Inflation rocked Biden’s second year as president. There’s more economic trouble on the horizon
1 year, 11 months ago

Inflation rocked Biden’s second year as president. There’s more economic trouble on the horizon

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. open image in gallery President Joe Biden listens during an event about infrastructure in the South Court Auditorium on the White House complex in Washington, in October “While higher interest rates, slower growth and softer labour market conditions will bring down inflation, they will also bring some pain to households and businesses,” he said at the time. “These are the unfortunate costs of reducing inflation, but a failure to restore price stability would mean far greater pain.” Douglas Holtz-Eakin, a former chief economist for George W Bush’s Council of Economic Advisers, said the Biden administration likes to take credit for the lower unemployment while not owning up to the inflation issue. Biden says Putin's 'price hike' is driving force behind inflation “We can’t add jobs by lowering the unemployment rate any further,” she said. Rising inflation was one reason why Senator Joe Manchin, the recalcitrant Democrat from West Virginia, opposed President Biden’s signature Build Back Better social spending bill.

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History of this topic

New inflation numbers threaten Trump and GOP's plans for tax cuts and tariffs: report
1 week, 6 days ago

New inflation numbers threaten Trump and GOP's plans for tax cuts and tariffs: report

Raw Story  

New Labor Department data released Wednesday showed stubborn inflation continued, which could make it difficult for President-elect Donald Trump and his GOP allies to pass certain legislation they've planned. While the consumer price index increased 2.7 percent in November from 2023, it was also larger than September's 2.4 percent rise, The Washington Post reported. "While Trump criticized President Joe Biden’s …

Trump's economic plan will be disaster: Biden
2 weeks ago

Trump's economic plan will be disaster: Biden

Deccan Chronicle  

Washington: Outgoing US President Joe Biden on Tuesday branded his successor Donald Trump's economic plans a "disaster," in a speech hailing his own legacy. Biden said Trump's threats to slap huge tariffs on imports were a "major mistake" and challenged Trump to build on what he said were the successes of his own administration. At a separate event Tuesday, Treasury …

Biden Says Trump Economic Plan will be Disaster
Trending News
2 weeks ago

Biden Says Trump Economic Plan will be Disaster

Deccan Chronicle  

Washington: Outgoing US President Joe Biden on Tuesday branded his successor Donald Trump's economic plans a "disaster" in a speech hailing his own legacy in office. Biden said Trump's threats to impose huge tariffs on imports were a "major mistake" and urged the Republican to abandon proposed tax cuts. I think it'd be an economic disaster for us and the …

Inflation: Biden’s spending is not what caused inflation and Trump’s win.
4 weeks, 1 day ago

Inflation: Biden’s spending is not what caused inflation and Trump’s win.

Slate  

By now we are all familiar with the refrain that inflation cost Democrats the election. Critical accounts blame Joe Biden for driving prices higher with federal spending, while sympathetic treatments note a worldwide trend of inflation toppling governments around the world. But the Journal’s own numbers tell a different story, attributing only 0.6 percent of the total inflationary surge across …

The Most Fatal Mistake of Biden’s Term
1 month ago

The Most Fatal Mistake of Biden’s Term

Slate  

We’re still sifting through all the reasons that the 2024 presidential cycle turned out the way it did, but there’s clearly one factor that proved more potent than just about any other: costs. “Eviction rates, the number of families that report being unable to find food to eat, the number of children uninsured—all of that is higher than it was …

The Trump inflation shock could be worse than the last inflation crisis, Larry Summers warns
1 month, 1 week ago

The Trump inflation shock could be worse than the last inflation crisis, Larry Summers warns

CNN  

New York CNN — Larry Summers has some unsolicited advice for President-elect Donald Trump: Don’t keep your campaign promises — unless you want to send prices skyrocketing once again. “In his first term, President Trump instituted tariffs against China that created jobs, spurred investment, and resulted in no inflation,” Karoline Leavitt, a Trump transition spokesperson, said in a statement. “President …

Biden laid groundwork for new factories and infrastructure, but Trump might get to cut the ribbons
1 month, 1 week ago

