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Stellar prices for gold have also stolen investor attention, with the precious metal scaling a new record of over $2,100. The record-breaking numbers for markets, however, haven't stopped some investors from worrying about three key issues. Inflation resurgenceAfter months of cooling, U.S inflation is proving itself to be more stubborn than experts had predicted. That's despite the Federal Reserve embarking on an aggressive monetary policy campaign over the past year, in a bid to tame consumer price pressures from their 40-year highs. Ariel Investments' Vice Chair Charlie Bobrinskoy told CNBC markets are not focused on China's residential real estate problems.
Persons: Michael M, haven't, Nobel, Paul Krugman, Mark Zandi's, Mark Zandi, Krugman, Nouriel Roubini, Doom, Trump, Marko Kolanovic, Mohamed El, Erian, Ariel, Charlie Bobrinskoy Organizations: New York Stock Exchange, Santiago, Federal, stoke, Allianz, Bloomberg, CNBC, El, Ariel Investments Locations: New York City, U.S, China
One of the amazing political achievements of Republicans in this election cycle has been their ability, at least so far, to send Donald Trump’s last year in office down the memory hole. Voters are supposed to remember the good economy of January 2020, with its combination of low unemployment and low inflation, while forgetting about the plague year that followed. Since Trump’s romp in the Super Tuesday primaries, however, the ex-president and his surrogates have begun trying to pull off an even more impressive act of revisionism: portraying his entire presidency — even 2020, that awful first pandemic year — as pure magnificence. On Wednesday, Representative Elise Stefanik, the chair of the House Republican Conference, tried echoing Ronald Reagan: “Are you better off today than you were four years ago?”And Trump himself, in his Tuesday night victory speech, reflected wistfully on his time in office as one in which “our country was coming together.”So let’s set the record straight: 2020 — the fourth quarter, if you will, of Trump’s presidency — was a nightmare. And part of what made it a nightmare was the fact that America was led by a man who responded to a deadly crisis with denial, magical thinking and, above all, total selfishness — focused at every stage not on the needs of the nation but on what he thought would make him look good.
Persons: Donald Trump’s, , Elise Stefanik, Ronald Reagan, Trump, let’s Organizations: Super, House Republican Conference Locations: America
I’d certainly rather fly into Newark than into the many European airports where you still have to take a bus from the plane to the terminal. Why do U.S. airports have so many more amenities than they used to? (The flying experience can still be miserable because of security lines, but that’s another issue.) The obvious answer is that they’re catering to their clientele, but surely that was always true. And over the past 40 years, high-income Americans — we’re talking the top 10 percent or 20 percent, not the super-elite that doesn’t fly commercial at all — have seen much bigger income gains than the middle class.
Persons: I’d, — we’re Organizations: Newark Liberty International, Congressional, Office Locations: Newark, 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
"We know Taylor Swift is popular; her music is the most requested at the rink," said Ginny Kidd, Skateway spokesperson. "Nothing is preventing a rink from playing Taylor Swift music and getting a line out the door. watch nowThe Taylor Swift events that don't involve Taylor Swift showing up range from library events, to bar crawls, cruises, painting parties, dance parties, and more. The restaurant added another Swift brunch the following weekend and plans a listening party when the singer's new album is released in April. She thought that a Taylor Swift event would be successful.
Persons: Amanda Edwards, Taylor Swift, Ginny Kidd, Skateway, Kidd, Ryan Herzog, Taylor, Herzog, Paul Krugman, Akira Back, Katie Bosworth, Bosworth, Swift, Katie Lovell, Lovell Organizations: Getty, Swift, Gonzaga University, New York Times, CNBC, RMD Group, Rex Theatres, Rex Theater Locations: Middletown , Ohio, San, Los Angeles, Gaslamp District, Manchester , New Hampshire, Manchester
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
Opinion | Who Really Stands With American Workers?
  + stars: | 2024-02-29 | by ( Paul Krugman | ) www.nytimes.com   time to read: +1 min
And how many blue-collar workers will support Trump in the false belief that he’s on their side? Naturally, that’s not the way Trump tells the story. In September, during an autoworkers’ strike, Trump, addressing workers at a nonunion Michigan auto parts factory, declared that he had saved an auto industry that was “on its knees, gasping its last breaths” when he took office. The day before, by contrast, Biden joined union workers on the picket line. When Trump took office, the auto industry had already regained most of the ground it had lost during the Great Recession.
