Connect with us

Economy

Retail Sales Collapse 16.4% with April’s Disastrous Coronavirus Lockdowns

Retail sales plunged even worse than analysts were expecting in April as the nation-wide coronavirus lockdown orders took effect.

Published

on

Retail sales plunged even worse than analysts were expecting in April as the nation-wide coronavirus lockdown orders took effect.

What a surprise… another prediction the “experts” got wrong.

According to CNBC, consumer spending collapsed in April. With so many government agencies joining the hysteria and shutting down everyone’s livelihoods, how can anyone be surprised?

Economists surveyed by Dow Jones expected the advanced retail sales number to fall 12.3% after March’s reported 8.3% dive already had set a record for data going back to 1992. The March numbers were revised to be not as bad as the 8.7% initially reported.

Trending: Coroner Saying George Floyd Died of Drug Overdose, Not Police Brutality

Some 68% of the nation’s $21.5 trillion economy comes from personal consumption expenditures, which tumbled 7.6% in the first quarter just as social distancing measures aimed at containing the coronavirus began to take effect.

The graph that CNBC posted is startling:

“Net, net, consumers couldn’t get out to shop last month as the pandemic virus fight kept them at home, and the result is an economy that has simply collapsed,” said Chris Rupkey, chief financial economist at MUFG Union Bank, according to CNBC. “We have never seen economic data like this before in history.”

clothing merchants took the worst loss, down a whopping 78.8 percent over March. Naturally, clothing stores and malls were shuttered as “non-essential” businesses during that time.

This is simply untenable.

We must end these hysterical lockdowns are re-open out economy before the damage is practically irreversible.

Follow Warner Todd Huston on Facebook at: facebook.com/Warner.Todd.Huston.

Don't forget to Like The Washington Sentinel on Facebook and Twitter, and visit our friends at The Republican Legion.

Become an insider!

Sign up for the free Washington Sentinel email newsletter, and we'll make sure to keep you in the loop.

Advertisement

Economy

The Top Ten States Bouncing Back Fastest are Red States — Guess the Worst

According to the June unemployment statistics, the states that are bouncing back the fastest are all red states.

Published

on

According to the June unemployment statistics, the states that are bouncing back the fastest are almost all red states. Unsurprisingly, the bottom ten are nearly all blue states.

The analysis comes from jobs consultant firm WalletHub which finds that only one of the bottom ten states are Democrat-led states.

“June’s jobs report brought encouraging news for the employment market, as the economy added 4.8 million nonfarm payroll jobs. That’s nearly double the amount added in May,” the site said in its July 17 post.

“Now, the U.S. unemployment rate sits at 11.1%, which is still high but is a decline from the nearly historic high of 14.7% at the peak of the COVID-19 pandemic,” the analysis continued. “This drop can be attributed to the fact that all U.S. states have reopened at least some non-essential businesses. In addition, most people who became unemployed during this crisis have only been temporarily laid off, and expect to be rehired by their former employers once companies reopen and start to make money again. However, it will take far more time for us to reduce the unemployment rate to pre-pandemic levels than it did for the virus to reverse over a decade of job growth.”

WalletHub took a look at the economic data from all fifty states and the District of Columbia to see where the recovery was at its best. The site compared the unemployment numbers in these states from June 2019 to June 2020.

So, which states made it into the top ten most recovered states? Who could be surprised to find they are all GOP-led, red states?

The top ten with current unemployment rate:

    • Kentucky – 4.8%
    • Idaho – 5.3%
    • Utah – 5.5%
    • Montana – 7.0%
    • Maine – 6.4%
    • Oklahoma – 6.8%
    • Wyoming – 7.6%
    • North Dakota – 6.3%
    • Missouri – 7.9%
    • Nebraska – 6.9%

You’ll notice that nearly every state above is solidly controlled by the GOP. Only Maine is a bastion of blue. Kentucky, of course, is mixed, but much of it is controlled by the GOP.

