Study Predicts: with Fast Re-Opening of State Economies, America's Recession Will End by Late Summer, Swift Recovery in Fall, Data Does Not Point to Great Depression Era Scenario

Washington, D.C. - April 29, 2020 - (The Ponder News) -- Nationally-renowned economists Dr. Arthur B. Laffer and Stephen Moore, both members of President Donald J. Trump's Economic Recovery Task Force, have released a study predicting a swift economic recovery if states reopen quickly.

"We are advising the White House and many governors across the country, there is a big difference in the swiftness and size of the recovery based on the speed at which states reopen,' says Stephen Moore. "Connecticut, Michigan, New Jersey and New York would be wise to follow the leads of the states in the south and mountain states, or they could see a deep recession through the end of 2020."

Countering many predictions of economic doom, Moore and Laffer find that "with the right national policy prescriptions and most states reopening their economies next week, we will see a very sharp contraction this summer with high unemployment followed by a strong recovery will arrive within three to six months."

The authors compared the sharp economic contraction from the coronavirus with other sharp economic collapses, including the Great Depression, and found that the key market indicators, such as the stock market and the gold price, point to a fast pick-up in growth when the economy gets back on its feet.

"There is just no indication of anything like a Great Depression, says Dr. Laffer, who has advised several presidents and recently was awarded the Presidential Medal of Freedom from President Trump.

The study also predicts a "very uneven" recovery "with some states and regions of the country advancing at a much faster pace than others." Because states are taking the lead in opening up the economy, some regions of the country will do much better than others. States such as New York, Connecticut, and Illinois in the northeast and Midwest are expected to lag because the governors in those states aren't opening right away. "The recovery will be led by states in the south like Florida, Georgia and South Carolina and western states like Arizona and Colorado – all of which are starting to open immediately."

Impeachment, Economy, Contraception, Health Care, Vaping, Elections, Trump, China

Impeachment

AN Announces $2.5 Million TV and Digital Impeachment Advertising Campaign
Source: American Action Network
January 17, 2020
Moments after the House of Representatives voted to impeach President Donald Trump, the American Action Network announced it will launch another $2.5 million in television and digital advertising in the districts of 29 Members of Congress who represent districts won by President Trump and who also voted for impeachment. New television ads will run in 9 districts, with digital and social media advertising running across all 29. The ads criticize Members of Congress for voting for impeachment while ignoring issues that matter to the country.

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Economy

Bank Economists Foresee Continued Economic Growth, Stable Interest Rates
Source: American Bankers Association
January 16, 2020
The U.S. economy will continue to grow, add jobs and support wage gains in 2020 and beyond, according to the latest forecast of the American Bankers Association Economic Advisory Committee.

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Contraception

ACLU RESPONSE TO SUPREME COURT REVIEW OF CONTRACEPTIVE COVERAGE CHALLENGE
Source: American Civil Liberties Union (ACLU)
January 17, 2020
TThe Supreme Court announced today it would review Trump v. Commonwealth of Pennsylvania, which is a challenge to the Trump Administration’s rules that allows employers and universities to deny their employees and students insurance coverage for contraception. The rule is blocked by a nationwide injunction.

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Health Care

Internists Call for Comprehensive Reform of U.S. Health Care
Source: American College of Physicians
January 20, 2020
The American College of Physicians (ACP) today issued a bold call to action challenging the U.S. to implement systematic reform of the health care system, and released an ambitious new vision for a better health care system for all and expansive policy recommendations for how to achieve it. The series of policy papers is published as a supplement in Annals of Internal Medicine.

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Vaping

American Dental Association Announces Interim Policy on Vaping
Source: American Dental Association
January 16, 2020
“While the long-term oral health effects of vaping are under scientific review, as health professionals we must be prudent in protecting consumers from potentially harmful products,” said ADA President Chad Gehani, D.D.S. “We will continue to advocate for additional research, but we must protect the health of our patients first and foremost. A ban such as this would ensure patient safety while allowing us to explore the impact of vaping products on oral health.”

