Minnesota Gov. Tim Walz extended his stay-at-home order Thursday for another two weeks, but with some modifications.
Read MoreTag: economy
Minnesota Small Business Owners Sue State Over Coronavirus Restrictions
A group of small business owners announced Wednesday that they are suing the state of Minnesota over the “unconstitutional” restrictions imposed on them during the coronavirus pandemic.
Read MoreGDP Drops 4.8 Percent in First Quarter, Largest Decline Since Great Recession
U.S. Gross Domestic Product shrank by 4.8 percent in the first quarter of the year, a result of stay-at-home orders that shuttered businesses in response to COVID-19.
Read MoreVIDEO: Minnesota Business Owners Describe Economic Devastation of Stay-at-Home Order
A group of small business owners described the devastating economic impact of Minnesota Gov. Tim Walz’s stay-at-home order in a recently released video.
Read MoreRepublicans Have Heard from More Than 1,600 Minnesotans on Plans to Reopen Economy
Minnesota’s Senate Republican Caucus said it received more than 1,600 responses in just two days from small business owners across the state on their ideas for how to safely reopen the economy.
The Republican Caucus created a new online portal Wednesday for “businesses and workers to share feedback on reopening Minnesota’s economy.”
Read MoreTwo Million Americans Missing Mortgage Payments as Coronavirus Shutdown Takes Its Toll
Roughly 2 million homeowners in the United States have skipped their monthly mortgage payments as the coronavirus pandemic takes a heavy economic toll on the country, according to data from the Mortgage Bankers Association.
As more Americans are losing their jobs, being furloughed, or experiencing reduced income, a growing number of home loans are being left unpaid. The latest data from the Mortgage Bankers Association shows that many borrowers are choosing to go into forbearance, an agreement with a lender that allows them to momentarily forgo payments.
Read MoreCommentary: It Took 50 States to Get to a National Lockdown and It Will Take 50 States to Open it Back Up Again
In order to combat the Chinese coronavirus and to save as many lives as possible, 42 states have issued stay at home orders, and another three have some parts of their states closed, in order to combat the Chinese coronavirus. All 50 states have schools closed. In addition, with the national emergency declared by President Donald Trump, including the overseas travel bans to China and Europe, social distancing, private sector testing and treatments being authorized on an emergency basis, the White House coronavirus task force has credited these closures in part with helping to slowing the total number of cases, which in turn has, according to the models touted by the medical community, already saved hundreds of thousands of lives.
Countries all over the world have resorted to similar national lockdowns in order to win the war on the virus. The unfortunate side effect of the closures is the U.S. and global economies have effectively been shut down except for essential services, resulting in exceptionally high levels of unemployment. In the U.S., anywhere from 17 million to 20 million jobs have already been lost, with many more to come for every week the economy remains closed.
Read MoreCommentary: Alexis de Tocqueville’s Lessons in a Time of Pandemic
The immediate challenge of COVID-19 has been cast as an examination of how individual Americans will fare should they be exposed to the virus. The effort to arrest the spread of the virus has brought unprecedented changes in the daily routines of all Americans. The limitation of activity is apparent when one walks outside. There is a marked silence, regardless of the time of day, almost eerie, that gives one pause.
The check on movement is accompanied by images of field hospitals and graphs showing curves and spreads displayed across news sites. While many are changing their daily routines to comply with the requirements of staying at home and practicing social distancing, a broader concern is the effect on our American democratic foundation.
Read MoreCommentary: The Pandemic-Inspired Economic Shutdown Likely to Increase US Corporate Consolidation
This writer and others who for decades railed against outsourcing industries to the People’s Republic of China were long dismissed as crackpots and Luddites. Now many of those who were doing the dismissing have been forced to admit the true cost of cheap goods is very high.
The Chinese Communist Party virus has exposed many of our nation’s infirmities.
The most glaring is our dependence on Communist China for medicine, medical equipment, and so many other essential goods.
Read MoreCommentary: Small Businesses Urge Federal and State Governments to Reopen America ASAP
Due in large part to government edicts, religious, social, and political gatherings, have been cancelled or drastically altered to meet government requirements. Schools and colleges have closed so there will be no proms or graduations to attend this spring. Restaurant dining rooms are closed, as are community centers, fitness centers, salons, barbershops, theaters, retail stores, and malls. Theme parks, beaches, and even some public parks are closed. Air travel and the use of public transportation has declined precipitously. Traffic on the roads is eerily light, and parking lots are nearly empty.
