Category: Economy

Corporate Media in Crisis as Outlets Grapple with Biden’s Economy

South Carolina Sun Staff
Joe Biden

Numerous legacy media outlets are struggling with challenges posed by President Joe Biden’s economy and resorting to drastic measures, Axios reported on Friday.

Close to a dozen of these outlets are firing workers, dealing with employee strikes or looking to sell, according to Axios. The Federal Reserve’s imposition of high interest rates to bring down inflation is hindering their ability to accumulate more debt, complicating their efforts to extend the timeline for resolving their financial difficulties.

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U.S. Economic Growth Exceeds Expectations with Rate Cuts on the Horizon

South Carolina Sun Staff
Blue Collar

The U.S. economy grew at a rate of 3.3% in the fourth quarter of 2023, according to gross domestic product (GDP) statistics released by the Bureau of Economic Analysis (BEA) on Thursday.

In the third quarter of 2023, real GDP rose 4.9%, down from the second estimate of 5.2%, but in line with initial estimates. Economists expected that GDP growth would be around 2% for the fourth quarter of 2023, in line with typical U.S. growth rates.

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Leadership of Major U.S. Landowner Chock-Full of Chinese Communist Party Members

South Carolina Sun Staff
American Farmland

Top executives at Hong Kong-based WH Group Limited, the world’s largest pork producer that controls vast swaths of U.S. farmland through its American subsidiary, are Chinese Communist Party (CCP) members, according to a Daily Caller News Foundation review of corporate records and state-run media reports.

Records and reports reviewed by the DCNF identify four top executives and the chairman of the pork giant as CCP members with extensive ties to the Chinese government. WH Group controls nearly 150,000 acres of land across 29 U.S. states through its subsidiary Smithfield Foods, a family-run business established in 1936, which it purchased for $7.1 billion in 2013. While a keyword search on Smithfield’s website returned only two articles mentioning the firm’s relationship with WH Group, neither of the two articles mentioned China. An online map of Smithfield’s global business activities does not list any operations in, or connection to, Asia, despite archived reports from their website suggesting otherwise.

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Commentary: Big Labor State Politicians’ ‘Wall of Denial’ Is Starting to Crumble

RealClearWire
California Illinois

For decades, cold, hard data from the Internal Revenue Service (IRS) have shown that states like New Jersey, Illinois and California are paying a high price for allowing dues-hungry union bosses to continue getting workers fired for refusal to bankroll their organizations.

Year after year, far more taxpayers have been leaving forced-unionism states than moving into them.  And the average tax filer moving out of a forced-unionism state has reported having an adjusted gross income (AGI) on his or her IRS form that is substantially higher than the average for a tax filer moving into a forced-unionism state.

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Smaller Banks’ Earnings Limp as High Interest Rates, Sector Turmoil Send Customers Fleeing to Megabanks

South Carolina Sun Staff
Bank Teller

Many smaller banks posted dismal fourth quarter earnings as depositors continue to flee to booming megabanks that have been unfazed by interest rate hikes and a crisis that shook the sector early last year, according to The Wall Street Journal.

Net income was down substantially at many small and regional banks in the fourth quarter, including KeyCorp, Citizens Financial Group, PNC Financial Services Group, Comerica and Zion Bancorporation, falling 90%, 70%, 40%, 90% and 50%, respectively, according to the WSJ. Despite the poor performance at the small and regional level, America’s megabanks — JPMorgan, Bank of America, Wells Fargo and Citigroup — saw their earnings increase 11% during 2023 to over $100 billion.

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Stigma of ‘Dirty Fossil Fuels’ Drives Young People Away from Lucrative Careers in Oil and Gas Work

Just the News
Petroleum Engineers

Petroleum engineering is the highest paying bachelor’s degree in the United States, according to a report by Payscale, but despite an average annual salary of $97,500, oil companies struggle to fill positions.

The industry faces a number of challenges. Employees often face cyclical layoffs whenever commodity prices collapse, and that makes the jobs appear unstable. Young people today are also concerned about working in an industry they’re taught is destroying the planet.

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United Airlines CEO Says They Are Making Plans Without Boeing After Manufacturing Issues

South Carolina Sun Staff
United Boeing

United Airlines CEO Scott Kirby said Tuesday that the company is making a plan to move forward without Boeing after the manufacturing company grounded its MAX 9 planes, according to CNBC.

Boeing has suffered a series of problems in the last several weeks after multiple planes had major mechanical and structural errors, forcing the company to ground all Max 9 aircraft with door plugs. Kirby told CNBC that the decision to ground the aircraft was the “straw that broke the camel’s back” for United.

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New York, California, Other Blue States Succeed in Altering 2020 Census Numbers: Report

Just the News
Times Square, New York City

The Democrat-run states such as New York and Illinois are increasing 2020 census numbers after successfully asking for a review of the once-a-decade population survey that helps determine federal funding distribution as the states struggle with population losses.  

The distribution of the population of California is also being changed following a review, the Associated Press reported Thursday. That report says that “the once-a-decade census produces population figures that help determine political power and the annual distribution of $2.8 trillion in federal funding. The Census Bureau has two programs giving governments opportunities to have their population totals reviewed and adjusted if need be. Nearly 200 requests for reviews were filed by tribal, local and state governments for the 2020 census.”

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As Local Opposition to Wind and Solar Projects Grows, Some States Seek to Override Local Decisions

Just the News

Legislatures in 23 states and the District of Columbia have passed some form of a carbon-free electricity goal, but many of these measures do not address the ancillary costs of making it happen.

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