Archive

2023

Browsing

Boston Mayor Michelle Wu rejected a City Council proposal that would have cut funding for the city’s police department and veteran services.

‘Our budget must be responsive to the needs of our constituents, fiscally responsible, and built on a foundation of effective delivery of City services that are central to our residents’ quality of life,’ Wu said in a letter to members of the Boston City Council on Friday, according to a report from the Boston Globe.

The Democrat mayor’s letter comes after the council approved a $4.2 billion operating budget for the city that would have reduced funding for the Boston Police Department by $31 million and $900,000 in cuts to veteran services. Along with the proposed cuts were an $8 million increase funding for participatory budgeting, a city process that allows for more engagement on how tax dollars are spent by Boston residents.

The figures came in vastly different from Wu’s proposed budget, which only included $2 million for the participatory budget process. In her letter to members, the mayor said the council’s proposed cuts to the police budget ‘are illusory, as the City is obligated to cover salary and overtime expenses incurred by the department.’

The veto means the budget will now be sent back to the council where it will need two-thirds of the members to override Wu. With 12 members serving on the council, that would mean eight members would have to vote to override the veto. Seven of the 12 members voted to approve the proposal sent to Wu.

Councilor Tania Fernandes Anderson, chair of the city’s Ways and Means Committee, told the Boston Globe on Friday that the council’s proposed cuts would not have led to any city employees losing their jobs, instead arguing that her analysis found the Boston Police Department could have close to $25 million in extra funds next year.

Fernandes Anderson also blasted the Wu administration for not providing more transparency, saying the ‘administration does not work well with the council.’

But Fernandes Anderson, who has a son who serves in the Marines, expressed regret about the proposed cuts to veteran services, noting that funding would not have been affected because the proposed cuts were a line item that was eligible to be reimbursed by the state.

‘I want to extend my apology, I don’t want to send that message,’ she said.

Fernandes Anderson’s office did not immediately respond to a Fox News request for comment.

Wu’s veto was also criticized by the Better Budget Alliance, a group that has advocated for more participatory budgeting.

‘It is unacceptable that Mayor Wu vetoed a higher $10 million [allotment] for participatory budgeting and used false criticisms to undo the council’s critical investments in Boston’s underfunded working class, BIPOC communities,’ the alliance said in a statement, adding that Wu ‘has chosen to protect unused police funds and excessive overtime in the bloated BPD budget instead of funding real community investments.’

The decision to veto the proposal was praised by the head of the city’s largest police union.

‘Undoubtedly, we’re grateful the mayor saw fit to reject the council’s misguided efforts to dramatically and disproportionately impact the BPD budget, and, by extension, the department’s ability to effectively protect and serve the people of Boston,’ Larry Calderone, the president of the Boston Police Patrolmen’s Association, said in a statement, according to the Boston Globe.

The mayor’s office did not immediately respond to a Fox News request for comment.

This post appeared first on FOX NEWS

Marc Short, who served as chief of staff for former Vice President Mike Pence, condemned the pardons former President Donald Trump handed down in the final hours of his administration.

Short made the comments during an appearance on ‘Fox News Sunday,’ telling host Shannon Bream that the pardons were among the worst parts of the end of Trump’s administration.

‘One of the most unseemly parts of the end of our administration was the pardons that Donald Trump gave to cocaine traffickers, to family members, to people guilty of violent crimes,’ Short said.

‘I think we have to have a real conversation of what would people actually do with the power of the pardon,’ he continued. ‘There’s a couple people on the stage who have been governors and understand it, but I think even when you look at Donald Trump’s record when it came to pardons, it was indefensible.’

Trump issued 73 pardons and 70 sentence commutations on Jan. 20, 2021, his final day in office. The pardon recipients included former White House adviser Steve Bannon and rappers Lil Wayne and Kodak Black.

Former Detroit Mayor Kwame Kilpatrick, who was serving a near-30-year sentence on corruption charges, was among the 70 who had their sentences commuted.

Short’s comments came the same day that Pence defended former President Donald Trump’s right to have his day in court, but dodged questions about whether Trump should be convicted if allegations against him are proven true.

Pence appeared on NBC’s ‘Meet the Press’ on Sunday for a lengthy interview with host Chuck Todd. Todd kicked off the conversation by mentioning Trump’s indictment and subsequent appearance at a Miami federal courthouse, but Pence repeatedly skirted around the host’s questions.

This post appeared first on FOX NEWS

The artist who sketched former President Donald Trump’s arraignment last week in Florida responded to criticisms that he portrayed Trump as younger and more physically fit than reality.

‘It’s rare I get any kind of feedback,’ sketch artist William J. Hennessy Jr., 65, told the Boston Globe.

