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Politics

From Left to Right: Sens. Susan Collins, Maine, Lisa Murkowski, Alaska, and Shelley Moore Capito, West Virginia. (Photos: AP)

From Left to Right: Sens. Susan Collins, Maine, Lisa Murkowski, Alaska, and Shelley Moore Capito, West Virginia. (Photos: AP)

Liberal Republican Senators Susan Collins (Maine), Shelley Moore Capito (W.Va.) and Lisa Murkowski (Alaska) killed the effort to repeal ObamaCare. It’s the latest defeat for the slim Republican Senate majority on health care, and perhaps the biggest broken political promise in modern history, rivaling Barack Obama’s “if you like your plan/doctor” vow.

“I regret that the effort to repeal and immediately replace the failures of ObamaCare will not be successful,” Senate Majority Leader Mitch McConnell said Monday before announcing the push to repeal first . “That doesn’t mean we should give up. We will now try a different way to bring the American people relief from Obamacare. I think we owe them at least that much.”

But it quickly fell apart after 7 years of promises that won the GOP the majority in the House in 2010 and 4 years later, the Senate. In 2010, Sen. Murkowski lost the Republican primary for U.S. Senate against the more conservative Joe Miller, who made ObamaCare a centerpiece of the campaign.

She defeated Mr. Miller after she snubbed the voters by launching a general election write-in candidacy, though it was under circumstances that were more than suspect.

In 2014, then-Rep. Capito vowed to repeal ObamaCare–without replacement–in her race against Democrat Natalie Tennant, who took the position senators should focus on repairing the bill.

“I did not come to Washington to hurt people,” Sen. Capito said in a statement on Tuesday. “I cannot vote to repeal ObamaCare without a replacement plan that addresses my concerns and the needs of West Virginians.”

But that’s not the same song she was singing during a tough GOP primary.

“We want our country back,” she said on the campaign trail. “We don’t want government coming in and telling us how to pick our doctor, how to educate our children.”

She would go on to win the ObamaCare-centered race by a large margin.

Sens. Murkowski and Capito both voted “Yes” on the exact same bill in 2015, when Republicans voted 52-47 to repeal ObamaCare because they knew it would be vetoed by Barack Obama. Now that Republicans have the chance to cast a meaningful vote with a president willing to sign it, they caved.

To be fair, Sen. Collins voted “No” in 2015, as well.

President Donald J. Trump wants to move on to tax reform and let the politicians suffer the consequences of their inaction and broken promises.

“I think we’re probably in that position where we’ll let ObamaCare fail,” he said. “I’m not going to own it… We’ll let ObamaCare fail and then the Democrats are going to come to us.”

Majority Leader McConnell told reporters after the senators’ announcements they will be holding a vote, regardless.

“Sometime in the near future, we are going to be holding this vote,” he said. “I remind everyone that there is a two-year delay attached.”

Liberal Republican Senators Susan Collins (Maine), Shelley Moore

Economy

A real estate sign advertising a new home for sale is pictured in Vienna, Virginia, outside of Washington, October 20, 2014. (Photo: Reuters)

A real estate sign advertising a new home for sale is pictured in Vienna, Virginia, outside of Washington, October 20, 2014. (Photo: Reuters)

The National Association of Home Builders (NAHB) said Tuesday the Housing Market Index (HMI) came in at 64, elevated but slightly less than the forecast. The consensus forecast had called for the single-family housing market index to come in at 68.

Worth noting, this is the lowest level of optimism the index has shown since the election of President Donald J. Trump in November of 2016. Still, the outlook for the next six months and the traffic of prospective new home buyers remains positive.

Future sales led the way at 73 with present sales at a respectable 70. However, at 48, traffic is below the breakeven 50 for the second consecutive month in a row. The West remains the strongest for homebuilders followed by the Midwest and South.

The Northeast lags far behind.

The National Association of Home Builders (NAHB)

Economy

Cargo containers sit idle at the Port of Los Angeles as a back-log of over 30 container ships sit anchored outside the Port in Los Angeles, California, February 18, 2015. (Photo: Reuters)

The U.S. Bureau of Labor Statistics (BLS) said Tuesday U.S. Import and Export Price Indexes declined by 0.2% in June. Like consumer and wholesale inflation, cross-border inflation is basically non-existent.

