The Supply Chain Disrupted Dem Control Over Virginia

Glenn Youngkin won the Virginia governor's race early Wednesday in part by tapping into the economic anxiety that has developed in the United States over the past few months.      November 03, 2021 advertisement   Congress' Next Move is Insane

Today's Top Stories From the Breitbart News Desk Glenn Youngkin won the Virginia governor's race early Wednesday in part by tapping into the economic anxiety that has developed in the United States over the past few months. One-third of voters said the economy was the most important issue, making it far and away the top issue in the race. Fifty-five percent of those voters cast their ballot in favor of Youngkin. The broken supply chains are a major source of that anxiety. Americans have just been through a prolonged era of abundance, so the idea that many items are simply unattainable or available only at highly inflated prices comes as a shock. While there may be little President Joe Biden can do in the short term to relieve the problems, his administration has not really even attempted to rise to the challenge. We got big speeches about long-term commitments and billions of dollars to address climate change out of the U.N. conference, but it's basically crickets on making sure our economy is not vulnerable to a seizure in a fragile global supply chain. Speaking at his usual post-Federal Open Market Committee meeting press conference, Fed Chair Jerome Powell said that he now expects the supply chain disruption and subsequent inflation to persist well into next year. Still the Fed insists that the supply chain problems will prove transitory and that their resolution will ease inflationary pressures. Yet he admitted that the Fed lacks the tools to do anything to repair global supply chains. So you have a president with no plan and a Fed with no tools. This could create a huge political opening for the Republicans in the midterm election and beyond. But they'll have to marshal the courage to buck their corporate donors and build an agenda around ending our dependency on imports. If we need semiconductors to build Ford trucks in the U.S., we should not have to depend on the efficacy of public health officials in Malaysia to prevent outbreaks. It's worth noting that there are good reasons to think that the disruption in the supply chain will be chronic and recurring. The virus behind the current pandemic will mutate and produce new variants. New viral outbreaks will strike in the future. Wars, invasions, and natural disasters all threaten disruption and future shortages, which means that the Fed has far less control over inflation than many economists believe. – Alex Marlow & John Carney Breitbart News Network

TOP STORY

Fed Starts Shrinking Bond Purchases, Sees End of Monetary Stimulus by June

The Federal Reserve said it will begin dialing back its bond-buying stimulus program this month, reducing purchases by $15 billion this month and next month. The Fed announced on Wednesday that the size of reductions in the future could be adjusted depending on economic conditions. For now, it plans on reducing Treasury purchases by $10 billion a month and mortgage security purchases by $5 billion. At that pace, the Fed would end the program in June. The announcement of the "taper" was widely expected. But it was somewhat unclear when the reduction would begin. As well, the Fed's decision to announce two months worth of taper at the November meeting, when there is another meeting in December, was unexpected. [Click here for more]

IN OTHER STORIES...

Factory Order Growth Slowed in September Amid Supply Chain Chaos

Growth of new orders for U.S.-made goods slowed in September amid ongoing supply chain disruptions and shortages of factory inputs. The Commerce Department said on Wednesday that factory orders increased 0.2 percent in September. That was in line with forecasts and slower than any month since... [Click here for more]

Private Payrolls Jump by 571,000 as Large Businesses Add Workers and Leisure Reopening Accelerates

Big businesses hired aggressively in October, pumping up private payrolls by more than expected, data showed Wednesday morning. Companies added 571,000 for the month, according to payroll processor ADP. Economists had forecast 400,000 jobs. August's estimate was revised down from 468,000 to... [Click here for more]

Rep. Jim Banks Blasts Twitter for Censoring His Official Account

Rep. Jim Banks (R-IN) slammed far-left Silicon Valley tech giant Twitter today for censoring his official account, which was locked after he referred to Rachel Levine, the transgender assistant secretary of health at the Department of Health and Human Services, as a man. Rep. Banks is a leader in the congressional Republican party. He is chairman of the Republican Study Committee (RSC), a group of conservative GOP lawmakers. 158 of the 211 Republican members of congress are part of the RSC, making it the largest... [Click here for more]

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