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Category: Economy
December 11, 2024
Data
Economy

November Inflation Climbs 2.7%.

According to the federal government’s Bureau of Labor Statistics, the Consumer Price Index (CPI) recorded a 2.7 percent annual increase in November. The data suggests that inflation remains elevated above the Federal Reserve‘s two percent target and that the specter of high prices remains a problem for many Americans.

The CPI measures price changes in a set of goods and services commonly purchased by consumers. Since 2022, the Federal Reserve has been addressing elevated inflation by raising its benchmark interest rate, aiming to curb consumer and business consumption. This strategy has reduced the inflation rate from its June 2022 peak of 9.1 percent to its current level.

Lisa Sturtevant, chief economist at Bright MLS, pointed out that November marked the second consecutive month of year-over-year CPI increase, with prices rising 0.3 percent from October to November. Sturtevant observed that wages have been increasing faster than inflation since May 2023, which has sustained consumer spending levels despite persistent inflation.

However, she noted that many families, particularly those with moderate incomes, feel the effects of high consumer prices. Recent U.S. Census Bureau research indicates that inflation disproportionately affects these families compared to those with higher incomes.

Additionally, the rise in CPI has some market observers concerned that the U.S. may be seeing the beginnings of a reacceleration of inflation. This could lead the Federal Reserve to hold off on another interest rate cut at its upcoming meeting on December 18. After making its first rate cut in September in four years, followed by another in November, the Fed cited progress in inflation reduction and labor market softness.

Image by Rafael Saldana.

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According to the federal government's Bureau of Labor Statistics, the Consumer Price Index (CPI) recorded a 2.7 percent annual increase in November. The data suggests that inflation remains elevated above the Federal Reserve's two percent target and that the specter of high prices remains a problem for many Americans. show more
December 11, 2024
William Upton
Economy
News

Biden Treasury Secretary Janet Yellen Admits Failure: ‘I Am Sorry.’

U.S. Treasury Secretary Janet Yellen admits Joe Biden and his government failed to rein in the federal deficit—which ballooned to $1.92 trillion in 2024—and address concerns regarding fiscal sustainability. Yellen, who will leave office in January, made the remarks yesterday at the Wall Street Journal‘s annual CEO Council Summit.

“Well, I am concerned about fiscal sustainability. And I am sorry that we haven’t made more progress,” Yellen said, adding: “I believe that the deficit needs to be brought down, especially now that we’re in an environment of higher interest rates.”

The Treasury Secretary’s admission was prompted by a question posed by Greg Ip, the Journal’s chief economic commentator. Ip pressed Yellen on the significant budget deficit left by the Biden government and asked if she had any regrets regarding the Democratic leader’s fiscal decisions.

Over the course of her four-year tenure, Yellen has drawn controversy on more than one occasion. Early on in Biden’s term, the Treasury Secretary—a former Federal Reserve chief—insisted that the rampant inflation being experienced by Americans was merely transitory, implying it would quickly recede without intervention. However, that was not the case, and the Federal Reserve was forced to increase interest rates. This left Yellen acknowledging an inconvenient truth for the Biden government this last February: high prices will likely be persistent for the foreseeable future.

President-elect Donald J. Trump has named macro fund manager Scott Bessent as his government’s Treasury Secretary. Financial markets rallied following the announcement of Bessen’t nomination in late November.

Image by IMF.

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U.S. Treasury Secretary Janet Yellen admits Joe Biden and his government failed to rein in the federal deficit—which ballooned to $1.92 trillion in 2024—and address concerns regarding fiscal sustainability. Yellen, who will leave office in January, made the remarks yesterday at the Wall Street Journal's annual CEO Council Summit. show more
December 10, 2024
Economy
News
UK

Brits Are Boycotting These Products Over This Crazy Ingredient.

Consumers in the United Kingdom are looking to boycott dairy products after a Danish company announced it would feed cows an ingredient to reduce flatulence. Opponents have criticized the product, claiming that some of its components may be linked to cancer and other harmful side effects.

