economics Archives - Page 4 of 4

Commentary: Massive Government Spending Has Caused High Inflation Levels and a Weakening U.S. Dollar

June 12, 2021June 11, 2021 Michigan Star Staff

Inflation is up 4.92 percent the past 12 months as of May, the most since July 2008’s 5.5 percent, according to data compiled by the Bureau of Labor Statistics, amid a torrent of trillions of dollars of government spending, Federal Reserve money printing and a weakening dollar combined with the continued economic rebound led by reopening businesses from the 2020 Covid lockdowns.

The past three months alone, inflation has grown at an accelerated rate of 2 percent combined. If that trend were to hold up for the rest of the year, inflation would come closer to 8 percent.

In the month of May, price jumps in fuel oil at 2.1 percent and piped gas service at 1.7 percent offset a 0.7 percent drop in gasoline prices. In addition, new car prices grew 1.6 percent. Used cars and trucks grew at 7.3 percent again after a 10 percent jump in April. Apparel jumped 1.2 percent. And transportation services grew 1.5 percent after a 2.9 percent jump in April.

Yellen Admits Inflation Is About to Surge But Says It Will Be ‘Plus For Society’s Point of View’

June 8, 2021June 7, 2021 Michigan Star Staff

Increased inflation could ultimately be a net positive for the U.S. economy and large government spending won’t overheat the economy, Treasury Secretary Janet Yellen told Bloomberg.

Treasury Secretary Janet Yellen, who previously chaired the Federal Reserve, said the central bank has been more concerned about inflation levels that are too low, according to Bloomberg. Increasing consumer prices could signal a return to normal, she said.

“We’ve been fighting inflation that’s too low and interest rates that are too low now for a decade,” Yellen told Bloomberg in an interview Sunday.

Arizona Gains 66,000 New Taxpayers, Mostly from California

June 8, 2021June 7, 2021 The Center Square

Taxpayers are coming to Arizona from other states by the tens of thousands and bringing billions of dollars in annual earnings with them.

The Internal Revenue Service released its annual migration statistics, a record of address changes by filers and their dependents between tax years. The data released in late May reflects changes from the 2018-2019 tax years, which symbolize moves that occurred between 2017 and 2018. Nationwide, 8 million people relocated to either another state or county.

Arizona gained 218,736 new taxpayers in that time. Having lost 152,769, that’s a net gain of 65,967 exemptions from one tax year to the next. That’s nearly 1,000 more than the previous tax year.

Gov. Whitmer Signs Executive Directive to Expand High-Speed Internet; Won’t Tell Price Tag

June 8, 2021June 7, 2021 The Center Square

Gov. Gretchen Whitmer has issued Executive Directive 2021-02, which will establish the Michigan High-Speed Internet Office (MIHI) with the intent of improving costs and access to high-speed internet.

The governor pointed to the ongoing pandemic as the precipitating event that necessitated the order.

“COVID-19 has only confirmed how the lack of high-speed internet access can cause too many Michiganders to struggle in their ability to engage in online learning, to use telemedicine to seek needed healthcare, to search for a new job or to take advantage of all the online resources,” Whitmer said in a statement. “A fully connected Michigan is essential for our state to reach its economic potential in the 21st century global economy.”

Migration Study Shows Big Cities Continue Losing Population During First Quarter

June 7, 2021June 6, 2021 The Center Square

Americans in the first quarter of 2021 continued their 2020 pattern of moving from expensive, densely populated areas to warmer, more tax-affordable states, according to a new study from Updater Technologies.

Updater Technologies is an online platform that allows people to use a centralized hub for moving, including finding a moving company, connecting internet and utility services and updating their address. The company says the inbound and outbound data it uses is more reliable than tabulating mail forwarding forms because it captures fully completed permanent moves in real time. It also indexes cities and states based on population, since using raw numbers would skew toward the most populated areas based on sheer volume.

Out of roughly 300,000 household moves during the first quarter, only 16 states had a greater percentage of inbound moves than outbound: Nevada, South Carolina, Tennessee, Arizona, Florida, Texas, North Carolina, Colorado, Georgia and Maine.

