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    New York (CNN Business)From startlingly high inflation and empty grocery store shelves to elevated prices at the pump, Americans are frustrated with the state of the economy. Polls indicate voters are every bit as concerned about the economy as they are about the pandemic. And they feel the government is not doing enough to fight inflation.President Joe Biden can point to a booming jobs market as evidence of a strong recovery, but he can also expect to face tough questions at Wednesday's press conference about the economic problems that are making voters anxious right now. Here are a few that could come up: 1.) In December, Biden suggested inflation had peaked — but since then, consumer prices have accelerated to fresh 39-year highs. When can the American people realistically expect inflation to get back to normal levels?The high cost of living is the biggest problem in today's economy. Prices of everything from new cars to full-service meals rose at the fastest pace on record in December. Read MoreOil prices will surge to $100 this year, Goldman Sachs warnsIn just the...
    One year into his term, more than a third of the country believes President Joe Biden is flunking out, a new survey finds. According to a Politico/Morning Consult poll out Wednesday, 37 percent of respondents give the president an “F” for the first quarter of his presidency. By contrast, a meager 11 percent give Biden an “A” thus far, while 20 percent give him a “B.” Nearly a third of the country put Biden in the “C” or “D” category — with 18 percent giving the president a “C” and 12 percent giving him a “D.” At this point in his term, Biden’s failing grade exceeds even former President Donald Trump’s. The 45th president got an “F” from 35 percent of Americans, compared to Biden’s 37 percent. Biden got his worst marks on the economy, immigration, and “restoring unity” — with 40 percent flunking him in the latter two categories, and 38 percent giving him an “F” on the economy. His best grades came on Covid-19 and health care, where 35 percent and 31 percent respectively gave him an...
    ANKARA, Turkey (AP) — Turkey’s government and central bank have taken unconventional steps in recent weeks to prop up a beleaguered economy crippled by skyrocketing consumer prices, instead of ending a much-criticized plan to cut interest rates. President Recep Tayyip Erdogan’s insistence on cutting rates — the opposite of what economists say to do to curb soaring inflation — has weakened the country’s currency and driven prices even higher, making it tough for people to buy basics like food. Here’s a look at the impact of Erdogan’s economic policies and their long-term risks: WHAT’S GOING ON? Erdogan, who has grown increasingly authoritarian and long declared himself an enemy of high borrowing costs, has pressured the central bank into continually cutting interest rates even though inflation surged by 36% last month. In comparison, inflation in the 19 countries using the euro made a record 5% jump from a year earlier, and the U.S. tallied a nearly 40-year high of 7%. Conventional economic thinking calls for increased borrowing costs to tame inflation, like other countries have done, but Erdogan maintains it’s...
              by Eric Lendrum   A recent report claims that the world’s top 10 richest men all saw their wealth double over the course of the Coronavirus pandemic, while 99 percent of global income dropped dramatically during the same period. As reported by ABC News, a study published on Monday by the group Oxfam showed that the collective wealth of the top 10 doubled from approximately $700 billion to over $1.5 trillion between March of 2020 and November of 2021. During that same time, over 160 million people fell into poverty as incomes plummeted. The increase for the top 10 in less than two years represented a greater increase for their wealth than their growth over the previous 14 years combined. The 10 men who were the focus of Oxfam’s study were: Elon Musk, Jeff Bezos, Bernard Arnault, Bill Gates, Larry Ellison, Larry Page, Sergey Brin, Mark Zuckerberg, Steve Ballmer and Warren Buffett. The data for the study was gathered from the World Bank. “Billionaires have had a terrific pandemic,” said Oxfam’s International Executive Director Gabriela Bucher. “Central banks pumped trillions of...
    One of President Biden's biggest cheerleaders in the media is now sounding the alarm as the commander in chief has faced months of political blunders and devastating polls.  Washington Post columnist Jennifer Rubin, declared in the headline of her column on Tuesday, "Biden needs a reset," before providing advice for the White House and Democrats.  MSNBC'S CHUCK TODD SHOCKED BY BIDEN POLLING HITTING ‘NEW BOTTOM’: ‘MY GOODNESS!’ "If the economy is strong, inflation is down and the pandemic is largely in the rearview mirror, Democrats have a fighting chance," Rubin wrote. "But if the economy and the pandemic are headed in the wrong direction, Democrats are cooked. As such, Biden’s failures now threaten to dwarf his accomplishments, which is why the president is facing Democrats’ rising hysteria about this year’s midterm elections." Washington Post columnist Jennifer Rubin. (NBCUniversal via Getty Images) (William B. Plowman/NBC/NBC Newswire/NBCUniversal via Getty Images) The liberal pundit warned readers to "Be prepared to hear a lot about a ‘reboot’ or ‘reset'' before citing Democrat comebacks after suffering big losses in 1994 and 2010.  "The question...
    In his annual letter to business leaders, the boss of the world’s largest asset manager made it clear: “We focus on sustainability not because we are environmentalists, but because we are employers.” “Capitalism is not about politics.” His Annual letter to business leaders, The boss of BlackRock, the world’s largest asset manager, explains why the green economy is exploding. Government pressure, climate emergency? “We focus on sustainability not because we are environmentalists, but because we are employers,” said Larry Fink. And Hammer: “This is not a social or ideological project. This is not voodoo, this is capitalism.” A way for the financier to clarify things when his company is undergoing a major green change. According to many charities, including the highly influential Sierra Club, there are not enough good intentions. “While we welcome the clear progress BlackRock has made in its directorial strategy and transparency, it has not yet moved fast enough to make a real impact on the worsening climate crisis,” he explained. His campaign manager was Ben Cushing last year. There are assets worth Rs 10 lakh crore...
