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Tag: Bidenomics
February 13, 2024
Breaking
Economy

Inflation Exceeds Expectations at 3.1%.

Official data reveals US inflation was higher than forecasted last month, causing an unplanned downslide in Wall Street’s pre-market trading on Tuesday. Despite economists’ predictions of the annual rate dropping to 2.9 percent, the actual price growth for January was 3.1 percent. These figures represent a decrease from December’s Consumer Price Index (CPI), which stood at 3.4 percent.

The month-on-month CPI rose by 0.1 percent from December’s 0.2 percent to make 0.3 percent in January, outpacing the expected 0.2 percent. The “core” index, which omits the mercurial food and energy prices, also had a 0.1 percent increase from 0.3 percent to 0.4 percent. This index is regarded as a better gauge of inflation’s likely future trend. The US Bureau of Labor Statistics proclaimed that January’s upward trend was attributed largely to increases in costs for shelter, vehicle insurance, and medical care.

Less optimism about the economy is felt by the majority of Americans, who encounter personal financial struggles. This perception is somewhat countered by the consumer confidence figures released by the University of Michigan, indicating an increase to the highest level since July 2021. As the annual inflation figures ease towards the two percent mark, Federal Reserve policymakers are set to decrease interest rates for the first time in four years, which could come as early as May.

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Official data reveals US inflation was higher than forecasted last month, causing an unplanned downslide in Wall Street's pre-market trading on Tuesday. Despite economists' predictions of the annual rate dropping to 2.9 percent, the actual price growth for January was 3.1 percent. These figures represent a decrease from December's Consumer Price Index (CPI), which stood at 3.4 percent. show more
February 6, 2024
Jack Montgomery
Economy
Election 2024

Trump’s Economic Lead Over Biden Is Widest in History.

The lead Donald Trump holds over Joe Biden in terms of who would handle the economy better is the biggest of any candidate in the history of NBC polling.

The network, which began asking voters which candidate for the presidency would handle the economy better in 1992, found that 55 percent of voters believed that Trump would do the better job, compared to just 33 percent who put their faith in Biden.

Forty-eight percent also rated Trump as more likely to be competent and effective, against just 37 percent for Biden. In 2020, Biden led Trump on this measure by nine points, but his advantage has evaporated now voters have seen him in action in the White House.

The 81-year-old Democrat’s approval rating currently sits at 37 percent, lower than at any point in either his presidency or his predecessor’s.

Trump now leads Biden in all seven swing states, by margins as high as ten percent in North Carolina and eight percent in Nevada and Georgia — both officially won by Biden in 2020.

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The lead Donald Trump holds over Joe Biden in terms of who would handle the economy better is the biggest of any candidate in the history of NBC polling. show more

Editor’s Notes

Behind-the-scenes political intrigue exclusively for Pulse+ subscribers.

RAHEEM J. KASSAM Editor-in-Chief
The good news is above
for exclusive members-only insights
The good news is above show more
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January 19, 2024
Economy
News

Macy’s Sheds 2,300+ Jobs, Closes Five Stores.

Macy’s, an iconic US department store, announced on Thursday that it will reduce its workforce by approximately 3.5 percent — equivalent to around 2,350 jobs — as the retailer seeks to cut costs and revive flagging sales. This comes alongside plans to shutter five of the brand’s department stores in Arlington, Virginia; San Leandro, California; Lihue, Hawaii; Simi Valley, California; and Tallahassee, Florida this year. Affected employees were also notified of the layoffs on Thursday, with the last day for those impacted being January 26.

Internal changes at the company’s leadership level are also on the horizon. Current Bloomingdale’s CEO, Tony Spring, is set to assume the CEO role at Macy’s in early February, replacing outgoing CEO Jeff Gennette. This comes as the company anticipates reporting its fiscal fourth-quarter earnings in late February. As of October 28, Macy’s has 723 locations nationwide, which includes about 500 namesake stores, 158 Bluemercury stores, and 56 Bloomingdale’s stores.

The sluggish American economy under President Joe Biden has hit the retail sector especially hard. Polling over recent months has shown voters continue to disapprove of Biden’s handling of the economy. Even traditional Democrat constituencies have soured on what the Biden White House has dubbed “Bidenomics.”

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Macy’s, an iconic US department store, announced on Thursday that it will reduce its workforce by approximately 3.5 percent — equivalent to around 2,350 jobs — as the retailer seeks to cut costs and revive flagging sales. This comes alongside plans to shutter five of the brand’s department stores in Arlington, Virginia; San Leandro, California; Lihue, Hawaii; Simi Valley, California; and Tallahassee, Florida this year. Affected employees were also notified of the layoffs on Thursday, with the last day for those impacted being January 26. show more
bidenomics
January 17, 2024
Jack Montgomery
Economy
News

BIDEN’S JOBS GROWTH LIE: Quiet Corrections Reveal Economy Added Near HALF A MILLION FEWER Jobs Than First Claimed.

Cumulative revisions to monthly jobs reports from January through November 2023 suggest that at least 443,000 fewer jobs were created in Joe Biden’s economy than the public was initially told.

