Biden speaks on economy at Volvo plant l ABC News
Biden speaks on economy at Volvo plant l ABC News
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October 7, 2022 HEATHER COX RICHARDSON
October 7, 2022 Heather Cox Richardson Oct 8 The day began with news that during Trump’s first impeachment trial, all the Republican senators believed Trump had broken the law when he tried to force President Volodymyr Zelensky of Ukraine to smear Hunter Biden before he would release the money Congress had appropriated to help Ukraine fight off Russia. “Out of one hundred senators, you have zero who believe you that there was no quid pro quo. None. There’s not a single one,” warned Senator Ted Cruz (R-TX), according to a forthcoming book by Politico reporter Rachael Bade and Washington Post reporter Karoun Demirjian. But then–Senate majority leader Mitch McConnell (R-KY) kept the Republican senators behind Trump by telling them: “This is not about this president. It’s not about anything he’s been accused of doing…. It has always been about November 3, 2020. It’s about flipping the Senate.” Republicans did not manage to hold the Senate, of cour...
POLITICO NIGHTLY: The jobs market is still hot. And that’s a problem.
View in browser BY BEN WHITE A Now Hiring sign hangs near the entrance to a Winn-Dixie Supermarket in Hallandale, Florida. | Joe Raedle/Getty Images GOOD IS BAD — In ordinary times you might look at a monthly job gain of 263,000 and an unemployment rate down to a super low 3.5 percent and think, “Man, this is like the best economy ever .” But these are not ordinary times. The September jobs report that came out this morning, while largely fine in the abstract, helped tank all the major Wall Street indices by hundreds of points with the Dow off over 600, or around 2 percent, and the tech-dominated Nasdaq taking the worst beating, dropping nearly 4 percent. So what the heck is going on here? Well, welcome to the good-news-is-bad-news (in some ways) world. Investors dumped stocks because the jobs report came in too “hot,” meaning the Federal Reserve is likely to feel compelled to keep jacking up interest rates to slow the economy and...
August 30, 2022 HEATHER COX RICHARDSON
August 30, 2022 Heather Cox Richardson Aug 31 The big news until shortly before midnight tonight was that businesses do indeed seem to be coming home after the pandemic illustrated the dangers of stretched supply lines, the global minimum tax reduced the incentives to flee to other countries with lower taxes, and the passage of the CHIPS and Science Act and the Inflation Reduction Act spurred investment in technology. Yesterday, Honda and LG Energy Solution announced they would spend $4.4 billion to construct a new battery plant in the U.S. to join the plants General Motors is building in Ohio, Michigan, and Tennessee; the ones Ford is building in Kentucky and Tennessee; the one Toyota is building in North Carolina; and the one Stellantis is building in Indiana. The plants are part of the switch to electric vehicles. According to auto industry reporter Neal E. Boudette of the New York Times , they represent “one of the most profound shifts the auto industry has experi...