    Hong Kong (CNN Business)China is urging central banks in the West not to hike interest rates too fast to fight inflation as it goes in the other direction to battle a sharp economic slowdown. Chinese President Xi Jinping on Monday called on major world economies to spur growth by coordinating their policies as the world continues to pull itself out of the turmoil caused by the coronavirus pandemic. The Fed hints at multiple rate hikes in 2022 to combat inflation"The global industrial chains and supply chains have been disrupted. Commodity prices continue to rise. Energy supply remains tight. These risks compound one another and heighten the uncertainty about economic recovery," Xi told attendees of the 2022 World Economic Forum during a speech delivered online.He warned against the effects of raising interest rates too much too quickly, saying that such measures could threaten global financial stability."If major economies slam on the brakes or take a U-turn in their monetary policies, there would be serious negative spillovers," Xi said. "They would present challenges to global economic and financial stability, and developing countries...
    Treasury Sec. Janet Yellen said that the U.S. economy has 'never worked fairly' for black Americans in remarks on Martin Luther King Day.  In recorded remarks before the National Action Network's Annual King Day Breakfast, Yellen recalled a portion of King's 'I Have a Dream' speech where he compares discrimination against black Americans to a bounced check from the founding fathers.  'It's obvious today that America has defaulted on this promissory note,' Yellen claimed. 'But we refuse to believe the bank of justice is bankrupt.'  'From Reconstruction to Jim Crow to the present day, our economy has never worked fairly for black Americans or really for any American of color,' she continued.  The secretary then highlighted the work of the Biden administration to address the racial wealth gap.  'From Reconstruction to Jim Crow to the present day, our economy has never worked fairly for black Americans or really for any American of color,' Yellen said  In words before the National Action Network's Annual King Day Breakfast, Yellen recalled a portion of King's 'I Have a Dream' speech where he compares...
    New York (CNN Business)The stock market is like that old slogan for Timex watches. It takes a licking but keeps on ticking. Sure, it's been a rocky start to the year on Wall Street following a stellar 2021. The Dow is down about 1% and the S&P 500 has fallen 2%. Trading has been volatile. But the Dow and S&P are still each just 3% below their all-time highs.Tech stocks have had a bit more of a wild ride. The Nasdaq is down 5% in 2022 and nearly 8% under its peak, putting it closer to a 10% drop known as a correction. Yet every time it looks like stocks could be heading for an even steeper drop, investors come rushing back in to buy the dips. Traders have so far mostly shrugged off temporary concerns about inflation and the Federal Reserve getting ready to raise interest rates, as well as fears over the impact that the Omicron variant of Covid-19 may have on the economy. Earnings growth has remained strong in spite of these factors.Read More"It's been a Teflon...
    New York (CNN Business)The Federal Reserve helped save the US economy from Covid. Next up: Rescue America from its first inflation crisis in decades.While the Fed responded swiftly and forcefully to the emerging pandemic in early 2020, its initial response to inflation was slow and faltering.The Fed shrugged off inflation last year as "transitory," and decided to keep its foot firmly planted on the easy money gas pedal. That only added more fuel to the fire.Now, after eight straight months of consumer prices spiking by 5% or more, the Fed is finally in inflation-fighting mode. Warning sign for the economy: Consumers are getting grumpyYet the magnitude of the price spikes -- consumer inflation hasn't been this hot since 1982 -- raises a sobering question: Has the Fed already made a serious policy mistake? Read MoreAt a minimum, the Fed is playing catch-up when it comes to inflation."The Fed is behind the curve," Aditya Bhave, senior US and global economist at Bank of America, told CNN. "Wherever you look, you have very strong inflation. It's a worrying picture for the...
    Hong Kong (CNN Business)China's economy grew just 4% in the last quarter of 2021, its slowest pace in a year and a half as the country struggled with a deepening property crisis, renewed Covid outbreaks and Beijing's strict no-tolerance approach to controlling the virus.Still, that figure was higher than expected by economists.For all of 2021, GDP expanded 8.1%, roughly in line with analyst expectations. The Chinese government set a goal last spring for its economy to expand at least 6% for the year. This is a developing story and will be updated.
    Half of Americans are “frustrated” with Joe Biden’s presidency, according to a new survey. A CBS News poll released Sunday finds that 50 percent of Americans are “frustrated” with Biden’s tenure in the Oval Office today. The survey also found that 49 percent are “disappointed” and 40 percent are “nervous” after Biden’s first year in office. The survey measured Biden’s current approval rating at 44 percent, which is actually somewhat higher than the current average of 42.5 percent, as calculated by FiveThirtyEight. With the exception of former President Donald Trump who clocked in at 40.2 percent approval at this point in his term, according to FiveThirtyEight, Biden’s approval is lower than that of any president at the one-year mark going back to Harry Truman. One of the major reasons, according to the CBS survey, is the economy. A whopping 62 percent of Americans disapprove of Biden’s handling of the economy — with 58 percent saying that he’s not focused enough on it, and 65 percent responding that he has not focused enough on inflation. Biden’s...