Critics Question Gov. Whitmer’s $1.3 Million Spending on Holland Private Sector Jobs

June 7, 2021June 6, 2021 The Center Square

Gov. Gretchen Whitmer announced Thursday the Michigan Economic Development Corporation (MEDC) is spending taxpayer money on private business Mission Design and Automation in Holland Charter Township.

Mission will house new large-scale automation projects and space for offices and meeting rooms, but critics argue government funds shouldn’t be used to subsidize private enterprises.

Michigan awarded the private company $400,000 in taxpayer money through the Jobs Ready Michigan Program grant. The project is expected to generate a total private investment of $5.3 million and create 109 well-paying new jobs over two years.

IRS: California Shrank by 165K Taxpayers, $8.8 Billion in Gross Income

June 6, 2021June 5, 2021 The Center Square

California residents of all ages and incomes are leaving for more tax friendly climates, and they’re taking billions of dollars in annual income with them.

The Internal Revenue Service recently released its latest taxpayer migration figures from tax years 2018 and 2019. They reflect migratory taxpayers who had filed in a different state or county between 2017 and 2018, of which 8 million did in that timespan.

California, the nation’s most-populous state, lost more tax filers and dependents on net than any other state.

‘Operation Warp Speed for Jobs’: Worker Shortage Is Getting Worse, U.S. Chamber Says

June 2, 2021June 1, 2021 Michigan Star Staff

The U.S. Chamber of Commerce characterized the worker shortage as a crisis that is hurting businesses of all sizes and slowing the nation’s economic recovery.

The biggest challenge U.S. businesses currently face is the lack of qualified workers to fill open jobs, according to the Chamber of Commerce’s America Works Report released Tuesday morning. The national Worker Availability Ratio (WAR) — or ratio of number of available workers to number of available jobs — has dropped over the last several months, the report found.

The current WAR is 1.4, meaning for every job opening there are one or two workers available, according to the America Works Report. The historical WAR average over the last 20 years is 2.8.

Missouri’s Treasurer Opposes Biden Administration’s Influence on Divesting in Fuel Companies

May 31, 2021May 30, 2021 The Center Square

Missouri Treasurer Scott Fitzpatrick and 14 other Republican state treasurers are questioning President Joe Biden’s administration pressuring of U.S. banks and financial institutions to not lend to or invest in fossil fuel companies.

The group of chief financial officers sent a letter to presidential climate envoy John Kerry this week expressing concern about a reported strategy to eliminate the coal, oil and natural gas industries by cutting off loans or investments.

“While the pursuit of more renewable sources of energy is a noble cause, the fact is that fossil fuels remain critical to our country and the entire world,” Fitzpatrick said in a statement. “The Biden Administration’s failure to acknowledge this will result in increased costs for consumers and businesses. An energy independent America is vital for national security and strengthens our economy which impacts all Americans – especially our poorest citizens who feel rising prices at the gas pump and the checkout line most. Attempts to pressure financial institutions to cut off the fossil fuel industry amounts to nothing less than an abuse of power by the federal government and should not be tolerated by states.”

Job Searches Increased in Republican States Canceling Federal Unemployment Boost: Report

May 31, 2021May 30, 2021 Michigan Star Staff

Relative to the national trend, job searches temporarily increased in states that have announced they will no longer offer the pandemic-related federal unemployment boost, an economic report showed.

In states that are withdrawing from the federal unemployment program, interest in job postings increased 5%, according to the report released Thursday by job listings site Indeed. The increase was relative to a national average recorded during the final two weeks of April, before Republican governors began canceling the federal benefit.

“In May, job search activity on Indeed increased, relative to the national trend, in states that announced they would end federal [unemployment] benefits prematurely,” the Indeed report said.

Commentary: Conservatives and Republicans Must Reclaim Memorial Day

May 30, 2021May 29, 2021 Michigan Star Staff

Veteran cemetery with table set for lives lost who served America

In the face of the Far Left’s attempts to rewrite American history through the now-discredited 1619 Project and Critical Race Theory, Republicans and conservatives must reclaim the key dates and events in American history and there is no better place to start than Memorial Day 2021.

