economics Archives - Page 2 of 4

Developers Pause, Pull Out After St. Paul Passes Rent Control

November 13, 2021November 12, 2021 The Center Square

Earlier this month, St. Paul voters chose 53%-47% to impose a 3% cap on rent increases per year. Despite the rule not activating until May 22, developers already are pausing and pulling out of projects.

The cap is strict: it doesn’t account for inflation, small or large landlords, new or old buildings, “regardless of change of occupancy.” The goal is to obtain stable, affordable housing prices, but there are also wide-reaching unintended consequences.

Pre-election, Mayor Melvin Carter said he supported the initiative.

Analysis: Five Controversial Policies Tucked Inside $1.2 Trillion Infrastructure Bill Passed by Congress

November 10, 2021November 9, 2021 Minnesota Sun Staff

The final $1.2 trillion INVEST in America Act passed the Democrat-led House in a late night vote on Friday. Tucked away inside the infrastructure bill are some controversial policies, including these five:

1. The cryptocurrency tax provision in the Senate version of the bill was the subject of scrutiny from Democrats and Republicans. The language was not amended in the final bill that passed the House. The legislation includes an IRS reporting requirement for brokers of cryptocurrency transactions.

2. Under the “national motor vehicle per-mile user fee pilot” section of the bill, there is a pilot program to create a vehicle miles traveled system for taxing drivers based on their annual vehicle mileage. During his confirmation process, Transportation Secretary Pete Buttigieg floated the idea of taxing motorists based on the number of miles they travel each year as a way to partly fund the legislation. The Biden administration backed off of full-scale development of the controversial proposal, settling instead for a pilot program.

Inflation Increases at Record Rate for Second Month in a Row

November 10, 2021November 9, 2021 Minnesota Sun Staff

The Producer Price Index (PPI), which measures inflation at the wholesale level, rose 8.6% year-over-year as of October, growing at a record rate for a second straight month, the U.S. Bureau of Labor Statistics (BLS) announced Thursday.

BLS reported Thursday that the PPI, which measures inflation before it hits consumers, grew 0.6% in October, in line with Dow Jones estimates, highlighting that inflationary pressure is still strong.

Over 60% of the month-over-month increase in producer prices resulted from a 1.2% spike in the price of goods rather than services, BLS reported. Goods prices rose 1.2% in October compared to a 0.2% increase in the cost of services.

As Fuel Costs Rise Heading into the Winter, Biden May Utilize Strategic Reserves

November 9, 2021November 8, 2021 Minnesota Sun Staff

As the supply chain crisis continues to worsen, Americans can expect to pay higher energy costs in order to maintain heating in the coming winter, says Secretary of Energy Jennifer Granholm.

In an interview with CNN’s Dana Bash on Sunday, Granholm said “this is going to happen…it will be more expensive this year than last year.”

While Granholm claimed that “we are in a slightly beneficial position…relative to Europe,” she nonetheless admitted that the United States has “the same problem in fuels that the supply chains have, which is that the oil and gas companies are not flipping the switch as quickly as the demand requires.”

Two Minnesota Organizations Receive ‘up to $1M’ in Community Navigator Pilot Program Grants

November 8, 2021November 7, 2021 The Center Square

U.S. Small Business Administration members

The Chinese American Chamber of Commerce, MN and the Minnesota State University Mankato’s Strategic Partnerships Center have each received up to $1 million in Community Navigator Pilot Program grant funding from the U.S. Small Business Administration.

The program is an American Rescue Plan initiative intended to increase small businesses’ access to critical support. It distributed $100 million, in total, to 51 organizations across the nation that will partner as hubs for local groups to connect entrepreneurs with government resources, the administration said. The funding was announced late last month.

“The Biden-Harris Administration has prioritized building our small business ecosystems back better so that all of our entrepreneurs have a fair shot at achieving the American dream of business ownership,” SBA Administrator Isabella Casillas Guzman said in the news release. “We need to meet businesses where they are with resources to start, grow and be resilient, and the Community Navigator Pilot Program will power a trusted network of community partners to connect America’s entrepreneurs with the SBA. The program’s Community Navigators will develop strong relationships with deeply trusted community-based organizations that will tap into one-on-one, targeted support from programs designed to help them create jobs and drive innovation.”

The program has a 3-tier approach that provides funding over two years according to geographical level of reach. The Chinese American Chamber of Commerce and the Minnesota State University Mankato’s Strategic Partnerships Center received Tier 3 funding (up to $1 million) to focus on city, countywide and/or rural engagement, while Tier 1 (up to $5 million) recipients are national and Tier 2 (up to $2.5 million) are regional or statewide.

Commentary: Financial Stability Is Key to Being Able to Leave Job for Refusing Vaccine Mandate

November 7, 2021November 6, 2021 Minnesota Sun Staff

Until recently, I was a California teacher working in two charter schools, one as a full-time classroom teacher of Government/Economics and sometimes U.S. History, and the other as a part-time independent study teacher who assists families with a program primarily based around homeschooling. I have taught for about five years and love teaching.

Last week, I was fired from one school and put on unpaid administrative leave at the other because of my refusal either to take and demonstrate proof of the COVID-19 vaccine or test weekly. I even filed a religious exemption stating the following that was rejected:

“As a committed follower of Christ, I religiously and philosophically cannot submit to either a government vaccine mandate or weekly testing.