    Hong Kong (CNN Business)The Chinese government's unwavering insistence on stamping out any trace of the coronavirus is facing its biggest test yet as authorities grapple with Omicron's quickening spread. And it could cost the world's second largest economy dearly this year. The Covid-19 variant has been cropping up across China in recent days, including in major port cities like Dalian and Tianjin, prompting restrictions that could upend business operations in those places. The rest of the world is also dealing with Omicron, but China is different because of how intent authorities are on preventing any widespread outbreak by locking down cities and curbing travel. The strict approach has so far been effective: China has recorded far fewer Covid-19 cases than many other nations during the pandemic, and its economy was the only major one to grow in 2020. Omicron, though, threatens to expose some serious flaws in that plan. The variant is much more transmissible than others, making it difficult to contain. And as the rest of the world learns to live with the virus, economists say China's zero-tolerance strategy...
    Facebook CEO Mark Zuckerberg is seen fencing in the "Metaverse" with an Olympic gold medal fencer during a live-streamed virtual and augmented reality conference to announce the rebrand of Facebook as Meta, in this screen grab taken from a video released October 28, 2021.Facebook | via Reuters If 2021's word of the year was "NFT," Avery Akkineni says 2022's will be "Web 3.0." As president of VaynerNFT, Akkineni spends much of her time consulting with brands looking to get a piece of the metaverse action. The notion of a "corporate metaverse strategy" is new — VaynerNFT itself was founded less than 6 months ago — but it's building momentum. The company's first client was Budweiser, and Akkineni foresees plenty of other major brands following its lead.  In fact, the baseline, widely agreed-upon prediction for 2022: more major brands will get involved in Web3 projects.  "2022 will be the year major brands embrace NFTs in a big way," says Lin Dai, CEO of music NFT platform OneOf. The Quincy Jones-backed start-up is behind the near $1 million auction for an NFT...
    Sarah Bloom RaskinAndrew Harrer | Bloomberg | Getty Images In what likely will be just a few months' time, the Federal Reserve will look a lot different: Three new governors, a new vice chairman, a new banking chief and likely a couple new regional presidents. But while the parts of the institution's upper echelon may change quite a bit, the whole could look pretty much the same. That's because Fed-watchers think ideologically there probably will be little change, even if Sarah Bloom Raskin, Lisa Cook and Philip Jefferson are confirmed as new members on the Board of Governors. White House sources say President Joe Biden will nominate the trio in the coming days. Of the three, Raskin is thought to be the biggest change agent. She is expected to take a heavier hand in her prospective role as the vice chair for bank supervision, a position until December that had been held by Randal Quarles, who took a lighter touch.The bankers will be surprised that the rhetoric is going to be maybe a little bit more extreme. But the substance?...
    His Fraudulency Joe Biden won the 2020 presidential election based primarily on his promise to shut down the virus and not the economy. Well, here we are, one year into this presidency, and the exact opposite has happened. As I write this, the coronavirus is surging to record levels. Meanwhile, the economy is stalling in ways that seemed impossible a year ago. And all of this, every bit of it, is Joe Biden’s fault. On the “shutting down the virus” front, Biden stupidly placed all of his eggs into the “vaccine” basket. For whatever lunatic reason, he believed America could vaccinate its way out of the pandemic. Honestly, on what planet did Biden think that was possible when the vaccine does not stop those who are vaccinated from spreading or catching the virus? All the vaccine does is reduce your symptoms. Sure, there’s no question the Trump Vaccine has saved lives and hospitalizations, but that still leaves us with a virus that can spread and infect. Since the vaccine won’t do it, one way to slow the spread is to...
    Just a third of Americans approve of President Joe Biden in a new poll released Wednesday – with just three-quarters of Democrats registering support for him.  The new Qunnipiac University poll has Biden's approval rating at 33 percent, with majority 53 per cent disapproval as the president begins the new year. A substantial 13 per cent said they had no opinion in the survey, taken as Biden tries to fire up his base during the new year with major speeches on the Jan. 6th anniversary and a call for action on voting rights. The same poll shows a drop from November, when Biden's approval was also underwater at 36 to 53 per cent. Biden's disapproval among Democrats in the new survey was at 14 per cent, compared to 7 per cent back in November.  A new Qunnipiac University poll has Biden's approval rating at 33 percent, with majority 53 per cent disapproval as he begins the new year Among Independents, Biden's approval is at just 25 percent, with 57 per cent disapproval. But Biden's most let-down demographic seems to be...
    New York (CNN Business)There's no denying it: Inflation is here. Consumer prices surged 7% over the past year. Housing prices have continued to soar, too. But the question on the minds of many economists and Wall Street strategists is whether something even worse could be in the cards: prices rising as the economy slows.That's the textbook definition of stagflation, and it would be the worst nightmare for consumers, investors and the Federal Reserve. Not to mention President Joe Biden and the rest of the Democratic leadership in Washington. Just ask former president Jimmy Carter, who lost to Ronald Reagan in his 1980 re-election bid as the economy suffered from surging gas prices.Stagflation is a difficult problem to overcome, especially for central bankers at the Fed and around the rest of the world. There are few tools to combat both inflation and a slowdown at the same time. The strongest fix for an economic slump is to lower interest rates, but those have been at near zero for almost two years. Raising rates to fight inflation, as the Fed has signaled...
    President Joe Biden's approval numbers continue to hover in the mid-40s, while a new poll shows that a little more than a third of American voters support changing the filibuster to get voting legislation passed.   A new Politico-Morning Consult survey showed that 44 per cent of voters somewhat or strongly support the job Biden is doing, versus 53 per cent who said they somewhat or strongly disapprove of the Democrat's handling of the job.   Additionally, 66 per cent of those surveyed describe the U.S. as on the 'wrong track,' with 40 per cent saying economic issues will determine how they vote in the 2022 midterm elections.  President Joe Biden's approval numbers continue to hover in the mid-40s, with 44 per cent of voters somewhat or strongly supporting the job Biden is doing, versus 53 per cent who said they somewhat or strongly disapprove of the Democrat's handling of the job Thirty-seven per cent of voters said they supported tinkering with the filibuster. Democrats were much more likely to support the move, with 62 per cent saying they supported it, versus just 17...