Memorial Day was created not as a “holiday” or an excuse for corporate merchants to advertise sales, but as a solemn commemoration of the dead of both sides in the American Civil War.

In that context Memorial Day commemorates a number of constitutional conservative values, not the least of which is the inviolability of the Constitution itself.

After National Criticism, Whitmer’s Campaign to Pay for Florida Flight

May 29, 2021May 28, 2021 The Center Square

Months after Gov. Gretchen Whitmer flew on a secret trip to Florida, Michiganders are starting to find answers.

Whitmer’s campaign committee will pay for her March Florida flight to visit her father after she initially attempted to use a nonprofit to charter the flight through a separate company.

The flight sparked an Federal Aviation Agency investigation, because the jet company was not authorized to operate charter flights.

Michigan Projects Multibillion-Dollar Budget Surplus

May 24, 2021May 23, 2021 The Center Square

Michigan budget officials Friday reached a consensus on revised economic and revenue figures for fiscal years 2021, 2022 and 2023.

The state general fund and school aid revenues will total $26.5 billion for the current budget year, exceeding January estimates by $2.2 billion. For the new budget cycle beginning Oct. 1, the agency projected revenues will total $26.6 billion, $1.3 billion more than January predictions.

A majority of that unexpected cash is a byproduct of billions of spending via stimulus checks and boosted unemployment benefits, which led to a spike in personal spending and increased state tax revenues by billions more than previously forecast.

Businesses, Republicans Raise the Alarm over Biden Taxes

May 24, 2021May 23, 2021 The Center Square

Local icecream shop with chalkboard menu

As President Joe Biden promotes his several trillion dollars in proposed federal spending, Republicans and small businesses are raising the alarm, arguing the taxes needed to pay for those spending plans are a threat to the economy.

The House Ways and Means Committee met Thursday to discuss infrastructure development and in particular the impact of proposed tax increases to pay for it. Rep. Kevin Brady, R-Texas, the ranking member on the committee, argued that only 7% of Biden’s proposed infrastructure bill goes to infrastructure and that raising taxes would incentivize employers to take jobs overseas.

“As bad as the wasteful spending is, worse yet, it’s poisoned with crippling tax increases that sabotage America’s jobs recovery, hurts working families and Main Street businesses, and drives U.S. jobs overseas,” Brady said. “We cannot fund infrastructure on the backs of American workers.”

Republicans Release Plan to Address Growing Inflation Under Biden Administration

May 24, 2021May 23, 2021 The Center Square

Congressional Republicans grabbed headlines this week after releasing an aggressive budget they say would cut taxes and spending, but key measures in the plan also would address one of the country’s most serious economic problems.

The House’s Republican Study Committee released a budget that lays out several measures to deal with inflation, a growing concern among economists after the latest federal data showed a spike in consumer prices. Notably, the index for used cars and trucks rose 10%, the largest one-month increase since BLS began recording the data in 1953. Food and energy costs rose 0.9% in the month of April, prescription drugs rose 0.5%, and gasoline rose 1.4% during the same month. The energy cost index rose 25% in the previous 12 months.

Republicans on the committee say their plan would address concerns over inflation by balancing the budget within five years, thereby eliminating the need to monetize debt, a process where the federal government prints money to make payments on what it owes. The national debt has soared to more than $28 trillion and is expected to continue climbing under President Joe Biden’s new spending plans.

Consumer Prices Outpace Americans’ Wage Growth as Inflation Surges

May 22, 2021May 21, 2021 Michigan Star Staff

Massive government spending has decreased the value of the American dollar and triggered increased consumer prices, which economic experts said will only get worse.

Americans will continue to see higher prices across the board, from food and gasoline to home appliances and cars, as the federal government continues to propose more stimulus into the economy without an adequate plan to pay for it, according to several experts. Even if the government doesn’t pass legislation increasing taxes, higher prices ultimately amount to an “inflation tax,” some of the experts said.

