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What’s Next for the Energy Industry?

March 12, 2020 by GregC

Listen to “What’s Next for the Energy Industry?” on Spreaker.

Coronavirus fears are driving the massive Wall Street sell-off, but turmoil in the oil market is also contributing to the instability. Even with demand falling due to the virus, Saudi Arabia is increasing production in order to drive prices down. Their goal is to drive American energy producers – particularly fracking shale producers out of business.

So how dire is the financial condition for U.S. energy producers and what is the Trump administration considering to help these companies?

American Petroleum Institute President Mike Sommers details what’s on the table and why he doesn’t want any federal interference in the energy market. He also explains what government action would do some good and why the energy industry is built for the long haul.

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Filed Under: Economy, Energy, News & Politics Tagged With: coronavirus, natural gas, news, oil, Saudis, shale, tariffs, taxes, Trump

Why the Trade War Hurts China More

June 17, 2019 by GregC

Listen to “Why the Trade War Hurts China More” on Spreaker.

The United States and China are engaged in high-level trade talks punctuated by tariffs inflicted in both directions, and while U.S. consumers may soon feel the pinch of higher prices, a leading China expert says the communist regime in Beijing is suffering far more.

“China has a trade-dependent economy and we do not,” said Gordon Chang, an East Asia policy expert and author of “The Coming Collapse of China.”  “Last year, China’s trade surplus with the U.S. accounted for 199.3 percent of it’s overall merchandise surplus.  That’s incredible dependence on access to the U.S. market.”

According to Chang, the U.S. needs to hammer China for anywhere between $150-600 billion to counter China’s prolific theft of U.S. intellectual property, or IP.

Many free trade advocates, including those in President Trump’s own party, agree that China is running roughshod over intellectual property rights but they contend Trump’s approach will only result in higher costs for American consumers.

Chang agrees that Americans will feel some pain, but he believes it will be mild compared to the impact on China.

“Yes, these tariffs will hurt us but China, up to now, has been absorbing probably more of the cost of these tariffs than we have.  So President Trump has been correct,” said Chang, who warns the financial impact on American consumers will get more severe the longer the trade impasse continues.

“As he extends tariffs to all Chinese good, which could happen in the not-too-distant future, then the percentage borne by the United States will be higher for sure.  But at some point, we have got to recognize that we cannot sustain the loss of all of this IP and that this is a critical threat to our economy and our society,” said Chang.

But Chang insists if we’re going to stop China’s predatory practices, the U.S. must pursue this course.

“We’ve just got to realize that we cannot get out of decades of misguided trade policy with China and expect there will be no cost.  There is a cost already and we’re going to have to bear it in ways which are more obvious than in the past,” said Chang.

Listen to the full podcast to hear whether no deal is better than a good deal with China for the foreseeable future and why Chang thinks Trump is making a big mistake in how he is dealing with China when it comes to the North Korean nuclear threat.

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Filed Under: News & Politics, Podcasts Tagged With: China, news, tariffs, trade, Trump

Tariff Talk Sparks Progress, Hyde & Biden, Baldwin’s SNL Exit

June 7, 2019 by GregC

Listen to “Tariff Talk Sparks Progress, Hyde & Biden, Baldwin’s SNL Exit” on Spreaker.

Jim Geraghty of National Review and Greg Corombos of Radio America discuss ongoing negotiations between the United States and Mexico concerning border security and tariffs. They also roll their eyes as Joe Biden flip-flops a third time on his longtime support for the Hyde Amendment, which bans federal funding for abortion. And they get a kick out of Alec Baldwin sounding like a politician as he steps away from his Trump impression on “Saturday Night Live” and discuss why Baldwin’s performance never matched the impressions other cast members did of previous presidents.

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Filed Under: Podcasts Tagged With: abortion, Baldwin, Biden, Hyde, immigration, Mexico, National Review, SNL, tariffs, Three Martini Lunch

Senate GOP Balks at Tariffs, Parkland Officer Faces Charges, NBA Owners Go PC

June 5, 2019 by GregC

Listen to “Senate GOP Balks at Tariffs, Parkland Officer Faces Charges, NBA Owners Go PC” on Spreaker.

Jim Geraghty of National Review and Greg Corombos of Radio America are glad to see Senate Republicans expressing major reservations over the Trump administration’s proposed tariffs against Mexico. They also discuss Parkland Officer Scot Peterson facing criminal charges for his non-response to the Stoneman-Douglas High School shooting and wonder whether the charges are appropriate for his dereliction of duty.  And they have some fun with the news that some NBA owners no longer want to be called “owners” because the term is racially insensitive.

