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Josh Brown warns we could break the October lows, but has stocks to buy for second half

January 3, 2023 Published by Sarah Min

US Top News and Analysis

Josh Brown issued a warning for investors on Tuesday, noting that new bear market lows could soon be reached. “You could divide up everyone on Wall Street right now in one of two camps. Do we break the October lows or do we not? I think we break the October lows,” Brown, the CEO of Ritholtz Wealth Management, said Tuesday on CNBC’s ” Halftime Report .” Stocks dropped to their bear market lows in October 2022, with the S & P 500 dipping below the key 3,500 level, as investors weighed the likelihood of further interest rate hikes from the Federal Reserve to fight persistent inflation. Some better-than-expected corporate reports helped markets rebound to close the month nearly 8% higher. Brown pointed to one view held among even bullish strategists on Wall Street that stocks will sell off in the first half of 2023, before rebounding in the second half of the year. “It’s so much more rational to be in that camp, given all the headwinds, all of the negativity,” Brown added. “And then you have the second half of the year, if you missed out on the bottom or whatever, to do whatever you need to do to catch up.” Still, he said there are buying opportunities in names such as insurance group Chubb , beauty retailer Ulta Beauty and electric utility company NextEra Energy . Not only does property and casualty insurance company Chubb have pricing power in 2023, the stock is also one of just 11 stocks trading in the S & P 500 that are currently within 5% of their all-time highs, according to Brown. “This stock is on the verge of breaking out,” Brown said. The entire property casualty group looks great. I talked to insurance brokers, they tell me what they’re hearing from the carriers. Expect huge increases in 2023 on premiums. And guess what, doesn’t matter what they are, people are going to pay them, because what choice do you have?” Meanwhile, Ulta Beauty is a “raging bull stock” that could continue to reach new highs in 2023 even after outperforming last year, Brown said. Shares of Ulta gained more than 13% in 2022, outpacing the S & P 500’s roughly 19% decline, as investors piled into what is considered a recession resistant business. Lastly, NextEra Energy is a beneficiary of the Inflation Reduction Act that has an “incredible growth engine,” while also offering a 2% dividend yield, according to FactSet. Brown named aerospace and defense as his favorite sector for 2023, saying equities in the sector will serve as an hedge for growing geopolitical risks this year. Other members of the panel named their top picks for this year. Hightower’s Stephanie Link considers General Electric, Broadcom and Starbucks her favorite names for 2023. Virtus Investment Partners’ Joe Terranova named Microsoft, Prologis, Texas Instruments his top buys.

Secure 2.0 changes 3 key rules around required withdrawals from retirement accounts

January 3, 2023 Published by Greg Iacurci

US Top News and Analysis

President Joe Biden signed a $1.7 trillion legislative package on Dec. 29, 2022 that has several updates for retirement savers.

Drew Angerer | Getty Images News | Getty Images

A new law is changing rules governing how and when certain retirement savers can withdraw money from their nest eggs.

Tax-advantaged accounts earmarked for people’s golden years — like individual retirement accounts and 401(k) plans — carry required minimum distribution rules.

RMDs force people to pull money from such accounts after a certain age, aiming to raise income-tax revenue and prevent savers from using their accounts as tax shelters. Failing to do so carries tax penalties.

President Biden signed a $1.7 trillion legislative package on Thursday with a slew of measures affecting retirement savers, dubbed Secure 2.0. The provisions include updates to RMD rules: raising the RMD age, reducing tax penalties and eliminating required distributions from Roth 401(k) plans.

Here’s what you need to know about the changes.

1. Raising the RMD age to 73 (and eventually 75)

Currently, savers have to start taking RMDs at age 72. The withdrawal amount is based on a calculation dictated by factors like account value and longevity.

The new law raises the RMD starting age in two tranches: to 73, starting in 2023, and to 75, starting in 2033.

In other words, individuals who turn 73 this year must take their first distribution no later than April 1, 2024. The distribution for subsequent years would need to be made by Dec. 31 of that year.

Note that people who delay their first withdrawal until early 2024 would need to take two distributions next year — one for 2023 and one for 2024.