    London (CNN Business)Investors are bracing for a report Wednesday expected to show that annual consumer inflation in the United States has climbed to 7% as prices rise at the fastest clip in nearly four decades.But the real test for prices is a year away. What's happening: According to the most recent survey of consumer expectations by the Federal Reserve Bank of New York, which was published earlier this week, Americans expect inflation of 6% one year from now and 4% in three years' time.That's much higher than forecasts from the Federal Reserve. The central bank projected at its December meeting that inflation would run at 2.6% in 2022.Bond market investors, for their part, see inflation averaging 2.87% over the next five years.Read MoreWho's right? That will depend in large part on how effective the Fed is at tackling price increases through interest rate hikes. After pushing rates to near-zero at the beginning of the pandemic, the central bank is expected to hike borrowing costs soon in an attempt to cool off the economy.Wall Street now sees a nearly 75% probability...
    New York (CNN Business)US prices for just about everything -- from cars and gasoline to food and clothing -- are rising at the fastest pace in decades. Overall, consumer prices rose in 2021 at the fastest pace in 39 years, meaning this is the worst inflation experienced by anyone not on the cusp of retirement or older.But, as those older Americans can tell you, as unwelcome as it is for consumers, today's price increases are nowhere near as bad as they were in the 1970s and early 1980s. And most importantly for policymakers trying to deal with today's price hikes, what fed the double-digit prices increases in those days are not a factor today -- nor are they likely to be ever again."We learned our lessons from that experience," said Louis Johnston, economics professor at College of Saint Benedict in Minnesota.Presidents Gerald Ford and Jimmy Carter, both tried and failed to bring prices under control. Ford's efforts included a "Whip Inflation Now" or WIN campaign, complete with shiny red buttons, that did little to help with prices. Inflation hit 12.2%...
    Jerome Powell admitted Tuesday that inflation represents a 'severe threat' to the economy and the Federal Reserve has plans in the works to raise interest rates more than expected if price rises don't level off.  Powell, a Republican who has been nominated by President Biden for another term chairing the Fed, made the admission at a hearing for the confirmation of his second term before the Senate Banking Committee.  'If we have to raise interest rates more over time, we will,' Powell said. The Fed envisions three rates hikes this year, though some economists forecast that four will be needed.  The Fed under Powell has had a higher tolerance for inflation as it pursued a goal of maximum employment over the last year.   The Fed chair was put on defense by Democrats who suggested that raising rates could slow hiring and disproportionately leave lower-income and Black Americans without work. Fed increases lead to higher rates on business and consumer loans, which can slow growth. Powell said he is now more concerned that rampant inflation will have  devastating effects on the...
    NEW JERSEY (WABC) -- New Jersey Governor Phil Murphy is set to deliver this year's state of the state address Tuesday, saying he'll focus on a commitment to education and economic opportunity.Murphy is also expected to speak about the COVID-19 pandemic, improving lives of middle-class families, and building a post-pandemic economy."Throughout the past year, New Jersey has proven its resiliency in the face of adversity," Murphy said. "While still facing challenges brought by the pandemic, we have made undeniable progress for the working- and middle-class families who call New Jersey home. This year's State of the State address will focus on our ongoing commitment to education and economic opportunity, and making our state more affordable for families. Together, we will move forward on our path to building a stronger and fairer New Jersey."RELATED | COVID hospitalizations skyrocket in kids too young for vaccinesEMBED More News Videos About one in every five Americans has now tested positive for COVID-19 as children under five are being hospitalized with the virus at record high numbers. The address comes with New Jersey in the...
    This is a rush transcript from "Ingraham Angle," January 7, 2021. This copy may not be in its final form and may be updated. LAURA INGRAHAM, FOX NEWS HOST: I'm Laura Ingraham. This is THE INGRAHAM ANGLE from Washington tonight.A shockingly tepid jobs report has the Biden White House reeling and spinning. Larry Kudlow is here. Plus, how the Democrats in the Senate are looking to use January 6 to drive a stake right through the heart of our democracy. Senator Tom Cotton explains that.And Raymond Arroyo cleans up the Jan 6 hysterics. Plus, he brings us the latest edition of positively boosted. It's all ahead in Friday Follies.But the Supreme Court today heard oral arguments over the constitutionality of Biden's vaccine mandate for large employers and then for health care workers and providers. Now, the OSHA rule states that businesses with more than 100 or more workers must either require employees to be vaccinated or submit to weekly testing and masking in the workplace.Now, opposing this mandate are 27 states and the National Federation of Independent Businesses - Business....
    JPMorgan Chase CEO Jaime Dimon has said that he expects the best economic growth in decades this year, dismissing concerns about high inflation and labor shortages as overblown. 'I think that the table is set for a very strong economy,' Dimon told Fox Business host Maria Bartiromo in an interview that aired on Tuesday. 'That consumer has a lot of money, businesses have a lot of money, and they are spending it.'  'Confidence levels are going up,' said Dimon. 'Jobs are plentiful, wages are going up. It's pretty strong.'  'This will be one of the strongest economies we've ever seen in 2021, and 2022 will probably be pretty good, too,' he added. JPMorgan Chase CEO Jaime Dimon has said that he expects the best economic growth in decades this year, dismissing concerns about high inflation A hiring sign is in front of a Target store in Manchester, Connecticut, on November 39, 2021 RELATED ARTICLES Previous 1 Next Biden will use $4.5billion in COVID relief funds to help... Bitcoin back at a low price of...