Hennessy was one of three artists who captured Trump’s appearance at his arraignment in federal court in Miami last Tuesday. Trump was indicted on 37 federal charges related to alleged willful retention of national defense information, conspiracy to obstruct justice and false statements. Trump pleaded not guilty and slammed the charges as a ‘witch hunt.’

The sketches came under criticism by some on social media who claimed that Hennessy portrayed Trump as younger than his age of 77 and thinner than reality.

‘Is this William J Hennessy Jr’s audition to do Trumps official Whitehouse portrait?’ one Twitter user asked of the sketch. 

‘They got Trump looking like ‘Prince of Tides’ Nick Nolte in this sketch,’ another Twitter user wrote.

‘That last sketch of Trump looks almost exactly like the recent photo of his son Barron,’ another wrote.

Hennessy told the Globe that he received a mix of responses to his sketches, about half being favorable and half criticizing him.

‘Some said he looked too thin, too young, and some said he looked too good,’ Hennessy said, telling the outlet that the negative comments appeared to come from people who ‘didn’t care much for Trump.’

For Hennessy, he said the day in the Miami court was ‘a pretty stressful’ one but that he drew his sketches just how he saw them. 

‘I don’t editorialize,’ he said. ‘I just draw what I see.’

This post appeared first on FOX NEWS

–>

The Federal Reserve is still talking tough via its dot-plot, which forecasts two more interest rate increases before the end of 2023. But the markets are not agreeing. My money, for now, is with the markets.

As I pointed out in my January 2023 video for StockCharts TV’s Your Daily Five, despite constant worries from perplexed traders and dark pundit banter, a credible bottom formed. Since then, stocks have risen and now look set to move higher, likely with occasional pauses. That’s because the rally is broadening out via a rapid improvement in the market’s breadth, which is accompanying the new highs on the major indexes, as I describe later in the article.

In fact, we are currently in what I call a double barrel bull market, where two major groups are pulling the rest of the market higher. The one everyone knows is AI. The other, more quiet but equally bullish, is the housing sector.

Since lots of people have missed the rally and are now playing catch up, the upward momentum will keep going for a while. Of course, this rally can’t, shouldn’t, and won’t last forever. But if history is any guide, the rest of 2023 and much of 2024 have a built in upward bias, at least based on the phenomenon known as the Presidential Cycle; whose major premise is that the Fed raises rates in the first two years of a presidential term (which it has) and lowers them in the last two years (which seems highly likely).

AI Poster Child Makes New Highs

The poster child for the AI rally is the Invesco QQQ Trust (QQQ), as it houses the large-cap tech stocks, which are moving higher based on expectations of large profits in the future from increasing automation and whatever AI eventually delivers.

Last week, QQQ made another series of new highs. But, by Friday, it looked at bit tired. Thus, it makes sense to expect some sort of consolidation. A move back to the 20-day moving average is not out of the question.

Lennar’s Goldilocks Quarter

For the past several years, I’ve written extensively about the homebuilder stocks and related sectors. That’s because this area of the market continues to move higher. Moreover, the more negative investors become on the sector, the higher it goes.

In fact, as I detail in this Your Daily Five video, the homebuilders are in what can only be described as a bullish Megatrend, which shows no sign of slowing.

Take, for instance, the recent action in leading homebuilder Lennar (LEN), a longstanding holding in my Joe Duarte in the Money Options portfolio, and a personal holding. Its most recent earnings report blew past analysts’ expectations on both earnings and revenues as the company again offered a positive outlook. Naturally, the shares broke out to a new high.

What makes Lennar’s earnings most interesting is the company’s management of its inventory – not too hot, not too cold. Moreover, the company’s Executive Chairman Stuart Miller noted that home buyers have come to accept the “new normal” status of interest rates, adding “demand has accelerated.” He concluded by noting: “Simply put, America needs more housing, particularly affordable workforce housing, and demand is strong when price and interest rates are affordable.”

In other words, unless interest rates climb significantly higher, the housing sector, from the point of view of homebuilders, is in better shape than many investors may think.

And here is something else to consider. Lennar is trading at a P/E of 9.46, while Nvidia (NVDA), the biggest benefactor of the AI trend, is trading at a P/E of 54.91.

Bond Yields Hold their Ground

Bond yields remained below their recent top level of 3.8% as 262,000 Americans filed for unemployment benefits, an increase of 17,000 from the prior week. In addition to the stable inflation pictured in CPI and the rolling over of producer prices (PPI) released earlier in the week, bond traders breathed a sigh of relief.

Buried in the jobless claims number were over 7,000 new filings in Texas, the highest number of new claims in the U.S. for the week. Let’s put this in some perspective. Based on recent U.S. Bureau of Labor Statistics numbers, the Lone Star State accounted for 7% of the total U.S. GDP. Moreover, in Q4 2022, Texas accounted for 9.5% of total U.S. GDP, which means the largest economy in the U.S. is starting to feel the pinch of the Fed’s rate hikes.