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Elections

Expanding access to elections
Source: American Economic Association
January 17, 2020
Political analysts are anticipating huge voter turnout for the 2020 election. And yet, even with a hotly contested race at a time of intense polarization, tens of millions of Americans will never cast a ballot. If 60 percent of eligible voters make it to the polls, it would be the highest turnout for a presidential election in a half century.

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President Trump

Thank you President Trump
Source: American Family Association
January 16, 2020
I was asked if I wanted to sign a letter thanking the president for his hard work on behalf of the American people and for keeping his promises on so many issues. I said YES!

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China

U.S.-China Trade Deal Fails to Address Workers’ Rights and Cheating
Source: American Federation of Labor and Congress of Industrial Organizations (AFL-CIO)
January 16, 2020
There is precious little in this deal that addresses China’s long-standing denial of basic labor rights. The deal also fails to address the worst aspects of China’s cheating—massive subsidies to its domestic companies and the predatory practices of its state-owned enterprises, which have cost millions of U.S. jobs and gutted our manufacturing base. And it lacks a mechanism for the United States to address the persistent currency misalignment between the dollar and the renminbi. Finally, it is another giveaway to Wall Street and Big Pharma and prioritizes new protections for companies that move to China, creating even more incentives for outsourcing.

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Legislation would separate commercial and investment banks

by: Marcy Kaptur (D-OH, 9th)

Washington, D.C. - April 10, 2019 - (The Ponder News) -- ongresswoman Marcy Kaptur (OH-09), the House’s longest serving woman, led a group of 26 House members to introduce the Return to Prudent Banking Act of 2019, legislation that would reinstate and expand the historic provisions of the Glass-Steagall Act of 1933 restricting affiliations between commercial and investment banks. The legislation has been endorsed by AFL-CIO, the International Brotherhood of Teamsters, Communications Workers of America, International Federation of Professional and Technical Engineers, Public Citizen, and Take on Wall Street.

“In the wake of the Great Depression, Congress worked on a bipartisan basis to pass the Glass-Steagall Act to separate commercial banks and securities firms and prevent Wall Street from gambling away the American people’s hard-earned money. Tragically, the Big Banks and their lobbyists pressured Congress to repeal the law in 1999. This misguided deregulation opened the floodgates for growth of financial institutions that are too big to fail and encouraged the type of risky behaviors that led to the crash of the American financial system in 2008. While we made significant progress when President Obama signed the Dodd-Frank Act, large commercial and investment banks are still tied together in an institutional risk that threatens the financial well-being of our country. I urge my colleagues to join me in passing this vital legislation so we can ensure the security and stability of our financial system,” said Rep. Kaptur.

"The same Wall Street banks that crashed our economy in 2008 and put millions out of work remain too-big-to-fail to this day. We need to ensure that our members' and our retirees' livelihoods aren't jeopardized again by the reckless behavior of a Wall Street megabank. The Return to Prudent Banking Act is a smart solution that would reinstate the barrier between commercial and investment banking and make our financial system safer. CWA fully supports the Return to Prudent Banking Act and we thank Rep. Kaptur for her continued leadership on this important issue,” said Shane Larson, Director of Legislation for Communications Workers of America

“Lessons learned from the Great Depression and the Economic collapse of 2008 are proof enough that the American Public need protection from banks that are too big to fail, most especially a clean separation between investment and commercial banking as was provided by the Glass-Steagall act. We need to put people ahead of irresponsible financial greed. IFPTE is proud to support this legislation,” said Paul Sharon, President of the International Federation of Professional and Technical Engineers

Public Citizen enthusiastically welcomes Rep. Kaptur’s much needed bill to restore prudence to the banking industry. Because Congress repealed the ban on banks owning casino-like securities gambling operations in 1999, it took less than a decade for reckless conduct funded by government-backed deposits to crash the world economy,” said Bartlett Naylor, Financial Policy Advocate for Public Citizen.

