What Bidenomics is and why the White House thinks it can be a profitable 2024 information

Christian Datoc

July 31, 06:39 AM July 31, 06:39 AM

The White Household and President Joe Biden's 2024 reelection campaign are betting that a straightforward slogan will assist have the president to a 2nd time period.

"Bidenomics," the new catchphrase for the president's broad-ranging economic priorities, is a distinction with the "Reaganomics" of President Ronald Reagan, which Republicans associate with a sustained economic increase and U.S. victory in the Chilly War but Biden characterizes as "trickle-down economics."

A BURNING Issue: BIDEN AND DEMOCRATS Glance TO Beat Extreme Warmth Across THE US

Reagan, and his supporters, stressed the have to have to harmony the federal price range, slow government paying, and lower taxes. His supporters, and conservatives in standard, argue that those pillars, coupled with slashing governing administration business laws, would spur cost-free sector expansion and reverse the significant inflation that defined the American economy in the late 1970s.

Biden’s plan, nevertheless, extensively rejects the Reagan line. Instead than lessening the federal price range, the president is on the lookout to increase investing, specially for social welfare courses, to support communities the administration suggests have been still left at the rear of from the economic boom of the 1980s and '90s.

Biden says he wishes to build the financial state "from the bottom up and the center out" fairly than from the major down.

Bidenomics is also right tied to the president’s green power drive. Biden has said his wish to fully decarbonize the United States by 2050 and transition at minimum two-thirds of all vehicles on American roads to electric cars in the subsequent 10 years. Hundreds of billions in immediate paying and private incentive systems incorporated in Biden’s significant legislative shelling out deals, like the bipartisan infrastructure legislation, Inflation Reduction Act, and CHIPS and Science Act, are aimed at boosting American production of eco-friendly products and solutions and their parts.

The president would improve taxes on higher-money earners and companies and use that new earnings to fund infrastructure initiatives across the region though incentivizing non-public businesses with beneficial grant systems to reshore production and other tech-targeted careers.

Critics routinely cite inflation and the escalating federal deficits as the primary knocks versus Biden’s program.

Just months into Biden’s initial calendar year in business office, costs across practically all business products skyrocketed. A lot of that was attributed to the lagging consequences of the COVID-19 pandemic, but even some Democrats concur that Biden’s American Rescue Plan, which was handed on a strictly partisan vote and poured trillions into an by now overheated overall economy, drove 12 months-about-12 months inflation to stages not witnessed in many years.

The president has stated that balancing the price range is a leading precedence for his administration, but congressional Republicans and other political opponents argue that his insurance policies never match that rhetoric, supplied the way Biden’s legislative spending packages lean into potential versatile regulation of crucial industries.

On the other hand, inflation has slowly and gradually but steadily ticked down all through the earlier calendar year and at this time sits at the lowest degree in two-plus yrs. Shopper sentiment has also shot again up, with 41% far more individuals emotion positive about the financial state than at this time final calendar year, in accordance to the College of Michigan.

And nevertheless the Federal Reserve however raised curiosity rates to 5.5% in July, the highest amount in more than twenty several years, Chairman Jerome Powell has also mentioned that the Fed no lengthier believes the overall economy will slide into a economic downturn as it continues to recover from the COVID-19 pandemic.

In the meantime, Republican lawmakers have began touting public investments allotted as a result of Biden’s expending payments in their home districts, a truth that the president himself and top rated White Residence officials often position to through formal functions.

Moreover, a historically powerful labor market — unemployment has hovered close to 4% for months — and reasonable wage progress have allowed the president to continue touting his financial bona fides, even as prices continue to be higher than their pre-pandemic degrees.

Combined, these things have reduce the tooth out of some of Republicans’ critiques of Bidenomics as just "socialist" handouts. GOP lawmakers have generally instead concentrated on the president’s age and alleged corruption in his family’s earlier company dealings.

"If you discover it really hard to pinpoint what congressional Republicans’ concept is suitable now, you have a large amount of corporation," White Household spokesman Andrew Bates reported in a statement. "As the power of the American economy less than Joe Biden’s management is strengthened with new knowledge each individual 7 days, House Republicans’ argument in favor of trickle-down welfare for the rich disintegrates extra and extra."