The protest comes after Danish company Arla announced a trial of Bovaer, intended to reduce methane emissions from cows. Some consumers are pledging to boycott the company’s products, including Lurpak and Anchor butter.

Britain’s Food Standards Agency (FSA) advises caution in handling 3-nitrooxypropanol (3-NOP), a component of Bovaer. It states that it “should be considered corrosive to the eyes, a skin irritant, and potentially harmful by inhalation.” However, they claim it does not transfer to milk, being filtered by the cow’s digestive system.

Some critics have also claimed that 3-NOP could cause cancer, which regulators also deny. Bovaer is composed of 3-NOP,  silicon dioxide, and propylene glycol.

Social media platforms such as TikTok, X, and Facebook have seen a viral campaign urging consumers to avoid Arla’s products. Brands with partnerships with Arla, such as Starbucks and McDonald’s, and supermarkets whose own-brand milk is supplied by Arla are also targeted.

Arla officials and Bovaer manufacturer Dsm-Firmenich blamed “misinformation” for the outcry.

Denmark is just one of the several European Union member states to make changes in an attempt to reduce methane emissions from cows, in order to meet climate change goals.

The Netherlands, Belgium, France, and other EU countries have faced massive backlash and protests from farmers over EU green agenda policies.

Image by Sebastiaan ter Burg.

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Consumers in the United Kingdom are looking to boycott dairy products after a Danish company announced it would feed cows an ingredient to reduce flatulence. Opponents have criticized the product, claiming that some of its components may be linked to cancer and other harmful side effects. show more
New York
December 9, 2024
Economy

New York’s Governor Floats the Dumbest Ever Answer to Inflation.

Governor Kathy Hochul of New York has announced a proposal that could see taxpayers receiving checks in 2025. This plan, which she calls the “Inflation Refund,” is Hochul’s response to rising living costs. She revealed the initiative, her first official proposal to address inflation, ahead of her upcoming State of the State address.

The proposal suggests distributing $3 billion to approximately 8.6 million taxpayers in New York – a move that would almost certainly spur further inflation. Under the plan, single taxpayers earning up to $150,000 annually would receive a $300 check. Joint filers with a combined income of up to $300,000 would be eligible for a $500 check.

Hochul addressed the press in the Bronx and expressed her [lack of] understanding of the financial stress faced by families.

The proposed checks are part of what she calls an “affordability agenda.” Specifics will be detailed in her State of the State address on January 14, just before the legislative session begins in Albany.

If the state Legislature approves the checks, distribution to qualifying taxpayers could start by autumn.

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Governor Kathy Hochul of New York has announced a proposal that could see taxpayers receiving checks in 2025. This plan, which she calls the "Inflation Refund," is Hochul's response to rising living costs. She revealed the initiative, her first official proposal to address inflation, ahead of her upcoming State of the State address. show more
December 3, 2024
William Upton
Economy
Politics

President-Elect Trump Vows to Block Japanese Takeover of U.S. Steel.

President-elect Donald J. Trump says he will block the sale of U.S. Steel to Japan’s Nippon Steel, a move backed by both Republican and several Democratic Party lawmakers in Congress. Instead, Trump says he wants to impose tariffs to rebuild the United States’ domestic steel industry, making it more competitive in international markets. Vice President Kamala Harris had signaled more openness to allowing the foreign takeover of U.S. Steel should she have won the White House.

“I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan. Through a series of Tax Incentives and Tariffs, we will make U.S. Steel Strong and Great Again, and it will happen FAST!” President-elect Trump wrote in a post on Truth Social. He added: “As President, I will block this deal from happening. Buyer Beware!!!”


The sale of U.S. Steel to the Japanese-owned Nippon Steel is a critical issue for many Americans, especially those in the Rust Belt states of Pennsylvania and Ohio. During the 2024 presidential campaign, Trump, speaking with members of the Teamsters Union, promised he would “block it instantaneously.”