"There is nothing inevitable about Too Big To Fail. We separated investment and deposit banking for decades, and Glass-Steagall was very effective at preventing the banks from becoming the unmanageable monoliths they are today. Congresswoman Kaptur's Return to Prudent Banking Act would restore the guardrails for the big banks, and go a long way toward making them manageable again," said Porter McConnell, Director of the Take On Wall Street Coalition.

Background:

The Glass-Steagall Act was signed into law in June 1933 following the 1929 stock market crash and subsequent Great Depression. The legislation separated commercial banking from investment banking while creating the Federal Deposit Insurance Corporation (FDIC). The purpose of the legislation was to restrict the use of bank credit for speculation and instead direct bank credit into commerce, industry, and agriculture. In 1999, the provisions that restricted affiliations between banks and securities firms was repealed by the Gramm-Leach-Bliley Act. The repeal of these important provisions contributed to the Great Recession.

The Return to Prudent Banking Act amends the Federal Deposit Insurance Act (FDIA) to prohibit any insured depository institution from being an affiliate of any broker or dealer, investment adviser, investment company, or any other person or entity engaged principally in the issue, flotation, underwriting, public sale, or distribution of stocks, bonds, debentures, notes, or other securities.

Prohibits officers, directors and employees of securities firms from simultaneous service on the boards of depository institutions, except in specified circumstances.

Requires any such individual serving as an officer, director, employee, or other institution-affiliated party of any insured depository institution to terminate such service as soon as practicable after enactment of this Act. Requires an insured depository institution to wind-down in an orderly manner and terminate any affiliation prohibited by this Act.

Amends the Banking Act of 1933 (Glass-Steagall Act) to expand its prohibition against the transaction of banking activities by securities firms.

Declares that Congress ratifies the interpretation by the Supreme Court of specified statutory language in the case of Investment Company Institute v. Camp (ICI) regarding permissible activities of banks and securities firms.

Declares that the reasoning of the Court in that case shall continue to apply to the limitations placed upon security affiliations under the FDIA as enacted by this Act. Prohibits a federal banking agency or federal court from issuing an interpretation regarding such security affiliations that is narrower than that of the Court in ICI.

Makes technical and conforming changes to the Gramm-Leach-Bliley Act, the Revised Statutes of the United States, and specified federal law.

Requires the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, or another appropriate federal banking agency to report to Congress a detailed description of the basis for its decision each time it makes a determination or grants an extension concerning an affiliation between insured depository institutions and investment banks or securities firms.


Endorsing Organizations:

AFL-CIO
International Brotherhood of Teamsters
Communications Workers of America
International Federation of Professional and Technical Engineers
Public Citizen
Take on Wall Street


Original Cosponsors:

Rep. Rosa DeLauro (CT-3)
Rep. Susan Wild (PA-7)
Rep. Stephen Lynch (MA-8)
Rep. Ro Khanna (CA-17)
Rep. Jackie Speier (CA-14)
Rep. Bonnie Watson Coleman (NJ-12)
Rep. Jan Schakowsky (IL-9)
Rep. Peter DeFazio (OR-4)
Rep. Eleanor Holmes Norton (DC-At-Large)
Rep. Jim McGovern (MA-2)
Rep. Ilhan Omar (MN-5)
Rep. Tulsi Gabbard (HI-2)
Rep. Steve Cohen (TN-9)
Rep. Pramila Jayapal (WA-7)
Rep. Chellie Pingree (ME-1)
Rep. David Cicilline (RI-1)
Rep. Anna Eshoo (CA-18)
Rep. Paul Tonko (NY-20)
Rep. Peter Welch (VT-At-Large)
Rep. Barbara Lee (CA-13)
Rep. Grace Napolitano (CA-32)
Rep. Mark Pocan (WI-2)
Rep. Raul Grijalva (AZ-3)
Rep. John Yarmuth (KY-3)
Rep. Lucille Roybal-Allard (CA-40)


