Christie blasts Biden for today’s financial state that is riddled by inflation

Asher Notheis

July 30, 04:18 PM July 30, 04:18 PM

Republican 2024 presidential candidate Chris Christie has blamed President Joe Biden for the recent point out of the economic climate, contacting Biden "the Jimmy Carter of the 2020s."

The previous New Jersey governor argued that anything in the current market is now "17% a lot more expensive" than when the president took business office in January 2021, introducing that interest prices are at the highest they have been in 25 many years. The present condition of the overall economy, Christie claimed, has produced it more challenging for men and women in the United States to make investments in their lives, these kinds of as obtaining a new auto or household.

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"This person is the Jimmy Carter of the 2020s," reported Christie during an overall look on CNN. "And his inflation that he made, and never choose my phrase for it: Democratic economist former treasury secretary to Bill Clinton, Larry Summers, has said that Joe Biden designed this inflation via his preposterous paying out."

Christie added that he experienced handled a troubled economic system back again when he was governor, and did it by balancing the spending plan and not raising taxes. The previous New Jersey governor reported that it is probable to resolve the U.S. economic system, but that accomplishing so requires to be finished by somebody "who is aware how to do it."

Christie's opinions come immediately after inflation fell to a 3% yearly price in June, as measured by the gauge favored by the Federal Reserve. It marks a .8 percentage stage decrease from the thirty day period before and the lowest reading due to the fact September 2021.

The minimize in inflation was joked about this week by Biden, who joked that the slipping inflation could get the awareness of Republicans in Congress. The president's joke will come amid escalating rumblings that Republicans in Congress will consider to impeach Biden.

A poll introduced previous thirty day period discovered that 72.5% of most likely voters imagine the United States is in drop both of those culturally and economically, when compared to only 21.6% who do not think so. When divided by political bash, 91.7% of Republicans imagine the nation is in decline, in contrast to 5.8% who do not, although 50.7% of Democrats also imagine the state is in decline, when compared to 38.3% who do not.

Biden jokes about obtaining impeached over falling inflation

Haisten Willis

July 28, 03:29 PM July 28, 03:29 PM

President Joe Biden took a dig at Property Republicans taking into consideration an impeachment inquiry into the president during a speech in Maine.

Plugging American producing and "Bidenomics" at a local manufacturing unit in Auburn, the president reported falling inflation might get the awareness of Republicans in Congress.

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"Republicans may well have to uncover one thing else to criticize me for now that inflation is coming down," he claimed. "Possibly they're going to come to a decision to impeach me mainly because it is really coming down. I never know."

Inflation has fallen from 9.1% final June to 3% this month, very good news for Biden as he runs for a 2nd time period. The determine was just 1.4% the month he took office environment.

The comment also swipes at Republican converse in Congress of an impeachment inquiry regarding the Biden family's international business dealings during the senior Biden's time as vice president. Home Speaker Kevin McCarthy (R-CA) has hinted at a long run inquiry, while the party is break up on the notion.

The White Dwelling denies the president was ever in business with his son Hunter.

Biden spoke at Auburn Production, a female-owned business in Maine, as part of a broader tour to drive his "Made in The usa" agenda. The president is doing the job tough to keep union voters in his column and has pledged that much more products and solutions will be built in the state.

"Alternatively of exporting American work, we are making American work opportunities and exporting American products and solutions again," Biden reported. "That is how we make cash."

That is in contrast to the new earlier, he stated, when cities had been hollowed out across the region as producing careers have been outsourced. Approximately 45,000 producing careers remaining Maine on your own between 1990 and 2010, Biden claimed.

Biden named himself the most pro-labor senator in The us in what appeared to be a gaffe — the president represented Delaware in the upper chamber for a long time — and promised that taxpayer pounds would be put in on products designed domestically by domestic workers.

“Every federal infrastructure challenge will be developed by American personnel employing American items building American careers," he reported to applause.

Republicans stage to elements these as falling serious wages and increasing interest fees to argue that the Biden economic system is practically nothing to brag about, although the president guarantees it will continue on enhancing as he operates towards reelection.

"I’m not in this article to declare victory on the economic climate. We have far more get the job done to do," Biden said. "Bidenomics is just one more way of expressing we’re restoring the American dream."

Voters believe China is a even bigger danger than Russia to US

David Zimmermann

July 27, 02:55 PM July 27, 02:56 PM

Voters think about China a greater threat than Russia to the United States, according to a new study.

The Pew Study Center uncovered 50% of respondents named China the greatest financial and stability risk to the U.S., even though 17% reported Russia remains the most important risk. The survey, with its open up-finished dilemma, was launched on Thursday.

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The other nations that respondents explained all fell beneath 5 proportion factors. Two % said North Korea was the greatest danger, and the similar percentage explained the U.S. as a major threat to by itself. Another 4% claimed no place threatened the U.S.

No other country rose over 1%, even though 24% of respondents selected not to response the open-ended issue, which Pew noted was not shocking.

The study will come at a time when voters are more and more viewing China and its global affect more negatively than in past years. China tied with Russia as the greatest menace to the U.S. in 2019 just after inserting next in 2014 and third in 2007. In 2014, Russia was seen as the finest threat between People, and in 2007, it was Iran.

A world Pew study, also launched on Thursday, confirmed 67% of respondents from 24 nations held an unfavorable frame of mind toward China. That variety includes 83% of voters who have a unfavorable viewpoint of the communist country, a high rating bested by only Australia and Japan, each of which arrived in at 87%.

Pew done the survey from Could 30 to June 4 between 10,329 U.S. voters.

First-Citizens Bank to buy Silicon Valley Bank

Conrad Hoyt

March 27, 01:27 AM March 27, 02:04 AM

First-Citizens Bank has reached a deal to acquire the assets of Silicon Valley Bank about two and a half weeks after the Santa Clara, California-based bank collapsed, the Federal Deposit Insurance Corporation announced early Monday morning.

