Daily Archives: March 5, 2020

BRUSSELS (Reuters) - The European Union is giving governments all the fiscal leeway they need to individually deal with the economic impact of the coronavirus and may decide on a more concerted stimulus if the economy suffers severely, officials said on Thursday.

FILE PHOTO: European Union flags fly outside the European Commission headquarters in Brussels, Belgium, April 10, 2019. REUTERS/Yves Herman/File Photo

The decision, the latest by policymakers around the world to open state spending taps to counter the virus, could throw a lifeline to Italy which has been struggling to comply with EU requirements to cut deficit and debt.

Italy has suffered Europes worst outbreak, with most of the infections in the northern region that powers its economy.

EU finance ministers, who have ultimate control of the application of EU rules that limit government borrowing, discussed on Wednesday a response to the impact of the epidemic on growth. They agreed the economic impact of the virus was an emergency and an event outside their control.

In such exceptional cases, EU budget rules, called the Stability and Growth Pact, allow governments to stop cutting deficits and public debt, and address the challenge at hand. There is no limit set in this flexibility clause.

In general, there is political agreement that governments are free to fiscally address the emergency and we will worry about the Stability and Growth Pact later, one official involved in the Wednesday teleconference said.

Two others confirmed that, but noted the extra spending would have to be clearly linked to mitigating the effects of the epidemic, which would be verified by the European Commission.

The meeting was held as the European Commission issued a note estimating the outbreak would curb euro zone growth this year below the 1.2% forecast just weeks ago in mid-February, although it was still impossible to say by how much.

Meanwhile, other countries have also moved to bolster their war chests.

China, the source of the outbreak, said it had earmarked 110.5 billion yuan ($15.9 billion) to fight the epidemic as of Wednesday. The U.S. House of Representatives has approved over $8 billion, while the likes of South Korea, Indonesia and Singapore have all announced big spending packages.

The choice of individual government responses rather than a pan-EU one was, for now, more convenient to speed things up.

It is also good news for highly indebted Italy. The north, which has been most affected by the virus, produces almost a third of the countrys GDP.

Rome introduced 900 million euros of financial support for the worst-hit areas last week and later promised spending of 3.6 billion euros to help the wider economy, a sum which might rise to 4.5 billion, or 0.25% GDP.

As this is an emergency it is ... more effective for countries to act first, said a third official involved in the discussions.

Fiscal rules have a clause available to cope with this, the European Commission will try to make clear in the meantime how this will be implemented, what policies, that it has to be targeted, timely, temporary, the official said.

On top of this, if growth is deeply hurt, we will consider a more accommodative stance at aggregate level, the official said, adding the commitment would remain vague for now.

In the wake of the Lehman Brothers bank collapse, the EU decided in late 2008 on a European Economic Recovery Plan that would pump some 200 billion euros, 1.5% of the then EU GDP, into the economy to boost demand and stimulate confidence in 2009.

The number was an aggregate number of stimulus estimated to be adequate and was to be a reference for governments on how much to boost spending, but many countries went above that.

It is not clear how this would work this time, it would surely need to be linked with investment in policy priorities, the third official said. But it is too soon to say. Also because it is not clear how a demand push would solve a supply chain problem.

Officials said a response to the economic impact of the coronavirus would have been easier had the 19 countries sharing the euro had a euro zone budget to cushion such external shocks.

But a miniscule euro zone fiscal capacity of 12.5 billion euros over 7 years now only under consideration as part of a wider EU budget, excludes such purposes on the insistence of Germany and the Netherlands.

Reporting by Jan Strupczewski; Editing by Alexandra Hudson and Pravin Char

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Unshackled by EU, countries have fiscal freedom to fight coronavirus - Reuters

Every year millions of Americans make resolutions, and every year those same Americans fall short of reaching their goals.

In the seventh article ofthis series, the Invest In You team once again asked readers and viewers to reveal their goals to fuel a commitment toward a healthier financial well-being in 2020. The response was overwhelming and humbling.

Several themes emerged, including saving now for a brighter future, teaching kids financial literacy and building a business. Below are some highlights from this week's respondents.