VIDEO2:1402:14

Retirement plan changes in the omnibus spending bill

The Exchange

Delaying the RMD starting age “overwhelmingly” benefits the wealthy, said Jeffrey Levine, a certified financial planner and certified public accountant based in St. Louis. Such savers are disproportionately the ones who can afford not to tap their retirement accounts to fund their lifestyles.

Yet deferring the RMD age can benefit many savers from a financial-planning perspective, too.

For example, it may help temporarily reduce premiums for Medicare Part B and D, Levine said. Medicare premiums are tied to income, and distributions from pre-tax retirement accounts raise a taxpayer’s income; delaying that bump to annual income can therefore keep premiums lower for longer.

2. Eliminating RMDs from a Roth 401(k)

Starting in 2024, investors in employer retirement plans likes Roth 401(k) accounts will no longer have to take RMDs.

This change aligns Roth 401(k) with Roth IRAs, which don’t require distributions during one’s lifetime.

That discrepancy was a big reason for Roth 401(k) owners to roll money out of their workplace retirement plan to a Roth IRA — thereby avoiding RMDs and allowing retirement funds to continue growing tax-free.

However, there are other considerations relative to keeping your money in a 401(k) or rolling it over. For example, investment options, fees and service level may be better in one versus the other, Levine said, depending on the quality of your workplace retirement plan.

And there may be more Roth assets in workplace plans going forward due to another change allowing employers to pay a matching contribution to a Roth versus pre-tax account.

3. Reducing RMD tax penalties

Withdrawal rules can be complicated — and making a mistake can be expensive.

The IRS assesses a tax penalty on account owners who fail to withdraw the full amount of their RMD or who don’t take a distribution by the annual deadline.

The new law reduces the tax penalty to 25% — from 50% — on the RMD amount that wasn’t withdrawn. If a taxpayer corrects their mistake in a timely fashion, the penalty falls further, to 10%.

The IRS can waive penalties if savers can demonstrate the shortfall was “due to reasonable error and that reasonable steps are being taken” to remedy it, according to the agency.

While many people miss their required withdrawals each year, this particular rule change may not have a large impact since the IRS often waives penalties in such situations, Levine said. However, it could prove especially useful if the IRS were to crack down, he added.

To qualify for relief, taxpayers must file Form 5329 and attach a letter of explanation.

LA police launch homicide probe after homeless man found dead inside burning RV

January 3, 2023 Published by

Latest & Breaking News on Fox News

The Los Angeles Police Department launched a homicide investigation Tuesday after a homeless man was found dead inside a burning RV near Exposition Park overnight.

The RV fire was first reported around 11:30 p.m. Monday in the 1100 block of Browning Boulevard, near the intersection of Vermont Avenue and West Martin Luther King Jr. Boulevard, FOX 11 Los Angeles reported.

Police and Los Angeles city firefighters responded, and once flames engulfing the RV were knocked down, a 65-year-old man was found dead inside.

The victim, who was reportedly homeless and living out of the RV, has yet to be publicly named by the coroner’s office pending notification of his family.

NYC SEES SERIES OF UNRELATED SLASHINGS IN 3-HOUR SPAN IN WAKE OF NEW YEAR’S MACHETE ATTACK ON COPS

A witness told police a man approached the RV and threw an unknown object inside shortly before it became engulfed, the Los Angeles Times reported, citing LAPD Officer Lizeth Lomeli.

IDAHO MURDER SUSPECT BRYAN KOHBERGER SPOTTED FOR FIRST TIME SINCE ARREST

The suspect was spotted fleeing on foot and remains at large, police said.

The witness said the suspect also might have been in an earlier altercation with the victim.

According to FOX 11, the suspect might have been arrested as a result of that altercation but was later released before the alleged murder, though LAPD would not confirm investigators know who the suspect is.

Sam Bankman-Fried pleads not guilty to federal fraud charges in New York

January 3, 2023 Published by Rohan Goswami, MacKenzie Sigalos

US Top News and Analysis

In this article

BNB.CM=BTC.CM=

Former FTX chief executive Sam Bankman-Fried (C) arrives to enter a plea before US District Judge Lewis Kaplan in the Manhattan federal court, New York, January 3, 2023.

