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☆ Bidenomics Is Unsustainable
▼ + stars: | 2023-09-20 | by ( Stephen Miran | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones Organizations: uaw

The Federal Reserve, as expected, left interest rates unchanged on Wednesday while raising forecasts for economic growth and lowering them for unemployment next year. “Job gains have slowed in recent months but remain strong, and the unemployment rate has remained low. Inflation remains elevated.”The central bank updated its forecasts for economic growth, unemployment and inflation. The GDPNow estimate from the Federal Reserve Bank of Atlanta is now pegging economic growth in the third quarter at 4.9%. But it would likely curb economic growth at a time when the Fed’s policies have restricted credit and other government stimulus is waning.

Persons: “, ” Powell, ”, Powell, Andrew Patterson, Ruslan Lienkha, Victor Li, Jeff MacDonald, Joe Biden, Donald Trump Organizations: Federal Reserve, Fed, ”, Villanova University, Federal Reserve Bank of, GOP Locations: Saudi Arabia, Russia, U.S, Federal Reserve Bank of Atlanta

☆ Pence echoes Trump, links UAW strikes to Biden EV push: 'Good for Beijing, bad for Detroit'
▼ + stars: | 2023-09-19 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +1 min

Former Vice President Mike Pence argued Tuesday that the Biden administration's push toward electric vehicles was to blame for the historic United Auto Workers strikes underway at the Big Three Detroit carmakers' plants. "I guarantee you that one of the things that's driving that strike is that Bidenomics and their green energy, electric vehicle agenda is good for Beijing and bad for Detroit, and American autoworkers know it," Pence said on CNBC's "Squawk Box." The strikes are a "reflection of the failed economic policies of the Biden administration," said Pence, whose campaign to win the 2024 Republican presidential has struggled to gain traction in the polls. "This drive toward electric vehicles, driving people away from gasoline-powered vehicles, any auto worker that's paying attention would know that's not in their long-term interest," he said. Pence's stance on the strikes echoed the one pushed by his former boss, ex-President Donald Trump, the current front-runner in the GOP nomination contest.

Persons: Mike Pence, Biden, Pence, that's, Donald Trump Organizations: United Auto Workers, Big, Detroit, Republican, GOP Locations: Beijing, Detroit

☆ Multiple crises batter Washington and set up a fateful 2024 election
▼ + stars: | 2023-09-18 | by ( Stephen Collinson | ) edition.cnn.com time to read: +12 min

The octogenarian president is increasingly coming under scrutiny over his ability to serve a full second term if he wins in November 2024. But the trauma seizing Washington will soon intrude, transfixing the nation in a tumultuous 2024 election. The turmoil in the Republican Party is creating the kind of dysfunction and extremism that could turn off general election voters next year. In more placid times, the auto strike would be a dominant national issue defining a fraught political moment. But it’s just one of many crises threatening to overwhelm a political system that appears on the verge of a serious malfunction.

Persons: Donald Trump, Joe Biden’s, – Trump, Biden, Hunter’s, Kevin McCarthy, It’s, Washington’s, Volodymyr Zelensky, Trump, Zelensky, Vladimir Putin “, – Biden, tailgated, ”, McCarthy, Matt Gaetz, “, Kevin, ” Gaetz, demagogue, Jack Smith, Tanya Chutkan, David Weiss, Hunter Biden, Trump’s, Hunter, –, David Ignatius, Kamala Harris, it’s Organizations: CNN, Republicans, White, Republican, Trump Republicans, Senate, GOP, Hollywood, Press, NBC, Caucus, Florida GOP, Sunday, Fox News . House Republicans, Republican Party, Trump, United Auto Workers, Big Three, Biden Locations: American, China, Ukraine, Washington, Russian, Rosh

☆ Biden's economic policies have quietly made peoples' lives better — and no one seems to care
▼ + stars: | 2023-09-17 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +10 min

Biden's economic agenda has meant real changes for many Americans, like clean water and internet access. That $1 million came from President Joe Biden's $1.9 trillion American Rescue Plan , which was passed in 2021 to revitalize the economy and replenish Americans' wallets. But for the target groups seeing their everyday lives changed by Bidenomics funding, it can make a world of difference. AdvertisementAdvertisementThe hidden wins from BidenomicsWith 2024 looming, and Americans dreary on the economy, Bidenomics is still an elusive beast. Americans who are not part of targeted populations receiving these grants are left to contend with sky-high prices on their own.