Here are the worst ten:

    • Florida – 10.7%
    • Illinois – 14.6%
    • California – 15.1%
    • Michigan – 14.9%
    • New Hampshire – 11.7%
    • Nevada – 15.2%
    • New York – 15.6%
    • Hawaii – 14.4%
    • New Jersey – 16.4%
    • Massachusetts – 17.5%

Of the worst ten, you’ll notice that all but one is in thrall to the Democrat Party. Indeed, most have almost no Republican Party at all.

Follow Warner Todd Huston on Facebook at: facebook.com/Warner.Todd.Huston.

Continue Reading

Economy

Grubhub Shamed for Extorting Restaurants During Virus Crisis

This is simply atrocious.

Published

on

Of all of the industries that have been effected by the COVID-19 crisis, perhaps none has taken the sort of hit that our food service workers have.

Around the nation, a vast majority of our restaurants are either shuttered or operating as curbside pickup and delivery-only establishments, hoping to just keep the lights on and a tiny fraction of their staff paid.

You would think, in this time of ultra-convenient rideshare and courier options, that this would be a seamless way keep the service industry’s velocity of cash moving.

But you’d be wrong, and that’s on account of a greedy bottleneck within the gig-worker economy.

As empty restaurants around the country struggle against an uncertain future and perhaps unrealistic guidelines for reopening during the coronavirus pandemic, takeout-ordering company Grubhub reported record revenues of $363 million from January through March, up 12% from the same quarter a year ago.

Restaurant owners have long complained that fees charged by ordering platforms like Grubhub, often ranging from 15% to 30%, make orders less profitable, and sometimes unprofitable — but businesses have no choice but to use them if they want to retain customers. They also discovered Grubhub was secretly buying up thousands of restaurant domain names and using them to build shadow websites that competed with pages operated by restaurants. Now, with dining rooms closed and lockdowns still in effect, takeout orders facilitated by platforms like Gruhub have become a crucial source of business.

Just how bad is it?

While some cities have been able to limit the commission cap that apps like Grubhub receive during this national emergency, this sort of niche and temporary legislation is far from a top priority for many.

Americans can help their local restaurants stay profitable during this time by choosing curbside pickup instead of delivery, or by buying gift cards to restaurants that can be used at a later date, perhaps when the dining rooms open again.

Continue Reading

Economy

Here It Comes: $2 Trillion Relief Bill Headed to Trump’s Desk After Late Drama

It’s about time.

Published

on

As far as COVID-19 is concerned, there are still plenty of variable out there that we just don’t know.

That’s not for a lack of effort, however.  This is a novel strain of coronavirus that we haven’t yet experienced, thus making it difficult for the human race to find a worthwhile avenue of attack.  All we know right know is that we must practice social distancing in order to prevent the spread of the virus, and that we’re still several days or weeks away from the peak of the problem.

The federal government has been assessing and reassessing what they can do for those people within America who will be effected by the economic downturn that the pandemic will cause.  Today, they passed a major milestone in their efforts.

The legislation costs roughly $2 trillion and is approximately 8,800-pages long.

The House vote follows as the Senate unanimously passed the legislation on Wednesday night, with 96 votes in favor of the bill and no senators opposed to the bill.

The House became enflamed in controversy after Rep. Thomas Massie (R-KY) threatened to force a recorded vote on the coronavirus package. The backlash engendered frustration from lawmakers as well as President Donald Trump, who demanded that Republicans throw the Kentucky congressman out of office.

“WIN BACK HOUSE, but throw Massie out of Republican Party!” Trump wrote on Twitter.

When Massie tried to force a recorded vote on the legislation, the House overwhelmed the congressman and passed the coronavirus package.

And, in a move that speaks to the threat of COVID-19…

House lawmakers took up spots in the House public gallery to create more space between members of Congress while maintaining a quorum to prevent Massie from placing a recorded vote on the measure.

The bill would not only bolster the existing unemployment programs here in the U.S., but would also allow for adult American taxpayers to receive lump sum payments in order to offset some of the hardship they could face as businesses struggle to attract customers.