Biden laid groundwork for new factories and infrastructure, but Trump might get to cut the ribbons

LA Times  

All that’s left is for President-elect Donald Trump to put his name on it — if he wants. The unemployment rate is low, inflation is easing and President Biden’s administration has teed up a ready-made list of infrastructure projects that could go from theoretical to reality over the next several years. Trump said in September that he would “rescind all …

Inflation versus wages: Trump’s stunning comeback explained in two charts
1 month, 2 weeks ago

Inflation versus wages: Trump’s stunning comeback explained in two charts

Al Jazeera  

The rise in prices under the Biden administration proved fatal to Kamala Harris’s election hopes. In exit polls, 45 percent of voters said they were worse off than four years ago, when President Joe Biden took office, versus just 24 percent who said their financial situation had improved. Voters who named inflation as their number one concern broke for Trump …

Trump already 'set to repeat Biden's mistake': conservative economist
1 month, 2 weeks ago

Trump already 'set to repeat Biden's mistake': conservative economist

Raw Story  

Conservative economist Brian Riedl thinks that President Joe Biden's biggest mistake was the first major piece of legislation that he signed into law: The American Rescue Plan. Writing on Twitter, Riedl acknowledges that inflation was likely to have spiked regardless of what Biden did when he came into office given pandemic-related supply chain disruptions, but he adds that $1.9 trillion …

The US Economy: A Historical Perspective on Presidential Impact
2 months ago

The US Economy: A Historical Perspective on Presidential Impact

The Hindu  

The article examines the impact of different presidents on the US economy over the past 15 years. It finds that the economy was largely driven by global events, demographic changes, and decisions made in the White House, with the impact of each president being felt gradually over time. The article highlights the challenges of assessing the impact of presidents separately …

Biden economy: The labor market has more than compensated for inflation.
5 months ago

Biden economy: The labor market has more than compensated for inflation.

Slate  

Joe Biden restored full employment as the bedrock economic commitment of the Democratic Party. Until Biden’s presidency, American full employment—the economic situation when everyone who wants a job actually has a job—was essentially a historical phenomenon confined to the 30 years between the opening of World War II and the close of the 1960s, with fleeting spells of caveated grace …

Growth, inflation, jobs: Biden and Trump’s economic records compared
5 months, 3 weeks ago

Growth, inflation, jobs: Biden and Trump’s economic records compared

Al Jazeera  

US voters view the economy as their number one priority ahead of November’s presidential election. United States President Joe Biden and former US President Donald Trump’s first debate of the 2024 campaign has refocused attention on their respective economic records in office. Inflation Biden’s tenure has been marked by far higher inflation compared with Trump’s – although many of the …

Biden vs Trump US Presidential Debate: Economy, climate change and NATO | Who said what?
5 months, 3 weeks ago

Biden vs Trump US Presidential Debate: Economy, climate change and NATO | Who said what?

India TV News  

Atlanta: The United States bore witness to a fiery debate between Democrat Joe Biden and his Republican rival Donald Trump that most agreed ended badly for the 81-year-old US President. Trump lambasted Biden for doing a poor job with the economy and "inflation is absolutely killing us". Trump countered by saying illegal "terrorists" are killing US citizens, calling it a …

Opinion: Trump's claims about the economy in the debate will be lies
5 months, 4 weeks ago

Opinion: Trump's claims about the economy in the debate will be lies

LA Times  

Expect the economy to be debated by President Biden and former President Trump on Thursday. Spoiler alert: “Bottom line, in their totality, Biden’s policies are better for the economy than Trump’s,” Moody’s chief economist Mark M. Zandi told me. Moody’s projects that after Trump’s recession, the economy would return to growth late in his second term, for average annual growth …

Trump vs. Biden: An economic gamble either way
6 months, 1 week ago

Trump vs. Biden: An economic gamble either way

Live Mint  

The president’s chihuahuas in the press are running with the line. The Atlantic warns of Mr. Trump’s plan to “supercharge inflation," while the New York Times states: “Trump Vows to Lower Prices. It’s true that another Trump presidency would carry economic risks, though they pale in comparison with a second Biden term. On the other hand, Mr. Trump’s proposal for …

Biden polls: Inflation is not the president’s problem.
6 months, 2 weeks ago

Biden polls: Inflation is not the president’s problem.