Persons: Bradley Bonds, Bonds, Joe Biden's, Bidenomics, Biden, it's, Alice Stewart, It's, Stewart, Gallup, Rose Carter, Carter, Jodi Cutaiar, —, there's, Max Berger, Elizabeth Warren's, Berger Organizations: Service, Fire, Congressional, CNN, Bidenomics, Alliance for Congregational, Rescue Plan, Biden, American, Companies, Justice Democrats, Republican Locations: Wall, Silicon, South Carolina, Middle America, Carolina, Phoenix, Pennsylvania, Ohio

Aides said that President Biden urged both sides of the dispute to stay at the negotiating table. Just before the strike vote, Mr. Biden called Shawn Fain, the president of the U.A.W. How Mr. Biden navigates the situation could have a significant impact on his hopes for re-election. Mr. Biden won the state over former President Donald J. Trump with just over 50 percent of the vote. “They talk about labor, but they don’t say ‘union.’ It’s ‘union.’ I’m one of the — I’m proud to say ‘union.’ I’m proud to be the most pro-union president.”

Persons: Biden, Biden’s, “, ” Mr, “ You’ve, ”, Eddie Vale, You’ve, Vale, Shawn Fain, Donald J, ’ ”, ’ It’s, ’ Organizations: United Auto Workers, Republican, White, Democratic, AFL, CNN, Trump, Labor Locations: Michigan, America, United States, Philadelphia

☆ U.A.W. Strike Is a Real-Time Test of Biden’s Economic Agenda
▼ + stars: | 2023-09-15 | by ( Michael D. Shear | More About Michael D. Shear | ) www.nytimes.com time to read: +1 min

Rarely do so many parts of a president’s political identity collide in one place. Friday’s walkout by the United Auto Workers is a real-time test of President Biden’s economic agenda: his call for higher wages for the middle class; his unapologetic pro-union stand; his climate-driven push to reimagine an electric vehicle future for car companies — centered in Michigan, a state that he must win in 2024 to remain in the Oval Office. The targeted strike by some members of the 150,000-member union is designed to disrupt one of America’s oldest industries at a time that Mr. Biden is sharpening the contrast between what rivals and allies call “Bidenomics” and a Republican plan that the president warns is a darker version of trickle-down economics that mostly benefits the rich. “Their plan — MAGAnomics — is more extreme than anything America has ever seen before,” Mr. Biden said on Thursday, just hours before the union voted to strike. At the White House, Mr. Biden’s aides believe the outcome of the battle between the car companies and its workers will underscore many of the president’s arguments about the need to reduce income inequality, the benefits of empowered employees, and the surge in profits for companies like the automakers that makes them able to afford higher salaries.

Persons: Biden’s, Biden, “, ” Mr Organizations: United Auto Workers, Republican, White Locations: Michigan, America

☆ The Census Exposes Bidenomics
▼ + stars: | 2023-09-14 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Wonder Land: Whether it's the migrant crisis, gender identity, shoplifting, student loans or decriminalizing federal laws on cannabis possession, Republican presidential candidates should not stop talking about the culture. Images: Bloomberg News/AFP/Getty Images Composite: Mark KellyYou almost have to admire the brass of the Biden White House. The Census Bureau reported Tuesday that Americans are poorer under Bidenomics, and the President quickly changed the subject to blame Republicans for rising child poverty on his watch. As usual, too many in the press corps bought the spin.

Persons: Mark Kelly You Organizations: Republican, Bloomberg, Getty, Biden White House, Census Bureau

Hunter Biden has been open about his struggles with cocaine addiction at the time. Under that deal, Hunter Biden pleaded guilty to two misdemeanor tax charges and agreed to enter into a "pretrial diversion program" on the gun issue. Given the new charges against Hunter Biden, it's not clear if the case will actually go to court. Republicans claim that Hunter Biden used his family name in shady business dealings, and that President Biden was somehow an active participant or beneficiary. "That's one of about a dozen crimes that Hunter Biden has committed.

