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President Joe Biden took aim at corporations Monday for charging prices he said were artificially high even though the rate of inflation has slowed and some shipping costs have fallen. "We understand that people are still not feeling it, we get that," White House Press Secretary Karine Jean-Pierre said Monday, ahead of the president's supply chain event. The price hikes were driven by a combination of pent-up consumer demand, pandemic-era ecomonic stimulus and ongoing supply chain snarls. Biden's new Supply Chain Resilience Council, launched Monday, will aim to help keep the momentum of that recovery going. As part of the council's creation, Biden also announced 30 different initiatives to help ease supply chain pressures and and prevent future shortages for products like drugs and semiconductors.
Persons: Joe Biden, Eisenhower, Biden, Karine Jean, Pierre, they're Organizations: White House Council, Resilience, White, House Press, Bureau of Labor Statistics, Chain Resilience Locations: United States, Washington , U.S
US gas prices have dropped for 60 consecutive days, per Bloomberg. It's the longest streak of declines in more than a year, according to the report. A gallon of gas on average in the US costs $3.25, about 30 cents cheaper than this time last year. AdvertisementUS gas prices have dropped for 60 consecutive days, notching their longest streak of declines in more than a year. Meanwhile, the Federal Reserve's aggressive interest-rate hiking since March 2022 has weighed on economic growth and consumer spending, which analysts point to as one reason contributing to softer oil and gas prices.
Persons: , Brent Organizations: Bloomberg, Service, Biden Administration, Saudi, West Texas
AEI's James Pethokoukis weighs in on Bidenomics
  + stars: | 2023-11-27 | 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 EmailAEI's James Pethokoukis weighs in on BidenomicsJames Pethokoukis, American Enterprise Institute analyst, joins 'Power Lunch' to discuss President Biden's announcement to ease costs on the supply chain industry.
Persons: James Pethokoukis, Bidenomics James Pethokoukis, Biden's Organizations: American Enterprise Institute Locations: Bidenomics
As Nikki Haley has risen in polls, so has her viability among top political donors, per The Times. Some donors are describing Haley's candidacy as one that's creating enthusiasm among party leaders. GOP donor Eric Levine told The Times that Trump's air of inevitability has "peeled away completely." I would certainly like her over Trump," Langone, who's donated to Haley's campaign, told the newspaper. "His aura of invincibility is just peeled away completely," Levine said, pointing to Haley's polling surge among GOP voters.
Persons: Nikki Haley, Eric Levine, , Donald Trump, Trump, Haley, Jamie Dimon —, Joe Biden's, Dimon, Kenneth G, who's, Ron DeSantis, Jonathan Bush, Bush, George W, Gary Johnson's, Sen, Tim Scott's, Levine Organizations: Times, Service, The New York Times, JPMorgan Chase, The Times, South, Trump, White House, Depot, GOP, Florida Gov, New, New Mexico Gov, Locations: Iowa, South Carolina, New Mexico
President Biden’s Thanksgiving Dinner
  + stars: | 2023-11-24 | by ( The Editorial Board | ) www.wsj.com   time to read: +1 min
The House Oversight Committee investigating Biden family business dealings has issued subpoenas to Hunter and James Biden to appear for depositions. Images: AP/Reuters/House Oversight Committee Composite: Mark KellyAmericans have much to be grateful for—even in a year marked by political division at home, wars abroad, and a cloudy economy. One thing they could probably do without, however, is a White House and media that keep telling them how happy they should be with Bidenomics. The latest White House lecture is that inflation has fallen from 9.1% in June 2022 to 3.2% last month. Thanksgiving dinner prices are rising less fast than they did in the last two years, but they’re still rising.
Persons: Biden, Hunter, James Biden, Sara, Hallie Biden, Mark Kelly, , Let’s Organizations: Reuters Locations: White
[1/2] U.S. President Joe Biden speaks at a dinner hosted by the Human Rights Campaign at the Washington Convention Center in Washington, U.S., October 14, 2023. That good-news approach is not working, some officials inside and outside the Biden campaign say. The latest Reuters/Ispsos poll showed Biden and Trump locked in a tight race, with Trump leading Biden 51% to 49% when respondents were asked to pick between the two. "I don't fault the (Biden) campaign at all, for not wanting to get into the mud, the blood and the beer. Because you want to seem presidential," Morgan said, referring to the time it has taken the Biden campaign to step up its attacks on Trump.
