Thread: President Joe Biden

Still cleaning up

• White House marks rejoining UNESCO, says Trump-era absence harmed US interests

The White House marked the United States rejoining the United Nations Educational, Scientific and Cultural Organization (UNESCO) ahead of first lady Jill Biden’s trip to France, four years after former President Trump withdrew the U.S. from the agreement.

Senior administration officials outlined that the U.S. not being a part of the international organization was harmful to its interests.

“In recent years with UNESCO, it became clear that the U.S. absence from this organization was actually harming our interests,” officials said, adding that U.S. competitors are “working hard in the U.N. to shape the global agenda on issues ranging from emerging technology to sustainable development.”

“If we aren’t in the room, we can’t push back and if we don’t show up, we can’t fight for the American people and defend our allies abroad from unfair attacks,” officials said.

The U.S. in 2019 officially withdrew from UNESCO, two years after the Trump administration cited anti-Israel bias for the decision to leave the group. The withdrawal was largely procedural, and came as the Trump administration more broadly raised concerns about the United Nations’ agenda and attitudes toward Israel.

The first lady will deliver remarks at the UNESCO flag-raising ceremony. She is set to leave Sunday evening and return on Wednesday.

Officials cited rejoining UNESCO as part of President Biden’s overall focus on U.S. leadership and participation on the global stage following the Trump years.

Is it true that Joe Biden is or has AI?

• Oil and gas companies would pay more to drill on public lands under new Biden rule

Oil and gas companies would have to pay more to drill on public lands and satisfy stronger requirements to clean up old or abandoned wells under a new rule announced Thursday by the Biden administration.

A rule proposed by the Interior Department raises royalty rates for oil drilling by more than one-third, to 16.67%, in accordance with the sweeping climate law approved by Congress last year. The previous rate of 12.5% paid by oil and gas companies for federal drilling rights had remained unchanged for a century. The federal rate was significantly lower than what many states and private landowners charge for drilling leases on state or private lands.

The new rule does not go so far as to prohibit new oil and gas leasing on public lands, as many environmental groups have urged and as President Joe Biden promised during the 2020 campaign. But officials said the proposal would lead to a more responsible leasing process that provides a better return to U.S. taxpayers.

The plan codifies provisions in the climate law, known as the Inflation Reduction Act, as well as the 2021 infrastructure law and recommendations from an Interior report on oil and gas leasing issued in November 2021.

The new rule “provides a fair return to taxpayers, adequately accounts for environmental harms and discourages speculation by oil and gas companies,’' said Laura Daniel-Davis, principal deputy assistant Interior secretary for land and minerals management.

Interior “is committed to creating a more transparent, inclusive and just approach to leasing and permitting that serves the public interest while protecting natural and cultural resources on our public lands,″ she added.

The new royalty rate set by the climate law is expected to remain in place until August 2032, after which it can be increased. The higher rate would increase costs for oil and gas companies by an estimated $1.8 billion in that period, according to the Interior Department.

Originally Posted by Stretchy

Is it true that Joe Biden is or has AI?

Apparently Biden is the AI.

^not even funny

Originally Posted by S Landreth

^not even funny

I agree. He should try to refrain from going off-script. Leave the comedy to comedians.

Originally Posted by S Landreth

^not even funny

Neither are you or Biden. But I am not trying to b funny. Biden was.

Biden did a great job with 255,100 likes vs your video with 80 likes

Originally Posted by S Landreth

Biden did a great job with 255,100 likes vs your video with 80 likes

I am not interested in the number of likes. I was not trying to promote the uploader of the video, only provide the content of the video, which was the same in both. They came from the same source, the Whitehouse. They both showed what Biden said: "I'm the AI".

he was making a joke as he walked in the room and The NY Post and you Sketchy were trying to make a joke of the remark Biden gave with the "Apparently Biden is the AI." remark

not even funny

Originally Posted by S Landreth

he was making a joke as he walked in the room and The NY Post and you Sketchy were trying to make a joke of the remark Biden gave with the "Apparently Biden is the AI." remark

not even funny

I was not trying to make a joke. Biden said: "I'm the AI". Fact. I posted a video that showed his comment. I couldn't give a fig about the NY Post. Blame Youtube for promoting the NYP video over the WH video.

