Tag: inflation

Commentary: Joe Biden’s Failures Are His Successes

Pennsylvania Daily Star Staff
Joe Biden Bidenomics

If you were the owner of a professional football team, and you had just finished in last place for the third year in a row, one would expect management to implement serious personnel changes before the following season—that is if the team actually cared about winning.

Maybe the team needs a new coach that the players respect and trust to make the right play calls. Maybe they need a quarterback that doesn’t lead the league in interceptions and can run outside the pocket. Maybe they need an offensive line that will actually protect the quarterback from hitting the deck on every third and long. Maybe they need a kicker who doesn’t choke under pressure. Or maybe they just need their star wide receiver to stay healthy.

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Inflation Has Cost Average Americans over $11,000 per Year Under Biden

Pennsylvania Daily Star Staff

Just to maintain the same standard of living that Americans had at the beginning of President Joe Biden’s term, households have to spend an additional $11,434 per year, according to CBS News.

Since January 2021, when Biden first took office, inflation has risen 17%, far outpacing the 2% per year that the Federal Reserve aims for, while average hourly wages have only increased 13.6%, according to the Congressional Joint Economic Committee’s (JEC) state inflation tracker. As a result, more Americans reported that they are struggling financially than they did before the COVID-19 pandemic as persistent inflation continues to take its toll, according to CBS News.

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Commentary: Hispanics Reject Biden’s Agenda

Pennsylvania Daily Star Staff

Joe Biden and the Democrats hemorrhage Latino support into 2024. In fact, the trend grows into perhaps the biggest single liability for the Left into next year’s election. The liberal site Axios sent up a warning flare, declaring the breakdown in Biden’s Hispanic support as “an alarming, re-election-threatening, full-blown crisis for the White House.”

The latest battleground state polling from my organization, the League of American Workers, validates that assessment, and points to potential seismic gains for the cause of patriotic populism among Hispanics this election cycle. Specifically, the latest survey highlights massive Hispanic dissatisfaction with Biden and leftist policies in the key battleground of Arizona, one of the most Hispanic states in America.

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Commentary: Argentina’s First-Ever Libertarian President

Pennsylvania Daily Star Staff

Voters in Argentina have elected a libertarian as president for the first time in their history. On Sunday, Argentina had its second round of voting, and Javier Milei received 55.69% of the vote against the Peronist Sergio Massa’s 44.31%. In a country that suffers 143% annual inflation and a poverty rate hovering around 43%, Milei has a long and difficult road ahead.

Milei’s win marks the first time in 40 years that someone outside Argentina’s two largest parties was elected. La Libertad Avanza, Milei’s 3-year-old political party, finally broke through the entrenched and archaic political apparatus. In a tweet back in June, Milei stated that Argentina was choosing between the old politics and the new ideas. During his presidential campaign, Milei pledged to tackle Argentina’s inflationary unhealthy economy by dollarizing the peso and minimizing government spending.

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Commentary: Red Warning Lights Are Flashing on U.S. Economy as 2024 Rapidly Approaches

Pennsylvania Daily Star Staff

As 2023 is winding down to a close, the U.S. trade in goods deficit with the world is down $101 billion for the first nine months of the year to $802 billion, an 11.2 percent decrease so far, with still three months of data left to collect for the year, according to the latest data from the U.S. Census Bureau.

Simultaneously, existing home sales measured by the National Association of Realtors are down to a seasonally adjusted annual rate of 3.79 million, a 16.7 percent decrease from its Feb. 2023 level of 4.5 million, and are averaging 4.16 million for the past 12 months. Overall, existing home sales are down the past 12 months by almost 32 percent from their 2021 high of 6.12 million. That’s a lot.

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Mortgage Applications Increase to Six-Week High

Pennsylvania Daily Star Staff

Applications for mortgages ticked up to a six-week high for the week ending on Nov. 17 in a sign that the housing market might become more accessible to average Americans following rising prices and high mortgage rates, according to the Mortgage Bankers Association (MBA).