The 17 former branches of Silicon Valley Bank are open as First–Citizens Bank & Trust Company as of Monday, according to the FDIC, and all depositors with SVB will automatically become depositors of First–Citizens Bank. The Raleigh, North Carolina-based bank has assumed all deposits of SVB, estimated to be more than $119 billion.

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"The FDIC and First–Citizens Bank & Trust Company entered into a loss–share transaction on the commercial loans it purchased of the former Silicon Valley Bridge Bank, National Association. The FDIC as receiver and First–Citizens Bank & Trust Company will share in the losses and potential recoveries on the loans covered by the loss–share agreement," the FDIC announced in its press release.

SVB was taken over by regulators as Silicon Valley Bridge Bank after the California Department of Financial Protection and Innovation closed SVB due to its collapse. The purpose of establishing Silicon Valley Bridge Bank, according to the FDIC, was to allow time for the agency to "stabilize the institution and market the franchise."

The FDIC estimated that the cost of the failure of SVB to its Deposit Insurance Fund (DIF) is approximately $20 billion, but the exact cost will be determined when the FDIC "terminates the receivership."

On March 9, a day after suddenly announcing that it needed to raise $2.2 billion, the SVB was closed, with the FDIC moving its remaining assets to the newly created Deposit Insurance National Bank of Santa Clara.

The bank's collapse raised questions as to which banks were misjudging the cost and lifespan of their deposits. The yield and duration of their assets were also called into question. These fears manifested in the tanking of several leading bank stocks as depositors scrambled to retrieve their money.

Customers can find more information about the transaction on the FDIC website.

SVB collapse: Schumer sidesteps whether he’d support Warren bill to regulate big banks

Cami Mondeaux

March 15, 04:28 PM March 15, 04:29 PM

Senate Majority Leader Chuck Schumer (D-NY) avoided questions on whether he would support a bill being proposed by Sen. Elizabeth Warren (D-MA) that seeks to reimplement Obama-era banking regulations after the collapse of Silicon Valley Bank over the weekend.

During a weekly press conference on Wednesday, Schumer declined to offer his view on the proposal, but he left the door open on passing legislation aimed at resolving the banking crisis.

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“We need strong legislation, and hopefully, we can get something bipartisan done,” the New York senator told reporters. “We need a thorough investigation as to what went wrong and hold those responsible accountable.”

Warren introduced legislation on Tuesday that would abolish Title IV of the Economic Growth, Regulatory Relief, and Consumer Protection Act and restore certain provisions used to overhaul the U.S. financial system in the aftermath of the 2008 recession. Those provisions were initially passed in 2010 through the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was later loosened by the Trump administration in 2018.

Warren’s legislation specifically targets a Title IV provision that raised the asset threshold to $250 billion for banks to be regulated as “systemically important.” That rollback, Warren argued, led to the deregulation and subsequent collapse of SVB and Signature Bank, prompting a national frenzy and strain on the national stock market.

"In 2018, I rang the alarm bell about what would happen if Congress rolled back critical Dodd-Frank protections: banks would load up on risk to boost their profits and collapse, threatening our entire economy — and that is precisely what happened. President Biden called on Congress to strengthen the rules for banks, and I'm proposing legislation to do just that by repealing the core of Trump’s bank law," Warren said.

The bill has ignited some disagreement among Senate Democrats as the party members can’t agree on whether they want to repeal the 2018 legislation altogether or pass stronger regulations. Republicans, on the other hand, have rejected the idea.

Senate Minority Whip John Thune (R-SD) dismissed any talks of legislation as being “premature," especially before lawmakers understand the causes behind the collapse.

“I think that most of our members first and foremost want to have the question … answered by the regulators: What happened?” Thune said at the GOP's weekly press conference. “How come they were asleep at the switch and didn't see this coming? And these are pretty obvious indicators. There's still a lot of unrealized losses on the balance sheets of banks around the country and this clearly, there were circumstances around this.”

Both SVB and Signature Bank collapsed late last week, prompting major federal intervention to backstop uninsured deposits in a bid to halt panic.

The collapse came after SVB announced on Wednesday it had sold $21 billion in bonds, cementing $1.8 billion in previously unrealized losses. That announcement sparked a frenzy among venture capital firms, which reportedly began advising clients to pull their money from Silicon Valley Bank — causing its stock to be thrust into a free fall.

Inflation continues to define Biden presidency

Haisten Willis

December 14, 04:00 AM December 14, 04:00 AM

President Joe Biden spoke of November's 7.1% inflation rate as a positive thing on Tuesday morning, calling the news "a little bit of breathing room for the holiday season."

But that figure, which has declined from 9.1% in June, remains many multiples above the Federal Reserve's 2% target inflation rate and threatens to continue dogging Biden throughout the remainder of his first term in office.

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"It’s going to take time to get inflation back to normal levels as we make the transition to more stable and steady growth," Biden said from the White House soon after the latest inflation rate was announced. "I know it has been a rough few years for hardworking Americans and small businesses as well, but there are bright spots all across America."

The president's comments highlighted the positives of inflation inching down while acknowledging how high it reached and remains today. But the Biden administration has been dealing with higher-than-expected inflation for more than a year, initially promising it would be transitory and then slowly acknowledging there would not be a quick fix.

Core inflation, which strips out volatile food and energy prices, eased to 6% in November. But some of the items people buy most often have risen far more. Chicken prices are up 12% year over year, dairy products are up more than 16%, energy 13%, and eggs 43%.

Inflation was stable for most of the Obama and Trump presidencies and stood at just 1.4% the month Biden took office. From there, it rose quickly, surpassing 5% by May, 7% last December, and 8% this March before peaking at 9.1% in June.

Republicans have attacked big government spending, particularly the $1.9 trillion American Rescue Plan that passed with no GOP support, as the reason for "Bidenflation." Democrats and left-leaning economists have instead tended to focus on lingering supply chain problems from the pandemic.

