Oklahoma bill would ban all but 2 cities from providing homeless shelters
A new bill in Oklahoma proposes banning all but two of the state’s cities and towns from providing homeless shelters or conducting homeless outreach. It’s the latest in a series of state bills and policies that govern where or how unhoused people can live.
The new bill, SB 484, says, “No municipality of this state with a population less than three hundred thousand (300,000) according to the most recent Federal Decennial Census shall provide programs or services to homeless persons including, but not limited to, owning or leasing land for the purpose of building or maintaining a homeless shelter.”
Only two cities in the state, Oklahoma City and Tulsa, have at least 300,000 people.
Oklahoma Gov. Kevin Stitt signed a bill that took effect last November restricting camping on unauthorized state land. It also restricted camping under bridges or alongside roads and highways.
The city of Shawnee, meanwhile, created a permitting process for feeding unhoused people and banned people from sleeping outdoors in its downtown area.
And Norman, home to the University of Oklahoma, has debated the future of an emergency homeless shelter near its downtown.
SB 484’s sponsor, Republican State Sen. Lisa Standridge, told local newspaper The Norman Transcript she would amend the bill. She said it had “unintended consequences” for shelters housing victims of domestic violence.
Meghan Mueller, CEO of the Oklahoma housing advocacy nonprofit the Homeless Alliance, told local TV station KFOR, “Homeless response systems in large cities are already strained beyond capacity. When you limit the ability of communities to respond to the needs of their own residents, no one wins.”
Nuclear bunker sales increase amid rising concern of catastrophic events
Have you ever thought about building a private bunker to live through a catastrophic event? A new report shows that sales for survival shelters are on the rise, continuing a trend that’s been a part of history for years.
New numbers from BlueWeave Consulting show the market for U.S. bomb and fallout shelters is expected to grow from $137 million last year to $175 million by 2030.
Recently, people have taken interest in building shelters on their property due to the rising threat of nuclear attacks or civil unrest.
Ron Hubbard, the owner of Atlas Survival Shelters in Sulpher Springs, Texas said he’s continued to see an uptick in sales since the COVID-19 lockdown with his sales more than doubling in March 2020 at the start of the pandemic.
“People are uneasy and they want a safe place to put their family. And they have this attitude that it’s better to have it and not need it than to need it, not have it,” Hubbard told The Associated Press.
However, not everyone is on board with bunkers. Critics said they create a false perception that a nuclear war is survivable, arguing those planning to live through an atomic blast aren’t focusing on the real dangers posed by nuclear threats.
Government disaster experts also said bunkers aren’t necessary. FEMA recommends simply staying inside, ideally in a basement and away from outside walls.
History of bunkers
The long past of bunkers started with protecting military members against bombings and nuclear attacks. During World War II, they sheltered troops and civilians, followed by the Cold War era when the fear of nuclear warfare led to building numerous public and private bunkers.
The Sept. 11 attacks then reignited interest in bunkers becoming more modern and providing amenities such as swimming pools, theaters and wine cellars.
There’s been a significant increase in the number of wealthy people investing in elaborate doomsday bunkers, a trend driven by a growing sense of insecurity about the future.
A record 1 in 8 students in NYC were homeless last year: Report
The number of homeless students in New York City has hit a record high. Data from the Advocates for Children of New York revealed more than 146,000 public school students were homeless during the 2023-2024 school year.
This means 1 in 8 students across the district were either in shelters or living temporarily with friends or family. That’s a 23% increase from the more than 119,000 homeless students the year prior.
The surge of kids living in transitional housing is being attributed in part to the city’s affordability crisis.
According to a 2022 report by New York’s Office of Budget Policy and Analysis, 20% of New York households were paying 50% of their income for housing.
An increase in migrant families also pushed the number of homeless students higher. The city doesn’t track student immigration status, but a city analysis says there were roughly 50,000 migrant families with children in New York City shelters over the summer.
Advocates for homeless children said the city should take steps like ensuring families are placed in shelters near their children’s schools, and getting rid of 60-day shelter limits imposed by Mayor Eric Adams, D, last year.