“Over the past few months, we have seen an inflation rate that is much higher than where we’ve become accustomed to,” Heritage Foundation research fellow Joel Griffith told the Daily Caller News Foundation. “When we are going to the grocery store, going to the gas station, building our new home, we’re noticing that prices are really accelerating at a much faster clip than what we’re used to.”

Whitmer, Legislature Reach Deal on COVID-19 Restrictions, Collaborate Spending Billions

May 22, 2021May 22, 2021 The Center Square

After 14 months of fighting over COVID-19 policy, GOP leaders and Gov. Gretchen Whitmer reached an agreement Thursday to negotiate the state budget and stimulus money in return for setting a date to end COVID-19 restrictions.

In return, Whitmer has agreed to withdraw the Michigan Occupational Safety and Health Administration’s (MIOSHA) proposed permanent rules and discuss legislative input on epidemic orders.

“Throughout the pandemic, we saw Michiganders all over the state step up and come together to slow the spread of COVID-19 and save lives,” Whitmer said in s statement. “Now, Michigan’s task is to unleash the potential of our people, to drive innovation and investment, and create tens of thousands of jobs and economic prosperity for all. Together, we can stay laser-focused on growing the economy and getting Michiganders back to work. Let’s hit the gas.”

Michigan Business Leaders Expect Robust Economic Recovery, Return to Partial In-Person Work

May 19, 2021May 18, 2021 The Center Square

Man in business suit walking on crosswalk in city

Michigan’s business leaders anticipate robust growth in the state’s economy within the next year.

They also plan a return to in-person office work in the 3rd and 4th quarters of 2021, according to a quarterly economic survey completed by Business Leaders for Michigan.

Approximately 92% of survey respondents say the state’s economy will likely remain strong and growing during the next six to 12 months.

Controversy Surrounds Whitmer’s Secret Florida Flight

May 18, 2021May 17, 2021 The Center Square

Gov. Gretchen Whitmer is once again under fire for a Florida trip she took months ago.

The trip was partially paid for by a 501(c)4 group, which critics say presents legal questions.

Whitmer used funds from an inauguration-related nonprofit to pay for a $27,521 trip to Florida to visit her ailing father in March, MIRS News reported. “She continued to carry out her duties as governor while she assisted her father [in Florida] with household duties like cooking and cleaning,” JoAnne Huls, the governor’s chief of staff, wrote in a memo. “The governor’s flight was not a gift, not paid for at taxpayer expense, and was done in compliance with the law.”

Ohio Legislature Keeps Pressure on Michigan to Keep Pipeline Open

May 17, 2021 The Center Square

Ohio state Rep. Brian Baldridge, R-Winchester

Ohio lawmakers continue to pressure Michigan’s governor to keep open a pipeline that affects more than 20,000 Ohio jobs and nearly $14 billion in state economic activity.

Rep. Brian Baldridge, R-Winchester, who testified before the Ohio Senate Energy and Natural Resources Committee earlier this week, said Michigan Gov. Gretchen Whitmer continues to make poor decisions at a time when energy security remains in question after a cyberattack on Colonial Pipeline that continues to leave the Southeast with gasoline shortages and higher prices.

Baldridge also testified recently before Michigan’s Senate Energy Committee and met with the state’s Senate leadership in response to Ohio Resolution 13, which urges Michigan to keep the Enbridge Line 5 pipeline operating.

House GOP $80 Million Plan Pushes Stronger Police Support

May 16, 2021May 15, 2021 The Center Square

Michigan House GOP unveiled a plan to spend roughly $80 million to support local police departments.

The plan aims to counter the “defund the police movement,” House Speaker Jason Wentworth, R-Clare, said in a Thursday morning press conference.

House Republicans say the plan supports law enforcement, strengthens the criminal justice system and expands community policing statewide.

Surveys Show Largest Expansion of School Choice in U.S. History

May 12, 2021May 11, 2021 The Center Square

More children are likely to have increased access to educational options after state legislators across the U.S. advanced a slew of bills this year expanding school choice, according to several state-by-state surveys.