There is truth to each of those, said Bipartisan Policy Center Senior Vice President Bill Hoagland.

"It's hard to separate the two, but both have contributed," he said. "No question the very large amount of stimulus put into the economy along with supply chain problems helped increase demand. Simple economics says those factors were driving up prices."

But even with supply chain crunches easing and new stimulus packages unlikely, Hoagland argued it's difficult to predict when or if inflation will get closer to its 2% target. The Fed is aggressively raising interest rates and could issue another 50-basis-point hike on Wednesday in hopes of taming inflation.

Conservatives decried the latest figures as indicative of Biden's failure.

"The holidays are always an expensive time of year, and ongoing historic inflation caused by reckless Democrat spending is making the season costlier than ever," said Alfredo Ortiz, president of the Job Creators Network. "Biden has been gaslighting Americans on inflation since it started, but the truth is simple: Unless government spending gets under control, inflation won't decrease fast enough to provide relief to ordinary Americans and small businesses."

Biden's job approval when it comes to the economy stands at just 38%, which is lower than his still-low overall approval rating of 41.4%.

The president will hope to get inflation numbers down fast beginning next year in order to avoid having a Jimmy Carter-like presidency dominated by the issue, especially if he seeks reelection in 2024.

The Congressional Budget Office's economic estimates for the next two years were recently revised downward, with the office now saying it's as likely as not that the economy will shrink in 2023. The CBO also projected that inflation could range between a healthy 1.8% and a still-alarming 4.6% by this time next year.

Before leaving his Tuesday morning comments, Biden was asked when inflation would return to normal levels. He responded that he hopes to be "much closer" by the end of 2023.

"But I can't make that prediction," the president said. "I'm convinced [prices are] not going to go up. I'm convinced they're going to continue to go down."

Stimulus update: Direct payments of $800 will be sent out in South Carolina by end of year

Jack Birle

December 11, 02:03 PM December 11, 02:03 PM

Residents in South Carolina are able to get a rebate of up to $800 as long as they have filed their 2021 tax returns.

The amount of the rebate is based on a person's 2021 tax liability, which is the amount left over after subtracting credits from the income tax that the filer may owe.

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For people whose tax liabilities are less than $800, their rebates will be equal to their tax liability, while filers with a tax liability equal to or over $800 will receive exactly $800, according to the South Carolina Department of Revenue. The Department of Revenue has capped the highest amount that people can receive from this rebate at $800, per the state.

People who have filed their 2021 SC1040 by Oct. 17 will receive this rebate before the end of the year. Anyone who received a 2021 refund by direct deposit will receive this rebate in the same bank account.

Those who file their returns after Oct. 17 have until Feb. 15, 2023, to file their returns to receive the payment, which will then arrive by March 2023.

The payment from the state can be tracked. In order to use the tracking website, people will need either their Social Security number or the Individual Taxpayer Identification number from their SC1040 form.

Several states and cities are trying various solutions to provide relief to residents who are struggling with surging prices on nearly all products due to persistently high inflation.

Tax refund 2022: Massachusetts to send residents massive refund checks by end of year

Jack Birle

November 20, 04:24 PM November 20, 04:24 PM

Eligible residents of the commonwealth of Massachusetts are set to receive a one-time tax refund by the middle of next month.

The one-time refund is possible because of the $2.94 billion in excess of the state cap on revenue the state amassed, with the exact amount a person receives varying based on tax status.

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To be eligible for the refund, residents must have filed their 2021 tax return. Those who have not filed their 2021 taxes have until Sept. 15, 2023, and should receive their payments a few weeks after filing.

Payments have already been delivered to hundreds of thousands of Massachusettsans, per CBS Boston. For all residents who have filed their taxes, they should receive their payment by the middle of December.

To determine how much the payment will be, residents can consult the state's website.

The tax refund was triggered by the state's Chapter 62F cap on revenue, a law that has only been triggered one other time since 1986.

Tax Rebate 2022: Residents in Idaho have until Dec. 31 to apply to receive up to $600

Ryan King

November 10, 03:12 PM November 10, 03:12 PM

The clock is ticking for Idaho residents to apply for a tax rebate totaling up to $300 for individual filers and $600 for joint filers.

Eligible residents have until Dec. 31 to file their 2020 and 2021 individual income tax in order to claim the rebate. To qualify, people must have also been full-year residents in 2020 and 2021. Exact payments will vary based on one's financial circumstances.

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An estimated 800,000 rebates worth $500 million are expected to be rolled out by the end of March 2023, per the Idaho State Tax Commission.

Idaho's state government greenlit the measure back in September during a special session at the state legislature.

Gov. Brad Little's office noted that rebates could provide some relief to Idahoans facing roaring inflationary pressures that have gripped the country. The measure came as part of a $1 billion package that included tax cuts, education spending, and other initiatives.

Tax officials began doling out payments starting in late September and will continue doing so as more residents qualify, according to the Idaho State Tax Commission.

Payments will come in the form of checks in the mail or direct deposits, depending on one's preference. Additionally, tax officials will deduct any outstanding tax payments owed to the state from the final rebate.

To track the status of rebate payments, residents can use the Where's My Rebate tool. Additional information about the rebate can be found on the Idaho State Tax Commission website.

Inflation falls to 7.7% in October in sign price pressures are easing

Zachary Halaschak

November 10, 08:31 AM November 10, 09:11 AM

Annual inflation slowed to 7.7% in October, the Bureau of Labor Statistics reported Thursday, a sign that the price pressures that have wracked the economy over the past year may be starting to ease.

The much-anticipated numbers revealed that, while inflation is still painfully high, it may be starting to cool in response to the Federal Reserve's aggressive interest rate hikes. Inflation had been 8.2% the month before.

