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You are here: Home / Archives for Economy

Many Lawmakers Out-of-Touch on Inflation

May 11, 2022 at 4:50 pm EDT By Taegan Goddard Leave a Comment

“Only after Rep. Katie Porter (D-CA) put bacon in her cart at her local grocery store recently did she notice that its price had spiked to $9.99 a pound. Reluctantly, she put the package back,” Politico reports.

“When Porter gave an emotional speech about how inflation has been hitting her family for months during a private House Democratic Caucus meeting last week, she said it seemed like the first time the personal toll of high consumer prices had sunk in for some lawmakers in the room.”

Said Porter: “Too often, Congress recognizes issues too late. I had a colleague mention to me, ‘We’re not seeing it in the polls’ … Well, you don’t know what to ask.”

Filed Under: Economy, House of Representatives

Inflation Barreled Ahead at 8.3% Last Month

May 11, 2022 at 8:35 am EDT By Taegan Goddard Leave a Comment

“Inflation rose again in April, continuing a climb that has pushed consumers to the brink and is threatening the economic expansion,“ CNBC reports.

“The consumer price index, a broad-based measure of prices for goods and services, increased 8.3% from a year ago, higher than the Dow Jones estimate for an 8.1% gain.”

Filed Under: Economy

Biden Stresses Contrast With GOP Economic Agenda

May 11, 2022 at 7:36 am EDT By Taegan Goddard Leave a Comment

“President Biden argued Tuesday that congressional Republicans would worsen inflation and raise taxes on American families, part of a growing effort to cast the GOP as obstructing his agenda and fixated on culture wars instead of governing,” the Wall Street Journal reports.

“With midterm elections looming, Mr. Biden remains weighed down by low approval ratings and rising public frustration with high prices fueled by the pandemic, government spending and the war in Ukraine. Now he is eager to take the offensive and put pressure on Republicans to defend their own plans.”

Filed Under: 2022 Campaign, Economy

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Fed May Have Acted Too Slowly on Inflation

May 10, 2022 at 10:39 pm EDT By Taegan Goddard Leave a Comment

“Some Federal Reserve officials have begun to acknowledge that they were too slow to respond to rapid inflation last year, a delay that is forcing them to constrain the economy more abruptly now — and one that could hold lessons for the policy path ahead,” the New York Times reports.

“Inflation began to accelerate last spring, but Fed policymakers and most private-sector forecasters initially thought price gains would quickly fade. It became clear in early fall that fast inflation was proving to be more lasting — but the Fed pivoted toward rapidly removing policy support only in late November and did not raise rates until March.”

Wall Street Journal: Senate confirms Lisa Cook to Federal Reserve Board.

Filed Under: Economy, Financial Markets

Biden Vows to Confront Inflation

May 10, 2022 at 12:36 pm EDT By Taegan Goddard Leave a Comment

“President Biden on Tuesday sought to reassure Americans the administration has a viable plan to fight inflation as gas prices Tuesday surged to a new high despite White House efforts to stabilize them,” the Washington Post reports.

Said Biden: “I know families all across America are hurting because of inflation. I want every American to know that I am taking inflation very seriously.”

Filed Under: Economy

The Good Times Are Now for Tens of Millions

May 10, 2022 at 6:48 am EDT By Taegan Goddard Leave a Comment

New York Times: “For the 158 million who are employed, prospects haven’t been this bright since men landed on the moon. As many as half of those workers have retirement accounts that were fattened by a prolonged bull market in stocks. There are 83 million owner-occupied homes in the United States. At the rate they have been increasing in value, a lot of them are in effect a giant piggy bank that families live inside.”

“This boom does not get celebrated much. It was a slow-build phenomenon in a country where news is stale within hours. It has happened during a time of fascination with the schemes of the truly wealthy (see: Musk, Elon) and against a backdrop of increased inequality. If you were unable to buy a house because of spiraling prices, the soaring amount of homeowners’ equity is not a comfort.”

Filed Under: Economy

GOP Bets Voters Will Care More About Inflation

May 9, 2022 at 9:27 pm EDT By Taegan Goddard Leave a Comment

“One week after the leak of a draft Supreme Court opinion that would eliminate the constitutional right to abortion, Republican candidates and strategists are increasingly confident that such a decision would not seriously harm the GOP’s chances of regaining House and Senate majorities come November, as Democrats have suggested it might,” the Washington Post reports.

“That belief is rooted in reams of polling, nearly all of it conducted before the leak, showing that economic challenges, particularly runaway inflation, are by far the most powerful force motivating voters this year, followed by crime and immigration — issues where Republicans believe they will have an enduring advantage.”

Filed Under: 2022 Campaign, Economy

Why Isn’t Biden Repealing Trump’s Tariffs?

May 9, 2022 at 5:49 pm EDT By Taegan Goddard Leave a Comment

Jonathan Chait: “Inflation is, by far, President Biden’s gravest problem. It is eating up the wage gains thrown off by the hot labor market and forcing the Federal Reserve to risk triggering a recession by raising interest rates. It is the main cause of his anemic approval ratings and the terrifyingly high probability that a dangerously authoritarian Republican Party will win the 2024 election.”