“This is a banner year for the educational choice movement. Hundreds of thousands of children nationwide will now have greater access to educational opportunities,” Jason Bedrick, director of policy at Ed Choice, a national nonprofit organization that promotes state-based educational choice programs, told The Center Square.

At least 50 school choice bills have been introduced in 30 states so far, designed to create or expand vouchers, tax-credit scholarships and education savings accounts, among other measures.

Gov. Whitmer Signs $37 Million Bill Funding 76 Projects Statewide

May 11, 2021May 10, 2021 The Center Square

Gov. Gretchen Whitmer on Thursday signed House Bill 4469 which appropriates $37.8 million in Michigan Natural Resources Trust Fund grants for 76 recreation projects and land purchases throughout Michigan.

“The Michigan Natural Resources Trust Fund supports quality outdoor recreation, giving Michiganders the ability to safely enjoy the outdoors and boosting local economies,” Whitmer said in a statement. “This funding is crucial to helping communities utilize their natural resources and make Michigan’s public spaces more accessible and attractive to residents and visitors. I am proud to sign this piece of bipartisan legislation into law and support Michigan’s recreational resources and economy.”

The Michigan Natural Resources Trust Fund is a restricted fund established in 1976 to provide funding for public acquisition of lands for resource conservation and outdoor recreation.

Commentary: Joe Biden, Economy Killer

May 8, 2021May 7, 2021 RealClearWire

Along with a working vaccine, Joe Biden inherited a V-shaped economic recovery, but he is now planting the seeds of its destruction. Inflation, federal deficits, high taxes, incentives for workers to stay home, and incentives to avoid investment – they’re all coming back. Together, these elements create the perfect brew for a Lyndon Johnson-style stagflation. If Biden and the Democrats so quickly wreck the good economic path they were given, it will be one of the worst examples of government malpractice in U.S. economic history.

In the first, dark days of the COVID-19 national economic shutdown last spring, there was a clear need for major stimulus. Both parties united to pass an effective and much-needed response.

The U.S. gross domestic product saw a 33.4% surge in the July-September third quarter of 2020, after plunging 31.4% in the April-June second quarter. The economy continued to grow at a 4% rate in the fourth quarter, and the stock market (despite COVID) ended 2020 with the S&P 500 index up 16% for the year as a whole.

Biden Promotes 'Free' Community College for Americans, 'Dreamers'

May 5, 2021May 4, 2021 The Center Square

President Joe Biden touted a key part of his education initiative Monday, pushing for two years of free community college nationwide, but some critics question the long-term efficacy of his plan.
Biden spoke at Tidewater Community College in Norfolk, Virginia, to promote his proposal, which would provide, among other things, $109 billion for two years of tuition-free community college.
“Do we want to give the wealthiest people in America another tax cut, or do you want to give every high school graduate the ability to earn a community college degree?” Biden asked during his speech, arguing that 12 years of schooling is not long enough in the modern economy. “That’s why the American Families Plan guarantees four additional years of public education for every person in America – two years of universal, high-quality pre-school and two years of free community college.”

Hawley Cites ‘Culture War’ in Proposal for Monthly Payments to Families with Children

May 2, 2021May 1, 2021 The Center Square

Rising Republican star U.S. Rep. Josh Hawley, R-Mo., is sponsoring a new measure that would give unprecedented tax cuts to parents with children, and now he is saying his bill is on the front line of the nation’s “culture war.”

The plan in question would give a fully refundable tax credit of $12,000 for married parents and $6,000 for single parents who have children under the age of 13.

“Starting a family and raising children should not be a privilege only reserved for the wealthy,” Hawley said. “Millions of working people want to start a family and would like to care for their children at home, but current policies do not respect these preferences. American families should be supported, no matter how they choose to care for their kids.”

Secretary of State Benson Calls on Lawmakers to Revamp SOS Services, Give Unspecified Amount of Money

May 2, 2021May 1, 2021 The Center Square

Secretary of State Jocelyn Benson on Thursday asked for an unspecified amount of money to completely revamp the Michigan Department of State (MDOS).

The money would be used to provide “pop-up” offices, provide virtual interactions instead of in-person, and pass other laws that would result in less interaction with the department.