Persons: uncommitted, Biden’s, Donald Trump, Benjamin Netanyahu, Biden, Trump, , that’s, Obama Organizations: Trump Locations: Michigan, Gaza
Yes, grocery prices are up a lot, but not nearly as much as some people claim, and the big surge is behind us. After all, I remember the inflation truthers of the early 2010s, who refused to believe that their predictions that easy money would cause runaway inflation had been wrong, and insisted instead that the government must be cooking the books. For whatever reason, however, the vehemence — and sheer silliness — of the grocery truthers took me by surprise. And maybe I can use this moment to show why that’s a bad idea. I know that it was less, but off the top of my head I can’t tell you by what percentage.
Persons: We’ve
Opinion | The Mystery of White Rural Rage
  + stars: | 2024-02-26 | by ( Paul Krugman | ) www.nytimes.com   time to read: +2 min
Will technological progress lead to mass unemployment? People have been asking that question for two centuries, and the actual answer has always ended up being no. It’s a big part of what has happened to rural America. This process and its effects are laid out in devastating, terrifying and baffling detail in “White Rural Rage: The Threat to American Democracy,” a new book by Tom Schaller and Paul Waldman. Technology is the main driver of rural decline, Schaller and Waldman argue.
Persons: , Tom Schaller, Paul Waldman, Schaller, Waldman Organizations: Democracy, Technology Locations: America
Listen to and follow ‘Matter of Opinion’Apple Podcasts | Spotify | Amazon MusicWhy does the economy look so good to economists but feel so bad to voters? The Nobel laureate economist Paul Krugman joins the hosts this week on “Matter of Opinion” to discuss why inflation, interest rates and wages aren’t in line with voters’ perception of the economy. Then, they debate with Paul how big of an influence the economy will be on the 2024 presidential election, and which of the two presumed candidates, Joe Biden and Donald Trump, it could benefit. Plus, Ross Douthat’s lessons on aging, through Michael Caine impressions. (A full transcript of this audio essay will be available within 24 hours of publication in the audio player above.)
Persons: Paul Krugman, , Paul, Joe Biden, Donald Trump, Ross Douthat’s, Michael Caine Organizations: Spotify
Opinion | Believing Is Seeing
  + stars: | 2024-02-20 | by ( Paul Krugman | ) www.nytimes.com   time to read: +1 min
What was most startling about Tucker Carlson’s recent trip to Russia wasn’t his obsequious interview with Vladimir Putin but his gushing days afterward over how wonderful a place Moscow is. Imagine, for example, that you brought people to New York and made sure that all they saw was the Upper East Side near the Metropolitan Museum of Art. They’d come away with the impression that New York is a very clean, spiffy-looking city. The truth is that while parts of Moscow offer a small elite an opulent lifestyle, Russia as a whole is more than a bit ramshackle. For many Russians, life is poor, nasty, brutish and short: Life expectancy is substantially lower than in the United States, even though America’s life expectancy has fallen and lags that of other advanced countries.
Persons: Tucker, Vladimir Putin, Potemkin, They’d, Carlson, Organizations: Metropolitan Museum of Art Locations: Russia, Moscow, New York, York, United States
Last week, Tom Suozzi won handily in the special election in New York’s Third Congressional District to fill the seat vacated by the serial fraudster George Santos — reclaiming the seat that Suozzi previously held. This was the latest in a series of Democratic victories in special elections, victories that seem on their face to run counter to polls showing Donald Trump leading Joe Biden in the presidential race. As Nate Cohn, The Times’s lead polling analyst, has been at pains to point out, there isn’t necessarily a contradiction here. Those who vote in special elections aren’t representative of those who will vote in November, and they may be especially motivated by hot-button issues, especially abortion, that have favored Democrats lately. Furthermore, Long Island, on which N.Y.-03 lies, is an unusual place — something I, who mostly grew up there, can personally confirm.
Persons: Tom Suozzi, George Santos —, Donald Trump, Joe Biden, Nate Cohn Organizations: Congressional, Democratic Locations: New, Long
AdvertisementThat means the strong job numbers of recent months have largely been due to immigrants , specifically foreign-born workers, entering the workforce in large numbers. “Foreign-born labor force participants have accounted for all of the job growth over the last year,” Bill Adams, an economist at Comerica Bank, told The New York Times. AdvertisementAdditionally, he said these job gains haven’t come at the expense of US-born workers either. As of 2022, foreign-born workers were more likely than US-born workers to be in service, natural resources, construction, and maintenance jobs, according to the Bureau of Labor Statistics. As of January, 65.7% of foreign-born workers were working or looking for work, compared to 61.4% of US-born workers.
Persons: , ” Bill Adams, Paul Krugman, “ They're, , Louis, Miguel Faria, Castro, Donald Trump Organizations: Service, Business, Comerica Bank, New York Times, Bureau of Labor Statistics, Immigrants, Congressional, Office, St, Louis Fed
Last October, 21% of the roughly 1,000 Americans surveyed by Gallup said the economy was “getting better,” according to survey data provided to BI. Forty-two percent of respondents said they trusted Donald Trump more than Biden to handle the economy — 31% trusted Biden over Trump. It could mainly be Democrats who are feeling better about the economyThere could be several reasons Americans’ growing optimism about the economy improving hasn’t translated into better polling for Biden. Republicans also seemed more optimistic, with their sentiment growing by nearly 10 points from January to February. The last time Democrats’ sentiment was about as low as Republicans’ February level was in the late summer of 2020.
