- Sep 13, 2002
- 94,296
- 191,213
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Hence my question on whether voters are smart or not.
So far, not looking great.
I mean look at how buried in bullshit misinformation you are!
Bidenomics
- Thread starter binsfeldcyhawk2
- Start date
So far, not looking great.
I mean look at how buried in bullshit misinformation you are!
Bidenomics’ is going global. The world is skeptical.
At the G20 meeting, the administration will unveil its plans to counter growing Chinese influence with a new approach to economic development that prioritizes climate action and inclusive growth. But countries burned by decades of Western-imposed austerity aren’t convinced.
'Bidenomics' is going global. The world is skeptical.
At the G20 meeting, the administration will unveil its plans to counter growing Chinese influence with a new approach to economic development that prioritizes climate action and inclusive growth. But countries burned by decades of Western-imposed austerity aren’t convinced.
www.politico.com
Prioritizing climate change at the expense of sound economic policy if foolhardy. New regulations on common appliances like stoves and ceiling fans are flat out misguided. Where will it stop?Bidenomics’ is going global. The world is skeptical.
At the G20 meeting, the administration will unveil its plans to counter growing Chinese influence with a new approach to economic development that prioritizes climate action and inclusive growth. But countries burned by decades of Western-imposed austerity aren’t convinced.
'Bidenomics' is going global. The world is skeptical.
At the G20 meeting, the administration will unveil its plans to counter growing Chinese influence with a new approach to economic development that prioritizes climate action and inclusive growth. But countries burned by decades of Western-imposed austerity aren’t convinced.
I think prioritizing climate change is just fine but they have to be smart about it. I don’t think that’s always the case.
We’ll see…
You are special. Basically 70% of the country thinks you are a cult member
Not so much when price of gas is not included....amazing how phuquin’ greedy Big Oil can get about this time of year every year! Converting to winter gasoline...every year! Like they can’t see this coming? That’s “ok”...we will just gouge the consumer by adding 20% to the price of product...and the consumer wants to blame Democrats!
No...more like “corporate greed”...Bidenomics
Actually, the report today was pretty encouraging I think. Apparently Wall Street does as well as the markets have held up today. Read through it a bit and pretty much all of the inflation is coming from shelter right now, which is coming down. Remove rents from the cpi, and we are sitting at 1%. There is zero reason, nada, zilch o for the federal reserve to raise rates again this year.
Ppi data will be interesting tomorrow.
August core inflation, excluding food and energy, rose 0.3%, hotter than expected
The consumer price index was expected to increase 0.6% in August and 3.6% from a year ago, according to the Dow Jones consensus estimate.
Not an excuse..,but things (inflation rate) is trending the right way. It takes awhile to “end” rising prices... realistically a year or so.....15 years of artificially low interest rates, a couple of really poorly designed tax cuts and a pandemic that affected supply chains all over the world took their toll....The US is lucky to have 1) recovered as quickly as it has and 2) not suffered a damning recession like many parts of the world. Meanwhile, the “dollar” has remained the predominant world currency and is regaining its strength and rightful place as the world’s currency. We have accomplished this because we have has leadership the past few years that had a vision and a plan for the nation’s recovery and stayed the course and ignored those pointing fingers.
Let’s be honest....this recovery has gone much, much better than it’s detractors want you to believe. A major reason for this is because the institutions in place do work when allowed to perform as designed.That starts at the top and flows downwards.
It's not big oil. It's the cuts in production by OPEC affecting the market.
This is nothing more than a self-induced money grab. It’s not like oil companies don’t “change” fuels twice a year at the same times every year….Sure include it…but let’s “blame” those responsible for the gouge.
The final inflation report of the summer came in hotter than expected, but prices still seem on track to keep cooling off in the fall.
Consumer prices rose 0.6 percent in August and 3.7 percent over the past 12 months, according to Consumer Price Index (CPI) data released Wednesday.
The August report marked the second straight month of faster price growth and exposed some potential hotspots in the economy. Even so, experts expect the Federal Reserve to look past the slight spike in inflation and keep interest rates unchanged at an upcoming policy meeting.