FINANCIAL FREEDOM

Elliot Irvine, California: "I started putting money into the market after I graduated with no money in 2011. I've been putting away much of my pre/post tax income, and I am very excited to see significant gains. I pledge to invest for financial freedom and independence for my wife and I so one day we don't have to ask for vacation days."

Nelcol Mt. Vernon, New York: "I have been a single mom for the last 25 years and I feel stuck. I work hard to provide for my family, and I feel like I'm chasing my tail. I pledge to get invested to break this cycle."

NelCol from Mt. Vernon, New York

Liam Jackson, Wyoming: "I pledge to invest for security and freedom. Freedom to enjoy life and help others enjoy their lives. Future security that can help support myself and my family for years to come."

INVESTING IN FAMILY AND COMMUNITY

Amanda Phoenix, Arizona: "I'm invested for my family and my community. As a small business owner, I believe in giving back to my community and family. Financial independence is important, and I pledge to support fiscal literacy programs in K-12 education, support low-income senior citizen programs, and ensure my family can have financial security for years to come through solid financial investments."

Mark Phoenixville, Pennsylvania: "I pledge to invest and teach my children the things that I never learned about financial investing and show them different avenues of financial freedom."

Ryan Wallingford, Connecticut: "I remember digging the foreclosure sign out of my front yard as a kid. I remember coming home from high school and finding my mom crying at the kitchen table because her card was declined at the grocery store ... again. I remember asking aunts and uncles to cosign my student loans. I remember monthly, when I make a payment toward my $150,000 of college debt, of what I despise, and I remember daily at 4:15 when my alarm goes off what is driving me. I'm investing in myself, so that eventually, I can invest in others and show them the way that I clawed through. I pledge to invest in myself because I start with the end in mind, and my wife knows I live by only one mantra ... It's possible."

Ryan Olney, Illinois: "I am a fairly new investor and ready to start my investment adventure by diversifying my money into ETFs that cover different sectors. I have recently started building my portfolios to help me meet my financial goals! I pledge to get invested for the long haul, to stay on course at the moment, and to work on my dollar cost averaging. I believe in the market and think it is a must to invest your money so your money works for you."

BEING MY OWN BOSS

Jomary Waterbury, Connecticut: "I am a cosmetologist and I pledge to get invested so I can open my own salon. I believe God put me on this earth to help women feel beautiful inside & out. If I had my own salon, I would be able to provide that to women of all shapes and sizes."

Rachel Plano, Texas: "I have a full-time job and make jewelry on the side. I pledge to get help and be invested in my jewelry business."

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Here's what you say are your biggest financial commitments in 2020 - CNBC

Lawmakers are racing to clinch a deal on emergency funding to combat the coronavirus as more cases, and the first deaths within the United States, took place over the weekend.

The House is expected to vote on billions in funding aimed at combating the illness this week, though negotiators have not yet finalized a deal.

An important step that Congress must take is to ensure the government has the resources needed to combat this deadly virus and keep Americans safe. To that end, House appropriators are working to advance a strong emergency funding supplemental package that fully addresses the scale and seriousness of this public health crisis, which we hope to bring to the Floor next week, Speaker Nancy PelosiNancy PelosiCongressional leaders downplay possibility of Capitol closing due to coronavirus Ocasio-Cortez says candidate she backed in Texas Democratic primary 'came closer than anyone imagined' Henry Cuellar fends off Democratic challenger in Texas House primary MORE (D-Calif.) said in a Dear Colleague letter on Saturday.

A group of appropriators, led by Senate Appropriations Committee Chairman Richard ShelbyRichard Craig ShelbyHouse passes .3 billion measure to fight coronavirus Lawmakers clinch deal for .3 billion to combat coronavirus Sessionsto face Tuberville in Alabama GOP Senate runoff MORE (R-Ala.) and Nita LoweyNita Sue LoweyHouse passes .3 billion measure to fight coronavirus Lawmakers clinch deal for .3 billion to combat coronavirus Absent Sanders takes center stage at pro-Israel AIPAC MORE (D-N.Y.), have been locked in days of negotiations over a potential package to provide supplemental funding amid growing concerns about a widespread outbreak of the virus within the United States.