The number of mortgage applications increased by 3% compared to a week earlier when seasonally adjusted, according to a press release from the MBA. The increase in volume follows a decline in the average interest rate for a 30-year fixed-rate mortgage, which fell to 7.41% from 7.61% in the same time period.

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Report: Economic Recession Coming for the U.S.

The Center Square

A new economic analysis of the U.S. economy projects a recession around the corner.

An international nonprofit, The Conference Board, has released its Leading Economic Indicators report, which projects into the next year for the U.S. economy. That analysis, among other things, projects high inflation, high interest rates and declining consumer spending.

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Commentary: Five Stupid Things the Left Would Have You Believe

Pennsylvania Daily Star Staff

I was on a media panel talking about what the Left has done to the Fourth Estate in America and how that damage might ultimately be repaired. And afterward, I spent a lot of time interacting with sponsors and attendees, and a common thread seemed to run through those conversations.

Namely, the multiplicity of utterly indefensible, absurd propositions that make up the narratives and constructs by which our left-wing current ruling class seeks to base its power over us.

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As Inflation Worries Investors, Wall Street Is Buying Up American Soil

Pennsylvania Daily Star Staff

Wall Street is moving to buy up U.S. farmland in hopes that it will be a safe bet to hedge against inflation and concerning economic conditions, according to Reuters.

Investment funds have accumulated over a million acres of farmland in the U.S., a small part of the 900 million acres in the U.S. but significant for the market when looking at the pace of acquisitions, according to Reuters. The move from investors is drawing the concern of some, including lawmakers, who see the quick constraint on supply as a barrier for the next generation of farmers who can’t buy at the elevated price.

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Commentary: As Consumer and Producer Inflation Cools, Recession Maybe on the Horizon in 2024

Pennsylvania Daily Star Staff

Both annualized consumer and producer inflation decreased in October from 3.7 percent to 3.2 percent and from 2.2 percent to 1.3 percent, respectively, according to the latest data from the Bureau of Labor Statistics, amid a drops in oil prices.

On the consumer side, gasoline prices dropped 5 percent in October and are down 5.3 percent over the past twelve months.

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Inflation Still Biting Homebuyers as Headline Number Falls

Pennsylvania Daily Star Staff

The price of shelter increased substantially in October despite topline month-to-month inflation remaining flat, dashing many Americans’ dreams of buying a home, according to The Wall Street Journal.

Inflation decelerated to 3.2% in October, down from 3.7% in September, owing to substantial deflation in the price of energy, but the shelter sector individually had prices increase by 5.5% for the year. Since the beginning of 2021, when President Joe Biden first took office, home prices have risen 29%, rents are up 17% and mortgage rates have neared 8%, according to the WSJ.

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October Inflation Rate 3.2 Percent, Unchanged from Previous Month and Above Target Rate: Feds

Just the News

The seasonally adjusted inflation rate for October 2023 remained unchanged from the previous month and sits at 3.2%, according to the Labor Department’s Consumer Price Index Report released Tuesday. 

The rate increased by 3.2%, compared to October 2022. In September, inflation was at 3.7% compared to the same time the previous year.

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Childcare Costs Rising Even Faster than Sky-High Inflation, Report Reveals

Pennsylvania Daily Star Staff

The cost Americans are paying to provide childcare for their kids has risen dramatically since 2019, outpacing inflation overall, which has also risen substantially, according to the Bank of America (BofA) Institute.

The average childcare payment has risen by 32% since 2019 to $700 a month as of September, affecting middle- and upper-income households the most, according to data compiled by the BofA Institute. In that same time period, general inflation, as measured by the Consumer Price Index, rose 20% following a highly inflationary period since President Joe Biden took office in 2021, according to Axios.

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Economy Shows Huge Growth in Third Quarter as Fed Struggles to Rein in Inflation

Pennsylvania Daily Star Staff

The U.S. economy grew at a rate of 4.9% in the third quarter of 2023, according to Gross Domestic Product (GDP) statistics released by the Bureau of Economic Analysis (BEA) on Thursday morning.

