Tag Archives: Biden

This week saw two key pieces of economic data: the lowest number of jobless claims since September 1969 and the highest inflation since June 1982. Jared Bernstein, longtime economic aide to President Biden, was keen to drop some trivia on the more flattering number, noting “‘Honky Tonk Woman’ by the Rolling Stones was topping the charts” the last time jobless claims were this low. What was left unmentioned was that “Ebony and Ivory” was the most popular song the last time inflation… Source link

One month ago, gas prices—up 50% during the last year—were looking like the bane of Joe Biden’s presidency. Then three things happened: Combined, these developments have shaved oil prices by more than 20% since late October. Gas prices haven’t yet fallen by the same amount, but they most likely will. Gas prices lag oil prices whether going up or down, but only by a few weeks, as the following chart shows. So gas prices should be dropping by the end of the year. There’s already been a… Source link

Stocks gained on Monday at the start of a holiday-shortened week, as traders considered the highly anticipated renomination of Federal Reserve Chair Jerome Powell to the top role at the central bank.  The Dow added more than 250 points, or 0.8%, during morning trading. The S&P 500 and Nasdaq each also advanced. Investors kicked off the week on a strong note, with equity and bond-market trading set to close fully on Thursday and early on Friday for the Thanksgiving holiday.  President Joe… Source link

Three months ago, President Biden assured his fellow Americans that a surge in inflation was “temporary.” The Federal Reserve largely concurred. Now, Biden and the Fed either have to redefine “temporary” or come up with a different narrative. Overall inflation hit 6.2% in October, the highest level of price hikes in 31 years. More concerning than the topline number are new indications that rising prices are becoming a permanent feature of the economy instead of a fleeting anomaly…. Source link

What if President Biden signed the big infrastructure bill Congress just passed … and then nothing much happened for the next 12 months? No more “build back better” legislation, no more Democratic infighting over social-welfare spending, no more kowtowing to Joe Manchin? If Biden’s sole focus were regaining his popularity and giving his party a fighting chance in next year’s midterm elections, he might just abandon the huge green-energy and social-welfare bill Democrats are still… Source link

The Biden administration lifting a COVID-19 related travel ban on international visitors on Monday is already proving to be a tailwind for hotelier Hyatt. “This is a momentous day. Reopening the borders for vaccinated travelers is a really great step to take forward and re-engage. The day the Nov. 8 date was announced, we saw an instant surge in bookings. By the way, this week was up 50% overnight in terms of bookings. It just demonstrates what we have seen in virtually every segment of our… Source link

GLASGOW, Scotland — When the House of Representatives passed the $1.2 trillion infrastructure bill late Friday night, it took the largest congressional action to confront climate change in U.S. history. The bill contains $150 billion for clean energy advancement and adaptation to the effects of climate change, surpassing the 2009 economic stimulus package, which spent $90 billion on clean energy development and deployment. The new package also includes $73 billion for modernizing the U.S…. Source link

(Bloomberg) — The House on Friday passed the biggest U.S. infrastructure package in decades, marking a victory for President Joe Biden and unleashing $550 billion of fresh spending on roads, bridges, public transit and other projects in coming years. Most Read from Bloomberg The vote was 228-206 and sends the legislation to Biden for his signature. Thirteen Republicans supported the bill and six Democrats voted against it, a sign of the intra-party strains that nearly derailed the… Source link

On Thursday, senior Biden administration officials announced details of a highly anticipated mandate requiring U.S. employers with 100 or more workers to ensure employees are either fully vaccinated for COVID-19 or tested each week for the virus. The officials also unveiled details of a separate mandate that will require employers participating in Medicare or Medicaid to have a fully vaccinated workforce, with no testing alternative. The first rule covers 84 million U.S. workers, or two-thirds… Source link

WASHINGTON — Cleaner sources of energy, harvested by machinery made in the United States. Early childhood education subsidized by the federal government. Cheaper hearing aids and expanded health care coverage. A million units of affordable housing. Those are just some of the “truly consequential” changes Americans will see if President Biden’s $1.75 trillion Build Back Better agenda survives the meat grinder of Capitol Hill, he said on Thursday. “We will own the future,” Biden… Source link