The new report also pointed out the serious issues homelessness can cause pertaining to a student’s success in school. Half of all students in temporary housing and 67% of students in shelters were chronically absent.
Students living in shelters also dropped out of high school at triple the rate of their peers. New York state is currently looking into the Foundation Aid Formula, which determines how much funding school districts receive.
Advocates for Children of New York said it hasn’t been updated in over 15 years.
Inflation heats back up to 2.6% as housing drives consumer price increase
Consumer price inflation heated up slightly in October 2024, coming in at 2.6% annually, compared with 2.4% in September. Monthly prices rose 0.2% from September, according to data released by the Bureau of Labor Statistics Wednesday, Nov. 13.
Core inflation, which removes more volatile food and energy prices, rose 3.3% annually and 0.3% compared with September. Both headline and core inflation came in line with expectations, according to FactSet. However, the rate of inflation did tick up slightly from September’s report.
The cost of shelter rose 4.9% annually and 0.4% since September. Shelter accounts for more than 65% of the rise in annual core inflation, BLS reported.
First-time buyers dropped to 24% between July 2023 and June 2024, a record low. That’s down from 32% a year earlier, according to the National Association of Realtors’ 2024 profile of home buyers and sellers, released last week. The average age of first-time buyers rose to 38 years old from 35 years old.
Meanwhile, the food index rose just 2.1% annually and ticked up 0.2% since September. Food at home, or groceries, rose 1.1% for the month.
“Five of the six major grocery store food group indexes increased in October,” BLS wrote. “The cereals and bakery products index increased 1.0 percent over the month as the bread index advanced 1.9 percent. The index for dairy and related products also increased 1.0 percent in October. The fruits and vegetables index increased 0.4 percent over the month, as did the nonalcoholic beverages index.”
The overall energy index fell 4.9% as Americans spent less on gasoline. The price of new vehicles fell 1.3% annually, while used vehicles fell 3.4% compared with the same month last year. Vehicles were a major driver of the post-pandemic inflationary episode.
The Federal Reserve’s dual mandate is to control price inflation and maintain full employment. Inflation has yet to hit its target of 2%. The latest report comes less than a week after the Fed cut its benchmark interest rate by 25 basis points. The federal funds rate now sits at 4.5% to 4.75%. Markets expect the central bank will make another cut of 25 bps when it meets in December.
At least 15 dead, 2.6 million without power after Hurricane Milton
The death toll from Hurricane Milton rises as millions are left without power in the storm’s aftermath. And one person is killed and 12 others rescued after a disaster during a tour of a Colorado mine. These stories and more highlight your Unbiased Updates for Friday, Oct. 11, 2024.
At least 8 dead, 2.6 million without power after Hurricane Milton
At least 15 people are dead (that number has risen since Unbiased Updates was recorded Friday morning, Oct. 11), and 2.6 million homes and businesses remain without power as Florida begins to pick up the pieces after Hurricane Milton roared across the state. It was the second devastating storm to batter the Sunshine State in less than two weeks.
Now a post-tropical cyclone, Milton is expected to continue to weaken over the next few days.
While Milton made landfall on Florida’s west coast near Sarasota, most of the deaths reported have been in the eastern part of the state, where dozens of tornadoes have been reported. While the storm did not prove to be the worst-case scenario, rescuers have been very busy pulling and dragging hundreds of people from flooded areas to safety.
Florida Gov. Ron DeSantis and President Joe Biden have both said in this case, warnings came early and often, spurring tens of thousands of people to evacuate and saving countless lives.
Still, the cleanup and recovery processes are expected to take weeks, if not months — especially in the areas that were also hit by Hurricane Helene just 13 days before Milton barreled in.
1 dead, 12 rescued after elevator malfunction at Colorado gold mine
In Colorado, 12 people are now safe after getting trapped at the bottom of a gold mine for six hours Thursday, Oct. 10. One person died after the elevator at the Mollie Kathleen Mine, a popular tourist attraction, experienced a mechanical problem 500 feet below the earth’s surface.