“This report will comfort data-dependent Fed policymakers as they gradually move away from a ‘tighten at all costs’ paradigm to a more conditional ‘tighten if surprised’ paradigm,” wrote Gregory Daco, chief economist at EY, in a Wednesday analysis.
Here are four things to know about the August inflation report.
The 10.6-percent jump in gas prices last month was responsible for more than half of the August increase in inflation, the Labor Department said. Energy prices on the whole were up 5.6 percent in August, though electricity prices rose just 0.2 percent.
“For consumers, the most immediate impact of August price changes are being felt at the pump. Because of this, disconnect between what overall inflation is actually doing and how people are perceiving it will continue,” explained NerdWallet data analyst Elizabeth Renter in a Wednesday analysis.
Prices for transportation services also jumped 2 percent as companies compensated for higher gas prices and demand. Airline fares rose 4.9 percent last month alone and auto insurance costs rose 2.4 percent on the month.
“Energy price inflation has been the key driver of the post-pandemic inflation flareup, spilling over into transportation and commodities most directly, and pulling everything else up with it,” said Julia Pollak, chief economist at ZipRecruiter, in a Wednesday analysis.
Shelter costs rose for the 40th consecutive month in August, rising 0.3 percent last month and and a whopping 7.3 percent over the past year. Rents were up 7.8 percent on the year and 0.3 percent last month, putting further pressure on inflation.
Roughly one-third of the CPI is driven by shelter costs, which makes overall inflation very sensitive to movements in rents and home prices. Experts, however, see reason for optimism in the August shelter numbers.
The monthly increase in shelter costs was the smallest since 2021 and a raft of private-sector data shows rents and home prices rising at a slower rate, said Bill Adams, chief economist at Comerica Bank.
He added that the CPI is often several months behind private-sector price data and expected “a big wave of multifamily housing under construction” to help bring around lower rents next year.
Prices for goods excluding food and energy fell 0.1 percent in August. The Fed pays close attention to prices for so-called “core” goods and services outside of the volatile food and energy sectors.
While food is excluded from core inflation readings, Americans also saw prices for groceries rise at a much slower pace.
“One bright spot is an easing of price pressures in food costs. Costs for food at home – a staple household expense – were up just 0.2 percent in August and even the pesky increases in costs for food away from home came in at a more temperate 0.3 percent for the month,” said Bankrate chief financial analyst Greg McBride.
“After easing since last summer, energy prices spiked again in August, reigniting inflation and throwing the prospects of a September pause in interest rate hikes, and soft landing, into doubt,” Pollak wrote.
“The spike in energy costs also squeezes household budgets and reduces real wage growth, which could contribute to wage growth pressures in the coming months.”
The Fed is aiming to bring annual inflation back down to its target of 2 percent without slowing the economy into a recession. After boosting interest rates to a 22-year high in July, central bank officials are hoping that just one or two more hikes will be enough to quash inflation.
“Even though the overall path of inflation – including the core measures preferred by the Fed – has been downward, inflation may not be low enough now for the Fed to be comfortable with a pause,” wrote Daniel Altman, chief economist at Instawork, in an analysis.
“The slackening of the labor market is picking up speed, however, raising the potential for a crash landing (with higher unemployment) rather than a soft landing.”
Job growth has slowed toward pre-pandemic levels and the unemployment rate jumped to 3.8 percent in August, though this was due mainly to an influx of workers. The slowdown in the job market has alarmed progressive economists, who have been concerned that the Fed will drive the U.S. into a needless recession.
The Fed “can’t make homes more affordable or control oil prices by kicking workers out of their jobs. If we care about the cost of living, we need to focus on investing in people and families,” said Kitty Richards, acting executive director of the progressive nonprofit Groundwork Collaborative.
thehill.com
Consumer prices rose 0.6 percent in August and 3.7 percent over the past 12 months, according to Consumer Price Index (CPI) data released Wednesday.
The August report marked the second straight month of faster price growth and exposed some potential hotspots in the economy. Even so, experts expect the Federal Reserve to look past the slight spike in inflation and keep interest rates unchanged at an upcoming policy meeting.
