By Samuel Hammond • National Review
The ability of businesses to grow rapidly is a one of the most defining and precious features of the American economy. Amazon went from a fledgling online bookstore to an “everything store” and the second-largest employer in the United States in just two decades. Uber emerged from nowhere less than ten years ago to become a dominant transportation option in cities around the world. And earlier this month, Apple became the first U.S. public corporation to reach a $1 trillion valuation — a far cry from its sorry state in 1996, when it looked doomed to fail.
It’s not just the information sector. The United States is home to 64 percent of the world’s billion-dollar privately held companies and a plurality of the world’s billion-dollar startups. Known in the industry as “unicorns,” they cover industries ranging from aerospace to biotechnology, and they are the reason America remains the engine of innovation for the entire world.
Unless Elizabeth Warren gets her way. In a bill unveiled this week, the Massachusetts senator has put forward a proposal that threatens to force America’s unicorns into a corral and domesticate the American economy indefinitely.
Dubbed the “Accountable Capitalism Act,” Warren foresees Continue reading
By Terry Jones • Investor’s Business Daily
Cutting Rules: Baseball season is winding down and, as it does, so is another grueling annual event: The U.S. government’s fiscal year. But this year, with just two months to go, something remarkable is happening: Regulations are being slashed at a record rate.
A new report by the American Action Forum (AAF) says that not only is President Trump meeting his deregulation goals, he’s exceeding them — in some cases, by a large amount.
“Collectively, executive agencies subject to regulatory budget remain on pace to double the administration’s overall saving goal,” wrote the AAF’s Dan Bosch. “On an individual basis, 12 of 22 agencies have already met or surpassed their savings target.”
“The Department of Labor enjoys the largest total savings of covered agencies with $417.2 million,” Bosch wrote. “The Department of Health and Human Services comes in second in savings … at Continue reading
Washington D.C. – Frontiers of Freedom President George Landrith issued the following statement on the U.S. Postal Service’s latest losses, deteriorating service and the Administration’s opportunity to transform the agency:
This week, the U.S. Postal Service released its financial report for the third quarter of the 2018 fiscal year, which detailed yet another troubling loss of $1.5 billion. Following years of concern around the U.S. Postal Service’s financial woes, their latest loss adds to the $65 billion lost in the past decade and increases the need for reforms.
The need for a taxpayer-funded bailout is growing by the day in order to save the U.S. Postal Service from the financial cliff. This federal agency’s roots extend beyond the founding of the country and the organization is still relied upon for reliable letter mail delivery service across the country. Each quarter that produces greater debt only adds further doubt about USPS’ ability to survive such financial disaster without a bailout. Continue reading
Change: A just-released IBD/TIPP Poll shows big gains in key sentiment indicators. Given the pervasive negativity in the media these days, you might doubt these positive polling numbers. If so, have you looked at the economy lately?
When it comes to President Trump and the national mood, something seems to have happened in recent weeks, as shown by our IBD/TIPP Poll of 900 people taken from July 26 to August 2. Keep in mind that anything over 50 is optimistic; under 50, pessimistic.
Start with our Presidential Leadership Index, which jumped 3.2% in August to 45.7, the highest level since President Trump’s first full month in office.
Equally important, the Direction of the Country Index, which gauges how Americans feel about our nation’s current course, surged 13% to 50.1 in August. That’s the highest level since 2005.
By Jack Crowe • National Review
President Trump announced during a Wednesday press conference that his meeting with European officials yielded key trade concessions, including an increase in American soybean and liquefied natural gas (LNG) exports to Europe, and a commitment to work toward eliminating non-auto tariffs entirely.
“We have agreed today to work toward zero tariffs, zero tariff barriers and zero subsidies on non-auto industrial goods,” Trump said, reciting a joint statement crafted with European Commission president Jean-Claude Juncker. “We will also work to reduce barriers and increase trade in services, chemicals, pharmaceuticals, medical products, as well as soybeans. The European Union is going to start almost immediately to but a lot of soybeans, they’re a tremendous market, to buy a lot of soybeans from our famers in the midwest primarily.”