"Core inflation," which strips out volatile food and energy prices, also eased by three-tenths of a percentage point to 6.3%.

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"The monthly and annual rates of increase in the consumer price index both came in lower than expected, with the 7.7% annual rise in the CPI the lowest since January. But if this constitutes improvement, we’ve set a very low bar," said Greg McBride, chief financial analyst at Bankrate.

The Thursday morning report is the first such CPI reading after the midterm elections this week, in which Republicans appear poised to take control of the House while the Senate is still up in the air. The soaring inflation has eaten into President Joe Biden’s approval ratings.

Consumer prices have been rising fast since last August, especially for staples such as food and gas.

The higher prices are hitting consumers hard. The rising cost of food, in particular, has been difficult for many households. The price of chicken has risen 14.5% over the last year, while dairy products have increased by more than 15%. Meanwhile, energy prices have risen by nearly 18% just in the past year, and people in many places, especially in cold New England, are facing the prospect of major bills heating their homes this winter.

The Fed has been aggressively jacking up interest rates to tame inflation. Driving up interest rates slows demand and can result in recessionary conditions. Earlier this month, the central bank conducted a huge rate hike to the tune of three-quarters of a percentage point, or 75 basis points. It was the fourth such increase in just five months — a historic pace of increases.

The more-positive-than-expected Thursday reading means that the Fed will likely feel as though its rate hikes are working — a welcome development for the markets. Still, many economists predict that the economy will enter a recession in the coming months, given the aggressive pace at which interest rates have risen this year.

Biden slams Republicans 'rooting for a recession' after last jobs report before election

Katherine Doyle

November 04, 11:00 AM November 04, 11:00 AM

President Joe Biden accused Republicans of “rooting for a recession” in a statement on the final pre-election jobs report.

Friday’s report is the last major economic statistic before Election Day in a race where voters’ financial worries appear to be tilting the balance toward Republicans.

Citing historically low unemployment, a growing economy, and lower gas prices, Biden said the report “shows that our jobs recovery remains strong.”

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The White House has downplayed concern of a recession on the horizon despite high inflation, slowing labor force participation, and wage growth year-over-year.

On Friday, Biden said that the “comments by Republican leadership sure seem to indicate they are rooting for a recession.”

“As long as I’m president, I’m not going to accept an argument that the problem is that too many Americans are finding good jobs,” Biden said. The president has attempted to draw a contrast with Republicans as polls indicate that key groups of voters are unhappy with the White House’s handling of the economy.

Yet Biden acknowledged rising prices Friday as the country’s “top economic challenge,” vowing “to do what it takes” to bring these down.

“I know that American families are feeling squeezed,” he said.

In October, the economy added 261,000 jobs, a higher-than-expected number amid the Federal Reserve’s interest rate hikes. Yet the unemployment rate rose slightly to 3.7%, the Bureau of Labor Statistics showed on Friday.

The figures are expected to be closely scrutinized as voters head to the polls next week and Democrats attempt to defend their congressional majorities after two years in office.

White suburban women shift support from Democrats to GOP as midterm elections near: Poll

Cami Mondeaux

November 02, 09:43 AM November 02, 09:43 AM

White suburban women have shifted their support in large numbers from Democrats to Republicans in the final stretch of the midterm cycle, particularly as the crucial voting bloc has become increasingly concerned with the economy and inflation.

White women living in suburban areas, a key voting group that helped Democrats seize control of the House in the 2018 midterm elections, favor Republican candidates for Congress over Democrats by 15 percentage points, according to the most recent poll from the Wall Street Journal. The latest numbers reflect rising concerns about the economy and a fading importance on abortion, giving Republicans an advantage less than one week until Election Day.

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“We’re talking about a collapse, if you will, in that group on the perceptions of the economy,” said Republican pollster Tony Fabrizio, who conducted the poll with Democratic pollster John Anzalone.

More than half of suburban women (54%) say they think the country is already in a recession, and another 75% think the economy is headed in the wrong direction, according to the poll. Those are both increases from a similar poll conducted in August, in which 43% of white women said the economy had entered a recession and 59% said the economy was going in the wrong direction.

Rising costs emerged as the top issue motivating white suburban women to vote in the midterm elections, with 34% putting that as their No. 1 priority, followed by threats to democracy (28%) and abortion rights (28%), according to the poll. That could spell trouble for Democrats, who largely banked on the Supreme Court’s decision to overturn Roe v. Wade as a major motivator to increase voter turnout in their favor.

Although abortion has remained a top issue for the voting group, other concerns have largely eclipsed its momentum.

“It’s absolutely true that these women have shifted their gaze more on the economy than abortion,” said Democratic pollster Molly Murphy, who collaborated on the poll. “They think we’re in a recession. A majority are feeling financial strain in this economy.”

Of all white suburban women, 85% said they were “very” motivated to vote, making them among the most active groups expected to go to the polls next week.

The Wall Street Journal poll surveyed 1,500 registered voters between Oct. 22-26 and has a margin of error of plus or minus 5.7 percentage points.

Biden has Democrats 'slamming their heads on a ceiling' in search for votes

Katherine Doyle

November 02, 06:30 AM November 02, 06:36 AM

President Joe Biden had hoped a flurry of late summer legislation and the Supreme Court's decision to roll back national abortion rights could help Democrats defy historical midterm trends.

But with less than a week until Election Day, Democrats tethered to the president’s low approval rating face darkening prospects as late ballots break toward Republicans.

In key races across the country, Democrats attempting to keep the party’s control of Congress are struggling to escape voters’ economic concerns and worries about rising crime.

Candidates have attempted to combat a Republican advantage on both issues, but surveys suggest the challenge is only growing.

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Just 19% of voters said the economy was headed in the right direction, down 11 points from August, according to the latest Wall Street Journal poll.

And a majority of voters pin blame on the White House: While 27% said the administration’s policies had a positive impact on the economy, 54% disagreed, the survey showed.

