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Economy

People count money at Macy's Herald Square store during the early opening of the Black Friday sales in the Manhattan borough of New York, November 26, 2015. (Photo: Reuters)

People count money at Macy’s Herald Square store during the early opening of the Black Friday sales in the Manhattan borough of New York, November 26, 2015. (Photo: Reuters)

The Bureau of Economic Analysis (BEA) report on personal income and outlays show wages and salaries posting solid gains for the fourth straight month.

Personal income increased by an estimated $67.3 billion (0.4%) in February, disposable personal income (DPI) increased $53.9 billion (0.4%) and personal consumption expenditures (PCE) increased $27.7 billion (0.2%).

The wages and salaries component rose by 0.5%.

Real DPI increased 0.2% in February and Real PCE increased less than 0.1%. The PCE price index increased 0.2%. Excluding food and energy, the the so-called core PCE price index increased 0.2%.

The Bureau of Economic Analysis (BEA) report

Economy

A "Now Hiring" sign hangs on the door to the Urban Outfitters store at Quincy Market in Boston, Massachusetts September 5, 2014. (Photo: Reuters)

A “Now Hiring” sign hangs on the door to the Urban Outfitters store at Quincy Market in Boston, Massachusetts September 5, 2014. (Photo: Reuters)

The Labor Department said initial jobless claims unexpectedly declined by 12,000 to 215,000, easily beating the forecast for the week ending March 24. It’s the lowest level since January 27, 1973 when it was 214,000.

The previous week’s level was revised down by 2,000 from 229,000 to 227,000.

Claims taking procedures in Puerto Rico and in the Virgin Islands have still not returned to normal.

The 4-week moving average was 224,500, a decrease of 500 from the previous week’s revised average. The previous week’s average was revised up by 1,250 from 223,750 to 225,000.

The advance seasonally adjusted insured unemployment rate was 1.3% for the week ending March 17, unchanged from the previous week’s unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending March 17 was 1,871,000, an increase of 35,000 from the previous week’s revised level. The previous week’s level was revised up 8,000 from 1,828,000 to 1,836,000.

The 4-week moving average decreased 12,750 from the previous week’s revised average to 1,861,500, the lowest level for this average since January 5, 1974 when it was 1,838,500. The previous week’s average was revised down by 6,250 from 1,880,500 to 1,874,250.

Extended benefits were payable in Alaska and the Virgin Islands during week ending March 10.

The highest insured unemployment rates in the week ending March 10 were in the Virgin Islands (6.4), Alaska (3.4), New Jersey (2.9), Connecticut (2.8), Puerto Rico (2.7), Montana (2.5), Rhode Island (2.5), Massachusetts (2.4), California (2.3), and Illinois (2.3).

The largest increases in initial claims for the week ending March 17 were in New York (+1,218), New Jersey (+647), Connecticut (+540), Pennsylvania (+439), and Vermont (+296), while the largest decreases were in California (-2,425), Texas (-1,011), Georgia (-866), Michigan (-756), and Illinois (-480).

The Labor Department said initial jobless claims

Politics

Veterans Affairs Secretary David Shulkin speaks to reporters at the White House in Washington, U.S., May 31, 2017. (Photo: Reuters)

Veterans Affairs Secretary David Shulkin speaks to reporters at the White House in Washington, U.S., May 31, 2017. (Photo: Reuters)

President Donald Trump has fired Veterans Affairs (VA) Secretary David Shulkin and intends to nominate Admiral Ronny L. Jackson, MD for the position. Mr. Shulkin’s days were numbered after an inspector general report found he doctored an email and made false statements to create a pretext for taxpayers to cover for the cost of his wife’s trip to Europe last summer.

“I am pleased to announce that I intend to nominate highly respected Admiral Ronny L. Jackson, MD, as the new Secretary of Veterans Affairs,” President Trump tweeted. “In the interim, Hon. Robert Wilkie of DOD will serve as Acting Secretary. I am thankful for Dr. David Shulkin’s service to our country and to our GREAT VETERANS!”