Slate  

In January of 1980, Jimmy Carter had been in office for three years, and the economy was terrible. Biden isn’t just clearing the low bar set by the Carter administration, he’s besting every other leader in the developed world, with the United States enjoying stronger wages, lower inflation, and better job growth than any nation in the G7, and its …

US inflation eased last month in the first slowdown of 2024
7 months, 1 week ago

US inflation eased last month in the first slowdown of 2024

Associated Press  

WASHINGTON — Led by lower food and auto prices, inflation in the United States cooled slightly last month after three elevated readings, likely offering a tentative sigh of relief for officials at the Federal Reserve as well as President Joe Biden’s re-election team. Instead, he stressed that the Fed’s policymakers need “greater confidence” that inflation is falling to their 2% …

Why Biden is getting little credit for the economy, especially in California
8 months, 2 weeks ago

Why Biden is getting little credit for the economy, especially in California

LA Times  

People shop at a grocery store in Rosemead. As President Biden struggles to sell Bidenomics to skeptical voters, he’s facing the all-too-real consequences of stubbornly higher inflation, but he’s also battling human psychology. While partisan politics, pandemic hangover and other factors have colored people’s attitudes, experts say inflation appears to be the single biggest economic albatross for Biden. “Young people …

Surprise rise in inflation to 3.2% driven by soaring gas prices - with fears cost to fill up a car will keep rising and hamper Biden's plan to cut inflation in election year
9 months, 1 week ago

Surprise rise in inflation to 3.2% driven by soaring gas prices - with fears cost to fill up a car will keep rising and hamper Biden's plan to cut inflation in election year

Daily Mail  

President Biden today welcomed new inflation data despite it showing costs have risen 3.2 percent in the last year. Pictured: during a speech at a YMCA March 11, 2024 Inflation rose slightly to 3.2 percent in February as prices were pushed up by housing costs and gas The inflation figure plays a big part in the whether the Federal Reserve …

Granderson: You can't compare Bidenomics to Trump's economic record
10 months ago

Granderson: You can't compare Bidenomics to Trump's economic record

LA Times  

Donald Trump was booed Saturday when he took to the stage at a convention in Philadelphia to sell shoes. Last fall a House subcommittee held a hearing to discuss the impact of one of President Biden’s key pieces of legislation: the Inflation Reduction Act. “Some of these green cars, electric cars can cost $100,000 a year, and so almost by …

Column: Voters are finally noticing that Bidenomics is working
10 months, 2 weeks ago

Column: Voters are finally noticing that Bidenomics is working

LA Times  

The turning point in Americans’ perception of the economy — that despite months of doom-colored predictions of a looming recession — may have occurred on Jan. 25. That was the day that Fox Business economic commentator Larry Kudlow, a former official in the Trump White House and consistent dispenser of grim economic predictions during President Biden’s term, went on Fox’s …

Biden lauds solid 2023 growth as reelection bid gains pace
10 months, 4 weeks ago

Biden lauds solid 2023 growth as reelection bid gains pace

Hindustan Times  

US President Joe Biden and his Treasury chief touted the country's robust 2023 economic performance Thursday, with stronger than expected growth offering a boost as the Democratic incumbent revs up his reelection campaign. The latest GDP data strengthens optimism that America is achieving a "soft landing," where inflation comes down on higher interest rates, without triggering a recession. The fourth …

Yellen says current US economic growth 'vindicates' Biden's COVID-19 pandemic stimulus spending
11 months, 1 week ago

Yellen says current US economic growth 'vindicates' Biden's COVID-19 pandemic stimulus spending

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Slowing inflation suggests that Biden’s policies are helping, but American voters are still hurting
11 months, 1 week ago

Slowing inflation suggests that Biden’s policies are helping, but American voters are still hurting