In the second quarter of 2023, real GDP rose 2.1% after being revised down from an initial estimate of 2.4%. Economists expected that GDP would be around 4.7% for the third quarter of 2023, far higher than the 2% to 3% that is common for the U.S.

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Commentary: The People in Charge of Our Money Supply Have No Idea What They’re Doing

Pennsylvania Daily Star Staff

If you still think the people running America’s central bank understand inflation and interest rates, think again.

A prime example is Chicago Federal Reserve Bank President Austan Goolsbee, who was wrong about inflation and is now wrong about interest rates and a soft landing for the economy. He is an ideologue clearly undeterred by facts—a scary reality for someone who helps control the money supply.

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Sky-High Inflation Is Ratcheting Up Healthcare Costs for Working Americans

Pennsylvania Daily Star Staff

The costs of health care for average Americans have been hit particularly hard by the sustained high inflation the U.S. economy has seen over the past few years, according to KFF, a nonpartisan organization focused on health policy.

Just this year, premiums on family health insurance coverage for workplace plans increased by 7%, even as Americans’ wages only grew by 5.2% and total inflation rose by 5.8%, while over the last five years, premiums have risen 22% with wages increasing 27% and inflation 21%, according to a KFF news release. Inflation has continued to remain well above the Federal Reserve’s 2% target, rising 3.7% year-over-year in September after increasing the same in August.

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Home Sales Decline to 2008 Levels as Record Mortgage Rates Take Their Toll

Pennsylvania Daily Star Staff

The U.S. real estate market is on track to sell the least number of homes since 2008, when Americans were engulfed in the subprime mortgage crisis and the Great Recession, according to The Wall Street Journal.

The number of total existing-home sales is projected to reach only 4.1 million by the end of 2023, the lowest since around 2008, when the world was embroiled in a global financial crisis, despite a higher U.S. population, according to the WSJ. Mortgage rates are currently at their highest point since the year 2000, with the 30-year fixed-rate mortgage averaging 7.57 percent, bringing purchasing demands for housing to a three-decade low, according to Freddie Mac.

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Inflation Continues to Rise, Federal Data Shows

The Center Square

Consumer prices rose significantly in September, newly released federal inflation data shows, further undoing a trend of slowing inflation that had begun earlier this year.

The U.S. Bureau of Labor Statistics on Thursday released its Consumer Price Index, a key marker of inflation that tracks the cost of a range of consumer goods and services. That index rose 0.4% in September alone, a notable increase that is higher than months earlier this year.

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Inflation Continues to Hit America, Data Shows

The Center Square

Newly released inflation data breaks down how much prices have increased in each state.

The U.S. Bureau of Economic Analysis released new data Wednesday for how the Personal Consumption Expenditure, a key marker of inflation, rose in each state last year. According to the BEA, PCE is a measure of the prices Americans pay for goods and services.

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Investors Say They are Betting Inflation Is Here to Stay

Pennsylvania Daily Star Staff
Wall Street sign

Investors bet on the U.S. entering an era of sustained high inflation as Treasury yields spike, according to Reuters.

The bond market has seen a surge in interest rates for 10-year Treasury yields, reaching 4.59 percent, the highest point since September 2007 before the country was sent into a recession just months later, according to the Federal Reserve Bank of St. Louis. The state of the bond market indicates that investors believe that the age of low inflation and interest rates is over as the country enters a “high-pressure equilibrium,” driving inflation higher than what was previously considered normal, according to Reuters.

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National Deficit, Inflation Soars Despite ‘Inflation Reduction Act’

Pennsylvania Daily Star Staff

The U.S. Congressional Budget Office reports that the federal government is borrowing far more this fiscal year than the year before even as inflation continues to rise.

The CBO released its deficit estimate which said the U.S. deficit hit about $1.5 trillion in the first 11 months of this fiscal year.

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American Income Falls as Inflation Increases, U.S. Census Bureau Says

The Center Square

Americans are bringing home less money as inflation squeezes family budgets, according to a new report from the U.S. Census Bureau.

