First A Personal Note and Thank You
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Short Takes On The News
There was great news on jobs this AM (+467,000 for the month). The rate of labor participation increased to 62.2%. The highest since February 2020. Yet, the unemployment rate ticked up to 4.0%. How does that work? More people working, more jobs filled, 10.9 million jobs open and unemployment goes up?
Don’t you wonder about the numbers sometimes?
And the market headed down as we write this. Why? Inflation.
The initial reaction to the numbers and rising oil prices means more pressure on inflation and a suspected increase in fed rates sooner and higher.
The Republicans met yesterday and were planning to vote on expelling Reps. Liz Cheney and Adam Kinzinger from the House GOP conference. Talk about shooting yourself in the foot! Kinzinger has already announced he is not running. Cheney has a major primary challenge in November. Why was any action necessary? Wouldn’t it just isolate you as extremists?
Better sense prevailed as they voted to censure both instead.
Why can’t they just go along and not vote them to any committee or provide support? Do it quietly within your caucus and not make noise.
By the way, to show the divide in the Republican Party former President George W. Bush this week donated to Liz Cheney’s campaign. So he and Senator Romney are on board with her. He (Bush) also donated to Senator Murkowski in Alaska and former President Trump is backing her primary opponent. The Republican Party, as does the Democratic Party, has a big divide.
The challenge for both is to figure out how to bridge that gap and win.
Remember last week when we reported Georgia was looking to become the tenth state with no income tax? Well, add some more.
Mississippi, West Virginia, and Louisiana are moving towards eliminating their state income tax.
With the SALT remaining in place the incentives to move businesses and personally south gets even bigger!
Stay tuned to this, because the states are flush with money from the government handouts and now the courts have said they don’t have to abide by the administration order not to cut taxes, you will likely see the blue states do something. What? Well one option is cut taxes on pensions for retirees and try to keep people from leaving.
Did you see that Senator Ben Ray Luján from New Mexico, a Democrat, suffered a stroke? His absence, for however long his recovery takes means the 50/50 senate is no longer. His office expects a “full recovery” but there is no timeline. This can impact Schumer’s plans as he knows he needs to push things through now and not count on a majority in November.
Did you get your free testing kits yet? I hear less than 10% of those who ordered have. Like we said, they will arrive perfectly for a time you no longer need them. I hear, too, that those who got them and went back in to reorder for the new month were denied.
The President was in New York yesterday and he and the Mayor focused on guns as the issue for high crime. No mention of the criminal, lax enforcement of the laws, freeing those who commit the crime and failing DA’s. I guess you can fool some of the people all the time.
Me? I say you commit a crime, you pay the price – period. We all deserve to drive and walk the streets safely. You break that trust, it’s not the gun or knife. It’s you, and you should pay a price for that.
Now here’s an editorial from yesterday’s NY Times that is part of the problem
Jailing fewer people can improve public safety, says Emily Bazelon.
Finally, did you see the national debt passed 30 Trillion Dollars this week? The bill we pass on to our kids and grandkids. Shameful. And some want to spend more? We stand for the opposite. We want the debt paid back!