“Michiganders can now complete most of their transactions online, by mail or at one of our new self-service stations located at their local grocery store,” Benson said. “And the remaining in-person transactions are carried out by appointment, ensuring the vast majority of customers have little to no wait time.”

Chinese Coca-Cola Scientist Stole Trade Secrets, Committed ‘Economic Espionage’

April 26, 2021April 25, 2021 Michigan Star Staff

A Chinese-born chemist who worked for Coca-Cola was found guilty Thursday of multiple spying-related charges including economic espionage and stealing trade secrets.

Xiaorong You, a Chinese-born American citizen, stole trade secrets related to the development of the bisphenol-A-free (BPA-free) coating found within soda cans and used it to start a new company in China, which subsequently received millions of dollars from the Chinese government in grants, the Department of Justice announced Thursday. The BPA-free technology trade secrets that You stole was worth almost $120 million.

Documents and evidence presented during You’s 12-day trial showed that she intended to benefit the Chinese Communist Party, the DOJ said. Dow Chemical, PPG Industries, Sherwin Williams and other major U.S. chemical corporations had developed the BPA-free technology that You stole.

Biden Lays Out Aggressive Climate Agenda at World Summit

April 25, 2021April 24, 2021 The Center Square

President Joe Biden hosted a virtual climate summit with dozens of world leaders Thursday, the same day the White House released a set of aggressive climate goals. Critics say the plan could jeopardize the economy at a time it is recovering from record-breaking unemployment because of the pandemic and governments’ response to it.

First among those priorities is a pledge to cut U.S. greenhouse gas emissions in half by the year 2030.

“The United States is not waiting, the costs of delay are too great, and our nation is resolved to act now,” the White House said in a statement. “Climate change poses an existential threat, but responding to this threat offers an opportunity to support good-paying, union jobs, strengthen America’s working communities, protect public health, and advance environmental justice.”

Senate GOP Counters Biden with $568 Billion Infrastructure Plan

April 24, 2021April 23, 2021 The Center Square

A group of Republican U.S. senators have unveiled a $568 billion plan that would look to rebuild and expand infrastructure nationwide and counter a more expensive proposal by President Joe Biden.

The GOP plan includes $299 billion for roads and bridges, $61 billion for public transit systems and $65 billion for broadband infrastructure. Also included in the plan is $20 billion for rail, $35 billion for drinking water and wastewater, $13 billion for safety, $17 billion in ports and inland waterways, $44 billion for airports and $14 billion for water storage.

Emphasized in the bill is the expediting of projects through regulatory processes and several measures to minimize new spending. The plan calls for repurposing federal COVID-19 relief funds that have remained unused, along with ensuring the federal debt is not increased.

Report: Three-Fourths of All 2019 Property Insurance Suits in U.S. Were Filed in Florida

April 18, 2021April 17, 2021 The Center Square

In 2019, Florida homeowners accounted for 8.16 percent of the nation’s property insurance claims, but more than 76 percent of property insurance lawsuits lodged against insurers.

Pointing to this “disparity,” Florida Insurance Commissioner David Altmaier in a five-page April 2 letter to House Commerce Committee Chair Rep. Blaise Ingoglia, R-Spring Hill, outlined four proposals to reduce property insurance litigation.

Insurers cite rampant litigation, ballooning reinsurance costs, “loss creep” from 2017-18 hurricanes and coastal flooding as a “perform storm” of coalescing factors leading to double-digit property insurance rate hikes that Florida businesses and 6.2 million homeowners are seeing or will see when renewing policies.

Michigan’s Bar and Restaurant Job Losses During Pandemic Lockdowns Greater Than Neighboring Great Lakes States

April 18, 2021April 17, 2021 The Center Square

A new study published by the Mackinac Center for Public Policy concludes states in the Great Lakes region with the strictest lockdown measures also suffered the greatest increases in job losses.

“The Costs of Michigan’s Second Lockdown” was authored by Chris Douglas, the department chair of the UM-Flint Economics department.

All told, Douglas concluded the costs associated with the state’s second lockdown, which began in mid-November, outweigh the benefits it provided. He also said there was no correlation between the lockdown and a reduction in COVID-19 related fatalities.