“We saved the steel industry. Now, U.S. Steel is being bought by Japan. So terrible,” he said.

On Capitol Hill, the opposition to the sale of U.S. Steel to Nippon Steel has become a bipartisan fight. Both of Pennsylvania’s Senators in the next Congress, John Fetterman (D-PA) and Dave McCormick (R-PA), have voiced their opposition to the takeover. Both will likely be key votes in backing Trump’s tariff and trade plans as well.

Image via Pexels.

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President-elect Donald J. Trump says he will block the sale of U.S. Steel to Japan's Nippon Steel, a move backed by both Republican and several Democratic Party lawmakers in Congress. Instead, Trump says he wants to impose tariffs to rebuild the United States' domestic steel industry, making it more competitive in international markets. Vice President Kamala Harris had signaled more openness to allowing the foreign takeover of U.S. Steel should she have won the White House. show more
November 27, 2024
William Upton
Economy
Media

Lib Mag Rages That It May Be Cheaper to Drink American Beer Under Trump.

The far-left Esquire magazine and sports-writer-turned-political-columnist Charles P. Pierce want Americans to be upset it may be cheaper to drink domestic alcoholic beverages under President-elect Donald J. Trump. Pierce, who has a long track record running with outlandish allegations about the incoming America First president, claims that Trump’s 25 percent tariff on goods imported from Mexico will result in $40 six-packs of Corona beer.

“Now, this might be just huffing and puffing from a guy experiencing his semi-annual episode of tumescence, but I think we all learned the first time around that it is a capital mistake to assume everything he says is empty bluffing,” Pierce writes in his bloviating style. The sports writer, who moonlights as a Democratic Party propagandist, adds this far-fetched kicker: “So let us assume that we have entered the era of the $15 lemon, and forty bucks for a six-pack of Corona, and go to work from there.”

Notably, domestically produced beer and agricultural products would be unaffected and remain cheaper than those sourced in Mexico.

A MODEST TARIFF.

While Pierce’s readers may—unfortunately—take the former ESPN Grantland writer and NPR gameshow panelist for his word, there is little actual evidence the 25 percent tariff on Mexican goods will result in $15 dollar lemons or $40 six-packs of Corona beer. In fact, when a similar 25 percent tariff was enacted on Chinese goods in 2018 under Trump’s first presidential administration, there was no noticeable price increase above the baseline—and domestic prices actually fell. Additionally, over the course of 2018 through 2020, inflation remained relatively flat, falling just on either side of two percent each year.

CANADA & MEXICO RESPOND.

Already, Mexico and Canada have signaled their willingness to negotiate on U.S. border security and a crackdown on the illegal drug trade flowing across both the southern and northern borders. Tuesday morning, less than 24 hours after Trump announced the tariff threat, Canada’s Prime Minister Justin Trudeau announced: “I had a good call with Donald Trump. We talked about some of the challenges we can work on together. It was a good call; this is something we can do.”

Meanwhile, far-left Mexican leader Claudia Sheinbaum responded similarly, stating, “I have the vision that there will be an agreement with the U.S.” She added that her country would work to halt the illegal immigrant caravans heading towards the United States.

Image by Steve Garfield.

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The far-left Esquire magazine and sports-writer-turned-political-columnist Charles P. Pierce want Americans to be upset it may be cheaper to drink domestic alcoholic beverages under President-elect Donald J. Trump. Pierce, who has a long track record running with outlandish allegations about the incoming America First president, claims that Trump's 25 percent tariff on goods imported from Mexico will result in $40 six-packs of Corona beer. show more

Editor’s Notes

Behind-the-scenes political intrigue exclusively for Pulse+ subscribers.

