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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
The White House took aim at former President Donald Trump after the Republican presidential candidate front-runner said he hoped the economy would crash this year rather than during his theoretical second term. Economists have forecast economic slowing in 2024, but consensus has not gone so far as to cry recession. The White House used Trump's comment as an opportunity to tout Biden's economic wins and to draw contrasts with the previous administration. Trump has taken advantage of Biden's struggling economic narrative on the campaign trail, reminiscing on what he claims was a golden economy under his administration. Under Trump, the economy expanded for several years but the stock market ultimately came crashing down in 2020 at the advent of the pandemic while Trump was still in office.
Persons: Joe Biden, Donald Trump, Andrew Bates, Trump, Herbert Hoover, Hoover's, Biden, Bates Organizations: Flex LTD, White, Republican, Lindell, Dow Jones Industrial, Trump Locations: U.S, West Columbia, South Carolina
President Biden has built the case for a second term by saying his policies have strengthened the labor market. Photo: andrew caballero-reynolds/Agence France-Presse/Getty ImagesWASHINGTON—President Biden likes to talk about “jobs, jobs, jobs” when touting his economic record. The problem is that voters are far more worried about prices, prices, prices. The disconnect is one reason why his Bidenomics re-election pitch is landing flat despite a broadly resilient U.S. economy that has defied expectations. Prices have gone up by 19% since the start of the pandemic, a hard-to-forget leap that has left voters in search of someone to blame.
Persons: Biden, andrew caballero, reynolds Organizations: Agence France, Getty, WASHINGTON —
Takeaways from the DeSantis-Newsom debate
  + stars: | 2023-11-30 | by ( Eric Bradner | ) edition.cnn.com   time to read: +8 min
Ron DeSantis opened a debate Thursday night on Fox News, Newsom told DeSantis the two had one thing in common. By the way, you’re down 41 points in your own state,” Newsom said. Hannity the ‘hall monitor’Hannity, the long-time conservative Fox host, opened the debate pledging to play a neutral role Thursday night. “It should be up to the mother and the doctor and her conscience.”What’s the value of a debate like this? Mostly, the more than 90-minute debate was DeSantis and Newsom accusing each other of lying and mischaracterizing the other’s records.
Persons: Gavin Newsom, Ron DeSantis, Newsom, DeSantis, , Sean Hannity, Joe Biden, Donald Trump, Hannity, Biden, Biden won’t, ” DeSantis, ” Newsom, , Trump, Ron, Newsom sneered, Kamala Harris ’, It’s Madame, Anthony Fauci, “ Donald Trump, ” “, “ Joe Biden, Sean, he’ll, ’ Hannity, didn’t, , “ Ron DeSantis, Newsom’s, “ It’d, I’m, ” Hannity Organizations: CNN, California, Florida Gov, Fox News, Red State, Democrat, Fox, Trump Trump, mispronouncing, Trump, DeSantis, Biden, Republican Party Locations: Florida, Red, Iowa, Mexico, Texas, DeSantis, California, United States
A $16 McDonald's meal highlights how many Americans feel about the economy and food prices. AdvertisementA McDonald's meal from a viral TikTok has become the poster child for a key issue leading up to the 2024 presidential election . But food prices have been rising since 2020, which is one of the reasons why Americans feel sour about the economy , despite data suggesting it's in a strong position. AdvertisementA vibecession is influencing Americans' sentimentsOverall, McDonald's prices are up about 10% this year, and they plan to raise them another 10% next year. AdvertisementWith prices at restaurants like McDonald's likely to keep rising, that day-to-day pain point is likely not going away before the 2024 election.
Persons: , McDonald's, Donald Trump, Biden, Big, Joe Raedle, Scott Olson Organizations: Service, The New York Times, Sienna College, Trump, Biden, Consumer, US Bureau of Labor Statistics, Big Mac Locations: Idaho, Arizona, Georgia, Michigan, Nevada, Pennsylvania, Wisconsin
Opinion | Welcome to Our New ‘Bespoke Realities’
  + stars: | 2023-11-30 | by ( David French | ) www.nytimes.com   time to read: +2 min
Sometimes bespoke realities can yield a false consensus across partisan lines, even if different communities make the same mistakes for different reasons. Americans are far more negative about the broader economy than they are about their own personal finances. In fact, I’d argue that the more politically engaged you are, the harder it is to avoid bespoke realities. The most politically engaged of us are going to spend a disproportionate amount of our spare time perusing political media, much of it online. Moreover, those who consume political media were more wrong about their political opponents than those who consumed no media at all.
Persons: ” They’re,
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
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
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
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