Pandemic Resurgence in Michigan Prompts Whitmer to Ask for Two-Week Shutdown of Indoor Dining, School Sports, in-Person Learning

April 12, 2021April 11, 2021 The Center Square

A surge in COVID-19 cases in Michigan has prompted Gov. Gretchen Whitmer to promote a two-week, voluntary lockdown of indoor dining, suspension of school sports and a full return to remote education.

Although she noted more than five million doses of COVID-19 vaccine have been administered, the governor added the pandemic continued to wreak havoc in the state.

For example, Michigan hospitals reported 3,508 COVID-19 patients on Thursday. The federal Centers for Disease Control and Prevention also released data on Thursday that revealed the state’s COVID-19 positivity rate was 492.1 cases per 100,000 people, the highest positivity case rate in the nation.

Surveys: 46 Million People Can’t Afford Health Care, Majority of Hospitals Not Providing Pricing Transparency

April 4, 2021April 3, 2021 The Center Square

An estimated 46 million people — or 18% of the country — would be unable to pay for health care if they needed it today, a recent poll conducted by Gallup and West Health found.

In another survey by the Texas Public Policy Foundation, the majority of hospitals in the U.S. have yet to comply with a transparency ruling implemented this year that would help patients shop around for the most affordable prices.

Gallup’s findings are based on a poll conducted between February 15 and 21 among 3,753 adults with a margin of error of 2%.

Jobless Claims Increase to 719,000 as Recovery Continues

April 2, 2021April 1, 2021 Michigan Star Staff

The number of Americans filing new unemployment claims increased to 719,000 last week, even as the economy continues to slowly recover from the coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics figure released Thursday represented an increase in the number of new jobless claims compared to the week ending March 20, when 658,000 new jobless claims were reported. That number was revised down from the 684,000 jobless claims initially reported last week.

Roughly 18.2 million Americans continue to collect unemployment benefits, according to the report.

Commerce Department Report: Red States Leading U.S. Economic Growth

March 29, 2021March 28, 2021 The Center Square

Inside a business with several customers.

Red states are leading economic growth in the U.S., a new report by the U. S. Commerce Department shows, with South Dakota, Texas and Utah reporting the highest growth.

The report is based on 2020 fourth quarter gross domestic product (GDP) data and February 2021 unemployment rates.

Real GDP increased in all 50 states and the District of Columbia in the fourth quarter of 2020. Real GDP for the U.S. as a whole increased at an annual rate of 4.3%. The percent change in real GDP in the fourth quarter ranged from 9.9% in South Dakota to 1.2% in the District of Columbia.

Gov. Whitmer Announces 21 Road Rebuilding Projects

March 24, 2021March 23, 2021 The Center Square

Gov. Gretchen Whitmer announced 21 state highway projects for the 2021 construction season.

The Michigan Department of Transportation (MDOT) projects are funded through its budget and the $3.5 billion Rebuilding Michigan bonding program.

Whitmer announced the projects on Tuesday.

Biden to Direct States to Make All U.S. Adults Eligible for COVID Vaccine by May 1

March 13, 2021March 12, 2021 The Center Square

President Joe Biden said Thursday night that he is directing U.S. states to open COVID-19 vaccinations to all American adults by May 1 in an effort to more quickly reopen the country and prop up the staggering U.S. economy.

“To do this we’re going to go from a million shots a day … to 2 million shots a day,” he said.

In most U.S. states currently, only older Americans, front-line workers and those with pre-existing conditions are eligible, though getting scheduled for a first dose has been problematic in many states even for the most at-risk.

Michigan’s New Unemployment Director Faces Questions from House Oversight Committee

March 13, 2021March 12, 2021 The Center Square

Michigan’s Unemployment Insurance Agency Director Liza Estlund Olson was grilled Thursday morning by the state House Oversight Committee.

Committee members asked pointed questions about recent revelations relating to the departure of Olson’s predecessor, Steve Gray, in November. Gray received a $76,626 payout and another $9,246 in attorney fees and signed a confidentiality agreement with Gov. Gretchen Whitmer’s administration.