For imports, prices were driven down for the second straight month due to declining fuel prices. Despite the decline, import prices rose over the past 12 months by 1,5%, slightly below the target. Petroleum prices fell 2.2% last month, marking the fourth consecutive monthly decline.

For exports, a 1.5% decline in agriculture weighed down total prices. Excluding agriculture, export prices were unchanged in June, matching the median economic forecast for the so-called core measure.

The U.S. Bureau of Labor Statistics (BLS)

Politics

Michael Flynn and Susan Rice shake hands at a January 10 event in Washington. (Photo: Reuters)

Michael Flynn and Susan Rice shake hands at a January 10 event in Washington. (Photo: Reuters)

Susan Rice is no longer testifying before the House Intelligence Committee as scheduled Tuesday regarding “unmasking” Michael Flynn and others. The former national security advisor and

Rice was set to give closed-door testimony, but that session has apparently been postponed without a future date being set. Sen. Lindsey Graham, R-S.C., had also requested her to participate in a judiciary subcommittee hearing on Russian interference in the U.S. presidential election, but she declined.

Those calls came after several reports revealed she was behind dozens of requests to “unmask” the names of President Donald J. Trump’s transition officials caught up in surveillance. The process of unmasking refers to the revealing of legally protected names of U.S. persons caught up in the nation’s vast surveillance programs.

The intelligence reports in which members of the Trump transition were unmasked by Rice involve personal details unrelated to national security, PPD confirmed and reported in early March.

“This is information about their everyday lives,” Rep. Peter King, R-N.Y., said. “Sort of like in a divorce case where lawyers are hired, investigators are hired just to find out what the other person is doing from morning until night and then you try to piece it together later on.”

Rep. King said the intelligence reports resembled the work of a private investigator hired to conduct op-research rather than a counterintelligence operation. Experts say the fact the materials are unrelated to Russia or national security may mean the legal standard for unmasking was not met.

The content of the “highly detailed” reports are significant as congressional investigators probe whether the Obama Administration used the cover of the legitimate surveillance to spy on the incoming administration.

The committee is also seeking further testimony from former Central Intelligence Agency (CIA) director John Brennan and Ambassador Samantha Powers. They have issued subpoenas to the CIA, the Federal Bureau of Investigation (FBI) and the National Security Agency (NSA) for information relating to unmasking by those individuals.

Rep. Trey Gowdy, R-S.C., Chairman of the House Oversight Committee and member of the House Intel Committee, previously asked Mr. Brennan under oath if he had knowledge of any ambassador requesting the name of U.S. persons to be unmasked.

He responded that he did not, but it was later revealed that Ms. Powers had indeed made such requests, which the director would’ve likely known about.

In March, when asked about the revelations by then-House Intelligence Committee Chairman Devin Nunes, R-Calif., which confirmed the “incidental collection” of intelligence unrelated to Russia, Rice again lied on national television by claiming she had no idea what the chairman was talking about.

Susan Rice is no longer testifying before

Politics

Former U.S. President Barack Obama delivers his speech during the 4th Congress of Indonesian Diaspora Network in Jakarta, Indonesia, Saturday, July 1, 2017. (Photo: AP)

Former U.S. President Barack Obama delivers his speech during the 4th Congress of Indonesian Diaspora Network in Jakarta, Indonesia, Saturday, July 1, 2017. (Photo: AP)

Barack Obama was twice elected railing against Wall Street and the rich, but now their money is pouring into the Obama Foundation. is tallying up their money. A list released Friday by the nonprofit shows some big name donors, including 8 who gave at least $1 million.

John Doerr, a venture capitalist, shares the top slot with LinkedIn founder Reid Hoffman and Zumiez cofounder Tom Campion. Microsoft Corporation and Exelon also gave $1 million. The Silicon Valley Community Foundation, a donor-advised community foundation that serves the interests of tech giants, contributed somewhere between $250,001 to $500,000.

Austin-based Democratic donors and longtime Obama supporters Amy & Kirk Rudy also gave the same amount, as did Chicago financiers in the “Crown Family.”

About two dozen people or entities gave between $10,000 to $100,000.