The White Property precisely argues that makes an attempt to examine Hunter Biden, the president’s son, have sprung out of the successes of Biden’s economic agenda.

"Apparently, this clown carousel wasn’t unusual enough. Now Home Republicans are channeling their discouraged vitality into a measured and purposeful urge to impeach … an individual … somewhere … for some thing," Bates continued. "The base line is this. The subtitle to every thing that tends to make up congressional Republicans’ disjointed information is this: 'Bidenomics is operating.'"

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.

TRUMP ASKS FOR UNION VOTES AS HE AND BIDEN Struggle FOR THE MIDWEST

"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."

White House celebrates falling inflation while GOP points to negative real wages

Haisten Willis

May 10, 11:14 AM May 10, 11:14 AM

The White House celebrated falling inflation even as real wages remain in negative territory.

Inflation fell slightly to 4.9% for the month ending in April, a welcome sign that the Federal Reserve's efforts to tame price growth are working. However, the figure is still far above the Fed's 2% target.

TRANSPARENCY RESTORED TO THE WHITE HOUSE?

"With today's report, annual inflation has come down 45% since last summer," a statement from White House press secretary Karine Jean-Pierre reads. "The annual inflation rate has now come down 10 months in a row at a time when our economy and job market are strong, with the unemployment rate at its lowest level in more than 50 years."

Inflation had been running at 5% the month before and peaked at 9.1% last June. Prices overall grew by 0.4 percentage points between March and April (as opposed to an annual basis), according to the consumer price index.

The Biden administration also pointed to gas prices, which are down by close to $1.50 a gallon, on average, since last summer, along with slight dips in grocery prices.

The Republican National Committee released its own statement pointing to 25 consecutive months of negative real wages, which means that people, on average, have seen their spending power decline over the last two years.

"Core consumer prices, excluding food and energy, rose 5.5 percent compared to last year as Bidenflation refuses to break," reads the statement from RNC spokesman Tommy Pigott. "Real wages have been negative ever since Biden forced through his $1.9 trillion 'stimulus.' Now, Biden is threatening default in an attempt to double down on his destructive, inflationary agenda that sent prices surging."

Jean-Pierre referenced the debt ceiling battle in her statement as well.

"With all this progress, the single biggest threat to our economy would be if House Republicans fail to prevent default," she said. "As the president said to congressional leaders yesterday, we must take default off the table — and then have a separate conversation about the budget."

Disney CEO admits it made a mistake with 'aggressive' price hikes

Asher Notheis

March 11, 05:31 PM March 11, 05:32 PM

Walt Disney Company CEO Bob Iger acknowledged the company misstepped in its recent price increase for its theme parks, saying the company was "too aggressive."

Iger's statement was made while speaking at the Morgan Stanley Technology, Media and Telecom Conference on Thursday, where he addressed the negative reactions from the recent decision to increase prices at Disneyland and Walt Disney World in Florida, according to Los Angeles Times.

DISNEY PARKS CHIEF SAYS COMPANY CAN 'WORK WITH DIFFERENT PEOPLE' AFTER DESANTIS RESTRUCTURED DISTRICT

“In our zeal to grow profits, we may have been a little bit too aggressive about some of our pricing,” Iger said. “I think there’s a way to continue to grow that business, but be smarter about how we price so that we maintain that brand value of accessibility.”

Iger, who initially left the company in 2020, returned as chief executive in late-2022, replacing then-CEO Bob Chapek. During his Thursday appearance at the conference, Iger promised "to continue to listen to consumers,” and that the company is "going to continue to adjust.”

In February, Iger said he would leave his role as CEO of Disney in two years, and that one of his goals during these next two years is to ensure Disney's board will "succeed at succession."

The push back from consumers on the price increases to the company's theme parks come as the United States continues to combat inflation.

Disney itself has had to deal with the rough economic environment, losing 2.4 million subscribers to Disney+ in the last quarter of 2022, marking the first time the streaming service has lost subscribers. The company also fired 7,000 of its employees last month, joining the growing list of companies, including Amazon, Microsoft, and Meta, to let go of thousands of employees in recent months, according to Variety.

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.