Commentary: Taking the Infrastructure Bill Hostage Didn’t Work

November 2, 2021November 1, 2021 RealClearWire

Nancy Pelosi, AOC's mother and her all together

Back in August, New York magazine’s Jonathan Chait blessed the strategy of the Congressional Progressive Caucus to withhold their votes for the Senate’s bipartisan physical infrastructure plan until that bill was effectively linked to a bigger, broader, and surely partisan, measure investing in a range of items from climate protection to universal preschool. He argued that “ransoming the infrastructure bill” would turn the tables on the party’s moderates:

Historically, most partisan bills are shaped by the preferences of the members of Congress closest to the middle, and their colleagues on the political extreme simply have to go along with it. … This time, the left has real power. Progressives can credibly threaten to sink a priority that moderates care about more than they do.

Twice in the past two months, most recently last Thursday, the House progressives successfully executed this strategy, blocking attempts by Speaker Nancy Pelosi to pass the bipartisan infrastructure legislation before an agreement is reached on the larger “Build Back Better” bill.

Starbucks Announces Wage Hikes Amidst Labor Struggles

November 1, 2021October 31, 2021 The Center Square

Seattle-based Starbucks announced it will increase hourly wages next year as the coffee giant faces the dual pressures of unionization attempts and staffing shortages.

According to a press release from the company, starting in January of 2022, hourly employees with two or more years of service could see a 5% raise and those with five or more years of service could see a 10% raise.

By the summer of next year, the company says its average hourly pay will be $17, up from the current average of $14. Employees will make between $15 and $23 an hour across the country, depending on location and tenure.

The press release did not address what impact the moves will have on coffee prices.

Commentary: Biden’s Banking Nominee Would Pursue Soviet Economics

October 31, 2021October 30, 2021 RealClearWire

Magicians try to distract the audience from looking at one hand by dangling something shiny in the other. So do politicians.

The left’s latest magician: Saule Omarova, President Biden’s nominee to head the Office of the Comptroller of the Currency. OCC is an important agency — it has power to regulate all national banks and federal savings associations. OCC’s wrong moves negatively affect millions of Americans, making banking and other services more expensive and inaccessible, particularly for vulnerable, unbanked Americans.

Rather than answer serious congressional inquiries about whether she is the right fit for OCC, Omarova has attacked duly-elected members of Congress whose voters empower them to serve their interests. By refusing to answer basic questions about her work and worldview, Omarova has obstructed the constitutionally prescribed legislative process.

Commentary: This Is Obama’s Third Term

October 30, 2021October 29, 2021 Minnesota Sun Staff

On October 30, 2008, five days before Barack Obama won that year’s presidential election, he promised to “fundamentally transform the United States of America.” He nearly lived up to that promise.

Obama doubled the federal debt. He oversaw the worst economic growth of any president since Herbert Hoover. Under Obama, Americans experienced a stagnant median household income, a decline in homeownership, an increase in health insurance rates, and an increase in the number of Americans on food stamps, to mention just a few lowlights.

By every metric that should have mattered to Americans, Obama had failed. But from Obama’s point of view, he had succeeded. American prosperity is anathema to Obama and the modern-day Democratic Party. The Democratic Party’s power doesn’t come from happy, successful, and independent Americans; but rather from miserable, forlorn, desperate, and impoverished Americans who are dependent upon the government for their salvation.

Big Tech Companies Apple and Amazon Warn of Worsening Supply Chain Crisis

October 30, 2021October 29, 2021 Minnesota Sun Staff

On Thursday, two of the biggest tech companies in the world posted earnings that fell below market expectations, attributed to the ongoing supply chain crisis that is paralyzing the American economy, according to CNN.

For the third quarter of 2021, Amazon’s net sales amounted to around $110.8 billion, which was a 15 percent increase from the previous year; however, this ultimately fell below market analyst predictions of about $111.6 billion. Amazon’s overall net income for the same period decreased from the same period in 2020 to about $3.2 billion, when predictions estimated around $4.6 billion.

Apple’s sales during the same quarter were $83.4 billion, with iPhone sales at $38.9 billion; both were lower than original projections.

U.S. Consumer Spending Grew Slowly in September amid High COVID-19 Cases, Supply Chain Problems and Rising Inflation

October 30, 2021October 29, 2021 Minnesota Sun Staff

U.S. consumer spending growth slowed in September, and income dropped due to high COVID-19 cases, supply shortages, rising inflation, and ending unemployment benefits.

Consumer spending increased 0.6% in September, down from a 1% jump in August, the Commerce Department announced Friday. Personal income fell 1% in September, driven by a 72% drop in unemployment insurance benefits that offset a 0.7% spike in wages and benefits, according to The Wall Street Journal.

Economists polled by Reuters projected a 0.5% in consumer spending. Delta variant cases peaked in the middle of September, and the continued supply chain backups have caused shortages and rising prices, making it harder for consumers to purchase their desired goods, the WSJ reported.

Commentary: A $10K Bank-Snooping Threshold Would Intrude on Many Millions

October 29, 2021October 28, 2021 RealClearWire

Bowing to pressure from banks and taxpayers concerned about a proposal to require financial institutions to report to the IRS gross inflows and outflows for just about every account in the country, Democrats have attempted to quell concerns by raising the threshold. Unfortunately, even the raised threshold is still laughably low to accomplish Democrats’ stated purpose of cracking down on wealthy tax cheats.