Bill text for the legislation can be found here

Banks Doing Well in Thriving Economy, Says ABA

By James Chessen, ABA’s chief economist

Washington, D.C. - February 23, 2019 - (The Ponder News) -- “The latest FDIC data show that America’s banks are healthy, well capitalized and making the loans that help Main Street businesses succeed. With tax reform helping to spur business expansion, banks stepped up to meet increased loan demand from businesses of all sizes. Business lending picked up 7.8 percent over the year, and total bank lending saw the biggest quarter-over-quarter increase since 2015. Bank lending grew a healthy 4.4 percent to over $10 trillion in total loans, an increase of $431 billion in 2018. Depositors benefited from increased competition for funds as banks looked to attract more deposits to supply loan demand.

“As always, banks are keeping a watchful eye on the state of the economy and are well positioned to manage any changes that affect the business landscape, including additional interest rate moves by the Fed. Banks continue to maintain credit discipline, and are building up reserves for potential loan losses as they look ahead to the twilight of this economic cycle. This is on top of a record $2 trillion in capital that provides a strong foundation for financial security and economic growth.

“The FDIC’s renewed focus on supporting de novo banks is encouraging as new institutions show the promise of a brighter future for communities and the industry. With a solid foundation of capital and high-quality assets, banks remain well positioned to support continued economic growth in 2019 and beyond.”

The American Bankers Association is the voice of the nation’s $17.9 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard nearly $14 trillion in deposits and extend more than $10 trillion in loans.

American Action Network Releases Highlight Reel Showcasing Results Of Pro-Growth Tax Reform

By American Action Network



Washington, D.C. - January 8, 2017 - (The Ponder News) -- American Action Network (@AAN) has released a digital reel highlighting the early results families are seeing thanks to pro-growth tax reform becoming law. The video promotes the positive effects workers are already experiencing, like bonuses and wage raises, following the December enactment of the Tax Cuts and Jobs Act. The video will be backed by six figures and will run on digital platforms.

“In less than a month, the Tax Cuts and Jobs Act has already shown that pro-growth tax reform is a win for America’s middle class,” said Corry Bliss, Executive Director of American Action Network. “Pro-growth tax reform will lead to higher wages, more jobs, and a tax cut of $2,000 for middle-class families. In the months ahead, AAN will tout the benefits of the Tax Cuts and Jobs Act as hardworking families and individuals are able to keep more of their money.”

AAN was the leading outside group advocating for the House passage of tax reform legislation, spending over $26 million since August, advertising on television, radio, digital, direct mail, and mobile billboards in over 60 congressional districts nationwide. Over the next several months, AAN is committed to spending $10 million spread the message of what meaningful, pro-growth tax reform means for working families across the country.

See more headlines at The Ponder News Web Site

Welfare, Sick Leave, Healthcare, Immigration, Manufacturing, Agro-Terrorism, Social Security, Death, Economy, Digital Privacy, Tax Reform, and more...