Originally Posted by Stretchy

I was not trying to make a joke. Biden said: "I'm the AI". Fact. I posted a video that showed his comment.

Originally Posted by Stretchy

Apparently Biden is the AI.

not even funny

^ I agree; Biden is not a funny man.

OK Sketchy

Carry on, Spamdreth.

South, Mountain West see manufacturing boom under Biden

A manufacturing boom has swept across the country in President Biden's 2½ years in office, with the South and Mountain West — including several red states — having especially strong growth, according to Bureau of Labor Statistics data.

Why it matters: The U.S. economy has added some 800,000 manufacturing jobs nationwide, a figure Biden hopes will boost his claim to have delivered on his promise to be a president — and create jobs — for all Americans.

• In his re-election campaign, Biden is seeking to take credit for those new jobs, especially the union ones.
• Former President Trump also is making a play for the union vote and trying to convince auto workers that Biden's focus on electric vehicles will translate into fewer factory jobs.
• Biden's challenge for 2024 is to draw a link between his three signature pieces of legislation — the Bipartisan Infrastructure Law, the Inflation Reduction Act, and the Chips and Science Act — and the country’s resurgence in manufacturing, a sector in which the average hourly pay is $32.
• He will be competing with governors — Republicans and Democrats — who also can take credit for the economic growth in their states, and frequently do.

By the numbers: Texas is the top state for new manufacturing jobs, with 86,000 new positions, from January 2021 to May 2023, according to BLS data.

• Next comes California with 79,000 jobs; Florida with 37,000; Ohio with 31,000; and Georgia with 29,000.
• Nevada had the greatest percentage increase at 15%, followed by Montana at 11% and Wyoming at 10%.

Driving the news: Biden traveled to a Philadelphia shipyard Thursday to try to persuade union workers that his spending on renewable energy will help the workers' bottom line — part of his broader push to convince a skeptical public that "Bidenomics" is working.

• "When I think climate, I think jobs — union jobs," Biden said.
• Trump countered that pitch in a video, saying, "If you want to have an auto industry, you need to defeat Joe Biden."

Between the lines: While touting his spending — and job growth — in red states, Biden also likes to needle Republicans for voting against most of his proposals.

• On a trip to South Carolina last week, he teased a visit to Rep. Marjorie Taylor Greene's district to help break ground on a new solar facility.

The big picture: The U.S. economy has defied expectations and continues to add jobs. An elusive soft landing to the Fed's aggressive rate hiking — in which inflation continues to decline without unemployment rising — now seems possible.

• Goldman Sachs economists have lowered the probability of a recession in the next 12 months to 20%, down from 30% last July, according to Axios Markets.
• Still, polling indicates deep dissatisfaction with Biden's handling of the economy. Some of that negativity is likely spillover from partisan views about the president, whose favorability rating is in the low 40s in most major polls.

• Anemic wage growth also could be to blame. But with inflation cooling and wage growth picking up, Biden's team hopes perceptions about the economy will improve.

Yes, but: There are signs the manufacturing sector is slowing down, which could undercut a key component of Bidenomics.

• The Institute for Supply Management's manufacturing gauge fell to 46% in June, its weakest reading since May 2020. Anything below 50 suggests contracting activity.
• And in a June survey, manufacturers reported they were less optimistic about their company’s outlook than last quarter, with nearly 2/3 of respondents complaining about regulations.

Go deeper: Arizona and Georgia — states Biden flipped from former President Trump in 2020 — have added a higher percentage of manufacturing jobs than the national average of 6.4%.

• Arizona has seen 16,000 new jobs for a 10% increase and Georgia's economy has added 40,000 jobs for a 7.5% increase.
• In the three other states Biden won back for Democrats in 2020 — Michigan, Pennsylvania and Wisconsin — thousands of jobs have been added, but the percentage increase has not been as explosive as in the South and West.
• Michigan has added 24,000 manufacturing jobs for a 4% increase. Pennsylvania has added 28,00 jobs for a 5% increase. Wisconsin has added 20,000 jobs for a 4% increase.

The bottom line: A healthy economy is the linchpin of Biden’s reelection strategy.

• He needs the economy to keep adding them, especially in the states where the 2024 election is likely to be decided.

Jobs boom at the state level

The job market is humming nationally, but zoom in and you get another extraordinary snapshot: Many states across the country are experiencing all-time lows in unemployment.

