely Be A Major Priority For Trump In 2019

by Michael Bastach   White House economic adviser Larry Kudlow said President Donald Trump is likely to make building oil and natural gas pipelines a major priority next year to meet the needs of booming U.S. energy production. A focus on pipelines would hit two aspects of Trump’s agenda: energy…

Read More

Commentary: Republicans Learning the Hard Way a Great Economy Ain’t Enough Anymore

by Jeffery Rendall   In the 2016 presidential election’s stretch run Hillary Clinton famously asked during an interview, “Why aren’t I 50 points ahead?” American voters knew the answer and shared it with the former first lady and legacy Democrat presidential candidate on Election Day. Clinton did end up a couple points…

Read More

Trump Proves Tariffs, Threat to Leave NAFTA Were Key Leverage to Negotiating USMCA, Puts Dems in Tight Spot

Trump right to try

by Robert Romano   They said it couldn’t be done. Once again, President Donald Trump is racing circles around his critics and showing that his tariff policy and the threat of leaving NAFTA altogether were most effective inducements to trade concessions, having resulted in the new U.S.-Mexico-Canada Agreement, or the USMCA. The…

Read More

Analysis: President Trump Uses the Power of Tariffs to Correct Unfair Chinese Trade Imbalances

President Donald Trump is levying 10 percent tariffs on $200 billion of Chinese goods shipped to the U.S., rising to 25 percent in Jan. 2019, coming atop a 25 percent tariff on $50 billion of goods from China. Trump has warned if China retaliates, another $267 billion of tariffs will follow. On…

Read More