The Obama Foundation is currently working on the presidential library in Chicago, which is set to be the most expensive in U.S. history. It broke ties with the National Archives in May in order to privately fund its library.

Mr. Obama’s activities thus far are a far cry from the former president’s stances when he was running for the White House.

In 2008, he prohibited the Democratic National Committee (DNC) from receiving contributions from PACs (political action committees) and lobbyists. When he was first inaugurated, his committee refused donations from lobbyists and big companies. However, he quickly changed that rule before his second term.

Now, he has arraigned to give a speech to Cantor Fitzgerald investment banks this September in exchange for $400,000. Worth noting, those speaking fees mirror the Clintons.

Other donors included in the foundation’s list included Fred Eychaner, the chairman of Newsweb; Mark Pincus, the co-founder of Zynga; and Avram Glazer, whose family owns the Tampa Bay Buccaneers.

See the donor list here.

Barack Obama was twice elected railing against

Policy

Workers in protective equipment are reflected in the window of a betting shop with a display inviting customers to place bets on tbe result of the general election with images of Britain's Prime Minister Theresa May and opposition Labour Party leader Jeremy Corbyn, in London, June 7, 2017. (Photo: Reuters)

Workers in protective equipment are reflected in the window of a betting shop with a display inviting customers to place bets on tbe result of the general election with images of Britain’s Prime Minister Theresa May and opposition Labour Party leader Jeremy Corbyn, in London, June 7, 2017. (Photo: Reuters)

I wrote yesterday about a very depressing development in the United Kingdom. Politicians in that country – including some supposed fiscal conservatives – are contemplating a big expansion in the burden of government spending in order to give pay hikes to the bureaucracy.

What makes this so unfortunate is that the country has been making fiscal progress. Ever since 2010, government spending has grown by an average of 1.6 percent annually. And since the private economy has expanded at a faster pace, this period of restraint has satisfied my golden rule. In other words, the public sector – though still very large – is now a smaller burden on the private sector.

This progress could be quickly reversed, though, with a new spending binge. And it would be especially foolish to throw in the towel just to give more money to government employees. Just like in the U.S., bureaucrats already are overcompensated compared to their counterparts in the productive sector of the economy.

Let’s take a closer look at whether U.K. policymakers should end “austerity” and expand the relative burden of government spending.

The Centre for Policy Studies in London has examined the issue, and this new research from CPS debunks the notion that there should be large increases in bureaucrat compensation.

But since we covered that topic yesterday, let’s focus instead on what CPS discovered when reviewing the impact of spending restraint on various economic aggregates.

…when examining OECD countries that were left with a large budget deficit in 2010 (those countries with a deficit of over 5% of GDP in 2010), it appears that there is a strong correlation between those countries that cut spending by a higher degree, on average, and countries which achieved a larger reduction in deficit, higher average growth rates, a larger fall in proportionate unemployment and marginally better wage growth (see Figures 5, 6, 7 and 8). Of course, correlation does not necessarily mean causation. However, this provides strong evidence that there is no link between austerity and lower growth, higher unemployment and weaker wage growth.

Let’s look at the charts referenced in the excerpt.

We’ll start with Figure 5, which looks at relationship between spending restraint and deficit reduction. Nobody should be surprised to see that the symptom of red ink shrinks when there’s a reduction in the underlying disease of too much government spending.

I think the most important data is contained in Figure 6, which maps the relationship between economic growth and spending restraint. As you can see, a lower burden of government spending is associated with better economic performance.

There’s also a connection between smaller government and lower joblessness, as shown in Figure 7.

Last but not least, Figure 8 shows the positive relationship between lower spending and higher wages.

As explained in the CPS report, correlation is not causation. But since these results are in sync with research from academic scholars (and even research from left-leaning bureaucracies such as the IMF, World Bank, and OECD), the only prudent conclusion is that the U.K. should not give up on fiscal responsibility.

And perhaps the real lesson is that a constitutional spending cap should be enacted whenever a consensus for good policy materializes. That way, there’s a much lower risk of backsliding when politicians get weak-kneed.

Despite the positive impact of spending restraints

Politics

President Donald Trump, left, and Vice President Mike Pence, right, kick off Day 1 of Made in America Week at the White House on July 17, 2017.

