Economics

Economics, Uncategorized

Biden’s Last Act: Cementing Offshore Drilling Ban Before Trump Takes Over

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As President Joe Biden prepares to exit the Oval Office, his administration is reportedly gearing up to deliver a final parting gift to environmental activists—one that could deal a lasting blow to American energy independence.

According to Bloomberg News, Biden plans to impose restrictions on offshore oil and gas drilling, potentially handcuffing President-elect Donald Trump’s efforts to reinvigorate the U.S. energy sector, as reported by The Daily Caller.

Bloomberg’s sources indicate Biden’s executive order would permanently ban new lease sales for oil and gas drilling across certain areas of the outer continental shelf. While specific regions remain unconfirmed, whispers suggest coastal California and parts of the Gulf of Mexico may be targeted.

If enacted, the move would align with the demands of deep-pocketed environmental groups and progressive lawmakers eager to cement Biden’s legacy as a climate warrior.

This maneuver, however, directly counters Trump’s pledge to “unleash American energy dominance.” Biden’s potential restrictions could make it exceedingly difficult for the next administration to roll back, thanks to legal provisions allowing presidents to protect federal waters without granting clear authority to reverse such designations.

In typical fashion, the Biden administration is attempting to tie Trump’s hands, prioritizing its ideological agenda over the practical needs of hardworking Americans.

Beyond offshore drilling, Biden’s lame-duck administration has been sprinting to finalize an array of green policies. Just last year, it issued the most restrictive five-year offshore leasing schedule in U.S. history, further throttling domestic energy development.

Recent actions include blocking oil and gas development in Nevada’s Ruby Mountains for the next 20 years and doling out massive taxpayer-funded loans to green energy firms—moves that seem more focused on appeasing the environmentalist elite than addressing the nation’s economic realities.

These late-term policies are a continuation of the administration’s broader climate crusade, which has hampered America’s energy independence and economic resilience. For average Americans, the consequences are clear: higher energy costs, increased dependence on foreign oil, and diminished economic opportunities in energy-rich regions of the country.

While the White House declined to comment on these developments, the timing of this move raises eyebrows. With just days left in office, Biden’s push to enshrine radical environmental policies smacks of a desperate attempt to solidify his legacy—even if it means leaving everyday Americans to pay the price.

Read More at LifeZette

Economics, Uncategorized

Grocery Store Giant Removes Abortion Pill From Pharmacy Following “Error”

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Kroger has removed the abortion pill mifepristone from the Health Savings Club website Monday, a huge win for pro-life supporters everywhere.

The drug appears to have been removed following a story from The Washington Stand, which detailed how mifepristone was available via the website. An email to the outlet from Kroger the following day stated: “The Kroger Company Family of Pharmacies do not carry Mifepristone, nor do we dispense it.” At the time of writing (and at the time they received the statement), TWS claims the drug was still listed on the company site. 

“The Kroger Family of Pharmacies doesn’t carry Mifepristone and was listed on the Kroger Health Savings Club site in error,” a statement later claimed. Within 24 hours of these communications occurring, TWS claims the drug was officially removed from the site.

From The Washington Stand: “Soon after Biden’s Food and Drug Administration announced that retail pharmacies could dispense the abortion pill in January 2023, Kroger along with other major retailers received a letter from 19 state attorneys general warning the companies that they would be violating federal law if they send abortion pills through the mail. But Democratic lawmakers like Senator Richard Blumenthal (Conn.) fired off their own letter in March 2023 demanding that Kroger and other retailers ignore the state AGs and “expand access” to the drug. A year later, CVS and Walgreens both began dispensing the pills, with Sam’s Club joining the list at some point this month. 

“After having quietly followed suit and offering the abortion pill on its site for an unknown period of time, Kroger has apparently backtracked in the wake of press coverage of the listing.”

Million Voices spoke to a representative from Kroger who shared what really happened, and why the pill was listed on the company website. “A third-party organization erroneously listed the pill as available at Kroger – we do not sell, nor have we ever sold, mifepristone. It was an error on a third-party site to list it,” the representative for Kroger said in an email to Million Voices.