Why it matters: Labor market boom times are supporting local economies, with parts of the country experiencing tighter conditions than some residents have seen in their lifetimes.

By the numbers: From Pennsylvania to Washington to Alabama, 17 states saw jobless rates hit new record lows or hold at a previously notched low in June, according to the Bureau of Labor Statistics.

• That group includes New Hampshire and South Dakota. Both are tied for lowest unemployment rates in the nation at 1.8% in June, both ticking down from 1.9%. (Nationally, the unemployment rate was 3.6%).
• Fourteen other states, including Florida (2.6%), Kentucky (3.8%) and Montana (2.4%), have unemployment rates hovering 0.1 or 0.2 percentage points above all-time low levels.

The intrigue: The strong labor market conditions may be politically awkward for red-state politicians who are touting big job gains and have also criticized the state of the economy under the Biden administration.

• That dynamic was on display after the state-level employment data was released Friday. Republican governors of South Dakota and Mississippi praised record-low unemployment rates — a fact the White House gleefully pointed out to reporters.
• Axios' Hans Nichols found that a number of these states are also benefiting from the manufacturing jobs boom, something to which Biden-era legislation has contributed.

What to watch: There are signs of deteriorating labor market conditions in a few states — a reality not reflected at the national level.

• That includes the nation's most populous state, California. The unemployment rate has jumped 0.8 percentage points to 4.6% since hitting a record low in August 2022.
• Nevada had the highest jobless rate among U.S. states in June, at 5.4%.

Jill Biden marks US reentry into UNESCO with ceremony in Paris

US First Lady Jill Biden attended a flag-raising ceremony at UNESCO in Paris on Tuesday, July 25, marking Washington's official reentry into the United Nations agency after a controversial five-year hiatus.

The Stars and Stripes was hoisted up outside UNESCO's headquarters with the Eiffel Tower on the skyline to rousing applause and a rendition of the national anthem. Before the flag-raising, Biden made remarks about the importance of American leadership in preserving cultural heritage and empowering education and science across the globe.

"I was honored to join you today as we raise the flag of the United States, the symbol of our commitment to global collaboration and peace," Biden said. She said that this move was an example of President Joe Biden's pledge about "restoring our leadership on the world stage."

"We are so proud to rejoin UNESCO," she proclaimed, acknowledging that "as a teacher, I'm a little biased."

The United States had announced its intention to rejoin UNESCO in June, and the organization's 193 member states earlier this month voted to approve the US re-entry. Tuesday's ceremony, which also featured a speech by UNESCO Director General Audrey Azoulay, formally signified the US becoming the 194th member – and flag proprietor – of the agency.

We are putting "the Star Spangled banner back where it belongs," Azoulay said. "In the time of divisions, rifts and existential threats, we reaffirm our union here today," Azoulay also said, referring to current global political instabilities. "Together we will be stronger." She added, "The return of the United States has a meaning that is bigger than UNESCO."

Morgan Stanley credits 'Bidenomics' with economic growth

Morgan Stanley commends 'Bidenomics' as Biden continues efforts to sell the public on it

Morgan Stanley is commending “Bidenomics” at a crucial time, crediting President Joe Biden’s policies for the state of the U.S. economy as Biden continues his quest to sell a skeptical public on his economic agenda.

The acclaim for Biden’s economic plan came with Morgan Stanley’s announcement that it expected to boost its growth forecast for the year.

The major investment bank and financial services company now projects 1.9% gross domestic product growth in the first half of this year as opposed to the previous estimate of 0.5%. Reuters reported Morgan Stanley expects GDP will rise 1.3% on average in 2023.

In a research note released last week, CNBC reported Morgan Stanley’s chief U.S. economist Ellen Zentner wrote the Infrastructure Investment and Jobs Act – legislation Biden signed in Nov. 2021 that was a major piece of his agenda – is creating a “boom” in infrastructure and strengthening manufacturing construction.

The Biden administration has been in a full-force effort to sell the public on his economic agenda, embracing the term “Bidenomics” and sending top officials, including the president himself, on the road to tout Biden’s policies and legislation.

Just last week, Biden traveled to Philadelphia to tout his handling of the economy, pointing to the unemployment rate, rising wages and falling inflation to make the case his plans are working.

