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Thursday, September 22, 2022

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Nearly 42 Thousand New Yorkers Abandon State for Florida

Residents have developed a distaste for the Big Apple. New York Post: A record-breaking number of Empire State residents switched their driver’s licenses to the Sunshine State version last month, according to a Post analysis of Florida Department of Highway Safety and Motor Vehicles data. A total of 5,838 New Yorkers made the switch in August — the highest recorded number for a single month in history, the numbers show. Year to date, 41,885 New Yorkers have handed over their licenses after moving south, a torrid pace that’s pointing to a new annual record (New York Post). Daily Wire: The New York exodus began when people left the heavily-restricted state during the pandemic to live in the Republican-led Florida that had lifted COVID restrictions, but rising crime rates in New York also seem to play a factor in people’s decision to leave (Daily Wire).

Putin Escalates War, Threatens Nuclear Attack; Russian Citizens Flee

Financial Times: Vladimir Putin has ordered the mobilization of army reservists to support Moscow’s ailing campaign in Ukraine and warned that he would use Russia’s nuclear arsenal if its “territorial integrity” was “threatened”, declaring: “This is not a bluff.” Moscow announced the “partial mobilization” of 300,000 reservists ahead of heavily stage-managed votes in four occupied regions of Ukraine to join Russia. Western officials have estimated that at present there are between 150,000 and 190,000 Russian forces on the ground in Ukraine (Financial Times). Daily Mail: One-way flights out of Russia have skyrocketed and others have sold out as civilians scramble for a ticket to safety. According to Russian investigative news outlet RBK, all plane tickets to visa-free countries have now sold out. Direct flights from Moscow to Istanbul in Turkey and Yerevan in Armenia, both destinations that allow Russians to enter without a visa, were sold out today, according to Aviasales data (Daily Mail). Washington Examiner: President Joe Biden condemned Russia for its “brutal,” “needless” war in Ukraine during his United Nations General Assembly address, imploring allies and partners to rally around the Ukrainian cause as Russian President Vladimir Putin threatens nuclear conflict (Washington Examiner).

Federal Reserve Raises Interest Rate by .75 Points, Expected to Increase Again Before Year End

Reuters: The Federal Reserve raised its target interest rate by three-quarters of a percentage point to a range of 3.00%-3.25% on Wednesday and signaled more large increases to come in new projections showing its policy rate rising to 4.40% by the end of this year before topping out at 4.60% in 2023 to battle continued strong inflation. The U.S. central bank’s quarterly economic projections, meanwhile, showed the economy slowing to a crawl in 2022, with year-end growth at 0.2%, rising to 1.2% in 2023, well below the economy’s potential. The unemployment rate, currently at 3.7%, is projected to rise to 3.8% this year and to 4.4% in 2023. Inflation is seen slowly returning to the Fed’s 2% target in 2025 (Reuters).

Biden’s Legislative Agenda Needs the Pandemic to Survive

National Review: The incentives here are obvious. Emergencies tend to turbocharge government power; the Democrats are hoping to turbocharge government power; ergo, the Democrats will try to hold onto this particular emergency for as long as they possibly can. Lest this appear to be a theory — or, worse, mere rhetoric — consider that, just one month ago, President Biden decided to transfer up to a trillion dollars of student-debt liability over to taxpayers, on the grounds that the 2003 HEROES Act accords such a power to the executive branch each and every time there is anything that can be plausibly deemed a crisis. Without a crisis in place, the justification would have been non-existent (National Review).

New York AG Files 222-Page Fraud Complaint Against Trump, Trump’s Children and Company Executives

National Review: New York Attorney General Letitia James filed a lawsuit on Wednesday accusing former president Donald Trump, three of his adult children, and executives at his business empire of fraudulent financial practices that she claims occurred over the course of more than a decade. Trump and his associates are accused of manipulating property valuations to mislead lenders, insurance brokers, and tax authorities in order to receive better rates on bank loans and insurance policies and to reduce their tax liability… The lawsuit seeks some $250 million in allegedly illegal profits and to bar Trump and his three adult children from participating in any real estate transactions for the next five years. It also seeks a permanent ban on Trump and his three children from serving as directors or officers of any New York corporation or business licensed in the state (National Review). Spencer Brown: As a refresher, Letitia James first ran for attorney general on an obsessive promise to take down Donald Trump — she said Trump was “fueling her soul” and “I look forward every day to suing Trump” — rather than protecting New Yorkers from violent criminals, deadly drugs, or illegal immigrants (Townhall).