"We want to make sure if this stuff really spreads that we're doing our job," Shelby told reporters late last week.

The administration requested $2.5 billion in funding, half of which would have been new funding. The rest would have come from existing health programs, including $535 million from fighting Ebola.

Theyre likely to get double or triple that request. A source familiar with the talks confirmed to The Hill that negotiators are looking at providing between $6 billion and $8 billion.

Thats below the $8.5 billion requested by Senate Minority Leader Charles SchumerCharles (Chuck) Ellis SchumerTrump slams Schumer statement on Kavanaugh, Gorsuch: 'Serious action MUST be taken NOW' Montana's Democratic governor plans last-minute run for Senate Schumer's office says he was referencing justices paying 'political price' MORE (D-N.Y.), but significantly more than the White Houses request which even some Republicans characterized as too low.

"I think $2 billion is a little low, I think we're probably looking at $4 billion in this process, having spoken to Democrat House members from Appropriations," House Minority Leader Kevin McCarthyKevin Owen McCarthyHouse passes .3 billion measure to fight coronavirus Congressional leaders downplay possibility of Capitol closing due to coronavirus Trump tells Republicans he won't extend surveillance law without FISA reforms MORE (R-Calif.) told reporters last week during a press conference.

Pelosi added in her statement that the funding package had to be comprised of new funding, and that there must be guardrails to ensure President TrumpDonald John TrumpAs Biden surges, GOP Ukraine probe moves to the forefront Republicans, rooting for Sanders, see Biden wins as setback Trump says Biden Ukraine dealings will be a 'major' campaign issue MORE "cannot use these new funds for anything other than fighting coronavirus and infectious diseases."

Lawmakers are hoping to have the package ready to move by early this week. They face a tight timeline if they are going to get the bill passed by the House, Senate and to Trumps desk before leaving for a weeklong recess on March 13.

"I hope they can work expeditiously so the full Senate would be able to take up the legislation within the next two weeks. And I hope, as we move forward through this challenge, this body can put reflexive partisanship aside and uphold the spirit of cooperation and collaboration this will require," Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellRepublicans, rooting for Sanders, see Biden wins as setback Senate seeks massive permanent boost in conservation funding House passes .3 billion measure to fight coronavirus MORE (R-Ky.) said last week.

The discussions on Capitol Hill come as new cases of the coronavirus were disclosed, including two deaths within the United States.

The two deaths were in Washington, where Gov. Jay InsleeJay Robert InsleeCalifornia reports state's first coronavirus fatality as US death toll hits 11 Pence to travel to Washington as state grapples with coronavirus Emerald City Comic Con will take place in Seattle amid coronavirus fears MORE (D) declared a state of emergency in the state on Saturday.

Meanwhile, New York confirmed its first coronavirus case on Sunday. The New York Times, citing a gene sequencing analysis, reported that the virus may have been spreading in the United States for weeks undetected.

In addition to potential funding legislation, several committees will be holding hearings on the U.S. response to the coronavirus.

The House Homeland Security Committee will hold a hearing on Wednesday, while the Senate Health, Education, Labor and Pensions (HELP); Homeland Security and Governmental Affairs; and Commerce, Science and Transportation committees will each hold related hearings this week.

Four officials including Anthony Fauci, the director of National Institute of Allergy and Infectious Diseases, and Stephen Hahn, the Food and Drug Administration commissioner, are scheduled to testify before the SenateHELPCommittee on Tuesday.

On Thursday, Ken Cuccinelli, the acting deputy Homeland Security secretary, and Robert Kadlec, the assistant secretary for preparedness and response at the Department of Health and Human Services, will testify before the Senate Homeland Security and Governmental Affairs Committee.

Super Tuesday

A number of highly contested primaries are expected to be determined on Tuesday evening, with multiple high-profile incumbents facing tough races to retain their seats.