    (CNN)The rumblings of labor activism can be felt across the country these days. On-the-job actions are rapidly growing, from strikes at John Deere and Warrior Met Coal to worker walkouts at fast food chains and a strike authorization that sparked management concessions for roughly 60,000 film and television workers, whose demands for more humane workplace conditions is particularly raw in the wake of the "Rust" set shooting. So many strikes have gotten underway this month that some have taken to calling this "Striketober." Add in the Great Resignation — the record number of workers quitting their jobs in 2021 — and it's clear that American workers are not only fed up, but feeling empowered to fight for better wages and working conditions. What is striking about all this striking is not the scale — in the years immediately after World War II, more than 5 million workers went on strike, and we're nowhere near that — but rather the scope. In addition to the varied methods workers are using to make their frustrations known, labor activism is happening across most...
    In this article GSThousands of people crowded the streets of Rome, Italy.AGF | Universal Images Group | Getty ImagesThe euro zone will grow at a faster clip than the U.S. economy in the next two years, analysts at Goldman Sachs have predicted, primarily due to a difference in government policy. The investment bank expects the 19-member euro region to grow at a pace of 4.4% this year, compared to a rate of 3.5% for the United States. Looking at 2023, Goldman foresees the euro zone growing by 2.5% and the U.S. by 2.2%. Sven Jari Stehn, Goldman's chief European economist, said that while in the near term the picture in Europe is "challenging," the region still "has more room to grow." Speaking to CNBC Tuesday, he said that there are two main factors supporting European growth. "The hit is more manageable than last year," he said, regarding the impact of recent Covid-19 restrictions on the euro zone economy. Thus far, European countries have not embarked on widespread lockdown rules despite the new omicron variant discovered in late 2021. This has...
    Though emissions are still down from 2019 levels, a preliminary report suggests coal emissions in 2021 increased 6% compared with 2020. It’s always one step forward and three steps back when it comes to how the U.S. is handling reducing emissions. There’s some good news when it comes to last year’s emissions numbers: 2021 saw fewer tons of greenhouse gases being released than in 2019. But compared with 2020, it appears as if greenhouse gas emissions have decently bounced back. A preliminary report released by the nonpartisan research provider Rhodium Group found that last year “emissions increased 6.2% relative to 2020, though emissions remained 5% below 2019 levels.” The economy, however, appears to still be lagging. Goldman Sachs, S&P Global Ratings, and others forecast that year-over-year GDP growth will likely only be around 5.7% at the most for 2021. Study co-author Kate Larsen told CNN that she credited coal for the spike in emissions. “Emissions grew even faster than the economic recovery and that was largely the rebound in coal generation.” Larsen also noted that few restrictions dissuaded companies from taking the cheaper, less...
    Washington Post columnist and cheerleader for President Biden, Jennifer Rubin said on Sunday there’s not a lot the president can do about the economy or COVID-19. When appearing on MSNBC’s "Velshi," Rubin discussed the efforts to allegedly safeguard democracy for the 2022 election. While Rubin acknowledged the Democrats could suffer from the ongoing economic issues as well as the pandemic, she claimed that there’s not much Biden can do to change that. CDC DIRECTOR WALENSKY FAILS TO DISCLOSE HOW MANY DEATHS WERE ‘FROM’ COVID-19: ‘DATA WILL BE FORTHCOMING  President Joe Biden delivers remarks on the economy in the South Court Auditorium on the White House campus, Tuesday, Nov. 23, 2021, in Washington. (AP Photo/Evan Vucci) (AP Photo/Evan Vucci) "Well if the economy is not better and Covid is still raging, the Democrats are in deep trouble," Rubin said. "I’m not sure the President, who is going to be setting the tone for the election, can do a whole lot about either one of those." During the 2020 election, Rubin repeatedly criticized former President Trump for his response towards the...
    NEW YORK (WABC) -- "The Countdown" is here to get you caught up with all of the day's political news.You can watch it online, on the ABC7NY app or on our Connected TV apps for Fire, Roku, Apple TV and Android TV. Click here to learn more.Today's political headlines:Supreme Court skeptical of Biden's workplace vaccine ruleThe Supreme Court's conservative majority appears skeptical of the Biden administration's authority to impose a vaccine-or-testing requirement on the nation's large employers.Fully vaccinated themselves for arguments Friday, the court's six conservative justices appeared to view the administration's requirement for businesses with at least 100 employees as overstepping government authority. However, the court seemed more open to a separate vaccine mandate for most health care workers.Seven of the nine justices heard arguments wearing masks for the first time, and an eighth was phoning in. Rulings on legal challenges to the policies from Republican-led states and business groups probably will determine the fate of vaccine requirements affecting more than 80 million people.Biden's economic challenge: Finding workers and goodsPresident Joe Biden enters the midterm election year of 2022...
    Forbes Media Chairman Steve Forbes said on Friday that President Biden’s remarks on the new jobs report amounted to a "fairytale" about economic recovery.  "He ignores the fact that before the COVID crisis hit, American unemployment was lower. Lower-income people’s wages were rising at a faster pace than the rest of the workforce and things were going in the right direction," Forbes told "The Faulkner Focus." Forbes claimed Biden "hobbled the recovery from COVID as the lockdowns ended."  "His war on oil and gas, for example, [caused] rising energy costs, which hits everyone," Forbes added. 'SPECIAL REPORT' ALL-STAR PANEL ON BIDEN'S ECONOMY, JOB NUMBERS Forbes reacted to Biden saying his economic plan is working after the jobs report showed the U.S. economy added a record 6.4 million jobs in 2021. U.S. President Joe Biden speaks on the December 2021 jobs report in the State Dining Room of the White House in Washington, D.C., U.S., on Friday, Jan. 7, 2022. U.S. employers added fewer jobs in December than forecast, while the jobless rate fell more than expected, adding to evidence...
