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Monday, August 1, 2022

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Study: Schumer-Manchin “Inflation Reduction Act” Could Actually Increase Inflation

Daily Wire: The Democrat-supported “Inflation Reduction Act of 2022” could lead to a slight increase in inflation over the next two years if it’s passed and signed into law, according to a Penn Wharton study released Friday. Penn Wharton analyzed the massive spending package that reached a shocking agreement between Sen. Joe Manchin (D-WV) and Senate Majority Leader Chuck Schumer (D-NY) on Wednesday. The study came to a dismal conclusion for Democrats, and even found that the bill could do the exact opposite of what its name suggests through 2024. “The Act would very slightly increase inflation until 2024 and decrease inflation thereafter. These point estimates are statistically indistinguishable from zero, thereby indicating low confidence that the legislation will have any impact on inflation,” the Penn Wharton Budget Model found. According to the study, inflation could rise by 0.05% over the next two years before a marginal drop of 0.25% “by the late 2020s,” rendering the spending package basically ineffective at accomplishing its purpose (Daily Wire). Penn Wharton: The Act provides for new spending and tax incentives related to the adoption of clean energy technology, both at the industrial and consumer level. It extends a temporary expansion of Affordable Care Act (ACA) health insurance subsidies for an additional two years. To offset these deficit-increasing initiatives, the bill implements a new minimum tax on large corporations’ book income, limits a tax preference for “carried interest” income, and reduces government outlays on prescription drugs through several pricing reforms. The Act also provides for additional IRS funding which PWBM estimates would increase revenue collections in excess of new outlays (Penn Wharton).

Pelosi’s Asia Trip Confirmed, No Mention of Taiwan Stop as China Threatens to “Forcibly Dispel Pelosi’s Plane”

NBC: The speaker of the U.S. House of Representatives, Nancy Pelosi, confirmed Sunday she will visit four Asian countries this week but made no mention of a possible stop in Taiwan that has fueled tension with Beijing, which claims the island democracy as its own territory (NBC). Insider: A leading propagandist for the Chinese government warned that China’s military could attack the plane carrying House Speaker Nancy Pelosi if it’s escorted by US fighter planes on a much-speculated stopover in Taiwan in her upcoming visit to Asia. Pelosi departed on Friday for a tour that could include a controversial stop in Taiwan, the self-governed island democracy at the heart of rising tensions between Beijing and Washington. In a now-banned tweet, Hu Xijin, a commentator with the Chinese-state-owned Global Times, wrote, “If US fighter jets escort Pelosi’s plane into Taiwan, it is [an] invasion. The [People’s Liberation Army] has the right to forcibly dispel Pelosi’s plane and the US fighter jets, including firing warning shots and making tactical movement of obstruction.” “If ineffective, then shoot them down,” Hu added (Insider). Tom Cotton: We cannot allow threats from Beijing to deter members of Congress from visiting Taiwan. We must instead reaffirm our commitment to helping Taiwan defend itself against Chinese aggression (Twitter).

Assault Weapons Ban Passes House, Now Goes to Senate

Fox News: The House of Representatives voted to pass an assault weapons ban Friday evening, with legislators narrowly approving the bill with a 217-213 vote. The legislation will now head to the Senate, where it’s unlikely to break the filibuster. Two Republicans, Reps. Brian Fitzpatrick, R-Penn., and Chris Jacobs, R-N.Y., broke with their party to vote yes on the bill. Five Democrats, Rep. Henry Cuellar, D-Texas; Rep. Jared Golden, D-Maine, Rep. Vicente Gonzalez, D-Texas, Rep. Kurt Schrader, D-Oreg., and Rep. Ron Kind, D-Wisc. broke with their party to vote no. President Biden said that a majority of Americans agree with the assault weapons ban and called on the Senate to pass it… According to the bill’s summary, the Assault Weapons Ban of 2022 would make it illegal to “knowingly import, sell, manufacture, transfer, or possess a semiautomatic assault weapon (SAW) or large capacity ammunition feeding device (LCAFD).” The ban on semi-automatic weapons comes after mass shootings in both Uvalde, Texas and Buffalo, New York (Fox News). ABC: The passage of the assault weapons ban comes roughly two decades after Congress allowed such restrictions to lapse. Democratic lawmakers say since then, mass shootings have tripled. If enacted, the bill would make it a crime to knowingly import, sell, manufacture, transfer, or possess a semiautomatic assault weapon or a large capacity ammunition feeding device. But some of these weapons would be allowed to be grandfathered in (ABC).