Persons: Joe Biden, Ken Cedeno, Donald Trump, Biden, Trump, Ron DeSantis, Donna Brazile, Julie Chavez Rodriguez, Joe Biden's, it's, Jason Miller, it's Joe Biden, John Morgan, Morgan, Nandita Bose, Trevor Hunnicutt, Heather Timmons, Kieran Murray, Deepa Babington Organizations: Human, Washington Convention Center, REUTERS, Rights, Republican, Trump, New York Times, Biden, White, Muslim, Democratic, Reuters, Thomson Locations: Washington , U.S, Nazi Germany, America, Siena, U.S, Gaza, Florida
"Ahead of the holiday season, costs are down for everything from airline tickets and car rentals to toys and TVs," the White House wrote Tuesday on X. This year's Thanksgiving dinner "is the fourth-cheapest ever, as a percentage of average earnings" White House press secretary Karine Jean-Pierre said Monday. Nonetheless, the White House is taking a victory lap for the lower year-over-year prices, eager to credit Biden's economic agenda, dubbed Bidenomics, for the good news as the president runs for reelection. That's due in large part to a 5.6% year-over-year decrease in the average price of a frozen whole 16-pound turkey. This could be the lowest price for a Thanksgiving week since 2020, when the Covid pandemic cut demand for travel.
Persons: Joe Biden, Biden, Harris, Karine Jean, Pierre, Jean, Organizations: Bell, White House, White, Biden, Harris Administration, The New York Times, American Farm Bureau Federation, Farm Bureau, AAA, Department, Labor's Locations: Washington ,, Ukraine, Airfares
According to a new American Express survey of small business owners, “55% anticipate Small Business Saturday will make a significant contribution to their overall holiday sales this year.” In a consumer survey conducted by the company in October, half of respondents said they plan to participate in the upcoming Small Business Saturday, and 85% said they anticipated shopping small this holiday season. Over the past 13 years, the company says consumers have reported spending nearly $184 billion during Small Business Saturday. American Express estimated that Small Business Saturday drove nearly $18 billion in consumer spending last year. Donnell Johns, who runs Veterans Growing America, an organization that supports veteran- and military-spouse-owned small businesses, said that Small Business Saturday is valuable because it creates an awareness for shopping small. For Ken Moorman, founder of Jirani Coffeehouse in Manassas, Virginia, Small Business Saturday means an average 10% uptick in sales than a typical Saturday.
Persons: Donnell Johns, We’ve, , Ken Moorman, , Covid, ” Moorman, it’s, ” Elizabeth Rutledge, Isabel Casillas Guzman, “ The, Harris, Bidenomics, Biden Organizations: New, New York CNN, Amazon, Walmart, American Express, , Small, Express, Business Administration, American Express ’, SBA, “ The Biden, Harris Administration, American, Pacific Islanders Locations: New York, Manassas , Virginia,
Bidenomics’ mortal enemy isn’t Donald Trump — it’s a reliance on aggregate and average numbers that masks the nature of the economy Americans experience. Although the Fed’s most recent Survey of Consumer Finances showed that wealth inequality has dipped a bit because of recent, generous fiscal spending, income inequality is worse than ever. In a nation this unequal, the income generated by a growing G.D.P. may look robust, but 64 percent of households live paycheck to paycheck from time to time, according to a March consumer survey. These families are barely making it through the week, let alone accumulating the wealth essential for financial resilience and, over time, financial security.