It’s unclear what really happened, as Bloomberg Law reported in August 2024 that Christian groups were pressuring Kroger and other major grocery stores, like Costco, Walmart, and Albertsons.

Read More at Million Voices

Economics

Michigan Gov. Whitmer Paid Out Full $600M to GM Before Jobs Were Created

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Michigan taxpayers gave General Motors $600 million to create thousands of jobs at an Ultium Cells battery plant near Lansing, now they’re waiting to see if a South Korean company fulfills that obligation. GM announced earlier this month it’s backing out of the joint venture with LG Energy Solution that was funded in part by the largest taxpayer incentive package in state history, but neglected to mention it already pocketed the cash.

“State records obtained by The Detroit News indicate the entire performance-based grant was paid out by the Michigan Treasury Department to GM and its partner in an EV battery plant between June and September 2023, more than a year before the Detroit automaker announced Dec. 2 that it would sell its stake in the Lansing area battery plant that had received part of the grant,” the news site reports.

The 2022 incentive package, the first approved through a newly created Strategic Outreach and Attraction Reserve fund run by the Michigan Economic Development Corporation, paid out a record $666 million for the Ultium Cells plant and to transition GM’s Orion Township assembly plant to produce all-electric pickups. The agreement was predicated on GM’s promise to invest about $4 billion in Orion Township and $2.5 billion in Ultium Cells, and create about 3,200 jobs – 1,840 in Orion Township and 1,360 at the Ultium Cells plant.

Read the Full Story at The Midwesterner

Trump
Economics

Trump Promises “Largest Tax Cuts” in U.S. History by Next Year

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President-elect Donald Trump vowed to “deliver the largest tax cuts in the history of our country” as he hailed Sunday as “the 7th Anniversary of the Trump Tax Cuts becoming Law.”

“Today is the 7th Anniversary of the Trump Tax Cuts becoming Law,” Trump wrote in a Sunday morning Truth Social post before he was slated to speak at a salute to Arizona gathering for Turning Point Action, “‘Happy Birthday!’

“Next year, we will deliver the largest Tax Cuts in the History of our Country,” he added.

“MAKE AMERICA GREAT AGAIN!”

Many of the provisions of the Tax Cut and Jobs Act signed by Trump in 2017 are scheduled to expire at the end of next year.

This means that more than $4 trillion in tax increases will take effect Jan. 1, 2026, charging next year’s Congress and administration with the hefty task of grappling with the tax hikes.

Many of the provisions impacting businesses, including pass-through entities, are set to expire between 2025 and 2028.

According to Americans for Tax Reform’s Grover Norquist, the expiration of the cuts has the markets sinking as Congress is speaking out against extending the Trump tax cuts next year.

“I think one of the dangers that people are looking at is that the tax cut may be delayed; it may get stopped,” Norquist said.

“We’re one bad car accident away from having Democrat control of the House of Representatives, which means a $4 trillion tax increase.”

“That’s a lot of uncertainty.”

Earlier this year, Trump suggested abolishing the federal income tax for American families.

During a visit to a barbershop in the Bronx, Trump was asked if there was “a way to eliminate federal taxes.”

Citing the policies of the late 1800s, when income tax funds were replaced by new trade tariffs, the former president hinted the country could go back to a time “when we were a smart country” and “relatively the richest it ever was.”

“It had all tariffs — it didn’t have an income tax,” said Trump.

Now we have income taxes, and we have people that are dying.”

“They’re paying tax, and they don’t have the money to pay the tax,” he added.

Trump saidsaid America was becoming so rich during the 1890s that “we had to set up committees, blue ribbon committees (on) how to spend our wealth—we had no idea how to spend it; there was so much money.”

“Then we went to the income tax system and the rest is sort of history,” said Trump.

Read More at the Daily Fetched

Economics

Michigan Tops U.S. States for Corporate Welfare — More Than Double No. 2 South Carolina

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Michigan lawmakers are doling out taxpayer cash to corporations faster than any state in the nation, and it’s not even close. “From 2018-2023, Michigan spent twice as much on incentives as the #2 state,” David Guenthner, the Mackinac Center for Public Policy’s vice president for government affairs, posted to X Thursday, along with the data to back up his claim. “6x Texas, 8x Florida, 12x Tennessee. “All of those states are lapping Michigan in job creation and population growth,” he noted. “Because MI pols would rather subsidize @GM & @Ford than fix the damn roads.”

