FINANCE

TRUMP VOWS TO LOWER DRUG PRICES BY ENDING ‘GLOBAL FREELOADING’, TAKING ON INDUSTRY’S EXPLOITATION

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‘America Will Not Be Cheated Any Longer’: Trump Touts ‘Sweeping Action’ to Lower Drug Prices

( Fox News ) President Donald Trump on Friday announced “sweeping action” by his administration to lower the price of prescription drugs for the American people.

“We will have tougher negotiation, more competition and much lower prices at the pharmacy counter. And it will start to take effect very soon,” Trump said in the White House Rose Garden.

 

Read more: ‘America Will Not Be Cheated Any Longer’: Trump Touts ‘Sweeping Action’ to Lower Drug Prices

TRUMP’S MAGA ECONOMY ON FIRE! BIGGEST SURPLUS IN HISTORY, HISTORIC CORPORATE EARNINGS AND LOW UNEMPLOYMENT RATE – COMPLETE LIST!

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COMPLETE LIST of the Results of the Incredible Trump Economy=> The Biggest Story Not Being Told Today

 

The Gateway Pundit by Joe Hoft

President Trump has now been in office a year and a quarter and the economic results of his efforts are astounding!  In every economic measurement, President Trump’s economy is on fire and moving in the right direction.

Corporate Earnings

Marketwatch reported in early May that the first quarter’s earnings are the best in a quarter century –

According to Thomson Reuters I/B/E/S, of the 343 companies, or about 70%, of S&P 500 members that have reported earnings to date, 79.9% have reported earnings per share that were above analysts’ expectations, putting the season on track for the highest earnings beat rate on record, going back to 1994.

So far, the first-quarter growth rate for EPS is 22%, compared with consensus earnings growth of 16.3% as of April 12, according to Lindsey Bell, investment strategist at CFRA. That outperformance is underpinned by some of the most highly valued companies, including JPMorgan Chase & Co. JPM, -0.50% Apple Inc. AAPL, -0.44% Facebook Inc. FB, -0.32% and Amazon.com Inc. AMZN, -0.36%

Bell said recent quarterly results have seen outperformance of about 3 to 4 percentage points better than analysts’ consensus estimates on average, compared with the 5.7 percentage points earnings are currently running ahead.

 

The US had a surplus in April which was the greatest one month surplus in the country’s history.  The Washington Times reported –

The federal government took in a record tax haul in April en route to its biggest-ever monthly budget surplus, the Congressional Budget Office said, as a surging economy left Americans with more money in their paychecks — and this more to pay to Uncle Sam.

All told the government collected $515 billion and spent $297 billion, for a total monthly surplus of $218 billion. That swamped the previous monthly record of $190 billion, set in 2001.

CBO analysts were surprised by the surplus, which was some $40 billion more than they’d guessed at less than a month ago.

Analysts said they’ll have a better idea of what’s behind the surge as more information rolls in, but for now said it looks like individual taxpayers are paying more because they have higher incomes.

 

Unemployment

Also according to the Bureau of Labor Statistics President Trump decreased unemployment to its current level of 3.9%. The unemployment rate in January 2017 was 4.8%.

President Obama on the other hand again moved in the opposite direction. In his first year and a quarter as President the US unemployment rate increased from 7.8% in January 2009 to 9.9% as of April 2010. The unemployment rate during this time reached as high as 10%.

Food Stamps

Food stamps decreased significantly as reported by Breitbart from 42 million down to 40 million during President Trump’s time in office.

More than 2.2 million people have discontinued their participation in food stamps during President Trump’s first full year in office, according to the latest U.S. Department of Agriculture (USDA) data on food stamp enrollment.

Read more: http://www.thegatewaypundit.com/2018/05/complete-list-of-the-results-of-the-incredible-trump-economy-the-biggest-story-not-being-told-today/

Unemployment rate falls to 3.9 percent – a 17-year low

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WASHINGTON (Reuters) – U.S. job growth increased less than expected in April and the unemployment rate dropped to near a 17-1/2-year low of 3.9 percent as some out-of-work Americans left the labor force.