“This report will comfort data-dependent Fed policymakers as they gradually move away from a ‘tighten at all costs’ paradigm to a more conditional ‘tighten if surprised’ paradigm,” wrote Gregory Daco, chief economist at EY, in a Wednesday analysis.
Here are four things to know about the August inflation report.
Gas and transportation squeezed consumers
Summer often brings higher energy prices as Americans travel for vacation and lean on their air conditioning to stay cool. That’s why economists were not surprised to see an August surge in gas prices boost overall inflation.The 10.6-percent jump in gas prices last month was responsible for more than half of the August increase in inflation, the Labor Department said. Energy prices on the whole were up 5.6 percent in August, though electricity prices rose just 0.2 percent.
“For consumers, the most immediate impact of August price changes are being felt at the pump. Because of this, disconnect between what overall inflation is actually doing and how people are perceiving it will continue,” explained NerdWallet data analyst Elizabeth Renter in a Wednesday analysis.
Prices for transportation services also jumped 2 percent as companies compensated for higher gas prices and demand. Airline fares rose 4.9 percent last month alone and auto insurance costs rose 2.4 percent on the month.
“Energy price inflation has been the key driver of the post-pandemic inflation flareup, spilling over into transportation and commodities most directly, and pulling everything else up with it,” said Julia Pollak, chief economist at ZipRecruiter, in a Wednesday analysis.
Housing costs are still a problem
Stubborly high rents and housing prices have be a major force behind inflation throughout the recovery from the pandemic-induced recession.Shelter costs rose for the 40th consecutive month in August, rising 0.3 percent last month and and a whopping 7.3 percent over the past year. Rents were up 7.8 percent on the year and 0.3 percent last month, putting further pressure on inflation.
Roughly one-third of the CPI is driven by shelter costs, which makes overall inflation very sensitive to movements in rents and home prices. Experts, however, see reason for optimism in the August shelter numbers.
The monthly increase in shelter costs was the smallest since 2021 and a raft of private-sector data shows rents and home prices rising at a slower rate, said Bill Adams, chief economist at Comerica Bank.
He added that the CPI is often several months behind private-sector price data and expected “a big wave of multifamily housing under construction” to help bring around lower rents next year.
‘Core’ goods are getting cheaper
Americans are finally starting to see basic household goods get cheaper after years of bracing at the cash register.Prices for goods excluding food and energy fell 0.1 percent in August. The Fed pays close attention to prices for so-called “core” goods and services outside of the volatile food and energy sectors.
While food is excluded from core inflation readings, Americans also saw prices for groceries rise at a much slower pace.
“One bright spot is an easing of price pressures in food costs. Costs for food at home – a staple household expense – were up just 0.2 percent in August and even the pesky increases in costs for food away from home came in at a more temperate 0.3 percent for the month,” said Bankrate chief financial analyst Greg McBride.
The inflation fight is far from over
The August CPI report was a stark reminder of how hard it can be to bring down high inflation.“After easing since last summer, energy prices spiked again in August, reigniting inflation and throwing the prospects of a September pause in interest rate hikes, and soft landing, into doubt,” Pollak wrote.
“The spike in energy costs also squeezes household budgets and reduces real wage growth, which could contribute to wage growth pressures in the coming months.”
The Fed is aiming to bring annual inflation back down to its target of 2 percent without slowing the economy into a recession. After boosting interest rates to a 22-year high in July, central bank officials are hoping that just one or two more hikes will be enough to quash inflation.
“Even though the overall path of inflation – including the core measures preferred by the Fed – has been downward, inflation may not be low enough now for the Fed to be comfortable with a pause,” wrote Daniel Altman, chief economist at Instawork, in an analysis.
“The slackening of the labor market is picking up speed, however, raising the potential for a crash landing (with higher unemployment) rather than a soft landing.”
Job growth has slowed toward pre-pandemic levels and the unemployment rate jumped to 3.8 percent in August, though this was due mainly to an influx of workers. The slowdown in the job market has alarmed progressive economists, who have been concerned that the Fed will drive the U.S. into a needless recession.