On the other hand, Texas has received the largest number of new residents of any state in the post-COVID period. All of which means that for now, even in a slower economy, there is still a tight supply of housing combined with high demand. Texas is not alone, as the sunbelt remains attractive to many people looking to escape high taxes and challenging employment situations.

This confluence of data, rising initial jobless claims, slowing inflation, and a coincident slowing of the Chinese economy has led to an encouraging reversal in U.S. Treasury bond yields, which will likely benefit the homebuilders. That’s because, with lower bond yields, we’re already seeing an increase in mortgage activity, as the chart above shows.

The 3.85% yield on the U.S. Ten Year Note remains 3.85%, roughly corresponding to 7% on the average 30-year mortgage. So, if yields remain below this level, the odds favor a continuation of the steady performance of the homebuilder sector.

Incidentally, I have expanded my coverage of the housing and real estate markets in a new section for members of my Buy me a Coffee page, where you will get the inside scoop on what’s happening in these important sectors. This crucial information complements the stock picks at Joe Duarte in the Money Options.com You can start by reviewing my extensive report on the outlook for the homebuilder sector here

NYAD Improves SPX and NDX Look to Consolidate

The New York Stock Exchange Advance Decline line (NYAD) continues to improve. As long as it’s above its 50-day moving average, that’s signaling stocks are back in an uptrend.

The Nasdaq 100 Index (NDX) moved above 15,000 and is due for a pause. But in this market, any pause may be short-lived. ADI and OBV remain in bullish postures.

The S&P 500 (SPX) moved above 4400 and looks set to take a breather. As with NDX, any pause may not last. Both ADI and OBV look to be in good shape.

VIX Makes New Low

The CBOE Volatility Index (VIX) broke to another new low last week as call option buyers overwhelmed the market. As I noted last week, this is probably a little too much bullishness all at once, so I expect a bit of a bounce in VIX, which will likely lead to some backing and filling in the market.

When the VIX rises, stocks tend to fall, as rising put volume is a sign that market makers are selling stock index futures to hedge their put sales to the public. A fall in VIX is bullish, as it means less put option buying, and it eventually leads to call buying, which causes market makers to hedge by buying stock index futures. This raises the odds of higher stock prices.

Liquidity is Increasingly Stable as Fed Holds Rate Hikes

With the Fed on hold, the market’s liquidity is starting to move sideways, which is a positive. A move below 94 on the Eurodollar Index (XED) would be very bearish, while a move above 95 will be a bullish development. Usually, a stable or rising XED is very bullish for stocks.

To get the latest information on options trading, check out Options Trading for Dummies, now in its 4th Edition—Get Your Copy Now! Now also available in Audible audiobook format!

#1 New Release on Options Trading!

Good news! I’ve made my NYAD-Complexity – Chaos chart (featured on my YD5 videos) and a few other favorites public. You can find them here.

Joe Duarte

In The Money Options

Joe Duarte is a former money manager, an active trader, and a widely recognized independent stock market analyst since 1987. He is author of eight investment books, including the best-selling Trading Options for Dummies, rated a TOP Options Book for 2018 by Benzinga.com and now in its third edition, plus The Everything Investing in Your 20s and 30s Book and six other trading books.

The Everything Investing in Your 20s and 30s Book is available at Amazon and Barnes and Noble. It has also been recommended as a Washington Post Color of Money Book of the Month.

To receive Joe’s exclusive stock, option and ETF recommendations, in your mailbox every week visit https://joeduarteinthemoneyoptions.com/secure/order_email.asp.

Droughts and wildfires. Floods and hurricanes.

As the losses from these natural disasters skyrocket, a growing number of insurance companies are declining to offer or renew coverage in California and Florida, leaving 60 million Americans with dwindling options to comprehensively and affordably protect their livelihoods.

The numbers tell part of the story: In California, there have been eight disaster events since 2020 that have caused between $20 billion and $50 billion in damages combined.

In Florida, 16 severe storms or hurricanes since 2020 have caused between $100 billion and $200 billion in damages. That includes Hurricane Ian, which has emerged as the third-costliest storm in U.S. history.

The retreat of household-name insurance companies is one reason homeowners in Florida and California are seeing eye-watering increases in premiums — raising fresh questions about whether the already oaring cost of living in these two states is sustainable for its residents.

The financial toll is real

In California, the average annual home insurance premium is now $1,300 — up 16% from 2019 levels, according to the Insurance Information Institute, a group that represents the insurance industry. As more insurers have exited California’s borders, the state’s FAIR Plan Association, which was established for California homeowners who are not able to find insurance in the traditional marketplace, has seen enrollment numbers approximately double since 2019.

