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Reckless government spending enabled by the Federal Reserve is hurting average Americans and endangering President Joe Biden's re-election chances, billionaire investor Stanley Druckenmiller said Tuesday. Everybody seems to get it but Yellen, who just keeps spending and spending," Druckenmiller said. Druckenmiller's comments come with the Fed still trying to bring inflation down, as policymakers have dashed investors' hopes for aggressive interest rate cuts this year. Getting markets enthused about rate reductions was a mistake because it set financial conditions "on fire," he said. Inflation was coming down, financial conditions were tightening," he said.
Persons: Joe Biden's, Stanley Druckenmiller, Janet Yellen, Jerome Powell, Druckenmiller Organizations: Federal Reserve, Duquesne Family Office, Fed
Libre, part of the political network created by the billionaire industrialist Koch brothers, on Monday will unveil a seven-figure voter engagement effort and ad campaign targeting members of Congress who have supported what it calls President Biden’s “punitive economic policies.”The campaign, one of the most expansive undertaken by the group, will include digital ads, public events at Hispanic grocery stores and restaurants and a new Spanish language website criticizing “Bidenomics,” a term that conservatives have adopted to attack Mr. Biden’s economic policies. Despite a run of positive economic data, including strong job growth and record unemployment, the economy has been a stubborn weakness for President Biden and Democrats, particularly among Black and Latino voters. Leaders at Libre, which gave The New York Times an early look at the plans, said they were focused on attracting Latinos on what they think is a winning issue for Republicans at a time when their party is seeking to increase its appeal to Hispanic voters. “Bidenomics is devastating Latino families’ savings, quality of life and their ability to plan for the future,” Jose Mallea, Libre’s chief executive, said in a statement. “To reverse this trend, it’s critical that Latino families learn what overspending and overregulating are doing to our country’s economy — and prosperity.”
Persons: Koch, Biden’s, “ Bidenomics, Biden, , ” Jose Mallea, Organizations: Libre, New York Times, Republicans Locations: Spanish
Despite a run of positive economic data, including strong job growth and record unemployment, the economy has been a stubborn weakness for President Biden and Democrats, particularly among Black and Latino voters. The group rolled out a similar effort with an anti-“Bidenomics” message last year, but organizers said this campaign would be much larger in scope. Although Latino voters still overall lean Democratic, former President Donald J. Trump improved his performance with the slice of voters in 2020, and in some areas like South Florida and South Texas made sizable gains. Mr. Biden, on the other hand, has stepped his up — and has been looking to sharpen his own economic message after an earlier push to reclaim the term “Bidenomics” largely fell flat. The liberal organizations have earmarked $33 million to mobilize Hispanic voters for Mr. Biden and other key Democratic races in several battleground states.
Persons: Koch, Biden’s, “ Bidenomics, Biden, , ” Jose Mallea, Donald J, Trump, , Somos, Somos Votantes, Josh Harder, Mike Levin, Gabriel Vasquez, Yadira Caraveo, NoBidenomics.com — Organizations: Libre, New York Times, Republicans, Pew Research Center, Associated Press, Somos PAC, Mr, Republican Locations: Spanish, , Michigan, Nevada, Pennsylvania, Arizona, South Florida, South Texas, Libre, Montana , Nevada , Ohio, Wisconsin, In California, New Mexico, Colorado, America
House Speaker Mike Johnson arrives to speak with reporters to discuss his proposal of sending aid to Ukraine, Israel and Taiwan on April 17, 2024. Johnson, although a bona fide conservative and a skeptic at times of Ukraine aid, is finally on the cusp of getting the vote done in the House. This week, Iran responded to Israel’s strike on a Syrian diplomatic facility with its own strikes, which Israel responded to on Friday with a strike on Iran. Joe Biden is running hardWith all the Trump trial coverage, you might have missed that President Joe Biden is running a spirited presidential campaign. While Trump is spending most days at his trial, Biden is going all over the map.