An attached chart from IncentivesFlow, “a Service from FDI Intelligence,” shows Michigan spent $2.663 billion in taxpayer-funded economic incentives over the six-year time frame. South Carolina, the next closest state, spent $1.6 billion, followed by California at $1.3 billion, Indiana at $1.215 billion, and Oregon at $1.013 billion.

The spending data follows just days after the Mackinac Center released a report titled “Front Page Failures” that exposes the futility of Michigan’s taxpayer-funded economic incentives. “Front page new stories in Michigan’s largest newspaper from 2000 to 2020 announced the creation of a total of 123,060 new jobs,” according to the report. “State reports show these deals created just 10,889 jobs in the end, a success rate of just 9%. Only one in 11 of the announced jobs in these front page stories ever came to fruition.”

Read the Full Story at The Midwesterner

Gov.-elect Gretchen Whitmer and Brig. Gen. Paul Rogers, Michigan National Guard adjutant general (select) arrive at the Capitol dais for Whitmer's inauguration ceremony, Lansing, Mich., Jan. 1, 2019 (Air National Guard photo by 1st Lt. Andrew Layton/released).
Economics

Whitmer’s Michigan: Per Capita Income Now “The Lowest We’ve Ever Been”

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Michigan’s per capita income is now “the lowest we’ve ever been,” putting the state on track to become the third poorest in the nation by 2045.

Recent data from the U.S. Bureau of Economic Analysis pegs Michigan’s per capita income – total income divided by the number of adult residents – at $61,144 in 2023. The figure is dead last among Great Lakes states and 40th nationally, more than 12% below the national average of $69,815, Bridge Michigan reports.

Since Gov. Gretchen Whitmer was re-elected in 2022, per capita income has reached “the lowest we’ve ever been,” Lou Glazer, president of the think tank Michigan Future Inc., told the news site. He attributed the “enormous collapse” to a lack of high-wage jobs, a perspective shared by Citizens Research Council of Michigan Senior Research Associate Bob Schneider.

Read the Full Story at The Midwesterner

Economics

Goldman Sachs, Wharton Biz School Smack Down Kamala’s Economic Lies

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Vice President and presidential hopeful Kamala Harris must believe Americans have just fallen out of a coconut tree. The woman lies more often than she breathes, and her latest whopper brought out some big guns who offered a correction. 

During the September 10 debate with Donald Trump, Harris lied repeatedly, stating as fact long-debunked lies about things she claimed Donald Trump has done. She lied about him praising neo-Nazis at a Charlottesville rally (the “fine people” lie), and she lied about Trump threatening a “bloodbath” if he does not win the presidency (Trump spoke metaphorically about the auto industry). 

But she also lied about herself, or, more specifically, about praise for her alleged economic plan, saying that her vision for the future was supported by economists everywhere. Harris continued this brazen deception during a Boomer-celebrity-packed Zoom call—of all things—hosted by Oprah Winfrey. During the “Unite for America” event, Harris claimed that Goldman Sachs, Moody’s, and the Wharton School of Business, along with “16 Nobel laureates” have “collectively determined after analyzing our plans [that] mine would strengthen the economy, his would weaken it.”

Harris must never have faced any consequences for her lying, because she seems absolutely fearless in telling the exact opposite of the truth. 

Newsweek contacted the Wharton school for comment. An unidentified spokesperson said the school “did not find a positive impact on the economy from her plan in any future year.” By contrast, the staffer said, Trump’s plan would increase Gross Domestic Product “for a few years” but would lower it at the end of a ten-year cycle. 

And what about Goldman Sachs? CEO David Solomon said Harris was really reaching when she said a report from his firm backed her economic plan. He said the report was from an independent analyst first of all, and that it found a tiny difference in predicted outcome between the economic plans of Kamala Harris and Donald Trump. How small? Two-tenths of 1 percent. 

Let’s see if social media users were surprised. 

Economics

Kamala Harris Struggles To Answer Question On Economy In Rare Interview

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In an astonishing turn of events, Kamala Harris actually sat down for an interview, this one with the National Association of Black Journalists (NABJ).

