The cost of living outpaced income growth significantly over the past year, forcing many Americans to take on more debt to make ends meet. In a recent study, credit card balances carried from month to month have increased over the past 12 months, totaling an estimated $460 billion as of September 2022. U.S. households that carry credit card debt will pay an average of $1,380 in interest this year.

And yet the president is trying to skip the race and go straight to an unjustified victory lap, claiming that his White House has lowered the deficit despite multiple multi-trillion-dollar spending plans that are unpaid for. The fact that deficits remain historically high — and the entire record-breaking $1.4 trillion deficit drop is driven by the fact that emergency COVID spending has lapsed — is no reason for celebration.

CHAMPION MESSAGE

HURTING NOT HELPING

Self-serving Black ‘Leaders’ Damage Opportunity, Mobility

Martin Luther King, Jr. Day is primetime for the so-called leaders of the black community. Professors, activists, and media pundits were busy with events, prayer breakfasts, and television appearances. Sadly, instead of spreading messages of inspiration and elevation, they spin narratives of despair and discontent. Instead of promoting America’s progress in race relations and economic gain for minorities from the Rev. Dr. Martin Luther King, Jr.’s time, they metaphorically drag blacks back in time. We need solutions for today’s realities. Where do we start? Read More

MEDIA SPOTLIGHT

Cavuto: Coast to Coast | House Members Pressure George Santos To Resign Watch

Fox and Friends | Withholding Merit-Based Scholarships in the Name of Equity Watch

The Daily Caller | It May Be Too Late for Cooling Inflation To Save the Economy Read

The Bill Cunningham Show | The Collapse of Public Education Listen (begins 31:00)

The Washington Post | Virginia’s Proposed New Standards of Learning Embrace History Read

DID YOU KNOW

Biden Raised National Debt Enough for Every Worker To Afford an Expensive Birkin Bag

Due largely to inflation, excessive government spending cost Americans far more than it helped in “benefits.” President Biden’s policies have cost the average American family about $7,100 in inflation and higher interest rates, according to a new report. Learn More

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IN THE NETWORK

Do You Ever Disagree With Something That’s Been Written in Your Local Paper? Tell Them!

Letters to the Editor are an effective way to correct misinformation and misperceptions on key issues in popular news sources. To write a successful Letter to the Editor, you have to respond quickly to a specific article in that paper.

LEARN MORE HERE

P.S. Looking to make more of an impact in your community? Activate your IWN membership today and join the thousands of other members utilizing the IWN Resource Center to make a difference. Join IWN

Trending Now: December’s Falling Inflation Eases Strain but Not Economic Fears Read

TWO TRUTHS & A LIE

Repealing Burdensome IRS Form 1099-K Reporting Rules

Can you identify which of the following statements is not true?

A. To fund the ARP, Congress lowered the threshold that triggers income reporting for third-party transactions on IRS Form 1099-K to just $600 through any number of transactions.
B. The new reporting rules will discourage individuals from online reselling and engaging in gig work.
C. Receiving a Form 1099-K on third-party transactions of at least $600 means that a tax bill is due.

CHECK YOUR ANSWERS

CAPSULE REVIEW

Kentucky Bars 11 Banks Pushing ESG From State Contracts

Kentucky State Treasurer Allison Ball officially published a Restricted Financial Institutions List barring 11 companies from state banking contracts for engaging in “energy company boycotts” against fossil fuel companies. “When companies boycott fossil fuels, they intentionally choke off the lifeblood of capital to Kentucky’s signature industries,” Ball said in a statement.

Consumer Safety Commission Lights Political Fire About Gas Stoves

Product safety and inspection are essential for the safety of the American public, but regulators should resist opportunities to use their power to push political agendas. And the CPSC should refuse to use its considerable power to carry out the wishes of politicians too cowardly to pursue legislative action.

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