Economy Archives ⋆ MICHAELANTONIO MEDIA
Breaking News 

Tariffs Aren’t Costing U.S. Tech Companies $1 Billion Per Month

The cost of tariffs on imported technology products is far lower than many in Silicon Valley feared. U.S. companies paid $1.3 billion in tariffs on tech products purchased from China in October, according to a Bloomberg News report based on data provided by the Consumer Technology Association and analyzed by anti-tariff consulting firm The Trade Partnership. That’s about $1 billion more they were paying before the Trump administration imposed a 10% tariffs on $200 billion of Chinese imports. At the same time, however, the price of these imports have fallen. Imported…

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Breaking News Politics 

November: Foreign Workers See Nearly 5X Job Growth of Americans

Foreign workers saw nearly five times as much job growth as native-born American workers did last month, Bureau of Labor Statistics data reveals. In November 2018, foreign-born worker employment increased 5.1 percent compared to the same time last year. Meanwhile, native-born Americans saw an employment increase of only about 1.2 percent year-to-year, almost five times less job growth as their foreign worker competitors. The foreign-born workforce — those who are employed and looking for work — also had significantly higher gains than native-born Americans. Last month, the number of foreign-born…

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Breaking News Politics 

Fear Itself: Economic Optimism Plummets Even While Holiday Shopping Plans Soar

President Franklin Delano Roosevelt famously declared at his first inaugural address that “the only thing we have to fear is fear itself.” The idea that economic pessimism could be a self-fulfilling prophecy is once again gaining currency because of the contrast between strong data about the economy and widespread fears that a recession could be looming. The most recent survey of the American public by CNBC provides an excellent illustration. Average holiday spending plans rose above $1,100, a jump from around $900 a year ago and the first time the holiday survey has…

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Breaking News Politics 

Business Aims to Outsource 420K U.S. Jobs to Foreign Workers in 2018

Businesses in Fiscal Year 2018 aimed to outsource nearly 420,000 American jobs to foreign workers, a total that outpaces the total population of Tampa, Florida. Every year, more than 100,000 foreign workers are brought to the U.S. on the H-1B visa and are allowed to stay for up to six years. There are about 650,000 H-1B visa foreign workers in the U.S. at any given moment. Americans are often laid off in the process and forced to train their foreign replacements, as highlighted by Breitbart News. More than 85,000 Americans annually potentially lose their…

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Breaking News 

Breaking: Huawei’s ‘Red Princess’ Meng Wanzhou Wins Release on Bail

Huawei finance chief Meng Wanzhou’s plea to be released on bail was approved by a Canadian court Tuesday. Justice William Ehrcke of the British Columbia Supreme Court said the Chinese executive could be released after posting millions of dollars in bail and agreeing to a stringent monitoring program proposed by her lawyers. Observers in the courtroom burst into applause after the decision was announced. Meng has been held by Canadian authorities since her December 1st arrest in Vancouver. American authorities are seeking to have her extradited to the U.S. to face…

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Breaking News Politics 

Ortiz: Trump’s Trade Triumphs–Trade War Truce, Deals for Farmers, Prices for Consumers

Rocky financial markets, driven largely by Federal Reserve uncertainty and President Trump’s aggressive tariff negotiation strategy, shouldn’t overshadow two trade victories at the recent G20 Summit. Trump and his Chinese counterpart Xi Jinping negotiated a trade war truce. Trump agreed to delay raising tariffs on $200 billion worth of Chinese imports to 25 percent in return for Chinese promises to purchase more American agricultural, energy, and industrial exports and reduce the trade deficit. This ceasefire is double victory for Americans. The most obvious winners are the farmers who have seen…

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Breaking News Politics 

Exodus: Majority of GOP Members Who Signed Discharge-Petition Amnesty Leave Congress

Fourteen of the 23 GOP members who signed the cheap-labor Discharge Petition amnesty in June will be gone from Congress in January. The group’s wipeout came after they worked with House Speaker Paul Ryan to block the pro-American, compromise immigration reform bill prepared by Virginia Rep. Bob Goodlatte, the chairman of the House judiciary committee. In June, the 23 members used the discharge petition process to push for a Democratic-backed amnesty of at least 3 million DACA illegals. That push gave political cover to Ryan while he created a second immigration bill…

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Breaking News 

Elon Musk: ‘I Have No Respect for the SEC’

Tesla CEO Elon Musk sat down with Leslie Stahl for CBS’s “60 Minutes” in an interview that aired Sunday in which the two discussed his feelings toward the U.S. Securities and Exchange Commission (SEC) after he was charged with securities fraud over something he posted on Twitter. Musk had to resign as Tesla chairman in September under an agreement with the SEC to settle his charges. Musk shared that he has “no respect for the SEC” and he will continue to tweet freely. “The only tweets that would have to be reviewed would…

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Breaking News Politics 

Retiring Paul Ryan Pushes Stealth Outsourcing, Amnesty for Irish Lobbies

Retiring House Speaker Paul Ryan is quietly pushing a bill to outsource many thousands of U.S. college graduate jobs to Irish graduates and deliver amnesty to Irish illegals. His Irish-only bill was quietly pushed through the House on November 28 without a recorded vote by legislators. It is now awaiting approval by the U.S. Senate — but the outsourcing and amnesty bill will be blocked if even one U.S. senator privately or publicly notifies GOP Senate Majority Leader Mitch McConnell that he or she will oppose the measure.  The plan…

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Breaking News 

Jobs Growth a Bit Sluggish in November: 155,000

The rip-roaring American labor market slowed down a bit in November. Nonfarm payrolls increased by 155,000 for the month, below economists’ estimates of 190,000. The unemployment rate stayed at 3.7 percent, matching the 49-year record low it hit in September and October. Last month, the economy created 2370,000 jobs, far above the 190,000 expected. That was revised down from the earlier report of 250,000. Job creation has been a particularly strong suit for the economy. Last week, applications for unemployment benefits came in at 231,000, above from the 49-year low hit in…

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