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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Not to worry, anyone, after all, inflation, like a recession, is only temporary.
Oh, thank God. Maybe we will even see some results before a recession hits.
I suppose asking for some positive results is going too far, huh?
One would like to think that with the President and his entire economic team working so diligently, maybe they could produce some result.
Looks like the stock market took another hit today.
Sigh.
Actually the stock market had a big up today. After dropping in early morning trading, it ended up 827.87 up to end at 30,038.72. A swing of around 1500 points overall.
Of course who knows what tomorrow will bring. It goes up, it goes down... I'm just very grateful that I'm in a position where I don't need to panic and pull money out of a crazy market when we're in a recession. Oh wait, we're not in a recession... damn, read the wrong queue card. Need to remember to read the official WH approved queue cards...
I thought it was Putin's fault.
Well.... actually.... that's true. No economic situation lasts forever.
I suspect we are more likely to see the University of Oklahoma win the Super Bowl.
Anything they do now is not going to show results for several months. Still...it would be nice to see them do something, so several months from now we might feel the effects.
Strange. I thought the inflation reduction act solved that problem.
That WAS the spin on that bill, wasn't it?
Got to credit Nancy with the big lie!
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.
You do understand that Biden and Democrats control things, I hope.
Biden isn't worried, it's just temporary, and besides, it's all Putin's fault anyway.
Democrats were awfully proud of the Inflation Reduction Act, perhaps you should ask THEM why it doesn't seem to be working.
Note Buzz' opening:
How is it that the USA (or, even better, the current PotUS or the D party) control global inflation??
How's about just for shits and giggles, you assume I read what the fuck I respond to for a change, hmm?
Who said they did? I mean, what is the point of the Democrats bragging about the Inflation Reduction Act if it does no good?
Biden has been saying for over a year it is just temporary. Well, recessions and depressions are temporary too, but that doesn't mean we should just accept them with nothing done.
Never mind, we have been told it is all Putin's fault anyway, so who cares, right?
That would be a bizarre assumption given Buzz (correctly) noted in his opening words that inflation is a global issue and you reply speaking of Biden and Ds as being in control.
If this ⇡ is not clear, I encourage Buzz to explain his point to you himself.
Hate to break the news, but Biden and the Democrats ARE in control, allegedly.
Talk to Buzz if you didn't understand what he wrote, I got it fine the first time and certainly don't need any advice from you.
Biden and the Ds are in control of the global economy??
If THAT is what you 'think' you read, I would encourage you to read the post again and again if necessary until you can understand what I wrote.
I can understand why you ignored the last sentence in my comment - you wouldn't want to admit that the Republicans can't possibly do anything better about inflation and impending recession than Biden could do.
Tex, it's not necessary for the Republicans to be in control to have a plan to show that they can handle inflation better than Biden, so what is it, besides criticizing everything that Biden does? I'm waiting. In fact I'll bet a lot of Americans are waiting to hear it. My question is clear, understandable and absolute, so I'd appreciate it if you didn't just deflect or whatabout or anything other than answer it.
They have nothing Buzz. Just complaints and saying they will fix it all.
How? That remains a mystery...
Okay. let's hear what Biden has effectively done.
Should I wait?
Biden and his Administration said they are working on it and will get it under control.
Why do you have a problem with the party that doesn't control anything, but seem happy to ignore what the President says and does?
They/we most definitely have influence over it. We are the largest economy in the world, and larger than numbers 2 and 3 combined. Biden and Co. have both regulatory and budgetary control.
Influence yes, control no.
Look at the language used.
So you think less regulation would reduce inflation?
Which is why I said influence instead of control.
Asking the question as though we only have two choices is a bit strange.
In some cases, absolutely we need less regulation. In some cases we need intelligent regulation instead of the moronic nonsense we have. In some cases current regs are fine.
I have to ask, how would deregulation slow inflation?
Not so, Tex. I have stated on this site that I'm NOT happy with Biden for reasons indicated, just as I have done the same with Trump. However, I have ALSO approved certain things that BOTH of them have done. My criticisms and cheers are NOT based on party politics like yours are, but on what as being a person independent of American politics sees as detrimental or beneficial. But don't expect me to comment one way or the other on EVERY damn thing a POTUS does or doesn't do.
I know. I acknowledged ‘influence’ while noting that my objection was to the ‘control’ as claimed in this thread.
Regulation is almost always inflationary. It increases the cost of producing goods or providing services.
That's not to say regulation itself is inherently bad, or that it should all be abolished. But it absolutely adds to costs in every business, which adds to the prices consumers pay.
I could say that everything adds cost to a business. From insurance to maintenance.
Regulation does not necessarily add cost.
Deregulating industry and letting them do as they please will not help anyone.
So a pdf from the manufacturers association that says they need less federal regulation....
Yeah, ok.
Sorry, I looked but couldn't find a PDF from the federal regulators association showing that regulations don't necessarily add cost. Maybe you can find one.
So if we have had the same regulations for years, if not decades, they are not to blame for current inflation.
Insurance and maintenance are not directly imposed by government agencies.
I did say "almost always", but I am curious... what regulations do you think can be followed without cost?
Again.. I'm sure you were reading carefully so I'm sure you noticed the part where I said "regulation is not inherently bad".
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...
That is what the Democrats say every election. Along with the threat to democracy crap they spew.
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.
Does Biden have a plan?
Hell, he kept saying it was just temporary!
And please don't hold up the Inflation Reduction Act as a "plan".
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:
Okay. Here is a quote from the article:
Nice to see you disagree with them.
Lots. Social Security is an ongoing thing. Inflation at high rates is not an all-the-time thing.
Well, no shit.
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?
It was designed as too much like a Ponzi scheme. A constant, ever-growing influx of payers (workers) is required to "pay off" (SS taxes) the earlier "investors" (SS beneficiaries). When the number of workers slip, fewer dollars will be available for beneficiaries.
SS expanded far beyond the original idea, unfortunately.
SS was always supposed to be a supplement to retirement income, but has become the main source instead for far too many people.
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.
I, of course, will leave it to you to decide what I think, believe, say, and do.
Just easier.
I agreed that we have heard many politicians say about 'fixing' SS.
I pointed out that we aren't exactly comparing the same two things. I am surprised you missed that.
Agreeing with one thing you wrote and pointing out a difference are two distinct things.
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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Well, look at the beginning of it.
Once we began to pay people more than they paid in, it was doomed to fail at some point or another, unless massive amounts of new taxes were collected. And paying people out in today's dollars when they paid into SS in last 45-50 years dollars doesn't help.
Just think, with the new increase in SS, the high rates of inflation, longer life expectancy, fewer workers paying into the system, the expected date of SS going broke will potentially come much faster than they thought.
I know, I have been told many times.
Some folks don't really need an opponent to debate.
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.
Yep!
34 more months til I retire.
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.
Isn't it damn funny that the same folks bitching about the GOP not having a plan completely ignore the party in power not having one either?
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.
Oh.
That doesn't seem to jibe with this:
Probably just me.
That's kind of crazy.
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)
No.
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.