Tag Archives: inflation

business news, economic news

Economy gets in GOP’s way

4 Comments

Republicans have been hoping for an economic collapse to fuel their mantra that President Biden’s stewardship on our finances would lead them back to the White House.

Except that the news just keeps getting better.

This week the Labor Department announced the economy added 353,000 jobs to the workforce. The unemployment remains at 3.7%. Inflation is under control. Wages and salaries are outdistancing the inflation rate. Mortgage interest rates are sliding down.

What the heck? The GOP presidential frontrunner can’t make the case that Joe Biden’s policies aren’t working. Instead, he’s left to look for other issues with which to bludgeon the president.

Politico reports: And though far from certain, it’s now possible that the nation’s economic health could become an electoral asset for Biden in an unexpected way.

“I think that is the question of the day,” said Stephen Moore, a senior fellow at The Heritage Foundation and an economist with FreedomWorks who is close to the Trump campaign. “You can’t blame the president when policies go wrong, and then say he’s not responsible if things are going right.”

Biden’s economy keeps messing up Trump’s message – POLITICO

Moore touches on a singular political reality, which is that presidents too often take blame they don’t deserve while being denied any credit they might earn. That is true for presidents of either party. So often matters out of their control dictate downward economic spirals.

The inflation rate is an example. Americans who endured the COVID-19 pandemic were denied opportunities to purchase big-ticket items. Then the pandemic broke and Americans released all that pent-up demand, which contributed to skyrocketing inflation at almost every level.

Who took the blame? Joe Biden!

Then the president pitched what he called the Inflation Reduction Act. Congress enacted it. The IRA intent was to target the supply chain, seeking to loosen it sufficiently. It worked. Inflation is under control.

Has the POTUS gained much from the impact of the IRA? Not yet!

The economy is fading as a talking point that Republicans can use against Joe Biden. The president’s campaign team now must devise a message that drives the point home that, yes, we are better off than we were four years ago.

business news, national news, political news

GDP up, inflation in check! Who knew?

President Biden keeps getting these political gifts from the bean-counters who work for the federal government. And yet … he continues to languish in the minds of Americans who seemingly are struggling with trying to process this good news.

The salty Democratic political genius, James Carville, once coined the phrase “It’s the economy, stupid!” in setting the tone for the 1992 presidential election. He was right then. Carville would be right today were he in the game working actively to re-elect Joe Biden.

GDP rose at an annual rate of 3.3% while inflation continues to flatten out, remaining somewhat stable, said the Commerce Department today.

Good news, yes? Of course it is. Ahh, but the doomsayers on the right and on the MAGA right say it’s nothing of the sort. They choose to ignore the findings and focus instead — and it’s good political strategy — on the issues that continue to plague the Biden administration.

Immigration and the southern border crisis? Yep! That’s a big one. The money we’re spending to help Ukraine fight the Russian invaders? That’s important, too. But not as critical as the border. I mean, the Russians must be defeated and Ukraine needs help from its allies to accomplish that task. The ongoing Israeli pummeling of Hamas terrorist compounds in Gaza? That’s big, too, given the immense civilian casualty toll among Palestinians.

The economy, though, well might have cleared the hurdle that the naysayers said would bring it crashing down. Wages are up. Jobs are up. Production is up. Joblessness is down. Inflation is slowing dramatically.

These are economic issues that President Biden should be proud to herald as he seeks re-election.

Yet I hear conservative commentators tell their audiences that Joe Biden is “the worst president in history.” Good grief! The numbers simply say something quite different.

It truly still is the economy … stupid!

business news, economic news

Bidenomics: It’s working!

How is this going to play out? For the life of me I cannot fathom the current trend.

President Biden’s economy is rocking along. The nation added 199,000 jobs in November; joblessness is now at 3.5%; inflation registered a 3.1% uptick, which is far better the 9% it was registering earlier this year.

And yet …

Republicans keep yammering about the “sagging” economy. How Americans are unhappy with their lives’ economic trajectory.

President Biden and Congress approved the nation’s largest infrastructure bill in history. He got Congress to approve the Inflation Reduction Act. We’re investing in “green energy,” and the GOP calls that a bad thing.

It’s working, man! Yet the GOP keeps lying to us that it isn’t.

I am shaking my noggin. I do not get it!

economic news

It isn’t ‘Biden’s inflation’

How about putting an end to the lie that the nation’s inflationary troubles are the result of President Biden’s economic policies?