President Donald Trump, left, and Vice President Mike Pence, right, kick off Day 1 of Made in America Week at the White House on July 17, 2017.

President Donald J. Trump kicked off Day 1 of Made in America Week vowing to stand up for U.S. companies and “most importantly for our workers.” The White House is re-focusing on the economy and the “America First” campaign promise from the 2016 election, which the President said was “the reason we’re here.”

“American workers, farmers and innovators are really the best in the world,” President Trump said. “We’re gonna stand up for our companies and maybe most importantly for our workers.”

For the entire week, President Trump and his administration will honor American workers and companies who make products here in the U.S. The campaign will focus on American values, and is set to continue through the rest of July before the President barnstorms the Midwest to rally support for tax reform.

“Every member of my administration shares the same goal, to provide a level playing field for American workers,” President Trump said.

On the White House lawn on Monday, a product showcase highlighted products made in all 50 states. The Trump Administration is hoping to capitalize on a bipartisan group of lawmakers proposing a measure that would give incentives to increase manufacturing in the U.S–the “Invent and Manufacture in America Act.”

This would give a tax credit to companies that conduct research and development in the U.S. as well as manufacture products from that research and development. According to the Bureau of Labor and Statistics, the U.S. has lost five million manufacturing jobs since 2000.

Vice President Mike Pence said President Trump “has signed more laws slashing through federal red tape than any president in American history.”

With health care delayed until at least Sen. John McCain, R-Ariz., recovers from surgery, the White House has decided to take the lead to move forward the President’s agenda for the rest of the year.

“We will lift our citizens from welfare to work,” President Trump said. “We have too look at our nation first for a change. We’ve been looking the other way for a long, long time.”

[brid video=”152696″ player=”2077″ title=”President Trump We’re Gonna Stand Up for Our Companies Workers”]

President Donald J. Trump kicked off Day

Politics

President Donald J. Trump speaks about healthcare at Cincinnati Municipal Lunken Airport in Cincinnati, Ohio, Wednesday, June 7, 2017. Shown are PlayCare co-owner Rays Whalen, left, and CSS Distribution Group President Dan Withrow and their families. (Photo: AP)

President Donald J. Trump speaks about healthcare at Cincinnati Municipal Lunken Airport in Cincinnati, Ohio, Wednesday, June 7, 2017. Shown are PlayCare co-owner Rays Whalen, left, and CSS Distribution Group President Dan Withrow and their families. (Photo: AP)

President Donald J. Trump is working the phones Monday morning trying to rally support for the new version of the Senate health care bill. On Saturday, Senate Majority Leader Mitch McConnell, R-Kty., said the Senate will table health care until Sen. John McCain, R-Ariz., recovers from surgery.

According to congressional sources, President Trump is using the time to work the phones and whip votes for the bill. But he’s expressing concern the leadership could remove the Cruz Amendment from the bill at the last minute.

The Cruz Amendment, also known as the Consumer Freedom Option, permits insurers to sell any policies they wish so long as they also offer polices that cover a list of services required by ObamaCare.

Last week, Sen. Ted Cruz, R-Texas, told reporters after Republicans met to discuss the new version of the Senate health care bill, he will vote “Yes” in its current form.

President Trump is stressing to leadership that conservative senators like Mr. Cruz would quickly change their minds if the amendment is removed.

With a slim 52-48 majority, Republicans can only afford to lose two votes. Sen. Rand Paul, R-Kty., and Sen. Susan Collins, R-Maine., already declared they are opposed to the bill, leaving conservatives as the best and perhaps only hope the bill has to pass. She said last week if the bill fails, Republicans should work with Democrats to fix ObamaCare through a committee process.

It would represent a major betrayal to Republican voters who have been promised repeal for 7 years.

It’s currently on life support as it is now obvious moderates like Sen. Collins never intended on repealing or replacing ObamaCare. If Republicans hold all remaining member votes, Vice President Mike Pence would need to cast the tie-breaking vote for final passage.

The Congressional Budget Office (CBO), which has incorrectly scored every single entitlement they’ve attempted to analyze, including ObamaCare, is set to release an updated score this week.