Continue Reading

Economy

Miller-Coors Steps Up in a Big Way for Restaurant Workers with $1 Million Donation

United we stand, with Big Beer at our backs.

Published

on

While the medical fallout of the COVID-19 virus is set to hit our nation heavily in the coming days, the economic impact of the global pandemic is still weeks, or perhaps months away from being fully realized.

In order to starve this beast of an illness we will need to be diligent in our social distancing practices.  This means the widespread closure of places like schools, churches, stadiums, bars, and restaurants – putting a great many American workers out of a job.

Perhaps hardest hit will be the restaurant industry, where employees are largely living a paycheck-to-paycheck lifestyle but at a far more dynamic “shift-to-shift” pace.  These are the folks who work almost solely for tips, earning only a few dollars per hour otherwise.  With no customers, there are no tips, and these workers are being drained of what little savings they may have had in just a few weeks of quasi-quarantine.

Miller-Coors understands that there is trouble brewing for this point-of-sale staff, (no pun intended), and are moving forward with a massive donation aimed at easing the economic pain.

Taps are off, but tips are needed. That’s the message from Miller officials — donating $1 million to support bartenders out of work due to the coronavirus.

The announcement was made on the Miller Lite Twitter page on March 20.

The donation was made to the USBG (United States Bartenders Guild) National Charity Foundation’s Bartender Emergency Assistance program. The organization set up a “Virtual Tip Jar” to help bartenders not working after Governor Tony Evers ordered bars and restaurants to close except for carryout or delivery in an effort to help stop the spread of COVID-19.

The declaration came complete with an all-too realistic depiction of a shuttered establishment.

To make a donation yourself, follow the link in the tweet above.

You or someone you know is a displaced service industry worker, the application for the USBG assistance can be found here.

 

Continue Reading

Economy

Treas. Sec. Mnuchin: Cash Payments to be Upped to $3,000 per Family to Cope with Coronavirus

Treasury Secretary Steve Mnuchin said that the cash payments sent to Americans to cope with the coronavirus is set to jump to $3,000 per family

Published

on

U.S. Treasury Secretary Steven Mnuchin said on Sunday that the cash payments sent to Americans to cope with the coronavirus is set to jump to $3,000 per family.

Mnuchin was confident on Sunday morning that the $4 trillion stimulus package would pass the U.S. Senate on Sunday, but it wasn’t to be. Democrats held back their support because the bill did not include unnecessary spending on abortion.

Still, it is likely the bill will eventually pass.

Included in the current version is $110 billion for the healthcare industry as well as $350 billion in aid to small businesses.

“Those are broad-based lending programs,” Mnuchin told Fox News Sunday.

“Now that we’ve shut down major parts of the economy … we can lever up to $4 trillion to help everything from small businesses to big businesses get through the next 90 to 120 days,” he added.

The $3K per family is even higher than the $2,400 that was being proposed only as far back as Thursday.

A three grand windfall and the recent decision of the IRS to put off the deadline to pay federal taxes until July 15, the feds are really helping the American people… if only the Democrats can put aside their lust for dead babies aside long enough to get it all passed!

Regardless, as each state puts severe limitations on travel and more people lose their weekly salaries — or even lose jobs altogether — the American people are hungry for some support.

Follow Warner Todd Huston on Facebook at: facebook.com/Warner.Todd.Huston.

Continue Reading

Economy

These are the Worst States to Retire To — LEAVE Them Immediately

If you are looking to retire, you need to cross off your list every major Democrat-led state because deep blue states will destroy your savings.

Published

on

If you are close to retirement age, or are wondering where you should go when the time comes to relax, you need to cross every major Democrat-led state off your list because deep blue states will destroy your savings.

According to the career company Zippia, more than half a million Americans left their states for a new home as they launched into their retirement years.

With that in mind, Zippia decided to review the economic conditions in each state to see what states retirees should avoid. And, wouldn’t you know it, all the worst states ended up being deep blue hell holes.