Ed Jones | AFP | Getty Images

Sam Bankman-Fried pleaded not guilty in New York federal court Tuesday to eight charges related to the collapse of his former crypto exchange FTX and hedge fund Alameda Research.

The onetime crypto billionaire was indicted on charges of conspiracy to commit wire fraud and securities fraud, individual charges of securities fraud and wire fraud, money laundering and conspiracy to avoid campaign finance regulations.

Bankman-Fried arrived outside the courthouse in a black SUV and was swarmed with cameras from the moment his car arrived. The scrum grew so thick that Bankman-Fried’s mother was unable to exit the vehicle, falling onto the wet pavement as cameras scrambled to catch a glimpse of her son.

Bankman-Fried was hauled by security through the throng and into the courthouse in a matter of moments, with photographers scrambling to get out of the way.

Earlier in the day, attorneys for Bankman-Fried filed a motion to seal the names of two individuals who had guaranteed Bankman-Fried’s good behavior with a bond. They claimed that the visibility of the case and the defendant had already posed a risk to Bankman-Fried’s parents, and that the guarantors should not be subject to the same scrutiny. Judge Lewis Kaplan approved the motion in court.

Bankman-Fried returned to the U.S. from the Bahamas on Dec. 21, and the next day was released on a $250 million recognizance bond, secured by his family home in California.

Federal prosecutors also announced the launch of a new task force to recover victim assets as part of an ongoing investigation into Bankman-Fried and the collapse of FTX.

“The Southern District of New York is working around the clock to respond to the implosion of FTX,” U.S. Attorney Damian Williams said in a statement Tuesday.

The U.S. Attorney’s Office for the SDNY had argued that Bankman-Fried used $8 billion worth of customer assets for extravagant real estate purchases and vanity projects, including stadium naming rights and millions in political donations.

Federal prosecutors built the indictment against Bankman-Fried with unusual speed, packaging together the criminal charges against the 30-year-old in a matter of weeks. The federal charges came alongside complaints from the Commodity Futures Trading Commission and the Securities and Exchange Commission.

They were assisted by two of Bankman-Fried’s closest allies, Caroline Ellison, the former CEO of his hedge fund Alameda Research, and Gary Wang, who co-founded FTX with Bankman-Fried.

Ellison, 28, and Wang, 29, pleaded guilty on Dec. 21. Their plea deals with prosecutors came after rampant speculation that Ellison, Bankman-Fried’s onetime romantic partner, was cooperating with federal probes.

Another former FTX executive, Ryan Salame, apparently first alerted regulators to alleged wrongdoing inside FTX. Salame, a former co-CEO at FTX, flagged “possible mishandling of clients’ assets” to Bahamian regulators two days before the crypto exchange filed for bankruptcy protection, according to a filing from the Securities Commission of the Bahamas.

Bankman-Fried was accused by federal law enforcement and financial regulators of perpetrating what the SEC called one of the largest and most “brazen” frauds in recent memory. His stunning fall was precipitated by reporting that raised questions on the nature of his hedge fund’s balance sheet.

In the weeks since FTX’s Nov. 11 Delaware bankruptcy filing, the extent of corporate malfeasance has been exposed. Replacement CEO John J. Ray said there was a “complete failure of corporate control.“

Bankman-Fried was indicted in New York federal court on Dec. 9, and was arrested by Bahamas law enforcement at the request of U.S. prosecutors on Dec. 12. Following his indictment, Bankman-Fried’s legal team in the Bahamas flip-flopped on whether or not their client would consent to extradition.

This is a developing story. Check back for updates.

WATCH: Sam Bankman-Fried arrives in court

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Sam Bankman-Fried arrives for court appearance

Power Lunch

‘The View’ hosts pay tribute to Barbara Walters: ‘The original role model’

January 3, 2023 Published by

Latest & Breaking News on Fox News

Several former co-hosts and the current co-hosts of ABC’s “The View” paid tribute to the show’s founder and journalism icon Barbara Walters on Tuesday.