In Texas, Rep. Kay GrangerNorvell (Kay) Kay GrangerThe Hill's Morning Report - Presented by the APTA - A huge night for Joe Biden Kay Granger fends off Republican primary challenger in Texas This week: House eyes vote on emergency coronavirus funding MORE (R-Texas), the top Republican on the powerful House Appropriations Committee, will take on Chris Putnam, a former Colleyville city council member who has garnered the support of conservative outside groups including Club for Growth. Senior Democratic Rep. Henry Cuellar (Texas) will take on a challenger from the left, Jessica Cisneros, an attorney and liberal activist, who has received support from progressive members including Rep. Alexandria Ocasio-CortezAlexandria Ocasio-CortezOcasio-Cortez: Effective political organizers should be inclusive Ocasio-Cortez says candidate she backed in Texas Democratic primary 'came closer than anyone imagined' Henry Cuellar fends off Democratic challenger in Texas House primary MORE (D-N.Y.) and Democratic presidential front-runner Sen. Bernie SandersBernie SandersRepublicans, rooting for Sanders, see Biden wins as setback Sanders says Biden winning African American support by 'running with his ties to Obama' Sanders condemns his supporters' 'ugly, personal attacks' against Warren MORE (I-Vt.).

In California, voters will choose the candidates who will face off in the special election for former Rep. Katie HillKatherine (Katie) Lauren HillThis week: House eyes vote on emergency coronavirus funding The 14 other key races to watch on Super Tuesday Obama warns against 'unauthorized use' of his image to mislead voters in cease-and-desist letter MOREs seat. And former Rep. Darrell IssaDarrell Edward IssaDemocrat Campa-Najjar advances to runoff in race to fill Hunter's vacant California seat Democrat who won Issa's open House seat advances in California primary This week: House eyes vote on emergency coronavirus funding MORE (R-Calif.) will take on two other candidates in the race to become the Republican nominee in what will likely be a second runoff against Democrat Ammar Campa-Najjar in the race to replace former Rep. Duncan HunterDuncan HunterDemocrat Campa-Najjar advances to runoff in race to fill Hunter's vacant California seat This week: House eyes vote on emergency coronavirus funding The 14 other key races to watch on Super Tuesday MORE (R-Calif.).

The Alabama Senate primary will see former Sen. Jeff SessionsJefferson (Jeff) Beauregard SessionsThe Hill's Campaign Report: Biden riding wave of momentum after stunning Super Tuesday Trump criticizes Sessions after Alabama Senate primary heads to a runoff The Hill's Morning Report - Presented by the APTA - A huge night for Joe Biden MORE (R-Ala.), Rep. Bradley ByrneBradley Roberts ByrneSessionsto face Tuberville in Alabama GOP Senate runoff This week: House eyes vote on emergency coronavirus funding The 14 other key races to watch on Super Tuesday MORE (R-Ala.) and former Auburn football coach Tommy Tuberville (R) battle for the chance to take on Sen. Doug Jones (D-Ala.) in November. Sessions, who previously served as attorney general, has had a rocky relationship with Trump. Sessions fell out of favor with Trump after having recused himself from oversight of the Russia probe and was ousted from the administration in November 2018. But the president has largely stayed out of the race.

If none of three candidates breaks 50 percent the primary race will go to a runoff between the top two contenders.

Surveillance

Lawmakers are still trying to figure out how, or if, they will be able to extend three soon-to-expire provisions of the USA Freedom Act.

Congress has until March 15 to reform, extend or end the intelligence programs, which deal with "lone wolf" surveillance, roving wiretaps and a controversial records program that lets the government request phone metadata.

The legislative fight has sparked a larger debate about trying to use the reauthorization legislation to make broader changes to the Foreign Intelligence Surveillance Act (FISA) and the FISA courts.

So far neither chamber has been able to advance a bill related to the expiring provisions.

The House Judiciary Committee yanked its bill last week after Rep. Zoe LofgrenZoe Ellen LofgrenTrump tells Republicans he won't extend surveillance law without FISA reforms Hillicon Valley: Democrats in talks to bridge surveillance divide | DHS confident in Super Tuesday election security | State pledges M cyber help to Ukraine | Facebook skipping SXSW amid coronavirus Schiff says Democrats are negotiating to include more privacy protections in key surveillance bill MORE (D-Calif.) threatened to force votes on several FISA-related amendments.

Progressives and libertarian-minded GOP lawmakers have warned for years that they do not believe the government provides enough transparency or privacy protections for individuals targeted for surveillance.