The unemployment rate is near an historic low at 3.6% and inflation is at its lowest point since 2021, despite still being more than the Federal Reserve’s target number.

Well another clip for the Sleepy Joe campaign.

No matter where you look, consumer confidence is up

The rally in consumer sentiment — like the rally in the stock market — is looking pretty broad.

The big picture: This upswing has been building all year as inflation cooled. It's visible across income groups — and across different national surveys measuring consumer attitudes.

• That's market research firm Morning Consult's index above — it hasn't been this high since December 2021.
• Meanwhile, the Conference Board's index skyrocketed over the last two months, as Axios Macro wrote about Tuesday.
• Another closely watched survey from the University of Michigan is up 13% since June.

Go deeper: Sentiment among high earners (over $100k per year) has risen the most this year, according to polling data backing the Morning Consult Axios Inequality Index, out Wednesday morning

• Their mood has improved as stock market gains have boosted household wealth, and high-profile layoffs in tech and finance seemed to slow, notes Jesse Wheeler, senior economist at the firm.
• But sentiment is improving for middle and lower-income groups, too — groups that are still seeing strong wage gains, Wheeler notes. In July, sentiment for both groups rose to the highest level since January 2022.

Biden: GOP may try to impeach me now that inflation is cooling

President Biden on Friday touted the strength of the economy, suggesting during a speech in Maine that Republicans would move to impeach him because of progress on inflation.

Biden made his first visit to Maine since taking office, where he spoke at Auburn Manufacturing Inc., a textile manufacturer. The president’s trip was intended to highlight positive economic numbers and reinforce the White House’s belief that Biden’s policies are responsible for easing inflation and growing consumer confidence.

“While there’s more work ahead, earlier this week The Washington Post suggested Republicans may have to find something else to criticize me for now that inflation is coming down,” Biden said. “Maybe they’ll decide to impeach me because it’s coming down. I don’t know. I love that one. Anyway, that’s another story.”

________

New data is latest evidence America's inflation problem is receding

Year-over-year change in Personal Consumption Expenditures Price Index

A deluge of economic data released Friday show America's inflation problem is continuing to ease.

Driving the news: The Federal Reserve's go-to measure of inflation cooled meaningfully last month. Separate data showed that wage growth — which was feared to stoke further price gains — continued to decelerate in the second quarter.

Why it matters: Inflation remains too high, but the very rapid price gains that plagued consumers, economic policymakers and Biden administration officials look squarely in the past.

• Easing inflation has — so far — happened alongside a still-healthy economy and labor market, bucking expectations that falling inflation would result in a recession.

By the numbers: The Personal Consumption Expenditures Index, tracked closely by officials at the Federal Reserve — rose 3% in June compared to the same month a year ago, the Commerce Department said. That's a sharp drop from the 3.8% in May.

• Core PCE, which strips out food and fuel prices and is thought to be a good indicator of underlying inflation pressure, cooled too: 4.1% in June, compared to 4.6% in May.
• That happened as consumers picked up spending in June (+0.5%) compared to the prior month (+0.2%).

Meanwhile, the Employment Cost Index — the most comprehensive measure of wage growth — showed pay growth slowed across the board in the second quarter.

• Since inflation took off, this report has taken on more importance: while good for workers, policymakers feared that wages rising too quickly would make inflation more difficult to stamp out.

Details: Wages and salaries rose 1%, down from 1.2% in the first quarter, the Labor Department said. In the 12 months through June, wages and salaries increased 4.6%, compared to 5% in March.

• Yes, but: Because of cooler inflation, worker pay grew much more quickly in real terms in the 12-month period through June: up 1.7%, compared to flat growth in March.

The bottom line: Taken together, the data continues a stunning run of releases that show inflation pressures ebbing.

I hope Jo doesnt run another term. I think he has done many good things. He has repaired a lot of damage done by Trump to Americas reputation in the West and the NATO alliance. The USA economy (which I believe politicians take too much credit for) is currently going well in regards to unemployment. Hopefully the democrats can come up with a suitable replacement. Trump is not an option and the republicans are generally too far right of centre. IMHO a party slightly left of centre is needed. Anyone who thinks the dems are far left needs to look at other western govts to see that at best the dems are more centrist in comparison.