What a difference a year makes. In 2020, under former president Donald Trump, inflation in the United States averaged 1.4 percent. One year later, inflation’s annual rate was 8 percent. As of June 2023, it’s hovering around 4 percent. That’s still higher than what the past administration had. Now, President Joe Biden is touting an…
Is Bidenomics for Real?
July 6, 2023
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What’s Not to Like About ‘Bidenomics’? Plenty
July 6, 2023
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Biden 2024BidenomicsBusiness & MarketsBusiness Columnistseconomic policieseconomyEditorialsinflationOpinionUncategorizedunemploymentViewpoints
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The Biden camp seems to be operating under the delusion that it can somehow rehabilitate the phrase “Bidenomics”—hurled as a perjorative at the White House by those of us on the Right—to serve as a buzz phrase in support of the president’s 2024 reelection campaign. It’s a risky—some would say, foolish—notion, but certainly not the first…
Wall Street Slides as Labor Data Stokes Rate Hike Concerns
Wall Street’s main indexes opened lower on Thursday as data signaling a resilient labor market and hawkish minutes of the Federal Reserve’s June meeting fanned fears the central bank could keep interest rates higher for longer. The Dow Jones Industrial Average fell 117.25 points, or 0.34 percent, at the open to 34,171.39. The S&P 500…
‘Bidenomics’ Is Expansion of Government Intervention in Economy: Researcher
July 6, 2023
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President Joe Biden’s economic policy, termed “Bidenomics,” is, in fact, government intervention in the economy reflecting a distrust of markets’ self-regulating abilities, an economic researcher said. Bidenomics reflects the belief that the government can deliver better economic results via industrial policies, such as tariffs, subsidies, tax privileges, and other policies, than reliance on the free…
JetBlue Ending Alliance With American Airlines After Judge Rules Partnership Violates Anti-Competition Laws
JetBlue Airlines is ending its partnership with American Airlines in the northeastern United States after a federal judge in May ruled the two carriers should dissolve the agreement to comply with anti-competition laws. The companies announced the ending of the agreement, known as the Northeast Alliance (NEA), in separate statements on July 4 where they voiced…
Truth Social Merger Partner Settles With SEC for $18 Million
A special purpose acquisition company intending to merge with former president Donald Trump’s Truth Social parent company said on Monday that it reached a not yet finalized settlement with the Securities and Exchange Commission (SEC) over some wrong filings and talks before an allowed date. The special purpose company, Digital World Acquisition Corp. (DWAC), published…
Dollar Gives Up Fed Gains; Yen and Pound Strengthen
LONDON—The dollar turned lower on Thursday as investors looked ahead to pivotal U.S. labor market data following minutes from the Federal Reserve’s June meeting, while a broad risk-off mood lent support to the Japanese yen. Minutes from the Fed’s meeting released on Wednesday showed that the vast majority of policymakers expect further tightening in U.S….
Oil Steadies as Market Digests Supply and Demand Outlook
LONDON—Oil prices were little changed on Thursday as the market digested tighter crude supply alongside fears of global economic slowdown. Brent crude futures edged up 29 cents to $76.94 a barrel by 0838 GMT after a 0.5 percent gain the previous day. U.S. West Texas Intermediate crude firmed by 37 cents to $72.16 after rising…
Stocks Slide as Rising Borrowing Costs Strike Again
July 6, 2023
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LONDON—World stocks fell for a third straight day on Thursday, after Federal Reserve meeting minutes bolstered bets on another U.S. rate hike this month and tit-for-tat trade salvos between China and the United States also dampened sentiment. Traders watched the traditional driver of global borrowing costs, the 10-year U.S. Treasury yield, climb to a fresh…
California Hotel Workers Back on the Job After Strike, but Union Warns More Walkouts Are Possible
Workers who picketed 19 major Southern California hotels over the long holiday weekend were back on the job Wednesday. But their union warned that more walkouts could come at any time. No progress was reported in negotiations between employers and Unite Here Local 11, which represents bellhops, front desk agents, room attendants, cooks, servers, and…
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