Persons: Joe Biden's, Hunter Biden, Biden, Biden's, Joe Biden, Maryellen Noreika, it's, Donald Trump, Jamie Raskin, James Comer, Comer Organizations: White, Republicans, U.S, Capitol Hill Republicans, Biden, Department of Justice, Trump, Maryland Democrat, Capitol, Kentucky Republican Locations: Delaware, Maryland, New Orleans, Mississippi

☆ Biden to starkly contrast his economic plan with GOP 'MAGAnomics' as shutdown looms
▼ + stars: | 2023-09-14 | by ( Emma Kinery | ) www.cnbc.com time to read: +3 min

U.S. President Joe Biden speaks about the August U.S. jobs and employment report numbers in the Rose Garden of the White House in Washington, September 1, 2023. White House Press Secretary Karine Jean-Pierre on Wednesday criticized congressional Republicans for not reaching an agreement. House Republicans in the spring refused to lift the debt ceiling without cost cutting concessions. "House Republicans have understandably been reluctant to tout the MAGAnomics budget — but the White House is going to spend much of this fall doing it for them," Dunn wrote. "[Biden] will use today's speech to hold House Republicans accountable for the full MAGAnomics agenda and contrast MAGAnomics with his economic vision."

Persons: Joe Biden, Karine Jean, Pierre, Jean, Pierre said, Biden, Kevin McCarthy, We've, Anita Dunn, McCarthy, Dunn Organizations: White, WASHINGTON, Democratic, Congress, House Press, Republicans, Caucus, Republican, Social Security Locations: Rose, Washington

☆ Biden Accuses Republicans of Undercutting Working-Class Americans
▼ + stars: | 2023-09-14 | by ( Peter Baker | More About Peter Baker | ) www.nytimes.com time to read: +1 min

President Biden challenged his Republican opponents on Thursday in their area of political strength, arguing that he has done a better job of managing the economy than former President Donald J. Trump did and accusing his predecessor’s congressional allies of undercutting working-class Americans. While Mr. Trump has long made his stewardship of the economy his most salient bragging point, Mr. Biden declared that his “Bidenomics” program had done more to help everyday Americans make a living than what he termed “MAGAnomics” ever did. He framed the argument in terms of the fall’s coming budget battles, but it also represented a preview of next year’s campaign. “They have a very different vision for America,” Mr. Biden said in a speech at Prince George’s Community College in Largo, Md., just outside the nation’s capital, where he held up a copy of budget plans by House Republicans. “Their plan, MAGAnomics, is more extreme than anything America has ever seen before.”Mr. Biden trained his criticism on Republicans who are threatening to shut down the federal government if their plans are not enacted.

Persons: Biden, Donald J, Trump, ”, “, ” Mr Organizations: Republican, America, Prince George’s Community College, House Republicans, Social Security Locations: Largo , Md, America

☆ Fact check: Debunking eight Trump false claims about the Biden-era economy
▼ + stars: | 2023-09-14 | by ( Daniel Dale | ) edition.cnn.com time to read: +15 min

They’re looking for jobs, but many of ‘em aren’t looking for jobs, so it’s a fake number.”Facts First: Trump made two false claims here. Real incomes under Trump and BidenTrump claimed, “Under Biden, real incomes have gone down by $7,400 per family, think of that. Think of that.”Facts First: Both parts of Trump’s claim are false. When Biden took office in January 2021, the economy was about 9.4 million jobs below the pre-pandemic peak set in February 2020. By adding more than 13.4 million jobs over Biden’s first 30 full months, therefore, the country went roughly 4 million jobs above the pre-pandemic peak.