Associated Press  

WASHINGTON — President Joe Biden can make an increasingly strong case that he’s helped fix inflation — if only he can get voters to believe him. Leading GOP lawmakers such as Rep. Jason Smith of Missouri, chairman of the House Ways and Means Committee, greeted the latest inflation numbers as evidence that voters are still suffering from high prices: “President …

Biden sells economic strength, but voters aren't buying yet
11 months, 1 week ago

Biden sells economic strength, but voters aren't buying yet

The Hindu  

U.S. President Joe Biden has good news to sell on the economy as he seeks reelection in November but voters don't seem to be buying it. With the political wisdom saying that US elections are won on "the economy, stupid" -- as the 1992 Bill Clinton campaign famously said -- Mr. Biden could have been forgiven for thinking the economy …

Biden goes into 2024 with the economy getting stronger, but voters feel horrible about it
1 year ago

Biden goes into 2024 with the economy getting stronger, but voters feel horrible about it

Associated Press  

WASHINGTON — President Joe Biden goes into next year’s election with a vexing challenge: Just as the U.S. economy is getting stronger, people are still feeling horrible about it. “Things are getting better and people think things are going to get worse — and that’s the most dangerous piece of this,” said Democratic pollster Celinda Lake, who has worked with …

Exclusive: ‘Bidenomics’ failing to win electorate support in battleground states
1 year ago

Exclusive: ‘Bidenomics’ failing to win electorate support in battleground states

The Telegraph  

In head-to-heads with Ron DeSantis, Mr Biden leads in the four states of Arizona, Georgia, Michigan, and Pennsylvania, while against Nikki Haley, the former governor of South Carolina and Republican candidate, he would win in all but North Carolina. He told the Asia-Pacific Economic Cooperation conference in California on Nov 16: “I acknowledge there’s a disconnect between the numbers and …

The world economy will slow next year because of inflation, high rates and war, OECD says
1 year ago

The world economy will slow next year because of inflation, high rates and war, OECD says

Associated Press  

WASHINGTON — The global economy, which has proved surprisingly resilient this year, is expected to falter next year under the strain of wars, still-elevated inflation and continued high interest rates. China’s “consumption growth will likely remain subdued due to increased precautionary savings, gloomier prospects for employment creation and heightened uncertainty,″ the OECD said. The world economy has endured one shock …

Biden hits out at Trump in Labor Day speech focused on US jobs, economy
1 year, 3 months ago

Biden hits out at Trump in Labor Day speech focused on US jobs, economy

Al Jazeera  

US president takes repeated shots at his predecessor’s economic record as 2024 election campaign begins to heat up. US President Joe Biden has hit out at the economic policies of his predecessor and likely 2024 election challenger Donald Trump, noting that the United States lost jobs under the former Republican president’s tenure. In a speech in Philadelphia to mark the …

Biden Celebrates Inflation Reduction Act’s Anniversary; Voters Seem Not To Notice
1 year, 4 months ago

Biden Celebrates Inflation Reduction Act’s Anniversary; Voters Seem Not To Notice

Huff Post  

President Joe Biden speaks during an event to mark the anniversary of the Inflation Reduction Act in the East Room of the White House on Aug. 16. Tom Williams via Getty Images WASHINGTON ― President Joe Biden on Wednesday celebrated the first anniversary of one of his major legislative achievements to date, the Inflation Reduction Act, taking credit for lower …

Biden marks 1-year anniversary of climate, health law, says ‘we’re investing in all of America’
1 year, 4 months ago

Biden marks 1-year anniversary of climate, health law, says ‘we’re investing in all of America’

Associated Press  

WASHINGTON — President Joe Biden proclaimed Wednesday his administration is “turning things around” for Americans when it comes to the economy, with his signature climate, health care and tax package giving people “more breathing room” on prices and investing anew in clean energy jobs. “We’re investing in all of America — in the heartland, and coast to coast.” His remarks, …

Inflation drops to 3% and Biden hopes to turn a weakness with voters into a strength
1 year, 5 months ago

Inflation drops to 3% and Biden hopes to turn a weakness with voters into a strength