Persons: Donald Trump — Organizations: Consumer Finances, White, Harris Locations: United States
How Bidenomics May Cost Biden the Youth Vote
  + stars: | 2023-11-13 | by ( Allysia Finley | ) www.wsj.com   time to read: 1 min
Wonder Land: Citing the president’s age lets Democrats off the hook for the political failure of his economic policies. Images: AP/AFP/EPA/Getty Images Composite: Mark KellyPresident Biden turns 81 on Nov. 20, and polls show that Democrats are increasingly worried about his mental and physical decline. Mr. Biden won the youth vote by double digits in 2020, while seniors swung for Mr. Trump. Recent polls, however, show that seniors are now the only age group that favors Mr. Biden in a rematch. Bidenomics has exacted a massive wealth transfer from young people to seniors.
Persons: Mark Kelly President Biden, Donald Trump, Biden, Trump, Bidenomics Organizations: AFP, EPA, Mr
Moody's changes US ratings outlook to negative, affirms AAA
  + stars: | 2023-11-10 | by ( ) www.reuters.com   time to read: +7 min
REUTERS/Shannon Stapleton/File Photo Acquire Licensing RightsNov 10 (Reuters) - Moody's on Friday changed the outlook on the government of United States of America's ratings to "negative" from "stable". Moody's affirmed the long-term issuer and senior unsecured ratings at "Aaa". COMMENTS:REPUBLICAN REPRESENTATIVE ANDY HARRIS, ON X SOCIAL MEDIA“Moody’s just downgraded our credit rating outlook to negative because of our out-of-control government spending and deficits. "I don't think that there is a significant consequence. WALLY ADEYEMO, DEPUTY SECRETARY OF THE TREASURY"While the statement by Moody’s maintains the United States’ Aaa rating, we disagree with the shift to a negative outlook.
Persons: Shannon Stapleton, Moody's, ANDY HARRIS, JOHN CORNYN, ” STEVEN RICCHIUTO, you've, ” THIERRY WIZMAN, MACQUARIE, “ Moody’s, ” MICHAEL GREEN, JACK ABLIN, CHICAGO “, it's, , ” QUINCY KROSBY, CAROL SCHLEIF, We've, CHRISTOPHER HODGE, KARINE JEAN, PIERRE, Moody’s, WALLY ADEYEMO, Biden Organizations: REUTERS, Aaa, Moody’s Investors Service, Capitol, FX, NEW, Republicans, Democrats, BMO, KARINE, Republican, Congressional Republicans, States ’ Aaa, Biden Administration, Global Finance, Markets, Thomson Locations: New York City, U.S, United States, MIZUHO, Japan, CHICAGO, CHARLOTTE, NORTH CAROLINA, MINNEAPOLIS , MN, American
Bidenomics Gets No Respect
  + stars: | 2023-11-09 | by ( Daniel Henninger | ) www.wsj.com   time to read: +1 min
Images: AP/AFP/EPA/Getty Images Composite: Mark KellyJoe Biden is back in his comfort zone, at least for him, if not for the Democratic Party. Bidenomics was supposed to be Mr. Biden’s path to a second term. The latest dark cloud is the New York Times /Siena College poll that found in five battleground states Mr. Biden is running behind the Permanent Defendant, Donald Trump. Conventional wisdom—conventional because there’s something to it—blames Mr. Biden’s age (a nice word for neurological decline), inflation’s lingering effects, high interest rates and John Q. Public’s sour mood. Nearly three years after Mr. Biden’s inauguration, more than 70% think the country is headed in the wrong direction.
Persons: Mark Kelly Joe Biden, He’s, Bidenomics, Biden, Donald Trump, , John Q, Biden’s Organizations: AFP, EPA, Democratic Party, Amtrak, New York Times, Siena College
WSJ Opinion: Bidenomics Gets No Respect
  + stars: | 2023-11-09 | by ( Wsj Opinion | ) www.wsj.com   time to read: 1 min
WSJ Opinion: Bidenomics Gets No RespectWonder Land: Citing the president’s age lets Democrats off the hook for the political failure of his economic policies. Images: AP/AFP/EPA/Getty Images Composite: Mark Kelly
Persons: Bidenomics, Mark Kelly Organizations: AFP, EPA
Biden’s economic scorecard touts fragile advantage
  + stars: | 2023-11-09 | by ( Ben Winck | ) www.reuters.com   time to read: +11 min
And if the political strategist James Carville was right that “it’s the economy, stupid,” the next several months could make or break Joe Biden’s economic record. As things stand, the current ruler of the free world touts a fragile advantage. Households’ disposable income after adjusting for inflation hit a record $20 trillion in the month that Biden’s measure was approved, according to the Bureau of Economic Analysis. STUDENT LOANSForgiving swaths of student debt was another of Biden’s campaign promises, but his efforts have so far failed. And with higher interest rates making debt service more expensive, Biden’s spending could come back to bite him on election day.