RAHEEM J. KASSAM Editor-in-Chief
Also worth noting is that Corona is distributed by Ab-Inbev purveyors of none other than Bud Light
for exclusive members-only insights
Also worth noting is that Corona is distributed by Ab-Inbev purveyors of none other than Bud Light show more
for exclusive members-only insights
November 26, 2024
William Upton
Economy
NatSec
TECH

Biden Govt Cuts Funding for Domestic Chip Makers, Aiding China Just Before Trump’s Arrival.

The Biden-Harris government is pulling back promised investments under the CHIPS and Science Act due to canceled projects by major technology companies, like Intel, following significant market losses. Intel is seeing the deepest cuts as it was the top beneficiary of the legislation, qualifying for $8.5 billion in grants and up to $11 billion in subsidized loans. In total, CHIPS set aside a total appropriation of $39 billion to revive America’s flagging semiconductor industry and curtail the reliance on China for the critical tech component.

However, the Biden-Harris government is announcing it is slashing Intel’s subsidy to just $8 billion in total after the company determined it would have to delay investment in several planned facilities. The company posted a $16.6 billion quarterly loss in October, setting off an investor panic.

Increasingly, the Biden-Harris government has come to believe that Intel will not be able to catch up to, let alone overtake, the Taiwan Semiconductor Manufacturing Company (TSMC). Concerns over TSMC and Taiwan’s long-term independence from the People’s Republic of China are a primary driver behind the push in the U.S. for a revamped and revitalized domestic semiconductor industry.

Biden initially promised that the CHIPS legislation would result in the U.S. taking over 20 percent or more of the global semiconductor market by 2030. However, that estimate now appears to have been far too presumptive.

In addition, the take of domestic semiconductors was expected to generate $240 billion of investment in the U.S. economy and over 30,000 new jobs—both numbers now likely need revising.

Image by Gage Skidmore.

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The Biden-Harris government is pulling back promised investments under the CHIPS and Science Act due to canceled projects by major technology companies, like Intel, following significant market losses. Intel is seeing the deepest cuts as it was the top beneficiary of the legislation, qualifying for $8.5 billion in grants and up to $11 billion in subsidized loans. In total, CHIPS set aside a total appropriation of $39 billion to revive America's flagging semiconductor industry and curtail the reliance on China for the critical tech component. show more
November 26, 2024
Economy

DRILL, BABY, DRILL! Trump On Course to Honor Natural Gas Campaign Pledge.

President-elect Donald J. Trump is set to prioritize expanding American energy production policies as he prepares to assume office. Trump aims to make significant changes to liquefied natural gas (LNG) permits and oil and gas drilling leases. The moves align with Trump’s 2024 campaign pledge to “Drill, baby, drill!”

In January, President Biden implemented a pause on new LNG export permits, a decision that faced criticism from the U.S. energy industry and lawmakers from both major parties. Consequently, the National Association of Manufacturers reported that nearly one million jobs could be at risk over the next 20 years if the LNG restrictions continue. Trump’s incoming administration plans to revoke the current pause and approve new LNG export permits starting next year.

In addition, Trump intends to enhance lease sales for coastal drilling, streamline the permit approval process, and widen drilling opportunities on federal land. He also intends to exit the Paris climate agreement again, expand fracking operations, and revive the Keystone XL pipeline. The Keystone project, which intended to transport oil from Canada into the United States, was terminated on Biden’s first day in office.

Some have welcomed the potential revival of the Keystone XL pipeline, including former pipeline worker Bugsy Allen, who expressed optimism about the economic impact. Additionally, Allen explained he believes restarting the pipeline could alleviate energy, food, and gasoline costs for Americans. These changes are seen as a step towards reversing economic challenges faced under the Biden government.

Image by Gage Skidmore.

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President-elect Donald J. Trump is set to prioritize expanding American energy production policies as he prepares to assume office. Trump aims to make significant changes to liquefied natural gas (LNG) permits and oil and gas drilling leases. The moves align with Trump's 2024 campaign pledge to "Drill, baby, drill!" show more
November 25, 2024
William Upton
Economy

Trump’s First Term Tariffs Are Helping Decouple the U.S. from China.