Persons: Trump’s, you’ve, Donald Trump, Trump, Mike Johnson’s, Marjorie Taylor Greene, Thomas Massie of Kentucky, Paul Gosar, Arizona –, Johnson, Mike Johnson, J, Scott Applewhite, he’ll, It’s, Israel, Here’s Tamara Qiblawi, CNN’s Nic Robertson, Read, Joe Biden, Biden, Andrew CAballero, Reynolds, Pierre, Olivier Gourinchas Organizations: CNN, Trump, , GOP, White, Getty, Monetary Fund, Federal Reserve Locations: Antarctica, New York, Ukraine, Israel, Taiwan, Johnson, Marjorie Taylor Greene of Georgia, Arizona, Iran, Syrian, CNN’s, Damascus, Qiblawi, Philadelphia, Wawa, Pittsburgh, Pennsylvania, AFP, Europe
American voters absorbed their first view of an extraordinary split-screen campaign this week, with President Biden sprinting across one of the country’s top battleground states and former President Donald J. Trump sitting — and appearing to snooze — in a New York courtroom. Just as it has for years, the country’s political map has hardened into a battle across a handful of crucial swing states. Mr. Trump’s required appearance in a Lower Manhattan courtroom effectively leaves him little choice but to continue to be a weekend warrior in those states. Now, for much of the week, Mr. Biden has the electoral landscape largely to himself. Mr. Biden campaigned across Pennsylvania, casting Mr. Trump as an out-of-touch plutocrat and collecting endorsements from the Kennedy family.
Persons: Biden, Donald J, Trump, snooze, Trump’s, Mr, Kennedy, , John F, Robert F, Organizations: Locations: New York, Lower Manhattan, Pennsylvania, Scranton, Philadelphia
But there are signs the gauge may now be broken, with many people still gloomy about the economy. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But Main Street has taken a decidedly gloomier view, with recession worries persisting and big-name companies ramping up layoffs. This story is available exclusively to Business Insider subscribers.
Persons: it's, , Paul Krugman, Mohamed El, hasn't Organizations: Service, Business
case against Biden’s China policies, by the way, was that he was showing his softness by not banning TikTok. Biden, on the other hand, has quietly taken a very tough line on trade, especially with China. I’ve been pointing out for a while that Biden’s sophisticated economic nationalism is a very big deal, much more so than Trump’s protectionist thrashing. In fact, Biden’s policies are so tough on China that, while I support them, they make me a bit nervous. But in case you don’t believe what I’m saying, let me point to someone who apparently agrees with me: the Chinese government.
Persons: Biden, Donald Trump’s, Trump, relabel, I’ve Organizations: Republican Locations: China
Are voters warming up to Bidenomics?
  + stars: | 2024-03-27 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAre voters warming up to Bidenomics? Hosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.
Persons: Brian Sullivan, Organizations: CNBC
President Joe Biden is starting to win the inflation blame game against corporations. Still, voters growing frustration with businesses is a relief for the White House and Biden's reelection campaign. The consumer price index released Tuesday found that inflation ticked 0.4% higher in February, mostly matching analysts' expectations. In another welcome data point for Biden, consumer confidence has seen a record turnaround. In a CNBC interview on Monday, Trump slammed Biden's economy and "through the roof" energy and food prices.
Persons: Joe Biden, Biden, Donald Trump, Trump, he's, I'm Organizations: Granite State YMCA Allard Center of Goffstown, Times, Michigan Ross, Democratic, White, Union, University of Michigan, Financial, CNBC, Social Security, Biden Locations: Granite, Goffstown , New Hampshire, Michigan, New Hampshire
President Biden has been called a lot of things, but Hamiltonian is not usually one of them. In spite of his economic successes, hardly anyone has thought to compare the president to the architect of the American economy. And yet, more than any president in generations, Mr. Biden shares Alexander Hamilton’s fundamental vision for the country: America needs a strong industrial strategy to support its long-term security. Mr. Biden’s CHIPS and Science Act and his Inflation Reduction Act reflect this idea. In spite of this, by all indications, the policies seem to be working, and Republican states are benefiting.
Persons: Biden, Alexander, , George Washington, It’s, Hamilton Organizations: Treasury Locations: America, Ohio, South Carolina , Tennessee, Texas
Biden goes on the offensivePresident Biden sought to reinvigorate his re-election campaign, delivering an animated and mostly gaffe-free State of the Union address that put the economy and business front and center. In the prime-time slot, he pitched Bidenomics as delivering for Americans, and outlined a policy wish list that may appeal to progressive voters and some in his party but which could also put him at loggerheads with big corporations. Heading into a November rematch with Donald Trump, Biden sought to frame the presidential race in stark terms for the democracy while holding business to account. Among the areas that could rankle business leaders: a call to raise the minimum tax on multinationals to 21 percent. He also singled out “Big Oil, private jets, and massive executive pay” in his speech as areas ripe for boosting tax revenue.
