Tag: Inflation

The Danger of Republican Extremism Extends to the Economy

As Politico’s Adam Cancryn reported, Democrats are uneasy about their economic message, noting that “there’s still underlying trepidation about trumpeting the state of the economy too loudly, especially with many voters still seeing their expenses eclipse their pay gains.” It’s a sensible worry; one Democrats are right to fret over. Sure, the party doesn’t really […]

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Why the Fed is pushing unemployment higher

Federal Reserve Chairman Jerome Powell said Wednesday it will be almost impossible for the central bank to beat inflation without hundreds of thousands of Americans losing their jobs.  Fed officials expect the unemployment rate to rise to 4.4 percent next year, up from 3.7 percent in August, as they jack up borrowing costs and slow […]

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Michelle Obama’s When We All Vote Initiative Launches New Youth Voter Campaign

NewsOne Featured Video When We All Vote Founder and Co-Chair Michelle Obama gives the Keynote Speech onstage at the inaugural Culture Of Democracy Summit in June 2022. Source: Kevin Winter / Getty Michelle Obama’s When We All Vote launched a new nonpartisan voting campaign that aims to boost youth voter participation ahead of the 2022 […]

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Biden sees highest approval in a year in latest Gallup poll

President Biden’s approval rating rose to 44 percent during the month of August in a new Gallup poll, the latest sign of the president recovering some ground amid a series of legislative wins and a steady decline in gasoline prices.   According to the Gallup poll out Thursday, 44 percent of U.S. adults approve of Biden’s […]

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McConnell: Biden student loan forgiveness a ‘wildly unfair redistribution’ of wealth

Senate Minority Leader Mitch McConnell (R-Ky.) criticized President Biden’s decision to cancel $10,000 of student loan debt for borrowers making less than $125,000 annually, calling it a “wildly unfair redistribution” of wealth in favor of higher-earning Americans.  McConnell said in a statement on Twitter on Wednesday that the move is a “slap in the face” […]

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Democrats Might Have Something New For the Midterms: Optimism

But there are three problems with this logic. These are, for the most part, the same voters who have already been mobilized by the Dobbs decision and the fight to preserve abortion rights. Also, the benefits of the legislation will not be readily apparent since there are still regulations to be written and grants to […]

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Biden to tout bill’s prescription drug prices, energy provisions in pitch to Americans, aide says

President Biden plans to use upcoming travel to tout the $740 billion climate, health and tax reconciliation bill passed by Senate Democrats on Sunday, a top White House official said. “The president will — our entire team will be out making the case,” National Economic Council Director Brian Deese said on CNN’s “New Day” on […]

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Low Unemployment Is Good. Bank of America Disagrees.

As Klippenstein and Schwarz note, the memo “tells us what we suspected all along: The most powerful economic actors in the U.S.—entities like Bank of America and its clients—do not like working people to have power.” But this should probably come as no surprise: Intermittent presidential advisor and capital-class amanuensis Larry Summers has, in similar […]

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The Democrats’ Surprise Chance to Snatch Victory From the Jaws of Defeat

But those winners were largely wiped out in 2020 (Horn lost). Now, if you look at the list of the 26 tossup Democrats, there are only two in those kinds of districts: Jared Golden in Maine’s 2nd, which is R+6, and Matt Cartwright in Pennsylvania’s 8th, which is R+4. Most of them are in districts […]

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Manchin Does Smart Politics, for Once

While voters may not rank climate as highly as the economy among a list of concerns, Mildenberger doesn’t think that’s the most important metric. Asking about where climate lands in a ranked list, Mildenberger notes, obscures how popular climate policy can be when it is paired with improvements to working-class people’s lives, like affordable housing […]

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Kyrsten Sinema’s Joe Manchin Moment

Manchin’s motivations have been easier to parse than Sinema’s. He clearly sees breaking with national Democrats to be beneficial for him in his home state, which went to Donald Trump by nearly 40 points in 2020. He similarly caters to energy interests in his home state (the relaxations of federal pipeline regulations will help a […]

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The Economy Is Doing Amazingly Well for One That’s Possibly in a Recession

How is the U.S. economy doing otherwise? It’s taken some knocks in recent months, but when you consider it may be in a recession, it’s still doing remarkably well. Unemployment is a low 3.6 percent, a whisker above its 3.5 percent level before the Covid pandemic. “Under the Trump administration, we had the greatest economy […]

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Warren: Fed chief threatening ‘surprisingly strong economic recovery’

Sen. Elizabeth Warren (D-Mass.) writes in a new op-ed that Federal Reserve Chairman Jerome Powell’s efforts to control inflation risk “triggering a devastating recession” and jeopardizing the country’s “surprisingly strong” post-pandemic economic recovery.  “Rising costs are an urgent problem, and interest rates play a key role in maintaining price stability. But urgency is no excuse […]

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Why the US housing shortage is likely to get worse

Rising interest rates and economic headwinds are making it harder for the U.S. to fill a severe shortage of affordable housing, and the problem is likely going to get worse.   The Federal Reserve has been working for months to stanch the sting of inflation by raising rates and slowing the housing market. Home sales and […]

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Why the Global Minimum Tax Is Joe Manchin’s Worst Flip-Flop Yet

Manchin also seems to object now to raising the U.S. tax on foreign earnings that I mentioned earlier from a maximum 13 percent to 15 percent. The tax, known as GILTI (for “Global Intangible Low Tax Income”) targets foreign returns that exceed 10 percent. It was enacted under President Donald Trump to discourage companies from […]

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Where Are Legislators in the Fight Against Inflation?

Claudia: There is a long list. One that has a particular urgency would be energy policy. The price of gasoline has doubled since before the pandemic, and it has risen $1.50 in the last three months since Putin invaded Ukraine. That is a massive change in a very short period of time. That creates a […]

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Joe Biden’s Absent Presidency

Biden appears to be trapped in a vicious cycle. With his approval rating plummeting, he and his advisers appear to be gripped with anxiety that doing anything will only make things worse. And so he says little and does nothing, hoping that voters will blame Republicans for what’s ailing the country—or at least recognize the […]

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Mitt Romney Is in Denial

On the question of undocumented immigration, Romney accuses liberals and the left of hiding their heads in the sand. “When TV news outlets broadcast video after video of people illegally crossing the nation’s southern border, many of us change the channel,” he writes. But Romney conveniently ignores the fact that it’s rampant nativism on the […]

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