President Donald J. Trump is working the

Economy

A factory worker at a New York manufacturing plant. (Photo: Reuters)

A factory worker at a New York manufacturing plant. (Photo: Reuters)

The Empire State Manufacturing Survey came in at a cooler-than-expected 9.8 in July, lower than the over-heated 15.0 consensus forecast. Most analysts believe the extreme growth in the regional manufacturing survey was unsustainable.

The new orders index edged down to 13.3, though they remain strong. The shipments index also ticked down to 10.5, indicating orders and shipments continued to grow, though at a somewhat slower pace than in June.

The six-month outlook remained very favorable, though firms were somewhat less optimistic about future conditions than they were in June. The index for future business conditions declined 7 points to 34.9, while the index for future new orders fell 9 points to 33.4.

Employment was expected to increase, though the average workweek was expected to decline slightly. The capital expenditures index slipped to 15.0, and the technology spending index was 11.8.

The index for number of employees fell for a third consecutive month, though it remained positive at 3.9—a sign that employment was growing, but not as rapidly as in earlier months.

The Empire State Manufacturing Survey, which is conducted by the New York Federal Reserve, has shown a degree of strength this year well above what is borne out in the nationwide factory sector.

On Thursday, the Philadelphia Federal Reserve will release its regional survey, which has also been very strong. The median economic forecast is calling for another strong month at 23.9.

The Empire State Manufacturing Survey came in

Politics

The U.S. Supreme Court stands in Washington, D.C., on May 18, 2015. (Photo: Reuters)

The U.S. Supreme Court stands in Washington, D.C., on May 18, 2015. (Photo: Reuters)

The U.S. Supreme Court has given Hawaii et al until noon Tuesday to respond to the government’s motion on the reinstated travel ban. The Department of Justice (DOJ) filed a Motion to Clarify and Application for Stay after Hawaii Attorney General Douglas S. Chin judge-shopped seeking a broader definition pertaining to those permitted to enter the U.S.

The Court in June reinstated President Donald J. Trump’s travel ban until oral arguments were heard in October, 2017. With the ruling, the order banning travelers from six Muslim-majority countries identified as hotbeds of terrorism is back in effect with the exception of those who have bona fide relations to U.S. citizens or institutions etc.

The Trump Administration further interpreted the phrase “close familial relationship” to include fiancé(e)s and parents- and children-in-law.

But U.S. District Judge Derrick Watson, a leftwing ideologue appointed by Barack Obama, decided again to interfere with the travel ban after Hawaii Attorney General Chin filed the request. He, along with the 9th Circuit Court of Appeals, the most liberal and overturned court in the land, were reversed when the Supreme Court reinstated the order last month.

The judge unilaterally decided to expand the interpretation to include grandparents, grandchildren, aunts, uncles, nieces, nephews, cousins and siblings-in-law.

“Once again, we are faced with a situation in which a single federal district court has undertaken by a nationwide injunction to micromanage decisions of the co-equal Executive Branch related to our national security,” Attorney General Jeff Sessions said in a statement. “By this decision, the district court has improperly substituted its policy preferences for that of the Executive branch, defying both the lawful prerogatives of the Executive Branch and the directive of the Supreme Court.”

Judge Watson’s order would essentially expand eligible travelers to anyone working with refugee resettlement agencies. The government argues the link is too indirect to constitute a genuine close relationship required by the High Court’s June 26 order.

“The district court has issued decisions that are entrusted to the Executive Branch, undermined national security, delayed necessary action, created confusion, and violated a proper respect for separation of powers,” Attorney General Sessions added. “The Supreme Court has had to correct this lower court once, and we will now reluctantly return directly to the Supreme Court to again vindicate the rule of law and the Executive Branch’s duty to protect the nation.”

President Trump’s executive order came on the heels of the Department of Homeland Security (DHS) revealing nearly a third of the 1,000 domestic terrorism cases currently being investigated by the Federal Bureau of Investigation (FBI) involve those admitted to the U.S. as refugees.

Officials said some of those 300 came to “infiltrate” the U.S., while others were radicalized once they were in the country. The report represented the first official solid tie between the refugee resettlement program and an increase in domestic terrorism.

The People’s Pundit Daily (PPD Poll) Big Data Poll has repeatedly found majority support for President Trump’s executive order.

The U.S. Supreme Court has given Hawaii

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