I am weary of hearing the Republican demagogues repeating the mantra that Biden deserves to be vilified because of the inflation that has pummeled every major economy on the planet.

What is driving up the price of materials we purchase? Let’s see.

We have the Ukraine War that has had a direct impact on the flow of energy from Russia and Ukraine to the rest of the world; it has affected the cost of agricultural commodities that come from Ukraine’s fertile farmland.

We also have the COVID-19 pandemic and the disruption created by the “supply chain” matter that continues to drive up cost of goods caught in the inability to deliver them to us in a time manner.

The United States is far from alone in suffering these inflationary pressures. Indeed, our own inflation rate is less than many countries in Europe and Asia.

President Biden keeps taking hits because he insists on developing alternative forms of energy to replace the fossil fuels that pollute the air and are responsible for the climate change that threatens the very existence of the planet we call home.

I get that inflation affects us all directly. I don’t like paying more for food and other necessities than the next guy. However, I am not going to join the right-wing amen chorus that seeks to demonize Joe Biden for a worldwide crisis that is far beyond his control.

johnkanelis_92@hotmail.com

economic news, Joe Biden, national news

Are we better off … ?

The Republican leader of the U.S. House of Representatives sought to make some political hay by asking if we are “better off today than we were two years ago.”

Well, Kevin McCarthy of California, your effort to denigrate Joe Biden’s presidency deserves a look. So … here goes:

  • On Biden’s watch, Congress approved a bipartisan bill — the first in 30-something years — that seeks to stem gun violence.
  • When Russia invaded Ukraine this past February, President Biden was able to present a unified NATO and European Union front in response to the illegal and criminal act of war.
  • The president was able to shepherd through Congress a massive infrastructure improvement bill that seeks to repair our nation’s roads, bridges and airports.
  • Joe Biden nominated and then welcomed the nation’s first Black woman to the U.S. Supreme Court — Justice Ketanji Brown Jackson.
  • We have turned the corner on the international pandemic.
  • Fuel prices, which skyrocketed and led the inflationary surge of recent months, have retreated dramatically.
  • The United States has created more private-sector jobs in the first two years of President Biden’s term than at any similar time in its history.
  • Unemployment currently stands at 3.5%.
  • Congressional Democrats — fighting unanimous Republican opposition — managed to pass the nation’s first-ever meaningful law dealing with climate change; it also seeks to curb health costs and reduce inflation.
  • We have cut by roughly half the nation’s annual budget deficit.

So, taken together, I think I have an answer to Leader McCarthy’s question.

Yes. We are better off than we were when President Joseph R. Biden Jr. took office.

johnkanelis_92@hotmail.com

national news

How does POTUS tell his story?

Someone will have to explain to me why President Biden continues to struggle to win Americans’ approval over the way he is conducting himself in the office to which he was elected in 2020.

Maybe he just isn’t telling his story in a convincing fashion. Perhaps he is being outshouted by critics who continue to adhere to matters such as, oh, The Big Lie about the so-called theft of the presidential election.

I admit my bias. I want Biden to succeed and I want him to be able to sell his story to Americans who just aren’t buying into the Biden presidency. OK, so I have gotten that out of the way.

The economy continues to add hundreds of thousands of jobs each month; joblessness is less than 4%; we are winning the war against the COVID pandemic; we have restored our alliances around the world; the president is leading the worldwide response to Russia’s invasion of Ukraine and is crippling the Russian economy.

Life isn’t perfect. Inflation is hurting Americans. However, Joe Biden keeps reminding us that so much of the skyrocketing costs come from (a) supply issues created by the pandemic and (b) Vladimir Putin’s brutal invasion of Ukraine and the cutting off of Russian oil and natural gas to markets around the world.

The president needs to do a better job of securing our southern border. I acknowledge mistakes there. However, the border isn’t anything approaching an “open door” for anyone to walk into this country.

I am open to hearing from readers of this blog who has an idea of why Joe Biden continues to win the kind of approval from my fellow citizens that I believe he deserves.

So … with that I’ll sign off from this post.

Let’s discuss.

johnkanelis_92@hotmail.com

economic news, International news

Keep it in perspective

I couldn’t resist sharing this item that showed up on my social media feed this evening. I never really know who comes up with these gems; I do learn something from them.

My lesson here? It is that the pain, suffering, bloodshed, misery, anxiety, mourning and grief that Ukrainians are feeling at this moment put every little petty annoyance we might have in their proper place.