Crime, too, is an issue for voters, with Democrats fighting to distance themselves from policies popular with the party’s far Left.

Meanwhile, the enthusiasm that Gallup registered as high in June for that point in the midterm cycle remains nearly unchanged and is down compared to 2018.

The president’s party typically loses ground in a midterm election, but the picture for Democrats appears to be growing bleaker as the tilt of independent and undecided voters breaks toward Republicans in the final stretch of the race.

On a generic ballot from USA Today-Suffolk University, voters favored Republican candidates at 49%, with Democrats at 45%, a turn from July when Democrats led 44%-40%.

Boosted by undecided voters, forecasts suggest Republicans are poised to capture the five seats necessary to retake the House. A net gain of a single seat in the Senate would secure their advantage in the upper chamber.

Dogged by poor approval ratings, Biden has avoided prominent battlegrounds in the countdown to Election Day, including high-profile races in Arizona, Nevada, and Georgia, which helped elect him.

Instead, the president has focused on events that promote his agenda and sought to draw a contrast with Republicans, charging in remarks Saturday that the outcome of the midterm elections should be viewed not as a referendum on the party in power but as a “fundamental choice between two very different visions for the country.”

The strategy is running up against immovable obstacles, hemmed in by Biden’s handling of the economy and country, said Republican pollster Robert Blizzard.

Despite their efforts to make the midterm elections “anything but a referendum” on Biden’s record, “Democratic candidates simply cannot escape,” Blizzard told the Washington Examiner.

Biden’s polling on the economy remains stubbornly low. According to the RealClearPolitics average, voters disapprove of the job Biden is doing on the economy by nearly 20 percentage points, with 58% opposing his leadership on the issue, compared to 39% who support it.

By comparison, the president’s job approval is underwater by nearly half — 12 points — with 43% approval, compared to 55% who disapprove.

Blizzard said Democratic candidates have struggled to expand their share of voters, a metric he and other analysts say is essential to gauge who is likely to come out ahead.

For months, Democrats have been “slamming their heads on a ceiling of support,” Blizzard said, stuck closely ahead of Biden’s approval rating in key states and districts.

And even candidates running ahead of Biden by double digits may face a thinning pool of persuadable voters.

Republican support among Latino voters and women has grown, according to the Wall Street Journal, notably among white suburban women. The group, which the Wall Street Journal’s pollsters said makes up 20% of the electorate, now favors Republicans by 15 percentage points, a 26-point swing since August.

Biden says Republicans will purposely hurt economy to cut Social Security

W. James Antle III

October 28, 06:00 AM October 28, 06:00 AM

President Joe Biden has a new focus on the economy and alleged Republican plans to destroy it, but his attack lines are an old part of the Democratic playbook.

Biden is saying that if Republicans win control of Congress, as polls suggest is increasingly likely, they will try to cut Social Security and Medicare. If he doesn’t go along with their plans, GOP lawmakers will tank the economy by blocking an extension of the debt ceiling.

“They're coming after your Social Security and Medicare,” Biden said at a virtual fundraiser for Rep. Matt Cartwright (D-PA). “They're saying Republicans have made it clear — and they’ve said it publicly — that if they win control of the Congress, they're going to shut down the government and refuse to pay America's bills for the first time in history unless I cut Social Security and Medicare.”

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“They’re so determined to cut Social Security and Medicare, they're willing to take down the American economy over it because that'd be the one thing to put us in a deep recession,” he continued.

Republican majorities deliberately damaging the economy to improve their odds in the next presidential election is a popular talking point on the Left.

“This is blindingly obvious but worth stating over and over,” tweeted MSNBC host Chris Hayes. “A GOP [H]ouse majority would have every incentive to do whatever possible to make the US economy worse in the run-up to 2024.”

It’s now become the White House’s official line. "They've also said that if they don't get Medicare and Social Security on the chopping block that they will hold our debt hostage, which would spiral the economy into a downward turn," Biden’s press secretary, Karine Jean-Pierre, told reporters Thursday. "That is the plan of the congressional Republicans. It's to make the economy worse, not better."

The White House briefed reporters on Wednesday on the differences between Biden’s economic vision and the Republicans’, saying extending former President Donald Trump’s tax cuts would increase the deficit and repealing the Inflation Reduction Act would raise costs. One official spoke of the “Republican plan to repeal this relief for families.”

On the White House website, you can read about “congressional Republicans’ five-part plan to increase inflation and costs for American families.”

Biden has started referring to his policies as “breathing room” for people enduring higher prices.

Still, the focus on entitlement programs is a familiar one for Democrats.

Democrats toppled the first Republican Senate majority since the 1950s by running against a freeze in Social Security cost-of-living adjustments.

Under former President Bill Clinton in 1995, Democrats got back into the game against new GOP congressional majorities by railing against their budget reducing the rate of growth in Medicare spending. Spending fights led to government shutdowns. Clinton successfully ran for reelection the following year promising to protect Social Security, Medicare, and Medicaid from Republicans on Capitol Hill.

Democrats rebuffed a Social Security reform plan by freshly reelected President George W. Bush in 2005, which came during a 10-seat GOP Senate majority. Bush said he had earned political capital and intended to spend it. The proposal wasn’t the most important reason Republicans lost control of Congress the following year, but it was a Democratic talking point nevertheless.

The budget blueprint pushed by eventual House Speaker Paul Ryan (R-WI) sought to revamp Medicare. It became a major feature of Democratic campaigns, with ads portraying Ryan pushing wheelchair-bound grandmothers off a cliff.

It may be too late for Biden to be successful in the midterm elections, with tiny Democratic congressional majorities on the line. But he can hope they work better against Republican-run chambers of Congress in what will almost immediately shift to the 2024 presidential race days after the dust settles.

Biden’s talk of “mega-MAGA trickle-down economics” sounds as geared toward the next election as this one.