    President Joe Biden defended his economic record and took shots at the Republicans on Friday as he addressed December's dismal jobs numbers, which came amid his own falling approval ratings.  Biden and his officials touted the low unemployment number that came out of Friday's jobs report, which also found that U.S. employers added just 199,000 jobs in December - far below predictions - as the economy struggles with inflation and supply shortages. And the president responded to Republican criticism that he has done enough to combat record-high levels of inflation, which hit 6.2% in October 2021, or done enough to mitigate the supply chain shortage. 'Malarkey,' Biden said in a speech at the White House.  'They want to talk down the recovery because they voted against the legislation that made it happen,' he added in reference to his American Rescue Plan, which Congress passed in March without a single Republican vote. And he pointed out that, despite the warnings about the supply chain crisis around the holidays, the 'much predicted crisis didn't occur.' He also got in a shot at former...
    Former Food and Drug Administration Commissioner Scott Gottlieb on Friday defended guidance that reduced the advised amount of quarantine time for individuals exposed to Covid-19, saying their dalliances in the public sphere were not a “driver” of the epidemic. Asked about the guidance in a morning interview with MSNBC’s Stephanie Ruhle, Gottlieb said the Centers for Disease Control and Prevention “didn’t communicate it well,” but said “they’re recognizing this is an epidemic that’s not being spread by people who isolate for five days after a diagnosis, and then go out in the public on day six or seven. It’s an epidemic that’s being spread by people who go untested, who aren’t getting diagnosed. “We’re probably only diagnosing close to one in 10 actual infections right now. So this isn’t an epidemic that’s being propagated by people who get diagnosed, isolate, and do the right thing,” he added. In the wake of surging infections related to Covid-19’s Omicron variant, the CDC revised its guidance last month to take five days off its advised period of isolation for people exposed to the...
    U.S. employers added just 199,000 jobs in December - far below predictions - as the economy struggles with inflation and supply shortages. The number was a major miss from the 422,000 that was forecast and was the fewest jobs added in any month of 2021. It comes as businesses are struggling to fill jobs with many Americans remaining reluctant to return to the workforce. The unemployment rate fell to 3.9% from 4.2% in November, marking a new pandemic-era low.  The below-expectations job gains in December likely reflect labor shortages as well as anomalies with the so-called seasonal adjustment, used by the government to strip out seasonal fluctuations from the data.  President Joe Biden's approval numbers have fallen with much of that coming from voters' disapproval of his handling of the economy. In a November Washington Post-ABC News poll, 70% of voters rated the economy negatively and about half of voters blamed Biden for inflation. Omicron did not likely play a huge role in the low December numbers but its affect will likely be felt in January. December's numbers come after a record 4.5 million...
    Newly sworn-in mayor Eric Adams has hit back at New York Democratic Rep. Alexandria Ocasio-Cortez for misconstruing comments he made Tuesday about 'low-skilled' workers, accusing the liberal congresswoman of being the 'words police.'   Speaking on CNBC's morning talk program Squawk Box on Wednesday, the new mayor was asked to respond to a tweet by Ocasio-Cortez where the ex-waitress criticized Adams' comments. During a press conference Tuesday, the newly crowned mayor pushed for businesses to get employees back into the office amid the city's recent COVID surge for the sake of their fellow New Yorkers and the city's economy.   'My low-skilled workers, my cooks, my dishwashers, my messengers, my shoe-shine people, those who work at Dunkin' Donuts - they don't have the academic skills to sit in the corner office,' Adams said during the conference, fighting for the city to stay open.  In response Ocasio-Cortez tweeted: 'The suggestion that any job is "low skill" is a myth perpetuated by wealthy interests to justify inhumane working conditions, little/no healthcare, and low wages.' 'Plus being a waitress has made me and many others *better* at our...
    New York Governor Kathy Hochul has delighted constituents who tipple with a surprise move to permanently legalize to-go alcohol orders from bars and restaurants. 'Cheers, New York,' Hochul said after announcing the move during her State of the State address to the legislature in Albany on Wednesday, as the Omicron wave further disrupts the Empire State economy. Carry-out booze had been temporarily allowed last year during the pandemic, which Hochul noted was a 'critical revenue stream' in tough times, but the measure expired in June. In her speech Hochul also announced a $1 billion plan to boost small businesses, including a tax credit for pandemic-related capital expenditures, such as for outdoor heaters or booth dividers. New York Governor Kathy Hochul on Wednesday announced permanent legalization of to-go alcohol, raising a champagne flute and saying 'cheers, New York' A New Yorker is seen carrying to-go drinks in May 2020. The temporary provision for carry-out booze had expired in June, but will now be permanent RELATED ARTICLES Previous 1 Next New York state records 53,276 new covid cases...
