How will the economy affect the chances of a Democratic victory? The party in power tends to be, rightly or wrongly, tied in the minds of voters to the current state of the economy, so the recent economic slump — headlines about poor employment numbers, uncertainty about whether the Federal Reserve will cut interest rates, and stock market crashes overseas — could play out very badly for Democratic front-runner Kamala Harris. Reports Politico.
But that’s not all. Harris said, To some extentShe claims the Biden Administration’s accomplishments and priorities (junk taxes, student loan debt) as her own, so a collapsing economy would be a burden for her. Plus, President Joe Biden has tasked her with dealing with the crisis on the southern border, which is spiraling out of control. Record number An encounter at the border in December 2023.
“We can’t win if people think we’re heading for a recession,” Democratic National Committeeman William Owen of Tennessee told campaign officials and party members. according to Politico. “Any negative news on the economy will hurt the Harris campaign,” said Republican pollster Micah Roberts. Said The Wall Street Journal.
“Trump Cash vs. Kamala Collapse!” former President Donald Trump wrote in a clumsy Truth Social message blaming Democrats for yesterday’s global stock market crash. The economy, and the extent to which the president has affected unemployment, stock market declines, etc., is clearly not as simple as he portrays it to be. But he is also right to blame the “Biden Economics” that Harris has touted as being largely responsible for Americans’ economic woes. reason I did the same thing.
Biden’s policy vision “had many dimensions, including pandemic relief, industrial policy, and benefits for unions and public employees,” he wrote. reason“But in many ways, it may boil down to the single most important response: government spending,” Peter Suderman of the U.S. Food and Drug Administration said earlier this year.
“Bidenomics was essentially a philosophy of throwing money at programs, people, political allies, and constituencies that supported them,” Suderman continues. “That spending directly and significantly contributed to a sharp rise in inflation and fueled voter discontent with the situation.”
Questions remain as to whether the policies Harris proposes will be in line with Biden economics or will be less (or more) damaging financially. For now, Harris has chosen to weather the honeymoon period, campaigning almost entirely on tone with little in the way of policy proposals.
Is the economy really as bad as the headlines say? “The S&P 500’s decline comes less than three weeks after hitting an all-time high, and the decline so far has not even reached the 10% threshold that typically defines a correction.” Reports Wall Street journal. “Despite rising unemployment, other economic indicators such as retail sales, payrolls and industrial production are still growing. Stocks more than doubled during Trump’s presidency in 2018, but there was no sign of a recession.”
They’re not optimistic or contrarian. Really, we’re seeing a mix of indicators that make it unclear where we’re headed. “There’s a lot of noise about the economy,” said Jason Furman, an economic adviser to former President Barack Obama. Said of journal. It is unclear where we are heading.
The main ones are teeth But both Harris and Trump will likely blame the other for the economic situation, and each will be somewhat right in claiming that the other will make the cost of living higher for ordinary people: Harris’ continuation of big-government Biden economics, or Trump’s 10% tariffs. all Imports (probably even more expensive coming from China) will both be bad for Americans. Let’s hope our economy is strong enough to withstand the policies of whatever idiot is in power.
New York City: Robert F. Kennedy Jr. Hospitalized To Dumping a bear carcass In 2014, he caught a bear in Central Park as a joke. He found a bear that had been run over, stuffed it into his car (and an old bike) and then drove to Peter Luger Steakhouse in Williamsburg. Then he needed a way to get the bear out of the car, so he made it look like it had been run over by a bike and left the bear with the bike in Central Park. Are any of us doing that?
Quick Hit
- “It is unclear whether Monday’s wild swings are the final straw in the global selling pressure that began last week, or the start of a long-term downturn. But one thing is clear: the pillars that have underpinned financial market rallies for years – a set of key assumptions that investors around the world have relied on – have been shaken.” Reports Bloomberg. “In hindsight, their thinking was a bit naive. The U.S. economy is unstoppable. Artificial intelligence will rapidly revolutionize business everywhere. Japan will never raise interest rates, or never raise them enough to actually matter.”
- Really Good explanation The thinker/musician on what’s happening in the UK under Keir Starmer Winston Marshall.
- Yesterday, U.S. District Judge Amit Mehta issued One A crushing defeat In the largest antitrust ruling in 25 years, Judge Mehta blasted Google, particularly its dominance in search. “Google is a monopoly and has acted as a monopoly to maintain its monopoly,” he wrote.
- “As the site of some 200 nuclear tests by France between 1966 and 1996, French Polynesia developed rapidly. Before it began detonating atomic weapons, Paris gifted Tahiti its first airport and a modern port. Polynesians employed in the nuclear industry left their palm-frond huts to live in newly built housing complexes on Tahiti, the largest of the territory’s some 120 islands. Tourists also arrived, lured by rumors of the coral-fringed beaches and mighty waves of Te Ahupo.” write The New York Times On France’s complicated legacy in Tahiti.
- Kamala Harris Freshly picked Minnesota Governor Tim Walz is pioneering a recent trend of appearing on television to criticize Republicans, particularly J.D. Vance. strange— as her running mate.
- Waltz’s appearance:
Lying about being deaf to avoid arrest is typical Larry David behavior. https://t.co/p0LhmEzede
— Liz Wolf (@LizWolfeReason) August 5, 2024
- This awful gentle parenting influencer (aka “Mrs. Frazzled”) deserves to be harshly criticized.
“I’m not good at understanding how the economy works,” I thought, typing something into ChatGPT and scrolling through the Center for American Progress, because Kamala doesn’t write policies on her site, she doesn’t speak to the press, and she just uncritically accepted whatever they said! Inspired! https://t.co/BWFZ02JphW
— Mary Katharine Ham (@mkhammer) August 5, 2024