The Fed “can’t make homes more affordable or control oil prices by kicking workers out of their jobs. If we care about the cost of living, we need to focus on investing in people and families,” said Kitty Richards, acting executive director of the progressive nonprofit Groundwork Collaborative.
What to know about the August inflation spike
The final inflation report of the summer came in hotter than expected, but prices still seem on track to keep cooling off in the fall. Consumer prices rose 0.6 percent in August and 3.7 percent ove…
thehill.com
Cage match: Bidenomics v MAGAnomics
www.cnbc.com
Biden to starkly contrast his economic plan with GOP ‘MAGAnomics’ as shutdown looms
Biden blasts Republican plan to cut taxes on the wealthy, cut social safety net programs
The economic address comes amid a budget showdown in Congress.
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Month over month inflation may be looking better. But the 5 year trend is still out of control.Actually, the report today was pretty encouraging I think. Apparently Wall Street does as well as the markets have held up today. Read through it a bit and pretty much all of the inflation is coming from shelter right now, which is coming down. Remove rents from the cpi, and we are sitting at 1%. There is zero reason, nada, zilch o for the federal reserve to raise rates again this year.
Ppi data will be interesting tomorrow.
August core inflation, excluding food and energy, rose 0.3%, hotter than expected
The consumer price index was expected to increase 0.6% in August and 3.6% from a year ago, according to the Dow Jones consensus estimate.
Car prices are up 45% for some brands. Food prices are up 20-40%, electric is up at least 30%, consumer goods prices are still way higher now than in 2019, and interest rates are 3x higher. All while wages have not grown at the same pace.
Credit card debt is at an all time high and saving is trending down.
Something has to break eventually. We are seeing a widening gap between the top 10% and the bottom 90%.
I predict it's gonna be bad.
That gap has been widening ever since Reagan was POTUS and before…….the #1 problem with US economics has veenn”distribution of wealth” and it has gotten far witse ever since Reagan tax reforms and adoption of “trickle down economics”…
Inflation is weighing down Americans. Many trust Trump, more than Biden, to fix it
As Joe Biden tries to sell an economic rebound, a Suffolk University Sawyer Business School and USA TODAY poll finds Americans aren't buying it.
NAFTA was devastating to the working class in the US. Good excuse to keep wages down if that's what you're looking for though!
Real wages have been stagnant since 1978, not sure why folks even bother to mention it at this point.
NAFTA is a net positive for the USA....where the mistake was made was there should have been penalties for companies that moved their manufacturing from the US to Mexico...NAFTA passage (a Republican idea) was pushed by Clinton in exchange for higher tax rates from Newt and “pay-go” in order to balance the budget and hold the line on the deficit. Of course, once Bill left town, Newt, Junior and the GOP blew the budget all to hell....(more Republican financial responsibility).
Some Democrats fear Bidenomics branding is backfiring
President Biden is betting that 2024 voters will prefer continuity over Republican disruption, so he'll ask for a second term by emphasizing what he did in his first — and campaigning on largely the same proposals he ran on in 2020.
Why it matters: His approach is in stark contrast to former President Trump, the leading GOP candidate, who has published a sweeping far-right agenda that would dramatically increase his own power.
- Biden's campaign website does not include an issues page for his second-term agenda. He's expected to offer more details about his plans as the general election approaches.
- For now Biden's team is focusing on Republican policies, blasting the GOP's "extreme MAGA agenda."
- Front and center in their effort: highlighting GOP-led bans on abortionand general Republican opposition to assault weapons bans.
- But that approach — which the campaign has framed as “finish the job” — has risks.
- Two-thirds of Americans believe the country is on the “wrong track,” more than on Election Day in 2020. Biden's approval rating is stuck in the low 40's — better than Trump's, but not by much. If the economy slips into a recession, Biden's numbers could dip.
Zoom out: Biden's message to fundraisers and supporters — and the outlines of his second-term agenda — essentially are the same proposals he ran on in 2020.
- Asked what Biden would do with a second term, his campaign pointed to the president’s policy proposals in this year's State of the Union.