The original proposal would have required financial institutions to report on any account (be it a checking account, savings account, stock portfolio, etc.) which handled more than $600 in inflows and outflows in a given year. Obviously, that’s just about every account.

But the new proposal isn’t much better. This time, the threshold would be set at $10,000, and exempt payroll deposits. In other words, if a given taxpayer received $20,000 in payroll deposits, they would only exceed the threshold were other deposits and spending, taken together, to exceed $30,000.

Commentary: If Demography Is Destiny, So Are Suburbs and Small Towns

October 28, 2021October 27, 2021 RealClearWire

cars parked in front of red brick building

Policy and politics often collide at the intersection of geography and demographics. The non-urban, non-college-educated white voter causing concern among Democrats these days, the suburban voter of 2018, and the heartland voter of 2016 are all profiles built on the common interests of certain people in certain types of places.

After 18 months of domestic migration prompted by a pandemic, another interest in addition to where people live has emerged in this equation: where people wish they lived.

Americans of all stripes, including young people, have long preferred suburban to urban living despite the prevailing (mis)conception in the media, but the twin crises of Covid and urban unrest in 2020 have clearly accentuated Americans’ desire to leave denser places. Not only have Americans continued apace in their usual migration from cities to suburbs, they also now aspire to live in towns and hinterlands more than one might expect.

Russian Hackers Behind SolarWinds Attack Are Targeting the Supply Chain, Microsoft Says

October 27, 2021October 26, 2021 Minnesota Sun Staff

The same group of Russian hackers behind the December 2020 SolarWinds attack are targeting companies in the U.S. technology supply chain, according to a Monday report released by Microsoft.

Russian hacking group Nobelium is targeting cloud infrastructure companies and information technology software resellers in an attempt to gain access to these companies’ customers, according to Microsoft’s research. Microsoft believes Nobelium to be the same group responsible for the SolarWinds hack in late 2020 that affected multiple Cabinet-level agencies, federal contractors and critical infrastructure companies.

“This recent activity is another indicator that Russia is trying to gain long-term, systematic access to a variety of points in the technology supply chain and establish a mechanism for surveilling – now or in the future – targets of interest to the Russian government,” Tom Burt, Microsoft’s vice president for customer security and trust, wrote in the report.

Commentary: The Farce of American Despotism

October 27, 2021October 26, 2021 Minnesota Sun Staff

Reflecting on Joe Biden’s disastrous “town hall” with Anderson Cooper on Thursday, The Spectator’s Dominic Green asks a question that has to weigh heavily on the mind of every American adult: “Is it more worrisome that Joe Biden might not be in charge, or that he actually is in charge?” I have long argued that allowing Biden to appear in public is a form of elder abuse, and I have speculated that he really is not in control of his actions but is manipulated, puppet-like, by a shadowy cadre of unnamed string-pullers I have called “The Committee.”

I do not have any proof that such is the case. I infer the existence and machinations of The Committee from Biden’s ostentatious incompetence and apparent senility. Has any president in the history of the Republic overseen such a destructive litany of failures so early in his tenure? Observers around the world caught their breath in August as our botched exit from Afghanistan went from appalling to something much worse and more deadly. What will be its defining image? The desperate Afghans clinging to and then falling from the landing gear of a transport plane as it took off from the Kabul airport? Or will it be the images of the slaughter perpetrated by a suicide (that is, a homicide) bomber outside the airport, an incident that killed some 170 people include more than a dozen U.S. military personnel?

Or maybe it will be the image of the drone strike launched in retaliation for that slaughter, a strike that was supposed to have targeted an ISIS-K operative but in fact killed zero terrorists and instead blew to bits 10 Afghan civilians, including seven children. The United States initially said they had obliterated an ISIS-K operative along with the collateral damage, but eventually they had to admit that, nope, they got no bad guys, just 10 innocent Afghans.

Twitter CEO Jack Dorsey Stokes ‘Hyperinflation’ Fears

October 26, 2021October 25, 2021 The Center Square

Twitter CEO Jack Dorsey stirred up more fears around inflation with his comments over the weekend saying that hyperinflation is “happening.”

“Hyperinflation is going to change everything,” the tech leader posted on Twitter. “It’s happening.”

The post sparked a flurry of responses. Replying to comments on his post, Dorsey added, “It will happen in the US soon, and so the world.”

Hyperinflation is defined by Investopedia as “rapid, excessive, and out-of-control general price increases in an economy.”

‘Way Off Track’: Emissions Levels Hit New Record in 2020 Despite Pandemic, Paris Accords

October 26, 2021October 25, 2021 Minnesota Sun Staff

Person filling up red car with petrol/gasoline

Total global greenhouse gas emission levels hit a new record last year despite the pandemic-induced economic shutdowns and previous commitments from world leaders, the United Nations said.

“The abundance of heat-trapping greenhouse gases in the atmosphere once again reached a new record last year,” the UN’s World Meteorological Organization (WMO) stated Monday morning after releasing its Greenhouse Gas Bulletin report.

