President Joe Biden promised a “fundamental break” with “trickle-down economics” in a speech on Wednesday in which he relied on a number of misleading claims to make his point. Touting “Bidenomics,” the White House’s name for its economic agenda heading into the 2024 race, Biden floated a plan that would involve spending more taxpayer money […]
Tag: economy
Will America buy White House’s ‘Bidenomics’?
President Joe Biden is eager to take full political ownership of the U.S. economy — a reflection of the White House belief that inflation is fading, job growth is solid and voters need to know about it. But polling has consistently shown the economy to be a weak spot for Biden’s reelection hopes. Just 33% […]
What the heck is ‘Bidenomics’?
The White House is pressing congressional Democrats to embrace the concept of “Bidenomics” as President Joe Biden tries to reclaim messaging around the economy. In a memo sent to Hill Democrats earlier this week, White House officials detailed talking points to control the economic narrative as being under the control of Bidenomics, a catchall term […]
US Growth Slows to 1.1%, Inflation Accelerates
The US economy slowed in the first three months of the year, as businesses reduced investments in the face of higher borrowing costs. The economy grew 1.1% on an annualised basis, the Commerce Department said. That was down from a rate of 2.6% in the prior quarter, despite strong consumer spending. Analysts are watching nervously […]
US economy is unwell, April could be a horror
After months of a remarkably strong US labor market and economy, everything seems to be slowing down. The latest high-frequency data shows that the consumer could be running out of steam, hiring activity is moderating, business activity is softening, interest-rate sensitive sectors are pulling back and housing is suffering. The question is whether Friday’s monthly […]
Biden says WH is in talks to avert railroad strike
-President Joe Biden said on Thursday that his administration was involved in negotiations to avert a looming U.S. railroad strike that could shut down supply chains across the country but added that he has not directly engaged on the matter yet. Speaking to reporters outside a fire station on Nantucket Island, Massachusetts, during a Thanksgiving […]
Dems to Biden,”Stop talking about the economy”
President Joe Biden is in a bind. He has no choice but to talk about the economy in the home stretch of the midterm elections – it’s the issue, given near 40-year high inflation and high gas prices, that worries voters most. But by doing so, he’s drawing attention to his own and Democrats’ biggest […]
Ice Cream eating Biden says economy is ‘strong as hell’
A day after President Joe Biden drew criticism from conservatives on social media for giving unsolicited dating advice to a young teen girl in California, the president is again in hot water for claiming the “economy is strong as hell.” The comment came during a conversation with a reporter at a Baskin Robbins in Portland, […]
European nations shifting right as economies fail
A handful of European nations are shifting to the political right as economic woes throttle the continent. “All eyes are on Rome right now,” an EU official recently told Reuters. Italy is just hours from what is expected to be a historic election on Sunday as voters head to the polls to elect a new […]
Fed raises interest rate .75%; will recession follow?
The Federal Reserve made history on Wednesday, approving a third consecutive 75-basis-point hike in an aggressive move to tackle the white-hot inflation that has been plaguing the US economy. The supersized hike, which was unfathomable by markets just months ago, takes the central bank’s benchmark lending rate to a new target range of 3%-3.25%. That’s […]
US jobs growth slows in August
US employers added 315,000 new jobs in August, far fewer than in July, as fears rise that the labour market is heading for a slowdown. The jobless rate rose to 3.7% from 3.5%, according to the figures from the US Labor Department. The report comes on the back of recent data which showed the world’s […]
GDP shrank in second quarter, signaling US recession
The U.S. economy shrank at slightly slower pace in the second quarter than previously reported, but continued to meet the criteria for a so-called technical recession as raging inflation and higher interest rates weighed on spending. Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 0.6% on an […]