Gas prices going up? I don’t like it any more than the next person. However, it is good to keep some matters in context — such as what this message suggests we do.

More than 1 million Ukrainians reportedly have fled their country ahead of the Russian military onslaught initiated by the madman Vladimir Putin. Those who have stayed behind to fight the Russians are putting their lives in dire peril.

I won’t like paying more for the fuel that goes into my truck. However, I don’t believe I should bitch about it.

johnkanelis_92@hotmail.com

national news

What is the State of our Union?

President Biden is getting ready to deliver a speech that many of us have waited to hear. He will stand before a joint session of Congress and after a few opening remarks and perhaps a quip or two he will tell us about the State of our Union.

He is likely to make a declaration that starts out, “My fellow Americans, the State of our Union is … “

Is it “strong”? Is it “weak”? Is it “troubled”? Is it a mixed bag of all of the above and perhaps even something none of us can quantify?

Were I advising the president, I would urge him to offer a “strong” description of our Union’s current condition. Not because all is well and good. But because I cling to the hope that despite our trouble and anxiety that Americans’ collective strength will see us through it all.

Our political structure is roiling under The Big Lie that too many politicians continue to foster about the 2020 presidential election. Congress is examining whether a former POTUS incited an insurrection against our democratic process; I believe he did, but I am not in a position to make an official declaration.

We’re facing down in real time a serious threat by Russia against Ukraine. Our NATO allies stand ready to defend Ukraine if they deem it necessary.

Our economy, while it is exhibiting tangible strength, continues to struggle with raging inflation.

And yes, the pandemic is waning … at least for now.

President Biden will stand before a Congress divided by suspicion among its members toward each other and by those on one side of the great divide who continue to resist any effort on the president’s part to actually govern responsibly.

We’ll wait for the applause lines and we’ll watch the Democratic half of Congress cheer while Republicans sit on their hands. It will disgust many of us.

The Union’s strength lies in the people who are the real bosses. It isn’t the congressional leaders who seek to guide federal policy while ignoring the will of those they govern.

I don’t know what President Biden will declare about the strength of our nation at the State of the Union speech he will deliver in a few days. I just hope he tells us we are stronger than the forces that seek to divide us and tear at the fabric of our nation’s greatness.

johnkanelis_92@hotmail.com

economic news, medical news

POTUSes can’t always control inflation

Presidents never deserve all the credit they take for economic growth, nor do they deserve all the blame for when economic conditions head south. Thus, Joe Biden doesn’t deserve to be pilloried for the inflation that is ravaging our economy; for that matter, neither did Donald Trump deserve it when he was in office.

President Biden’s poll numbers continue to sag partly — or perhaps largely — because of inflationary pressure being felt in millions of American homes. Sure, there are other factors contributing to Biden’s falling poll numbers.

How can a president control some issues, such as the “supply chain” matter that has affected the economy in light of the coronavirus pandemic? I have no answer to that one, but it doesn’t seem to matter to Americans who today are blaming Joe Biden for all the fiscal ailments they are feeling.

I want to be clear: I have been highly critical of Donald Trump’s initial response to the pandemic, but my criticism of the former president had nothing to do with the economic pressure that mounted prior to the 2020 presidential election. Therefore, while presidents can take some credit for economic success and must accept some blame for economic failure, some matters are beyond even their control.

President Biden promises that inflation will relent by the end of this year. I hope he is right … although I do wonder if he has the power to make such a pledge.

johnkanelis_92@hotmail.com

business news

You want inflation? Try this!

Once in a while I get reminded of how I remember life as a youngster and how the cost of doing routine business bears no resemblance to what I used know in the good ol’ days.

I went this morning to McDonald’s to buy some breakfast for my wife and me. I ordered an Egg McMuffin meal and a Sausage McMuffin meal. The cost of my order came to $15.98.

No big deal, right? Right!

Except that as I pulled away and drove back home, I recalled a transaction I made in 1968.

I was working at a McDonald’s in Portland, Ore. It was in late May of ’68. I was at the counter taking orders and a couple of young people with “Robert Kennedy for President” buttons on their shirts walked up to me and ordered 100 hamburgers.

Yep. One hundred hamburgers!

We served them the burgers and they paid $18 for all of ’em.

That order today would cost $109 … plus tax!

Just sayin’, man.

johnkanelis_92@hotmail.com