Persons: Donald Trump, Joe Biden –, Biden, Trump, Biden –, “, we’ll, Sean Spicer, Spicer, Biden Trump, Trump’s, it’s, Michael Klein, ” Klein, wouldn’t, That’s, –, doesn’t, PolitiFact, Biden’s Organizations: Washington CNN, Trump, White, White House, Bureau of Labor Statistics, Biden, Fletcher School, Tufts University, Federal Reserve, US, “, Heritage Foundation, Trump Trump Locations: South Dakota, Ukraine, ”, Biden’s

☆ Biden impeachment saga creates a wild new political twist in an unprecedented election
▼ + stars: | 2023-09-14 | by ( Stephen Collinson | ) edition.cnn.com time to read: +11 min

Now, his proxies in the House GOP are effectively weaponizing an impeachment inquiry of Biden to try to again destroy Trump’s potential opponent in the next presidential election. Then-Vice President Biden attended two dinners with his son and his business associates in Washington, DC, although one of Hunter’s associates testified that no business was discussed. Biden’s political liabilitiesIn some ways, the White House has a political advantage. CNN’s White House team reported Wednesday that the administration had put into action a counter-impeachment plan even before McCarthy’s announcement. Video Ad Feedback James Carville wants Biden impeachment inquiry.

Persons: Joe Biden, Kevin McCarthy, McCarthy, Donald Trump, Biden, –, Biden corruptly, Trump, Volodymyr Zelensky, Zelensky, Vladimir Putin, Hunter Biden, Obama, Joe Biden’s, Hunter’s, Hunter, White, haven’t, That’s, — McCarthy, Nancy Pelosi, CNN’s Manu Raju, Ken Buck, CNN’s Anderson Cooper, ” Buck, it’s, There’s, Jim Jordan, Hillary Clinton, Libya –, hasn’t, CNN’s, Biden’s, James Carville, Bill Clinton, feverishly, “, I’ve, ” Biden Organizations: CNN, GOP, Biden, Trump, Republicans, Air Force, Democratic, Colorado Republican, Republican, White, Capitol, House, Republican House, White House Locations: Washington, Ukraine, Russian, China, Washington , DC, America, Congress, New York, Benghazi, Libya

For months now, inflation has been steadily trending down to a 3% level after hitting 9% last summer. That will likely bring the annual rate to 3.6%. The Fed actually pays attention to a less well-known inflation metric and tends to focus on core inflation minus housing and those numbers are improving. We look for the monthly pace of core inflation to rebound to 0.2%-0.3% in Q4 and keep the annual rate closer to 4% than 3% through year end. The annual rate of headline CPI is also likely to remain stuck just above 3% through the end of 2023.

Persons: ”, Sam Bullard, Wells, ” Bullard, Janet Yellen Organizations: CPI, White, Fed, PPI Locations: India, U.S

☆ Opinion | A Performance Review for President Biden
▼ + stars: | 2023-09-07 | by ( ) www.nytimes.com time to read: +1 min

To the Editor:Re “Why So Many Americans Are So Down on Biden,” by Bret Stephens (column, Sept. 6):Sure, the president is old, but, boy, has the country improved. Foundations for the country’s future have been established (Inflation Reduction Act, Chips Act, etc.). C’mon, forget an occasional stumble, or less than polished speech — it’s action and leadership that should be noted, and applauded. To the Editor:All things considered, I believe that Joe Biden has done a fantastic job as president. And because we project our national identity onto our president, he does not sate our desire for a robust, optimistic leader.

Persons: Biden, ”, Bret Stephens, Tim Neale Amherst, Joe Biden Organizations: America, Foundations Locations: Mass

☆ Explaining Bidenomics
▼ + stars: | 2023-09-06 | by ( David Leonhardt | More About David Leonhardt | ) www.nytimes.com time to read: +2 min

They want the government to spend more money on highways, technological development and other policies that could create good-paying jobs. The experts, in short, believe that they had been too accepting of the more laissez-faire economic agenda often known as neoliberalism. This turnabout is the central explanation for President Biden’s economic agenda, which White House aides call Bidenomics and will be core to his re-election campaign. Foer tells the story partly through Jake Sullivan, who helped design Biden’s domestic agenda during the campaign and then became national security adviser. That’s why several Warren protégés, like Bharat Ramamurti, work in senior White House roles today.

