economy Archives - Page 13 of 52 - Conservative News and Views

The Francis Scott Key Bridge (Baltimore, Md.) after a container ship wrecked it

National Security Implications of Baltimore Bridge Catastrophe

The Port of Baltimore is “closed until further notice” following the Francis Scott Key Bridge tragedy, sending several industries into disarray and jeopardizing national security.

Typewriter keyboard, symbol of journalism

Guest Columns9 months ago

Cause of Journalism’s Woes? Tech Changes, Yes, But Partisanship Too

Journalism in America has suffered somewhat from rapid technological change, but it has only itself to blame for its partisanship.

As China Builds Yugos, EVs May Go the Way of Edsel

Executive9 months ago

As China Builds Yugos, EVs May Be the New Edsels

China is building compact electric vehicles, while Western automakers make the same mistake Edsel made in 1957.

Nature and civilization in harmony - importance of natural gas safety

Executive9 months ago

For Electricity, Americans Deserve More Choices

A solar-energy contractor calls for increased consumer choice in electricity generation, leading to lower prices – and taxes.

Biden, about to deplane from Air Force One, raised your energy costs

Executive9 months ago

The Lasting Damage of Bidenomics

Bidenomics has done lasting damage to the economy, as the author and others warned three years ago. No amount of cheerleading can change it.

Guest Columns9 months ago

Preparing Pennsylvania for Tomorrow’s Jobs

The Executive Director of the Pennsylvania Workforce Development Association describes her organization's efforts help create jobs.

Executive9 months ago

On Valentine’s Day, Don’t Buy Into the ‘Sugar Shortage’ Narrative

Reports of a sugar shortage are worse than exaggerated, say two fourth-generation growers of sugar who cry Foul on high prices.

Conventional cars, especially Toyota models

Guest Columns9 months ago

Mr. Bean Was Right – and So Was Toyota

Toyota acted properly by not developing a battery-powered electric vehicle model. Crashing sales of EVs have vindicated that judgment.

We’ve paid much attention to President Biden’s flagging job approval here, in part because it tends to be a strong predictor of how an election will turn out. Biden is marching into this election season as likely the least popular president to face the voters since Herbert Hoover. While he may yet be saved by the fact that he is facing off against Donald Trump, who brings his own baggage to the table, it’s an ominous indicator. At the same time, the economy is running hot. Growth is over 3%, unemployment is under 4%, and inflation has fallen from its peak. So why the seeming paradox of an unpopular president in a time of strong economic growth, especially when the strength of the economy is itself a traditional predictor of presidential job approval? There are two reasons. First, we ought not fall into the trap that many commentators – especially political scientists – fall into of economic reductionism. Yes, it is “the economy stupid,” as the iconic sign hanging inside Bill Clinton’s campaign headquarters famously reminded his staff in 1992. Less well-remembered, however, the sign also listed “Change vs. more of the same” as the first principle of the campaign, with “Don’t forget healthcare” as an additional item. So people do care about the economy, but they also care about things ranging from the war raging in the Middle East to their overall perception of the president. This is where Joe Biden’s age likely matters. And the more he shows it, the more it matters. More importantly, commentators misunderstand the nature of inflation. Recessions are routine, and national economies often come out of them stronger than they entered them. Inflation, on the other hand, topples governments. Most recently, it was the impetus for the “Arab Spring” of 2010-2012. There are a few reasons inflation is different. First, inflation is never “transitory.” Even after it is over, price levels rarely fall appreciably (indeed, deflation has its own problems). Consumers don’t automatically reset their baseline. So even if prices are level (and there is still inflation in the U.S.; it is just the rate that has slowed), people are still surprised when they pay $2 per pound for chicken, comparing it to when chicken was $1.44 for a pound in 2021. Second, inflation is constantly in our face. Every time a consumer goes to the store and makes a purchase, they’re reminded of the impact. This is true for gasoline, food, clothing – every commodity an individual consumes. That’s not to say other indicators don’t hurt; it’s just to say they are not felt as often. It isn’t just goods and services either. The main tool the Fed has to fight inflation – raising interest rates – has secondary and tertiary consequences. We refinanced our home in the late teens for an extremely low interest rate. We recently considered moving to a somewhat bigger home that had some updates. But because of the higher interest rate (and a few other factors), it simply made no economic sense to consider this. I understand that this is definitely a “First World problem,” and there are far worse fates than staying in a comfortable house. But for a society accustomed to using their houses as ATMs when interest rates were low, it’s an unsettling change. For people who want to get into the housing market for the first time, it’s an even bigger problem. Finally, and most insidiously, inflation affects everyone. Consider unemployment. Even at the height of the Great Recession, unemployment barely crossed the 10% threshold. That meant that 90% of the populace was employed. Yes, there are nasty effects such as depressed wages and anxieties about layoffs that come with recessions, but the main impact is on a small portion of the population. Inflation hits you no matter what you’re purchasing. If your idea of a night out is dinner at McDonald’s, your extra value meals cost more. If your idea of a night out is Outback Steakhouse, prices were up by 5% in 2022 alone (though the beloved franchise has vowed to rein in price increases moving forward.) As for fine dining, my wife and I celebrated a special occasion at a fancy steakhouse in Ohio recently and shelled out around $80 per steak. No one need feel sorry for us and our nice steak, but the salient issue is that no matter what your price point, you feel the pinch. It’s true that wages have nearly kept up with inflation (on average), but that’s cold comfort for an individual who finally gets a decent raise, only to see it go to cover inflated prices. Of course, expectations will reset eventually as memories fade; this isn’t forever. But President Biden only has nine months until Election Day. These lingering effects are probably what drive the disjunction between his job approval and the economy, and it’s not really within his control to adjust how quickly those expectations reset. This article was originally published by RealClearPolitics and made available via RealClearWire.

Executive10 months ago

Why Is Joe Biden So Unpopular?

Joe Biden is unpopular because he let inflation get out of hand, and people are feeling it as they never did before.

Made in America label from Alliance for American Manufacturing

Executive10 months ago

Biden’s Campaign Faces a Manufacturing Disconnect

Made in America manufacturing doesn’t seem to have caught on yet. The head of the biggest Made in America group has some suggestions.

Conservative News and Views

All posts tagged "economy"

National Security Implications of Baltimore Bridge Catastrophe

Cause of Journalism’s Woes? Tech Changes, Yes, But Partisanship Too

As China Builds Yugos, EVs May Be the New Edsels

For Electricity, Americans Deserve More Choices

The Lasting Damage of Bidenomics

Preparing Pennsylvania for Tomorrow’s Jobs

On Valentine’s Day, Don’t Buy Into the ‘Sugar Shortage’ Narrative

Mr. Bean Was Right – and So Was Toyota

Why Is Joe Biden So Unpopular?

Biden’s Campaign Faces a Manufacturing Disconnect

The Left digs in for a long siege

God Hated Esau But Loved Jacob – How So?

Pam Bondi takes the spotlight

Is Fetterman Running Out of Room?

What Lessons Will Shapiro Take from the 2024 Election?

Mary Peltola flips Alaska House seat

The FBI: should we save it?

Project Veritas says FBI deemed outlet part of the media, despite arguing that what they do is not journalism

Saturday’s Radio Show Censored For Exposing The Mainstream Media’s Conspiracy Theories That Turned Out Be True! (Video)

FBI – now a monster

The Left digs in for a long siege

Pam Bondi takes the spotlight

Civil war from the left?

The Trump Effect

Abortion is not a winning stance