Release Without Bail: New York City DA Defends Leniency for Teen Who Threw More Than 20 Punches at Police Officer

Law and disorder continues to reign in the Big Apple. Fox News: New York City prosecutor Alvin Bragg defended his office’s decision to go easy on a 16-year-old caught on video viciously assaulting a cop who confronted him for not paying the subway fare – the teen’s third felony arrest in less than four months. The teen, whose name is being withheld due to his age, was charged with second-degree assault Saturday after he was captured on a 54-second clip throwing more than 20 punches at an NYPD officer, slamming him into a metal gate and putting him in a chokehold at a subway station in Harlem. At his arraignment in Manhattan Criminal Court, prosecutors recommended the teen’s release without bail and diversion to family court – where he’ll be tried as a child and face rehabilitation rather than prison (Fox News). Townhall: Once a case is moved to family court, it is handled by a separate city department, and the Manhattan DA no longer has any jurisdiction over the matter. “Our system must respond to children as children…Violence against our police officers is unacceptable and given his age at the time of arrest, we consented to send the second case to family court as soon as possible, where he would receive the age-appropriate interventions and supports he needs while being held accountable,” Bragg spokeswoman Emily Tuttle said in a statement. The 16 year-old was charged with second-degree assault after he is seen in a 54-second video clip throwing more than 20 punches at an NYPD officer while also slamming him into a metal gate and putting the cop in a chokehold at a subway station. Under New York’s controversial criminal justice reforms, cases of 16 and 17 year-olds charged with misdemeanors and nonviolent felonies are automatically sent to family court, however the DA can decide to keep their case in criminal court if the crime was heavenly violent (Townhall).

Elon Musk Countersues Twitter, Details Not Yet Known

New York Post: Elon Musk filed a countersuit against Twitter on Friday, escalating his legal battle with the social media company over his abandoned $44 billion agreement to take over the site. The 164-page suit was filed under seal just before the judge-imposed 5 p.m. deadline, so its contents were not immediately visible to the public. Under court rules, a partially redacted version may be available next week. Twitter spokesman Brian Poliakoff declined to comment on the countersuit. J.B. Heaton, an investment researcher and former corporate attorney, told The Post that Musk’s countersuit was likely filed under seal because it includes information that Twitter shared with Musk under a non-disclosure agreement or other restrictions (New York Post). Washington Examiner: Musk terminated his agreement to acquire Twitter on July 8, claiming that Twitter had lied about the number of spam bots on its platform. Twitter promptly responded by filing a lawsuit against Musk on July 12, hoping to force him to uphold the agreement. If Twitter wins its court case against Musk, he will be forced to purchase its stock at $54.20 a share and turn the company private. If Musk succeeds, he will be released from his contractual obligations and will only have to pay a $1 billion termination fee, as established in the agreement. A settlement is possible between the two parties but would require additional negotiations. Twitter experienced a 1% loss in revenue in part due to the uncertainty caused by Musk’s approach to his April announcement, when he claimed he would purchase Twitter for $44 billion (Washington Examiner).

Soccer Player Jaelene Daniels Benched After Refusing to Wear Pride Jersey

Washington Post: North Carolina defender Jaelene Daniels sat out the Courage’s National Women’s Soccer League game Friday night against the Washington Spirit after refusing to wear a gay pride jersey. “While we’re disappointed with her choice, we respect her right to make that decision for herself,” a Courage spokeswoman said in a statement. In 2017, Daniels refused a U.S. national team call-up because of a gay-pride jersey (Washington Post). Daily Wire: Daniels, whose maiden name is Hinkle, was re-signed to the Courage last year. In a bizarre open letter to fans, the team apologized to the “LGBTQIA+ community” for re-signing the soccer star. “In response to the recent news of re-signing Jaelene Daniels, we as a club acknowledge the impact this announcement has on our community,” the open letter said, ESPN reported. “We’ve spent the past few days reading your messages and reflecting on our actions. We are very sorry to all those we have hurt, especially those within the LGBTQIA+ community.” “The decision to re-sign Jaelene was not made lightly and included significant conversations between organization leadership and Jaelene,” the letter added. “The priority expressed in those conversations is the safety of our players and maintaining an inclusive, respectful space for the entire team.” Daniels posted her own response on her Twitter account, emphasizing that she loves all people, regardless of “belief system or sexuality” (Daily Wire).