Of the businesses that have remained open, many have reduced their operating hours. While one can reasonably expect that stay-at-home orders will reduce Chinese coronavirus cases, it remains to be seen what the human and economic toll of these orders will be; but we do know that they are devastating to small businesses and their employees.
Read MoreMinnesota Had 116,000 New Unemployment Claims Last Week
Minnesota has seen 182,000 workers apply for unemployment insurance since the beginning of the coronavirus pandemic, Department of Employment and Economic Development (DEED) Commissioner Steve Grove said Thursday.
Read More3.3 Million File Unemployment Claims in U.S. – a Record Number
Nearly 3.3 million Americans filed unemployment claims last week, a record number as businesses were forced to shut down to help slow the spread of the novel coronavirus.
The U.S. Department of Labor reported Thursday that 3.28 million claims were filed in the week that ended March 21. That marked an increase of more than 3 million claims over the week prior, when 282,000 claims were filed.
The previous high in a single week, according to the department, was in October 1982, when about 695,000 claims were filed. The nearly 3.3 million claims filed last week is nearly five times the prior record.
Read MoreJudson Phillips Commentary: Lessons in the Time of the Chinese Virus
The first quarter of the year is not yet over, and we have gone from an almost record stock market to a nation that is all but economically shut down. Some alarmists warn that over two million Americans will die from the Chinese Virus. Others say this will be less problematic than the flu.
Regardless, as of now, the country is mostly shutdown and the economy is in free fall. Economists from Goldman Sachs predict that the economy will shrink by an unprecedented twenty four percent in the second quarter. The good news is the economy is expected to grow by twelve percent and ten percent in the third and fourth quarters.
Read MoreCommentary: Can We Prepare America for the Next Pandemic?
With every passing moment, nations are establishing precedents for how to contain and ultimately stop a global pandemic. Because the novel coronavirus apparently originated in Wuhan and was immediately covered up by the Chinese Communist Party, the health and welfare of the Chinese people and all other affected populations have suffered from this lethal malfeasance.
Read MoreCommentary: China’s Post-Virus Plan to Destroy America’s Economy
The virus that originated in Wuhan, China poses a double threat to America.
The first is to our health as the virus spreads through the U.S. population. The second is to our economy as more businesses, schools, and events shut down to slow the spread of the contagion.
We must not underestimate the economic threat because the Chinese Communist Party is using the pandemic to achieve its goal of supplanting the United States as the world’s leading economic, diplomatic, and military power.
Read MoreCommentary: After the Coronavirus Outbreak, We Don’t Need Universal Income, We Need a Rehiring Tax Credit to Get Back to Work
Congress is passing plans to provide for long-term paid sick leave and family medical leave to tens of millions of Americans, actively encouraging people to stay home, and essentially telling employers to lay off employees while brick and mortar businesses, schools and government offices are all closed, all in a bid to slow down the spread of the Chinese coronavirus.
Read MoreCommentary: The U.S. Economy Will Weather the Chinese Coronavirus
President Donald Trump praised the Federal Reserve for cutting the federal funds rate to a range of 0 percent to 0.25 percent, and restarting quantitative easing with $500 billion of U.S. treasuries purchases and $200 billion of mortgage purchases in response to the Chinese coronavirus global pandemic.
“It makes me very happy and I want to congratulate the Federal Reserve,” he said. “That’s a big step and I’m very happy they did it.” Trump has been hounding the Fed for years to cut interest rates to make the dollar more competitive against trading partners’ currencies including the yuan, euro and peso. Now he gets his wish.
Read MorePresident Trump Praises Fed as Interest Rates Are Slashed to Near Zero
The Federal Reserve slashed interest rates to near zero on Sunday as part of a series of measures intended to combat the economic downturn caused by the coronavirus pandemic.
The central bank cut rates to 0% to 0.25%, the central bank announced in a statement. The Fed will also purchase $700 billion worth of Treasury and mortgage-backed securities through quantitative easing, a measure previously used during the Great Recession to get money flowing back into the markets, The Washington Post reported.
Read MoreTrump Administration Aims to Calm Coronavirus Fears on Economic, Health Fronts
President Donald Trump announced Monday evening that he will push Congress for a payroll tax cut to stem concerns about the coronavirus that sent the stock market into a spiral earlier in the day.
Read MoreCommentary: Trump Will Be Judged by the Present State of the Economy in 2020
“Eleven years ago today, near the bottom of the worst recession in generations, I signed the Recovery Act, paving the way for more than a decade of economic growth and the longest streak of job creation in American history.”
