PAINE IN THE MORNING: 9 things you need to know this Friday – June 18th 2021 (LISTEN)


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Inflation Hits Highest Level Since 1979 in Philly Fed Survey – Super-charged inflationary pressures continued to gain steam in June, the Philadelphia Fed’s manufacturing survey showed Thursday.

Eighty-two percent of manufacturing companies in the Philly Fed’s survey reported paying higher prices for the inputs of their products, while just one percent said costs of input had fallen. As a result, the diffusion index moved up four points to 80.7, the highest reading since June 1979. – READ MORE

Perspex Screens Installed To Stop COVID May Have Actually Increased Its Spread, UK Govt Report Finds – A leaked Whitehall document seen by Politico suggests that perspex screens installed to stop the transmission of COVID-19 may actually have increased its spread.

Businesses and schools were told by the government to install the screens as a condition of re-opening after the first lockdown and they were widely used by ‘essential’ shops throughout the entire period. – READ MORE

8 Vaccinated Crew Members Test Positive For COVID-19 On Royal Caribbean Cruise Ship, Delaying Trip – Royal Caribbean International was forced to delay its inaugural trip on Tuesday after 8 vaccinated crew members tested positive for COVID-19, CEO Michael Bayley said in a Facebook post.

“The eight crew members, six of whom are asymptomatic and two with mild symptoms, were quarantined and are being closely monitored by our medical team,” Bayley said. The positive tests came back after routine testing, the post said. – READ MORE

Parents send face masks worn by children at school for lab analysis. Results show ‘dangerous pathogens’ on masks. – Exactly what gets collected on your face mask after hours of use? Many medical experts have claimed there are no health drawbacks to wearing face masks for long periods of time, as long as you regularly clean them or use a new covering each time you mask up

But Florida parents, who are concerned about children wearing face masks at school, discovered recently that face masks actually catch a host of bacteria, many of which are “dangerous pathogens.” – READ MORE

$100 Oil Predictions Soar As Analysts Warn Of Supply Crisis – “Incredible demand,” inflation, and shareholder pressure on oil supermajors to drastically cut emissions could lead to an oil crisis within three years, with very high oil and gasoline prices, David Tawil, president of Maglan Capital, told Fox Business on Wednesday.

Tawil has been very bullish on oil for some time, and thinks that the prices could hit $100 per barrel soon. – READ MORE

Pennsylvania Public Schools Received More COVID Aid Than Healthcare Providers – While the country fought a deadly pandemic for more than a year and schools remained closed, the education system in Pennsylvania received more federal aid than health care systems did.

The Keystone State collected more than $34 billion in federal aid, including through the CARES Act and the American Rescue Plan Act, according to the think tank Commonwealth Foundation. – READ MORE

15 States Are Moving To Curb Public Health Agency Powers Following Lockdown Carnage – More than a dozen states have passed or advanced legislation to place new checks on the powers of public health agencies in the wake of the pandemic…

Mike Fratantuono grew up in a restaurant. Literally.

For decades, Sunset Restaurant in Glen Burnie, Maryland, was the family business. Over the years, he’d done seemingly every job imaginable: busboy, bartender, and butcher; prep cook and plumber; handyman and manager. – READ MORE

A Record Benefits Cliff is Coming Thanks To Democrats’ American Rescue Plan – In the face of growing labor shortages, 25 states are ending federal pandemic unemployment benefits in the coming weeks. Their Republican governors argue those benefits make unemployment pay better than working, keeping workers on the sidelines of the economy. But the staggered expiration of benefits in those states over the next four weeks is just a foreshadowing of the far larger benefits cliff ahead on Labor Day. That’s when federal benefits for as many as nine million recipients will abruptly end, marking the largest benefits cliff in American history. The cliff will result directly from Democrats’ March 2021 American Rescue Plan and will disproportionately affect recipients in blue states.

The federal response to the pandemic has included unprecedented extended and expanded unemployment benefits already scheduled to total over $700 billion. While current $300-per-week bonuses have gotten outsized attention because they pay some workers more to remain unemployed, most recipients collect benefits due to two other federal pandemic programs. One extends unemployment checks to over 18 months for those exhausting state benefits. The other offers federal checks to millions who never qualified for benefits before. That latter program has seen astonishing levels of fraud and now supports more people than any other unemployment program. Except where states end them sooner, these federal benefits are scheduled to end the weekend before Labor Day. – READ MORE

Why America’s Oligarchs Are Moving Left – These days it’s not your typical latte-sipping millennials who are going woke.

Taking a stroll around America’s largest metro areas will have one believe social justice is the latest fad that’s sweeping across corporate boardrooms.

Much has been written about woke capital—businesses’ recent pivot to signal their affinity for leftist movements—and what it means for society at large. Suffice it to say that since last year, this trend has accelerated at breakneck speeds. – READ MORE

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