Persons: Joe Biden, Ken Cedeno, James Carville, Joe Biden’s, , aren’t, Breakingviews, it’s, Biden, Donald Trump, Mitch McConnell, , Realtor.com, Congressional Republicans haven’t, haven’t, WALL, Lauren Silva Laughlin, Sharon Lam, Aditya Sriwatsav Organizations: Edmond's Catholic, REUTERS, Rights, Reuters, House, Republican, AMERICAN, ACT, Brookings Institution, Analysis, Walmart, Nordstrom, Deere, Caterpillar, Republicans, Commerce Department, Micron, Bank of America, Gallup, Federal Reserve, United Auto Workers, RSM, Congressional Republicans, Biden, Reuters Graphics Reuters, Conservative, Thomson Locations: St, Rehoboth Beach , Delaware, U.S, New York, Arizona, West Virginia
He ordered up an economic analysis and spoke to company officials about the plant, according to White House officials. On Thursday, Biden will visit Belvidere to showcase that same auto plant, which has reopened as part of the settlement of a targeted strike by the United Auto Workers union. O'Malley Dillon said the UAW contracts and the auto plant reopening reflect a larger focus on workers by the president. The contracts, if approved by 146,000 union members in the coming weeks, would dramatically raise pay for auto workers. Top assembly plant workers would earn roughly $42 per hour.
Persons: Joe Biden, Biden, he's, , Jen O’Malley Dillon, White, O'Malley Dillon, Donald Trump, Gene Sperling, Trump, Shawn Fain, J.B . Pritzker, Stellantis Organizations: WASHINGTON, Biden, White, United Auto Workers, Dodge, UAW, Labor, White House, Illinois Gov, Motors, Ford, Republican Locations: Chicago, Belvidere, China, United States
Some leading Republicans, including former President Donald Trump, opposed the law or now want to cut money for infrastructure services. Political Cartoons View All 1237 ImagesThere are almost 450 port and waterway projects and 190 to improve airport terminals. Trump, the front-runner for the Republican presidential nomination, has disparaged the infrastructure package and Republicans lawmakers who backed it. Biden has joked about Trump holding “infrastructure week” events during his presidency but never managing to sign an infrastructure law. Landrieu said projects already underway have helped spur about $615 billion in private sector manufacturing and clean energy investments nationwide.
Persons: , Biden, Joe Biden, Mitch Landrieu, Donald Trump, Landrieu, Andy Beshear, Jeff Zients, ” Biden, I’m, Ron DeSantis, he'd, Organizations: WASHINGTON, Boston's Logan International, Democratic Gov, Republican, Trump, Amtrak, Florida Gov, Republicans, New Locations: Montgomery, Cincinnati, Baltimore, New York City, Washington, United States, Florida, New Orleans, Alaska
The CNN poll finds that 25% of voters believe Biden has the stamina and sharpness to serve effectively, while 53% say Trump does. The CNN poll encapsulates this potential dilemma for voters. And given his national approval rating in the CNN poll of only 39%, any economic downturn next year would be disastrous for him. Voters see Trump as a stronger leader, suggesting that bluster and threats are more convincing than Biden’s nuanced approach. Latino voters favor Biden over Trump by only four points compared to 33 points in the 2020 election.
