Like every writer at American Greatness, and probably most of our readers too, I was not a fan of Barack Obama. It was obvious when his presidency ended that he was profoundly destructive, one of the worst presidents in living memory.
Sadly, he was not the most ineffective, as he intended a lot of the destructive results that he brought forth.
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With a background in both studying economics and working in the fitness industry, I can see how the two fields complement each other and together provide a valuable learning opportunity. I’ve found that the lessons I taught my fitness clients in the gym about the well-being of their bodies are similar to the lessons that governments, and the public, need to learn about the well-being of the “body politic,” particularly when it comes to the economy.
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Tomorrow night American kids will observe a tradition not widely celebrated in the rest of the world: Halloween. They will dress up as ghosts, witches, goblins, politicians, and other scary things, then go door to door greeting neighbors with Trick or treat! Residents will drop candy in the bags the children are carrying.
Regardless of anyone’s intention, the tradition nicely demonstrates the creativity of free exchange.
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Renters in Connecticut are short on options with prices soaring.
“Currently, Connecticut has a shortage of 85,000 units of affordable housing for those families that earn an income of 80% or below the AMI,” Renée Dobos, CEO of Connecticut Housing Partners, told The Center Square. AMI is an acronym for area medium income.
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Beginning in the 1980s, the American economy underwent substantial changes. Just as the earlier age of industrialization had transformed a rural and agriculture economy into an urban one focused on manufacturing, the industrial age gave way to the information age, with a greater priority for tasks like management, information processing, and finance. The workforce and concentrations of wealth followed suit, with finance and high-tech companies displacing the old industrial giants with their assembly lines and armies of workers.
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In March 2019, The New York Times ran a shocking story exploring why many prominent US cities were abandoning their recycling programs.
“Philadelphia is now burning about half of its 1.5 million residents’ recycling material in an incinerator that converts waste to energy,” Times business writer Michael Corkery reported. “In Memphis, the international airport still has recycling bins around the terminals, but every collected can, bottle and newspaper is sent to a landfill.”
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A total of 12 cities will be receiving funding through Connecticut Gov. Ned Lamont’s new grant program.
The governor announced $45 million will be awarded through the Connecticut Communities Challenge Grant Program, which works to leverage $74 million in nonstate, private funding to prop up projects aimed at improving livability and vibrance of cities.
“Investing in our communities is a key part of our plan to accelerate long-lasting and equitable economic development in Connecticut,” Lamont said in a release. “This new grant program we launched will have wide-ranging impacts as we emerge stronger than ever from the pandemic, creating new jobs, improving the vibrancy and quality of life in our neighborhoods, and making all corners of the state even more attractive for investment and opportunity.”
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As school districts across the country grapple with declining enrollments induced by the pandemic, many are engaged in spending sprees like those of the past leading to widespread layoffs and budget cuts when federal money ran out.
Bolstered by $190 billion in pandemic relief funding from Washington, the nation’s public schools are hiring new teachers and staff, raising salaries, and sweetening benefit packages. Some are buying new vehicles. Others are building theaters and sports facilities.
Using such temporary support for new staff and projects with long-term costs is setting the table for perilous “fiscal cliffs” after COVID funding expires in 2024, some education budget analysts say. And that’s on top of doubts about whether money to battle the pandemic is being properly spent in the first place.
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The Federal Reserve is expected to raise interest rates after its meeting Wednesday to combat the country’s soaring inflation, Axios reported.
The central bank is believed to raise its target fed funds rate by a quarter percentage point from zero after the end of the two-day meeting ending Wednesday, Axios reported. The Fed’s decision will outline the bank’s monetary policy for the near future and determine whether the U.S. economy enters a recession or continues surging price hikes, according to Axios.
Inflation has soared to nearly 8% year-over-year as of February while unemployment stayed below 4%, indicating that the Fed has been behind the curve in its effort to address sustained inflation, Axios reported. Federal Reserve Chairman Jerome Powell is now reportedly tasked with fixing a delicate economy without crashing it despite a war in Ukraine and renewed COVID-19 lockdowns in China.
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In his State of the Union Address on Tuesday, President Joe Biden promoted electric vehicles (EVs), trumpeting his plans to establish “a national network of 500,000 electric vehicle charging stations.” In so doing, Biden is unwittingly supporting the worst humanitarian abuses in the world. This is because of the way in which the materials used in manufacturing the batteries that power today’s EVs are obtained.