Those concerns have taken root with a broader swath of Republicans after Justice Department Inspector General Michael Horowitz found 17 significant inaccuracies and omissions in his report on the FISA warrant applications regarding Trump campaign associate Carter Page.

Several Trump allies on Capitol Hill are pushing for broader FISA reforms as part of the USA Freedom authorization.

Ranking Member [Doug] Collins [R-Ga.] and [Jim] Jordan [R-Ohio] on down have proposed good reforms, reforms that should be bipartisan that not only make sure it doesn't happen again, but put real criminal penalties in place so that if somebody does violate the law, they're fully held accountable, Rep. Steve ScaliseStephen (Steve) Joseph ScaliseThis week: House eyes vote on emergency coronavirus funding Sanders, socialism emerge as top targets at CPAC The Hill's Campaign Report: Sanders top target at CPAC MORE (R-La.) told reporters.

Meanwhile, Sen. Rand PaulRandal (Rand) Howard PaulAs Biden surges, GOP Ukraine probe moves to the forefront Republicans, rooting for Sanders, see Biden wins as setback Trump tells Republicans he won't extend surveillance law without FISA reforms MORE (R-Ky.) told reporters last week that Trump was supportive of his amendment that would ban FISA warrants from being used against an American citizen. It would also prohibit information gathered in the FISA court from being used against an American in domestic courts.

The push to use the reauthorization of the three USA Freedom provisions to make broader FISA changes is at odds with the plan preferred by Attorney GeneralWilliam BarrWilliam Pelham BarrTrump criticizes Sessions after Alabama Senate primary heads to a runoff Trump tells Republicans he won't extend surveillance law without FISA reforms Why the rule of law depends on the president and his attorney general MORE, who pitched Senate Republicans last week on a clean extension. Barrs plan is backed by Majority Leader Mitch McConnell (R-Ky.), with GOP senators discussing trying to extend the programs until 2022.

But the short time frame has some already discussing a short-term extension. With an energy bill expected to dominate the Senate floor this week, the earliest the chamber could take up an extension of the USA Freedom provisions is next week.

One option could be to attach a short-term extension to another piece of legislation, sparking chatter on Capitol Hill that leadership could try to drop it into the coronavirus package.

But Pelosi and McCarthy have both shot down that idea. And Eric Ueland, the White House director of legislative affairs, hinted that they did not want to add unrelated issues into the emergency funding.

Its important that we deal with the first problems first COVID 19 here for this fiscal year and then looking forward for whats going coming up in [fiscal] 2021, but not get distracted on unrelated and unattached issues, Ueland said.

Energy bill

The Senate is set to take up wide-ranging energy legislation by Sens. Lisa MurkowskiLisa Ann MurkowskiOvernight Energy: Senate seeks massive boost in conservation funding | White House raises objections over plan to reduce heat-trapping chemicals | Interior chief defends budget amid heated criticism White House raises objections to bipartisan proposal to reduce use of heat-trapping chemicals Brouillette says administration plans to give a boost to uranium producers MORE (R-Alaska) and Joe ManchinJoseph (Joe) ManchinOvernight Energy: Senate seeks massive boost in conservation funding | White House raises objections over plan to reduce heat-trapping chemicals | Interior chief defends budget amid heated criticism White House raises objections to bipartisan proposal to reduce use of heat-trapping chemicals Senate seeks massive permanent boost in conservation funding MORE (D-W.Va.).

The Senate will take an initial procedural vote on the more-than 550 page bill on Monday evening, where they will need 60 votes to get it over the hurdle.

The legislation incorporates more than 50 bills including promoting research in up and coming renewable energies. It also includes efforts to bolster the capture of carbon pollution, including from the coal and natural gas sector, as well as research to expand nuclear energy.

Parts of the bill, including provisions related to mining for minerals needed to make batteries, have earned criticism from environmental groups and some Democrats.

If it passes the Senate a final product will still need to be negotiated by the House, and passed again by both chambers.

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This week: House eyes vote on emergency coronavirus funding | TheHill - The Hill

WASHINGTON The U.S. Navys top requirements officer said in testimony Wednesday that other budget priorities have crowded out the first four littoral combat ships, leaving them on the cutting-room floor in 2021.

