Tag Archive: unemployment

Joe Biden and Mark Cavendish — a tale of two old warriors

Bike racer Mark Cavendish, the Manx Missile

Right now, the Tour de France bicycle race is taking place. It is considered one of the most grueling of all sports events; essentially the equivalent of running several marathon races a day, every day, for 21 days straight. The terrain and conditions include mountains, cobblestones, headwinds, rain, and oppressive summer heat. Such a sport is, naturally, a young man’s game. Age 39 in the Tour is considered ancient.

Yet, one of the biggest stories of this year’s Tour de France is the return, out of retirement, of 39 year-old racer Mark Cavendish. A sprinter from the Isle of Man, known as the Manx Missile, Cavendish was tied for the record for most Tour de France stage wins (34), and desperately wanted to break that record. Last year, Cavendish entered the Tour with the hope of breaking the record, and announced that he would retire afterward. Unfortunately, he crashed and broke his collar bone during the early stages, without the win. Cavendish has had many bad days as a bike racer, including a number of serious crashes and injuries, but he has always gotten back up on his bike. He ended his retirement to come back this year, and, with strong team supporting him, he won the stage yesterday and broke the all-time record.

If the parallels to President Joe Biden are not apparent, let’s name them:

The Biden economy keeps getting stronger

Plenty of this floating around in the economy

With less than 11 months until the 2024 elections, the U.S. economy under the stewardship of President Joe Biden is looking quite strong. Here are some of the latest numbers demonstrating that so-called “Bidenomics” is working:

Economic growth last quarter, as represented by the change in the Gross Domestic Product (GDP), was a stunning 5.2 percent.

Inflation continues to tick down, and is now at 3.1 percent. The Federal Reserve says it expects that number to continue to drop to the mid-2 percent range next year, and even lower in 2025, towards the Fed’s dream 2 percent target. The scenario we’re experiencing is the rare “soft landing” that avoids a recession. Moreover, President Biden deserves credit, for example, for getting the Inflation Reduction Act passed through a sharply divided Congress.

–As a result, the Fed this week decided against another interest rate increase, instead stating that it plans three rate cuts in 2024. That is welcome news for any business or individual desiring to borrow money, whether for a home mortgage, a new car, new factory equipment, etc.

–November retail sales figures just came in yesterday, and showed a surprising .3% growth versus an expected .1% decline. Apparently, U.S. consumers felt confident enough about their economic prospects to spend well on Black Friday and into this holiday season.

Who has recognized these strong economic numbers? Certainly, Wall Street, as well as institutional and individual investors, have done so. The U.S. stock market set new record highs this week on the good news and Fed actions.

So what should we do in the face of such good economic news under President Biden? Given that the name of this site is Messaging Matters, you know the answer: spread the word. It’s time to talk up the U.S. economy on your social media, at holiday dinners, in conversations with friends and colleagues, and wherever else you can do so.

Photo by Pictures of Money, used under Creative Commons license. https://is.gd/yz2Jbn

Biden Boom update — the economy continues to gain strength

Lots of this floating around the U.S. economy

Back in December 2021, we published the Biden Boom” story. At the time, we noted how, in less than one year in office, President Joe Biden had already made great strides in the U.S. economy. That included, for example, getting economic growth up and unemployment down from the 2020 Trump Recession caused in large part by Donald Trump‘s failure to act on COVID. At the time, we suggested spreading this good economic news.

Now it’s more than 18 months later, and while Trump is busy begging for donations to defend himself against a growing pile of criminal indictments, President Biden has been busy helping all of us. As a result, the U.S. economy continues to defy the predictions of the doom and gloomers, including many in the mainstream media. This continuing Biden Boom is the great untold story of 2023. For example:

–Unemployment is only 3.6 percent, near the all-time low

–The U.S. has created over 13 million jobs since President Biden took office, which shatters the job creation record for a president’s 4-year term in just two and a half years.

–Inflation, which rose sharply due to the economic rescue steps needed after Trump’s COVID failures, is now down to three percent.

–U.S. Gross Domestic Product (i.e. economic growth) is still going strong at well over 2 percent annually.

–U.S. manufacturing growth has sharply rebounded under President Biden, and according to Axios, “outpaces the rest of the world.”

While all of this good economic news is occurring, a crucial moment took place last Wednesday, when Federal Reserve Chairman Jerome Powell stated that the Federal Reserve staff no longer forecasts a U.S. recession. This means the U.S. is likely headed for the much sought-after but rare “soft landing” of lowering inflation without causing a recession. Large companies like Caterpillar, reporting very high profits, agree.

The Republicans’ War on America

Republican attack on U.S. Capitol

In his February 2021 annual letter to shareholders, Warren Buffett, considered to be the most successful investor of all time, wrote:

Our unwavering conclusion: Never bet against America.

However, looking back at 2021, the Republican Party certainly failed to heed Mr. Buffett’s advice. The Republicans bet against America when they disbelieved and then tried to overturn the results of the 2020 presidential election. They bet against America when they incited, supported and funded a terrorist attack on the U.S. Capitol that was designed to stop the certification of Electoral Votes for then President-elect Joe Biden. They bet against America when they fought, and continue to fight, against sensible COVID protections such as masks, vaccinations, school accommodations, and social distancing. And they bet against America when they side with one of our most dangerous global opponents, Russia, to hurt American democracy.

Surely, the Republicans’ War on America presents some stark campaign fodder for the 2022 elections.

It’s a Biden Boom: share the news

The Biden Boom

One of the most important stories of 2021 is one that does not get told enough: the Biden Economic Boom. Specifically, in less than 11 months, following the Trump Recession in which millions of jobs were lost, President Joe Biden has presided over a historic economic and jobs recovery. This includes:

–Extraordinary economic growth, estimated to be 7.8 percent this year.

