Michigan dairy farmer Doug Chapin has been unable to buy bottles of veterinary penicillin for his cows for more than a month. In Minnesota, pig farmer Randy Spronk reformulated feed rations due to a shortage of the widely used ingredient lysine, an amino acid that helps livestock grow. Supply-chain disruptions are hitting America’s meat producers and sending them scrambling … Continued
As elected officials at every level of the Mississippi government decide how to spend more than $10 billion (and counting) in federal funds, Mississippi Today has launched “Follow the Money,” a newsroom-wide project that will closely track that spending and hold leaders accountable. This historic influx of cash, most of it from coronavirus stimulus packages … Continued
Sen. Joe Manchin III on Tuesday expressed skepticism about arguments that President Biden’s multitrillion-dollar social welfare bill was a cure for inflation.Mr. Manchin, West Virginia Democrat, said the effort by White House officials to redefine the bill as a means to combat soaring prices needed further vetting. “They say it’s going to lower inflation,” he said. … Continued
Iowans are experiencing record past-year inflation and, as a result, are faced with tough decisions. Nationally, prices industry-wide have experienced the largest past-year increase, 6.2%, since November 1990 (before seasonal adjustment), the U.S. Department of Labor reported Wednesday . Removing food and energy from the equation, the consumer price index (CPI) has risen 4.6%, which is the … Continued
Real average hourly earnings when accounting for inflation, actually decreased 0.5% for the month. A 0.9% inflation increase negated a 0.4% rise in wages. Consumer confidence has been sliding despite the rising wages, which are up nearly 5% nominally year over year but have declined 1.2% in real terms. The Fed finds itself under increasing … Continued
The Biden administration is reportedly weighing the potential market consequences of shutting down an oil pipeline in Michigan, drawing criticism from opponents. Former Michigan Gov. Jennifer Granholm, Biden’s energy secretary, predicted Sunday that heating prices will rise this winter regardless of the Biden administration’s decision on the pipeline. “Yeah, this is going to happen. It … Continued
As the growth of the U.S. economy slows, prices increase, and supply chain issues persist, 65% percent of Americans consider the national economy to be in poor condition. And nearly half expect the national economic situation to get even worse next year. However, Americans’ views of their own finances have remained consistent throughout the pandemic. … Continued
Economists expect US jobs growth to have picked up after two straight months of disappointing gains, as Covid-related concerns that have kept workers on the sidelines ease further. According to a consensus forecast compiled by Bloomberg, employers in the world’s largest economy are expected to have added 450,000 jobs in October, more than double the … Continued
A global semiconductor chip shortage has gotten even worse in the past few months, leading to delays for various products and a significant loss of sales for companies that need the chips for their business. Semiconductors, which make up essential and expensive parts of modern-day gadgets and cars, have seen an explosion in demand in … Continued
A new survey published by UBS Global Wealth Management found that a significant proportion of U.S. investors with at least $1 million in assets are taking action to get ahead of the tax changes proposed by the Biden administration as “their optimism in the economy wavers due to concerns about politics, potential tax increases, national debt, and inflation.” … Continued
The Biden administration’s plan to impose a slew of financial regulations in order to counter climate change would end up having little impact on reducing global temperatures. But the measures would be quite effective at hurting economy, expanding government authority, and moving the country toward totalitarianism, according to several experts. Biden’s plan, sketched out in a recent … Continued
Former Treasury Secretary Larry Summers’ criticism that the Federal Reserve and other central banks are too focused on “woke” social issues reflects a growing concern that policymakers aren’t paying enough attention to inflation. Mr. Summers, a Democrat, is arguing his point as Senate Republicans try to prevent congressional Democrats and President Biden from pressuring the Fed to install regional directors who would devote … Continued
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