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Filed Under: News & Politics, Podcasts Tagged With: charges, GOP, Mexico, National Review, NBA, owners, Parkland, Political Correctness, Scot Peterson, Senate, shooting, tariffs, Three Martini Lunch

Bravo Bel Edwards, Illinois Abortion Agenda, Trump’s New Tariffs

May 31, 2019 by GregC

Listen to “Bravo Bel Edwards, Illinois Abortion Agenda, Trump’s New Tariffs” on Spreaker.

Alexandra DeSanctis of National Review and Greg Corombos of Radio America cheer Democratic Louisiana Gov. John Bel Edwards for making good on his promise to sign pro-life “heartbeat” legislation that was also sponsored by a Democrat.  They also shudder as a pro-life lawmaker in Illinois explains just how expansive pro-choice lawmakers there want to make their abortion laws.  And they groan as President Trump threatens to address the very real and very serious problem at the border by imposing tariffs on Mexican imports.

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Filed Under: Podcasts Tagged With: abortion, BelEdwards, border, heartbeat, Illinois, Louisiana, Mexico, National Review, tariffs, Three Martini Lunch, Trump

How The Tariffs Impact Your Wallet

May 13, 2019 by GregC

Listen to “How The Tariffs Impact Your Wallet” on Spreaker.

On Friday, President Trump announced tariffs on $200 billion worth of Chinese imports, a move he says will help push China to a freer, fairer trade relationship but which a leading taxpayer advocate says will make life more expensive for all Americans.

The trade partnership estimates that tariffs implemented in 2018 costs families an average of $767 per year.  Another estimate suggests an additional $500 per year in costs from the new tariffs.

“I think it’s pretty safe to say that a household could face several hundred dollars if not a thousand dollars worth of increased prices for goods or services over a year, depending on what they buy,” said National Taxpayers Union President Pete Sepp.

Sepp also points to research from the Tax Foundation suggesting that if the U.S. implemented all of the tariffs Trump has threatened to impose, the U.S. economy would lose a quarter of one percent in gross domestic product and lose half of the long-term impact of the 2017 tax cuts.

“Unfortunately, U.S. taxpayers are the ones who are immediately feeling the pain here.  If the president successfully negotiates a better deal with China, in the long run we may all be better off, but right now it’s almost unquestionable that citizens here in the United States are the ones feeling the most economic pain,” said Sepp.

Listen to the full podcast to hear Sepp explain what other approaches could protect taxpayers while forging a more balanced trade deal with China.

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Filed Under: Podcasts Tagged With: China, news, prices, tariffs, taxes, Trump

9th Circuit Backs 2nd Amendment, Booker Unhinged, Tariffs Trigger Welfare

July 25, 2018 by GregC

Listen to “9th Circuit Backs 2nd Amendment, Booker Unhinged, Tariffs Trigger Welfare” on Spreaker.
Jim Geraghty of National Review and Greg Corombos of Radio America are pleasantly stunned to see the 9th Circuit Court of Appeals uphold the right to carry a firearm in public. They also roll their eyes as New Jersey Sen. Cory Booker suggests supporting Supreme Court nominee Brett Kavanaugh makes one “complicit in evil.” And they slam President Trump for extending $12 billion in agricultural welfare to farmers who are getting hammered in Trump’s trade war.

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Filed Under: News & Politics, Podcasts Tagged With: 2nd amendment, 9th Circuit, Brett Kavanaugh, Cory Booker, farmers, National Review, open carry, President Trump, tariffs, Three Martini Lunch

Butina Conned Dems Too, Tariffs Wipe Out Tax Cuts, Trump’s Iran Tweet

July 23, 2018 by GregC

Listen to “Butina Conned Dems Too, Tariffs Wipe Out Tax Cuts, Trump’s Iran Tweet” on Spreaker.
Jim Geraghty of National Review and Greg Corombos of Radio America are not thrilled to see that alleged Russian spy Maria Butina conned Obama administration officials, but they do welcome the evidence that Russia was infiltrating everywhere and not just getting cozy with the GOP. They also sigh as the Tax Foundation concludes that President Trump’s tariffs and the tariffs aimed back at the U.S. will gobble up all of the tax cuts for working families. In addition, they fume as Citizens Against Government Waste shows Republicans in Congress are cranking up the spending through pork barrel earmarks again. And while they love Mike Pompeo’s speech casting Iranian leaders as the mafia for stealing from their own people to fund terrorism, they’re not sure Trump’s all-caps tweet Sunday night was the best move.