Dow Dips 500 Points After Fed Interest Rate Hike

CNBC: Stocks fell in volatile trading Wednesday after the Federal Reserve raised rates by 75 basis points and forecast more sizable rate hikes ahead in its fight to tame surging inflation. The Dow Jones Industrial Average slid 522.45 points, or 1.7%, to close at 30,183.78. The S&P 500 shed 1.71% to 3,789.93, and the Nasdaq Composite slumped 1.79% to 11,220.19. The S&P ended Wednesday’s session down more than 10% in the past month and 21% off its 52-week high, while the Dow and Nasdaq finished more than 21% and 30% off their highs, respectively (CNBC). Wall Street Journal: The Fed’s decision to raise the federal-funds rate by 0.75 percentage point will bring the central bank’s benchmark rate to a range of 3% to 3.25%, its highest level since 2008. Based on the Fed’s so-called dot plot, or projection of where interest rates may be in the coming years, investors now expect the central bank to ultimately raise rates above 4% in order to tame inflation. That is far above what most had anticipated just a few months ago—and likely to keep pressure on markets, which have already been pummeled this year by tightening monetary policy and high inflation (Wall Street Journal).

Housing Market Slows for Seventh Month Straight

Wall Street Journal: The U.S. housing market slowed for a seventh straight month in August, the longest stretch of declining sales since 2007, as higher mortgage rates continued to undercut buyer demand. Home sales look poised to decline further in the coming months, economists say, as mortgage rates recently topped 6% for the first time since 2008, when the U.S. was in a recession. Many first-time buyers have been priced out of the market, and existing homeowners are opting to stay put rather than give up their current low rates (Wall Street Journal). Reuters: The 30-year fixed mortgage rate averaged 6.02% last week, from 5.89% in the prior week, breaking above 6% for the first time since November 2008, according to data from mortgage finance agency Freddie Mac. Though house price growth has slowed as demand weakened, tight supply is keeping prices elevated. The median existing-house price increased 7.7% from a year earlier to $389,500 in August (Reuters).

Federal Judge Blocks Biden’s Mask, Vaccine Mandate in Head Start Program

Daily Advertiser: A Louisiana federal judge Wednesday blocked President Joe Biden’s vaccine mandate for the Head Start program in 24 states with a permanent injunction. The Biden Administration’s order would require teachers, contractors and volunteers in Head Start programs to be fully vaccinated. Louisiana Western District Judge Terry Doughty initially issued a temporary injunction in January, but Wednesday’s ruling was on the merits of the case. Doughty’s ruling said the Biden Administration doesn’t have the authority to issue the mandate without Congress. Head Start programs provide children ages 3 to 5 and their families at or below the federal poverty level with early childhood education and resources (Daily Advertiser). National Review: The federal government can now decide whether to appeal the ruling to the Fifth Circuit Court of Appeals, which is the same court that struck down the government’s vaccine mandate for employees of private businesses (National Review).

DeSantis Leads Trump in Sunshine State

USA Today: Former President Donald Trump’s support among Republican voters in Florida for another presidential bid has significantly eroded this year, a USA TODAY/Suffolk University Poll finds, as Gov. Ron DeSantis has scored gains in the home state they now share. In a hypothetical 2024 presidential primary in the Sunshine State, DeSantis now leads Trump 48%-40%. That’s a reversal from a USA TODAY/Suffolk Poll of Florida in January, when Trump led DeSantis 47%-40% (USA Today). National Review: DeSantis, currently conducting a reelection campaign for governor in the Sunshine State, has consistently stayed on the GOP’s 2024 radar as he has harnessed the state’s executive power and legislative majority to achieve conservative policy goals (National Review).

10.

American Christian Population Could Fall Below 50 Percent by 2070

Axios: Christians could fall below 50 percent of the U.S. population by 2070 if recent trends continue, Pew Research Center projects. Why it matters: In 2020, about 64 percent of Americans, including children, were Christian, Pew says. People who are religiously accounted for 30 percent of the U.S. population. Adherents of all other religions totaled about 6 percent (Axios). Pew Research Religion: As recently as the 1990s, about 90% of U.S. adults identified as Christians. This figure has declined to about two-thirds of adults (Twitter).

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