    A recent poll analyzed by the Wall Street Journal found that Americans are stuck in a state of discontent. Economic malaise, which was so much a part of the feckless Carter administration, seems to be having its second act under Biden and the Democrats. Gas prices rising, store shelves not fully stocked, inflation in lumber and beef prices — all maladies that inordinately hurt the middle class. Lumber prices have gone up so much that I saw a termite at the Range Rover dealership paying cash for the only car left on the lot. And what are the Democrats in D.C. and the media doing? They are focused on the Jan. 6 protest at the U.S.  Capitol and trying, in a Russian-hoax-kind-of-way, to channel their inner Comey and “get” Trump for what they think he should have done. What a waste of time. Biden is not known to be knowledgeable about economics; he is a life-long politician. He appoints socialist types to high level positions. They are doing to our country what socialist policies did to Venezuela. With all the...
    Joe Biden's disapproval rating hit a new low of 56 percent in a poll published on Tuesday, as enters the new year under fire for his handling of COVID and the economy. The figure is the worst of his presidency and continues the downward trend of the past year. It comes in the latest installment of a CNBC/Change Research survey, which found his disapproval rating started at 49 percent in April before rising to 54 percent in September, before hitting its new high among voters surveyed in December.  His approval rating has gone in the opposite direction. It now stands at 44 percent, down from 46 percent in September and 51 percent in April.  This week the White House has tried to head off the crises.  On Monday, Biden met with ranchers and farmers in an effort to tackle high food prices - a key part of the inflation woes faced by consumers - and on Tuesday he offered an update on the pandemic response, trying to reassure Americans that the nation was well-equipped to ride out the Omicron surge....
    In this article AAPLThe Apple logo is displayed at the Nasdaq MarketSite just before the opening bell in New York on Thursday, Aug. 25, 2011.Scott Eells | Bloomberg | Getty ImagesApple's market cap will continue to rise beyond the $3 trillion milestone it hit briefly Monday, according to one chief investment officer, who argued that the stock's valuation is justified. Patrick Armstrong, CIO at investment management firm Plurimi Group, expects Apple's share price to continue to grow quicker than the overall economy. The IMF expects the U.S. economy to grow by 5.2% in 2022, while the global economy is seen expanding by 4.9%. "I don't think it's going to be a stock that's going to double very quickly," Armstrong told CNBC's "Squawk Box Europe" Tuesday, but he added that it will "grow faster than the economy." In Aug. 2018, Apple became the first publicly-traded U.S. company to hit a $1 trillion valuation and its market cap has tripled in less than four years. "Apple is an incredibly positive company in terms of cash flow generation, earnings, market share, profit margins....
    The Marriner S. Eccles Federal Reserve building in Washington.Stefani Reynolds/Bloomberg via Getty Images If everything goes according to plan, the Federal Reserve in a little over two months will enact its first rate increase in three years, a move policymakers deem necessary and that markets and the economy are grudgingly coming to accept. The Fed last raised rates in late 2018, part of a "normalization" process that happened in the waning period of the longest-lasting economic expansion in U.S. history. Just seven months later, the central bank had to retreat as that expansion looked increasingly fragile. Eight months after that initial cut in July 2019, the Fed was forced to roll its benchmark borrowing rate all the way back to zero as the nation confronted a pandemic that threw the global economy into a sudden and shocking tailspin. So as officials prep for a return to more conventional monetary policy, Wall Street is watching closely. The first trading day of the new year indicated the market is willing to keep pushing higher, in the midst of the gyrations that have...
    Most of us would like to put the past two years in the rearview mirror — in a major way. Since March 2020, we have been absorbing the devastating physical, emotional, and financial impact of COVID-19. Now, as the year draws to a close, it’s worth reviewing where we stand as this second tumultuous year concludes. Jill Schlesinger  Big Picture: After the worst recession since the Great Depression, when the economy shrank by 3.4%, the recovery came to fruition in 2021. It is likely that the US economy expanded by an estimated 6% over the year, fueled by a third round of government stimulus, in the form of the $1.9 trillion American Rescue Plan. (You have already forgotten about the two massive measures enacted in 2020, the March 2020 $2.2 trillion CARES Act, followed by the additional $900 billion relief bill passed in December.) Related Articles Jill On Money: The best books of 2021 Jill On Money: Giving to charity in 2021? Keep this in mind at tax time Jill On Money: Year-end money moves...
    Isolation must be reduced to 5 days A JANUARY rise in Covid cases is only to be expected after Boris Johnson rightly kept England open over Christmas and New Year. Worst estimates claim up to a quarter of public sector workers could be self-isolating as Omicron is so easy to catch. 3So when will the PM cut the isolation period further? That’s more than a million frontline staff stuck at home for seven days or more as hospitalisations rise. But all the evidence is that Omicron is not nearly as dangerous as previous variants and is mostly mild for the triple-jabbed. And our brilliant Jabs Army booster rollout is doing a fantastic job in shielding the elderly and vulnerable from serious illness. So when will the PM cut the isolation period further? The United States is leading the way in cutting isolation to five days. We agree with UK experts who say we should follow suit. All the triple-jabbed who test negative after five days should be able to go back to work. It is not just the NHS...
    President Biden concluded 2021 the same way he started it, lying about his record. He tweeted Wednesday, “We’re ending 2021 with what one analyst described as the strongest first-year economic track record of any president in the last 50 years.” Even Biden couldn’t make this wild claim directly without the desperate appeal to authority from an unnamed “analyst.” We’re ending 2021 with what one analyst described as the strongest first-year economic track record of any president in the last 50 years. Let’s keep the progress going. — President Biden (@POTUS) December 29, 2021 You don’t need to be an analyst to recognize that this whopper should lay last-minute claim to “lie of the year” in any of the lists made by far-left activist journalists masquerading as independent fact-checkers at seemingly every mainstream media outlet. In reality, the economy is stagnant, with Americans falling further behind due to Biden’s bad policies. Here are some inconvenient truths that destroy Biden’s argument: Inflation, as measured by the Consumer Price Index (CPI), is currently running at 6.8 percent, the fastest pace in 40 years. (As I...