If that sounds like a lot, it’s got nothing on Florida, where the average homeowners insurance premium is now $6,000 — up 200% from 2019, according to data from the Insurance Information Institute.

Today, the Citizens Property Insurance Corporation, Florida’s state-run plan funded by its customers’ premiums, now serves as the largest and fastest-growing insurer in the state. The company now has some 1.4 million policies and counting — comprising roughly one-in-eight Florida households — and up from fewer than 500,000 policies in 2019.

How did this happen?

A confluence of factors have gotten California and Florida to this point — some unique to each state and others disputed by the insurance industry. But the consensus generally comes back to climate risks and the rising cost of rebuilding homes, experts say.

‘When you have rising construction costs and then the potential for widespread losses, that’s what exacerbates problems in these areas,’ said David Blades, associate director for industry research and analytics at AM Best, a global credit agency and data group.

Blades said that between 2016 and 2020, U.S. construction costs increased between 1% and 3%, ‘a very moderate amount of inflation.’

But during and after the Covid-19 pandemic, supply chains were disrupted, real estate prices skyrocketed, and interest rates surged. As a result, Blades said, construction costs soared 13.4% in 2021 and 9.3% the year after.

As home prices surged in Florida and California, so has the potential cost of repairing them.

‘When you have economic factors amplifying risk-related factors, that’s where you get insurance companies that don’t want to make these decisions,’ Blades said. The calculus then shifts to whether it’s worth it for the company to keep doing business in the state or ‘look at their bottom line and assess that their risk appetite needs to change,’ Blades added.

Florida’s state-run insurer teeters

Even as Florida has seen a post-pandemic population boom, more insurance companies are leaving. In a statement to NBC News, Farmers Insurance confirmed it has stopped writing new homeowners insurance policies in Florida. The news was first reported by The Wall Street Journal.

‘With catastrophe costs at historically high levels and reconstruction costs continuing to climb, we implemented a pause on writing new homeowners policies to more effectively manage our risk exposure,’ a Farmers spokesperson said in an email.

Farmers is one of more than a dozen insurers that have decided to no longer write new business in the Sunshine State, alongside at least six companies that became insolvent in 2022 alone.

Citizens makes money through rates and premiums, and this month, the group requested the “maximum rate increase allowed,” with the average cost to customers expected to rise by as much as 12%.

Michael Peltier, Citizens’ media relations manager, said that, at the moment, the company has enough financial cushion to absorb the new policies, assuming the rate increase is approved. But if enrollment growth continues, Peltier said Citizens may be forced to levy additional assessments not just on its own policyholders but also anyone with any kind of insurance in Florida, including auto.

‘It’s not a healthy environment,’ Peltier said. ‘This growth we have is not sustainable.’

Despite the prevalence of frequent and severe storms alongside the aforementioned cost increases, the industry blames Florida’s rising insurance costs on the state’s legal environment.

Until recently, homeowners could assign insurance claims to third-party contractors, like roofers. Some of those contractors would then pursue false damage claims against the insurer and sue them if they refused to pay. The scam left insurance companies on the hook for any legal costs, even if they ultimately won the case. The Insurance Information Institute estimates that, in just the one month prior to the passage of a Florida state bill ending the practice, some 280,000 lawsuits were filed.

Overall, the organization estimates the financial impact of legal system abuse in Florida between 2012 and 2021 caused Florida property insurers to pay out $51 billion just to settle litigated claims, with 71% percent going toward legal fees and public adjusters.

“This is what’s caused Florida’s market turmoil,” said Mark Friedlander, the Insurance Information Institute’s communications director. Even with the new law, he said, the suits “are going to make matters worse, and it’s unknown for how long.”

Others say the situation in Florida is more complex — and more directly tied to climate change. Amy Bach, executive director at the consumer advocacy group United Policyholders, said the bill designed to fix the ‘Florida roofing scam’ problem ‘eviscerated people’s ability to sue’ their insurer.

‘So many people were not getting paid fairly,’ Bach said. ‘The industry says it’s the lawsuits, but as soon as they got what they wanted, rates did not come down. So clearly that wasn’t the whole story.’

In California, insurers see huge losses

Bach says insurers who would otherwise be entering or staying in Florida and California now face higher costs for reinsurance — alternatively known as insurance for insurers. These policies are supposed to kick in when insurance companies experience high-dollar losses.

‘It’s only supposed to be a rare large-scale event that brings reinsurer dollars in,’ Bach said. ‘But because we’ve been having increasingly frequent and severe weather disasters like hurricanes and wildfires, insurers are tapping reinsurers more than in the past, and they don’t like that.’