- In that speech he called for closing tax loopholes for the wealthy, improving access to pre-school and community college, and ensuring paid family medical leave — ideas he ran on last time.
- He's again calling for an assault weapons ban and the need to codify abortion rights in federal legislation.
- Biden has not embraced some of the recent proposals from more liberal Democrats, such as a gun-control constitutional amendment popularized by California Gov. Gavin Newsom, or a $17-an-hour minimum wage, which is being pushed by Sen. Bernie Sanders (I-Vt.).
- Asked last November what he planned to do differently in 2023 and 2024, Biden replied: "Nothing, because they're just finding out what we're doing…the more they know about what we're doing, the more support there is."
- Biden frequently mentions his $280 billion Chips and Science Act, which was designed to counter China by investing in America's technology industry.
- He also proposed spending an additional $775 billion for working parents and caregivers.
- Faced with a 50-50 Senate in his first two years, he had those ambitions trimmed to a $1.1 trillion infrastructure bill and a $740 billion climate and health care bill.
- Both were significant accomplishments, but smaller than Biden had imagined.
Rising long-term interest rates are posing the latest threat to a US economic 'soft landing'
Surging interest rates are intensifying the challenges for the U.S. economy and threatening to derail the Federal Reserve’s drive to tame inflation without causing a deep recessionWASHINGTON -- Surging interest rates are intensifying the challenges for the U.S. economy and threatening to derail the Federal Reserve’s drive to tame inflation without causing a deep recession.
Since mid-summer, the yield on the 10-year Treasury note, a benchmark for many loans, has steadily climbed, causing a spillover rise in other borrowing costs. The costs of mortgages, auto loans and credit card debt have all risen in response. The collective impact of higher rates across the economy could also weaken the government's own finances.
The jump in longer-term rates coincides with other threats, from higher gas prices and this week's resumption of student loan payments to autoworkers’ ongoing strike and the risk of a government shutdown next month, all of which could leave consumers with less money to spend to power the economy.
The strike by the United Auto Workers, now in its third week with no resolution in sight, could reduce vehicle sales in coming months. And the threat of a government shutdown, narrowly averted this past weekend, looms large, especially given the chaos over the leadership of the House of Representatives. Far-right Republican House members deposed their leader, Rep. Kevin McCarthy, on Tuesday for working with Democrats to temporarily avoid a shutdown.
The economy is coming off a robust summer, fueled by strong consumer spending on travel, concert tours and movie blockbusters. The economy is estimated to have grown at a healthy 3.5% annual rate in the July-September quarter, according to economists at Goldman Sachs.
Yet growth will likely slow to a meager 0.7% annual rate in the final three months of the year, Goldman estimates. With borrowing rates high and inflation still relatively elevated, consumers, who drive about 70% of economic growth, are expected to spend more cautiously.
On Friday, the government will provide a snapshot of how employers are factoring the turmoil into their hiring plans when it issues the September jobs report. Economists have forecast that it will show that employers added a solid 162,000 jobs last month and that the unemployment rate dipped to 3.7%, near a half-century low, from 3.8%.
But the substantial rise in borrowing costs could intensify the economy's slowdown. The yield on the 10-year Treasury touched a 16-year high of 4.8% on Tuesday, up from 3.3% in April. Last week, the average 30-year fixed rate mortgage hit 7.3%, the highest rate in 23 years, according to mortgage buyer Freddie Mac.
On Tuesday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, said she and other Fed policymakers will have to consider the rise in long-term rates in deciding whether to raise their key rate once more before year's end. Her remarks suggested that the higher borrowing costs might lead the Fed to forgo another hike.
“That will influence not only our policy decisions but how the economy evolves over the next year,” Mester said. “Those tighter, higher rates will have an impact on the economy.”
Financial analysts point to several reasons for the rapid increase in lending rates. To begin with, the Fed has repeatedly underscored that it intends to keep its key rate elevated for much longer than financial markets had expected earlier this year. And the economy's ability to keep growing, even as the Fed has jacked up rates, has lent the impression that it can withstand higher borrowing costs.