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Filed Under: News & Politics, Podcasts Tagged With: Iran, Maria Butina, National Review, NRA, obama, President Trump, tariffs, tax cuts, Three Martini Lunch

Great June Jobs Report, Pruitt Exits EPA, Trade War Begins

July 6, 2018 by GregC

Listen to “Great June Jobs Report, Pruitt Exits EPA, Trade War Begins” on Spreaker.
Jim Geraghty of National Review and Greg Corombos of Radio America appreciate the June jobs report that shows more people entering the work force, a slight uptick in wages, and 213,000 new jobs. They also bid a bitter farewell to EPA Director Scott Pruitt’s excellent conservative policies but happily watch his self-aggrandizing attitude exit the agency. And they believe President Trump has a legitimate concern about China’s trade policies, but they are unsure that the solution lies in tariffs and a trade war.

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Filed Under: congress, Economy, News and Politics, Podcasts Tagged With: China, jobs, Pruitt, tariffs

Economy Strong and Only Getting Stronger

June 1, 2018 by GregC

http://dateline.radioamerica.org/podcast/6-1-diana-blog.mp3

U.S. unemployment fell to its lowest rate in 18 years and is on the brink of matching the lowest numbers in 50 years, and a former Labor Department economist is confident the economy is only getting stronger.

On Friday, the Labor Department reported 223,000 new jobs were created in May, higher than the 188,000 predicted by experts.  The report also shows the unemployment rate dropping to 3.8 percent, the lowest since 2000.  The U-6 rate, which also factors in part-time workers seeking full-time work and discouraged job seekers dropping out of the labor force, is at 7.6 percent, the lowest rate since 2001.

“The jobs market is performing very, very well.  I think that everyone can be happy with the numbers that came out today,” said Diana Furchtgott-Roth, who served as chief economist at the Department of Labor for President George W. Bush and later as the chief of staff for Bush’s Council of Economic Advisers.

Furchtgott-Roth is confident the numbers are only going to get better as the benefits of the corporate tax cuts kick in.

“As companies start to realize and implement plans based on the 21 percent corporate tax rate, we’re going to see a lot stronger economy going forward.  Don’t forget, the tax cuts were only passed January 1.  Businesses are still changing their plans based on those tax cuts,” she said.

The May jobs report also showed a 0.3 percent rise in wages, edging the expectation of a 0.2 percent gain.  Many economists contend that rate is still anemic considering the overall strength of the economy, but Furchtgott-Roth says a close study of the numbers explains why.

“If you look at the jobs report carefully, you can see that the unemployment rate went down the most among people without a high school diploma and and people with a high school diploma and no college.  Those are the lowest-skilled people in the workforce and they come in at a lower wage.

“One needs to realize this is an average wage and when the economy is employing more low-skilled workers, as we want it to do, then the average wage will not rise as quickly as if all the gains were among the group who had a BA,”said Furchtgott-Roth.

She also says the wage number does not factor in the many benefits all workers are receiving such as health benefits and time off for vacation and maternity leave.

Tthat said, Furchtgott-Roth is confident wages will soon be rising more substantially.

“I think the tightness of the labor market, the 3.8 percent unemployment rate, does augur very, very well for future wage increases within one’s particular group,” she said.

The labor participation rates dipped slightly once again, remaining at a stubbornly low 62.7 percent.  Furchtgott-Roth suspects some of that may be due to women waiting until school starts in the fall before returning to work, but she says the rate is simply too low.

“That is definitely something we want to address, especially among workers in the prime age group of 25-55 (years old),” she said.

While Democrats found little to criticize other than President Trump tipping his hand on the jobs report before the numbers were released, experts on both sides of aisle fear new tariffs against China and allies in Europe could stunt economic growth.  Furchtgott-Roth is not worried and believes such moves are necessary to protect vital economic interests.

“One has to realize this is is a negotiating tool and also that China is stealing America’s intellectual property, so something has to be done.  President after president has ignored the theft of America’s intellectual property and it needs to be addressed,” she said.

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Filed Under: News & Politics, Podcasts Tagged With: Economy, jobs, labor, news, participation, tariffs, wages

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