Davidson Introduces Legislation to Consolidate Redundant Welfare Programs
Warren Davidson (R-OH, 8th)
March 9, 2017
Rep. Warren Davidson (R-OH) has introduced the Welfare Benefit Reform and Alignment Commission (BRAC) Act which will create a bipartisan, eight-member commission tasked with formulating concrete solutions to reform more than 90 federal welfare programs which cost taxpayers almost $1 trillion a year.
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DeLauro, Murray Reintroduce Healthy Families Act to Allow Workers to Earn Paid Sick Days
Rosa L. DeLauro (D-CT, 3rd)
March 15, 2017
Congresswoman Rosa DeLauro (CT-03), Ranking Member on the Appropriations subcommittee responsible for funding the Department of Labor, and Senator Patty Murray (D-WA), Ranking Member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, today reintroduced the Healthy Families Act, legislation that would allow workers to earn paid sick leave to use when they are sick, to care for a loved one, to obtain preventative care, or to address the impacts of domestic violence, stalking, or sexual assault.
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CBO RATING CONFIRMS WORKING FLORIDIANS WILL PAY MORE FOR LESS COVERAGE UNDER GOP HEALTHCARE PLAN
Val Demings (D-FL, 10th)
March 15, 2017
The Congressional Budget Office released its Cost Estimate on the GOP’s Healthcare plan Monday, which shows 14 million more people would be uninsured in 2018, and 24 million more would be uninsured by 2026. Rep. Val Demings, Florida’s 10th Congressional district, released this statement:
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Rep. Denham’s ENLIST Act Surpasses 100 Co-Sponsors
Jeff Denham (R-CA, 10th)
March 14, 2017
U.S. Representative Jeff Denham today announced that his commonsense immigration reform bill – H.R. 60, the Encourage New Legalized Immigrants to Start Training Act (ENLIST Act) – has gained over 100 co-sponsors in the 115th Congress.
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DeSantis Commends Trump Administration For Charges Against Jordanian Terrorist
Ron DeSantis (R-FL, 6th)
March 14, 2017
The Trump administration's Department of Justice (DOJ) announced today that Ahlam Aref Ahmad Al-Tamimi has been charged in connection with a 2001 terrorist attack in Jerusalem that killed two Americans, Malki Roth and Judith Greenbaum. Rep. Ron DeSantis (FL-06), Chairman of the National Security Committee, highlighted this attack and called for the DOJ to charge the mastermind behind the attack, Ahlam Al-Tamimi, during a February 2016 hearing examining the role of the Office of Justice for Victims of Overseas Terrorism.
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Portman, Stabenow, Brown Introduce Bill to Support U.S. Manufacturers, Promote More American Jobs
Rob Portman- (R - OH)
March 15, 2017
Senators Rob Portman (R-OH), Debbie Stabenow (D-MI), and Sherrod Brown (D-OH) today introduced legislation – the Promoting More American Manufacturing Jobs Act – to clarify the domestic manufacturing tax deduction for U.S. manufacturers. The legislation clarifies the intent of Congress in enacting the domestic manufacturing deduction, section 199 of the tax code, to ensure that in contract manufacturing situations, any party to the arrangement that makes a substantial contribution to the manufacture of qualifying goods through its U.S. employees is entitled to claim the deduction.
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Senate Homeland Security Committee Passes Roberts’ Legislation to Address Agro-Terrorism Threats to Nation’s Food Supply
Pat Roberts- (R - KS)
March 15, 2017
U.S. Senator Pat Roberts (R-KS) today announced his legislation to address the threat of agro-terrorism and ensure the safety of the U.S. food supply was approved by the U.S. Senate Committee on Homeland Security and Governmental Affairs (HSGAC). Roberts, Chairman of the Senate Agriculture Committee, introduced the bipartisan legislation with Sen. Claire McCaskill (D-MO), Ranking Member of the Senate Homeland Security Committee.
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Rubio, Cotton, Lee Introduce Legislation to Save Social Security Disability Insurance from Bankruptcy
Marco Rubio - (R - FL)
March 15, 2017
U.S. Senators Marco Rubio (R-FL), Tom Cotton (R-AR), and Mike Lee (R-UT) today introduced the Return to Work Act of 2017, legislation that would save Social Security Disability Insurance from bankruptcy. This bill would help Social Security Disability Insurance beneficiaries who can recover return to work, while also preserving the program's long-term sustainability for the permanently disabled. U.S. Representative French Hill (R-AR) introduced the companion bill in the House.
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Statement from Consumer Healthcare Products Association on HSA/FSA Provision of the American Healthcare Act
Consumer Healthcare Products Association
March 7, 2017