To obtain a reasonable amount of power per pound of battery weight, EV manufacturers generally use various forms of lithium-ion (Li-ion) batteries, so named because the battery’s positive electrode, called the cathode, is largely made up of the highly reactive metal lithium (Li). To keep the cathode stable when a battery is not in use, the lithium is combined in a metal oxide matrix, with different manufacturers using different combinations of metals.
Most EV manufacturers combine lithium with nickel, cobalt and manganese to create a Li-Ni-Mn-Co oxide matrix to form the cathode. Tesla substitutes aluminum (Al) for the manganese, yielding a Li-Ni-Co-Al oxide matrix for the cathode on their batteries. Tesla maintains that their formulae is more cost-effective as less cobalt is required.
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Goods and services around the country are becoming increasingly more expensive, but farmers may be among the hardest hit as inflation, supply chain issues, and Russia’s invasion of Ukraine are expected to send food prices soaring even higher.
That impact is being felt by farmers around the country.
“The cost of fertilizer is up as much as 500% in some areas,” said Indiana Farm Bureau President Randy Kron. “It would be unbelievable if I hadn’t seen it for myself as I priced fertilizer for our farm in southern Indiana. Fertilizer is a global commodity and can be influenced by multiple market factors, including the situation in Ukraine, and all of these are helping to drive up costs.”
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As Joe Biden’s approval numbers sink further into the sewer, the only thing he’s building back better is 1970s-style inflation. Up until Biden, most polls usually named Jimmy Carter as one of the weakest and most inept presidents we’ve ever had. That was until Biden showed up and said, “Hold my beer!” Which you have to know has brought so much joy to Carter. Heck, he probably has a set of “Let’s go Brandon!” PJs that he wears every night as he thanks God for the gift of Biden.
Fact is, this country is now being “led” by a man who absolutely will go down as one of the worst presidents in our history. In just over a year, Biden has brought inflation roaring back to levels not seen in 40 years, has destroyed our southern border as millions of illegal aliens, along with Chinese fentanyl, flood the country, and now we have been involved in two major international debacles with Afghanistan and Ukraine. The list could go on, but perhaps that’s too depressing.
Rest assured, however, it’s not going to get better. Biden is like the anti-Midas, turning everything he touches into crap.
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Vladimir Putin’s invasion of Ukraine marks the end of the West’s Era of Illusions. It was an era in which Western elites obsessed about solving climate change because the climate crisis was far more dangerous than issues of war and peace and the stability of the international system. They even convinced themselves that climate change causes war, so climate change policy could double as national security policy; and, for many years, the annual round of kumbaya UN climate talks was the apogee of international relations.
In a BBC World Service interview, presidential climate envoy John Kerry expressed concern about the amount of greenhouse gas being emitted from the war in Ukraine. Kerry was just getting warmed up with a string of platitudes that show him as a deluded climate relic, unable to come to terms with the reality that Putin has imposed on the world. “Equally importantly,” Kerry complained, “you’re going to lose people’s focus,” as if the first invasion of a sovereign European country since the Second World War is an annoying distraction. Hopefully, Kerry continued, Putin would realize that Russia’s land is thawing, and the people of Russia are at risk.
Kerry concluded with an expression of pure self-deception, saying he hopes Putin “will help us to stay on track with respect to what we need to do for the climate.” Stay on track? Russia has never hidden its intention to avoid cutting its emissions. Russia’s second Nationally Determined Contribution, submitted in November 2020 under the Paris climate agreement, is to limit its 2030 emissions to “no more than 70% of 1990 levels.” The document is careful to avoid pledging to cut or reduce emissions. The 1990 baseline year was the last one before the collapse of the highly inefficient and heavily polluting centrally planned Soviet economy. Thus, the 70% limit actually enables Russia to increase its emissions by 34% – and that’s before taking account of any changes in forestry and land use that would allow Russia to claim credit for negative emissions.
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The U.S. economy added 678,000 jobs in February, according to a Friday report from the U.S. Bureau of Labor and Statistics (BLS), beating economists’ expectations.
Total nonfarm payroll employment increased by 678,000 in February, according to the BLS report, while the unemployment rate dropped to 3.8%, a pandemic low. Job gains were most pronounced in the leisure and hospitality sectors, which added a total 179,000 jobs.
“The labor market continues to be quite hot,” Nick Bunker, an economist at Indeed, told The Wall Street Journal. “It looks like the labor market is still primed for lots of strong employment growth.”