“There isn’t a button Biden can push to make the whole problem go away. But there is a button he can push to make some of the problem go away. The mystery is why he hasn’t pushed it.”

“That button is to rescind the tariffs imposed by his predecessor, which were created by executive order, and could be reversed the same way.”

Filed Under: Economy

Baby Formula Shortage Worsens

May 9, 2022 at 12:48 pm EDT By Taegan Goddard Leave a Comment

Nearly 40% of popular baby formula brands were sold out at retailers across the U.S. during the week starting April 24, USA Today reports.

Filed Under: Economy

Biden to Target GOP on Inflation

May 8, 2022 at 7:12 pm EDT By Taegan Goddard Leave a Comment

President Biden is preparing a major speech Tuesday to address inflation, and will contrast his plans to lower costs for American families with those offered by congressional Republicans, Axios reports.

Filed Under: Economy

Immigration Clamp Down Causing Labor Shortage

May 7, 2022 at 5:00 pm EDT By Taegan Goddard Leave a Comment

The U.S. is experiencing a labor shortage that’s partly fueled by a drop-off in immigration, which ground to a halt during the pandemic, the AP reports.

By some estimates, the U.S. now has 2 million fewer immigrants than it would have if the pace had stayed the same.

Filed Under: Economy, Immigration

DeSantis Fights ‘Bidenflation’ with Biden’s Stimulus

May 6, 2022 at 6:25 pm EDT By Taegan Goddard Leave a Comment

Florida Gov. Ron DeSantis (R) just signed several tax breaks into law in Florida, billing it as a way to fight “Bidenflation headwinds,” Insider reports.

But at least one portion of the tax relief package is being paid for by congressional Democrats’ $1.9 trillion coronavirus relief measure, called the American Rescue Plan, that Biden signed into law last year.

Filed Under: Economy, State House

Job Openings Soar

May 6, 2022 at 1:44 pm EDT By Taegan Goddard Leave a Comment

Associated Press: “The economy now has, on average, two available jobs for every unemployed person. That’s the highest such proportion on record.”

As a point of confirmation, there are many new job listings on Political Job Hunt.

Filed Under: Economy

Job Growth Accelerated Last Month

May 6, 2022 at 8:36 am EDT By Taegan Goddard Leave a Comment

“The U.S. economy added slightly more jobs than expected in April amid an increasingly tight labor market and despite surging inflation and fears of a growth slowdown,” CNBC reports.

“The unemployment rate was 3.6%, slightly higher than the estimate for 3.5%.”

Filed Under: Economy

Number Collecting Jobless Aid Fell to 50-Year Low

May 5, 2022 at 8:53 am EDT By Taegan Goddard Leave a Comment

“More Americans applied for unemployment benefits last week but the total number of people collecting jobless aid is at its lowest level in more than 50 years,” the AP reports.

Filed Under: Economy

Most Americans Have a Dismal View of Economy

May 4, 2022 at 4:25 pm EDT By Taegan Goddard Leave a Comment

A new CNN poll finds only 23% of Americans rate economic conditions as even somewhat good, down from 37% in December and 54% last April.

Filed Under: Economy

American Consumers Return to Old Habits

May 4, 2022 at 12:56 pm EDT By Taegan Goddard Leave a Comment

“In early 2020, many companies said the pandemic would change everything for consumers. And it did—for a while,” the Wall Street Journal reports.

“Now many Americans are resuming their prepandemic habits: rocking out at crowded concerts, doing deadlifts next to strangers at the gym and stocking a standard supply of toilet paper. Airlines, restaurants and child-care centers, which relied on government loans to stay afloat during Covid-19’s peak, can now hardly keep up with demand.”

“The resiliency of the American consumer has been a hallmark of modern history. After events such as Hurricane Katrina in New Orleans or the attacks of 9/11, people have shown they will snap back to doing many of their favorite things, given time. Rarely has it happened so broadly and rapidly as now, two years after a devastating global pandemic began.”

Filed Under: Economy

U.S. Job Openings Reach New Records

May 4, 2022 at 8:03 am EDT By Taegan Goddard Leave a Comment

“Job openings and the number of times workers quit reached the highest levels on record in March, as a shortage of available workers continued to pressure the U.S. labor market,” the Wall Street Journal reports.

Filed Under: Economy

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About Political Wire

goddard-bw-snapshotTaegan Goddard is the founder of Political Wire, one of the earliest and most influential political web sites. He also runs Political Job Hunt, Electoral Vote Map and the Political Dictionary.

Goddard spent more than a decade as managing director and chief operating officer of a prominent investment firm in New York City. Previously, he was a policy adviser to a U.S. Senator and Governor.

Goddard is also co-author of You Won - Now What? (Scribner, 1998), a political management book hailed by prominent journalists and politicians from both parties. In addition, Goddard's essays on politics and public policy have appeared in dozens of newspapers across the country.

Goddard earned degrees from Vassar College and Harvard University. He lives in New York with his wife and three sons.

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