As for California, the math is failing to add up there, too. State Farm‘s California-focused unit posted a $312 million underwriting loss on property insurance claims in just the first quarter of 2023, greater than its loss of $241 million within the same business for all of 2022. 

State Farm, as well as Allstate both recently announced they had stopped writing new policies in California.

Insurance giant AIG has also started to curb home-insurance sales to affluent customers in approximately 200 ZIP codes across the U.S. that are at high risk for floods or wildfires, the Journal reported.

AIG declined to comment.

Insurers in California face a stringent regulatory environment that limits how fast insurance rates can rise, Friedlander said.

“With the past five years of intense wildfires and large property losses incurred in California, the insurance industry has pretty much lost all of its underwriting profit in the state that was generated over the previous 20 years,” he said.

‘Going naked’

In addition to putting homeownership further out of reach in states already facing acute affordability crises, Florida’s and California’s insurance troubles are likely to prove particularly burdensome for retirees who had been counting on selling their homes to generate cash in their golden years.

That’s because more potential buyers now won’t be able to obtain loans that come with property insurance requirements.

‘Some folks have been relying on these homes,’ said Mallon FitPatrick, managing director and principal at Robertson Stephens wealth management firm. ‘But now many of them are uninsurable, and it’s going to be hard to resell that.’

Faced with dwindling options, more households are choosing to go without insurance altogether, known as ‘going naked’ in the industry. The Insurance Information Institute estimates that as many as 15% of Florida homeowners have no property insurance — the highest rate in the U.S. The organization did not have an estimated figure for California.

But evidence suggests the phenomenon is becoming more common there, too.

“We just don’t have a stable insurance market,” California State Sen. Bill Dodd, a Democrat from Napa, whose Northern California district has been charred by wildfires, told the Associated Press. “What’s happening is a lot of people in my district and frankly other districts are … going naked — they have no insurance.”

More homeowners’ going without insurance, coinciding with worsening natural disasters, is going to have a ripple effect on the entire country, as government programs become more strained, Bach said.

‘There are a lot of stakeholders here that need this thing to be fixed.’

This post appeared first on NBC NEWS

Air travelers picked up some bad habits during the pandemic that they can’t seem to shake.

Unruly passenger incidents rose 47% globally last year from 2021, even as pandemic-related restrictions faded, according to recent data released this month by the International Air Transport Association, an airline trade group. Reports of bad behavior rose from a rate of 1 incident per 835 flights to 1 per 568 over that period, IATA found.

Conflicts over mask requirements, which drove a surge in unruly conduct during the depths of the coronavirus pandemic, have largely dissipated. But as air travel continues to rebound — a record 257 million passengers are expected to hit the skies on U.S. airlines this summer — other sources of contention are still triggering disruptions at alarming rates. And some say official data may only capture a fraction of the problem.

“The public does not hear about the 99% of would-be incidents that are resolved by flight attendants without event,” the Association of Flight Attendants President Sara Nelson said in an email. “We deescalate conflict as aviation’s first responders on nearly every flight.”

Industry experts say that they can only speculate about what’s going on.

“I’m not sure if there is an overall increase in a feeling of self-entitlement,” said aviation security expert Jeffrey Price, the owner of the airport management consultancy Leading Edge Strategies, “or if people are, for some reason post-Covid, feeling more empowered to assert what authority or influence they believe they have.”

The numbers are only a part of the story. It’s the behavior behind the numbers that is causing us some concern.

Jonathan Jasper, senior manager for cabin safety, IATA

Looking at more than 20,000 reports submitted by around 40 airlines worldwide, IATA found the most common types of unruly conduct last year were non-compliance with crew instructions, followed by verbal abuse and intoxication.

In the last few weeks, a Delta Air Lines flight heading to Detroit from Paris was diverted to Canada for an emergency landing over the behavior of an unruly passenger. And a traveler denied boarding at Hartsfield-Jackson Atlanta International Airport was arrested after allegedly having slapped a Spirit Airlines employee.

While extreme incidents like those remain rare, “it is very concerning to see the frequency of reported unruly incidents increasing,” said Jonathan Jasper, IATA’s senior manager for cabin safety. “And the key here is that the numbers are only a part of the story. It’s the behavior behind the numbers that is causing us some concern.”

IATA attributed last year’s jump in noncompliance to infractions ranging from passengers’ smoking cigarettes or vaping on planes to failing to fasten their seat belts, refusing to stow cabin baggage during takeoff and landing, and drinking their own alcohol onboard.

IATA’s study doesn’t break down incident rates by region. In the U.S., Federal Aviation Administration data shows the problem remains elevated despite having eased considerably from pandemic peaks.