Persons: , Joe Biden, Joe Biden’s, Donald Trump, Biden, he’s, Paul Krugman, hasn’t Organizations: Service, Business, University of, Gallup, BI, Financial Times, University of Michigan, Biden, Trump, ABC, Republicans Locations: Michigan
Opinion | Trump Is at Odds With NATO — and Reality
  + stars: | 2024-02-15 | by ( Paul Krugman | ) www.nytimes.com   time to read: +1 min
There’s been widespread attention on Donald Trump’s asserting that he would refuse to defend NATO allies he considers “delinquent” and even saying he might encourage Russia to attack them. A lot of the conversations I’ve heard have focused on the policy implications — on what it would mean for America to abandon its treaty obligations and treat NATO as a protection racket. But if you ask me, we haven’t given enough attention to exactly what Trump said — and what it says about his grasp on reality. Honestly, I’d love to spend this campaign talking only about policy; wonkery is my happy place. For Trump often gives the impression of living in his own reality.
Persons: There’s, Donald Trump’s, , I’ve, Trump, I’m Organizations: NATO, Trump Locations: Russia, America
Opinion | Why I Am Now Deeply Worried for America
  + stars: | 2024-02-12 | by ( Paul Krugman | ) www.nytimes.com   time to read: +1 min
It has seemed increasingly likely that the nation’s good sense would prevail and democracy would survive. But watching the frenzy over President Biden’s age, I am, for the first time, profoundly concerned about the nation’s future. It now seems entirely possible that within the next year, American democracy could be irretrievably altered. And the final blow won’t be the rise of political extremism — that rise certainly created the preconditions for disaster, but it has been part of the landscape for some time now. No, what may turn this menace into catastrophe is the way the hand-wringing over Biden’s age has overshadowed the real stakes in the 2024 election.
Persons: we’ve, Biden’s, Hillary, Donald Trump, Robert Hur, shouldn’t, Biden, James, Clinton — Hur, Comey Organizations: Democrat
Chinese leader Xi Jinping said on New Year's Eve that the nation's economy had grown "more resilient and dynamic this year." Meanwhile, famed hedge fund manager and founder of Dallas-based Hayman Capital Kyle Bass said the country's heavily indebted property market has triggered a wave of defaults among public developers. That's a problem, given China's real estate market can account for as much as a fifth of the nation's GDP. "This is just like the U.S. financial crisis on steroids," Bass said, referring to China's default-ridden property market. The Institute of International Finance said Beijing has the policy capacity to push China's economy toward its growth potential and stuck to its above consensus forecast for 2024 growth at 5%, in a recent blog post.
Persons: Eswar Prasad, Mohamed El, Xi Jinping, there's, Paul Krugman, Krugman, Kristalina Georgieva, Hayman, Hayman Capital Kyle Bass, Bass, isn't Organizations: Future Publishing, CSI, China's National Bureau, Statistics, Allianz, International Monetary Fund, Nikkei, New York Times, Monetary Fund, Economic, IMF, Dallas, Hayman Capital, of International Finance Locations: Jiangsu, China, Nikkei Asia, U.S, Europe, tatters, Davos, Beijing
A lower-cost way to play the S&P 500's run to 5,000
  + stars: | 2024-02-08 | by ( Michael Khouw | ) www.cnbc.com   time to read: +8 min
The S & P 500 once again closed at a new all-time high, achingly close to 5,000 for those enamored of nice round numbers. .SPX 1Y mountain S & P 500, 1-year Is there an option trade we can use if we're not sure? If S & P earnings grow closer to their historical average, then $240ish (let's stick to round numbers) might be a more accurate estimate. $240 a shares multiplied by 20 = $4,800 in the S & P. So in that context 5,000 is a little rich, but not much. The VIX Index , a measure of 30 day volatility in the S & P 500, is below 13, cheaper than usual.
Persons: we're, Jeremy Grantham, Paul Krugmans, aren't Organizations: Investors, Nvidia Locations: China, U.S
Opinion | Can America Survive a Party of Saboteurs?
  + stars: | 2024-02-08 | by ( Paul Krugman | ) www.nytimes.com   time to read: +1 min
Almost four years have passed since Congress approved and Donald Trump signed a huge relief bill designed to limit the financial hardship created by the Covid-19 pandemic. The CARES Act did its job. Furthermore, fears that generous aid during the pandemic would undermine America’s work ethic — that adults would leave the labor force and never come back — proved totally wrong. So the CARES Act was a huge policy success. But given recent political developments, I’ve found myself thinking: What would have happened if Democrats in 2020 had behaved like Republicans in 2024?