Co-hosts Whoopi Goldberg, Joy Behar, Sunny Hostin, Sara Haines and Alyssa Farah Griffin remembered Walters, who died last month at age 93, as the “original role model” for everyone else as she started the show when she was 68 years old.

“We have to give the woman a lot of credit, she was not just a friend to us, but she was really one of a kind and very important to the industry I think,” Behar, one of the original and co-hosts of the show, said. Behar told ABC’s “Good Morning America” on Saturday that Walters had a “work ethic you couldn’t deny.”

Goldberg looked back on when she first met Walters during an interview on “The Barbara Walters Special” in 1991 and said the two really bonded over the idea that they “could have been better.”

WHOOPI GOLDBERG SAYS ‘THE VIEW,’ BARBARA WALTERS SAVED HER CAREER AFTER 2004 GEORGE BUSH CONTROVERSY

She added that the interview was “really an audition” for twenty years later to join “The View.”

“When I started co-hosting I was changing my questions on my cards,” Hostin said. “I was changing them and rewriting them and rewriting them not realizing that maybe that wasn’t appropriate and she came over to me, that’s a picture of it, and said, what are you doing? I said, this is not my voice, I’m rewriting my question, is that okay? She said ‘I rewrite mine’ and then she started helping me, and I thought, my goodness the generosity of that moment, I was so scared, and I was so nervous, she validated my opinion. And after that day, she would ask me during the hot topics meeting, well what do you think, Sunny? and I was like, Barbara Walters is asking me what I think? Wow.”

Lisa Ling, who co-hosted the show from 1999-2002, joined the current co-hosts and shared an anecdote from a lunch she had with Walters early in her career.

“We were sitting there and she’s looking straight at me and starting to ask me about intimate details of my personal life and I’ve been watching all these clips over the last couple of days of how she made people cry so effortlessly and so easily and I’m telling you when she started asking me about my mom I was just wailing,” Ling said. “I got myself into therapy right after that and I became diligent about going every week and it wasn’t because Barbara traumatized me it was because she started asking me questions that I didn’t really know the answers to.”

BARBARA WALTERS HONORED WITH ‘THIS IS 2020’ TRIBUTE VIDEO FEATURING STAR CAMEOS

Elisabeth Hasselbeck, who co-hosted “The View” from 2003 to 2013, also joined the co-hosts on Tuesday to pay tribute to Walters.

“I like to say she was contagiously compassionately curious and I love that about her. We know how well she researched and she gave her guests a chance to really’s press themselves in a safe way and we all benefited from that. So she gave me a chance, she changed my life, I mean, the ten years next to her side and with all of you at different times, so enriched my life, so I’m blessed by that. I’m able to interview and research because of her,” she said.

Hasselbeck added that she was tasked with debating her boss on different issues and emphasized that Walters had always put their relationship over the “roles” they had on “The View.”

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“I think the reason Barbara and I not only had that special relationship over ten years at “The View” but the ten years since in such an enriched way was because she put our relationship over the roles that we had. I was her TV daughter, she was my TV mom. She was my boss. I answered to her. She was my mentor. I was her mentee. And so if she didn’t choose to put our relationship and her role first we wouldn’t have that relationship now,” she continued.

Hostin said later in the show that she appreciated when Walters told the hosts to treat their guests like guests in their own homes.

“She demanded that we demand the best of us and demand respect from others. That’s what she said. You don’t let anybody talk down to you, ever,” Goldberg added.

Dan Crenshaw calls anti-McCarthy Republicans ‘enemies’ in fiery interview

January 3, 2023 Published by

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Rep. Dan Crenshaw, R-Texas, vented about GOP “enemies” against Kevin McCarthy as Speaker of the House in a fiery interview on Tuesday.

“They are enemies now,” he told CNN’s Manu Raju. “They have made it clear that they prefer a Democrat agenda [over] a Republican one.”

A small but crucial group of conservative Republicans are not backing McCarthy for House Speaker, leaving who will hold the gavel in doubt.