The 12 adults had access to water and were able to communicate with authorities via radio while trapped. As that group was stuck, rescuers were able to get to 11 other people who were riding the elevator and get them to safety.
The local sheriff said it is not yet known what caused the malfunction. An investigation is underway.
The incident happened during the final week of Mollie Kathleen Gold Mine‘s tourist season before it shuts down for the winter.
Chemical leak at Houston oil refinery kills 2, injures dozens more
Two people are dead and 35 more are injured after a chemical leak involving hydrogen sulfide, a potentially toxic gas, at an oil refinery in Deer Park, Texas — near Houston. Officials said a group was working on a flange Thursday when some kind of accident happened, and gas started leaking.
Emergency officials urged residents in the area to shelter in place after the incident, but this morning, that’s since been lifted after air monitoring showed no signs hazardous chemicals had gotten into the air.
Trump talks economic plan in Detroit; Obama rallies for Harris in PA
With just 25 days until Americans head to the polls, voters in two battleground states heard from two former presidents on Thursday. Republican nominee former President Donald Trump spoke to supporters in Detroit, Michigan while former President Barack Obama – stumped for Democratic nominee Vice President Kamala Harris in Pittsburgh, Pennsylvania.
While delivering his economic address to the Detroit Economic Club, Trump spoke about his goal to revive the auto industry and bring a “rebirth” to Detroit. He then turned to international companies and his plan for them to open facilities in America.
“So, here is the deal that I will be offering to the world to companies outside of our world — big companies, powerful companies that have become powerful because we were stupid, we were stupid, we allowed them to come and raid and rape our country,” Trump said. “That’s what they did. ‘Oh, he used the word rape.’ That’s right, I used the word. They raped our country. The United States will give you the lowest taxes, the lowest energy cost, we have more liquid gold under our feet than any other country in the world and it’s the best…But only if you make your products here in America. In other words, you get all of these assets, but you have to make your product here in America and you have to hire American workers.”
“Kamala is as prepared for the job as any nominee for president has ever been,” Obama said. “That’s who Kamala is.”
He added, “I’m sorry gentlemen; I’ve noticed this especially with some men who seem to think Trump’s behavior of bullying and of putting people down is a sign of strength. I am here to tell you, that is not what real strength is. Real strength is about working hard and carrying a heavy load without complaining and telling the truth even when it’s inconvenient. Real strength is about helping people who need it and standing up for those who can’t always stand up for themselves. That is what we should want for our daughters and for our sons and that is what I want to see in a president for the United States of America.”
Hezbollah official escapes during deadly Israeli strikes in Lebanon
Lebanese authorities say Israeli airstrikes targeting Hezbollah in Beirut killed 22 people and injured 117 others. Sources told Reuters a senior Hezbollah official, targeted by Israeli forces during the Thursday night strikes, was able to survive.
Israel has not commented on the attack.
The United Nations said its personnel is facing increasing danger in Lebanon as two U.N. peacekeepers were injured after an Israeli tank fired at a watchtower at its main headquarters in the southern portion of the country. Israel issued a statement on that incident, saying its military operated “next to” the U.N.’s base and had instructed U.N. officials to remain in protected spaces before its troops opened fire.
Hezbollah operates from within and near civilian areas in southern Lebanon, including areas near @UNIFIL_ posts.
The IDF is operating in southern Lebanon and maintains routine communication with UNIFIL.
IDF troops operated in the area of Naqoura, next to a UNIFIL base.…
The peacekeepers were said to be in good condition after being treated for their injuries.
Sports leagues come together to combat hate in America
In a sign of true sportsmanship, eight American sports leagues have come together to back a new campaign targeting hate in the U.S. It is an idea from New England Patriots owner Robert Kraft and his foundation to combat antisemitism.
The initiative brought together the heads of the NFL, NBA, MLB, NHK, NASCAR and others to come up with plans to curb hate of any kind in the country. The sports leaders are spending $50 million to get the word out.