Mr. Shulkin was a holdover from the Obama Administration and his firing was expected. While the VA Inspector General report was damning, the White House was already frustrated with his reluctance to use the power granted by the VA Accountability and Whistleblower Protection Act.

The bill was the most significant reform bill or action in the history of the department and it fulfilled a major promise made by President Trump on the campaign trail. He frequently vowed to fire VA workers “who let our veterans down,” and at least for the first few months it was used effectively.

In just one month, more than 500 employees had been fired and over 180 suspended for misconduct.

Nevertheless, the IG report proved too much for President Trump, who also fired Tom Price from a Cabinet post after it was revealed he misused taxpayer funds.

[pdfviewer width=”740px” height=”849px” beta=”true/false”]https://www.peoplespunditdaily.com/wp-content/uploads/2018/03/VA-inspector-general-s-report-on-Secretary-David.pdf[/pdfviewer]

President Donald Trump has fired Veterans Affairs

Policy

A doctor puts his hand over his chest during a "House call" rally against proposed healthcare reform legislation at the Capitol in Washington November 5, 2009. (Photo: Reuters)

A doctor puts his hand over his chest during a “House call” rally against proposed healthcare reform legislation at the Capitol in Washington November 5, 2009. (Photo: Reuters)

A new study finds all but 1 the best 10 states for doctors to practice medicine in are Republican states, while all of the 10 worst states are Democratic states. WalletHub compared all 50 states and the District of Columbia across 16 key metrics in order to help doctors decide where to practice, and the results are noteworthy.

Not a single Republican voted for ObamaCare and most Republican states opted out of the Medicaid expansion provision in the signature Democratic legislation. With young doctors coming out of medical school with an average student loan debt of more than $190,000 in 2017, the bill has asked them to provide their skills and services for a reduced cost.

First, let’s take a look at the entire table.

Overall Rank
(1=Best)		 State Total Score ‘Opportunity & Competition’ Rank ‘Medical Environment’ Rank
1 South Dakota 75.97 3 1
2 Nebraska 70.66 7 3
3 Idaho 70.64 1 17
4 Iowa 70.16 2 16
5 Minnesota 69.94 9 4
6 Wisconsin 69.84 6 7
7 Kansas 68.86 8 9
8 Montana 68.01 5 13
9 North Dakota 65.19 14 11
10 Wyoming 64.88 4 35
11 Alabama 62.50 11 31
12 Mississippi 62.24 10 43
13 Arizona 62.10 12 32
14 Colorado 61.95 18 12
15 Tennessee 61.77 16 24
16 Utah 60.92 17 20
17 Maine 60.70 32 2
18 South Carolina 60.25 19 21
19 Washington 58.59 20 26
20 Georgia 58.31 22 22
21 West Virginia 58.24 13 45
22 Nevada 57.40 15 47
23 Arkansas 56.99 25 25
24 North Carolina 56.86 35 8
25 Indiana 56.82 27 23
26 Alaska 56.37 39 5
27 Louisiana 56.11 21 37
28 Texas 55.55 33 14
29 New Mexico 54.16 24 40
30 Florida 54.08 29 34
31 Missouri 53.90 26 38
32 Pennsylvania 53.25 31 36
33 Kentucky 53.07 23 46
34 Vermont 52.93 42 6
35 Michigan 52.83 36 27
36 Oklahoma 52.53 34 28
37 New Hampshire 52.32 28 44
38 Virginia 51.05 40 29
39 Delaware 49.03 37 39
40 Ohio 48.99 38 42
41 Connecticut 48.94 44 15
42 Illinois 48.86 30 51
43 California 47.82 46 18
44 Maryland 47.82 41 41
45 Oregon 47.71 47 19
46 Massachusetts 46.59 43 33
47 District of Columbia 45.75 51 10
48 Hawaii 43.25 50 30
49 New York 41.39 49 48
50 Rhode Island 40.86 45 50
51 New Jersey 40.24 48 49

One of the major complaints regarding ObamaCare was that it would increase competition among consumers, not providers. According to WalletHub, the best 5 states for projected competition by 2024 include 4 red states and 1 purple state (Nevada), while the worst 5 are all blue states.