Persons: Biden, Donald Trump, Organizations: Oil
Credit Credit... The focus was a sign of how political the president’s address had been — and how central Mr. Trump is to Mr. Biden’s own political future. Video transcript Back bars 0:00 / 0:56 - 0:00 transcript In its decision to overturn Roe v. Wade, the Supreme Court majority wrote the following. Image Mr. Biden spoke at times in what seemed a near-shout during his State of the Union address. The morning of the State of Union began with an ad from Mr. Trump’s super PAC questioning if Mr. Biden would live to 2029.
Persons: Biden, Donald Trump, Trump, Biden’s, ’ —, Troy Nehls, Kenny Holston, , Vladimir V, Putin, , Mr, Marjorie Taylor Greene, Doug Mills, heckles, Greene, , Laken Riley, — Laken Riley, legals —, ’ Mr, Kate Cox, Latorya Beasley, Jill Biden, Roe, Wade, We’ll, we’ll, ” Roe, I’ve, chuckles, I’m, We’ve, we’ve, Nancy, Donald Trump Jr Organizations: Union, Capitol, Mr, New York Times, Republican, Credit, Associated, New York, Republicans, Democratic, Alabama, State of Union, Trump’s Locations: Wilmington, Russia, Europe, Russian, China, Georgia, Venezuelan, Texas, Alabama, America
Could President Biden, who claims to have labor-friendly policies, be the one to turn the tide by appealing to the White working class and giving his party a much-needed electoral boost in the process? After all, issues affecting poor White voters, such as health care, higher education and increased access to childcare have long been traditional Democratic priorities. That gaffe echoed Obama’s off-the-cuff remark in 2008 that “bitter” low-income voters “cling to guns or religion” — comments that didn’t endear him to the White working class, either. Some White voters of modest means perceive Democrats as being determined to secure equality for minority groups at their expense. And working-class White Americans tended for some reason not to perceive Obamacare — the president’s signature social policy achievement — as immediately benefiting them.
Persons: Keith Magee, I’m, Donald Trump, Keith Magee Arron Dunworth, pollsters, Biden, White, , Du Bois, Bill Clinton, Hillary Clinton —, They’ve, , MAGA, Hillary Clinton’s horrendously, Caroline Graham of, Barack Obama’s, Obama, Obamacare, Trump, , you’ll, ” —, Martin Luther King, Jr, Will Biden Organizations: University College London Institute for Innovation, Newcastle University, CNN, Republicans, White, Democratic, Trump, Brookings Institution, Infrastructure Investment, Jobs, United Auto Workers, Poor Locations: American, America, Trump, Michigan, Thursday’s
The Fox News and Wall Street Journal surveys both showed Trump with a two point lead over Biden, 49-47 and 47-45, respectively. In the CBS News/YouGov poll, Trump led by four points, 52-48, outside the poll's 2.8% margin of error. Across all four polls, Trump had a higher favorability rating than Biden did with respondents, although some were within the surveys' margins of error. In October of 2020, a Times/Siena polls found that 52% of respondents had a favorable view of Biden, while only 43% viewed then-President Trump favorably. The Biden and Trump campaigns did not immediately reply to requests for comment from CNBC on the apparent likability shift.
Persons: Donald Trump, Joe Biden, Biden, Trump, Trump's Organizations: The New York Times, Siena College, Fox News, Street Journal, CBS, The Fox News, Wall Street, Trump, Times, Biden, CNBC, Street, New York Times Locations: Siena, Trump, U.S
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. What's on deck:This story is available exclusively to Business Insider subscribers. The big storyAI (literally) in your pocketTech workers are criticizing Humane's hotly anticipated Ai pin. AdvertisementIn fact, heavy hitters like legendary investor Vinod Khosla believe that AI devices will completely change how we interact with technology. Humane's Ai Pin, which can project text onto users' hands and translate voice messages, didn't get a warm welcome when it launched late last year .