Read MoreCommentary: Millennials and Generation Z Voters Will Decide Our Economic Future this November
For young voters, this coming election isn’t just about strengthening our retirement accounts — though that’s been one of the highlights of the Trump era, with the stock market repeatedly setting new record highs. More importantly, the next election is about keeping this booming economy going through our prime earning years. It’s about having the opportunity to make the most of ourselves and start healthy, secure families. For us, re-electing President Trump isn’t just a good idea, it’s an economic imperative.
Read MoreCommentary: Finding Economic Independence and Prosperity
President Trump appeared at the World Economic Forum in Davos, Switzerland this year as vir triumphalis—the man of triumph. He presides over an American economy that boasts low unemployment, rising wages, and a booming stock market.
Read MoreIndustry Report Touts Oil and Gas Contributions in Minnesota Economy
A new study by the American Petroleum Institute (API) credits Minnesota’s strong economy and job creation, in part, to the abundance of affordable fuels wrought by the country’s shale boom recognized through hydraulic fracturing, also called fracking.
Read MoreStates Across the Boards Plan to Increase Spending in Fiscal 2020
State lawmakers nationwide are spending more money, but they are also replenishing rainy day funds in preparation for the next economic downturn, a new report determined.
Read MoreIn Trump’s Economy, Working Class Employees Are Getting Bigger Raises Than Their Bosses
Wages for working class Americans are increasing faster than for their bosses as the U.S. economy keeps humming and unemployment rates stay low, The Wall Street Journal reported Friday.
Read MoreEXCLUSIVE Mike Lindell Commentary: The Trump Economic Miracle Is Rejuvenating Minnesota
Every time we hear that the Trump boom has run its course in Minnesota, new numbers come out showing that the economy is still firing on all cylinders.
Read MoreMinnesota Adds 7,400 Jobs in October, Most of Any Month This Year
Minnesota added 7,400 jobs new jobs, which is the most of any month this year.
Read MoreCommentary: The Good Economic News No One Heard About
A few weeks ago, the Census Bureau released the 2018 Income and Poverty in the United States report, but you probably didn’t see anything about it because it received scant attention in the establishment media because it reported such positive results mostly attributable to President Trump’s economic policies. Instead, what little media attention that the report received focused on a meaningless measure of income “inequality.”
Read MoreAudit: Dead People Have Been Collecting Billions From Social Security as It Goes Bankrupt
Every year, the Office of the Inspector General (OIG) audits the Social Security Administration (SSA) and publishes its findings.
Read MoreEnergy and Mineral Development on DOI-Managed Lands in Nevada Contributed $3.8 Billion in GDP Last Year
Energy and mineral development on lands managed by the U.S. Department of Interior (DOI) in Nevada contributed nearly $3.8 billion in added value to the state’s economy last year, according to a department report.
Read MoreSeptember Jobs Report: 136,000 Jobs Added, Unemployment Declines to 3.5 Percent
The U.S. economy added 136,000 jobs in September, while the unemployment rate declined to 3.5%, according to the Department of Labor data released Friday.
Read MoreCommentary: Trump’s Conservative Policies Launch Boom for Middle America
Our friend Stephen Moore, Heritage Foundation economist, former Wall Street Journal editorial board member and founder, along with Steve Forbes and Arthur Laffer, of the Committee to Unleash Prosperity, published a column in the Wall Street Journal recently with some truly amazing statistics about the Trump economic boom.
Read MoreLeahy and Kellett Wonder: Why Didn’t the Democratic Debate Discuss the Economy?
On Friday’s Battleground State Report with Michael Patrick Leahy and Doug Kellett – a one-hour radio show from Star News Digital Media in the early stages of national weekend syndication roll out- Leahy and Kellett discussed last weeks Democratic debate in Houston and how the moderators avoided asking important questions.
Read MoreCommentary: Did Anyone Notice That the 10-year, 2-year Treasuries Un-inverted, Forestalling Recession Fears
Don’t look now, but if you were planning on a severe recession and a spike in unemployment before the 2020 elections in the hopes it would help oust President Donald Trump, you might have to keep waiting.
Read MoreTrump on Tariffs: ‘We Don’t Want to Be Servants to the Chinese!’
The U.S. imposed a 15% tariff Sunday on Chinese imports valued at $111 billion in 2018 including tools, apparel, footwear and electronics, The Wall Street Journal reported.
Read MoreCommentary: Labor Day? How About Capital Day!
Labor Day, according to the US Department of Labor is “dedicated to the social and economic achievements of American workers” and as a “national tribute to the contributions workers have made to the strength, prosperity, and well-being of our country.”