The Labor Department’s closely watched employment report on Friday also showed wages barely rose last month, which may ease concerns that inflation pressures are rapidly building up, likely keeping the Federal Reserve on a gradual path of monetary policy tightening.

“Fed officials can rest easy that there is not any wage-based inflation on the horizon,” said Chris Rupkey, chief economist at MUFG in New York. “There is no need to speed up the path of interest rates because inflation isn’t heating up in a worrisome manner.”

U.S. To Become World’s Top Oil Exporter

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Oil storage

 

  • The Citi projection is for both crude and finished (refined) petroleum products, not only crude oil. Saudi Arabia remains the world’s largest exporter of crude

By Tim Daiss – May 02, 2018

 

As global oil markets shift their attention from U.S. shale oil production back to a resurgent Saudi Arabia and Russia and geopolitical concerns bearing down on oil prices, Citigroup said last Wednesday that the U.S. is poised to surpass Saudi Arabia next year as the world’s largest exporter of crude and oil products.

The U.S. exported a record 8.3 million barrels per day (bpd) last week of crude oil and petroleum products, the government also said Wednesday. Top crude oil exporter Saudi Arabia’s, for its part, exported 9.3 million bpd in January, while Russia exported 7.4 million bpd, the bank added.

However, it should also be noted that the Citi projection is for both crude and finished (refined) petroleum products, not only crude oil. Saudi Arabia remains the world’s largest exporter of crude, though since January amid the OPEC/non-OPEC production cut agreement that figure has fallen. On April 10, the Saudi oil minister said that the kingdom planned to keep its crude oil shipments in May below 7 million bpd for the 12th consecutive month.

Saudi Arabia has also trimmed its oil production more than 100 percent of the output cuts it agreed to under the January 2017 production deal. In March, Saudi crude production was at 9.91 million bpd, below the deal’s output target of 10.058 million bpd.

Russia, however, also part of the global oil protection cut agreement, increased its crude oil production by 0.2 percent to 10.97 million bpd in March, compared to the previous month and an 11-month high.

 

Read more: https://oilprice.com/Energy/Energy-General/Citi-US-To-Become-Worlds-Top-Oil-Exporter.html

THE NEW YORKER: “Chick-fil-A’s Creepy Infiltration of New York City”

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Chick-fil-A

  • The New Yorker Dan Piepenbring : “The restaurant’s corporate purpose still begins with the words ‘to glorify God,’ and that proselytism thrums below the surface of the Fulton Street restaurant, which has the ersatz homespun ambiance of a megachurch”
  • “There’s something especially distasteful about Chick-fil-A…Its politics, its décor, and its commercial-evangelical messaging are inflected with this suburban piety”
  • Mr. Piepenbring suggests, moreover, that there may be a sinister, “ulterior motive” behind the restaurant’s work, other than just selling chicken sandwiches, and it has to do with the G-word.

 

The New Yorker announced in a blatantly anti-Christian essay Friday that the arrival of Chick-fil-A restaurants in New York City “feels like an infiltration, in no small part because of its pervasive Christian traditionalism.”

The April 13 article by Dan Piepenbring, ominously titled “Chick-fil-A’s Creepy Infiltration of New York City,” reads like old Ku Klux Klan propaganda against Catholics, Jews, and blacks. It is evident from the first line through the last that the only thing that disturbs Mr. Piepenbring about the restaurant chain is the overt Christian faith of its owners.

 

Apparently unaware of just how bigoted his essay sounds, Piepenbring offers as evidence of Chick-fil-A’s “creepiness” that its corporate headquarters in Atlanta “is adorned with Bible verses and a statue of Jesus washing a disciple’s feet. Its stores close on Sundays.”

It makes one shudder just to imagine it.

Mr. Piepenbring suggests, moreover, that there may be a sinister, “ulterior motive” behind the restaurant’s work, other than just selling chicken sandwiches, and it has to do with the G-word.

….Piepenbring notes that Chick-fil-A is set to become the third-largest fast-food chain in the nation, behind only McDonald’s and Starbucks. While he seems to have no issue with these last two—which are motivated merely by a desire for profits and market-share—there is something deeply wrong with a successful company owned and run by devout Christians.