Associated Press  

WASHINGTON — The politics of inflation took a sharp turn Wednesday with a report showing consumer prices rose at the slowest pace since the early months of Joe Biden’s presidency. “It is particularly notable and highly consistent with Bidenomics to see this steep a decline in the rate of inflation while employment remains so uniquely strong.” The president was quick …

How ‘Bidenomics’ looks now isn’t what matters. It’s how voters view it in a year that counts
1 year, 5 months ago

How ‘Bidenomics’ looks now isn’t what matters. It’s how voters view it in a year that counts

LA Times  

President Biden delivers remarks on the economy June 28 in Chicago. The economy is growing by about 2% a year, job creation remains strong and — most important from a political standpoint — inflation has eased to 4% from last year’s peak of 9%. Biden’s bet is that if the economy continues to improve, public opinion will evolve as well …

Biden is eager to run on the economy — ‘Bidenomics’ — but voters have their doubts
1 year, 5 months ago

Biden is eager to run on the economy — ‘Bidenomics’ — but voters have their doubts

Associated Press  

WASHINGTON — 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. For him, there’s a happy confluence of the coming 2024 reelection campaign and a favorable turn in recent economic data, leading …

Biden warns ‘millions of jobs’ at risk if debt ceiling not raised
1 year, 7 months ago

Biden warns ‘millions of jobs’ at risk if debt ceiling not raised

Al Jazeera  

US president accuses Republicans of holding economy hostage by demanding spending cuts to raise debt limit. United States President Joe Biden has warned the economy could enter a recession and shed millions of jobs unless Republicans agree to raise the country’s $31.4 trillion debt ceiling before a fast-approaching deadline. In a campaign-style speech in a swing district in New York …

Biden hopes strong job market means soft landing for economy
1 year, 7 months ago

Biden hopes strong job market means soft landing for economy

Associated Press  

WASHINGTON — For President Joe Biden, the past few days have raised hopes that the U.S. economy can stick a soft landing—possibly avoiding a recession as the 2024 election nears. “We’re trending in the right direction and I think we’re making real progress,” he said about the overall economy, telling Republican lawmakers to not “undo all this progress” with the …

Biden hopes strong job market means soft landing for economy
1 year, 7 months ago

Biden hopes strong job market means soft landing for economy

LA Times  

For President Biden, the last few days have raised hopes that the U.S. economy can stick a soft landing — possibly avoiding a recession as the 2024 election nears. “We’re trending in the right direction, and I think we’re making real progress,” he said about the overall economy, telling GOP lawmakers to not “undo all this progress” with the debt …

Biden sets up for an election fight with his budget proposal
1 year, 9 months ago

Biden sets up for an election fight with his budget proposal

Al Jazeera  

Biden’s proposal will face stiff opposition in Congress and has ‘little-to-no shot’ at becoming law, experts say. The White House refers to it as the “billionaire minimum income tax.” The budget includes a proposal to raise the corporate tax rate to 28 percent, higher than the current level but still below the 35 percent tax rate that prevailed before 2017 …

No recession in US in 2023 or 2024: Joe Biden's expert-defying/ denying claim
1 year, 10 months ago

No recession in US in 2023 or 2024: Joe Biden's expert-defying/ denying claim

Hindustan Times  

US president Joe Biden said that he did not believe the US economy will fall into recession in 2023 or even next year in 2024. Earlier, Joe Biden had said that a recession was possible in the US although he said this week that the risk was very low. The economic data for the past few months has been in …

Amid fears of a crisis, the US begins the debt ceiling battle
1 year, 11 months ago

Amid fears of a crisis, the US begins the debt ceiling battle

Hindustan Times  

With the United States hitting its debt ceiling limit on Thursday, America has entered a period of a gruelling political battle over a debate on the issue, with the White House warning that Republican obstructionism risks push the country towards an economic “catastrophe” and Republicans placing the responsibility of an agreement on Democrats. As the US Government Accountability Office, the …

