Last week, Treasury Secretary Janet Yellen blamed the American people for the 40-year high inflation we have been enduring.
Appearing on “The Late Show with Stephen Colbert,” she said that Americans “were in their homes for a year or more, they wanted to buy grills and office furniture, they were working from home, they suddenly started splurging on goods, buying technology.” According to her, this consumer “splurging” caused prices to rise so much.
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As Democrats head into the November midterms with historically low approval ratings, another major factor could arise that will further contribute to the shrinking of their already-slim majorities.
As reported by The Hill, the Affordable Care Act – known colloquially as “Obamacare” – could face a significant increase in premiums due to a lapse in special funding provided by the coronavirus aid bill passed last year. That bill, known as the American Rescue Plan, temporarily increased financial assistance for Americans seeking healthcare through Obamacare; the increase was set to expire just one year after the bill’s passage.
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Last week, President Biden gave a speech listing everyone and everything allegedly responsible for record high inflation. His list included corporate greed and price gouging, Vladimir Putin, and “ultra-MAGA” Republicans. The president said that his policies, and the nearly $7 trillion in spending he authorized, have nothing to do with inflation.
None of this holds up under scrutiny. While President Biden claims that corporations are ripping off Americans, the costs of their supplies have been increasing at a record rate. In reality, many companies that Biden claims are stiffing consumers have actually lost money because they don’t want to alienate their customers by raising prices too quickly.
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Over one year after the United States Congress passed the “American Rescue Plan,” the vast majority of school districts that were awarded relief funds have spent less than ten percent of that money.
According to the Washington Free Beacon, approximately $122 billion of the overall $1.9 trillion bill was designated for school districts that were determined to be in distress and in need of relief funds. But of that $122 billion, only about 7 percent has been spent in total across all the school districts nationwide that received some handouts.
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Minnesota is spending untold millions in COVID-relief funds on controversial education initiatives, like implementing ethnic studies in schools and recruiting teachers on the basis of race.
President Joe Biden’s $1.9 trillion COVID relief package included $122 billion for the Elementary and Secondary School Emergency Relief (ESSER) Fund. Minnesota received a total of $8.5 billion in American Rescue Plan funds, $1.3 billion of which came from ESSER.
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An inspector general’s report reveals that the Internal Revenue Service (IRS) handed out as much as $64 million in stimulus funding to dead people after Joe Biden signed the American Rescue Plan into law.
Just The News reports that the massive oversight was due to a computer error that the IRS was aware of but did not fix at the time. Ultimately, nearly 45,000 total payments were sent to Americans with deceased dependents who died before January 1st, 2021.
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President Joe Biden’s administration plans to provide millions of COVID-19 tests to K-12 schools each month, the White House said in a Wednesday statement.
This month, the Biden administration will start shipping five million rapid COVID-19 tests each month to K-12 schools across the country in an effort to keep schools open amid a spike in COVID-19 cases and the rise of the Omicron coronavirus variant, according to White House officials. The new tests will allow schools to double the “volume of testing” from November 2021.
The administration also plans to expand lab capacity to provide an additional five million tests per month so schools can “perform individual and pooled testing in classrooms nationwide.”
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The state of Iowa on Friday sued the city of Sioux City regarding discharge of wastewater.
In the lawsuit, the state asks the Iowa District Court for Woodbury County to make the city pay up to $5,000 per day of violations of state wastewater treatment regulations (Iowa Code section 455B.186(1), 567 Iowa Admin. Code 64.3(1)) and the city’s National Pollutant Discharge Elimination System permit. It seeks a permanent injunction preventing Sioux City from further violations of these state laws and the treatment permit requirements.
The state said that for periods between March 15, 2012, and June 8, 2015, Sioux City’s treatment facility would only properly disinfect water discharges on days it collected and submitted samples for E. coli contamination to the Iowa Department of Natural Resources, the lawsuit said.
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Gov. Tim Walz announced the allocation of $103 million in federal American Rescue Plan funds on Friday to support Minnesota students, drive workforce development, and shelter vulnerable Minnesotans before winter.
“President Biden’s American Rescue Plan delivers direct relief to Americans by providing resources to beat this pandemic and build a stronger economy for generations to come. That’s exactly what we’re prioritizing here in Minnesota,” Walz said in a statement. “With this funding, we are helping students recover from the challenges of the COVID-19 pandemic, driving workforce development in critical, good-paying fields, and providing safe shelter to the Minnesotans who need it most before our harsh winter months.”
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Low-income tenants across the country are behind on rent payments because of the pandemic, even as billions of dollars appropriated by Congress to assist renters remain untouched.
About $5.2 billion of the $46.6 billion — roughly 11% — set aside for the Emergency Rental Assistance (ERA) program has been distributed to low-income tenants, according to the most recent data released by the Department of the Treasury on Wednesday. House Financial Services Committee Ranking Member Patrick McHenry characterized the Biden administration’s handling of the ERA program as “gross mismanagement.”
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The number of Americans filing new unemployment claims increased to 353,000 last week as the economy continues its recovery from the coronavirus pandemic.
The Bureau of Labor Statistics figure released Thursday presents a slight increase in the number of new jobless claims compared to the week ending Aug. 14, when 349,000 new jobless claims were reported. The Aug. 7 to Aug. 14 figure was revised from the 348,000 jobless claims initially reported last week.
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President Joe Biden repeatedly mischaracterized the job growth that has occurred since he took office, saying it is a product of his administration’s economic agenda, multiple media fact checkers have reported.
While the Biden administration has overseen the economic recovery during a period of large gains in the labor market, the White House hasn’t acknowledged that states reopening and ending pandemic-related business restrictions is likely the main catalyst for such growth. The president has also credited without evidence the $1.9 trillion American Rescue Plan, which he signed into law in March, for driving job growth.
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Throughout the COVID-19 pandemic, the Federal Reserve Bank and Congress have taken unprecedented steps to stabilize the economy after entire industries and sectors ground to a halt last year amidst the public health crisis. The Fed has kept interest rates near zero, created lending programs to pump trillions of dollars into the economy, and bought securities to support financial markets. Congress passed three major COVID-19 stimulus packages in response to the crisis: the $2.2 trillion CARES Act in March 2020, the $900 billion Coronavirus Response and Relief Supplemental Appropriations Act in December 2020, and the $1.9 trillion American Rescue Plan in March 2021.
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President Joe Biden’s administration announced that it would give $3 billion in coronavirus stimulus funds to approved local communities across the country.
The program dubbed “Investing in America’s Communities” amounts to the largest initiative of its kind in decades, according to the Department of Commerce. Local governments and organizations nationwide impacted by the coronavirus pandemic are able to apply to receive the federal funds.
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Thirteen states sued President Joe Biden’s administration over an American Rescue Plan provision prohibiting states from cutting taxes after accepting coronavirus relief funds.
The 13-state coalition argued that the provision included in the Democrats’ $1.9 trillion coronavirus relief package preventing states from cutting taxes if they accept relief from the federal government is unconstitutional. The coalition, led by Republican West Virginia Attorney General Patrick Morrisey, filed the federal lawsuit Wednesday evening in the U.S. District Court for the Northern District of Alabama.
“Never before has the federal government attempted such a complete takeover of state finances,” Morrisey said in a Wednesday statement. “We cannot stand for such overreach.”
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