“The European Union wants to import more liquefied natural gas from the United States and they’re going to be a very big buyer. We’re going to make it much easier for them but they will be massive buyers, so that they will be able to diversify their energy supply,” he added.
From the beginning of the 21st century the world has lived through the confusing years of violent counter revolutions against freedom, the rule of law, and the republican/democratic form of government across the globe. Adding the insult of lies, distortions and dishonesty to the injury of boundless intellectual stupidity, the inhabitants of the earth have been subjected simultaneously to international instability and chaos coupled with rapidly escalating domestic political and social upheavals.
Since the terrorist attack of 9/11, the tragedy of the United States of America has been the relentless fight of a globalist minority to force a pseudo- communist, so-called liberal/progressive agenda on the majority, and the majority’s desire to preserve and develop the democratic promise of America both at home and abroad. The former want Americans to believe that ubiquitous happiness could only be achieved through an omnipotent government empowered by high taxes, unilateral disarmament, intellectual despotism through the suppression of free speech and the banishment of religion, lawlessness through the promotion of open borders, illegal immigration, the sheltering of criminals, sexual permissiveness — all in the name of the God of social justice and fake individual freedom.
For those who don’t follow the communications industry closely, you may not know that the Federal Communications Commission has undertaken the herculean and laudable task of reviewing all its regulations applying to TV and radio broadcasters, cable TV operators and satellite TV providers, and repealing or modifying any outdated, unnecessary or unduly burdensome rules. In July, the FCC will start the formal process of reforming its rules requiring broadcast TV stations to air government-specified amounts of children’s educational programming. Frontiers of Freedom supports the FCC’s proposals – released in draft form on June 21 – here – to bring its rules into the 21st century.
From its draft, the FCC clearly recognizes that the children’s TV rules, originally adopted in 1996, must be updated. The current rules betray their analog-era origins, a time when consumers had restricted viewing options and most viewers watched only a handful of broadcast channels. But in today’s digital world, consumers enjoy video programming on multiple platforms via multiple devices at the time and location of their choice – the concept of “appointment viewing” has become meaningless to most consumers, especially younger ones. Children’s programming is now available from 24/7 children’s cable channels and on-demand from cable providers, via major internet sites and popular apps, like the PBS app, and streamed from sources such as YouTube and Netflix. Clearly, the market has not failed to provide abundant amounts of children’s video programming. And this leads to an obvious question – are the FCC’s current rules requiring broadcast TV stations to offer three hours of children’s educational programming every week per every channel they air (including all multicast channels) still necessary? We don’t believe so.
At the very least, the existing “kid vid” rules are overly rigid, causing serious unintended consequences including forcing broadcasters to run programing that meets regulatory criteria but isn’t attractive to parents and their children. Just one example, for any program to “count” under the FCC’s rules, it must, among other requirements, be regularly scheduled, aired during certain hours and last 30 minutes or longer. Predictably enough, these mandates have killed off differently scheduled and formatted children’s programs. Many of us still remember CBS network’s In the News, short-form news stories aimed at children, and ABC’s popular Schoolhouse Rock and Afterschool Specials. But specials aren’t regularly scheduled, and apparently short news isn’t good news, and thus those programs disappeared from the airwaves – a direct result of nonsensical regulation and government overreach.
For all these reasons, Frontiers of Freedom welcomes the FCC’s draft notice proposing changes to its outdated and harmful children’s TV rules. We support the FCC’s proposals – here – and its overall effort to reduce unnecessary and burdensome government regulation.
1,000,000 new jobs. You’d think you’d hear a lot about such an impressive number. So far, it’s made little splash in the media. Nonetheless, since the Republican tax cuts were signed into the law the U.S. economy has created one million new jobs. And that’s just the beginning of the good news.
In May 2018 alone, defying the expectations of many economists, 223,000 jobs were created. The unemployment rate has dropped to 3.8 percent, its lowest point since April 2000. Unemployment among black people and Hispanics is at the lowest point since the numbers were first broken out by race during the Nixon Administration.
