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Thursday, September 15, 2022

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Rail Strike Fears Mount as Workers Union Reject Latest Offer

Deadline to strike a deal is Friday Wall Street Journal: The International Association of Machinists and Aerospace Workers said its 4,900 members had voted to reject a deal reached with the biggest U.S. freight railroads as part of bigger broader negotiations (Wall Street Journal). Fox News: IAM is one of four unions that remain holdouts on the deal put forth by the presidential emergency board (PEB) appointed by President Biden. Another eight rail unions have agreed to the plan. Two other major rail unions signaled over the weekend that they would not sign on without further concessions from railroads. The leaders of the Sheet Metal, Air, Rail and Transportation Workers (SMART), Transportation Division and the Brotherhood of Locomotive Engineers and Trainmen (BLET) and Teamsters Rail Conference issued a joint statement Sunday saying that the PEB proposal does not go far enough to improve working conditions for members (Fox News). Bloomberg: A strike would place new strains on US supply chains and add to price pressures that aren’t easing as much as forecasters had hoped… The railway work stoppage would cost $2 billion a day, depending on how long it lasts, according to the Association of American Railroads. That could be a setback for US supply chains that are only now recovering from the global turmoil caused by the pandemic (Bloomberg). Reporter Jeff Stein: Emerging impacts of potential rail shutdown: Amtrak cancels long-distance trips. Ammonia, fertilizer, ag products pulled from trains. Price of ethanol, other products soars. Grain shipments could stop tomorrow. “If rail shuts down, our entire agricultural system shuts down” (Twitter).

Latino Voters Losing Confidence in Democrats

Wall Street Journal: Latino voters are among the fastest-growing groups in the electorate, accounting for some 16 million voters in 2020—or more than 10% of the voter pool. Once a solidly Democratic bloc, Latino voters are emerging as a swing group available to both parties, with its voting preferences splitting along economic and class lines. In 2020, Latino voters who backed one of the two major candidates gave Mr. Biden 63% of their vote, according to a detailed analysis by Catalist, a Democratic voter-data firm. That was 8 percentage points lower than Mr. Biden’s party had won four years earlier (Wall Street Journal). Washington Examiner: Although President Joe Biden was elected with a majority of Latino voters backing him, his support has waned over the last year amid rising crime and inflation. Both Democrats and Republicans have poured massive funding into reaching Hispanic voters ahead of the midterm elections as both parties seek to gain control of Congress (Washington Examiner).

Biden Looks to Buy Oil at $80 When Democrats Blocked Trump from Buying at $24

Bloomberg: The Biden administration is considering replenishing the Strategic Petroleum Reserve when oil dips below $80 a barrel, just two years after Democrats blocked former President Donald Trump from filling the reserve at a fraction of that price. Biden in March ordered the release of a record 180 million barrels of oil from the reserve in an attempt to stem supply shortages and the rapid rise of gasoline prices in the US following Russia’s invasion of Ukraine. The administration now is looking to protect US oil-production growth and prevent crude prices from plummeting. Trump in March of 2020 was looking to stabilize the oil industry after Covid-19 hit in 2020 and crushed global petroleum demand. With oil at the time priced at about $24 a barrel, Republicans proposed spending $3 billion to fill up the reserve. But the idea became a political football in larger negotiations on trillions in coronavirus relief, with Senate Democratic Leader Chuck Schumer proclaiming that his party had blocked a “bailout for big oil” (Bloomberg). Insider: Since the start of the year, the Biden administration has reduced US crude oil in the Strategic Petroleum Reserve to 442 million barrels from about 600 million barrels (Insider).

Social Security Benefits Could Jump 8.7 Percent Next Year in Largest Hike Since 1981

CBS: The nearly 70 million older Americans and others who receive Social Security benefits could get an average bump of $1,729 next year, which for most would amount to the biggest increase ever. Given current inflation trends, the Social Security Administration is likely to boost monthly payments by 8.7%, which would mark the highest increase since 1981, according to the Senior Citizens League, a nonpartisan group that advocates for older Americans. Many seniors have suffered financially as this year’s cost adjustment, 5.9%, has lagged the hottest inflation in 40 years (CBS).

Inflation Nears 40-Year High

Associated Press: U.S. inflation is showing signs of entering a more stubborn phase that will likely require drastic action by the Federal Reserve, a shift that has panicked financial markets and heightens the risks of a recession. Some of the longtime drivers of higher inflation — spiking gas prices, supply chain snarls, soaring used-car prices — are fading. Yet underlying measures of inflation are actually worsening. The ongoing evolution of the forces behind an inflation rate that’s near a four-decade high has made it harder for the Fed to wrestle it under control. Prices are no longer rising because a few categories have skyrocketed in cost. Instead, inflation has now spread more widely through the economy, fueled by a strong job market that is boosting paychecks, forcing companies to raise prices to cover higher labor costs and giving more consumers the wherewithal to spend (Associated Press). RNC Research: CBS admits the Democrats’ Bidenflation Scam “DOES NOTHING” to stop food, electricity, and rent prices from crushing Americans (Twitter).