The U.S. Census Bureau announced Tuesday that real median household income fell in 2022 compared with 2021. Real median household income fell by 2.3% from $76,330 in 2021 to $74,580 in 2022.

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Producer Prices Spike in August

The Center Square

Newly released federal inflation data shows that producer prices spiked in August, undoing a steady downward inflationary trend.

The U.S. Bureau of Labor Statistics released its Producer Price Index Thursday, a key marker of inflation, which showed producer prices rose 0.7% in August alone. Much of that increase came because of an rise in the cost of gasoline.

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Inflation Surges Above Expectations Despite Fed’s Rate Hikes

Pennsylvania Daily Star Staff

Inflation rose significantly in August, marking the second month in a row that inflation has ticked up, according to the latest Bureau of Labor Statistics (BLS) release on Wednesday.

The Consumer Price Index (CPI), a broad measure of the prices of everyday goods, increased 3.7% on an annual basis in August, compared to 3.2% in July, according to the BLS. Core CPI, which excludes the volatile categories of energy and food, remained high, rising 4.3% year-over-year in August, compared to 4.7% in July.

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More Americans Taking Second Jobs, Part-Time Work as Inflation Continues to Rage

Pennsylvania Daily Star Staff

An increasing number of Americans are taking up part-time work and even getting second jobs as worsening economic conditions such as high inflation have chipped away at their finances, according to experts who spoke to the Daily Caller News Foundation.

The median real weekly earnings for Americans are down 2.1% since the first quarter of the Biden administration, with data from August showing a spike in the unemployment rate and a job market that is beginning to cool, according to the Federal Reserve Bank of St. Louis. Due to wages failing to keep up with inflation and debt levels increasing, workers are increasingly taking part-time jobs and even second jobs in order to make ends meet, according to economists who spoke with the DCNF.

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Small Businesses Feel the Pain of Inflation-Driven Interest Rates

The Center Square

Small business owners are feeling the pain of inflation-driven interest rate hikes, another difficulty for those owners to overcome as they continue to recover from the COVID-19 pandemic-era shutdowns.

A rash of federal spending and an increase in the money supply in recent years have fueled inflationary pressures. Prices soared during the beginning of the Biden administration, making it hard for Americans to make ends meet.

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Powell Signals More Rate Hikes Could Be On The Horizon

Pennsylvania Daily Star Staff

Federal Reserve Chair Jerome Powell raised the possibility of more interest rate hikes in prepared remarks Friday as inflation remains above the Fed’s target rate.

Powell hinted that the Fed will raise interest rates in the future if factors like high inflation, a hot labor market and sustained economic growth persist, according to a speech given by Powell at the Jackson Hole Economic Symposium. Interest rates have been raised 11 times since March 2022 in an effort to fight inflation, bringing the federal funds rate within a range of 5.25% and 5.50%, the highest rate since January 2001.

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Interest Rate Hikes Fail to Pump the Brakes as Inflation Rises

Pennsylvania Daily Star Staff

Inflation rose in July after steadily declining from a high of 9.1% in June 2022, according to the latest Bureau of Labor Statistics (BLS) release on Thursday.

The Consumer Price Index (CPI), a broad measure of the prices of everyday goods like energy and food, increased 3.2% on an annual basis in July, compared to 3.0% in June, according to the BLS. Core CPI, which excludes the volatile categories of energy and food, remained high, rising 4.7% year-over-year in July, compared to 4.8% in June.

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Inflation Tanks Small-Dollar Donations to 2024 Campaigns

Pennsylvania Daily Star Staff

As prices across the country remain high, small-dollar donations have decreased for 2024 political campaigns, Politico reported Friday.

Although inflation fell in June, prices are still above pre-pandemic levels, and candidates who previously reaped the benefits of grassroots donations are not receiving them at the same degree, according to Politico. The campaign arms of House Republicans and Democrats, as well as presidential candidates, saw a drop in small-donor donations compared to previous cycles.

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Independence Day Cookout Spending to Hit Record High Amid Inflation

Admin

Individual spending on Fourth of July food items has risen to $93.34 on average across the U.S., the highest the National Retail Federation (NRF) has recorded since it began collecting this information in 2003.