The American economy is surging, even before the new, lower corporate and personal tax rates go into effect. The promise that companies and most individuals will soon be able to keep more of what they earn has, alongside the Trump Administration’s successful effort to deregulate vital sectors of the economy, Continue reading
The economy is booming. Even the New York Times, no fan of the president, decided that “splendid” and “excellent” were appropriate adjectives to describe Friday’s jobs report from the Bureau of Labor Statistics.
These showed the nationwide unemployment rate falling to 3.8 percent. If it improves yet further, it will hit lows not seen since the 1960s. The unemployment rate among black people fell to 5.9 percent, an all-time low, which makes one wonder how many African-American voters might think twice about voting against the incumbent Republicans in the midterm elections. The Hispanic or Latino unemployment rate ticked up a tenth of a point, but remains below 5 percent. Before President Trump took office, that stat could only be said of one month since the statistics bureau began tracking it in the 1970s.
The good news is not confined to the fact that there is an abundance of jobs. Wages are rising, too. For the first time Continue reading
By Maireid Mcardle • National Review
The American economy finished stronger than expected in May, according to the Labor Department’s jobs report, released on Friday.
The unemployment rate was expected to remain steady but dropped a tenth of a point to 3.8 percent, the lowest since April 2000.
The U.S. added 223,000 non-farm jobs in May, beating the estimate of about 188,000.
Even the underemployment rate, including discouraged workers and those with part-time positions who would Continue reading
Economy: Have Donald Trump’s policies had a big impact on the U.S. economy and its competitiveness? The answer, we think, is an obvious yes. Now comes a new report, based mainly on “hard” data, that confirms that.
The report comes from the IMD Competitiveness Center in Switzerland. Each year it ranks countries by 256 different variables to come up with its global competitiveness rankings.
For 2018, there was a surprise: The U.S. leapt three places to take over the top spot in global competitiveness — just ahead of Hong Kong, Singapore, the Netherlands and Switzerland. That jump was based on its “strength in economic performance and infrastructure,” ranking first in both areas.
That this is so shouldn’t shock anyone with any knowledge of what’s going on in the economy.
Since Trump took office, GDP growth has Continue reading
Washington D.C. – This week, the U.S. Postal Service released its financial report for the midway point of the 2018 fiscal year, which detailed yet another distressing loss of $1.3 billion. After monitoring the Postal Service’s financial mismanagement for years, Frontiers of Freedom expressed its continued concern about the agency’s direction.
“The latest losses posted by the USPS offer yet another indicator that the organization and its governing bodies have neglected to offer meaningful solutions to avert a likely taxpayer bailout of the Postal Service,” said George Landrith, president of Frontiers of Freedom.
Landrith further discussed the Trump Administration’s work to address the beleaguered agency: “The new Postal Task Force to be led by Secretary Mnuchin offers a promising step towards implementing structural changes that the USPS needs. It is imperative that the Task Force identify the right path forward. Any serious proposal will ensure that the Postal Service fixes its deteriorating letter mail service for all Americans and becomes a sustainable operation well into the future. But making minor course corrections at this point will not get the job done. The problems at the USPS are serious enough that real and bold reforms are required. There is no time to waste.”
As Frontiers of Freedom notes, the Postal Service’s ability to provide reliable and efficient mail service to all, and especially for those in rural communities, is a significant point of concern. A recent report by the USPS’ regulator found that the Postal Service failed to meet its performance objectives for every single service included within First-Class Mail.
Previous policymaking and management practices have proven insufficient for correcting the Postal Service’s course and the Administration must now seek new drastic changes to ensure a genuinely accountable and sustainable operation.
Welfare: The latest “big idea” in the U.S. is the Universal Basic Income — a guaranteed income for all. Progressives of course like the idea, but even some conservatives and libertarians do, too. Only one problem: It doesn’t work.
Ask Finland, a highly progressive Scandinavian country that has an ongoing guaranteed income experiment, but is abandoning it.
Starting in 2017, the two-year Finnish program selected a random group of 2,000 unemployed people and gave them a monthly income roughly equal to about $678 for doing … nothing. The government hoped that many participants would flood back into the labor market.
But Finland is already backing off. As the New York Times put it Continue reading