Chicago Prosecutor Resigns Citing Lack of Confidence in City Leadership

New York Post: A veteran Illinois prosecutor reportedly slammed Cook County State Attorney Kim Foxx in a scathing, office-wide resignation letter, saying her administration “is more concerned about political narratives and agendas than with victims and prosecuting violent crime.” “I wish I could stay,” he wrote. “However, I can no longer work for this Administration. I have zero confidence in leadership.” Murphy, who supports eliminating cash-bail, also said Foxx’s office rushed the reform and that his concerns were ignored. And he cited “dangerously” low staffing levels in Foxx’s office, to the point where one or two-person courtrooms are now common (New York Post). National Review: The resignation comes weeks after Foxx told officials at a county board committee hearing that 235 people, including attorneys, had resigned from her office since July of last year, according to the Chicago Tribune. In comparison, the year before the pandemic 130 staffers resigned. About one-third of assistant state’s attorney (ASA) spots have been vacated and refilled from January 2020 to June 2022, according to the report. The office made 280 legal hires in that time period but staffing has still not reached pre-pandemic levels (National Review).

First, the Netherlands; Now, Canada’s Farmers Face Fertilizer Clampdowns

National Review: Undaunted by the uproar in the Netherlands over the impact on farmers of rules limiting nitrogen emissions, Canada’s government is now looking to go down a similar route (National Review). Financial Post: The government is proposing to cut emissions from fertilizer 30 per cent by 2030 as part of a plan to get to net zero in the next three decades. But growers are saying that to achieve that, they may have to shrink grain output significantly at a time when the world is scrambling for more supplies. Also at stake is the estimated $10.4 billion that farmers could lose this decade from the reduced output. The tension comes as efforts to cut carbon dioxide emissions related to energy are lagging, so policymakers are increasingly looking to other sectors, including agriculture. Climate targets on nitrogen in the Netherlands, for example, spurred protests from farmers worried they’d be forced out of business (Financial Post).

Asian-American Support for Biden Evaporating

National Review: Support for Joe Biden among Asian Americans plummeted within the last year by nearly 30 percentage points, bringing the president underwater with one of the Democrats’ key demographics 100 days before the midterms, recent polls indicate. A July poll conducted by the Pew Research Center showed 55 percent of Asian Americans to be strongly disapproving or somewhat disapproving of Biden’s job performance. Only 44 percent somewhat or strongly approved. In April 2021, 72 percent of Asian-American voters surveyed by the Pew Research Center approved of Biden’s job performance, amounting to a nearly 30-point drop in approval among the fastest-growing racial or ethnic group in the U.S. (National Review). Pew Research Center: Black adults are the only major demographic group where a majority have a positive evaluation of Biden’s job in office (57% say they approve, including 32% who strongly approve). Views among Hispanic adults and Asian adults are mixed – 46% and 44%, respectively, say they approve of Biden’s job performance. By contrast, a large majority of White adults (68%) say they disapprove of Biden’s job performance (Pew Research Center).

10.

Spam Gets Security Lock-Up Amid NYC Inflation, Crime Spike

Guard your tasty processed meats. New York Post: Inflation and crime have gotten so bad in Gotham that even cheap meat like Spam has to be locked up. At Duane Reade’s store in the Port Authority bus depot, the shelf-stable product — only $3.99 a can — is now being stocked in plastic, anti-theft cases. “I’ve never seen that before!” one cashier laughed while using a magnet to remove a can of Spam from its cage. The cashier was among the employees, tourists and store regulars stunned that the iconic blue-and-yellow cans are now being kept under lock-and-key — some even poking fun at the sight as “a sort of Jeff Koons homage,” per one viral tweet (New York Post). FOX News: “Some of these things are pretty ridiculous,” said Jenny Kenny, a 43-year-old visiting town from Kentucky who says she was aware of the crime spike in the city but still couldn’t believe there were “so many” items in boxes. Other shoppers wondered why Spam, along with $1.89 cans of Starkist tuna, were locked up while more expensive products like $5.49 cans of Amy’s soup were not. “To put Spam in a cage is stupid — and kind of insulting to the customers that would buy it,” 46-year-old shopper Dennis Snow said. Crime in New York City is up this year in six of seven major categories In addition to the rise in crime, inflation spiked to 9.1% in June which the New York Post explained has created a market for thieves to sell stolen discounted goods to cash strapped consumers (Fox News).

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