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‘Inflation Was Literally Zero’: Economists Thrilled With Latest Report

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Economists and investors are cheering over news the consumer price index shows inflation was zero for the month of October, meaning prices on average did not rise.

“Inflation’s receding, baby,” exclaimed professor of economics and Brookngs senior fellow Justin Wolfers. “Headline inflation was literally zero — on average, prices were the same in October as September. Over the year, headline inflation is 3.2%, beating expectations of 3.3%.”

That means that over the past 12 months, prices on average increased just 3.2%. The drop in inflation has been dramatic: in June of last year, inflation was 9.1%.

Wolfers, known for his wit, added, “Let’s call this the Mary Poppins economy: Inflation is floating back to target, unemployment remains near fifty-year lows, growth remains robust, and inequality is falling.”

Wolfers offers good news on wages as well.

READ MORE: ‘Devastating’: Jenna Ellis’ Testimony She Was Told Trump ‘Not Going to Leave’ Stuns Expert

“Real wages are above pre-pandemic levels,” he notes, offering this chart:

“Today we saw more progress bringing down inflation while maintaining one of the strongest job markets in history,” President Biden said Tuesday in a statement from the White House. “At 3.2%, annual inflation is now down by 65% from the peak. Gas prices are below $3.40 per gallon, reflecting an average decline of $1.65 from the peak after Putin’s invasion of Ukraine. Inflation has come down while the unemployment rate has been below 4% for 21 months in a row—the longest stretch in more than 50 years—while wages, wealth, and the share of working-age Americans with jobs are all higher now than before the pandemic.”

Wolfers concluded: “Let the gloom and doomers in your life know you still love them, even if they’re wrong about everything.”

See the charts above or at this link.

READ MORE: ‘Empty, Toothless, Ineffective’: Supreme Court’s New Ethics Code Quickly Criticized
 

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‘Concepts of a Plan’: White House and GOP Under Fire for Health Care Cost Crisis

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It took congressional Democrats more than a year of work — plus several years of prior policy development — to create the Affordable Care Act, also known as Obamacare. Now, Republicans are scrambling to fix it after passing President Donald Trump’s “One Big Beautiful Bill,” which stripped away the subsidies that helped make buying insurance on the exchanges affordable.

And they have just weeks to make it happen, before the new premiums go into effect on January 1.

The House is back in session after Speaker Mike Johnson kept Republicans in their home districts for almost two months during the federal government shutdown. Now, Republicans and the Trump White House are starting to decide what, if anything, they will do to keep premiums — already published — from doubling or even tripling in certain cases.

“President Donald Trump’s Domestic Policy Council and senior health officials have been meeting privately for preliminary conversations on how to address the expiration of health insurance tax credits, according to a White House official and another person familiar with the talks,” Politico reported on Thursday. “Conversations about a White House alternative to Affordable Care Act subsidies, which will expire at year’s end, are in the ‘early ideation phase,’ said a third person familiar with the talks.”

READ MORE: Congressman Conway? Top Trump Critic Reportedly Eyeing House Bid

Capitol Hill is in a similar state.

Noting that “the clock is ticking,” NBC News reported that “Republicans, under pressure from Democrats after the government shutdown revived the health care clash, have not coalesced around legislation or even an abstract idea, and are only now starting serious discussions about putting proposals together.”

“As the party scrambles to craft an alternative, multiple Republicans are vying for Trump’s endorsement of ideas that could alleviate skyrocketing costs that are just around the corner,” NBC added.

Democrats want a three-year extension of Obamacare subsidies and tax credits, Speaker Johnson has said that is a nonstarter.

Some Republicans are starting to speak out.

READ MORE: ‘Out of Touch’: Eric Trump Blasted for $500 Million Bitcoin Brag

U.S. Rep. Jeff Van Drew (R-NJ), a former Democrat, “warned, ‘not only is it morally bankrupt, it’s political suicide’ for Republicans to let the subsidies expire without an alternative in place.”

U.S. Senator Rick Scott (R-FL) prefers a vehicle like health care saving accounts that he claimed will lower costs by driving up competition. President Trump appeared to favor that approach, when he attacked health insurance companies in a social media post earlier this week.

Some are warning that bypassing the Obamacare exchanges could damage or destroy them.