While total emissions unsurprisingly hit a new record, however, the year-over-year increase between 2019-2020 was lower than the 2018-2019 increase, according to the report. Fossil fuel carbon dioxide emissions, the largest contributor to greenhouse gas warming, dropped 5.6% last year compared to the year prior.

Commentary: The Deliberate Attempts to Wreak Havoc on America

October 25, 2021October 24, 2021 Minnesota Sun Staff

President Joe Biden and Vice President Kamala Harris, joined by White House staff, participate in a virtual bilateral meeting with Canadian Prime Minister Justin Trudeau on Tuesday, Feb. 23, 2021, in the Roosevelt Room of the White House. (Official White House Photo by Adam Schultz)

Since Jan. 20, 2021, many of us have wondered whether the policies of the Biden administration are driven by folly and stupidity, or whether they are deliberate attempts to wreak havoc on the United States of America. The foolish and tragic withdrawal from Afghanistan, the ongoing demolition of businesses and occupations by a prolonged pandemic and now by vaccine mandates, the shipping and trucking crisis, the skyrocketing inflation: Do these and so many other fiascoes, we ask ourselves, derive from ignorance or from calculation?

Two days ago a definitive answer to this question arrived in the mail.

It’s deliberate.

Wall Street Journal Editorial Board: Democratic Proposal Will Let the IRS Snoop on Your Bank Account

October 23, 2021 Minnesota Sun Staff

Woman holding credit card, laptop open in front of her

The Wall Street Journal Editorial Board said that a Democratic effort to crack down on tax cheating would give the Treasury Department access to almost every American’s bank account.

The Thursday op-ed focused on a proposal that would require financial institutions to report individual accounts containing at least $10,000 to the IRS. That effort, the board wrote, would affect the vast majority of Americans who did not exclusively use cash to make purchases and pay bills.

“The details are murky, but most Americans could still get ensnared in this dragnet unless they pay bills and buy goods in cash,” the editorial board wrote. “Democrats say banks will only have to report total annual inflows and outflows, not discrete transactions. But nearly all Americans spend more than $10,000 a year.”

The U.S. Is Running Out of Warehouse Space, Intensifying Supply Chain Bottlenecks and Adding to Inflation

October 23, 2021 Minnesota Sun Staff

Man in blue polo and jeans working on a warehouse on his laptop

Available warehouse space near significant distribution hubs fell to historic lows in the third quarter of 2021, placing even more pressure on supply chain bottlenecks and increasing inflation, according to The Wall Street Journal.

Demand for industrial real estate in the third quarter outpaced supply by 41 million square feet, increasing the vacancy rate to 3.6%, down 0.7% from Q3 2020 and marking the lowest level since 2002, according to data from CBRE, the WSJ reported.

Warehouses near the Los Angeles and Long Beach ports in California, some of the most important distribution points of entry in the country, reached a vacancy rate of 1% in Q3 this year, according to the WSJ. During the same quarter in 2020, the vacancy rate was 2.3%.

Expect Inflation, Supply Shortages to Last Well into 2022, Economists Say

October 19, 2021October 18, 2021 Minnesota Sun Staff

High inflation will last well into 2022, economists say, indicating that supply chain bottlenecks will keep increasing prices and curbing production.

Experts expect to see average inflation of 5.25% in December, slightly down from the current maximum predicted 5.4% figure, according to The Wall Street Journal. If inflation stays around its current level, Americans will experience the longest period during which inflation has stayed above 5% since 1991.

“It’s a perfect storm: supply-chain bottlenecks, tight labor markets, ultra-easy monetary and fiscal policies,” Michael Moran, Daiwa Capital Markets America’s chief economist, told the WSJ.

Roughly 40 Percent of Americans Say They Recently Suffered Financial Difficulties, Study Shows

October 19, 2021October 18, 2021 Minnesota Sun Staff

Soldiers assigned the Ohio National Guard’s HHC 1-148th Infantry Regiment – 37th Infantry Brigade Combat Team and the Ohio Military Reserve, give the thumbs-up for troopers assigned to the Ohio State Highway Patrol, to send more vehicles through the line at a drive through food distribution event at the Toledo Northwestern Ohio Food Bank, May 9, 2020. The food bank teamed up with the Ohio National Guard and the Highway Patrol to conduct the first-ever drive through event at the food bank. More than 700 Ohio National Guard and Ohio Military Reserve members were activated to provide humanitarian missions in support of Operation Steady Resolve COVID-19 relief efforts, continuing The Ohio National Guard’s long history of supporting humanitarian efforts throughout Ohio and the nation. To date, the Ohio National Guard has assisted in the distribution of more than 9.9 million pounds of food and pantry items to Ohioans in need. (Air National Guard photo by Senior Master Sgt. Beth Holliker)

Over 40% of U.S. households said they experienced severe financial hardship during the COVID-19 pandemic, citing difficulties paying bills, credit cards and draining their savings, according to a Harvard University report.

The survey conducted by the Harvard T.H.Chan School of Health, the Robert Wood Johnson Foundation, and the National Public Radio asked roughly 3,600 participants between July and August about problems they faced during the pandemic and how it affected their lives in recent months. Respondents were asked about financial, healthcare, education and personal safety concerns.

Roughly 30% of adults interviewed said they used up all or most of their savings during the pandemic, while 10% reported they had no savings before the pandemic began, according to the report. About one in five households had difficulties paying credit cards, loans, and other debts as well as utilities.