White House Failed to Address Inflation Earlier, Which is Why it Rages Today

Katie Pavlich: Less than 24-hours after President Joe Biden hosted a celebration of inflation on the South Lawn of the White House Tuesday afternoon, top Obama economist Steve Rattner is warning things are going to get much worse for American families. The U.S. entered a recession in July after two consecutive quarters of negative GDP growth. The White House and Democrats continue to claim the U.S. in not “actually” in a recession, much like they claimed inflation didn’t initially exist before becoming a “manageable” or “transitory” problem (Townhall). RNC Research: Former Obama economist Steve Rattner sounds the alarm: Even more economic pain is ahead if prices are going to come down (Twitter). Townhall: “Manageable” “Temporary” “Transitory” “Not long lasting” “Putin’s fault” “Zero percent inflation” The Biden administration has failed at every turn to address crippling inflation that is devastating American families (Twitter). CNBC: Homebuyers’ demand for mortgages fell 29% from last year, as interest rates surged past 6% (Twitter).

Swedish Right Wing Bloc Secures Control of New Government in Tight Election

New York Times: With over 99 percent of ballots counted, the Swedish Election Authority reported that the right-wing bloc had won 176 of the 349 seats in Parliament. The Swedish Social Democratic Party, the main party in the current governing coalition, grabbed the highest percentage votes as an individual party, but together with its allies, had secured 173 seats in Parliament, not enough to stay in power. During the election campaign, the bloc of right-wing parties agreed to support a government led by the center-right Moderate Party but not one led by the Sweden Democrats. That means the new government is expected to be led by Ulf Kristersson, head of the Moderates, who would become prime minister in a minority administration (New York Times). Reuters: Ulf Kristersson said on Wednesday he would begin the work of forming a new government after Prime Minster Magdalena Andersson conceded her Social Democrats had lost the weekend’s general election… Kristersson said he would build a government “for all of Sweden and all citizens” (Reuters).

California Sues Amazon for Inflating Prices with Private Deals

NBC: The state of California sued Amazon on Wednesday, accusing the retail giant of inflating its prices by signing restrictive deals with companies that sell on its platform. California Attorney General Rob Bonta said that an investigation by his office had found that sellers who use Amazon’s online marketplace would lower their prices if not for agreements they had with Amazon. As a result, he said, the state’s consumers had overpaid for years (NBC). Financial Times: The suit calls for the court to impose an order that would prohibit Amazon from punishing sellers who offer lower prices elsewhere online. It asks for unspecified damages to be paid to compensate consumers affected by increased prices and for Amazon to “return its ill-gotten gains and pay penalties” in order to deter other online retailers from pushing similar policies (Financial Times).

Valedictorian in Mexico Faces Severe, Reputational Backlash for Expressing Differing Opinions in Commencement Speech

Daily Wire: A university student in Mexico is facing the loss of his license to practice psychology over a speech he gave as the school’s valedictorian challenging radical gender theory and defending the traditional family. The Autonomous University of Baja California is expected to make a judgement in September on Christian Cortez Pérez’s future following calls from some of the school’s professors to have the graduate’s academic degree and professional license withheld (Daily Wire). ADF International: In his speech, he voiced his deeply held moral convictions regarding the state of the world today on many issues, including the importance of the family and the sanctity of life. Since then, he has been the subject of a silencing and sanctioning campaign initiated by the school’s professors, resulting in severe reputational harm and a potential ban on his ability to practice in the field of psychology. The professors issued a “manifesto” calling on the university to sanction Christian’s so-called “hate speech” by: 1) withholding his academic degree and professional license, 2) withdrawing his merit award, and 3) alerting psychology associations across Mexico regarding his actions (ADF International).

10.

Stacey Abrams Denies She Ever Denied Losing the Gubernatorial Election in Georgia

Fox News: A host of “The View” praised Georgia Democratic gubernatorial candidate Stacey Abrams for not conceding her election in 2018 as she defended her claim that she “won” her race against Republican Gov. Brian Kemp. Abrams said she appreciated the framing of Hostin’s question. “I have never denied that I lost. I don’t live in the governor’s mansion. I would have noticed,” she said (Fox News). RNC Research: Stacey Abrams is again claiming she “never denied that she lost” the 2018 Georgia gubernatorial election. She’s lying (Twitter).

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