The U.S. Bureau of Labor Statistics (BSL) publishes monthly job reports. Its figures often show job creation has been “surprisingly” high, with Biden’s economy stronger on paper than expected, given “hardship withdrawals” are rising and polls show most Americans feel the country is not performing well.

However, revisions to BSL job estimates over the course of the year indicate that people are not wrong to feel a disconnect between the numbers and their lived experiences. Revisions were downwards in 10 months out of the 11 for which revised estimates are available. The revisions are not small, either.

In June, the new jobs estimate was cut almost in half, dropping from 209,000 to 105,000. September, February, and May also saw big cuts of 74,000, 63,000, and 58,000, respectively.

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Revisions for December 2023 were unknown as of the time of publication, but analysts say the prognosis is bleak.

Economist Dr. E.J. Antoni believes the current figures point towards “the economy shedding 1.5 million full-time jobs in a single month, big downward revisions” and a “true unemployment rate between 6.4 percent and 7.5 percent.”

Antoni also noted that government jobs accounted for roughly a quarter of all job gains in December, explaining that “this is highly problematic [because] you need many private sector jobs to support each [government] job via tax revenue,” far above the ratio that currently exists.

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Cumulative revisions to monthly jobs reports from January through November 2023 suggest that at least 443,000 fewer jobs were created in Joe Biden's economy than the public was initially told. show more
January 5, 2024
News

US Adds 216,000 Jobs in December, But 25% of Them Are Government Roles.

The latest jobs report from the Labor Department revealed that employers added 216,000 jobs in December 2023 and surpassing the 173,000 jobs added in November 2023. The unemployment rate remained steady at 3.7 percent.

The report exceeding expectations. Economists surveyed by Dow Jones were expecting payroll numbers to increase by only 170,000 and for the unemployment rate to increase to 3.8 percent.

However, November’s number was downwardly revised, as was October’s — from 150,000 to 105,000 — suggesting that celebrating the latest December numbers may be premature, and that jobs gains in the fourth quarter of 2023 weren’t actually all that impressive.

The biggest hiring boost came in the form of 52,000 new government jobs.

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The latest jobs report from the Labor Department revealed that employers added 216,000 jobs in December 2023 and surpassing the 173,000 jobs added in November 2023. The unemployment rate remained steady at 3.7 percent. show more
December 16, 2023
Economy

Egg Prices Expected to Soar, Again.

The price of eggs is expected to soar yet again, with an avian flu outbreak fuelling the latest round of inflation.

“Seemingly every day there is another announced infection site, which not only physically reduces the actual number of egg layers, but also casts a negative psychology over the entire egg market,” Kevin Bergquist, Wells Fargo Agri-Food Institute sector manager, said. “The reaction to supply stress is price increase.”

The best part of 100 million birds were culled across 2022 and 2023 in an attempt to curtail the flu. October 2023 saw 1.4 million killed, while November saw a whopping 8 million. There were over 4 million slaughtered in the early part of December alone.

The height of the outbreak comes at a time when demand for eggs increases, around Christmas.

“Christmas is one of the times where egg consumption goes up for holiday meals, the eggnog and all that kind of stuff,” said Yuko Sato, a poultry veterinarian at Iowa State. “So naturally, every year, the egg prices go up during Christmastime or holiday season.”

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The price of eggs is expected to soar yet again, with an avian flu outbreak fuelling the latest round of inflation. show more
bidenomics
December 16, 2023
Economy

Congressional Budget Office: US Economic Growth Will Slow In 2024.

In the latest economic projections released Friday, the Congressional Budget Office (CBO) stated the U.S. successfully evaded a recession in 2023. The government agency predicted the U.S. will also likely avoid a recession in 2024, although it does project continued sluggish economic growth for the next year.

The CBO forecasts a 1.5% expansion in real gross domestic product (GDP) for 2024, a decrease from this year’s 2.5% growth, attributing the drop mainly to a deceleration in consumer spending and commercial construction. In the labor market, unemployment rates are predicted to rise slightly from the current 3.9% to 4.4% by the end of 2024, but will still maintain healthy levels with slight workforce growth largely propelled by immigrant labor.

While the economic outlook and avoidance of a recession is mildly positive news, the end of 2024 presents a potential challenge for President Biden when voters head to the polls. At that time, only 45,000 new jobs are projected to be created per month.

The softening labor market is expected to slow inflation, estimated at 2.1% next year, close to the Federal Reserve’s target of 2%. Falling prices  could undermine Republican accusations linking Biden’s economic policies to the country’s recent peak inflation period, the highest in 40 years. Inflation rates are projected to slightly increase in 2025 as the economy regains momentum.

The forecast that the U.S. sidestepped a recession in 2023 contradicts earlier predictions by Bloomberg’s economists in 2022 who estimated a 100% likelihood of a recession occurring. Instead, the U.S. reported a substantial increase in real GDP growth from 0.7% in 2022 to 2.5% this year. Despite this positive turn, the CBO has detected a slowdown with real GDP growth currently at 0.8% this quarter, projected to grow to 1.3% in Q1 2025, and achieve a 1.7% annualized quarterly growth by the end of 2024.