Texas Democrats: Biden’s Energy Policies Will Cost Jobs, Create Dependence on Foreign Oil

October 17, 2021October 16, 2021 The Center Square

Seven Democratic U.S. representatives have asked Speaker of the House Nancy Pelosi, D-Calif., and Senate Majority Leader Chuck Schumer, D-New York, to not target the oil and gas industry in the budget reconciliation bill before Congress.

Despite the concerns they and those in the industry have raised, Democrats in the U.S. House Natural Resources Committee pushed through a section of the bill, which includes billions of dollars in taxes, fines and fees on the oil and gas industry in the name of climate change.

Committee Chair Raúl M. Grijalva, D-Ariz., said the section of the bill that passed “invested in millions of American jobs” and put the U.S. “on a more stable long-term economic and environmental path.”

Democrats’ Budget Set to Include Global Minimum Tax, Treasury Secretary Says

October 12, 2021October 11, 2021 Minnesota Sun Staff

Treasury Secretary Janet Yellen said Sunday that she is confident that the Democrats’ budget will include a global minimum tax for corporations just days after nearly 140 countries endorsed the measure.

“I am confident that what we need to do to come into compliance with the minimum tax will be included in a reconciliation package,” Treasury Secretary Janet Yellen told ABC News on Sunday. “I hope that it will be passed and we will be able to reassure the world that the United States will do its part.”

Though the United States and 135 other countries signed the agreement, each nation must pass its own legislation to enact the minimum tax rates. Democrats are currently crafting the budget, a spending package that would reshape the social safety net, but the process has slowed by disagreements between the party’s moderate and left wings.

Republican Leaders Push Back Against Global Business Tax

October 12, 2021October 11, 2021 The Center Square

Republican lawmakers are pushing back against the Biden administration’s plan to join a global compact implementing a tax on U.S. corporations regardless of where they operate.

One hundred and thirty six136 countries agreed Friday to implement a global business tax, and G-7 finance leaders agreed to the plan Saturday. President Joe Biden and Treasury Secretary Janet Yellen praised the plan.

Proposed by the Paris-based Organization for Economic Co-operation and Development (OECD), an intergovernmental economic organization, the global tax is necessary to respond to an “increasingly globalized and digital global economy,” OECD said.

U.S. Economy Added 194,000 Jobs in September, Badly Missing Expectations

October 9, 2021October 8, 2021 Minnesota Sun Staff

Person using a laptop, pointing to the screen

The U.S. economy reported an increase of 194,000 jobs in September, and the unemployment rate fell to 4.8%, according to Department of Labor statistics.

The number of unemployed people fell by 710,000 to 7.7 million, according to the Department of Labor statistics released Friday. Economists projected that employers created 500,000f jobs in September, more than double the figure in August, according to the Wall Street Journal.

Despite the spike in employment, the labor market remains thin due to the pandemic, and job growth earlier in the year was considerably stronger, according to the WSJ.

Commentary: The Senate Must Defeat Communist Saule Omarova for Comptroller of the Currency

October 5, 2021October 4, 2021 Minnesota Sun Staff

Every so often we receive a comment to the effect that we are paranoid and should stop seeing a Communist under every bed, however, it appears that based on the views expressed by Prof. Saule Omarova, President Biden’s nominee for Comptroller of the Currency, our concerns about the takeover of the Democratic Party by Socialists and Communists have received some very solid confirmation.

Indeed, Omarova is so far out in Communism’s Left Field that Janet Yellen, Biden’s Treasury secretary (a garden variety liberal Democrat) raised concerns about her taking the post.

And Secretary Yellin’s concerns are amply justified.
In 2019, Omarova posted to Twitter in support of the “old USSR” where there was “no gender pay gap.” She attempted to do damage control after being criticized for it, but failed to fully condemn the Soviet Union.

‘We Will Use the Full Range of Tools’: Trade Representative Says U.S. Will Enforce Phase One Trade Deal with China

October 5, 2021October 4, 2021 Minnesota Sun Staff

President Donald J. Trump, joined by Chinese Vice Premier Liu He, sign the U.S. China Phase One Trade Agreement Wednesday, Jan. 15, 2020, in the East Room of the White House. (Official White House Photo by Shealah Craighead)

U.S. Trade Representative Katherine Tai said the Biden administration would enforce the Phase One trade agreement negotiated by the Trump administration with China while giving a speech at the Center for Strategic and International Studies on Monday.

“For too long, China’s lack of adherence to global trading norms has undercut the prosperity of Americans and others around the world,” Tai said in prepared remarks. “China made commitments that benefit certain American industries, including agriculture, that we must enforce.”

China has fallen short on the purchase totals it agreed to as part of the agreement, increasing its purchases by only 69% as of July 2021, according to the non-partisan Peterson Institute for International Economics (PIIE).

Commentary: Biden’s Desperate Race to the Lying Bottom

September 29, 2021September 28, 2021 Minnesota Sun Staff

On Monday, Joe Biden uncorked the largest lie of a 50-year political career overstuffed with them.

“My Build Back Better Agenda costs zero dollars,” he tweeted. “Instead of wasting money on tax breaks, loopholes, and tax evasion for big corporations and the wealthy, we can make a once-in-a-generation investment in working America. And it adds zero dollars to the national debt.”