The campaign, titled “Timeout Against Hate,” launched during Thursday night football on Oct. 10, with a commercial featuring legendary figures and current-day athletes from all sports speaking out against hate.
Inflation cools for sixth month in September but food and shelter stay hot
Consumer price inflation cooled for the sixth straight month in September 2024, coming in at 2.4% annually. Monthly prices rose 0.2% from August, according to data released by the Bureau of Labor Statistics Thursday, Oct. 10.
Core inflation, which removes more volatile food and energy prices, rose 3.3% annually and 0.3% compared to August. September’s report came in just a tick higher than expectations for the month.
Shelter, which has been the main driver of core inflation, went up 0.2% compared to August but is still up 4.9% year-over-year. Annual shelter inflation fell from 5.2% in August. Shelter price increases are still responsible for 65% of the yearly rise in core prices.
Together, shelter and food account for 75% of all inflation for the month.
The energy index fell 6.8% on an annual basis and 1.9% compared to August. That drop was driven by energy commodity prices, which are down 15.3% annually.
The price of new vehicles fell 1.3% while used vehicles fell 5.1% annually. Vehicle inflation was a major driver of inflation in recent years.
September’s inflation report will further inform the Federal Reserve’s next move in November after lowering its benchmark interest rate by 50 bps in September.
Analysts expect the central bank will make an additional 25 bps cut at the November Federal Open Market Committee meeting, which starts the day after the election.
The U.S. economy added far more jobs than anticipated in September and the unemployment rate ticked down to 4.1%. The U.S. added 254,000 jobs in September when economists expected around 150,000. In August, preliminary data showed 142,000 jobs added and 4.2% unemployment.
Core inflation is still above 3%: Is it time for the Fed to move its target?
Inflation cooled for the fifth straight month in August at 2.5%, inching closer to the Federal Reserve’s target of 2%. But core prices, which strip out food and energy, stayed stagnant at 3.2%. Is it time for the central bank to adjust its core inflation target of 2%?
The Federal Reserve has a dual mandate of full employment and price stability. To keep those numbers in line with a strong economy, they use tools like adjusting the federal funds rate, which is the overnight lending rate for banks but in a downstream way that affects interest rates on everything from mortgages to car loans.
The range is currently set at 5.25-5.50% after the Fed raised rates from near zero starting in March 2022 through July 2023. The Federal Open Market Committee will meet next week and is expected to start cutting interest rates for the first time this year.
While it seems like the 2.5% increase in consumer prices would give Fed Chair Jerome Powell a little cover, the central bank puts the focus on core inflation, which strips out volatile food and energy prices. Core inflation is still at 3.2% annually due mainly to rising shelter costs.
Straight Arrow News interviewed Monetary Macro CIO and the Fed Guy Joseph Wang Wednesday morning, Sept. 11, to discuss the latest inflation data. The conversation turned to whether the 2% target is a realistic endgame.
The following transcript is edited for length and clarity. Watch the full clip in the video above and catch the entire interview on SAN’s YouTube page.
Joseph Wang: I think we might be in a new, higher inflation regime. So we have to be careful. The future does not always look like the past. Over the past 20 years, we’ve had a world where inflation was pretty stable around 2%, but it wasn’t always like that.
Before the “Great Moderation” period, we were in the 1970s and 80s where inflation was volatile and sometimes very high. I think we’re heading into an era where inflation is probably going to be more volatile and higher than it was in the past. That’s certainly what the CPI is telling me.
Now looking on a year-over-year basis, we’ve been above 3% for some time and honestly, it looks kind of stuck there. Now we could have recessions that temporarily bring that down, but I think the next time we have a recession, maybe we just have more stimulus checks and so forth, and that makes it surge again.
So I think the future is going to be a world where inflation is going to be higher and more volatile. And that’s something that we’re going to have to get used to.
Simone Del Rosario: Fed Chair Jerome Powell gets asked this a lot and he loves to slap this down, which is, “Is the 2% target rate out of date and should we be looking at a 3% target?”