Persons: Bidenomics, ”, Biden’s, Franklin Foer, Foer, Jake Sullivan, Sullivan, Hillary Clinton, Biden, Donald Trump’s, Democratic wonks, ” Foer, Bernie Sanders, Elizabeth Warren, Alexandria Ocasio, Cortez, Warren protégés, Bharat Ramamurti Organizations: Democratic, Rhodes, Yale, White Locations: Alexandria

☆ White House seems 'really worried' about auto workers strike, says Axios' Mike Allen
▼ + stars: | 2023-09-06 | 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 EmailWhite House seems 'really worried' about auto workers strike, says Axios' Mike AllenMike Allen, Axios co-founder, joins 'Squawk Box' to discuss if Americans are buying President Biden's 'Bidenomics' plan, how the country's presidential candidates came to be, and if Biden's getting pressure from his party to not run in next year's general election.

Persons: Axios, Mike Allen Mike Allen, Biden's

☆ Biden to hail West Coast dockworker union contract as possibility of UAW strike looms
▼ + stars: | 2023-09-06 | by ( Emma Kinery | ) www.cnbc.com time to read: +1 min

WASHINGTON — President Joe Biden will celebrate the recent West Coast dockworker contract in a ceremony at the White House on Wednesday. Last week, the ILWU and the PMA ratified a contract after more than a year of negotiations that prompted the Biden administration to get involved. The contract is set to last for six years and was approved by 75% of union members who voted. It included increased pay and benefits for 22,000 workers across 29 ports on the West Coast. Chronic worker slowdowns plagued the ports as negotiations lagged on, in some cases diverting shipments and leading to temporary port closures.

Persons: WASHINGTON, Joe Biden, Biden, slowdowns Organizations: ., White, Warehouse Union, Pacific Maritime Association, Biden, PMA Locations: . West Coast, West

☆ An inaccurate narrative to declare Bidenomics not working: CEA Chair Jared Bernstein
▼ + stars: | 2023-09-05 | 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 EmailAn inaccurate narrative to declare Bidenomics not working: CEA Chair Jared BernsteinJared Bernstein, Council of Economic Advisers chairman, joins 'Squawk Box' to discuss Bernstein's message from the White House administration, the current budget deficit, and much more.

Persons: Bidenomics, Jared Bernstein Jared Bernstein Organizations: Economic, White

☆ Voters aren't happy with 'Bidenomics' with the 2024 election just over a year away, poll shows
▼ + stars: | 2023-09-05 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

"Bidenomics" isn't winning over US voters, according to a Wall Street Journal survey. Nearly 60% of respondents told the outlet they disapproved of the President's economic policies. That's despite inflation cooling and unemployment holding steady in recent months. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. The Wall Street Journal surveyed 1,500 voters on August 24 and found that 59% of Americans disapprove of the job Joe Biden is doing on the economy, with just 37% saying they approved the President's policies.

Persons: Joe Biden, Joe Biden's, Biden, Donald Trump, Trump Organizations: isn't, US, Wall Street, Service, Street Journal, Biden, Federal Reserve, Labor, America, Journal Locations: Wall, Silicon, China, August's, America, Pennsylvania

The strong labor market is propping up U.S. households. “Real disposable income looks set to reaccelerate in 2024 on the back of continued solid job growth and rising real wages,” Jan Hatzius, Goldman’s chief economist, wrote in a client note. On Friday, the Labor Department reported that wage gains had cooled in August, but real wages, adjusted for inflation, are trending higher. In March, the bank raised its recession odds to 35 percent in the wake of Silicon Valley Bank’s collapse and worries that contagion could hurt other lenders. Poll numbers released on Monday by The Wall Street Journal showed that President Biden’s popularity is still sagging, partly because of his track record on the economy.