The cost of one person’s July Fourth foods rose about 10 percent over the past year from $84.12, according to NRF. Inflation remained twice as high as the Federal Reserve’s target in May, according to a Labor Statistics (BLS) report, and the price of energy and food increased 4.0 percent on an annual basis last month.

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Commentary: ‘Bidenomics’ Are Leaving Americans Behind

Pennsylvania Daily Star Staff

“When you think about wages going up, when you think about inflation at its lowest by more than 50 percent than it was a year ago, that’s because of the work that this President has done.  And he’s going to continue to focus on what we can do to lower cost for the American people.  And so, that is incredibly important.”

That was White House Press Secretary Karine Jean-Pierre on June 26, outlining President Joe Biden’s views on the current state of the U.S. economy, which have seen a diminution of the purchasing power of American households as high inflation set in following the more than $6 trillion that was printed, borrowed and spent into existence for Covid coupled with the economic lockdowns and production halts—literally too much money chasing too few goods.

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Biden Sets Leftist Tone for 2024 Re-Election Effort at Philadelphia Event

Bradley Vasoli

President Joe Biden held his first presidential re-election campaign event on Saturday at the Philadelphia Convention Center, making strong appeals to his left-wing base. 

Biden appeared alongside organized-labor activists and mentioned in the first few seconds of his oration that when he thinks of working Americans, he especially values the ones who associate with causes he finds politically congenial.

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Pennsylvania Representatives Blast Biden on Quality-of-Life Issues Ahead of His Philadelphia Visit

Bradley Vasoli

One day before Joe Biden heads to a Saturday Philadelphia rally, U.S. Representatives Guy Reschenthaler (R-PA-14) and Dan Meuser (R-PA-9) excoriated him in a press call over quality of life issues. 

Joined by Pennsylvania GOP Chairman Lawrence Tabas, the two lawmakers blasted the president for seeking reelection in 2024, insisting Biden has made life worse for Americans on virtually every facet affected by public policy. They mentioned that inflation rages, real wages slump, energy production languishes, gas prices rise, fentanyl use spreads, reading and math scores tumble and crime swells. 

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Inflation Rises Slightly in May

The Center Square

The latest federal data released Tuesday showed that inflation rose slightly last month.

The U.S. Bureau of Labor Statistics released its Consumer Price Index for May, a federal marker of inflation that rose 0.1% last month, part of a 4% increase in the previous 12 months. Most economists say 2% to 3% inflation is healthy for the economy.

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Americans’ Inflation Pain Hits a New High

The Center Square

Regardless of a slowdown in the rise of inflation, Americans report that higher prices are causing financial hardship, a new poll indicates.

Gallup released the poll data Thursday, which found that 61% of those surveyed say price hikes have caused financial hardship, up from 49% in January of last year. That 61% figure is a high point for Americans since Gallup began tracking the data in 2021, when inflation was growing faster.

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Americans’ Views of Housing Market Worse than After 2008 Market Crash

The Center Square

Americans’ views of the housing market have plunged as interest rates continue to rise because of government-fueled inflation.

Gallup released new polling data showing that only 21% of Americans say now is a good time to buy a house, down 9 percentage points from the previous year. This year and last year during the Biden administration are the only times that fewer than half of Americans said it was a good time to buy a house since Gallup began asking in 1978.

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Pennsylvania Democrats Want Prisoners Included In Minimum Wage Hike

Bradley Vasoli

A Pennsylvania state correctional-facility inmate can expect to earn between $0.23 and $0.50 per hour  at his prison job — not counting free room and board. Sixteen Pennsylvania House Democrats now want the state government that feeds and shelters these prisoners to pay them $21 an hour for their work. 

Led by Representative Chris Rabb (D-Philadelphia), these lawmakers are spearheading legislation to dramatically increase the state minimum wage and apply the new rate to prisoners. 