Persons: Joe Biden, Biden, Donald Trump, Trump’s, Andy Beshear, Glenn Youngkin, let’s, ” Biden, Trump, demonization ”, , hasn’t, he’s, MAGA, there’s, trimmer, Will, abate, Tim Ryan, CNN’s Wolf Blitzer, it’s, , , Bacon, , doesn’t, Bill Clinton, Barack Obama’s, Jimmy Carter, Obama, Clinton Organizations: CNN, Democrats Tuesday, Biden, GOP, Democratic, New York Times, Siena College, Trump, Democratic Gov, GOP Gov, Republican, , Former Democratic, Hamas, Voters, Black Locations: Ohio, Kentucky, Virginia, America, New York, Ukraine, Israel, Nevada, Georgia, Arizona, Michigan, American, Gaza
There’s a conundrum that economists and political strategists have been chewing on for more than a year: The economy is good, but Americans say it’s lousy. Just 2% of voters say the economy is excellent, according to a New York Times-Siena College poll. But there’s a conundrum within the conundrum, which is that, despite what Americans say, they are not behaving like a people particularly worried about the economy. That’s why Americans are pulling money from their 401(k)s at an alarming rate to pay the bills. For young people living paycheck to paycheck, the dream of homeownership (and the financial security that comes with it) feels frustratingly out of reach.
Persons: CNN Business ’, Bidenomics, Taylor Swift, they’re, It’s, Jay Powell, it’s squishy, don’t Organizations: New, New York CNN, CNN Business, New York Times, Siena, Starbucks Locations: New York, pollsters
ATLANTA (AP) — People in Georgia will keep paying no state taxes on gasoline and diesel, at least until state lawmakers start a special legislative session. Brian Kemp on Wednesday extended the fuel tax rollback of 31.2 cents per gallon of gasoline and 35 cents per gallon of diesel until Nov. 29. Georgia’s governor can suspend the collection of taxes during an emergency as long as state lawmakers approve it the next time they meet. Tax revenues fell about 3% in October even though some fuel taxes were still flowing into state coffers after Kemp's September action. Fuel taxes in Georgia largely fund roadbuilding.
Persons: Brian Kemp, That's, Kemp, Garrison Douglas, Joe Biden, ” Kemp, Organizations: ATLANTA, , Republican Gov, Democratic, AAA Locations: Georgia, Texas
U.S. President Joe Biden steps from Marine One upon his return to the White House in Washington, U.S., November 6, 2023.REUTERS/Kevin Lamarque/File Photo Acquire Licensing RightsPHILADELPHIA, Nov 7 (Reuters) - Andrea Singmaster is thankful for President Joe Biden. "I love Joe Biden. The contrast between the popularity of the Biden agenda and the unpopularity of its pitchman, even among some party loyalists, is a major concern for Democrats going into 2024. Biden's approval rating is hovering around 40%, near the lowest level of his presidency, according to the latest Reuters/Ipsos poll. Still, the polls are hastening calls from some Democrats for the Biden campaign to focus less on him and his "Bidenomics" pitch and more on the dangers they say Trump poses.
Persons: Joe Biden, Kevin Lamarque, Andrea Singmaster, Biden, Singmaster, Democratic longshot Dean Phillips, Donald Trump, He's, James Carville, Trump, Joseph Foster, Foster, SCRANTON JOE, Scranton Joe playbook, Biden's, it's, Julie Chavez Rodriguez, Kamala Harris, St . Louis, Harris, Jarrett Renshaw, Heather Timmons, Rod Nickel Organizations: Marine, White, REUTERS, Rights, Democratic, Republican, Biden, America, Reuters, Trump, New York Times, Sienna College, SCRANTON, Scranton, Thomson Locations: Washington , U.S, Philadelphia, Pennsylvania, Montgomery County, Scranton , Pennsylvania, St .
A Report Card for Bidenomics
  + stars: | 2023-11-07 | by ( Andrew Ross Sorkin | Ravi Mattu | Bernhard Warner | ) www.nytimes.com   time to read: +1 min
Biden’s troubles stem in large part from negative perceptions about the economy, even as several indications show that it is performing strongly. Here’s a deeper look at what “Bidenomics” has, and hasn’t, accomplished. Since Biden took office, employers have created 14 million jobs, and the unemployment rate has been hovering around a 50-year-low for months. “Bidenomics is just another way of saying the American dream,” he said in a speech. The economy grew last quarter at nearly 5 percent, belying a global slowdown.