Persons: Donald Trump, , San Francisco Fed, I’ve Organizations: Federal Reserve, San Francisco, Age Labor
What did Kurt Vonnegut, the novelist, and François Mitterand, the socialist president of France from 1981 to 1995, have in common with Donald Trump? Both, at some point, believed in what economists call the lump of labor fallacy. And Trump clearly shares that belief. As I noted in my most recent column, it underlies his hostility to immigration — well, that and his belief that immigrants are “poisoning the blood of our country.” It also underlies his protectionism. So this seems like a good time to talk about the lump of labor fallacy, how we know it’s a fallacy and why it’s a zombie — an idea that refuses to die and instead keeps shambling along, eating people’s brains.
Persons: Kurt Vonnegut, François Mitterand, Donald Trump, Trump, Vonnegut, Mitterand, Vonnegut’s, Locations: France
The US economy is in a better-than-Goldilocks state, economist Paul Krugman wrote for The New York Times. "We have an economy that is both piping hot (in terms of growth and job creation) and refreshingly cool (in terms of inflation)." It places the Fed in a tough position, as it has reasons to cut or keep interest rates steady. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Fundstrat's Tom Lee remains confident of a March turnaround, citing that Powell generally indicated a readiness to start slashing rates.
Persons: Paul Krugman, , Krugman, Powell, Wednesday's, Bankrate's Mark Hamrick, Fundstrat's Tom Lee Organizations: The New York Times, Service, Federal Reserve, Fed
I joked that this would mean adding five or six years to our life expectancy. When I shared Noem’s remarks on social media, some of my correspondents asked whether this meant that we’re about to get good train service and better food. But Noem’s remarks were part of a long tradition among U.S. conservatives: insisting that Europe is already experiencing the disasters they claim will happen as a result of liberal policies here. In the past, however, the imagined European dystopia was supposed to be a result of high taxes and generous social benefits, which allegedly destroyed the incentive to work and innovate. So it seems worth asking what problems Europe really has — that is, problems that are different from our own.
Persons: Kristi Noem, Biden, Noem’s Locations: South Dakota, Europe, Bologna, New York
My first thought was: So he’s going to raise our life expectancy by five or six years? Yes, broadly speaking, Europe has been having problems dealing with migrants, and immigration has become a hot political issue. But the anxiety driving MAGA isn’t driven by reality. It is, instead, driven by dystopian visions unrelated to real experience. That is, at this point, Republican political strategy depends largely on frightening voters who are personally doing relatively well, not just according to official statistics but also by their own accounts, by telling them that terrible things are happening to other people.
Persons: Kristi Noem, MAGA, Donald Trump —, Biden, Noem, Trumpism, MAGA isn’t Organizations: Republican Locations: South Dakota, America, Europe, United States
Paul Krugman believes the outlook for the US economy is better than a "Goldilocks" scenario. Krugman's comments came after Bureau of Economic Analysis data showed that the US's GDP rose by a better-than-expected 3.3% over the final quarter of 2024. AdvertisementThe US economy isn't just headed for a so-called "Goldilocks" scenario – things are looking even better than that, according to Paul Krugman. "This is not a Goldilocks economy," the Nobel Prize-winning economist wrote on X Thursday, referring to a situation where growth, inflation, and unemployment are all at levels that look "just right". "We have an economy that is both satisfyingly hot (GDP) and refreshingly cold (inflation)."
Persons: Paul Krugman, Krugman's, , Krugman, Joe Biden, JPMorgan Chase, Jamie Dimon, Steve Hanke, David Rosenberg, Hanke, Rosenberg, it'd Organizations: Service, Bureau, Federal Reserve, JPMorgan, Fox Business
Opinion | Bidencare Is a Really Big Deal
  + stars: | 2024-01-25 | by ( Paul Krugman | ) www.nytimes.com   time to read: +1 min
It’s less clear how much of the good news on these fronts can be attributed to Biden’s policies. One area where presidents do make a big difference, however, is health care. Trump was nonetheless able to create some erosion in the program, for example by cutting off funds for “navigators” that help people enroll. America still doesn’t have the universal coverage that is standard in other wealthy nations, but some states, including Massachusetts and New York, have gotten close. And this gain, unlike some of the other good things happening, is all on Biden, who both restored aid to people seeking health coverage and enhanced a key aspect of the system.
Persons: Nancy Pelosi, Nikki Haley, , Trump, , Biden Organizations: Biden, Trump Locations: America, Massachusetts, New York
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