The best 5 states for the highest annual wages (adjusted for cost of living) are all red states, while the bottom 5 worst are all blue states. It’s worth noting that doctors’ wages in the most extreme leftwing states for healthcare are the worst, while those in extreme red states have it the best.

Highest Average Annual Wage Lowest Average Annual Wage
Mississippi Oregon
South Dakota California
Iowa New York
Georgia Hawaii
Tennessee District of Columbia

* Adjusted for cost of living

In other words, doctors are being forced to compete over more for less money, otherwise known in the free market as profit inventive. There is a 10-time difference between the 5 best and worst states on these two metrics.

We’ll leave you with their infographic below.

artwork-2018-best-worst-states-doctors-v1

Source: WalletHub

A new study finds all but one

Economy

A single family home is shown with a sale pending in Encinitas, California May 22, 2013. (Photo: Reuters)

A single family home is shown with a sale pending in Encinitas, California May 22, 2013. (Photo: Reuters)

The Pending Home Sales Index (PHSI) bounced back in February, gaining 3.1% to 107.5 from a downwardly revised 104.3 in January. Still, with last month’s increase, the PHSI is 4.1% below a year ago.

“Contract signings rebounded in most areas in February, but the gains were not large enough to keep up with last February’s level, which was the second highest in over a decade (112.1)1,” Lawrence Yun, NAR chief economist said. “The expanding economy and healthy job market are generating sizable homebuyer demand, but the minuscule number of listings on the market and its adverse effect on affordability are squeezing buyers and suppressing overall activity.”

Mr. Yun says he forecasts for existing home sales to be around 5.51 million – largely unchanged from 2017. The national median existing home price is expected to increase around 4.2%. In 2017, existing sales increased 1.1% and prices rose 5.8%.

“Homeowners are already staying in their homes at an all-time high before selling2, and any situation where they remain put even longer only exacerbates the nation’s inventory crunch,” Mr. Yun added. “Even if new home construction starts picking up at a faster pace this year, as expected, existing sales will fail to break out if these record low supply levels do not recover enough to meet demand.”

The PHSI in the Northeast jumped 10.3% to 96.0 in February, but is still 5.1% lower than a year ago. In the Midwest, the index ticked up 0.7% to 98.9 in February, but is 9.5% lower than February 2017.

Pending home sales in the South rose 3.0% to an index of 125.7 in February, but are 1.5% lower than last February. The index in the West inched higher 0.4% in February to 96.9, but is 2.2% below a year ago.

“Expect ongoing volatility in the Northeast region at least through March. Although pending sales there bounced back in February following January’s cold weather-related decline, the multiple winter storms over these last few weeks likely put a chill on contract signings once again this month.”

[caption id="attachment_53033" align="aligncenter" width="1200"] A single family

Politics

President Donald Trump addresses supporters of gun rights at the National Rifle Association (NRA) Annual Convention in Atlanta, Georgia. (Photo: AP)

President Donald Trump addresses supporters of gun rights at the National Rifle Association (NRA) Annual Convention in Atlanta, Georgia. (Photo: AP)

President Donald Trump pushed back on the push by the Democratic Party to repeal the Second Amendment, tweeting it will “never be repealed, no way.” His remarks on Twitter come as former Supreme Court Justice Stevens once again led the liberal charge to repeal the Second Amendment.

“THE SECOND AMENDMENT WILL NEVER BE REPEALED! As much as Democrats would like to see this happen, and despite the words yesterday of former Supreme Court Justice Stevens, NO WAY,” President Trump tweeted. “We need more Republicans in 2018 and must ALWAYS hold the Supreme Court!”

