Tag Archives: Bidenomics

If Donald Trump were still president, he’d be shredding the Federal Reserve. President Biden, for his part, is keeping his mouth shut. But he can’t be happy about a gloomy Fed that refuses to celebrate the steady improvement in inflation. On Dec. 13, markets rejoiced as the monthly inflation report showed a better-than-expected decline, from 7.7% annualized inflation in October to 7.1% in October. The details were broadly encouraging. The price of goods was stabilizing as Americans… Source link

America’s mood is improving, as gas prices decline. Pump prices have fallen by $1.30 per gallon since June, to a somewhat manageable national average of $3.70. Consumer confidence fell during the first half of the year, as gas prices were soaring, but confidence has improved since July. There’s no better indication that inflation is on the run! Except, it’s not. Economists and investors thought the latest inflation report, released on Sept. 13, would show a definitive decline in the… Source link

For Democrats to have a fighting chance of keeping control of Congress this year, they needed inflation to show marked improvement in May, followed by steady declines through the summer and fall. Not gonna happen. Inflation in May went the wrong direction for Democrats, and even though the midterm elections are still five months away, it’s probably a safe bet Republicans will capitalize on soaring prices to take at least one chamber of Congress. Barring something dramatic or unforeseen,… Source link

Elon Musk has finally come out, politically. He used to vote for Democrats, but henceforth can only vote for Republicans. The Tesla CEO and President Biden ought to be natural allies. Biden has an ambitious green-energy agenda, including the mass electrification of automobiles. Musk leads the world’s most prominent electric vehicle company. They’re rowing in the same direction and ought to be in the same boat. Instead, they’re splashing each other like 12-year-olds. Biden has miffed Musk… Source link

The job market is still hot, but other markets are not. Stocks staged spastic swings this week, soaring on May 4 amid optimism about interest rates, then plunging as investors remembered there’s an array of other risks. The S&P 500 index is down nearly 14% in 2022, while the tech-heavy Nasdaq is down 22%. It’s turning into a lousy year for stocks. Mortgage rates have surged to 5.3%, an increase of two-and-a-half points in just 8 months. They’re now at the highest levels since 2010. This… Source link

If jobs and wages told you everything you need to know about the U.S. economy, we’d be in a golden age. Employers added 431,000 new jobs in March, a muscular pace of hiring that shows no sign of abating. Job creation is averaging 562,000 new jobs per month so far this year, and 565,000 new jobs per month since President Biden took office in 2021. At this rate, the economy will exceed pre-pandemic levels of employment by summer. The unemployment rate dropped from 3.8% to 3.6% and is also on… Source link

Joe Biden, Oilman? He’d never characterize himself that way, given that he wants his presidency to mark the most decisive move yet toward green energy. But uncomfortable realities are forcing President Biden to tacitly condone new U.S. oil drilling and offer federal support for the increased production and export of U.S. natural gas. It could turn out to be the biggest unannounced pivot of his presidency. After Russia invaded Ukraine on Feb. 24, the United States and many other countries… Source link

There’s a new villain in the US economy: Russian President Vladimir Putin. The White House now characterizes worrisome inflation as the “Putin price hike.” After the March 10 report showing inflation hit 7.9%, the highest level since 1982, President Biden put out a statement saying, “Families are starting to feel the impacts of Putin’s price hike.” During a March 9 trip to Texas, somebody asked Biden what he planned to do about rising gas prices. “Can’t do much right now,”… Source link

The Russia-Ukraine standoff has taken over Joe Biden’s presidency, at least for now. There may be a silver lining to that, because much of Biden’s domestic agenda is falling apart. The “build back better” legislation that was supposed to be a hallmark of Biden’s first year or two now seems headed for recycling. Axios reported on Feb. 17 that Democrats in the Senate—where the bill got stuck—have given up on BBB because inflation is getting in the way. There are two prongs to that…. Source link

President Biden has a brief window of time to boast about the economy. He should make the most of it before the story turns against him. Real GDP growth in 2021 rang in at 5.7%, the most since 1984. That’s adjusted for inflation, so it’s as good as it sounds. GDP shrank by 3.4% in 2020, President Trump’s last year in office, so the economy has gifted Biden an enviable talking point. He can say without exaggeration that the economy rebounded sharply once he took office. The economy would… Source link