INFLATION DROPS TO 7.1% IN LATEST SIGN OF RECOVERY — BUT 'STILL TOO HIGH'

"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.

JUUL AGREES TO $1.7B SETTLEMENT AMID ALLEGATIONS OF MARKETING TO MINORS: REPORT

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.

Social Security update: First of two checks totaling $1,755 to arrive in five days

Asher Notheis

November 26, 11:12 AM November 26, 11:12 AM

Recipients of Supplemental Security Income have less than a week before they receive their first of two payments in December.

Eligible recipients will receive their first payment of $841 on Thursday, with an additional payment of $914 on Dec. 30, totaling $1,755 for the month, according to the Social Security Administration. The second installment of December’s payments is higher than the first due to payments increasing in 2023, with part of the reason for the increase being the rising yearly cost-of-living adjustments to keep up with inflation.

INFLATION RELIEF PAYMENTS; CALIFORNIA FAMILIES TO SEE MONEY THIS WEEK

Eligible couples will receive two payments of $1,261 for the month of December, with the amount they receive each month increasing to $1,371 next year. Essential persons, or people who live with a person receiving Supplemental Security Income and provide necessary care, will receive one payment of $421 on Dec. 1 and a second payment of $458 on Dec. 30.

December is one of three months this year in which people receive two Supplemental Security Income payments, with the other months being April and September. The double payments are intended to offset the months in which no payment is sent out to make sure recipients receive 12 payments in a single year.

The months in which recipients received no payments this year are January, May, and October.

Double payment will occur in March, June, September, and December of 2023.

Inflation weighs on shoppers despite Black Friday deals

Misty Severi

November 25, 10:59 AM November 25, 10:59 AM

Concerns over inflation have crept into the holiday season as shoppers and retailers prepare for the discounted shopping weekend that begins with Black Friday, the day after Thanksgiving.

Facing higher prices for food, gasoline, and other goods this year, many consumers are reluctant to spend extra money on gifts without a large sale, according to the , and are being more selective about what they buy.

DESPERATE RETAILERS PLAN BIG DISCOUNTS FOR BLACK FRIDAY

Katie Leach, a social worker in Manhattan, told the outlet that she would be doing her holiday shopping in December and would be relying on sales, “buy now, pay later” services that let customers pay in multiple installments, and her credit card to help her this Christmas.

“The money is not going as far as last year,” Leach said.

The economic backdrop and hesitancy are a contrast from last year, when consumers were buying early to avoid a delay in shipments stemming from supply chain problems. This year, a potential railway strike could still cause supply issues and shortages for online sales, but retailers have front-loaded their stocks.

Stores such as Walmart, Target, and Amazon have included sales beginning in October, with an extra "prime day" from Amazon. However, Target reported that sales were down in October despite its discounts, according to Yahoo News.

The National Retail Federation projects sales will continue to grow this year, not adjusted for inflation, but will be lower than the 13.5% growth seen last year.

Experts consider Black Friday weekend, which concludes with Cyber Monday, a key barometer of how much shoppers will spend during the holiday season, which represents about 20% of the retail industry’s annual sales.

White House releases Thanksgiving dinner talking points touting Biden’s ‘top accomplishments’

Cami Mondeaux

November 23, 01:06 PM November 23, 01:06 PM

The White House is seeking to tout its agenda accomplishments from the past year by releasing a list of “talking points” people can use to discuss politics during Thanksgiving dinner.

“One last item for your Thanksgiving dinner: some talking points when ‘that Uncle’ comes ‘at you’ about [President Joe Biden],” White House chief of staff Ron Klain tweeted.

‘BLOOD IN THE WATER’: TRUMP’S FORMER ALLIES TURN FOES IN 2024 RACE

The list of talking points includes a slew of policy and legislative wins by the Biden administration and Democratic lawmakers, including measures on infrastructure and lower prescription costs that were signed by the president earlier this year. The list also touts the White House’s efforts to tackle inflation, noting gas prices are down $1.35 per gallon since June and that inflation has petered out over the last few months.

National average gas prices sit at $3.61 per gallon as of Wednesday, down from the $5.01 average recorded on June 14 — the highest average price recorded by AAA. Meanwhile, inflation rates came in lower than expected for the month of October as consumer prices rose 7.7%, down from the 8.2% recorded the month before, according to the consumer price index.