“This handful of members is very clearly looking for notoriety over principle,” Crenshaw said. “That’s what it is, and anyone who suggests differently is in some sort of make-believe, fantasy reality.”

KEVIN MCCARTHY LAUGHS AS REPORTER ASKS IF HE’D SUPPORT STEVE SCALISE FOR SPEAKER

Crenshaw said when you’re part of a team, “you hash this stuff out … and then you move on,” unless you’re a “narcissist.”

“If you’re a narcissist, and you believe that your opinion is so much more important than everyone else’s and you’ll keep going, and you’ll threaten to tear down the team for the benefit of the Democrats, just because of your own sense of self-importance, that’s exactly what’s happening here,” he said.

In an interview Tuesday with “Fox & Friends,” Crenshaw said the goals of the caucus not supporting McCarthy were unclear and called them fake “white knights” who are trying to get more airtime. He also called them “petty” and urged them to make their differences with McCarthy about policies, not personal vendettas.

“It makes us look foolish. If I didn’t know any better, it’s like the Democrats paid these people off,” Crenshaw said.

McCarthy failed to get enough votes in the first round on Tuesday afternoon, as too many Republicans defected for Rep. Andy Biggs, R-Ariz., or other choices to deny him he 218 he needed.

TWITTER BIDS PELOSI ADIEU AS SHE STEPS DOWN FROM HOUSE SPEAKERSHIP: ‘SO IS ANYONE GOING TO MISS NANCY PELOSI?’

Tensions are high in the Republican conference on what was supposed to be a triumphant day as they took back the majority after four years in the wilderness.

Rep. Lauren Boebert, R-Colo., muttered “this is bulls—” under her breath during a House GOP Conference meeting Tuesday regarding McCarthy’s bid for speakership.

The comment, which a Boebert spokesperson told Fox News Digital was not yelled or said into a microphone, came Tuesday morning as McCarthy, R-Calif., delivered a speech aimed to unite his party ahead of the leadership vote. McCarthy faces opposition for speaker from Boebert, Rep. Matt Gaetz, R-Fla., and members of the House Freedom Caucus, who claim he has not proven to be worthy to be leader of the new Republican majority.

Rep. Bob Good, R-Va., said the House Republican meeting was “hostile,” and that McCarthy’s attempt to persuade hard-line Republicans to vote for him fell flat.

“The meeting was very hostile and I don’t think it did anything to persuade those who are inclined to vote against Kevin McCarthy,” Good told Fox News.

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Fox News’ Patrick Hauf and Houston Keene contributed to this report.

Rep.-elect George Santos dodges reporters as he arrives at Capitol Hill office

January 3, 2023 Published by

Latest & Breaking News on Fox News

Rep-elect George Santos, R-NY, dodged reporters and their questions on his way into the U.S. Capitol for the first day of the new Congress on Tuesday.

Santos is embroiled in multiple local, federal, and international investigations regarding allegations of fraud and fabricating his past. Nevertheless, he was present on the House floor Tuesday and could be seen sitting alone toward the back of the chamber busying himself on his phone.

The embattled soon-to-be lawmaker was earlier seen walking toward his office when he spotted a group of reporters loitering outside his door. He quickly brought his phone up to his face and turned back the way he came. Reporters attempted to pursue him, but lost him around a corner.

Santos has admitted to speaking falsely about both his work experience and his education during his successful campaign to flip his Long Island congressional district for Republicans in November.

EMBATTLED GOP REP.-ELECT GEORGE SANTOS FIRES BACK AT NEW YORK TIMES AFTER BIOGRAPHY QUESTIONED

During his congressional campaign, he falsely claimed he graduated from college with degrees in finance and worked for Goldman Sachs and Citibank. Nassau County District Attorney Anne Donnelly opened an investigation into Santos last week.

“The numerous fabrications and inconsistencies associated with Congressman-Elect Santos are nothing short of stunning,” Donnelly said in a statement. “The residents of Nassau County and other parts of the third district must have an honest and accountable representative in Congress. No one is above the law and if a crime was committed in this county, we will prosecute it.”