Persons: Biden, Donald Trump —, , Bidenomics, It’s Organizations: Infrastructure Investment, Jobs Locations: America
Tuesday’s legislative elections in Virginia will provide key tests for both parties’ messaging ahead of 2024, as well as the state’s GOP governor. “I think they’re the most important elections in America because these issues that are so important to Virginians are also the ones that are going to be so important to Americans next year,” Virginia GOP Gov. The battles for the state House of Delegates, which Republicans control, and the state Senate, which Democrats control, could come down to a handful of districts. And they’ll test Youngkin’s own political power as he’s brushed off questions about his presidential ambitions. Ambassador Nikki Haley’s paid private speeches, noting that she did not keep records of what she said to the groups.
Persons: , Glenn Youngkin, ABC’s, NBC’s Gary Grumbach, Katherine Koretski, Sen, Siobhan Dunnavant, Democrat Schuyler Van, Youngkin, Joe Biden, Kamala Harris, NBC’s Gabe Gutierrez, Julia Jester, Megan Lebowitz, , Biden, Alex Seitz, Wald, Ron DeSantis, , NBC’s Matt Dixon, Jonathan Allen, Ali Vitali, Nikki Haley’s, Peter Nicholas, Carol E, Lee, South Carolina Sen, Tim Scott’s, Robert F, Kennedy, Jr, Brandy Zadrozny, He’s, Peter Meijer, who’s, Brandon Presley, Tate Reeves Organizations: GOP, Virginians, , ” Virginia GOP Gov, Delegates, District, Democrat, NBC News, Democratic, Biden, Israel, Hamas, Democrats, Republican National Committee, New York Times, Florida Republican Party, Florida GOP Gov, Florida GOP, South, Public Service, GOP Gov Locations: Virginia, America, ” Virginia, Democrat Schuyler Van Valkenburg, Youngkin, Michigan, Florida, South Carolina, Black, Michigan’s, Mississippi
The margins were between 4 and 10 percentage points, with a survey sampling error of between 4.4 and 4.8 points per state. The only state where voters said they would choose Biden over Trump was Wisconsin, where the president led the Republican front-runner by 2 points, within the margin of error. During the 2020 election, Biden won all six of these battleground states, albeit some by very slim margins. These issues will be top of mind for voters next year; 57% of respondents said economic issues would be the most important factor in their vote. The survey points to troubling signs ahead for the Biden reelection campaign.
Persons: Joe Biden, Donald Trump, Trump, Biden, Barack Obama's Organizations: Americas, Economic Prosperity, , The New York Times, Siena College, Trump, Republican, Biden Locations: Washington , U.S, U.S, Michigan , Pennsylvania, Arizona, Georgia, Nevada, Wisconsin
(That’s despite Trump being nearly as unpopular and fighting multiple legal battles; he is taking the stand on Monday in one of them. And, on PredictIt, which is watched by political experts, Biden holds a six-point lead on Trump.) Just 2 percent of voters said the economy was excellent, the poll found. Worryingly for Biden, that discontent is being reflected in demographics crucial to his re-election: 48 percent of Black voters in the Times/Siena poll rated the economy as poor, as did 59 percent of voters under 30. Zero respondents in that age group in Arizona, Nevada and Wisconsin rated the economy as excellent.
Persons: Biden, Donald Trump, Trump, Worryingly Organizations: Trump, White, Biden, Times Locations: Siena, PredictIt, Arizona , Nevada, Wisconsin
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNEC Director Lael Brainard: Both the policies and economic record of President Biden are very strongLael Brainard, National Economic Council Director and former Federal Reserve vice chair, joins 'Squawk Box' to discuss the state of the U.S. economy, whether 'Bidenomics' is working, why Americans haven't been on board with President Biden's economic plan, and more.
Persons: Lael Brainard, Biden, haven't, Biden's Organizations: NEC, National Economic, Federal Reserve Locations: U.S
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