    New York (CNN Business)The US economy is heading into 2022 with serious momentum.The recovery gained steam in the last few months, capping off what could be the fastest year of GDP growth since 1984, when Ronald Reagan was in the White House. The hope is this rapid expansion continues in 2022, allowing the country to heal most of the economic wounds caused by the health crisis. The jobs market could return to full employment by the end of 2022. And red-hot inflation is expected to finally cool off, moving towards healthier levels. And yet, the past two years have shown how unforeseen events can alter forecasts, sometimes dramatically.For all its recent strength, the economy's recovery faces multiple risks in 2022, starting with the force that continues to dominate daily life: Covid.Read MoreCovid doesn't go awayThe hope is that Omicron is spreading so rapidly that it burns itself out, making its impact short-lived. But what if this latest wave sticks around long enough that it puts a dent in consumer demand -- especially in Covid-sensitive sectors like travel and restaurants?$4 gas...
    New York (CNN Business)Thousands of flights canceled. Back-to-the-office plans shelved. College football bowl games and Broadway shows called off. Shuttered Apple stores in New York City.Covid is once again causing mayhem in the economy.The disruption is different this time, though. Vaccines and boosters are widely available, symptoms from Omicron appear to be milder than with prior variants, and government officials are vowing not to mandate a shutdown of the economy. Yet the staggering speed with which Omicron is spreading — and the shortage of available tests — is nonetheless causing serious problems for Covid-weary families and businesses."This is definitely a setback for the recovery," Kathryn Wylde, president and CEO of the Partnership for New York City, an influential business group, told CNN in a phone interview. Read MoreMark Zandi of Moodys plans to dim his US economic forecast after Omicron concernsWith Covid cases spiking, many companies have told office workers to stay home, dashing hopes among bosses and local businesses to have employees back in person this January."Everything is up in the air again," said Wylde, who blamed a combination...
    Vice President Kamala Harris said Sunday on CBS’s “Face the Nation” that she and President Joe Biden were not giving up on passing his massive social spending Build Back Better Act even though Sen. Joe Manchin (D-WV) has said he was a no vote. Partial transcript as follows: MARGARET BRENNAN: This is going to be hard for the economy. Are you going to need to ask Congress for another relief package? HARRIS: Well, I’m glad you talked about the economy. Let’s talk about the economy. First of all, as an administration, as we look at the end of the year, there are specific facts that we are proud of on the issue of the economy. We have reduced unemployment down to 4.2%. The economists predicted that we wouldn’t get there for another couple of years, but here we are. We have reduced the deficit by over $300 billion. We have created over 6 million jobs, so there are good things that happened- have happened as it relates to the strength of the economy. Let’s also talk about the most recent...
    The Biden administration is under increasing pressure to cut the Covid-19 infection isolation period in half - from 10 to five days - as health experts say that missing more than a week of work is turning people off to getting tested.   Currently, vaccinated Americans infected with the virus must isolate for 10 days, under Centers for Disease Control and Prevention guidelines, a daunting prospect for workers struggling with holiday bills.  On Wednesday, UK officials trimmed the quarantine period from 10 days down to seven for those who test negative on the sixth and seventh day regardless of whether or not the infected person is vaccinated.  Losing 10 days' pay could have a dramatic effect on health care and the economy. If nurses and doctors, who are tested daily, become infected by the highly contagious, but perhaps milder Omicron variant there could be a staffing crisis, former Baltimore Health Commissioner Leana Wen told CNN.  'You don't want those individuals to have to be out of the workforce and then we have a serious shortage,' she said.  In response to the pressure,...
    Americans’ confidence in the economy is the “worst since the Great Recession,” according to a Gallup poll released on Wednesday. The Economic Confidence Index (ECI) is down to -33, which while far from the record low of -72 in October 2008, reflects a negative growing sentiment toward rampant inflation. Notably, the ECI is just as low as it was in April 2020 — the early days of the coronavirus pandemic. “With inflation in the U.S. at its highest point since 1982, Americans’ confidence in the economy has dropped to where it was in April 2020, when nationwide shutdowns brought on by the COVID-19 pandemic plunged the nation into a recession,” the poll report states.  The percentage of U.S. adults who think the economy is the country’s most important problem increase three percentage points to 29 percent, which is the highest level in roughly five years. The percentage is still “well below” 86 percent in February 2009 and 73 percent in 1991 during economic recessions.  Overall satisfaction with the direction of the United States has hit its lowest point since January...
    The US economy grew faster than expected in the third quarter of 2021 at 2.3%, up from an estimate of 2.1%.  The third-quarter growth in the nation's total output in goods and services significantly slowed from the first two quarters where growth soared to 6.3% and 6.7% respectively.  GDP growth is adjusted for inflation, which has also soared this year - the Consumer Price Index was up 6.8% in November over last November.   The emergence of the delta variant was blamed for the slowdown in Q3, which runs July 1-Sept. 30.  And with the spread of the Omicron variant and lingering supply chain issues, there are concerns growth could slow again heading into 2022.  On Wednesday, President Biden convened a meeting of his supply chain disruptions task force virtually and in-person in Washington, where he touted what he said was significant progress in alleviating bottlenecks at the ports and other issues that had created shortages of goods and contributed to higher prices for consumers. Biden said that retail inventories are up 3% from last year and on-shelf availability for products...