Category Archives: political economy

Impact of Biden’s Border and Immigration Policies on Employment

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Another outcome of Progressive-Democrat President Joe Biden’s disdain for our national borders and for actually vetting who comes into our nation is this. Notice, too, that the graph isn’t some tenuously done aggregation of data from questionable sources; it’s a FRED (Federal Reserve Economic Data, compiled by the Federal Reserve Bank of St. Louis) graph.

In just February, 1.2 million immigrants (legal and illegal) gained a job. Meanwhile, 500k native-born Americans LOST their job.
Since Covid, native-born workers have actually LOST 2 million jobs. All of the net job gains are immigrants.

 

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Virtue-Signaling in the Credit Card Market

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Progressive-Democrat President Joe Biden is at it again, attempting to buy votes with another of his sham attempts to save us ordinary Americans money.

The Biden administration on Tuesday finalized a new rule to cap all credit card late fees at $8, a move that is expected to elicit fierce pushback from industry giants.

His Consumer Finance Protection Bureau

estimates the new regulation will save American families more than $10 billion in late fees annually by reducing the typical late fee of about $32. That amounts to an average saving of roughly $220 per year for the 45 million people who are charged late fees.

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The Next Step

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It’s becoming necessary. I wrote yesterday about the need for tariffs on a variety of tech-oriented goods that the People’s Republic of China is heavily subsidizing for production and export.

It’s rapidly becoming necessary—if it hasn’t been for some time already—to take the next step vis-à-vis trade with the PRC.

Trade routes snaking through former Soviet republics Kazakhstan and Kyrgyzstan are among the many paths into Russia for so-called dual-use goods—singled out by the US and its allies because they can be used on the battlefield.
Despite their efforts, Central Asia is a growing pipeline for Russia, made possible by thousands of miles of open borders, opaque trade practices and opportunistic middlemen. The goods often originate in China, where they are manufactured in some cases by major US companies, which say the items are being imported by Russia without their permission.

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Tariffs

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When considering the utility of tariffs, it’s useful to keep in mind that foreign trade has very little to do with economics and very much to do with foreign policy. Tariffs, within that framework, can be either good or bad, although as with any tools used in any conflict, they won’t come without cost.

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Empty Promises

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The Left and their Progressive-Democratic Party politicians have been promising “good paying” jobs in green energy as they try to push our nation off hydrocarbon-based energy onto their “green” energy sources. Here’s an example, in Moapa, NV, of how well kept those promises are.

A coal power plant that once employed as many as 300 people closed near this small town about an hour outside of Las Vegas in 2017. Nevada’s public utility has since transformed the site into a home for batteries that store energy captured by nearby solar panels. The $257 million project received roughly $100 million in federal tax credits because of President Biden’s Inflation Reduction Act.
… Construction of the site and installation of the batteries required roughly 200 workers over a year. Maintaining and operating the batteries will require about five.

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Another Reason to Rescind Chevron Defense

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As The Wall Street Journal‘s editors put it in their editorial last Tuesday, nothing is stopping the

Securities and Exchange Commission and prosecutors from finding [regulatory] meaning in statutory penumbras.

Now the SEC is manufacturing a rule based on nothing but the æther in SEC Chairman Gary Gensler’s mind. Gensler has hailed into court a pharmaceutical company employee for the “insider trading” crime of trading in options on the stock shares of another pharmaceutical company, a company about which the man had no insider information at all. Not a whit.

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Don’t Risk a Government Shutdown?

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The Progressive-Democratic Party’s House representatives are urging Speaker Mike Johnson (R, LA) not to take that risk—to the extent the risk from a partial shutdown even exists—in their letter to him last Friday. They want no spending cuts, or policy changes, in any bill that would avert such a shutdown; those are poison pills in their lexicon.

That’s the Progressive-Democrats’ veiled threat that they will shut down the government if they don’t get their own way entirely, and they’ll blame the Republicans for that shutdown.

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Speaker Johnson’s Job

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House Speaker Mike Johnson (R, LA) has a job to do, and The Wall Street Journal tried to characterize it this way:

…Johnson has to decide whether to cut a government funding deal with Democrats that risks costing him his job.

No. The House’s job, and so Speaker Johnson’s job, is to control the Federal government’s spending. That job, that spending control, most assuredly does not include cutting deals with a Progressive-Democratic Party that is bent on profligate spending. That he’s confronted with so many timid Republicans desperate for the comfort of loyal opposition rather than the hard reality of governing only makes his own job harder. That timidity, no more than spendthriftiness, alters his job not a whit.

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How Good is Good Enough?

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The EPA has finalized, despite a plethora of public comment decrying the move, a pollution regulation that, among other things, tries to vastly reduce the amount of soot particles in the air we breathe. Vastly reduce: from the current standard of 12 micrograms per cubic meter of air to 9 micrograms per cubic meter—from almost nothing to even more almost nothing.

Never mind that the ordinary march of technology and ordinary free market forces have already reduced the amount of soot in our air by 42%, or that there’s vanishingly small [sic] room between the existing almost nothing and nothing.

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Vulnerability of our Electric Grid

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Much is being made, and justifiably so, regarding the lack of capacity of our electricity distribution grid to support growing electricity demands.

…assessments of the national electric grid’s ability to deliver power during peak demand periods, such as heat waves and cold snaps, have shown increasing risk for blackouts.
…
Environmental groups are pushing to transition home heating from natural gas to electricity, and electric vehicles are also adding to the grid’s thirst for power.
Among this mix of increasing electricity needs are data centers.

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