In 2019, the FAA logged 1,161 unruly passenger reports and just 1,009 in 2020, when lockdown orders sharply restricted air travel. But as flight volumes began ticking back up, the reports skyrocketed to a record high of 5,981 in 2021 — around 72% of which had to do with masking rules, the FAA said.

Last year, the agency tallied 2,455 unruly passenger reports in the U.S., still far above pre-pandemic levels but a sharp drop nonetheless. The decline came in a year when a federal judge struck down the Centers for Disease Control and Prevention’s mask mandate for public transportation in late April 2022, by which point masking-related unruly conduct had dipped to 63% of FAA reports.

When mask mandates were overturned, however, the agency had already spent well over a year enforcing a “zero-tolerance” policy for unruly behavior.

In January 2021, it rolled out penalties such as hefty fines and the threat of federal criminal prosecution, including potential jail time, for any passenger who “assaults, threatens, intimidates, or interferes with airline crew members.” The FAA said this April that it had referred more than 250 of the most serious such cases to the FBI since late 2021.

While instances of noncompliance fell at the start of last year as more airlines and governments around the world dropped their mask mandates, IATA found the rate beginning to rise again as 2022 wore on, ending the year up.

Some aviation experts say many customers have most likely lost patience with airlines over high ticket prices, widespread delays and cancellations and sliding service quality in recent years.

“Flying is an altogether less enjoyable experience,” said Philip Baum, the managing director of the aviation security consultancy Green Light Ltd.

He noted that the industry let go huge numbers of personnel early in the pandemic and has struggled to recruit and train new ones. Many airline and airport workers may now be less experienced and more stressed, adding strain to interactions with shorter-fused customers.

Flying is an altogether less enjoyable experience.

Philip Baum, Managing Director of Green Light LtD.

In addition, Baum said, “the reality is that post-pandemic, those experiencing poor mental health is on the increase, some of whom may find the depersonalized service offered a trigger.”

Nelson also pointed to the pandemic’s long shadow, saying it “exposed deep social division and resentment over rising inequality,” and she criticized public officials’ “mixed messages and contempt for rules that protect our collective safety” as having made matters worse.

“Our cabins are microcosms of humanity, so this anxiety, confusion and division continues to show up in behavior on our planes,” she said.

Aviation most likely isn’t the only industry more customers are lashing out at. In the National Customer Rage Survey, released in March, a record 74% of consumers said they experienced issues in the marketplace in the previous 12 months, and 43% of respondents said they had raised their voices at customer service, up from 35% in 2015. Labor shortages in recent years were probably a factor in the jump, the researchers said at the time.

Whatever the underlying causes, the problem shows few signs of fading from air travel. The FAA had already recorded 822 reports of unruly passengers as of June 11 — less than halfway through a year when global passenger volumes are projected to reach 92% of pre-pandemic levels, up from 72% last year.

In fact, after a slight dip in February to 122 unruly passenger incidents, the FAA received 169 reports in May — the highest monthly level so far this year.

The agency didn’t respond to requests to comment further on its data.

This post appeared first on NBC NEWS

Former Vice President Mike Pence says he will fire FBI Director Christopher Wray and insisted that former President Donald Trump’s ‘policy is the same’ as President Biden’s.

The comments from Pence — who launched a Republican presidential primary campaign earlier this month — came during an interview released Saturday by the New York Post. During his conversation with the outlet, Pence, 64, discussed a range of subjects and homed in on what he believes are missteps by the Department of Justice and Trump, as well as the potential for America to lose its positioning on the world stage if a different Republican gets elected.

‘The American people have lost confidence in the Department of Justice. And if I’m President of the United States, on day one, we’re going to clean house on the top floor of the Department of Justice and bring in a whole new group of people,’ Pence said, adding that he would fire Wray, a Trump appointee, if he’s elected president.

The former vice president also took aim at Trump on a number of fronts and concluded during the discussion that he ‘was’ his friend at one time.

Pence, who served in the Trump administration for the totality of his tenure, also said he believes the recent indictment wielded against Trump ‘includes serious charges, and I can’t defend what is alleged.’

On Tuesday, Trump pleaded not guilty to 37 federal charges stemming from Special Counsel Jack Smith’s investigation into his alleged improper retention of classified records at Mar-a-Lago in federal court in Miami.

Pence said he will ‘always be proud of the record of the Trump administration’ and reiterated that he ‘was always loyal to President Trump . . . right up until when my loyalty to the Constitution required me to do otherwise.’

Asked about the differences between the documents found at Trump’s Mar-a-Lago estate and those found within his own home, Pence, a former governor of Indiana, noted that he was fully cooperative with authorities and overturned the materials quickly.

‘I’m pleased that they concluded that it was an innocent mistake. But let me be clear. It was a mistake. I took full responsibility for it, because the protection of classified materials of the United States is a very serious matter,’ he said.