Michigan Gov. Whitmer Administration Gave Former MEDC CEO Jeff Mason a $128,500 Severance Payout

March 12, 2021March 11, 2021 The Center Square

Gov. Gretchen Whitmer’s administration paid former CEO of the Michigan Economic Development Corp. (MEDC) Jeff Mason $128,500 –26 weeks of pay – to “retire” last year.

The Detroit News reported Mason’s deal was among eight other employees separated from MEDC, bringing the total cost of payouts to $308,623 over the last four years. Those agreements included non-disparagement clauses limiting ex-employees from diminishing the MEDC’s reputation.

However, agency employees said the deals weren’t funded by taxpayer money.

Commentary: PolitiFact Says 90 Percent of Biden Stimulus Spending Not Directly Related to COVID-19

March 10, 2021March 9, 2021 Michigan Star Staff

President Biden’s $1.9 trillion “American Rescue Plan” could soon become law.

The budget-busting legislation, sold as emergency COVID response and “stimulus,” passed the Senate over the weekend. But even the liberal-leaning fact-checking website PolitiFact is pointing out that almost all of the bill’s spending is unrelated to the health effects of COVID-19.

“Total spending directly on COVID-19’s health impacts ranges from $100 billion to $160 billion,” fact-checker Jon Greenberg writes. “At the high end, direct COVID-19 spending represents about 8.5% of the bill’s $1.9 trillion cost.”

Ohio Prosecutors Support Bill to Force Convicted Rioters to Pay for Damages

March 9, 2021March 8, 2021 The Center Square

Last summer, millions of dollars in taxpayer money were spent in response to protests that turned violent throughout Ohio. A bill proposed in the Ohio Senate looks to make sure those responsible will pay for it.

Senate Bill 41, currently being discussed by the Senate Judiciary Committee, calls for restitution from those who are convicted of property damage during riots, including vandalism. The restitution would pay the expenses of police and emergency crews who have to respond to riots. The bill also allows the government to take possession of any property left behind by those who end up convicted.

State Senator Tim Schaffer, R-Lancaster, is sponsoring the bill. Lou Tobin, the Executive Director of the Ohio Prosecuting Attorneys Association, offered his support before the committee recently.

2021 Index Finds Rise in Global Economic Freedom, but U.S. Score Falls

March 8, 2021March 7, 2021 Michigan Star Staff

America’s economic freedom ranking has fallen to an all-time low, according to The Heritage Foundation’s 2021 Index of Economic Freedom.

The United States fell three places since last year and now ranks 20th in the world among countries evaluated, with an economic freedom score of 74.8 out of 100.

The 27th annual Index of Economic Freedom was released Thursday during a Heritage virtual event featuring Charles Payne, host of Fox Business’ “Making Money With Charles Payne.”

‘My Income Has Dropped to Zero’: About 45 Percent of Small Businesses Risk Closure Within Months

February 27, 2021February 26, 2021 Michigan Star Staff

At least 13.9 million of the nation’s small businesses are at serious risk of shuttering their doors by April 1, a recent industry report found.

Forty-four percent of the country’s 31.7 million small businesses are at risk of closing by the end of the first quarter, according to small business group Alignable. Small businesses on the brink of closure expect to earn less revenue than their owners estimate is needed to stay afloat.

Commentary: A Memorial from a Student on Walter E. Williams

December 4, 2020December 3, 2020 Michigan Star Staff

In another devastating blow from 2020, we sadly suffered the loss of Professor Walter E. Williams, a distinguished scholar of economics at George Mason University. While his nationally syndicated Townhall columns and stints on the Rush Limbaugh Show made him a household name, I knew him personally as my graduate microeconomics professor.

Forgotten Founder Pelatiah Webster: America’s First Economist

July 22, 2019July 22, 2019 Michigan Star Staff

by Lawrence Reed Everybody knows who America’s first president was, but can you identify the country’s first economist? If any man or woman deserves that description, it is surely the one who wrote this and so much more: I propose . . . to take off every restraint and…