In total, the service saved about $1.8 billion over five years with the move, said Vice Adm. James Kilby, the deputy chief of naval operations for war-fighting requirements and capabilities.

As we looked at our budget for [fiscal 2021], we looked at how much it would cost in the FYDP [Future Years Defense Program] collectively $1.2 billion and how much it would cost collectively to upgrade those first models $600 million total and we determined that money could be applied in other areas, Kilby told the House Armed Services Committees Seapower and Projection Forces Subcommittee. We didnt want to do it.

Kilby said the service prioritized the Columbia-class ballistic missile submarine and readiness above maintaining older force structure.

During the Navys budget rollout in February, the services budget director, Rear Adm. Randy Crites, told reporters that the ships were unique and not like the other LCS in the fleet, making them special cases in the LCS class. They had previously been designated test ships for crewing models and the long-delayed mission packages.

The hulls Freedom, Independence, Fort Worth and Coronado have accrued between six and 12 years of service, but their usefulness as test vessels is waning and theyre no longer worth a deeper financial investment, according to Crites.

Those four test ships were instrumental to wringing out the crewing, the maintenance and all the other things we needed to learn from them, Crites told reporters during the Feb. 10 budget rollout. But theyre not configured like the other LCS in the fleet, and they need significant upgrades. Everything from combat [systems] to structural, you name it. Theyre expensive to upgrade.

Still, Kilby said, the Navy is committed to the class, adding that they were necessary to ease the burden on the fleets beleaguered destroyers.

I think there is great capability in the LCS class, Kilby said. And we need those ships in the future to have a mix to allow those ships to do what they are designed to do.

When I deployed in 2017 as a strike group commander, I used a destroyer to do maritime fisheries enforcement. Thats not a great use for a DDG [destroyer]. Thats a good use for an LCS.

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Here's how much the US Navy saves by cutting the first 4 LCS more than a decade early - DefenseNews.com

Seeking to dish up tasty, home-style Southern cooking to its customers and mouth-watering growth for its investors, Cracker Barrel Old Country Store (NASDAQ:CBRL) mostly succeeded in its fiscal Q2 2020, but might have come up a few biscuits short. Efforts to shore up profits with a refreshed dinner menu, a vigorous delivery push, and integration of a new acquisition drove decent comparable-restaurant sales growth. However, traffic fell slightly short, and Cracker Barrel's long history of rising value seems to have reached a plateau, making it uncertain whether the company has lost momentum or is about to catch its second wind.

Cracker Barrel recently began upgrading and simplifying it menus, aiming to strengthen overall sales and the dinner daypart in particular. According to CEO Sandra Cochran during the company's Q2 2020 earnings call, its country fried steak and chicken and dumplings were "improved" with higher quality and better cooking processes. Simultaneously, Cracker Barrel raised the prices of these items and other improved foods on the menu.

Sales results clearly show that the appeal of the more toothsome recipes dished up to customers more than offset the impact of higher prices. The average size of checks rose by 4%, while traffic fell by 0.2%, leading to 3.8% overall growth in comparable-store restaurant sales. Quarterly operating income rose 3.2% year over year. These results surpassed those of the casual dining industry as a whole.

Image source: Cracker Barrel

Cochran noted that mild winter temperatures over much of Cracker Barrel's main area of operations meant that traffic wasn't affected by winter cold and storms as severely as in previous years. Therefore, the slight decline in traffic likely resulted from the pricier menu items. However, the growth in check size greatly outpaced the decline in traffic, indicating that the restaurant has hit on menu item changes that are genuinely pleasing diners, making them willing to spend more.

Cracker Barrel achieved and beat its 10% goal by increasing quarterly deliveries to 13.2% of its total sales. Out of its approximate 695 total restaurants in the USA, around 600 locations now provide off-premise sales. The company hasn't tied itself to a single delivery service, but uses GrubHub (NYSE:GRUB), DoorDash, Uber Eats, Postmates, and any other available partner to get everything from individual meals to catered food to customers' doorsteps.