Pence also recognized that the Trump administration didn’t meet certain expectations for spending, which contributed to the nearly $32 trillion national debt of today.

‘Frankly, we didn’t do as good a job as we could on controlling spending. And truth is, we have a national debt the size of our nation’s economy today,’ he said.

Under the Trump administration, the national debt grew by $7.8 trillion, with a total of three debt ceiling increases by Congress and no cuts to spending.

‘Donald Trump’s policy is the same as Joe Biden’s. I mean, they both have refused to engage in any discussion about reforming Social Security and Medicare,’ Pence said.

Reaffirming his support for the pro-life movement, Pence bashed Trump for his take that the 2022 midterm election losses were a result of the Supreme Court’s decision last year to overturn Roe v. Wade and allow states to rule on the issue.

‘My former running mate has taken to blaming overturning Roe versus Wade for election losses of ’22, suggesting that pro-life legislation in states around the country is too harsh,’ he said.

As for the coronavirus pandemic and whether he believes Trump should have fired Dr. Anthony Fauci from his post during his time in the White House, Pence declined to comment.

‘I’ve thought very deeply about that,’ he said. ‘I regret the way Dr. Fauci became a symbol for, and a justification for, the heavy hand of government by Democrat governors and mayors. And it’s among the lessons that we should learn.’

‘But at the end of the day, I’m very proud of what the American people accomplished during the worst pandemic in 100 years,’ Pence added.

Taking aim at his fellow presidential hopefuls, Pence also expressed concern over how they would handle the ongoing Russia-Ukraine war and its impact on the world.

‘When I look at where my former running mate and frankly, others in the field want to take our party . . . you know, as war rages in Eastern Europe, my former running mate and others in this primary would diminish America’s obligation as the leader of the free world and the arsenal of democracy,’ Pence said.

Fox News’ Brooke Singman contributed to this report.

This post appeared first on FOX NEWS

President Biden on Saturday claimed that a Chinese spy balloon that drifted across the U.S. and caused a major international incident was ‘more embarrassing than it was intentional’ by the communist regime. 

The president also said he hopes to talk to China’s President Xi Jinping about how the U.S. and Beijing can ‘get along.’

Biden was asked whether Secretary of State Antony Blinken can ease tensions with China as part of his trip to the country. Biden, in response, raised the issue of the balloon, which flew over the U.S. in February until it was shot down off the coast of South Carolina.

‘China has some legitimate difficulties unrelated to the United States, and I think one of the things that balloon caused was not so much that it got shot down, but I don’t think the leadership knew where it was, knew what it was in it and what was going on,’ he said.

‘I think it was more embarrassing than it was intentional,’ he said.

The incident led to intense criticism of the administration from a number of Republicans, who said it should have been shot down much earlier, and caused Blinken to postpone a planned trip to China. The administration had cited safety concerns about shooting down the heavy object over populated areas.

An NBC News report in April said that the spy balloon was able to gather intelligence from several sensitive American military sites. The Pentagon later said it could not confirm that there was any real-time transmission of data. The Chinese have said that the balloon’s movements were accidental.

This week, more than a dozen Republican senators wrote to President Biden, complaining that the administration has not yet given a public account of the spy balloon incident’s ‘flagrant violation of U.S. sovereignty.’

‘While four months have passed since a Chinese surveillance balloon was allowed to fly across the United States, your administration has yet to provide the American people a full accounting of how this spy platform was allowed to traverse across sovereign U.S. territory, what the balloon carried, and what it collected during its mission,’ the lawmakers said.

On Saturday, Biden said he hoped to meet with Xi and discuss areas of potential cooperation between the two countries.

‘I’m hoping over the next several months, I’ll be meeting with Xi again and talking about legitimate differences we have but also how there are areas we can get along.’

Last week, the administration confirmed that China had been working to increase its spying efforts in Cuba, calling it an ‘ongoing issue’ that predates Biden, after saying that reports that Beijing had secured a deal to build a new spy base on the island 90 miles from the U.S. were inaccurate.

This post appeared first on FOX NEWS

Sen. John Fetterman, D-Pa., donned a hoodie and a pair of shorts with sneakers for a Saturday event with President Biden and Pennsylvania Gov. Josh Shapiro in Philadelphia, where officials discussed Interstate-95 and the reconstruction efforts underway.

Fetterman was seen in the outfit while meeting Biden at the airport upon his arrival in the state, and later at an event where Biden and Shapiro updated Americans on the work that has taken place to ensure a safe reopening of the major highway.

The combination of clothes — a Carhartt hoodie and athletic-wear shorts with sneakers — has become a part of the junior senator’s wardrobe for official functions. Fetterman was seen numerous times on the campaign trail last year wearing the same get-up, and last month he appeared at a Senate news conference wearing a similar outfit.