Read MoreFAKE NEWS: Drudge Report Touts MarketWatch Article of Half-Million Jobs Lost When 2.2 Million Jobs Were Created
You might have noticed some alarmist reporting from Marketwatch and the Drudge Report implying the economy lost 500,000 jobs last year.
Read More‘The Economy is Back, Jobs are Back, and America is Back,’ Vice President Pence Tells Detroit Economic Club
President Donald Trump has revived America’s economy, and warned against electing a Democrat in 2020, Vice President Mike Pence said Monday during an appearance in Detroit.
Read MoreFed Lowers Interest Rates as Expected, Leaves Door Open to More Cuts
The Federal Reserve cut interest rates on Wednesday for the first time since 2008, citing concerns about the global economy and muted U.S. inflation, and signaled a readiness to lower borrowing costs further if needed.
Read MoreCommentary: Trump Is Protecting Our Environment Without Sacrificing Economic Growth
Democrats are hell-bent on reducing the living standards of ordinary Americans in order to protect the environment, but President Trump is demonstrating that it’s possible to be a responsible ecological steward without sacrificing the country’s prosperity.
Read MoreForgotten Founder Pelatiah Webster: America’s First Economist
by Lawrence Reed Everybody knows who America’s first president was, but can you identify the country’s first economist? If any man or woman deserves that description, it is surely the one who wrote this and so much more: I propose . . . to take off every restraint and…
Read MoreWhite House: Trade Agreement with China Not Close
by Ken Bredemeier White House economic adviser Larry Kudlow said Sunday resumption of trade talks between the U.S. and China “is a very big deal,” but acknowledged there is no immediate prospect for an agreement between the world’s two largest economies. “The talks will go on for quite some time,”…
Read MoreUS-China Trade Dispute Triggering Production Exodus
by Joyce Huang U.S. tech giant Apple has reportedly asked its major suppliers, mainly China-based manufacturers from Taiwan, to consider moving 15 to 30% of their production outside of China to avoid higher tariffs imposed on U.S.-bound exports. The production migration, which analysts say is already ongoing,will hurt the…
Read MoreIndia Hikes Tariffs on U.S. Goods Amid Deepening Trade Friction
India has hiked tariffs on 28 goods imported from the United States as a trade spat between the two countries intensifies. The retaliatory move came days after Washington removed New Delhi from a list of countries that have preferential access to its market. “India has put its cards on…
Read MoreMay Jobs Report: 75,000 Jobs Added, Unemployment Remains at 3.6 Percent
by Mary Margaret Olohan The U.S. economy added 75,000 jobs in May, while the unemployment rate remained at 3.6 percent, according to Department of Labor data released Friday. Economists predicted 180,000 jobs would be added and that wage growth would rise to about 3.2%, according to The Wall Street…
Read MoreExperts: Tariffs in the Offing for India as President Trump Wages War on ‘Unfair Trade’
by Michael Bastach The Trump administration’s decision to rescind trade preferences with India could be a sign that more tariffs are on the horizon, experts say. U.S. trade officials announced Friday the end of special trade treatment on $6 billion worth of goods from India because the country has “not assured…
Read MoreChina, Tariffs, Trade, Cost and Prices: An Explainer
by Rick Manning Stock markets go up and down based upon the latest trade rumors. Predictions of price hikes make headlines, yet the inflation rate remains at the levels, 2.0 percent at last count, desired by the Federal Reserve. What is going on? And is this even really a trade war with…
Read MoreCommentary: The Win-Win Scenario of Further ‘Retaliation’ by China
by Robert Romano On May 10, the South China Morning Post published a report, “Will China use its US$1.2 trillion of US debt as firepower to fight the trade war?” speculating that China might have potential leverage against the U.S. after President Donald Trump levied 25 percent tariffs on a total…
Read MoreUS Adds Robust 263K Jobs; Unemployment at 49-Year Low
U.S. employers added a robust 263,000 jobs in April, suggesting that businesses have shrugged off earlier concerns that the economy might slow this year and anticipate strong customer demand. The unemployment rate fell to a five-decade low of 3.6% from 3.8%, though that drop partly reflected an increase in…
Read MoreLawmakers Eye a Huge Backdoor Spending Increase
by David Ditch Members of Congress are promoting the concept of changing three programs from the discretionary category (requiring annual appropriations) into mandatory (auto-pilot) spending. Such changes would become a huge backdoor spending increase. Spending limits have come under relentless attack from both parties. In 2013, 2015, and 2018,…
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