The 45-minute sit down discussion marked Harris’ second on-camera interview of the entire campaign, and her first without running mate Tim Walz. Harris also became the second candidate to speak to the NABJ after Donald Trump’s high-profile interview with the organization at the end of July.

Harris largely stayed on script throughout the interview, and struggled to differentiate herself from the administration in which she is vice president. For a candidate who the NAACP say is losing Black voters to Trump, it was a below par performance.

The Vice President struggled to address the recent NAACP poll in her interview on Tuesday in a question on the economy.

“Polling shows that some Black men, particularly young Black men, are considering voting for Donald Trump, and they see him as better for the economy. What is your message to young Black male voters who feel left out of this economy, and how can your economic policies materially change their lives?” Harris was asked.

She didn’t have a clue what to say.

“I appreciate the spirit of the question, but I’ll tell you, I’ve often been asked this question in a way that I’ve had to respond by first saying that I think it’s very important to not operate from the assumption that Black men are in anybody’s pocket,” Harris responded, adding that she had to earn votes rather than assume she “was going to have it because I’m Black.”

Watch the trainwreck unfold below:

Harris’ “word salad” frustrated viewers on X who wanted her to answer the question.

Many noted that she failed to answer a relatively simple question.

Economics

Man Ejected From Nancy Pelosi Book Signing After Asking For Financial Advice

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A small business owner said he was assaulted by Nancy Pelosi’s security detail after attempting to ask for financial advice – albeit tongue-in-cheek.

Alex Strenger met the former House Speaker at a book signing in Fort Worth, TX, over the weekend.

Sporting a “White Dudes for Harris” t-shirt and a face mask, Strenger initially raised concerns about the prospect of a second Donald Trump presidency and said the former president should “spend the rest of his life” in prison.

“We just have to win the election,” Pelosi responded.

Strenger then tried to ask for financial advice from “the greatest options trader of all time” when he was taken away by Pelosi’s security team.

“I want to know what stocks to buy; I want to close the wealth gap,” he added as he was marched out of the building to a chorus of boos.

Pelosi’s financial dealings are well documented. Her portfolio returned over 700% in the decade up to 2024, and investments made by herself and her husband almost tripled the S&P 500’s returns in 2023 alone. In fact, her reputation as a prolific trader has even paved the way for a Nancy Pelosi Stock Tracker on X (@PelosiTracker_).

In the year 2020, Pelosi was the biggest purchaser of securities in Congress.

We reported here at Wokespy just last June on one single suspect Pelosi trade that netted her $5 million.

Some on social media were desperate to know more about the former speaker’s financial understanding.

Other commentors noted the manhandling by security personnel in response to Strenger’s questions.

Economics

Bidenomics Led To Over 1.3 Million Native-Born Americans Losing Their Jobs In August

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More than 1.3 million native-born Americans lost a job in August as all net job growth continues going to non-citizens.

Data from the Bureau of Labor Statistics was charted by the financial publication Zero Hedge showing a loss of 1.325 million jobs for native-born Americans in August alone. By contrast, the number of foreign-born workers increased by 635,000 during the same period.

This continues a six year trend of native-born Americans losing jobs and only non-citizens gaining them.

And the figures mark an accelerating trend under the Biden-Harris administration. Those from overseas have benefitted from a more relaxed approach to immigration under the current government with the gap between native and foreign-born job creation widening by the month, as can be seen in the graphs below.

An interesting aspect of the first graph is how the two statistics compared under Joe Biden’s Presidency and that of Donald Trump’s. While relative job creation between the native vs. foreign born groups was largely similar under the previous administration, the disparity exploded once Biden took office in January 2021. As such, due to how lopsided the Biden so-called economic recovery has been, it’s now the case that since July 2018, there have been zero jobs created for native born Americans.

It’s concerning news for millions of unemployed Americans. Not only are more jobs going towards immigrants, but the number of full-time jobs has decreased by more than 1.6 million over the past year, therefore making it harder for millions to earn a survivable living.

Social media users could only point fingers at the administration which has overseen the widening discrepancies.

Others said that the majority of employment opportunities were going to certain groups.


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