Persons: , Oompa, I've, Willy Wonka, Elon Musk, Sam Altman, Humane's, Vinod Khosla, Samantha Stokes, Vishal Persaud, Khosla, Ai, didn't, Tim Cook, Salesforce's Marc Benioff, OpenAI's Sam Altman, Franck Robichon, Paul Krugman, shouldn't, we're, Wells, Bank of America's Merrill, Bitcoin, Tyler Le, maven, Alexei Navalny's, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Service, Business, Humane, Khosla Ventures, Rabbit, Bank of America's, Wall, The New York Times, WW, SEC Locations: Franck, Wells Fargo, New York, London
The bad vibes spreading through the economy are unwarranted, according to Paul Krugman. Grocery prices soared in 2023, but inflation isn't nearly as bad as it feels, the Nobel economist said. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe "vibecession" in the economy isn't to be trusted, as Americans are making inflation out to be much worse than it seems, according to Nobel economist Paul Krugman.
Persons: Paul Krugman, Krugman, , they're Organizations: Service, of Labor Statistics, Bureau of Labor Statistics, Federal Reserve Consumers, Department of Agriculture
Throughout his 2024 bid, Mr. Trump has portrayed the United States under the Biden administration as a nation in steep decline. First, he will conjure a dark vision of what he sees as the future under Mr. Biden. Mr. Biden has frequently argued that he has been a better steward of the economy than Mr. Trump, whom he portrays as having undercut working-class Americans. Under Mr. Biden, the economy grew 3.1 percent from the end of 2022 to the end of 2023. But Mr. Trump has backed off those promises in the face of polls showing that non-Republican voters are concerned that he poses a threat to democracy.
Persons: Donald J, Biden, Trump, ” Mr, Bidenomics, MAGAnomics, Trump’s, Mr, Nikki Haley, , Organizations: Republican, Trump, Conservative Political, Conference, The New York Times, Mr, Justice Department Locations: South Carolina, Washington, United States, CPAC
High interest rates squeeze companies of all sizes, but that’s especially the case for smaller firms, unlike large companies better equipped to weather the storm. Before the Bell: How do the effects of higher-for-longer interest rates on companies vary by size? I think it might be a stretch to say that M&A activity picks up because of higher interest rates, so instead, it’s that if good businesses are beginning to suffer because of higher interest rates, then they might be more likely to be a target. Gas prices always rise as winter winds down because demand increases and gas stations must switch over to more expensive summer fuel. No matter the cause, rising gas prices are bad news for consumers already frustrated by the cost of living.
Persons: It’s, Bell, Lauren Goodwin, Matt Egan, , Patrick De Haan, doesn’t, ” Read, Raphael Bostic, Michelle Bowman, Philip Jefferson, Patrick Harker, Lisa Cook, Neel Kashkari, Christopher Waller Organizations: CNN Business, Bell, DC CNN, Federal Reserve, New York Life Investments, AAA, , HSBC, Walmart, Home Depot, Barclays, Caesars Entertainment, Nvidia, Rivian, Fidelity, Marriott, Intuit, Pacific Gas & Electric, Global, Chicago Fed, US Labor Department, National Association of Realtors, Warner Bros ., Icahn Enterprises Locations: Washington, Wingstop, United States
Don’t look now but gas prices are rising fast
  + stars: | 2024-02-16 | by ( Matt Egan | ) edition.cnn.com   time to read: +5 min
Gas prices always rise as winter winds down because demand increases and gas stations must switch over to more expensive summer fuel. No matter the cause, rising gas prices are bad news for consumers already frustrated by the cost of living. And they undercut the election year message of a White House that previously pointed to cheap gas prices as evidence that Bidenomics is working. First, oil prices — the main driver of retail gas prices — tend to increase during this time of the year. For instance, without the usual backstop, last summer’s historic heatwave that knocked some refineries offline unexpectedly lifted gas prices across the country.