Persons: Goldman Sachs, ” Jan Hatzius, Goldman Organizations: Labor Department, Bloomberg, Wall Street Locations: United States, U.S, Bidenomics

☆ Biden takes economic pitch to battleground Pennsylvania
▼ + stars: | 2023-09-04 | by ( Jeff Mason | Thomson Reuters | Jeff Mason Is A White House Correspondent For Reuters. He Has Covered The Presidencies Of Barack Obama | ) www.reuters.com time to read: +3 min

[1/3] U.S. President Joe Biden gestures while boarding Air Force One as he departs for Philadelphia, Pennsylvania from Dover, Delaware, U.S., September 4, 2023. Inflation by the Fed's preferred gauge, however, has moved down to 3.3% from its peak of 7% last summer. U.S. job growth picked up in August, but the unemployment rate jumped to 3.8% and wage gains moderated, according to data released by the Labor Department last week. The White House notes inflation-adjusted income is up 3.5% since Biden came into office in January 2021, with lower-wage workers benefiting, and the unemployment rate is close to a 50-year low. Pennsylvania and a handful of other political battleground states that fluctuate between supporting Democrats and Republicans in presidential elections will help determine who leads the country after next year.

Persons: Joe Biden, Joshua Roberts, Biden, Donald Trump, Jerome Powell, Jeff Mason, Mary Milliken, Deepa Babington Organizations: Air Force, REUTERS, Labor, Florida, Hurricane Idalia, Democrat, AFL, White, Republicans, Democratic, Labor Department, Milwaukee Journal, Sentinel, Reuters, Pennsylvania, Thomson Locations: Philadelphia , Pennsylvania, Dover , Delaware, U.S, REHOBOTH BEACH , Delaware, Philadelphia, Delaware, Pennsylvania, what’s

☆ Biden gets low marks on economy and major concerns about his age as he looks to Trump rematch, new poll shows
▼ + stars: | 2023-09-04 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +4 min

A 60% majority of registered voters indicated in the poll that they do not consider Biden "mentally up for the job" of being president. Majorities of registered voters said they disapproved of how Biden has handled the economy (59%), inflation (63%) and growth of the middle class (58%), according to the poll. Nearly two-thirds of registered voters, 63%, said they viewed the strength of the U.S. economy negatively, including 36% who called it "poor." Inflation is a major pain point: 74% of respondents said it has moved in the wrong direction over the past year. Most voters, 86%, said the cost of housing has gone in the wrong direction over the past year.

Persons: Joe Biden, Joe Biden's, Donald Trump, Biden, —, Trump, Democratic pollster Michael Bocian, Tony Fabrizio, Bocian, Ron DeSantis, DeSantis, Vivek Ramaswamy, Nikki Haley Organizations: Labor, State Labor, Metal Workers, Local, Wall Street, Democratic, Voters, Biden, Trump, Republican, Florida Gov, GOP, United Nations Locations: Philadelphia , Pennsylvania, U.S, Ukraine, China, Philadelphia, Park, Scranton , Pennsylvania

☆ An Electric-Vehicle Payoff for the UAW . . .
▼ + stars: | 2023-09-02 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The electric-vehicle bubble starts to deflate. Image: Jae C. Hong/Associated PressIf step one of Bidenomics is funneling cash to green industries, step two is cleaning up the distortions created by its subsidies and mandates. That explains the President’s plan this week to spend billions to prop up union jobs in electric-car production that the government is forcing on auto makers.

Persons: Jae Locations: deflate

☆ Biden Struggles to Make ‘Bidenomics’ a Plus, Not a Minus
▼ + stars: | 2023-09-02 | by ( Reid J. Epstein | More About Reid J. Epstein | ) www.nytimes.com time to read: +1 min

When a chant slamming President Biden spread from a NASCAR race to T-shirts and bumper stickers across red America two years ago, the White House pulled off perhaps its savviest messaging feat to date. Biden aides and allies repackaged the “Let’s Go Brandon” insult and morphed it into “Dark Brandon,” a celebratory meme casting Mr. Biden as some sort of omnipotent mastermind. Now, the White House and the Biden campaign is several weeks into another appropriation play — but it isn’t going nearly as well. Aides in July announced that the president would run for re-election on the virtues of “Bidenomics,” proudly reclaiming the right’s derisive term for Mr. Biden’s economic policies. Wages are up, inflation has slowed, but credit to the president remains in short supply.

Persons: Biden, Brandon ”, Brandon, ”, “, Biden’s Organizations: NASCAR, White, Democratic, Navigator Locations: It’s

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