Commentary: The Proposed Methane Fee Is an All-Downside Proposal

September 28, 2021September 27, 2021 RealClearWire

The Methane Emissions Reduction Act of 2021 has been proposed as a “pay-for” – a source of revenue – in the reconciliation infrastructure package. It would impose a “fee” on methane emissions from natural gas and petroleum production systems and related processes, but not on such emissions from agricultural and other operations. Accordingly, it is worse than a mere money grab: it’s a blatant exercise in punitive politics directed at the fossil-fuel energy sector, a tax on conventional energy.

Not so, says Representative Diana DeGette (D-CO), as summarized by the Washington Examiner:

“This is not a tax. It’s a fee on natural gas waste,” adding oil and gas operators have the technologies to combat methane leaks at low cost. “The smart players want to prevent waste because they can capitalize it to make money. Customers won’t be paying a fee on gas delivered. The only fee will be paid [by an operator] on what doesn’t make it to the consumer.”

Businesses Push Back Against Biden Plan to Track All Bank Transactions over $600 Through the IRS

September 27, 2021September 26, 2021 The Center Square

A major component of President Joe Biden’s plan to raise revenue to pay for his trillions of dollars in new federal spending is now under fire from trade associations across the country.

The Biden administration has made clear its plan to beef up IRS auditing by expanding the agency’s funding and power. Biden’s latest proposal would require banks to turn over to the Internal Revenue Service bank account information for all accounts holding more than $600.

In a sharp pushback against the proposal, more than 40 trade associations, some of which represent entire industries or economic sectors, signed a letter to U.S. House Speaker Nancy Pelosi, D-Calif., and Minority Leader Kevin McCarthy, R-Calif., raising the alarm about the plan.

Commentary: Bearing the Tax Burden of the Biden Administration

September 26, 2021September 25, 2021 Minnesota Sun Staff

As congressional Democrats push a $3.5 trillion social spending package, everyone is wondering: “How are we going to pay for that?” To President Joe Biden, the answer is simple: raise taxes.

Included in Biden’s proposed tax plans — erroneously named the American Families Plan — are hikes in personal income tax and capital gains tax rates. The plan would raise the top marginal income tax rate from 37 percent to 39.6 percent and reclassify long-term capital gains and qualified dividends as ordinary income for those with taxable income above $1 million, resulting in a top marginal tax rate of 43.4 percent, according to the Tax Foundation.

Despite the frustration (or excitement) that Americans have towards Biden’s income and wealth tax proposals in the midst of an economic recovery, Americans should be paying closer attention to his other proposals, the American Jobs Plan and the Made in America Tax Plan.

Commentary: The Bidenization of America

September 22, 2021September 21, 2021 Minnesota Sun Staff

Day by day, as the Biden Administration crashes into utter shambles and a cloud of dust reminiscent of 9/11, the Bidenization of America becomes more stark and horrifying.

I can remember no more pitiful words from a senior American government official in 65 years than Secretary of State Anthony Blinken’s complaint that the Taliban government in Kabul was disappointing in its lack of “inclusiveness.” (To be sure, that is not all it lacks, and that could hardly have been a surprise.)

Nor can I think of any diplomatic initiative by a senior American government official more certainly doomed to ludicrous failure than environment ambassador John Kerry’s recent trip to China requesting the collaboration of the People’s Republic in this administration’s hell-bent-for-leather assault on what it is trying to identify as climate change.

Dow Plummets More Than 500 Points at Monday Open, Following Three Straight Weeks of Losses

September 20, 2021September 20, 2021 Minnesota Sun Staff

U.S. stocks shed more than 500 points as the markets opened Monday morning as emerging risks continue to become the September story for Wall Street.

The Dow Jones Industrial average fell 570 points – its biggest single day drop since mid-July. The S&P 500 lost 1.4%, while the tech-oriented Nasdaq Composite dropped 1.6%.

The sell-off comes as a the result of a number of investor concerns. On Tuesday, the Federal Reserve will begin a two-day meeting, which investors are worried will result in a decision that will pull stimulus funds as inflation continues to surge.

Retail Sales Surprisingly Increased Last Month After Plummeting in July

September 19, 2021September 18, 2021 Admin

Retail sales unexpectedly increased last month despite continued challenges facing the economy as it recovers from the coronavirus pandemic.

Sales ticked up 0.7% in August relative to July and totaled $618.7 billion, according to a Census Bureau report published Thursday. E-commerce, furniture, general merchandise, building materials and energy purchases drove last month’s sales increase.

Dow Jones economists had expected sales to decline 0.8%, CNBC reported. In July retail sales posted a sharp 1.8% decline as coronavirus cases surged, the Census report said Thursday.

Commentary: Biden’s Medical Apartheid

September 15, 2021September 14, 2021 RealClearWire

Events this weekend showcased the intense bifurcation of America into two separate realities. As our country observed the 20th anniversary of the 9/11 attacks, former presidents gathered, sans Donald Trump, in New York for a solemn ceremony — wearing masks even though they are fully vaccinated and were outside. In Shanksville, Pa., George W. Bush leveraged the occasion to take a not-very-veiled shot at the MAGA movement, comparing its most fervent adherents to the 9/11 terrorists.

