Jerome Powell Confirmed for Second Term as Federal Reserve Chair

The Senate voted 80-19 on Thursday to confirm Jerome Powell to a second term as Federal Reserve chair, even as inflation has hit record highs under his watch.

The 19 “Nay” votes came from 13 Republicans and 5 Democrats and included a range of Senators from Sen. Ted Cruz (R-Texas) to Sen. Bernie Sanders (I-Vt.).

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Commentary: The Presidential Candidate Menu for Democrats in 2024 Churns the Stomach

“I’m not sure, I think I need a couple more minutes to decide.”

We’ve all been in a restaurant scenario where, once the party is seated, the server makes repeated visits to the table and one or more members of the group equivocates and stonewalls on what to order, sending the poor waiter or waitress schlepping back to obscurity due to someone’s indecision or just plain laziness. After a couple semi-desperate attempts to pin down the holdout(s), he or she then gives up asking and doesn’t return until beckoned to do so by an impatient leader of the hungry contingent. Essentially, everyone waits while one or two souls deliberate.

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Manchin Objects to Dems’ Billionaire Tax, Saying They ‘Create a Lot of Jobs’

West Virginia Democratic Sen. Joe Manchin came out against his party’s plan to tax billionaires in order to finance their social-spending package just hours after it was first released.

“I don’t like it. I don’t like the connotation that we’re targeting different people,” Manchin told reporters Tuesday morning, describing billionaires as people who “contributed to society and create a lot of jobs and a lot of money and give a lot to philanthropic pursuits.”

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Democrat Push to Expand Government, Inject Race Alienates 2022 Swing Voters, Polling Shows

Newt Gingrich, who crafted the Contract with America that upset Washington’s political status quo a quarter century ago, has quietly been conducting one of the most extensive polling operations ever of swing voters ahead of the 2022 election. His takeaway: Democrats’ big government, race-focused and America-disparaging agenda could bust the fragile coalition that put Joe Biden in power last November.

His polling, shared with Just the News, shows Americans overwhelmingly think the United States is the greatest county in history, prefer free-market capitalism to big government socialism, reject the premise of critical race theory that skin color is a predeterminant to success, and oppose defunding the police.

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Commentary: Be Very Skeptical About Sen. Warren Throwing More Money at the IRS

Elizabeth Warren

Closing the “tax gap,” or revenue owed to the federal government that goes uncollected, has long been a favorite deus ex machina for lawmakers who want more revenue without having to raise rates. But Internal Revenue Service (IRS) Commissioner Chuck Rettig really put dollar signs in lawmakers’ eyes when he claimed the tax gap could be as large as $1 trillion. Always eager to appear knowledgeable on policy issues, Sen. Elizabeth Warren is putting forward a plan to collect extra revenue that only gets worse the deeper you dig into it.

First and foremost, it’s important to understand how far off on an island Rettig is with his estimate. The IRS’s last official estimate of the size of the tax gap placed it at a far, far lower $381 billion. Even considering that this estimate may not have factored in underpayment from cryptocurrencies, offshore holdings, and pass-through businesses, the tax gap still remains far closer to $500 billion than to $1 trillion.

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As Biden Taps Elizabeth Warren Ally to Oversee Student Loans, Debate over Canceling Debt Looms Large

Elizabeth Warren

The Biden administration has chosen a close ally of Sen. Elizabeth Warren (D-Mass.) to oversee the nation’s expansive federal student loan program.

On Monday, Rich Cordray, director of the Consumer Financial Protection Bureau during the Obama administration, was announced as the new head of the Education Department’s Office of Federal Student Aid, which oversees over $1.7 trillion in loans to U.S. students.

In a statement following his appointment, Cordray said he sought to “create more pathways for students to graduate and get ahead, not be burdened by insurmountable debt.”

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