The economy's resilience in the face of higher rates could mean that borrowing costs will stay higher than they did after the 2008-2009 financial crisis, which led the Fed to cut its rate to near zero. During that period, the 10-year Treasury yield dropped to as low as 1.5%, and mortgage rates even fell below 3% during the pandemic.
The Treasury Department is now also auctioning off more debt to cover the government's swelling budget deficit, which reached $1.5 trillion this year and is expected to rise further in 2024. The supply of Treasurys is growing even as the Fed is reducing its holding of bonds. Overseas buyers have reduced their purchases, thereby forcing rates higher to attract buyers.
“All of that is driving these fears of higher rates, and no one knows when it’s going to stop,” said Gennadiy Goldberg, head of US rates strategy at TD Securities.
Benson Durham, a former Fed economist who is head of global policy at Piper Sandler, suggested that long-term rates are rising because investors consider it riskier to hold government debt for the long run when the economy appears particularly volatile and uncertain, as it does now.
Rising long-term interest rates are posing the latest threat to a US economic 'soft landing'
Surging interest rates are intensifying the challenges for the U.S. economy and threatening to derail the Federal Reserve’s drive to tame inflation without causing a deep recession
If only the prior president hadn't added 7.8 trillion to the deficit we wouldn't need to increase rates so much to combat inflation. Man, if we only knew then what we know now!Rising long-term interest rates are posing the latest threat to a US economic 'soft landing'
Surging interest rates are intensifying the challenges for the U.S. economy and threatening to derail the Federal Reserve’s drive to tame inflation without causing a deep recession
WASHINGTON -- Surging interest rates are intensifying the challenges for the U.S. economy and threatening to derail the Federal Reserve’s drive to tame inflation without causing a deep recession.
Since mid-summer, the yield on the 10-year Treasury note, a benchmark for many loans, has steadily climbed, causing a spillover rise in other borrowing costs. The costs of mortgages, auto loans and credit card debt have all risen in response. The collective impact of higher rates across the economy could also weaken the government's own finances.
The jump in longer-term rates coincides with other threats, from higher gas prices and this week's resumption of student loan payments to autoworkers’ ongoing strike and the risk of a government shutdown next month, all of which could leave consumers with less money to spend to power the economy.
The strike by the United Auto Workers, now in its third week with no resolution in sight, could reduce vehicle sales in coming months. And the threat of a government shutdown, narrowly averted this past weekend, looms large, especially given the chaos over the leadership of the House of Representatives. Far-right Republican House members deposed their leader, Rep. Kevin McCarthy, on Tuesday for working with Democrats to temporarily avoid a shutdown.
The economy is coming off a robust summer, fueled by strong consumer spending on travel, concert tours and movie blockbusters. The economy is estimated to have grown at a healthy 3.5% annual rate in the July-September quarter, according to economists at Goldman Sachs.
Yet growth will likely slow to a meager 0.7% annual rate in the final three months of the year, Goldman estimates. With borrowing rates high and inflation still relatively elevated, consumers, who drive about 70% of economic growth, are expected to spend more cautiously.
On Friday, the government will provide a snapshot of how employers are factoring the turmoil into their hiring plans when it issues the September jobs report. Economists have forecast that it will show that employers added a solid 162,000 jobs last month and that the unemployment rate dipped to 3.7%, near a half-century low, from 3.8%.
But the substantial rise in borrowing costs could intensify the economy's slowdown. The yield on the 10-year Treasury touched a 16-year high of 4.8% on Tuesday, up from 3.3% in April. Last week, the average 30-year fixed rate mortgage hit 7.3%, the highest rate in 23 years, according to mortgage buyer Freddie Mac.
On Tuesday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, said she and other Fed policymakers will have to consider the rise in long-term rates in deciding whether to raise their key rate once more before year's end. Her remarks suggested that the higher borrowing costs might lead the Fed to forgo another hike.
“That will influence not only our policy decisions but how the economy evolves over the next year,” Mester said. “Those tighter, higher rates will have an impact on the economy.”
Financial analysts point to several reasons for the rapid increase in lending rates. To begin with, the Fed has repeatedly underscored that it intends to keep its key rate elevated for much longer than financial markets had expected earlier this year. And the economy's ability to keep growing, even as the Fed has jacked up rates, has lent the impression that it can withstand higher borrowing costs.