President Donald Trump pushed back on the

Companies

Pedestrians walk through the Canary Wharf financial district of London January 16, 2009. (Photo: Reuters)

Pedestrians walk through the Canary Wharf financial district of London January 16, 2009. (Photo: Reuters)

Profits from current production — corporate profits with inventory valuation adjustment and capital consumption adjustment — fell $1.1 billion in the fourth quarter (4Q) 2017.

That compares to an increase of $90.2 billion in the third quarter (3Q). Profits of domestic financial corporations decreased $14.6 billion in the 4Q juxtaposed to an increase of $47.8 billion in the 3Q.

From the Bureau of Economic Analysis (BEA):

Profits of domestic nonfinancial corporations rose $19.4 billion, compared with an increase of $10.4 billion. Rest-of-the-world profits decreased $5.9 billion, in contrast to an increase of $32.0 billion. In the fourth quarter, receipts increased $14.9 billion, and payments increased $20.8 billion.

In 2017, profits from current production increased $91.2 billion, in contrast to a decrease of $44.0 billion in 2016. Profits of domestic financial corporations increased $15.7 billion, in contrast to a decrease of $2.0 billion. Profits of domestic nonfinancial corporations increased $37.4 billion, in contrast to a decrease of $51.7 billion. The rest-of-the-world component of profits increased $38.0 billion, compared with an increase of $9.8 billion.

The 2017 Tax Cuts and Jobs Act includes several provisions that impact the business income and personal income statistics in the national income and product accounts (NIPAs). The provisions do not impact corporate profits for current production or GDI but do impact net cash flow in the fourth quarter of 2017.

Corporate profits with inventory valuation adjustment and

Economy

Workers assemble built-in appliances at the Whirlpool manufacturing plant in Cleveland, Tennessee August 21, 2013. (Photo: Reuters)

Workers assemble built-in appliances at the Whirlpool manufacturing plant in Cleveland, Tennessee August 21, 2013. (Photo: Reuters)

The Bureau of Economic Analysis (BEA) said the U.S. economy grew faster than expected in the fourth quarter (4Q) 2017. The final 4Q reading was revised up 0.4% to 2.9%, making the first year under Donald Trump stronger than the strongest year under Barack Obama.

The median economic forecast was 2.7%.

The U.S. economy has now grown by 3% or more for three consecutive quarters since 2004 and real GDP was 3.2% in the third quarter (3Q). Real gross domestic income (GDI) rose 0.9% in the 4Q, compared with an increase of 2.4% in the 3Q. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 1.9% in the 4Q, compared with an increase of 2.8 percent in the 3Q.

Real consumer spending was upwardly revised to a solid 4%, beating the 3.8% median forecast.

The Bureau of Economic Analysis (BEA) said

Politics

Democratic Governor Jerry Brown, left, and Democratic Attorney General Xavier Becerra, right, respond to a lawsuit filed against the state of California by the U.S. Department of Justice (DOJ) for refusing to comply with the federal government in enforcing immigration law.

Democratic Governor Jerry Brown, left, and Democratic Attorney General Xavier Becerra, right, respond to a lawsuit filed against the state of California by the U.S. Department of Justice (DOJ) for refusing to comply with the federal government in enforcing immigration law.

On January 1, Democratic Governor Jerry Brown signed the California Values Act (SB-54), a law passed by Democrats in Sacramento prohibiting state and local police from cooperating with Immigration and Customs Enforcement (ICE) in cases when illegal immigrants face deportation.

In response, local officials in California are rejecting the controversial and widely-believed to be unconstitutional sanctuary state law. The Orange County Sheriff’s Department announced Monday that it is now providing information on when inmates are released from custody. As of Monday, March 26, an existing “Who’s in Jail” online database includes the date and time of inmates’ release.

“This is in response to SB-54 limiting our ability to communicate with federal authorities and our concern that criminals are being released to the street when there’s another avenue to safeguard the community by handing them over (to ICE for potential deportation),” said Orange County Undersheriff Don Barnes, who opposes the new California sanctuary state law.