“Let's be clear: This election isn't a referendum,” Biden said at the Cartwright fundraiser, a version of a line he is now using often on the stump. “It's a choice — a choice between two vastly different visions of America.”

Even if that doesn’t work this November, we are likely to hear it again over the next two years.

White House raises alarm on 'mega MAGA' economy as midterm picture darkens

Katherine Doyle

October 27, 05:00 AM October 27, 05:00 AM

With days until the midterm elections, the White House is going on the offensive against Republicans on the economy in a last-ditch bid to stanch Democrats’ bleeding.

The move comes as veteran Democratic strategists have publicly urged President Joe Biden to make a stronger economic case to voters worried about inflation after months of rising prices and as forecasts show Republicans tilting the balance in key races across the country.

MIDTERMS 2022: LIVE UPDATES FROM THE CAMPAIGN TRAIL AHEAD OF CRUCIAL ELECTION

Speaking to reporters Wednesday, senior White House officials warned that Republican threats to repeal the Inflation Reduction Act would raise healthcare and energy costs for Americans and hike prescription drug prices for seniors.

Plans to extend tax cuts enacted during the Trump administration would hike the federal deficit, the officials said.

Also under threat from Republicans is President Joe Biden’s student loan relief program, they added.

The president’s policies “could not contrast more clearly with the Republican plan to repeal this relief for families,” one senior White House official said. She called the potential outcome of a Republican takeover next month “incredibly stark.”

Biden has warned that “mega-MAGA trickle-down economics” will hike inflation and risk the country’s credit rating if Republicans win control of Congress next month.

The picture has already darkened for Democrats as they seek to persuade voters that the party is best positioned to steward the country through a rocky economic period. Polls show voters favoring Republicans on the issue, and Biden's approval rating on his handling of the economy remains stubbornly low.

Many candidates in lean-Democrat races are now “teetering on the edge,” the Cook Political Report’s House editor, David Wasserman, has said.

In a new Monmouth University poll, Republicans hold a 6 percentage point advantage with registered voters, 50%, compared to 44% for Democrats. Republicans are also more likely than Democrats to say they are “extremely motivated” to vote, 64%-59%.

Asked about Biden’s own agenda, the first official said the president would focus on lowering consumers' costs, with a priority on bringing down oil prices “by ensuring that supply meets demand.”

If Democrats keep control of Congress, Biden has promised to codify abortion rights and push for an assault-style weapons ban.

Biden on Thursday will deliver remarks at a semiconductor factory in Syracuse, New York, to highlight his manufacturing and jobs agenda.

The White House said Biden intends to travel more ahead of the election but declined to preview specifics.

Still the economy, stupid: Democrats urge Biden to focus as Republicans surge

Katherine Doyle

October 25, 06:43 AM October 25, 06:43 AM

Democratic strategists are urging President Joe Biden to stop the shift in the polls toward the Republicans with a stronger message on the economy.

The economy and inflation are the top issues for voters three weeks out from the midterm elections, as polls show a growing share of the public concerned about rising costs. Forecasts indicate Democrats’ leads are evaporating as their small congressional majorities hang in the balance.

Biden had hoped that the Supreme Court’s decision to overturn Roe v. Wade this summer would animate voters through the fall. The president raised the issue just last week, promising to codify federal abortion rights if Democrats in Senate boost their majority next month. But tempering the enthusiasm that surged in the wake of the July ruling is an entrenched economic reality showing few signs of improvement.

SURROGATE CITY: WHITE HOUSE SEEKS TO BOOST DEMOCRATS DESPITE BIDEN’S UNPOPULARITY

Now the party risks losing congressional seats, legislatures, and states once considered safe as Democrats lose ground on economic issues.

In response, veteran Democratic strategists are raising the alarm, asserting in a joint public memo that “what we have to do … is end on a strong economic argument.”

Written by Patrick Gaspard, president of the Center for American Politics; pollsters Stanley Greenberg and Celinda Lake; and liberal strategist and a senior White House aide under President Bill Clinton, Mike Lux, the memo concedes that “no Democratic candidate should stop talking about abortion.”

“But going down the stretch, we need to make sure our closing message also talks about the cost of living, inflation and the economy,” the authors argue, writing that “rising costs will beat us if we avoid the issue.”

Yearly inflation ending in September came in at 8.2%, while core inflation, which strips out food and energy prices, rose to 6.6%, according to the Bureau of Labor Statistics. Both numbers came in above projections.

The White House has touted its efforts to bring down costs for consumers, including through the Inflation Reduction Act, a bill that includes a prescription drug price cap, among other benefits. Biden has also announced a student debt relief program and efforts to reduce gas prices.

But cutting short the White House’s victory lap last month is a sinking economic reality that the president is struggling to beat back.

“No question, President Biden and Democrats have their work cut out for themselves on making a case regarding the economy,” Republican pollster Neil Newhouse of Public Opinion Strategies told the Washington Examiner. “Most Americans expect the economy to get worse over the next year, they are overwhelmingly focused on the rising cost of living, and fully 57% disapprove of the job that the president is doing handling the economy.”

And with barely two weeks to go, inflation has become the top concern for voters as polls show Republicans inching ahead of Democrats on the generic ballot.

Republicans hold a 6 percentage point lead among registered voters, 50%, compared to 44% for Democrats, according to recent Monmouth University polling. Republicans are also more inclined than Democrats to say they are “extremely motivated” to vote, 64%-59%.

The survey shows inflation as the primary issue for voters, up 9 percentage points in October to 46% from 37% last month. Among voters with no party preference, 37% rank the issue as their foremost concern.

In a recent video, liberal Sen. Bernie Sanders (I-VT), an independent who caucuses with Democrats, acknowledged the “stress that people live under” as something that “we don’t discuss enough.”