Off-premise sales are especially strong around major holidays like Thanksgiving and Christmas, according to CEO Cochran. She noted that Easter was expected to provide another boost to deliveries, though not on the same scale as the big winter holidays.

In addition to refreshed, higher quality dishes on the menu and fast-growing deliveries, Cracker Barrel is also working at integrating its new acquisition, Maple Street Biscuit Company, into operations. Where Cracker Barrel's internal menu improvements aim squarely at dinner, Maple Street addresses the other end of the dining day with breakfast items. Cracker Barrel made an outlay of $36 million in cash to buy out the brand back in October 2019, adding breakfast expertise and 28 locations to its business.

Founder and CEO Scott Moore remains at the acquisition's head, though now with the full backing of Cracker Barrel's resources for future expansion. The subsidiary will remain fairly autonomous, according to Moore, giving it the freedom to grow its business in line with its existing strategies.

Cracker Barrel has consistently outperformed the S&P 500 since 2006, rising in value by more than 300% between then and January 2020, while the S&P500's value increased roughly 150% during the same timeframe. Over the past several years, the company's gains have leveled out, moving in a channel centered on its approximate current stock price.

However, all current signs suggest that Cracker Barrel isn't content to just coast on its existing success, but is vigorously pursuing a multipronged strategy to maintain the initiative. While maintaining its wholesome, folksy, country-themed image, it's innovating in the key areas of its existing menu, delivery, and acquisitions chosen to shore up areas Cracker Barrel isn't currently focusing on internally, such as breakfast in the case of Maple Street.

Its success with revitalizing popular, existing foods may foreshadow positive results from its planned addition of entirely new dishes in the near future, too. Chicken pot pie and country fried pork chops, along with other as-yet-undisclosed menu items, will soon be getting the quality makeover. Cracker Barrel seems to be making sure its current cuisine stays high-quality and relevant, while exploring fresh possibilities for expansion. Fools investing in restaurant stocks may want to monitor its earnings to see whether its long-term performance and 14-year winning streak endure into the future.

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Cracker Barrel Turns to Menu Changes and Delivery to Boost Traffic and Sales - Motley Fool

Former Wyoming Congresswoman Cynthia Lummis path to the U.S. Senate seemed clearer than ever before when she visited Laramie on Wednesday.

Even so, Lummis said isn't considering her securing the Republican nomination a sure thing.

Ive always found that running aggressively as if its going to be the tightest race in history is the best way to run these campaigns, Lummis told the Boomerang.

Her visit to the Gem City of the Plains came two days after former Wyoming gubernatorial candidate Foster Friess, who was openly favored in that race by President Donald Trump, announced he would not seek the seat being vacated by U.S. Sen. Mike Enzi, R-Wyo. The year began with U.S. Rep. Liz Cheney, R-Wyo., deciding against a run for the Senate seat she once desired, dashing speculation shed seek a seat in the other chamber. The other Republican candidates in the race to have filed with the Federal Elections Commission Joshua Wheeler, Robert Short, Bryan Miller and Patrick Dotson dont appear to pose any significant threat to Lummis, whose name recognition, experience and endorsements have her seeming the obvious successor to Enzi in a state that hasnt sent a Democrat to represent it in Washington, D.C., since 1977.

Lummis eight years in Congress taught her some lessons on how to win in Wyoming, she said.

Having a really good ground game with solid volunteers and organizations in every county is the best approach to campaigning in Wyoming, and that will continue to be the focus of our efforts, Lummis said.

In an overwhelmingly red state, Albany County is one of the few communities with strong pockets of blue voters. Half of its representation in the state Legislature is Democratic, and it has a recent history of handing candidates on the left more votes than Republican opponents in statewide races.

But Lummis said it is her goal, should she be the Republican nominee, to garner more votes than her general election competitor from the other side of the aisle, seeing it as a welcome challenge. As the states third largest community and home of Lummis college alma mater, she said shes determined to win over the countys mixed electorate. The historical significance of her candidacy in the context of Albany Countys electoral history isnt lost on her either, Lummis said.

The fact Laramie is the first place a woman ever voted under full voting rights that were never subsequently repealed is a milestone for this community, she said. So to have Laramie be the place where women first exercised their right to vote and to have the opportunity to be Wyomings first woman U.S. senator is not lost on me. Its important to me.