“CHPA strongly supports restoration of the ability for consumers to use their Flexible Spending Arrangements (FSAs) and Health Savings Accounts (HSAs) to purchase over-the-counter (OTC) medicines, and urges the Ways & Means Committee to advance this important measure. According to a survey conducted by Harris Poll on behalf of CHPA, the majority of Americans (75%) favor including OTCs in FSAs and HSAs. Since 2011, a provision in the Affordable Care Act (ACA) took away the ability of consumers to use their tax-preferred HSA and FSA dollars to purchase OTC medicines, unless they first received a prescription. At a time when more and more Americans are exercising these vital HSA and FSA benefits, this is a common-sense fix for many families who rely on non-prescription OTC medicines to treat common ailments such as allergies, cough and colds, or pain.”
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Hawai‘i State Senate Passes a Death with Dignity Bill
Death With Dignity
March 9, 2017
The Hawai‘i State Senate thus became the first full legislative chamber this year to pass an assisted dying law. Modeled on the Oregon Death with Dignity Act, SB 1129 would allow terminally ill residents of Hawai‘i to make their own end-of-life decision to die with dignity.
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The recent productivity slowdown could be reversed by giving the economy “room to run”
Economic Policy Institute
March 13, 2017
“Simply put, businesses’ incentives to invest in equipment and technology to make workers more productive are blunted when labor is so cheap,” said Bivens. “A tighter labor market and the rising wages that come with it would provide an incentive to boost workers’ productivity and will thus boost investment.”
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Digital Privacy at the U.S Border: A New How-To Guide from EFF
Electronic Frontier Foundation
March 9, 2017
“Digital Privacy at the U.S. Border” helps everyone do a risk assessment, evaluating personal factors like immigration status, travel history, and the sensitivity of the data you are carrying. Depending on which devices come with you on your trip, your gadgets can include information like your client files for work, your political leanings and those of your friends, and even your tax return. Assessing your risk factors helps you choose a path to proactively protect yourself, which might mean leaving some devices at home, moving some information off of your devices and into the cloud, and using encryption. EFF’s guide also explains why some protections, like fingerprint locking of a phone, are less secure than other methods.
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Getting Tax Reform Done—and Done Right
U.S. Chamber of Commerce
March 13, 2017
In the relationship between government and business, no issue is more fundamental, impactful, or important to get right than taxation. It’s one of government’s oldest responsibilities and one of business’ biggest expenses. Taxes are a critical factor in most major decisions a company makes—including whether to expand, hire new workers, or invest in new technologies. Unfortunately, America has one of the most burdensome tax systems in the world. That is why we must seize this once-in-a-generation opportunity to overhaul our tax code in a way that promotes dynamic economic growth.
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Family Research Council Applauds Texas Senate Passage of the Texas Privacy Act
Family Research Council
March 14, 2017
Family Research Council praised the State Senate passage of the Texas Privacy Act by a vote of 21 to 10. Last week, Tony Perkins, president of the Family Research Council, testified before the Texas Senate State Affairs Committee in support of the Texas Privacy Act (SB 6), which would protect the privacy and safety of women and children. The bill prevents public schools and government buildings from adopting policies that would open women’s showers, bathrooms, and changing facilities to men and visa-versa.
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Chairman Conaway praises President Trump's nomination of Chris Giancarlo
House Committee on Agriculture
March 14, 2017
President Trump announced today his intent to nominate Chris Giancarlo to serve as chairman of the Commodity Futures Trading Commission (CFTC). House Agriculture Committee Chairman K. Michael Conaway issued the following statement.
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Diane Black: “I am confident this bill is going to come out of Budget”
House Committee on the Budget
March 15, 2017
House Budget Committee Chairman Diane Black talked to MSNBC’s Hallie Jackson about the American Health Care Act and her confidence that the committee will pass the bill tomorrow to help those suffering under Obamacare.
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Nunes Statement on Surveillance of Political Campaigns
House Intelligence Committee
March 5, 2017
“One of the focus points of the House Intelligence Committee's investigation is the U.S. government's response to actions taken by Russian intelligence agents during the presidential campaign. As such, the Committee will make inquiries into whether the government was conducting surveillance activities on any political party’s campaign officials or surrogates, and we will continue to investigate this issue if the evidence warrants it.”
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