Despite the fact that the company donates thousands of pounds of food to New York Common Pantry, Piepenbring adds, still, “There’s something especially distasteful about Chick-fil-A, which has sought to portray itself as better than other fast food: cleaner, gentler, and more ethical, with its poultry slightly healthier than the mystery meat of burgers.”

“Its politics, its décor, and its commercial-evangelical messaging are inflected with this suburban piety,” he scowls.

Read more: The New Yorker Freaks over ‘Creepy Infiltration’ of Chick-fil-A in NYC

JOBLESS CLAIMS HOLD BELOW 300,000 LONGEST ON RECORD SINCE 1967

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Job seekers hold lists of employers while waiting in line outside the TechFair LA career fair in Los Angeles.

 

WASHINGTON—The number of Americans claiming new unemployment benefits has never been so low for so long.

Initial jobless claims, a proxy for layoffs across the U.S., decreased by 9,000 to a seasonally adjusted 233,000 in the week ended April 7, the Labor Department said Thursday. This means claims have now held below 300,000 for 162 consecutive weeks, cementing the longest streak for weekly records dating back to 1967.

The current streak eclipsed the previous longest stretch that ended in April 1970.

Economists surveyed by The Wall Street Journal expected 230,000 new claims last week.

The consistently low claims levels point to labor market health because they mean relatively few Americans are losing their jobs and applying for benefits to tide them over until they can find new employment.

After several years of consistent job growth, firms are reluctant to let employees go in a tightening labor market in which many available workers are quickly snapped up.

 

 

Read more: https://www.wsj.com/articles/u-s-weekly-jobless-claims-hold-below-300-000-for-longest-streak-on-record-1523536549

 

 

China Caved! Xi to lower tariffs on imported autos after Trump’s tariffs threat

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Chinese President Xi Jinping and U.S. President Donald Trump attend a welcoming ceremony November 9, 2017 in Beijing, China.

 

  • Trump is taking Beijing to task over China’s large trade deficit with the U.S., which Washington says is in part due to unfair trade practices.

 

( CNBC ) Chinese President Xi Jinping announced plans on Tuesday to open up the Chinese economy, including lowering tariffs for autos and other products and enforcing the legal intellectual property of foreign firms.

Xi’s comments come amid escalating trade tensions between China and the U.S. as the world’s two largest economies take turns announcing punitive trade measures against each other.

The World Trade Organization said Tuesday that China filed a complaint challenging President Donald Trump’s tariffs on imported steel and aluminum. It said China has requested 60 days of consultations with the United States on the steel and aluminum dispute. If that fails, Beijing could request a ruling from a panel of trade experts, The Associated Press reported.

In a speech at the Boao Forum for Asia, an annual summit that’s been dubbed the “Asian Davos,” Xi said China will take the initiative to expand imports this year and “work hard” to import products that are required by the population.

“China does not seek [a] trade surplus. We have a genuine desire to increase imports and achieve greater balance of international payments under the current account,” Xi said, according to a translation of the speech.

Beyond that, he described China as a country upon which other nations had imposed unfair trade penalties: “We hope developed countries will stop imposing restrictions on normal and reasonable trade of high-tech products and relax export controls on such trade with China,” he said, not naming any specific country.

Trump is taking Beijing to task over China’s large trade deficit with the U.S., which Washington says is in part due to unfair trade practices.

Last week, Trump asked U.S. trade officials to consider another $100 billion in tariffs on Chinese goods. China’s commerce ministry, for its part, said it would “fight back with a major response” if provoked.

Earlier in the year, the U.S. imposed tariffs on solar panels and steel and aluminum imports.

China, in turn, implemented additional tariffs on 128 U.S. products, including fruit and pork, in response to the Trump administration’s decision to impose duties on steel and aluminum. It also announced extra tariffs on 106 U.S. products last week, although no start date was given for those measures.

Trump said in a tweet on Sunday that China will remove trade barriers because that was the “right thing to do.” The president also expressed optimism that the countries would strike a deal on intellectual.

 

Read more: https://www.cnbc.com/2018/04/09/chinese-president-xi-jinping-speaks-at-boao-forum-for-asia.html