Multiple House Democrats have called on Santos to resign over the revelations, and his midterm opponent Robert Zimmerman has demanded a rematch. Some Republicans have even said Santos should “consider” resigning.

NY GOP REP-ELECT GEORGE SANTOS GRILLED OVER BIOGRAPHY ‘LIES’: ‘DO YOU HAVE NO SHAME?’

Santos is also facing scrutiny from the FEC over his campaign spending. The federal commission discovered numerous strange $199 campaign expenses that Santos insists are an FEC database error.

Santos’ legal troubles have recently expanded beyond the borders of the U.S. Brazilian prosecutors announced plans to revive fraud charges against him on Monday. The charges related to allegations of a stolen checkbook.

Prosecutors say the case had been dead for nearly a decade due to Brazilian authorities being unable to locate Santos.

Brazilian prosecutors are reportedly working with the U.S. Justice Department to inform Santos of the charges. Santos did not respond to requests for comment from Fox News Digital.

Tyler Olson contributed to this report.

Apple to raise battery service fees for out-of-warranty devices

January 3, 2023 Published by

Latest & Breaking News on Fox News

Apple is increasing out-of-warranty battery service fees this year.

The change is effective on March 1, according to the tech giant’s website.

“The current out-of-warranty battery service fee will apply until the end of February 2023,” Apple wrote on a page headed: “iPhone Battery Service.”

“Effective March 1, 2023, the out-of-warranty battery service fee will be increased by $20 for all iPhone models prior to iPhone 14,” it said.

5 NEW APPLE PRODUCTS POSSIBLY COMING IN 2023

In addition, Apple fees are subject to tax and a shipping fee will be added should an iPhone need to be shipped.

Notably, Apple said that other service providers can set their own fees.

Estimates of iPhone service costs – created using the “Get an Estimate” tool – include $99 for an iPhone 14 regardless of the model, $69 for the iPhone 13, iPhone 12, iPhone 11 and iPhone X and $49 for the iPhone 8 and older generations through the iPhone 5.

For some MacBook computers and iPads, Apple said that service fees will also increase.

HAVE A SPY ON YOUR PHONE? TAKE STEPS NOW!

“Effective March 1, 2023, the out-of-warranty battery service fee will be increased by $30 for all MacBook Air models and by $50 for all MacBook and MacBook Pro models,” it said.

For the iPad Pro 12.9-inch, the iPad Pro 11-inch, the iPad Pro 10.5-inch, the iPad Pro 9.7-inch, the iPad mini and the iPad Air, the out-of-warranty battery service fee will be increased by $20.

There are also estimates for iPads and MacBooks in different models.

According to TechCrunch, the change is global, with increases not affecting AppleCare or AppleCare+ subscribers.

Blinken reminds Israel Biden admin committed to ‘two-state solution’ following Netanyahu appointment

January 3, 2023 Published by

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Secretary of State Antony Blinken congratulated Israel’s Eli Cohen on his appointment as foreign minister and reminded the newest appointee in the Netanyahu administration of the U.S.’s position when it comes to a two-state solution with its Palestinian neighbors.

In a call Monday, the pair discussed U.S. – Israeli relations, mutual interests and regional security. However, according to a readout, Blinken also “emphasized the continued U.S. commitment to a two-state solution and opposition to policies that endanger its viability.”

The comments from the secretary comes just days after Benjamin Netanyahu was sworn in as Israeli Prime Minister for the sixth time in a dramatic return to power.

BENJAMIN NETANYAHU RETURNS TO POWER IN ISRAEL AS NEW GOVERNMENT IS SWORN IN

Netanyahu was ousted in Jun 2021 and is still on trial for corruption charges.

However, the popular right wing figurehead – who secured another term and ushered in one of the most hard-right cabinets Israel has seen – is expected to push for settlement advancement in the Palestinian West Bank, reported Reuters.

Netanyahu has allied his party with the Religious Zionism and Jewish Power parties which opposed Palestinian statehood.