Persons: New York CNN —, , Patrick De Haan, doesn’t, De Haan, That’s, Andy Lipow, It’s, BP’s Whiting, Whiting, Lipow, ” Lipow Organizations: New, New York CNN, AAA, , Lipow Oil Associates, , BP, heatwave Locations: New York, Washington, Southern California, Indiana, Midwest, Ohio, Illinois, Colorado , Utah, Arizona, New Mexico, Colorado, That’s, Israel, Iran, Saudi Arabia
Director of the National Economic Council Lael Brainard speaks during the daily press briefing at the White House January 11, 2024 in Washington, DC. National Economic Council Director Lael Brainard on Tuesday blamed higher consumer prices on "shrinkflation," doubling down on the latest battlefront of President Joe Biden's corporate pressure campaign. Shrinkflation, the practice of reducing product sizes while keeping prices the same, is Biden's latest line of attack against corporations, which he debuted on Super Bowl Sunday. Both the White House and Biden's 2024 reelection campaign have touted inflation recovery as a key accomplishment of his economic agenda, dubbed Bidenomics. "The president is going to continue emphasizing that input costs have come down, supply chains have healed," Brainard said.
Persons: Lael Brainard, Brainard, Joe, Biden Organizations: National Economic, Economic, Cola, PepsiCo, Procter, Gamble, Super, Sunday, White Locations: Washington , DC
In Mo i Rana, a small Norwegian industrial town on the cusp of the Arctic Circle, a cavernous gray factory sits empty and unfinished in the snowy twilight — a monument to unfulfilled economic hope. The electric battery company Freyr was partway through constructing this hulking facility when the Biden administration’s sweeping climate bill passed in 2022. Perhaps the most significant climate legislation in history, the Inflation Reduction Act promised an estimated $369 billion in tax breaks and grants for clean energy technology over the next decade. Its incentives for battery production within the United States were so generous that they eventually helped prod Freyr to pause its Norway facility and focus on setting up shop in Georgia. Its pivot was symbolic of a larger global tug of war as countries vie for the firms and technologies that will shape the future of energy.
Persons: Mo i Rana Organizations: Biden Locations: Mo, Norwegian, United States, Norway, Georgia
Evidence of a strong economy has so far been lost on a general public that still feels the pinch of inflation and worries about the uncertainty of life in 2024. Signs of a thaw in public opinion, but pessimism still dominatesA new CNN poll shows Biden still has a lot of convincing to do: Perception of the economy remains deep under water. However, if hiring remains strong and inflation keeps falling, it may become easier for Biden to convince voters he’s doing a good job strengthening the economy. CNN’s polling editor Ariel Edwards-Levy notes that about half the country, 48%, thinks the economy remains in a downturn. Their letter is proof that the fact of a strong economy is felt, if at all, in different ways.
Persons: Phil, Joe Biden’s, Biden, Donald Trump, , Trump, Ariel Edwards, Levy, that’s, Sen, Elizabeth Warren, ” Warren, Democratic Sens, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse Organizations: CNN, Bureau of Labor Statistics, Trump, Federal, Fed, Democratic
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Tesla shares plunge 12%Shares of electric vehicle maker Tesla plunged 12%, their biggest drop in over a year. Commodity markets in 'super squeeze' spotSupply disruptions and lack of investment are putting global commodity markets in a "super squeeze," according to HSBC. Some investors have been wary since Beijing has been struggling with a property debt crisis that has triggered financial risks across the broader economy.
Persons: Joe Biden, Biden, Tesla Organizations: CNBC, U.S, Dow Jones, Nasdaq, HSBC, Pro Locations: Emmaus, Emmaus , Pennsylvania, Asia, Pacific, Tesla, China, Beijing
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe have an economy that's continuing to defy expectations, says CEA Chair Jared BernsteinJared Bernstein, White House Council of Advisers Chair, joins 'Squawk Box' to discuss the state of the economy, whether 'Bidenomics' is working, and more.
Persons: Jared Bernstein Jared Bernstein Organizations: White House Council
The White House eagerly took credit Wednesday for December's strong retail sales numbers, which beat expectations due to higher consumer spending during the holiday season. "That's not an accident, that's Bidenomics at work," Press Secretary Karine Jean-Pierre said at a press briefing. Retail sales popped 0.6% in December, above the 0.4% Dow Jones projection. The White House reported last week that it had received nearly 16 million small business applications in the first three years of Biden's presidency. Wednesday's retail sales victory lap came hours after the White House took fresh aim at corporate junk fees, issuing new regulations on big banks for overdraft fees.
Persons: Joe Biden, that's, Karine Jean, Pierre, Dow Jones, Biden, Jean, Biden's, Pierre said, White, Donald Trump Organizations: Flex, White, White House, Biden, Republican Locations: U.S, West Columbia, South Carolina
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