The economy's resilience in the face of higher rates could mean that borrowing costs will stay higher than they did after the 2008-2009 financial crisis, which led the Fed to cut its rate to near zero. During that period, the 10-year Treasury yield dropped to as low as 1.5%, and mortgage rates even fell below 3% during the pandemic.
The Treasury Department is now also auctioning off more debt to cover the government's swelling budget deficit, which reached $1.5 trillion this year and is expected to rise further in 2024. The supply of Treasurys is growing even as the Fed is reducing its holding of bonds. Overseas buyers have reduced their purchases, thereby forcing rates higher to attract buyers.
“All of that is driving these fears of higher rates, and no one knows when it’s going to stop,” said Gennadiy Goldberg, head of US rates strategy at TD Securities.
Benson Durham, a former Fed economist who is head of global policy at Piper Sandler, suggested that long-term rates are rising because investors consider it riskier to hold government debt for the long run when the economy appears particularly volatile and uncertain, as it does now.
Rising long-term interest rates are posing the latest threat to a US economic 'soft landing'
Surging interest rates are intensifying the challenges for the U.S. economy and threatening to derail the Federal Reserve’s drive to tame inflation without causing a deep recessionabcnews.go.com
Yep blew out the deficit.
Joes at $5.1T after first two years. Projected at $1.5T for 2023.
I guess Joe's trying to out deficit Trump.
Every president outdoes the previous one. America loves spending.
Yikes
Voters in the top seven swing states are rejecting the Bidenomics message that's central to President Biden's reelection bid, according to a poll out Thursday from Bloomberg News and Morning Consult.
Why it matters: What's important in a presidential election isn't national polling, but how the candidates are doing in the swing states that decide the winner. But there aren't many polls that wrap in multiple swing states.
Driving the news: The poll, which surveyed 5,023 registered voters earlier this month, found that voters who said the economy was their most important issue disapproved of Biden's economic policies, 65% to 14%.
Voters in the top seven swing states are rejecting the Bidenomics message that's central to President Biden's reelection bid, according to a poll out Thursday from Bloomberg News and Morning Consult.
Why it matters: What's important in a presidential election isn't national polling, but how the candidates are doing in the swing states that decide the winner. But there aren't many polls that wrap in multiple swing states.
Driving the news: The poll, which surveyed 5,023 registered voters earlier this month, found that voters who said the economy was their most important issue disapproved of Biden's economic policies, 65% to 14%.
- 51% of swing-state voters said the national economy was better off under former President Trump.
- Overall, just 26% of voters in the pollsaid Bidenomics has been good for the economy, while 49% disapproved of the policies, Bloomberg reported.
- "We'll win in 2024 by putting our heads down and doing the work, not by fretting about a poll."
- The poll covers Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania and Wisconsin — the top seven swing states heading into the 2o24 campaign, according to the Cook Political Report.
Mortgage rates hit 8% for 30 yr fixed this week … highest since 2000.
https://www.msn.com/en-us/money/rea...mb-to-8-for-first-time-since-2000/ar-AA1iwA2d
https://www.msn.com/en-us/money/rea...mb-to-8-for-first-time-since-2000/ar-AA1iwA2d
That's not necessarily a bad thing. Higher interest rates will hopefully start to push home prices back down a bit. Ultimately, we need to build, build, and build some more. There just isn't enough supply right now to meet demand in many places.
The #s from Treasury.gov show deficit as follows:
2021- 2.77
2022- 1.3
2023- 1.5 EST
Total- 5.57
The 2022 number includes 357 billion EST cost of Biden's student loan forgiveness program that was subsequently blocked by courts so that money has not been spent.
WATCH: Biden announces new tech hubs in 32 states during remarks on Bidenomics and economy
WATCH: Biden announces new tech hubs in 32 states during remarks on Bidenomics and economy
The White House says the dozens of U.S. technology hubs President Joe Biden is announcing will help communities across the country become centers of innovation critical to its competitiveness.
www.pbs.org