High inflation and efforts to tame it defined 2022 economy
2 years ago

High inflation and efforts to tame it defined 2022 economy

Associated Press  

WASHINGTON — For the economy, 2022 was a throwback year. The Fed’s officials, it turns out, underestimated how pay increases, federal aid, supply shortages and a pent-up desire by consumers to spend would conspire to accelerate inflation — and keep it high. “We will see much better inflation numbers over the course of the next 12 to 18 months.’’ Yet …

Biden sees economy avoiding recession, but risks remain
2 years ago

Biden sees economy avoiding recession, but risks remain

Associated Press  

WASHINGTON — President Joe Biden assured Americans on Friday that the U.S. economy is chugging along in the holiday season, but the very strength of a new jobs report showed that high inflation remains a recession threat. “I’ve supported paid sick leave for a long time,” said the president, a staunch labor union supporter. “I’m going to continue that fight …

Joe Biden says inflation help is coming but ‘will take time’
2 years, 1 month ago

Joe Biden says inflation help is coming but ‘will take time’

The Hindu  

U.S. President Joe Biden cautioned on Friday that "it is going to take time" for inflation to recede, but he offered fresh assurance that legislation he signed earlier this year will soon help limit costs for health care and energy. Rouse's planned departure, and it said Brian Deese, director of Mr. Biden's National Economic Council, plans to depart next year. …

Biden preaches patience to voters spooked by economic tumult
2 years, 2 months ago

Biden preaches patience to voters spooked by economic tumult

Associated Press  

WASHINGTON — When it comes to reassuring Americans about an economy that’s an election-year challenge for his party, President Joe Biden is telling the country to hold on. With GOP ads citing inflation and high gas prices, there is growing pressure for the White House to address the public’s concerns about the economy before Election Day. Jason Furman, who led …

Biden touts inflation reduction law despite sobering report
2 years, 3 months ago

Biden touts inflation reduction law despite sobering report

Associated Press  

WASHINGTON — President Joe Biden gathered a crowd of thousands at the White House Tuesday to celebrate last month’s passage of the Inflation Reduction Act, even as a new government report showed how hard it could be to bring surging prices down near prepandemic levels. “After all, this bill cut costs for families to help reduce inflation at the kitchen …

Inflation falls to 8.3% - the second drop in a row - but still sits near 40-year high
2 years, 3 months ago

Inflation falls to 8.3% - the second drop in a row - but still sits near 40-year high

Daily Mail  

Inflation in the US dipped again in August to an 8.3 percent annual rate, thanks largely to falling gas prices, but remained near a four-decade high even as President Joe Biden says he is making progress on the issue. Falling gas prices led the retreat in August's inflation figures, with gasoline dropping 10.6 percent on the month, though pump prices …

Biden’s midterm self-edit: Less talk about inflation woes
2 years, 3 months ago

Biden’s midterm self-edit: Less talk about inflation woes

Associated Press  

WASHINGTON — President Joe Biden has stopped talking so much about inflation worries. Biden has largely put the blame for inflation on global forces such as Russian President Vladimir Putin’s February invasion of Ukraine, even as he says his own policies are reducing the burdens of higher prices. “Since President Biden took office, prices in have spiked by 13%.” That …

How inflation is influencing politics in a bellwether Florida county
2 years, 4 months ago

How inflation is influencing politics in a bellwether Florida county

NPR  

How inflation is influencing politics in a bellwether Florida county Enlarge this image toggle caption Asma Khalid/NPR Asma Khalid/NPR ST. PETERSBURG, Fla. — Americans consistently say the economy is their biggest concern — specifically, the soaring cost of living. "I have a master's degree, six years of experience and two jobs, and I don't feel like I can just, like, …

Biden shrugs off recession talk, talks up fighting inflation
2 years, 4 months ago

Biden shrugs off recession talk, talks up fighting inflation

Associated Press  

WASHINGTON — President Joe Biden and his administration went all out Thursday to play down a troubling new economic report that added to the evidence of a recession, trying to pull focus instead to major legislative progress on measures to tame inflation, reduce debt and preserve America’s competitive edge. Republicans said the report showing the economy shrank for the second …

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