The White House also touted its progress on tackling unemployment “despite global challenges.” At the same time, the list hit out against Republicans for their “extreme” policy standpoints, pointing to GOP proposals for a federal abortion ban and efforts to repeal Biden’s Inflation Reduction Act.

Klain’s tweet prompted some criticism from different corners of the GOP, with some trolling the chief of staff for his efforts to boost the administration ahead of Thanksgiving.

“If you need to use Biden WH talking points at a family dinner, you’ve already lost whatever argument you’re in,” wrote Will O’Grady, deputy national press secretary for the Republican National Committee.

“Fixed it for you,” chimed in Abigail Marone, the press secretary for Sen. Josh Hawley (R-MO), attaching a photo of an empty list of accomplishments.

The discussion sheet comes just two weeks after the midterm elections in which Republicans seized a narrow majority in the House and Democrats maintained control of the Senate.

Despite Democrats outperforming expectations in the midterm elections, some Democrats are already looking ahead to 2024 and urging their party to usher in a new generation of leaders.

Stimulus update: $3,200 one-time payments must be claimed before deadline in just two days

Jack Birle

November 13, 05:00 AM November 13, 05:00 AM

Although there are no new coronavirus stimulus payments being sent out, millions of people are still able to receive an existing form of relief, but the time to claim the money is running out.

Upwards of 9 million people still have not claimed COVID-19 stimulus payments or child tax credits for which they are eligible, per the Government Accountability Office. The outstanding stimulus payments can amount to as much as $3,200 for some filers.

DEMOCRATS RENEW PUSH FOR CRYPTOCURRENCY REGULATIONS AFTER FTX COLLAPSE

Those who made less than $75,000 per year or joint filers who made less than $150,000 per year were eligible for the three government-issued stimulus checks of varying amounts. Those who do not file taxes because of how small their annual income is have until Nov. 15 to fill out a simplified tax return form to see whether they are eligible for any of the relief payments.

Most parents were eligible for the government's child tax credit, which distributed payments from July to December 2021, with the goal of the tax credit being to help people with children avoid financial problems and food insecurity.

Three waves of a total of $931 billion worth of stimulus checks were approved by Congress as part of relief for the coronavirus pandemic for nearly 165 million people in 2020 and 2021.

Two of the stimulus check payments were signed into law by then-President Donald Trump in 2020, and the final COVID-19 stimulus bill was signed into law by President Joe Biden in March 2021.

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.

BOISE TO OFFER PROPERTY TAX REBATE TO LOW-INCOME SENIORS AND VETERANS

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%.

CRYPTO BLOODBATH: BITCOIN FALLS TO TWO-YEAR LOW AMID DOUBTS ABOUT MAJOR EXCHANGE

"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.”

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

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.

‘Thanksgiving Price Rewind’: Aldi grocery stores to match 2019 prices

Heather Hamilton

November 03, 01:27 PM November 03, 01:27 PM

Aldi food markets are looking to give consumers a bit of reprieve by reverting back to their 2019 prices.

In response to rising inflation and higher prices being a major concern for shoppers, Aldi announced it will discount Thanksgiving season grocery items up to 30% in order to match pre-inflation price points.

WOMAN CHARGED WITH NOT SCANNING ALL ITEMS AT WALMART SELF-CHECKOUT

The supermarket chain is calling it their “Thanksgiving Price Rewind.”

“Providing amazing products at the absolute lowest prices is what we’ve always done, and we know right now that’s more important than ever,” Aldi president Dave Rinaldo said in a statement. “You can rest easy knowing Aldi has your back this Thanksgiving, and beyond.”

The promotion will include holiday appetizers, desserts, sides, and beverages. Products included will be marked with a “Thanksgiving Price Rewind” logo.

The consumer price index showed food prices were up 11.2% on average in September compared to last year.

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.

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

“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.

CHINA HAWKS ON HUNT AS REPUBLICANS EYE NEW CONGRESSIONAL MAJORITIES

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.