After weighing the facts, the company told its website visitors that they shouldn’t touch the following ten states, not even with a “ten-foot pole.”

  • Hawaii
  • Colorado
  • Oregon
  • Washington
  • Massachusetts
  • Vermont
  • New Jersey
  • Connecticut
  • New Hampshire
  • Minnesota

Each of these states are controlled by the Democrat Party. Indeed, of this top ten worst list, only New Hampshire has had any recent history of GOP power in the state.

“These high costs of living states will leave you barely scraping by. Notice a trend? The Northeast is particularly harsh on retirees, with 5 of the priciest states to retire located there. Keep reading to see why these states break the bank, or scroll to the bottom to see the cheapest states to retire,” Zippia wrote.

Zippia ranked each state on the following criteria: Median House Cost, Monthly Home Owner Cost, Cost Of Living, Medicare Advantage Cost, and State Medicare Spend Per Person.

Indeed, the top 20 worst states were mostly (or historically) controlled by the Democrats too. The next ten of the top 20 worst states include, Rhode Island, Virginia, New York, Wisconsin, Maryland, California, Nevada, Illinois, Delaware, and New Mexico.

Unsurprisingly, all the ten best states to retire to are Republican-controlled:

  • Mississippi
  • Arkansas
  • Oklahoma
  • West Virginia
  • Indiana
  • Louisiana
  • Kentucky
  • Missouri
  • Alabama
  • Tennessee

Not really a surprise, huh?

I mean, is it a surprise that Democrat states are THE worst states for vulnerable elderly people?

Follow Warner Todd Huston on Facebook at: facebook.com/Warner.Todd.Huston.

Continue Reading

Economy

DIRTY DEEDS: Several Senators Unloaded Stocks After Receiving Classified Covid-19 Info

Our public servants seem more interested in covering their own derrieres than they do about protecting the American people.

Published

on

As the entire world continues to struggle through the coronavirus crisis currently at our doorstep, we will soon discover that there are two types of people in this world:  Those whose empathy will save lives, and those who only looked out for themselves and their bank account.  Four US Senators are seemingly falling into that latter category this week.

In the midst of a global pandemic, four of the nation’s public servants, elected to serve the American people, abused their power for massive financial gains while watching their own constituents suffer indescribably.

Republicans Richard Burr, Kelly Loeffler and James Inhofe and Democrat Dianne Feinstein collectively offloaded up to $11million in stock between late January and early February, according to records seen by The Daily Beast, New York Times and ProPublica.

The individual actions are damning.

Burr, chair of the Senate Intelligence Committee that was directly briefed on coronavirus, sold up to $1.7million in stock including in hotels, according to reporting from ProPublica.

Feinstein, a member of the same committee, sold up to $6million in stock including in a biotech firm.

Loeffler dumped up to $3.1million in investments starting on the day the Senate Health Committee, which she sits on, was briefed by the CDC. Meanwhile James Inhofe sold up to $400,000 in stock including real estate.

Loeffler and Feinstein have defended themselves, saying their stocks are invested in trusts and portfolios that they have no personal control over. Inhofe has not commented.

The news was not received well on social media, where a great many users were ready for heads to roll.

Just how tawdry were the transactions?

According to The Daily Beast, Sen Kelly Loeffler and her husband, Jeffrey Sprecher, the chairman of the New York Stock Exchange, sold $3.1million in stock between late January and early February.

The first sale was in the firm Resideo Technologies worth between $50,001 and $100,000 and made on January 24, the same day her committee – the Senate Health Committee – held a briefing with the CDC.

With the coronavirus situation evolving rapidly, and with a great many of Loeffler’s constituents set to bear the brunt of the economic impact of the illness, there is little doubt that this story will be fresh in the minds of voters come next election.

Continue Reading

Latest Articles

Become an insider


Best of the Month

Do NOT follow this link or you will be banned from the site!
 
Send this to a friend