I know Jay Powell continues to stick to his 2% conviction but are you hearing anything different?
Joseph Wang: We have to realize that the 2% inflation target is nothing magical. It’s nothing set in stone. It’s a decision made by people. Now, in the Fed’s case, it was decided in 2012 to have an inflation target of 2%. Does it have to be that way? We could easily change it.
I think it’s helpful to understand why we might want to change the target. Traditionally speaking, economists think there’s a trade off between inflation and unemployment. So they would think that if we have 3% inflation, in order to get 3% inflation down to 2%, we have to have a bit of a recession, we have to have the unemployment rate go up a little bit. So ultimately, whether or not we decide to have a higher inflation target is a political decision as to whether or not the government can tolerate a temporary recession.
When inflation was around 4% and it looked like it would have come down, there were actually many people, influential people, writing columns in big newspapers saying, “Hey, why don’t we just change the inflation target so that it’s 3% or maybe a little bit more, instead of 2%?” They were saying this because they did not want the political costs of having temporarily higher unemployment, of creating a recession. So whether or not we change the inflation target is ultimately going to depend upon the political appetite for economic weakness.
Honestly, at 3% inflation, I think that’s close enough to 2% that people would just kind of struggle and say, “Yeah, it’ll eventually get there,” and they won’t have to change the target. But the next economic cycle, when we have an upswing, maybe inflation goes back to 4%, maybe a little bit more. Depending on who’s in power, maybe they don’t want to take that risk of having a recession to get inflation down, and maybe at that time, we’ll have some serious conversations within the government about whether or not they could change the inflation target.
To your point about what the Fed people have been talking about now, definitely they would never say that they’re going to raise the inflation target. But at the moment, they are having a discussion about their framework and that’s due to be released in a couple years.
There are former Fed speakers who are whispering that, “Instead of having a 2% inflation target, what if we have something called an inflation band?” So what that means is that my target is not a 2% point, but maybe it’s 2% plus or minus 1%. So that means that inflation at 1.5% is within the band, it’s okay. If it’s 2.5% or even 3%, that’s okay as well.
So that could be a way to, by sleight of hand, increase the inflation target simply by tolerating inflation higher than 2% because it’s still within the band. That is something that people discussed before in the Fed and now they’re discussing again. I don’t know what they will ultimately decide. I think it might depend upon just how easy they think it is to maintain 2% in the coming years.
Inflation cools to 2.5% in August but monthly core prices came in hotter
Consumer price inflation cooled for the fifth straight month in August at 2.5% annually, inching closer to the Federal Reserve’s target of 2% inflation one week before the central bank’s next rate decision. Monthly prices rose 0.2% from July, according to data released by the Bureau of Labor Statistics Wednesday, Sept. 11.
Core inflation, which removes volatile and energy prices, rose 3.2% annually and 0.3% compared to July. While the annual number came in as expected, the monthly increase is hotter than the 0.2% expected.
Shelter continues to be the main driver of core inflation as the index went up 0.5% compared to July and is still up 5.2% year-over-year. Shelter price increases are responsible for 70% of the annual rise in core prices.
The price of groceries didn’t budge on a monthly basis, and food away from home rose 0.3% over July. Energy prices dropped 4% annually while gas prices are down 10.3% compared to August of last year.
New car prices were unchanged for the month and fell 1.2% on an annual basis. Used cars, which had a massive spike amid the latest inflation run, dropped 10.4% compared to August 2023.
The BLS also reported the airline fares index rose 3.9% in August after declining in each of the previous 5 months.
August’s inflation report is one of the last data puzzle pieces ahead of the Federal Open Markets Committee meeting next week. The Federal Reserve is expected to cut interest rates for the first time since 2020. The central bank has a dual mandate and uses inflation data and unemployment to make its policy decisions.
The U.S. economy missed expectations and added just 142,000 jobs in August, but the unemployment rate did come off July’s surprise 4.3%, settling at 4.2%.