The United Auto Workers (UAW), a labor union and major Democrat backer, has slammed the Biden administration for giving billions of dollars in funding for boosting electric vehicle (EV) production while traditional autoworkers would lose their jobs or be paid lower wages. “The federal government announced a massive $9.2 billion giveaway loan to Ford Motor…
‘Low-Road Jobs’: Biden’s Electric Vehicle Push Rattles Major Auto Union Supporter
June 29, 2023
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Business & Marketseconomic policieseconomyEV government incentivesPolicies & ImpactsUnited Auto WorkersUSUS News
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Politicians, Not Airlines, Are Delaying Your Flights
Commentary Like a DC-10 chasing its own tail, the deregulation of air travel is never able to progress nearly as far as it should, despite staggering successes, because politicians who want to control passengers’ lives are so good at blaming the airlines for the government’s failures. At the beginning of the year, the Biden administration…
US Economic Growth Last Quarter Is Revised Up to 2 Percent Annual Rate
WASHINGTON—Showing surprising resilience in the face of higher interest rates, the U.S. economy grew at a 2 annual pace from January through March as consumers spent at the fastest pace in nearly two years. Thursday’s revised figure from the Commerce Department sharply upgraded its assessment of first-quarter growth from its previous estimate of a 1.3…
US Social Media ‘Influencers’ Under Fire Over Free Trip to Fast-Fashion Giant Shein’s China Factory
A group of American fashion influencers has come under fire for attending a fully paid trip to tour one of fast-fashion giant Shein’s factories based in Guangzhou, China. The influencers—Dani Carbonari, Destene Sudduth, Aujené, Fernanda Stephany Campuzano, Kenya Freeman, and Marina Saavedra—were flown out to China as part of a tour sponsored by Shein in June,…
Wall Street Rises as Banks Gain, Economic Data Eases Recession Fears
Wall Street opened higher on Thursday, as bank stocks rose after major lenders cleared the Federal Reserve’s annual stress test, while economic data pointed to a resilient U.S. economy in the face of aggressive interest rate hikes. The Dow Jones Industrial Average rose 1.91 points, or 0.01 percent, at the open to 33,854.57. The S&P…
Biden Administration’s Regulations Cost US Households Nearly $10,000 Each, Study Finds
June 29, 2023
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American householdsBusiness & MarketsCommittee to Unleash Prosperityeconomic policieseconomyPolicies & ImpactsregulationsUSUS News
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The Biden adminstration’s regulatory burdens have cost almost $10,000 for each American household, standing in contrast to the Trump administration, which reduced such costs, according to a recent report by the Committee to Unleash Prosperity. “The Biden administration has so far been adding regulatory costs at a rate of $617 billion per year of rulemaking,…
Lordstown Motors Sues Foxconn and Files for Bankruptcy
June 29, 2023
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Business & MarketsChapter 11 bankruptcyCompanieseconomyenergyFoxconnInvestmentLordstown MotorsMarketsUSUS News
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The troubled electric vehicle maker Lordstown Motors has followed through with its promise to sue Foxconn over a promised investment and filed for bankruptcy. On June 27, the EV maker filed a legal action against Foxconn, the Taiwanese manufacturer of Apple’s iPhones, while simultaneously filing for Chapter 11 protection in Delaware and put itself up for sale. The…
Is Recession Timing Still Unpredictable?
Commentary Debate continues as to whether recession still lies ahead. The yield curve has pointed to an 80 percent chance of recession. But, when comparing today’s situation with the comparable U.S. real GDP contraction in 2008, its timing forecast has low accuracy. As the original literature documented, the yield curve only predicts a yes-no outcome…
Nearly 27 Million Americans Often Don’t Have Enough to Eat: Government Survey
June 29, 2023
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AmericansBusiness & Marketseconomic policieseconomyFoodPolicies & ImpactsSocial IssuesSurveyUSUS News
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Hunger rates in the United States have risen over the past year following the end of the COVID-19 pandemic and a period of high inflation. More than 26.5 million Americans reported they had “sometimes not enough to eat” or “often not enough to eat” in the past seven days, according to a June 28 Household…
Dollar Holds Near 7-month High Versus Yen on Policy Split; Swedish Crown Record Low
LONDON—The U.S. dollar touched a more than seven-month high against the Japanese yen on Thursday after their respective central banks reaffirmed divergent policy plans, while Sweden’s crown hit a record low after the Riksbank modestly raised its policy rate. Federal Reserve Chair Jerome Powell—speaking on a panel with Bank of Japan Governor Kazuo Ueda on…
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