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A number of programs within Connecticut’s health-related agencies could be the benefactors of added cash infusions in the second year of Gov. Ned Lamont’s 2022-23 biennium budget.
Members of the Connecticut General Assembly sitting on the Joint Appropriations Committee discussed with agency heads a range of issues — from sports gambling to staffing shortages to lead abatement programs — at a Feb. 24 meeting.
Lamont, a 68-year-old Democrat, earlier this year announced a proposed amendment to the second half of the biennium budget. He wants to add 2.4% into the spending plan for fiscal year 2023, which would bring its total to $24.2 million.
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President Joe Biden’s latest nominee to the Fed has faced criticism for embellishing her resume, but recently some economists have raised the possibility that her most famous research contains fatal flaws.
Lisa Cook, a professor of international relations and economics at Michigan State University, was nominated to serve on the Board of Governors of the Federal Reserve System on Jan 14. Three weeks later, on Feb. 5, an anonymous Twitter account pointed out a mistake in Cook’s 2014 paper, “Violence and economic activity: evidence from African-American patents, 1870-1940.”
The anonymous tweet sparked a flurry of blog posts criticizing Cook’s paper. Andrew Gelman, a statistics professor at Columbia University, compared Cook’s dataset with a more recent dataset from the Brookings Institution and said the results did not match. “Hey—this is a lot different!” wrote Gelman.
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Wholesale prices jumped a full percentage point in January and 9.7 percent over last year, the Bureau of Labor Statistics said Tuesday, as inflation continues its rapid rise.
“On an unadjusted basis, final demand prices moved up 9.7 percent for the 12 months ended January 2022,” BLS said.
That increase comes after a 0.9% increase in November and a 0.4% increase in December.
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Texas Attorney General Ken Paxton sued the Biden administration again Thursday, this time for requiring federal contractors to pay a $15 an hour minimum wage. It’s the 21st lawsuit the attorney general has filed against the administration. Joining him are the attorneys general from Louisiana and Mississippi.
“The president has no authority to overrule Congress, which has sole authority to set the minimum wage and which already rejected a minimum wage increase,” Paxton argues.
Their lawsuit follows one filed last December by the Pacific Legal Foundation on behalf of outdoor adventure guides, Arkansas Valley Adventures (AVA), a licensed river outfitter regulated by the Colorado Division of Parks and Wildlife, and the Colorado River Outfitters Association (CROA). The CROA, a nonprofit trade association, represents more than 150 independent operators who primarily conduct business on federal lands using special use permits through Forest Service or Bureau of Land Management.
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As part of his Contract with America, House Speaker (and my former boss) Newt Gingrich helped first introduce the Child Tax Credit (CTC), passing it in 1997. Originally the idea of President Ronald Reagan, the CTC was founded on the conservative principles that raising children is God’s work, and parents should not be punished or held back for choosing family in a country that is always moving forward. President Trump continued this tradition by doubling the CTC in 2017. As Speaker Gingrich said during a 1995 speech, “We believe that parents ought to have the first claim on money to take care of their children rather than bureaucrats.”
Democrats reformed the CTC in 2021, as part of their wildly overdone American Rescue Plan. They’ve sought to continue their changes to the CTC in the even-more-overdone Build Back Better Act (BBB), a hulking Frankenstein of bad Democratic ideas. But the new version of the CTC may be an exception. It continues fulfilling Speaker Gingrich’s contract, empowering families to work and earn, and to raise their children with their own values. The spirit and core of that policy is even better reflected by flat, poverty-busting monthly disbursement of the credit. It’s the only salvageable ship in the sinking BBB fleet.
The CTC – in its 2021 form – does not stray too far from the $500-per-child tax cut that was initially passed in 1997. The payments, which provided eligible families with up to $300 per month for each qualifying child under age 6 and up to $250 per month for each qualifying child aged 6 to 17, stimulated regional economies, protected families from rising costs, provided direct cash relief, and removed bureaucratic hurdles.
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Last week the Wall Street Journal reported that a shortage of fertilizer is causing farms in the developing world to fail, threatening food shortages and hunger. Ironically, the lead photo is of mounds of phosphate fertilizer in a Russian warehouse.
Modern synthetic fertilizers are typically made using natural gas or from phosphorous-bearing ores. The former provides the nitrogen that is critical to re-use of fields in commercial agriculture. They constitute more than half of all synthetic fertilizer production.