Rock Springs Ryan Greene, a Democrat, narrowly edged out Cheney in 2016 in Albany County, compared to Cheneys trouncing of Greene on the statewide level. While Lummis bested challengers in Albany County in 2010, 2012 and 2014, Democrat Gary Trauner in 2008 rolled over Lummis locally in the race where he had a relatively significant vote count statewide.

Nonetheless, Lummis feels her message will resonate with local voters.

The fact there are purple pockets or blue pockets in Albany County does not daunt me, she said.

As one of the co-founders of the House Freedom Caucus, Lummis is touting her congressional record of fighting off attacks from the environmental left on Wyomings mineral resources, resisting gun control measures, being anti-abortion and having the voting record least in-sync with the Obama administrations policy agenda. Her Senate to-do list, according to her website, includes building the wall on the southern border, fighting for religious freedom, confirming conservative judges and Trump appointees, stopping the socialist agenda and the Green New Deal and to put America first while ensuring our national defense is the strongest in the world.

In an age where Republican primaries have a heavy emphasis on who is the best Trump ally, Lummis established herself early on as a strong proponent of the controversial president, citing her enthusiasm for the Trump economy. Years after polling showed Wyoming support for Trump among the strongest in the nation, Lummis said it is her impression that Cowboy State voters still love what they see out of the president.

It is certainly Lummis hope that Republicans will maintain control of the Senate, win back the House and re-elect President Trump. But even if the reverse happens and Democrats take the Senate, hold the House and put their candidate in the White House, Lummis said shell be doing whatever she can to advance Wyomings interests in Washington, D.C.

I want to get involved in the Western Caucus and work with fellow westerners to advance western issues of common interest, she said. Then I want to work with senators that are committed fiscal conservatives.

Lummis chaired the House Western Caucus while serving in Congress.

Her experience in Congress has set Lummis up to fight for federal policy critical to Albany County, she said. When it comes to federal payments to Albany County as part of the Payment In Lieu of Taxes program, which attempts to compensate counties for lost tax revenue resulting from federal ownership of lands, Lummis said she understood the heavy lift it takes to make the case to congressmen and congresswomen from states that dont have as much publicly owned land.

Its a constant battle for public lands states to educate members from back east, Lummis said.

Both of the Democratic contenders currently declared for the Senate seat call Laramie home. In June, local activist and organizer Yana Ludwig announced she would seek the Democratic partys nomination, while Merav Ben-David, a University of Wyoming ecology professor, announced her candidacy in January.

Lummis said she thinks her connections to Albany County run deep and will resonate with local voters.

Let me adopt the assumption that the nominee of the Democratic Party will be from Albany County: Did they attend (the University of Wyoming)? Do they own property in Albany County? Have they spent a lifetime involved with players in this community? Maybe the answer is, Yes, but I havent seen that, Lummis said. I intend to emphasize that this county, this university, this community are as much in my bones as any community in Wyoming.

The University of Wyoming and community college campuses around the state are of particular interest to Lummis in the campaign. An increasing preponderance of socialism among college-age voters, Lummis said, is a fight she wants to take on.

Campuses in Wyoming are really the first bastion to fighting socialism, Lummis said. To protect First Amendment rights, Second Amendment rights in fact all of our rights under the Constitution the students who are constitutional adherents are really the frontline in preserving constitutional government. Since that is a really big focus of our campaign, we really want to have frequent and active involvement of students at UW and other community colleges around the state.

In 2016, self-described democratic-socialist candidate for the Democratic Partys nomination for president Sen. Bernie Sanders, I-Vt., drew thousands to a rally on UWs campus. Sanders overwhelmingly won the Albany County Democratic Caucus that year. He is now in a red-hot race for the partys nomination with former Vice President Joe Biden.

As she went to meet with voters in Laramie Wednesday evening, Lummis said shell be focused in the coming months on raising money for an expensive campaign and working hard on her ground game.

Thats one of the reasons Im here in Albany County today meeting with folks to make sure those relationships and my understanding of this community is very up to date, she said.

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Lummis determined to win over Albany County voters - Laramie Boomerang