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In the latest economic projections released Friday, the Congressional Budget Office (CBO) stated the U.S. successfully evaded a recession in 2023. The government agency predicted the U.S. will also likely avoid a recession in 2024, although it does project continued sluggish economic growth for the next year. show more
Bidenomics
December 11, 2023
Jake Welch
Economy

Bidenomics: Houses Are Now Less Affordable Than At Any Other Time In U.S. History.

Houses in the United States are less affordable than at any time in the country’s history, with the average monthly price of home payments increasing from $1,787 to $3,322 per month since Joe Biden became President in January 2021.

The average monthly mortgage payment is 52 percent higher than the average cost of renting an apartment. In metropolitan areas and cities, such as Seattle, Austin, and several Californian cities, the figure increases to a staggering 175 percent.

Someone taking out a mortgage on a house costing $430,000 with a ten percent initial payment is forced to pay $3,200 every month: 60 percent more than three years ago.

As a result, the average age of a “first-time buyer” is n0w 35, three years older than under Donald Trump’s presidency. The number was even higher in 2022 at 36 years old. One-third of house purchases were made by first-time buyers, far below the average of 38 percent.

“There is a lot of shadow demand for homes, with a bunch of first-time buyers waiting on the sidelines for the payment-to-paycheck calculation to work for them,” Odeta Kushi, deputy chief economist at First American Corporation, recently explained.

Meanwhile, jobless claims are on the rise under the Biden government, and more Americans are being forced to break into their life savings.

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Houses in the United States are less affordable than at any time in the country's history, with the average monthly price of home payments increasing from $1,787 to $3,322 per month since Joe Biden became President in January 2021. show more
bidenomics
December 1, 2023
Jack Montgomery
Economy
News

Bidenomics: Jobless Claims Rise, Unemployment Benefits Highest in Two Years.

Some 218,000 people filed for unemployment benefits in the week ending November 25th, n increase of 7,000 on the previous week.

The number of people collecting unemployment benefits rose by 86,000 in the week ending November 18th. All told, the number of people on unemployment benefits now stands at 1.93 million. This is the highest total recorded by the Labor Department in two years.

Claims have risen in nine of the last ten weeks, believed to reflect the fact it is becoming increasingly difficult to find work. Joe Biden enjoyed strong jobs growth early in his presidency as COVID-era restrictions lifted, but his economy has weakened significantly.

In September, 336,000 jobs appeared to have been created – but this was driven by an increase in part-time employment. Full-time jobs actually fell by 22,000. In October, new jobs came in 20,000 lower than expected. Government jobs increased by 51,000, but manufacturing jobs fell by 35,000.

Inflation, which hit a four-decade high in 2022, has slowed, but this in largely due to the Federal Reserve hammering the country with 11 increases in its benchmark interest rate since March 2022. This has driven mortgage costs to their highest in decades, pricing many Americans out of housing.

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Some 218,000 people filed for unemployment benefits in the week ending November 25th, n increase of 7,000 on the previous week. show more
November 5, 2023
Jake Welch
News
Politics

ELECTABILITY: Trump Now Leads Biden In Five of Six Swing States.

President Donald J. Trump is storming ahead of Joe Biden in five of six key swing states just 12 months before the 2024 presidential election, with the 45th President predicted to obtain more than 300 Electoral College votes: way above the necessary 270 to win, new data shows.

Trump, despite his multiple deep-state indictments and attempts to inhibit his re-election run, is leading by 11 points in Nevada, six in Georgia, five in Arizona, five in Michigan, and four in Pennsylvania. Biden leads in Wisconsin by just two points. Across all six, Trump is averaging 48 percent to Biden’s 44.

The 45th President is also polling at unprecedented rates among ethnic minorities and young Americans. Voters under 30 prefer Biden by just one percentage point. Biden’s lead among Hispanics has dwindled to single digits, and almost one-quarter of black voters – 22 percent – intend to vote for Trump, which is “a level unseen in presidential politics for a Republican in modern times.”

Better still for the former President is almost twice as many voters are prioritizing the economy above social issues, such as abortion or guns. Among those economic prioritizers, 60 percent support Trump, just 32 percent support Biden. An overall 59 percent trust Trump over Biden on the economy. Only two percent of Americans told pollsters the economy was “excellent” under the Biden government.

“Discontent pulsates throughout the Times/Siena poll, with a majority of voters saying Mr. Biden’s policies have personally hurt them,” The New York Times admits.

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President Donald J. Trump is storming ahead of Joe Biden in five of six key swing states just 12 months before the 2024 presidential election, with the 45th President predicted to obtain more than 300 Electoral College votes: way above the necessary 270 to win, new data shows. show more

Editor’s Notes

Behind-the-scenes political intrigue exclusively for Pulse+ subscribers.

RAHEEM J. KASSAM Editor-in-Chief
This latest data kills deads the RINO/establishment argument on the right, that somehow a man who rocked 2016 and expanded his vote share in 2020 is “unelectable”
for exclusive members-only insights
This latest data kills deads the RINO/establishment argument on the right, that somehow a man who rocked 2016 and expanded his vote share in 2020 is “unelectable” show more
for exclusive members-only insights