Biden huddles with economic team after worse-than-expected inflation report | Washington Examiner
S E E D E D C O N T E N T
President Joe Biden met with members of his economic team this morning as September's worse-than-expected inflation report poses new headaches for the White House.
Inflation clocked in at 8.2% for the 12 months ending in September, according to the consumer price index, which is bad news for the country's economic health. Thursday's report will be the last inflation update released before the midterm elections.
"The president met today with his economic team to receive a briefing on the global economy and financial markets," read a statement from the White House. "Despite global economic challenges associated with elevated inflation throughout the world, they reported that the United States remains in a strong position to bring down inflation and maintain a resilient job market.
The numbers provided by the Bureau of Labor Statistics on Thursday morning indicated that while it decreased by one-tenth of a percentage point, inflation was higher than anticipated and defying the Federal Reserve's aggressive interest rate hikes.
Biden has reacted to recent reports by focusing on the month-over-month figures, which were 0.0% in July and 0.1% in August. But in September, even that figure rose 0.4%, again suggesting that inflation is far from being tamed.
The markets immediately sunk after the news broke. Dow Jones Industrial Average futures dropped by around 500 points after the release of the report. The S&P 500 was off by about 2%, and the Nasdaq composite also dipped by almost 3%.
Nonetheless, the White House insists it is working hard to address the problem and will get inflation under control.
"Moreover, President Biden's economic plan continues to position the U.S. economy for stronger growth and investment in the United States," the statement read. "The president directed the team to stay in close contact with key market actors, partners, and allies and to update him as conditions evolve."
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Strange. I thought the inflation reduction act solved that problem.
Maybe 10 to 20 years down the road. If then.
Since inflation is a world wide problem, and the severity of it has just been indicated by the joint meeting of the IMF and the World Bank, I'm curious to know what the plan of the Republicans is to show how the exceptional USA can defeat it. Surely they must have a plan to counter whatever Biden might do.
There is little the Repubs can do as long as Biden is POTUS, they will however be able to, after the mid terms keep Biden from more failed policies and reckless spending. When a Repub is elected POTUS in 2024, they will be able to counter the damage he has done.
Yeah, politicians are known for doing such good things for our nation. Just have an election and all will be well.
LOL. It doesn't matter if Biden is POTUS, or Emperor of the World, or Jesus Christ or God Himself, because it doesn't mean the Republicans can't have a plan to fix the inflation. But take note that the right-wingers are doing everything they can to deflect and not answer that question, why? BECAUSE NOT ONLY DO THEY NOT HAVE A PLAN BUT THEY KNOW THEY CAN'T DO ANYTHING BETTER THAN BIDEN IS DOING. Face it, righties. Tell the fucking truth for a change.
Many politicians have done good things for America. Just not the current politicians in power.
Those to which I was referring to (collectively: since some (precious few) of them are indeed good)
Why would the Repubs divluge any plan to fix inflation when they are 2+ years from having the power to do anything?
As with all politicians they will reveal it during the 2024 presidential campaign.
They are arguably going to be the party in power as a result of the midterms. If so, they would be able to act very soon.
Plus, having a plan would have gone a long way towards shoring up support. It is possible that they will fail to secure power so a persuasive platform would be very smart to have.
Finally, a good plan does not just pop out of thin air. These things take time to prepare and to secure support. The GoP is waaaaay behind already.
Sounds like you are saying that if they divulged a plan the Dems would use it.
If that is indeed what you are saying, then that means they are holding the country hostage until they get elected.
They don't care about doing anything about the economy unless they are in power.
Sounds an awful lot like them not caring about the country at all, just themselves and their ambitions...
Yeah well it is demonstrably wrong for anyone to hold that a particular party will make everything good.
How long, across how many changes in power, have we heard that Social Security will be fixed?
Presume every politician is full of shit and will state whatever rhetoric they believe is politically advantageous until they demonstrate otherwise.
Why do you think that it is broken?
There is so much material on this, I will encourage you to just read for yourself. Here is a starting point:
Thanks, but I remain mystified. Some have told me that it its a pay as you go system, others have said that it has run surpluses for decades and those savings plus growing interest are in a lock box somewhere. What gives?
If that is what you believed you would not be a partisan.
You point out a difference between SS and Inflation while agreeing with my point.
Ponzi sounds Italian and I know the damage that Christopher Columbus brought.
Since our native born are less virile than previous, maybe we need to let more migrants in at least until I die and no longer draw SS.
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We need to make the young pay their fair share and keep this program solvent for at least 25 more years. Then I'm 93 or dead and don't really give a shit.
I'm 18 months out from 70 and then I think that I'll check out and join the historically low labor force participation rate.
There is usually a substantial difference between what people are "able" to do and what they actually do.
Sure, Dennis, that's just the way to keep secrets and prevent progress. Preventing progress through non-cooperation is a great way to turn your nation to shit.
Right on, Ender.
Here you go. Not that difficult to find.
One-Pager: Steps to Fight Biden-flation - Ways and Means Republicans (house.gov)
But Biden has got it all handled. Why do Republicans need a plan?
Lower taxes and drill baby drill....
Broken record.
Exactly and any day now the Inflation Reduction Act will take off and bring back Happy Days are Here Again.
Sorry, but I'm not laughing.
You should be upset that neither party has an effective plan. And this applies in general. The only plans that come from our worthless political parties are fundamentally designed to further the power and influence of the party. Whether or not the plan actually accomplishes what it is touted to do is irrelevant because the electorate always forgets and 'moves on' and does not hold the parties accountable in the long term.
That is why this 'my party is better than yours' thinking is misguided.
Sure it does, if you think that the USA can address worldwide inflation then you should be upset that neither party has a plan to do so.
Note how I used Social Security when I offered an example rather than inflation. (hint)
Sad thing is you actually think drilling for more oil will lower prices...
Where do you think most of the products people buy come from?
You seem to think that a drilling permit will mean they will run out and drill...
I have no idea what you even mean by that.
Thanks, Sunshine. So that's the plan? I assume the Democrats have considered the consequences of those items and have concluded that the effects would be worse than the inflation, and if they have not considered them at all then what the hell? As the IMF has said, things are going to get worse so as the Boy Scouts say, "Be prepared".
Well, what I've concluded is that the dictator to the world as to what the International Rules Order must be, the provider of sanctions (that create greater harm than good) to those who don't comply, the World's Policeman, the unbeatable military might of the planet Earth is tantamount to "All the King's horses and all the King's men can't put Humpty Dumpty (the world economy) back together again."
As Liam Neeson heard on the phone from one of the kidnappers of his daughter, when Neeson said: "I will look for you. I will find you. and I will kill you." The reply? "Good luck."
Why?
Your first assumption is dead wrong. Biden was warned about stimulus spending. He kept going. He singned into law over $3 Trillion in his first year alone. Larry Summers told him what would happen! Then you have Biden's energy policy which also sent prices soaring. So if one feels as I do, that Biden's policies caused inflation, why would anyone require "a plan" from the opposition to vote for them. It's really about voting the bums out.
I see, so you're saying their plan is to get rid of Biden.
Their plan is to restore what Biden destroyed.
Biden has no chance of being re-elected.
Biden caused the world-wide inflation? He may have exacerbated it by continually pouring gasoline on the flames in Ukraine. What else did he destroy? Will the Republicans try to repair the damage the Biden administration has done to the U.S. relationship with China? Biden could get re-elected in 2024 if the Republicans run Margery (Marjorie?) Taylor Green as their candidate, I think.