I recently read for the first time about climate proof towns, which are apparently being developed throughout the United States. These are planned communities, and generally are the most weather resilient developments in the country. Some of the elements included are raising the ground level, placing all utilities underground and providing alternate sources of power including solar. Most importantly the developer considers the weather risks in the area.
The Wall Street Journal recently published an article with the title “Hershel Walker Can Become the Republicans’ Defensive MVP”. This article is focused on the fact that if the Democrats win in Georgia, it gives them the ability to walk away from Senator Manchin who the author seems to believe held down many of the more extreme Democratic proposals. There is clearly truth to that, and it is obvious why the Democrats are pushing to get that seat which would give them leverage against Senator Manchin. There are a number of issues that were cited with regard to Manchin’s impact including the Inflation Reduction Act, which was pushed down to $750 billion, the infrastructure bill reduced to $1.2 trillion. Initially they were a combined $6 trillion. This would also impact confirmation hearings, since, again, one senator such as Manchin or Sinema could slow down or kill a nomination. Unfortunately, Mr. Walker is a person lacking in character, integrity and intelligence.
The Wall Street Journal also published a piece regarding Senator Hawley, and his analysis of why the GOP lost. His claim was that working people who support the Trump agenda chose to stay home. The facts are that in 2018, 113.7 million votes were cast for House candidates; Republicans got 51 million, and Democrats, 60.7 million. In 2022, Republicans received 54 million votes, Democrats 50.5 million. The math shows Republican’s got more votes in 22 and it was Democrat’s that stayed home. The article cites one other very important fact which has been borne out in other analysis, and that is that if Candidates echoed Mr. Trump’s issues, tone and stolen election claims, they often lost, and in almost every case, underperformed the rest of the Republican ticket.
On the trade front, among our trading partners Russia is not even in the top 10. This certainly puts us in a much different position from an economic standpoint visa-via the Russians, as that gives them far less clout, if you will, in terms of their negotiations with us on any topic.
The demonstrations in China have taken a serious turn and are much larger than I think anyone would have anticipated would develop in that tightly controlled society. What might not have been anticipated, of course, is the impact on the world economy from not only the lock down in China, but also the disruptive supply chain impact which is keeping people out of work. We are going to have to keep a careful watch to see what impact this has on our economy and the world economy given the fact that China is one of our largest trading partners.
The House and Senate passed legislation to avert the looming rail strike, and it’s been sent it on to the President. There were some dissenting voices in the Senate and there were some in the House, as well, about whether or not there was the role of government to interfere in the negotiating process, but with a crippling strike looming, that could dramatically impact the supply chain throughout the United States and obviously, hurt the economy, action was required. The irony, however, is that these arguments were being made by Republicans, government should not be
interfering with the union’s negotiation with management, which typically has been a Democratic mantra, not Republican. The stripes are always changing depending upon the circumstances. Senator Cruz and Senator Hawley are clearly men of distinction and principal, but then again likely not, just opportunist.
A report from the U.S. Commerce Department asserts that Chinese solar manufacturers avoid tariffs on their products by laundering them through other countries in Southeast Asia. The Chinese cheat at every opportunity when it comes to trade. The flip side is that penalties will hunt US solar programs in the short run.
In another week of mixed economic news. The FED will continue rate hikes in lesser percentages, the labore market remained robust with more jobs being added than Economist anticipated, and consumer holiday spending surged. So, is there going to be a recession? Inflation in the EU ticked slightly lower moving from 10.6-10% certainly not dramatic but going in the right direction.
Canada is moving forward with legislation effecting streaming with the US objecting because it may negatively impact our producers. Technology continues to be a difficult area for both countries to manage.
President Biden called on political leaders to come out and denounce anti semitism which is growing according to police records and is evident when reading reports about Ye, Fuentes and Trump. The fact that Trump has gotten away with his charade of supporting Jews and Isreal is remarkable. His history is replete with evidence of bias.
Bill Owens is a former member of Congress representing the New York 21st, a partner in Stafford, Owens, Piller, Murnane, Kelleher and Trombley in Plattsburgh, NY and a Strategic Advisor at Dentons to Washington, DC.
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