The tariffs enacted during President-elect Donald J. Trump’s first term in office—and largely continued under Joe Biden—are already fueling the start of a decoupling between the United States and the People’s Republic of China. When Trump’s tariffs first took effect in 2018, China accounted for just over 21 percent of U.S. imports. However, by 2023, that number has plunged to just below 14 percent.

Meanwhile, Mexico and Canada have seen their share among U.S. imports grow—albeit modestly. Currently, Mexico accounts for just under 16 percent of U.S. imports, up from around 12 percent in 2014. Canada, which saw its share of imports collapse over the last decade, has slightly rebounded and accounts for just under 14 percent of U.S. imports—about on par with China.

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Even with the modest increase in Mexican imports to the U.S., the data suggests the American economy is increasingly becoming more self-sufficient and less reliant on cheap products produced by China. President-elect Trump has promised to enact a new round of tariffs against China as the latter has continued its aggressive currency manipulation.

China routinely deflates its currency to create trade imbalances and maintain a cheap manufacturing environment. This practice disadvantages domestic industry in the U.S. Additionally, the rivalry between the U.S. and China necessitates further decoupling—especially among critical technology sectors—to further American national security interests.

Screenshot

While Trump is pushing for new tariffs on a number of countries, those targeting China are far higher and more aggressive than those he intends to enact against countries in, for instance, the European Union. The latter is more an issue of trade leverage, with tariffs being a tool to push a ratcheting down of trade barriers.

Image by Gage Skidmore.

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The tariffs enacted during President-elect Donald J. Trump's first term in office—and largely continued under Joe Biden—are already fueling the start of a decoupling between the United States and the People's Republic of China. When Trump's tariffs first took effect in 2018, China accounted for just over 21 percent of U.S. imports. However, by 2023, that number has plunged to just below 14 percent. show more
November 25, 2024
Economy
TRUMP TRANSITION 2024/5

Markets Are Rallying After Trump Tapped Scott Bessent for Treasury Secretary.

Financial markets rallied early Monday as stocks and bonds positively responded to President-elect Donald J. Trump‘s announcement that he is naming macro and hedge fund manager Scott Bessent as his Secretary of the Treasury. Bessent, the founder of Key Square Group, is perceived as a stabilizing influence anticipated to effectively manage the $28 trillion Treasuries market.

Dow futures were up nearly one percent before the opening bell. Meanwhile, S&P 500 futures had risen 0.5 percent.

Wall Street analysts see Bessent as a steady hand whose economic nationalist views fit well within the incoming Trump administration. Consequently, investors are signaling that Bessent’s even-handed and coherent economic vision aligns with their preferences, which—in part—explains Monday’s positive market reaction.

In recent years, Bessent has become a leading advocate for a combination of traditional fiscally conservative positions like tax cuts and regulatory reform. However, he’s also pushed a series of economic nationalist stances, including using tariffs as leverage in international trade negotiations.

A former adjunct professor at Yale University, Bessent is seen as having a significant influence among the more populist Republicans on Capitol Hill, including Vice President-elect J.D. Vance. Trump himself has referred to Bessent as “one of the most brilliant men on Wall Street.”

While Bessent was long considered the front-runner for Treasury Secretary, President-elect Trump was careful to weigh his options. Others considered were investment banker Howard Lutnick—who will serve as Secretary of Commerce—former Federal Reserve governor Kevin Warsh, and Mark Rowan of Apollo Global Management.

In addition to Lutnick and other members of Trump’s economic team, Bessent will oversee what is seen as a robust trade agenda, which will rely heavily on tariffs to level the international playing field.

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Financial markets rallied early Monday as stocks and bonds positively responded to President-elect Donald J. Trump's announcement that he is naming macro and hedge fund manager Scott Bessent as his Secretary of the Treasury. Bessent, the founder of Key Square Group, is perceived as a stabilizing influence anticipated to effectively manage the $28 trillion Treasuries market. show more