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Fed Raises Interest Rates by a Quarter Point to Fight Inflation

Just the News

The Federal Reserve Bank on Wednesday raised interest rates a quarter of a point again in an effort to cool inflation. “The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 5 to 5-1/4 percent,” the Fed said in an announcement about the rate hike. The rate was 4-3/4 to 5 percent.

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Pollster: Biden’s Re-Election Campaign Announcement ‘Like Christmas’ to Trump, Republicans

M.D. Kittle

President Joe Biden announced his re-election campaign Tuesday, insisting he’s running again to “stand up for fundamental freedoms.” 

Republicans in the nation’s presidential battleground states say the out-of-touch 80-year-old Democrat has cost Americans their freedoms — and their finances. 

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Republican State Senator Proposes $15 Pennsylvania Minimum Wage Bill

Bradley Vasoli

Pennsylvania’s state Senate Republican Policy chair on Friday said he’s sponsoring legislation gradually raising the commonwealth’s minimum hourly wage to $15 and thence indexing it to inflation.

Senator Dan Laughlin (R-Erie), one of his chamber’s most moderate Republicans representing one of its most electorally competitive districts, said in a statement that he carefully mulled the issue before announcing his measure. The Keystone State’s pay floor rose to $7.25 per hour in 2008, matching the federal minimum wage, and the senator insisted now is the time for an increase, observing that 30 states now set their floors higher. 

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Inflation Rises Again in March, but at Slower Pace

The Center Square

Inflation rose again in March, but at a slower pace than previous months, the U.S. Bureau of Labor Statistics latest consumer pricing data shows.

The Consumer Price Index rose 0.1% in March, contributing to a 5% rise over the last 12 months, about double what economists say is a healthy inflation rate. Price changes varied by the respective good and service.

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Commentary: Once Again, Wages Are Rising Slower than Inflation

Pennsylvania Daily Star Staff

This week’s jobs report reveals the labor market is finally starting to crack under the weight of two years of Bidenflation and the resulting rapid increase in interest rates.

The economy created the fewest jobs last month than in any month in Biden’s presidency. The average weekly hours for employees also fell again.

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Pennsylvania Leadership Conference Poll: Election Integrity Conservatives’ Foremost Concern

Bradley Vasoli

At the Pennsylvania Leadership Conference this weekend, a straw poll of right-leaning activists from across the Keystone State found election integrity tops their public concerns. 

Cybersecurity Association of Pennsylvania President Scott R. Davis, who administered the survey, told attendees at the Penn Harris Hotel west of Harrisburg that 38 percent of those who voted called election integrity the foremost issue facing the state General Assembly. Trailing that topic were the state budget (28 percent) and gun laws (six percent). Eleven percent chose another issue. 

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Inflation Continues to Outpace Wages, Data Shows

The Center Square

Inflation has outpaced wages for nearly two years, recently released federal data shows.

A closer look at federal wage and pricing data shows workers are making less overall as the price for all kinds of goods and services rise faster than average hourly wages.

The U.S. Bureau of Labor Statistics tracks “real” average hourly earnings, which are wages of Americans with rising inflation taken into account.

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Poll: Inflation Has Americans Worried About Covering Expenses After Job Loss

The Center Square

A majority of Americans polled said they couldn’t afford to pay emergency expenses or cover their living expenses for just one month if they lost their primary source of income, according to Bankrate’s latest Annual Emergency Savings Report. The main reason cited is record-high inflation.

The majority surveyed, 68%, said they’re “worried they wouldn’t be able to cover their living expenses for just one month if they lost their primary source of income.”

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Fed’s Favorite Inflation Index Blew Past Expectations in January

Pennsylvania Daily Star Staff

The Federal Reserve’s preferred measure of inflation, the personal consumption expenditures (PCE) price index, surged past economists’ expectations in January, breaking a recent downward trend, according to the Bureau of Economic Analysis (BEA) Friday.

The PCE price index jumped by 0.6% on a monthly basis, and climbed to 5.4% on a year-over-year basis, up from 5.3% in December, the BEA reported. Economists had predicted the year-over-year number would continue to fall to 5% in January, but prices instead shot up at the highest levels since June, The New York Times reported.

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