Tag Archives: Bidenomics

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

The last week of Joe Biden’s first year as president has probably been his worst so far. Inflation hit 7%, the highest level since 1982. Retail sales fell by the most in 10 months. The Supreme Court blocked Biden’s vaccine mandate for most employers. Stocks are starting 2022 in a slump, as investors fret about inflation and rising interest rates. Hospitals are filling with COVID patients once again and Americans are in the foulest mood since Biden took office last January. Biden is about… Source link

If President Biden has nightmares, he probably wakes up in the middle of the night terrified of gasoline prices. Rising gas prices — up 50% during the last year to around $3.50 per gallon — compelled Biden to announce the release of 50 million barrels of oil from the U.S. national stockpile on Nov. 23. Before the announcement, crude oil futures traded at around $76 a barrel. After the Biden announcement, crude futures spiked to about $78 a barrel. Whoops. Prices went up rather than down… Source link

LOS ANGELES, CALIFORNIA – NOVEMBER 11: Turkeys are displayed for sale in a grocery store ahead of the Thanksgiving holiday on November 11, 2021 in Los Angeles, California. U.S. consumer prices have increased solidly in the past few months on items such as food, rent, cars and other goods as inflation has risen to a level not seen in 30 years. The consumer-price index rose by 6.2 percent in October compared to one year ago. (Photo by Mario Tama/Getty Images) It turns out nobody wants to hear… Source link

Have you met Leo from Peoria? If not, he’ll help you understand why Congress must salvage President Biden’s floundering social-welfare agenda and get America back on track. Leo and his mom Linda are cartoon characters who play starring roles in Biden’s new “Build Back Better Framework.” You might be wondering what’s new about this framework, since Biden has been promising to “build back better” for nearly two years and Congress has been working on legislation since Biden took… Source link

President Joe Biden prepares to speak about COVID-19 vaccinations after touring a Clayco Corporation construction site for a Microsoft data center in Elk Grove Village, Ill., Thursday, Oct. 7, 2021. (AP Photo/Susan Walsh) The boom is off the rose (sorry). Shortly after President Joe Biden took office in January, economists foresaw an economic boom the president would likely ride into the 2022 midterm elections. The rollout of Covid vaccines meant the pandemic would soon be in retreat…. Source link

Could you please feel outraged? Again? For the last 10 or 20 years, politicians, mostly Democratic, have been trying to point out some vast inequities in the U.S. tax system. In 2011, President Obama proposed the “Buffett rule,” which would require billionaires such as Warren Buffett to pay taxes at the same rate as middle-class workers. Buffett has long pointed out that he pays a lower tax rate than his secretary, because of the wide disparity in tax rates on regular income and on gains… Source link

Rep. Alexandria Ocasio-Cortez at the 2021 Met Gala Celebrating In America: A Lexicon Of Fashion, Sept. 13, 2021, New York City (Photo by: NDZ/STAR MAX/IPx 2021) Rep. Alexandria Ocasio-Cortez (D., N.Y.) wore a fancy dress to a fancy party that read “Tax the Rich” on the back. It didn’t catch on. As AOC’s fellow Democrats roll out their biggest legislative package in years, conspicuously missing are major tax hikes on the wealthy—supposedly a staple of Democratic politics. There are… Source link

President Biden now has his very own pandemic: The one driven by the Delta variant of the coronavirus. Hiring retreated in August, largely because the highly contagious Delta strain is now ravaging parts of the country with tenacity rivaling the original coronavirus outbreak last year. Employers created just 235,000 new jobs in August, barely one-third of what economists were expecting. The average for the three prior months was 876,000 new jobs per month. Job growth in August was the slowest… Source link