Meanwhile, at stadiums across America, massive crowds of rowdy, unmasked college football fans tailgated, packed into stadiums, and also recalled the grim events of 2001, but in far more boisterous displays of patriotism.

This same-day divergence highlights the sharply divided nation of 2021. That chasm will now only widen as Joe Biden targets many of those same people, the ones unwilling to live under the thumb of onerous government virus mitigation restrictions. These ineffective mandates may nominally emanate from science, but they moreover stem from a preference for coercion and control by Democrat politicians, all with the assistance of powerful business interests, including Big Tech and Big Pharma.

Brushing off Supreme Court Rulings, California County Fines Church as Commercial Enterprise

September 7, 2021September 7, 2021 Minnesota Sun Staff

While the state of California and multiple counties continue to settle with churches after imposing unconstitutional restrictions against them, one county is expanding its efforts to pursue damages against a church, claiming their worship services are a public nuisance.

In its latest request, filed Aug. 31, Calvary Chapel has asked the court to dismiss the public nuisance claim along with the $2.8 million in fines levied against it, arguing the county has not provided any evidence to support the accusation that the church has caused any harm to the public.

The battle between the county and the church began in late spring 2020 after the state and county encouraged residents to protest the death of George Floyd without numerical limitations or public health restrictions, even as the same authorities imposed severe constraints on houses of worship.

Feds Say California Too Expensive to Welcome Afghan Refugees

September 7, 2021September 7, 2021 The Center Square

Hashoo Foundation (HF) is implementing a project for the Afghan Refugees residing in I-12 Islamabad who were deprived from the basic needs of life. Hashoo Foundation with the support of United Nations High Commission for Refugees (UNHCR) and Gesellshaft Technische Zusamenarbeit (GTZ) has been able to establish two basic health units for males and females, initiate primary education system for the children and equip young people with some marketable skills such as tailoring, embroidery, motor winding and electrician.

by Cole Lauterbach Afghan refugees looking to resettle in the U.S. are being discouraged from picking California as a destination, despite the state having significant Afghan population centers. In the days after the U.S. announced it would resettle refugees fleeing a Taliban takeover of Afghanistan, governors across the country…

The Political Time Bomb for Biden Inside the Latest Jobless Numbers

September 7, 2021September 6, 2021 Minnesota Sun Staff

Joe Biden walking with "American Jobs Plan" sign

While the unemployment rate for Americans dropped in August, there is a political time bomb buried in the statistics for President Joe Biden and a Democratic Party increasingly focused on equity: black joblessness shot up significantly.

In other words, the president who fondly boasts of a domestic policy promising to leave nobody behind has an economic recovery that is leaving a key Democratic constituency in worse shape.

“The rise in black unemployment in August is certainly troubling, considering their unemployment rates were already much higher than any other group,” Elise Gould, a senior economist at the Economic Policy Institute, said on Twitter.

Americans Remain Hard Workers Even Through the Pandemic, Especially in Red States

September 6, 2021September 6, 2021 Minnesota Sun Staff

With Labor Day upon us, it’s time to take a look at which are the hardest-working states in America, and why. It has been a year that daily and weekly work routines have dramatically changed for tens of millions of Americans.

Researchers for WalletHub, a personal finance website, have once again set out to determine which states are home to the hardest working Americans in their annual report. They compare the 50 states based on both direct and indirect work factors, and then apply 10 different metrics to reach an overall score to rank each state.

The direct work factors, according to WalletHub, include “average workweek hours, employment rate, the share of households where no adults work, the share of workers leaving vacation time unused, share of engaged workers, and idle youth.”

Federal Reserve Could Soon Lose Control of Inflation Like in 1960s, Economic Historian Says

September 6, 2021 Minnesota Sun Staff

Prominent economic historian Niall Ferguson said current inflation could be in line with where it was in the 1960s during the period that preceded a decade of high consumer prices, CNBC reported.

“What is interesting about disasters is that one can lead to another,” Ferguson said in a Friday interview with CNBC. “You can go from a public health disaster to a fiscal, monetary and potentially inflationary disaster.”

During the 1960s, inflation stayed low before shooting up in the 1970s, according to government economic data. Consumer prices ultimately peaked in 1980 before rapidly declining.

U.S. Economy Added Just 235,000 Jobs in August, Way Short of Economists’ Projections

September 4, 2021 Minnesota Sun Staff

Woman organizing table contents in restaurant

The U.S. economy added 235,000 jobs in August and the unemployment rate fell to 5.2%, according to Department of Labor data released Friday.

The number of unemployed people decreased to 8.4 million, according to the Bureau of Labor Statistics report. Economists projected 720,000 Americans — roughly three times the actual number — would be added to payrolls prior to Friday’s report, The Wall Street Journal reported.

“Despite the delta variant, there is still an opening up of the service sector of the U.S. economy,” Nationwide Mutual Insurance Chief Economist David Berson told the WSJ. “While that started some months ago, it’s not nearly complete.”

Apple and Google Face First Major Challenge to Their App Store Dominance

September 1, 2021August 31, 2021 Minnesota Sun Staff

Apple and Google might change their app store business practices because of a new South Korean law similar to recent legislative efforts by U.S. lawmakers.

The new law would prohibit app stores, including Apple’s App Store and the Google Play Store, from forcing developers to use the tech giants’ payment systems, The Wall Street Journal reported. The bill, passed by South Korea’s National Assembly, will become law once signed by President Moon Jae-in.