–Income, wage and salary growth all way above the figures for 2018 and 2019.

–Unemployment falling from 6.3 percent in January 2021 (Donald Trump‘s last month in office) to just 4.2 percent last month, a historic drop in such a short time. And jobless claims just hit a new 52-year low.

Indeed, The Hill calls this “the fastest economic recovery in history.”

Moreover, the Biden Boom is no accident, but rather, a result of the Biden administration’s phenomenal efforts to vaccinate Americans against COVID; the American Rescue Plan which put money in the pockets of many Americans; and now the Infrastructure Investment and Jobs Act (which may soon be followed by the Build Back Better Act). It turns out that Americans really do like competence in government, or what we call Good Government, and that is part of the Democratic Party’s brand.

Democrats could learn a lot from the O.J. Simpson murder trial

The courtroom of public opinion

Re-watching the 1995 O.J. Simpson murder trial is quite jarring. Perhaps most maddening is that the prosecution seemed to have a strong case, and blew it with a poor presentation. For example, co-lead prosecutor Marcia Clark‘s questioning of her own witness, Kato Kaelin, was seen as inept, often harsh, and repetitive. Indeed, the questioning of Kaelin was so bumbling that, a week after it began, Clark had to have Kaelin declared a hostile witness. Simpson’s defense attorneys, in contrast, were dynamic and persuasive, constantly outperforming the prosecutors. They spoke plainly (“if it does not fit, you must acquit.”) They did not lose their cool, in comparison to Clark’s frequent displays of frustration and even desperation. They also distracted jurors with conspiracy theories such as racist cops planting evidence. As we know, Simpson was found not guilty in his criminal murder trial.

The Democratic Party, including President Joe Biden, his White House staff and Cabinet officers, Democratic members of Congress and others, could learn from the O.J. Simpson murder trial. The Democrats have done many good things during Biden’s less than 11 months in office, that they should be shouting about from the rooftops. For example, the 2020 Donald Trump recession is over due to the American Rescue Plan. COVID vaccinations are up (and corresponding COVID cases and deaths are down), which has also boosted the economy. As a result, unemployment is down, and jobless claims are down to a pandemic-era low. Congress has passed the bipartisan Infrastructure bill as Biden promised, Biden provided leadership in the fight against climate change at the COP26 conference in Glasgow, and more.

But in perusing the mainstream media, one gets the impression that Biden and the Democrats are doing a lousy job, are facing numerous “crises,” and are in “disarray.” Republicans (amplified by the media) are talking about inflation, gasoline prices, Critical Race Theory, Afghanistan, and other subjects, real or imagined, where the Republicans think President Biden and the Democrats are vulnerable. This raises the question: Why is there such a disconnect between the reality and the impression for the Democrats, similar to what happened to the prosecution in the O.J. Simpson murder trial?

Coronavirus: what should Las Vegas do?

The Las Vegas Strip, in many ways a potential Coronavirus petri dish

During and after the 2008 Bush Great Recession, Nevada and its most populous city, Las Vegas, were hit especially hard. Home prices tumbled, foreclosures and home abandonments exploded, unemployment went through the roof, and construction dried up. Now during the Coronavirus (COVID-19) pandemic, Las Vegas faces even greater odds. At least during the Great Recession, visitors who had the means to visit Las Vegas could still do so, and workplaces that could stay in business financially weren’t forced to close for outside reasons. This time around, however, even folks who are flush with cash aren’t feeling lucky enough to get on an airplane, fly to Vegas, stay in a hotel, and partake of all of the options there, such as gambling, dining, dancing, etc. Hotels, restaurants, casinos and attractions are almost all closed. Conferences, sports events and concerts have been canceled. That puts many thousands of people in the area out of work, and worried about whether Las Vegas can ever recover from its Coronavirus hit, let alone recover in time to save the economy, their jobs and their homes.

President Obama’s high-water mark

President Obama at the Tomb of the Unknowns, Nov. 11, 2016.

President Obama at the Tomb of the Unknowns, Nov. 11, 2016.

President Barack Obama is leaving office on a high note. Many people might not remember what it was like when Obama took office in January 2009. The Bush Recession was underway, and America was losing 779,000 jobs per month. Stores were closing. Restaurants were empty. And our treasury was also empty (in fact, trillions in debt) from Bush’s disastrous Iraq War. Obama, with no help from the Republicans, turned things around to the point where he will be turning over a country that, by most objective measures, is doing very well. Let’s take a look at some of those numbers, so that we will have a comparison for the future:

High-water mark for President Obama and the Democrats

President Obama and First Lady Michelle Obama bring toys to support U.S. Marine Corps Toys For Tots

President Obama and First Lady Michelle Obama bring toys to support U.S. Marine Corps Toys For Tots

Take note of December 2014 as the high-water mark for President Barack Obama, the Democrats in Congress, and the United States itself. Starting in January 2015, when Republicans take over the U.S. Senate, life in America could get much worse.

The nihilism election

Vote Nihilism

Vote Nihilism

Ve believe in nossing, Lebowski. Nossing. And tomorrow ve come back and ve cut off your chonson.
–The Big Lebowski, 1998

What to make of last night’s mid-term election? Democrats never articulated a positive unifying theme. Most of the Democrats’ endless fundraising appeals tried to scare supporters about the Koch Brothers and Karl Rove pouring millions of dollars into Republican campaigns. Republicans ran a national campaign on a unifying theme, but that theme — “President Obama is bad” — was also wholly negative. Most voters didn’t vote for anything.