So what happens when oil and natural gas extraction are crippled in industrialized nations? One likely outcome is that the fertilizer manufacturing industry is also crippled, leaving both large commercial growers and smaller farms around the world starved of a key substance they need to grow food for hungry populations.
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The email from “Norton Protection” said I owed $999.99, which was “charged successfully and it will appear on your bank statement in 24 to 48 hours.” Although I have an account with a leading cybersecurity company, I’ve never paid that much for its products. To “cancel” the charge, I was instructed to call a number, conveniently highlighted in yellow.
All it took to bird-dog my fake debt email was a simple search-engine query of the invoice’s telephone number. It was based in Hawaii. Unfortunately, perhaps, for the real employees of Norton’s help desk, they are likely not stationed in the Aloha State.
In a nation swimming in real debt – with the average American owing an estimated $90,000 – it’s not surprising that “phantom debts” are one of the hottest scams.
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Sixteen Republican state attorneys general are calling on Secretary of State Antony J. Blinken to take action against China and Mexico for their role in creating a fentanyl crisis in the U.S.
“China’s complete unwillingness to police the production and distribution of fentanyl precursors and Mexico’s subsequent failure to control illegal manufacturing of fentanyl using those precursors,” the attorneys general argue, poses a daily threat to Americans.
West Virginia and Arizona are leading the effort. Joining them are the attorneys general of Alabama, Alaska, Arkansas, Florida, Georgia, Indiana, Kansas, Kentucky, Mississippi, Missouri, Montana, South Carolina, South Dakota and Texas. They say they’ve witnessed an “extraordinary tide of senseless death from fentanyl” in their states.
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The cryptocurrency market lost nearly $130 billion in value over the last 24 hours as major digital coins continue their extended sell-off, multiple sources reported.
Bitcoin dropped 4.81% to $33,693.63 over the last 24 hours while Ethereum slid 9.41% to $2,206.22, according to Coinbase. Both assets fell to their lowest level since July 2021, and each has lost roughly 50% of its highest value.
Cryptocurrencies have trended similarly to stocks, which have seen a sell-off since the start of 2022. Investors have dumped their assets, especially technology stocks, in preparation for tighter monetary policies from the Federal Reserve, including interest rate hikes and halting of the central bank’s asset purchasing stimulus program.
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MidAmerican Energy announced Wednesday it filed plans with the Iowa Utilities Board to build a $3.9 billion renewable energy project in Iowa.
Wind PRIME would add 2,042 megawatts of wind generation and 50 megawatts of solar generation, a news release from the Des Moines-headquartered company claims.
MidAmerican estimates the project will create more than 1,100 full-time jobs during construction and another 125 ongoing full-time positions for operations and maintenance, along with $24 million in local property tax payments on wind turbines and solar facilities and $21 million in annual landowner easement payments. The company plans to complete construction by the end of 2024, if it receives IUB approval.
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On New Year’s Eve of 2019, revelers gathered around the globe to ring in a new decade. Many jubilantly attended “Roaring Twenties” parties, adorned in elegant evening wear, cloche and Panama hats, and knickerbockers, harkening back to an exciting, culturally vibrant era of economic prosperity. But whatever veiled hopes partygoers had for a booming future soon met jarring realities: a once-in-a-century pandemic, global lockdowns, an economic recession, and widespread civil unrest stemming from an incident of police brutality. The Roaring 2020s were not to be, it seemed.
Take heart: Mark P. Mills, a physicist, senior fellow at the Manhattan Institute, faculty fellow at Northwestern University, and a partner in Montrose Lane, an energy-tech venture fund, is out to rekindle our collectively dashed hopes. In his new book, The Cloud Revolution: How the Convergence of New Technologies Will Unleash the Next Economic Boom and a Roaring 2020s, Mills convincingly argues with verve, vitality, and – most importantly – evidence, that humanity is about to take a great step forward in the coming decade. And unlike the first Roaring Twenties, these won’t need to end with a Great Depression.
In the opening pages, Mills reminds us that the original Roaring Twenties didn’t start off so auspiciously, either. In fact, separated by a century, our situation seems eerily similar. The 1918 flu pandemic ran well into 1920, triggering a severe U.S. recession that lasted through summer 1921. Violent riots and political instability were also prevalent. Yet from this pit of public despair, Americans pulled themselves out. Propelled by remarkable advancements in mass production, medicine, electrification, communications via telephone and radio, movies, automobiles, and aviation, the United States saw its GDP rise by an astounding 43% between 1921 and 1929.
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