The Los Alamitos Council voted 4 to 1 last week to reject the controversial and unconstitutional sanctuary state law. The ordinance states the new state law “may be in direct conflict with federal laws and the Constitution.” The council found “that it is impossible to honor our oath to support and defend the Constitution of the United States” if they do not opt out of it.

Now, more cities and towns are planning to rebel against the sanctuary state law.

The Yorba Linda City Council has agreed to file an amicus brief to a lawsuit filed by the Trump Administration against California. The cities of Aliso Viejo and Buena Park announced they will also consider adopting similar measures as Los Alamitos. Aliso Viejo Mayor Dave Harrington said his council will debate a version next month.

Orange County Supervisor Michelle Steel said in a statement last week that she plans to present a similar ordinance to the Board of Supervisors.

“I thank the City of Los Alamitos for standing up for its citizens and rejecting the so-called ‘sanctuary’ legislation passed in Sacramento, and I urge the County of Orange and all of our cities to do the same,” Ms. Steel said in the release.

The release information, via a long list of names in alphabetical order, is now available for anyone to view at oscd.org.

The Orange County Sheriff’s Department announced Monday

Politics

California Attorney General Xavier Becerra (D) at a news conference in Sacramento, Calif., on January 18, 2017. (Photo: AP)

California Attorney General Xavier Becerra (D) at a news conference in Sacramento, Calif., on January 18, 2017. (Photo: AP)

California Attorney General Xavier Becerra is the first of 19 Democrats to sue the Trump Administration over the decision to ask about citizenship in the 2020 census. The attorney general made the announcement on Twitter Monday.

“Filing suit against @realdonaldtrump’s Administration over decision to add #citizenship question on #2020Census. Including the question is not just a bad idea — it is illegal,” he wrote.

While Democrats will publicly argue that the U.S. Census surveys people, not citizens, and that non-citizens will be afraid to take it if the changes move forward, there are truer reasons for their opposition that are not shared publicly.

First, the U.S. Census collects the population data used to determine representation in the U.S. House of Representatives. Second, federal spending is allocated based on data collected by the U.S. Census. Third, it also determines how many electoral votes each state will send to the Electoral College.

Without a citizenship question, illegal immigrants do in fact impact U.S. elections, whether they vote or not.

The Commerce Department said in a statement that the decision to add a citizenship question came after a request by the Justice Department (DOJ) made in December. The statement said that Commerce Secretary Wilbur Ross “determined that reinstatement of a citizenship question on the 2020 decennial census questionnaire is necessary to provide complete and accurate census block level data.”

“After a thorough review of the legal, program, and policy considerations, as well as numerous discussions with Census Bureau leadership, Members of Congress, and interested stakeholders, Secretary Ross has determined that reinstatement of a citizenship question on the 2020 decennial census questionnaire is necessary to provide complete and accurate census block level data.”

Historically, the U.S. asked a citizenship question from 1820 to 1950. The Commerce Department also noted that the citizenship question would be the same as the one posed in the annual American Community Survey (ACS).” The major difference is the sample size, with the ACS being a much smaller percentage of households than the actual census.

“The citizenship question will be the same as the one that is asked on the yearly American Community Survey (ACS),” the statement said. “Citizenship questions have also been included on prior decennial censuses. Between 1820 and 1950, almost every decennial census asked a question on citizenship in some form. Today, surveys of sample populations, such as the Current Population Survey and the ACS, continue to ask a question on citizenship.”

The case will begin in the Ninth Circuit Court of Appeals, the most liberal and overturned court in the land. Roughly 9 in 10 of the liberal court’s decisions have been overturned by the U.S. Supreme Court.

The department argues that the Census Act grants the Secretary of Commerce the authority to determine which questions are to be asked on the decennial census. It only requires the list of decennial census questions be submitted to Congress no later than March 31, 2018.

California Attorney General Xavier Becerra is the

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