“People worry about how they’re going to pay their healthcare bills. … They worry about how they’re going to get by on wages, which in many cases are not adequate,” Sanders said, picking up a populist message that has largely fallen out of favor since Biden’s victory in 2020.

Democrats, who won control of the White House and both chambers of Congress, have instead leaned on their success in passing infrastructure, climate and healthcare legislation, spending on semiconductor manufacturing, and more.

Fewer than one-third of voters say Biden is giving sufficient attention to the issues most important to American families, according to the Monmouth survey, conducted Oct. 13-17 with 808 adults and a plus or minus 5.2 percentage point margin of error.

The damage is showing up across key races for Democrats across the country, with the Cook Political Report’s House editor, David Wasserman, noting that many candidates in lean-Democrat races are “teetering on the edge.”

In Pennsylvania, Democratic Senate candidate John Fetterman now finds himself in a statistical tie against Republican Dr. Mehmet Oz, according to recent polling by AARP conducted by Biden’s pollster John Anzalone and former Trump pollster Tony Fabrizio.

As Democrats’ forecasts darken, Biden has picked up his message on the economy, adding an economic bent to his warnings of the dangers of so-called MAGA Republicans, including the claim that “mega-MAGA trickle-down politics” will “crash the economy.”

In remarks at the Democratic National Committee headquarters in Washington on Monday, Biden said his administration had created 10 million new jobs, brought employment to a 50-year low, and delivered a “Made in America” manufacturing boom. Addressing inflation, the president blamed the rising cost of living on “Putin’s war in Ukraine and the global pandemic.”

It’s not clear whether the president’s message will resonate.

According to Greenberg, former President Bill Clinton’s pollster ahead of the 1994 Democratic collapse, voters don’t like hearing about the president’s wins. He also suggested that Republicans are winning the economic messaging war.

“[Republicans are] hitting us on crime and border and inflation. … That has huge power,” Greenberg told West Wing Playbook. “And we have the self-satisfied message of how much we’ve accomplished rather than being focused on what is happening to people.”

Democrats face long odds as they work to persuade voters in the election’s final days.

“Given Americans’ current attitudes regarding the economy, it’s a tall lift for Democrats to make the case that things are heading in the right direction,” said Newhouse.

Five takeaways from lone Florida Senate discussion amongst Marco Rubio and Val Demings

Naomi Lim

Oct 18, 10:01 PM Oct 18, 10:22 PM

Abortion access, election protection, and international coverage dominated Sen. Marco Rubio (R-FL) and Rep. Val Demings's (D-FL) 1 and only discussion right before Florida voters determine which they want to characterize them in the Senate.

Demings, the underdog challenger, arrived out swinging, calling two-term incumbent Rubio a liar and cheat while introducing herself to the statewide citizens "as the daughter of a maid and a janitor." But the six-12 months Orlando-dependent Home lawmaker and previous police chief's bluster seemed to peter out in comparison to Rubio's command of coverage, besides for his evasive response to a query about abortion.

Right here are 5 times from the hourlong discussion that stood out:

BIDEN Keeps Target ON ABORTION AS DOBBS Shows Signals OF FIZZLING AS VOTER Priority

ABORTION

As President Joe Biden underscores the problem of abortion nationwide, a person of Rubio and Demings's most striking contrasts became apparent when they were speaking about Rubio's co-sponsorship of Sen. Lindsey Graham's (R-SC) 15-week abortion ban.

"Each monthly bill I've at any time sponsored on abortion, every monthly bill I've at any time voted for has exceptions," Rubio explained. "Every single a single of them does simply because which is what can move and which is what the the vast majority of people assist."

When pressed on no matter whether he would back again a bill devoid of exceptions, the senator additional he didn't "believe that that the worth of human life is decided by the circumstance."

"We are never going to get a vote on a legislation that isn't going to have exceptions," he mentioned. "She nonetheless would not solution what unique restrictions. She has by no means voted for limits."

Demings recurring she endorsed "a woman's proper to select up to the time of viability."

GUN Regulate

Coming from a condition marred by gun violence, Rubio and Demings sparred more than how federal lawmakers really should respond to mass shootings, this kind of as the 2016 Orlando Pulse nightclub taking pictures and Parkland's Stoneman Douglas High University capturing two years later.

Demings appeared disappointed with Rubio's plan argument immediately after this week's shooting in North Carolina, contending he designed "no feeling" right after he was asked whether an 18-yr-old should be able to obtain an AR-style rifle.

"Persons who are people of victims of gun violence have just listened to that, and they're inquiring by themselves, 'What in the hell did he just say?'" she mentioned. "Florida handed laws raising the age to have an assault weapon."

"What would make no feeling is that we are likely to in fact pass laws that only regulation-abiding folks will stick to and criminals proceed to violate," Rubio replied. "The dilemma is that the Remaining in the Senate and in the Home, like congresswoman Demings, are towards it since they want the California crimson flag law that allows your co-employee who has a grudge and can go to a judge."

Foreign Plan

Irrespective of equally getting on their chamber's intelligence committee, Rubio's membership of that panel, in addition to the Senate Foreign Relations Committee, was shown all through questions on Russia, China, and immigration.

When needled on how the United States should answer if Russia have been to strike an ally, Demings mentioned there must be an "speedy" response, although Rubio included it should really be "proportionate."

"The NATO alliance will have to meet up with and choose what is proportional reaction, and that would rely on the nature and degree of the attack," he said. "It would have to be an allied response, not only a U.S. one."

Rubio and Demings had been much more evenly matched on China policy. Demings claimed the U.S. desired to "maintain China accountable," especially with regards to Taiwan. Rubio quipped that sounded like "a good bumper sticker."

"He goes close to the state conversing a lot about our dependency on China for semiconductors, and then he voted versus the CHIPS Act that will help further American independence," Demings claimed.