The Korean bill is similar to a bipartisan bill introduced by Sens. Richard Blumenthal, Amy Klobuchar, and Marsha Blackburn to the U.S. Senate earlier this month that seeks “to promote competition and reduce gatekeeper power in the app economy, increase choice, improve quality, and reduce costs for consumers.” Both bills prevent app stores from requiring the use of their billing systems and take aim at the tech giants’ commission structure.

Inflation Measure Surges Again, Hits New Three-Decade High

August 28, 2021August 27, 2021 Minnesota Sun Staff

People on an escalator in an indoor shopping mall

An index measuring inflation surged at an annual rate of 4.2% last month, reaching its highest level since 1991, according to the Department of Commerce.

The personal consumption expenditures (PCE) index, which measures prices, increased 4.2% in the 12-month period between August 2020 and July 2021, according to a Department of Commerce report published Friday. Excluding volatile food and energy prices, the index spiked 3.6%, the report showed.

The last time consumer prices increased this much in one year was more than three decades ago in January 1991, CNBC reported. The figure reported Friday is in line with what economists expected.

House Lawmakers Set to Square off with White House, Treasury Department over ‘Stifling’ Crypto Tax Plan

August 23, 2021August 22, 2021 Minnesota Sun Staff

House lawmakers are set to return from recess Monday and will likely take up the $1.2 trillion bipartisan infrastructure bill the Senate passed last week — and with it, a controversial and last-minute cryptocurrency tax provision.

The bill contains a tax reporting mandate forcing cryptocurrency “brokers” to disclose gains and transactions to the Internal Revenue Service (IRS) as part of a scheme designed to help cover part of the infrastructure bill’s cost. However, the bill’s definition of “broker” has been criticized by the cryptocurrency community and pro-crypto lawmakers as vague, expansive and potentially unworkable, with many fearing it could stifle the industry and force crypto companies to collect personal information on their customers.

The provision defines a broker as “any person who is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person,” and forces brokers to report transactions to the IRS in a form similar to a 1099. This means brokers have to collect and report customer information such as names, addresses, and taxpayer identification numbers.

Conservative Media Company Is the Fastest-Growing Advertising And Marketing Business in the U.S., According to Inc. 5000

August 21, 2021August 20, 2021 Minnesota Sun Staff

Person setting up lighting in front of green screen filming location

A conservative digital media company’s focus on the culture wars in America appears to be paying off, as it is the fastest-growing private advertising and marketing business in the U.S., according to the 2021 Inc. 5000 list released Tuesday.

“We focus on working with groups that are advocating for or otherwise advancing conservative causes or conservative beliefs,” Olympic Media Founder and CEO Ryan Coyne told the Daily Caller News Foundation on Thursday.

Olympic was founded in 2018 and has had many high-profile clients, such as Reps. Elise Stefanik, Jim Jordan, and Madison Cawthorn, Sen. Bill Hagerty and Turning Point USA.

Retail Sales Dipped in July Amid Spiking Coronavirus Cases

August 18, 2021August 17, 2021 Minnesota Sun Staff

Retail sales in the U.S. declined in July as the number of coronavirus cases spiked, localities renewed some restrictions and businesses delayed their return to in-person work.

Sales dropped 1.1% in July compared to June and totaled $617.7 billion, according to the Census Bureau report released Tuesday. The decrease was driven mainly by declining used and new car sales, clothing purchases, building materials sales, sports goods sales and furniture purchases.

Economists expected retail sales to fall 0.3%, a relatively modest drop compared to the actual decline, CNBC reported. All major stock market indices declined between 0.5% and 0.8% on Tuesday morning following the worse-than-expected report.

Commentary: The Biden Inflation Tax, Made Clear in One Chart

August 15, 2021August 14, 2021 RealClearWire

What is all this “Biden inflation tax” talk really about? What is the actual effect of inflation on the lives of real people?

Well, below is a chart that compares yearly wage and inflation rates for each month from 2017 through July of this year using Bureau of Labor Statistics data. Wage rates are in blue and inflation (as measured by the consumer price index) is in red. When blue is on top, as it was during the entire Trump administration, workers’ wages are beating inflation and their standards of living are improving. When red is on top, they’re not.

While President Biden claims that it is “indisputable” that his jobs plan “is working,” this chart unequivocally shows that it is not, at least not for American workers. Rather, inflation is surging, more than wiping out any wage gains those workers might have experienced.

Farmers Cry Foul over Biden’s Death Tax Proposal

August 10, 2021August 9, 2021 The Center Square

Woman with ball cap on, out in the fields of a farm

President Joe Biden has proposed amending the inheritance tax, also known as the “death tax,” but farmers around the country are raising concerns about the plan.

In the American Families Plan introduced earlier this year, Biden proposed repealing the “step-up in basis” in tax law. The stepped-up basis is a tax provision that allows an heir to report the value of an asset at the time of inheriting it, essentially not paying gains taxes on how much the assets increased in value during the lifetime of the deceased. This allows heirs to avoid gains taxes altogether if they sell the inheritance immediately.

Under Biden’s change, heirs would be forced to pay taxes on the appreciation of the assets, potentially over the entire lifetime of the recently deceased relative.