Speaking at the event, Fetterman touted Biden’s accomplishments and insisted he is ‘committed to infructure [sic].’

‘Little over a year ago, the president and I were standing right next to each other at a collapsed bridge in Western Pennsylvania, a bridge that I drove over just the night before with my young son. He showed up within just hours after that bridge collapsed there,’ Fetterman said of Biden. ‘And he promised to make sure that any resources that they needed and any help and support and guess what? That bridge was built less than a year well, well in front of time.’

‘And now I’m standing next to the president again next to a collapsed bridge here,’ he added. ‘He is here to commit to work with the governor and the [delegation] to make sure that we get this fixed quick, fast, as well, too. This is a president that is committed to infructure [sic], yeah, and then on top of that the jewel kind of a law of the infraction [sic].’

After he concluded his remarks, Fetterman introduced Rep. Brendan Boyle, D-Pa., to the podium, referring to him as ‘Congressman Boyle Bile.’

Clay Travis of Outkick.com reacted to Fetterman’s speech in a Saturday tweet.

‘If the Lincoln-Douglas debates represented the pinnacle of American democracy Biden-Fetterman represents the all time bottom,’ Travis wrote.

Fetterman’s office did not immediately respond to a Fox News Digital request for comment about his attire at the Saturday event.

During his time as mayor of Braddock and campaign for the Senate, Fetterman was known for wearing sweats on the job, but he raised eyebrows when he showed up to the United States Senate in a hoodie.

Fetterman has been seen wearing a hoodie and shorts in the Senate several times since his return from a six-week hospital stay, where he was being treated for clinical depression.

Fetterman initially checked himself into the hospital in February and did not return in person to the Senate until April.

In his first appearance in the chamber since his weeks-long hospital stay, Fetterman was seen wearing a black Carhart hoodie and blue casual shorts.

Among the debate about Fetterman’s controversial Senate attire, Fox News Digital recently reported that the senator’s office had doctored his remarks in their transcriptions from several hearings, amid concern over the senator’s health.

Fox News’ Aubrie Spady contributed to this report.

This post appeared first on FOX NEWS

President Biden on Saturday pledged the federal government’s full support for reconstruction efforts in Pennsylvania after a portion of Interstate 95 near Philadelphia collapsed last weekend.

The president delivered remarks at the Philadelphia airport after taking an aerial tour of the damage on I-95, where a tanker truck caught fire below an overpass causing the collapse last weekend. A delegation of Pennsylvania officials was with the president, including Democratic Gov. Josh Shapiro, senators Bob Casey, D-Pa., and John Fetterman, D-Pa., and Rep. Brendan Boyle, D-Pa., who represents the Philadelphia area. 

‘I want to say that we’re with you. We’re going to stay with you until this is rebuilt, until it’s totally finished,’ Biden said. 

‘There’s no more important project in the country right now as far as I’m concerned.’

The collapse is snarling traffic in Philadelphia as the summer travel season starts, upending hundreds of thousands of morning commutes, disrupting countless businesses and forcing trucking companies to find different routes.

One body was pulled from the wreckage. The resulting fire caused the collapse of the northbound lanes of I-95. The southbound lanes were compromised by the heat from the fire, authorities say. 

Construction crews began work on building a temporary roadway after debris from the collapse was demolished days ahead of schedule, the Pennsylvania Department of Transportation said Friday. 

Biden praised those who worked quickly to clear debris and said $3 million in federal emergency funds were immediately made available to offset the cost of repairs. 

‘This is just a down payment,’ Biden said. ‘We’ll be getting a lot more federal funding out the door in the coming weeks.’ 

Shapiro said Saturday that, with assistance from the federal government, I-95 will be reopened within the next two weeks. 

‘We are going to get traffic moving again thanks to the extraordinary work that is going on here by these union trade workers,’ Shapiro said. 

Fetterman spoke as well, comparing the moment to when he and Biden visited a collapsed bridge in western Pennsylvania last year. 

‘He promised to make sure that any resources that they needed and any help and support — and guess what? And guess what? That bridge was rebuilt less than a year well, well in front of time and again,’ the senator said. 

Biden said the federal government will reimburse Pennsylvania ‘100%’ of the costs during the first 200 days of reconstruction and 90% afterward. The president said more than 150,000 vehicles use I-95 daily, including 14,000 trucks. 

‘It’s critical to our economy. It’s critical to our quality of life,’ Biden said. ‘We’re going to continue to do everything within our power to get this back open as quickly and easily as possible, not leaving until it’s done.’

The Associated Press contributed to this report. 

This post appeared first on FOX NEWS