Leader of the Religious Zionism party, Bezalel Smotrich, was also appointed as minister of finance Sunday and vowed that “Israel will be an island of stability and responsibility,” Reuters reported.

HOLY LAND FIGHT: ISRAELI LAWMAKERS CONDEMN EU’S ‘ILLEGAL’ ACTIONS ON BIBLICAL LAND

Israel’s police minister appointee, Itamar Ben-Gvir, has also turned heads as he was reportedly convicted in 2007 for inciting violence against Arabs and supporting a Jewish militant group.

The newest police minister made headlines during his campaign for saying “every police officer should know that if a terrorist comes to hurt you his blood is forfeit,” Reuters stated.

Netanyahu vowed to prioritize countering Iranian aggression and bringing peace to the region following his election; however, some fear concessions he made to his hard right cabinet could see further violations to boundaries identified under a 1967 U.N. resolution.

President Biden also congratulated Netanyahu and his administration upon securing the high office, but he stood firm on his desire for a two-state solution when it comes to Israel-Palestinian relations.

“The United States will continue to support the two-state solution and to oppose policies that endanger its viability or contradict our mutual interests and values,” he said.

DeSantis: Soft on crime policies, ‘woke ideology,’ sparked ‘mass exodus’ to Florida from Democrat-run cities

January 3, 2023 Published by

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Florida Gov. Ron DeSantis said Democratic “soft on crime” policies and “woke ideology” in other states were the reasons why Florida is the fastest-growing state in the country.

During his second inaugural address on Tuesday, the newly re-elected Republican governor contrasted his governing philosophy with that of Democrat-run cities and states. Characterizing Florida as a “promised land of sanity,” DeSantis emphasized his commitment to backing law enforcement as opposed to the “defund the police” movement.

“We will always support law enforcement and we will always reject soft on crime policies that put our communities at risk,” he said.

DeSantis attributed Florida’s fast-growing population to his administration’s support for “law and order” and the conservative principles guiding his government. Data released by the Census Bureau last month showed Florida’s population grew to 22,244,823 between 2021 and 2022, an increase of 1.9% in one year. It was the first time since 1957 that Florida was the state with the largest percent increase in population.

DESANTIS CALLS FLORIDA ‘LAND OF SANITY,’ SLAMS BIDEN POLICIES WITH INAUGURAL ADDRESS

The Census Bureau reported that areas of the country with blue states, the Northeast and Midwest, each lost population as Americans are moving to the South and the West. While Florida was the fastest-growing state, Texas was the largest-gaining, reaching a total population of 30,029,572 million. Texas and California are now the only two states with a population exceeding 30 million.

Calling upon the well-known metaphor of the 50 U.S. states as a “laboratory of democracy,” DeSantis said Florida’s growth showed Democratic experiments with radical-left policies are failing.

FLORIDA IS THE FASTEST-GROWING STATE IN THE US FOR THE FIRST TIME SINCE 1957: CENSUS BUREAU

DESANTIS TO BE SWORN IN FOR SECOND TERM AS FLORIDA GOVERNOR, BUT EVERYONE IS WAITING FOR HIS 2024 PLANS

“The policies pursued by these states have sparked a mass exodus of productive Americans from these jurisdictions, with Florida serving as the most desired destination, a promised land of sanity,” DeSantis said.

“Many of these cities and states have embraced faddish ideology at the expense of enduring principles,” he continued. “They’ve harmed public safety by coddling criminals and attacking law enforcement. They’ve imposed unreasonable burdens on taxpayers to finance unfathomable levels of public spending. They have harmed education by subordinating the interests of students and parents to partisan interest groups. They have imposed medical authoritarianism in the guise of pandemic mandates and restrictions that lack a scientific basis.

“This bizarre but prevalent ideology that permeates these policy measures purports to act in the name of justice for the marginalized. But it frowns upon American institutions. It rejects merit and achievement. And it advocates identity essentialism,” DeSantis said. “We reject this woke ideology. We seek normalcy, not philosophical lunacy. We will not allow reality, facts and truth to become optional. We will never surrender to the woke mob. Florida is where woke goes to die.”