Financial system

The financial state was not the centerpiece of the debate, defying anticipations provided that polling suggests it is a leading voter worry. Rubio and Demings have been asked what they would do now to give middle-course family members money relief. Rubio criticized Demings, and Democrats more broadly, for passing trillion-dollar paying deals and for getting a domestic electrical power policy that has relied on periodic releases from the country's crisis oil reserve. Demings, in switch, scrutinized the pandemic-period Paycheck Safety Plan.

ELECTION INTEGRITY

Rubio and Demings had been grilled 2 times on election integrity and security. Rubio distanced himself from Republicans and 2022 gubernatorial nominee Stacey Abrams (D-GA), who have disputed election benefits in the past, advocating for identification specifications and in opposition to fall containers, as very well as so-named ballot harvesting.

"I assume elections have to have policies," he claimed, dismissing persons likening "what's happening now to the Jim Crow period."

The pair was also asked why a federalized method to elections was important. Demings urged Congress to move the John R. Lewis Voting Legal rights Improvement Act

"We never require that federal regulation imposed on every single condition," Rubio countered. "Florida has quite superior election guidelines, and other states are very good."

White House downplays inflation-fueled stock current market losses

Christian Datoc

September 14, 11:35 AM September 14, 11:35 AM

On Wednesday, White Residence press secretary Karine Jean-Pierre proposed that President Joe Biden and his administration have been not concerned by his viral, split-screen instant from the day prior.

On Tuesday, equally the Dow Jones and S&P 500 posted their largest losses relationship again to January 2020, fueled largely by larger-than-expected annually inflation posted in August's buyer price index report.

Substantial Charges AND Bad Inventory Market Performance CRASH BIDEN'S INFLATION REDUCTION ACT Function

"The stock industry is just one measure of how the financial state is undertaking, and we are looking at this closely," Jean-Pierre advised reporters traveling with Biden to Detroit Wednesday early morning. "It's also crucial to search at what is going on on Primary Road. We have one particular of the strongest job marketplaces on history."

"Far more men and women are wanting for work," she explained. "For the reason that of the president's economic strategy, enterprises are investing in The us at file prices, and we are creating even a lot more in The united states."

Jean-Pierre shut by reiterating that the administration understands "there is certainly a lot more progress to be completed" and vowed to "continue on to do that."

Biden critics have roundly attacked the White House's put up-summer victory lap on the financial system.

"Biden and Democrats throwing on their own a social gathering for raising taxes on households throughout a recession proves just how out-of-contact they are," Republican National Committee Chairwoman Ronna McDaniel mentioned in a assertion Tuesday. "After ramming via the Bidenflation Scam bill below the guise of reducing inflation it is obvious Democrats really don't care about lying to the American folks, they only care about power."

You can hear to Wednesday's gaggle in whole under.

Buyer self-confidence rises for initial time in 4 months

Zachary Halaschak

August 30, 12:12 PM August 30, 12:21 PM

Consumer self esteem ticked up extra than expected in August as fuel charges declined — the very first these boost in 4 months.

The Meeting Board, a nonprofit group that publishes a number of indicators, introduced Tuesday that the Shopper Self-confidence Index is at 102.3 for August, up from 95.3 very last thirty day period.

The index is carefully adopted and actions U.S. optimism towards the overall economy by gauging saving and expending developments. The existing circumstance index (centered on consumers’ views of the conditions of the present-day organization and labor market) and the expectations index (based mostly on consumers' views of the brief-phrase outlook on profits, business, and the labor market) both equally rose as nicely.

Task OPENINGS TICK UP Marginally IN REASSURING Signal FOR LABOR Current market

“Consumer self-confidence improved in August after slipping for three straight months,” claimed Lynn Franco, a senior director of economic indicators at the Convention Board. “The Present Circumstance Index recorded a achieve for the first time due to the fact March."

“The Anticipations Index also improved from July’s 9-calendar year small, but continues to be beneath a reading through of 80, suggesting economic downturn threats carry on. Concerns about inflation ongoing their retreat but remained elevated,” she additional.

The gauge is still a further indication that the country’s worst inflation in 4 decades has peaked and is now on the decrease. However, the Federal Reserve is not nonetheless by means of with its historically intense amount hiking cycle, which has started off to make cracks in the economic climate.

Far more than 19% of individuals mentioned small business ailments have been superior this thirty day period, up from 16.3% very last month. Less people also reported that enterprise situations were being bad.

Much of the higher assurance was likely attributable to declining gasoline prices. In June, fueled by the war in Ukraine, the normal value for a gallon of gasoline breached $5 for the initially time in background. Considering the fact that then, prices have tumbled, with the typical selling price now pegged at $3.84, according to AAA.

Although the uptick in shopper assurance is welcome for the overall economy, Tuesday’s readings are relating to. Even with rising, the expectations index is lower than all but three months in the past 8 several years.

1 stage of resiliency in the financial state as the Fed hikes fascination rates is the labor industry. Just more than 1 in 10 consumers claimed that employment ended up tough to get, which reveals that operate remains abundant for these who want it.

The economy as soon as all over again shocked economists and additional a robust 528,000 work in July, and the unemployment level also fell to 3.5%, matching the ultralow stage it was at prior to the pandemic.

The quantity of career openings also ticked up in July following 3 straight months of declines, another great indicator for the labor current market, which has insulated the financial system from some of the agony stemming from the Fed’s intense level hiking.

The Fed is anticipated to retain mountaineering charges, as was built obvious by Fed Chairman Jerome Powell through his once-a-year tackle in Jackson Gap, Wyoming, very last 7 days. Powell claimed in no uncertain conditions that the central financial institution would keep pushing for lower inflation, even if it signifies some economic “pain” in the coming months.

“Reducing inflation is most likely to call for a sustained period of below-development advancement,” he claimed. “Moreover, there will extremely likely be some softening of labor market place problems. Even though increased desire costs, slower growth, and softer labor industry conditions will provide down inflation, they will also bring some discomfort to homes and firms.”