Democrats finally focus on economy and crime in last midterm campaign ads

Sarah Westwood

October 30, 02:00 AM October 30, 02:00 AM

Democratic candidates and groups are hitting the airwaves in the final days of the midterm election cycle with campaign ads that hammer home a focus on issues considered more favorable to Republicans, such as inflation and crime.

Campaigns and outside spending groups have just over a week to make their closing arguments to voters before Election Day brings what is widely expected to be a wave of Republican victories.

While Democrats had spent months trying broadly to center the conversation around abortion, some of their more recent shots in the ad wars have featured a return to the kitchen table issues that voters have told pollsters they care about more.

DEMOCRATS' PIVOT ON CRIME MAY BE TOO LATE TO SWAY VOTERS

In the Oregon governor’s race, Democrat Tina Kotek has focused some of her final ads on distancing herself from Democratic Gov. Kate Brown and rebutting charges of leniency toward homelessness from her GOP opponent, Christine Drazan.

Brown is the most unpopular governor in the country.

“Christine Drazan’s ads? They’re just not true,” a narrator intones at the opening of an ad supporting Kotek in mid-October. “Tina Kotek called for a homeless state of emergency nearly three years ago. Not Kate Brown. Not Christine Drazan.”

Kotek had until now focused much of her campaign on abortion.

“Because we’ve had amazing champions like Tina Kotek, Oregon has the strongest protections for reproductive rights in the country,” a Planned Parenthood official said in an abortion-focused spot from August.

Drazan has held a slight lead in recent polls.

In New York, Gov. Kathy Hochul ran an ad that blasted her Republican opponent in the governor’s race, Rep. Lee Zeldin (R-NY), for his abortion stance.

But one of her more recent ads instead focuses on crime. After Zeldin spent months hitting Hochul for her criminal justice views, including her past embrace of cashless bail policies, polls in the deep-blue state have begun to tighten to uncomfortable levels.

“A safe walk home at night. A subway ride free of fear. A safer New York for every child. That’s what Kathy Hochul is working for as governor,” a voice tells viewers in the more recent ad.

The tone of some Democratic ads in House races has shifted as well. That’s come as Republican groups expand their spending outside of toss-up races and into districts that President Joe Biden carried comfortably just two years ago.

The Congressional Leadership Fund, the political action committee linked to House Minority Leader Kevin McCarthy (R-CA), has poured hundreds of thousands of dollars into the race for California’s 49th Congressional District in an effort to unseat Rep. Mike Levin (D-CA).

One of Levin’s first ads over the summer focused on spotlighting his support of Biden administration priorities, such as the infrastructure bill, lowering prescription drug prices, and expanding healthcare. He also cut ads on abortion and Jan. 6.

But Levin’s latest, and potentially final, campaign ad seeks to bolster his credibility on inflation, an area that has eclipsed virtually all others in the final stretch of the race.

“And yes, it is a big problem that I’ve been working to address,” Levin says as he stares into the camera flanked by the sandy mountains of his California district.

“We need real action to bring down inflation, not a bunch of bull,” he concludes the ad, gesturing back to the bulls grazing behind him.

Some Democratic PACs have changed up their messaging in specific races as well.

For example, House Majority PAC, the spending group linked to House Speaker Nancy Pelosi (D-CA), ran an ad in September against the Republican candidate in Illinois's 13th Congressional District race, where Democrat Nikki Budzinski is facing Republican Regan Deering in a left-leaning, but still competitive, open House race.

“Regan Deering celebrated the overturning of Roe v. Wade,” a narrator warns at the opening of the September ad from the Democratic group. “Regan Deering: endorsed by extremists who want to ban abortion, no exceptions, not for rape or incest.”

The same group cut another ad for the Illinois race this week that instead focused on Deering’s opposition to raising the federal minimum wage and her association with Republicans who want to raise the Social Security retirement age — both arguments centered on economic, rather than social, concerns.

Five of the six ads the PAC dropped on Friday in competitive races centered on taxes and the economy, and only one related to abortion.

Not every candidate is changing tactics in the face of flagging polls.

Last week, Mandela Barnes, the Democratic candidate for Senate in Wisconsin, cut an ad once again highlighting the Jan. 6 riots despite trailing in the polls behind a Republican candidate, Sen. Ron Johnson (R-WI), who has excoriated him on crime.

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.

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.”