“A tweet is not a health care plan,” Larry Levitt, executive vice president for health policy at KFF, told NBC. “If people could use these Trump health care dollars to buy insurance not regulated by the ACA, it would likely cause the ACA to collapse and upend protections for pre-existing conditions.”

Meanwhile, critics are blasting Republicans on Capitol Hill as well as the Trump administration for waiting so long before starting to try to create a plan.

Responding to the NBC News report, journalist Justin Baragona observed, “we’re still on ‘concepts of a plan’ here.”

“They’ve had 10+ years to work on this and have nothing,” wrote Laura Belin, a reporter for a progressive website. “Time to stop taking their supposed health care policy work seriously.”

The White House is in ‘early ideation’ phase on ACA subsidies,” wrote The Bulwark’s Jonathan Cohn. “An issue already hitting millions of insurance buyers And that Democrats (not to mention analysts, journalists etc) have been saying needs attention for more than a year.”

Michigan Democratic State Senate Majority Whip Mallory McMorrow, a candidate for the U.S. Senate, wrote: “After Republicans refused to extend ACA subsidies, 4 Michigan insurers are dropping out of the ACA marketplace altogether. That’s 200,000 Michiganders who just lost their plans. Others are just going to cancel their plans. Which means more uncompensated care. Which means *everyone’s* healthcare costs will be higher.”

READ MORE: Trump Stumbles Over ‘God Bless America’ Lyrics at Veterans Day Ceremony

 

Image via Reuters 

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Congressman Conway? Top Trump Critic Reportedly Eyeing House Bid

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George Conway, the prominent attorney, Trump critic, and ex-husband of former Trump White House senior counselor Kellyanne Conway, may be considering a run for Congress.

According to a report at CNN and a post by New York Times congressional correspondent Annie Karni, Conway is eyeing a run for retiring Democratic U.S. Rep. Jerry Nadler’s New York district.

CNN reported that Conway, 62, is “actively considering running for Congress from New York City, a source familiar with the matter tells CNN.”

Karni reported, “the Conway pitch being — what the House will need next year is an aggressive lawyer with an investigative background just going after Trump.”

READ MORE: Melania Trump to Appear With President as Epstein Files Take Center Stage

Conway is a former Republican who became an independent in 2018. He has a law degree from Yale, and successfully argued a case before the U.S. Supreme Court, obtaining a unanimous ruling. He is a co-founder of The Lincoln Project and currently co-hosts a podcast at The Bulwark.

Should Democrats retake the majority in the House of Representatives, it’s likely there will be numerous investigations into President Donald Trump and his administration — not to mention possible efforts to impeach the unpopular and controversial Commander in Chief.

Conway would have good company in a primary.

“Jack Schlossberg, former President John F. Kennedy’s grandson, entered the race this week,” CNN noted.

The Daily Beast adds that “much of the buzz around Conway stems from his personal life. While he and his 58-year-old ex-wife, Kellyanne, tried to make their marriage work amid his dramatic political realignment, the couple frequently made headlines. As Kellyanne served as senior counselor to Trump from 2017 to 2020, her husband routinely sounded off on her boss and advisers—including Stephen Miller, whom Kellyanne referred to as one of her ‘best friends’ in the current administration earlier this month.”

READ MORE: White House Eyes Major Blitz as GOP Voters Blame Trump for Failing Economy

 

Image by Presia Debauch via Flickr and a CC license

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Melania Trump to Appear With President as Epstein Files Take Center Stage

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First Lady Melania Trump will make a rare appearance with President Donald Trump as the Epstein files crisis continues to take center stage.

The President has been all but radio silent for almost a full day, with the exception of a Wednesday Oval Office appearance where he took no questions from reporters.

“President Trump will be joined by First Lady Melania Trump in the East Room for an executive order signing aimed at expanding opportunities for education, career development, housing, and other resources for young people transitioning from foster care to adulthood,” White House Press Secretary Karoline Leavitt told reporters.

Leavitt said the initiative is “part of the First Lady’s Fostering the Future efforts, which are a Be Best initiative.”

“In May,” Newsmax reported, “Melania Trump announced a $25 million investment from the Trump administration to support youth aging out of foster care.”

Recently, the President and First Lady appeared together in the United Kingdom at state visit events in September. That month they also appeared together at a 9/11 event at the Pentagon. Late last month they hosted a White House Halloween event.

Thursday’s event is scheduled for 2:00 p.m.

READ MORE: White House Eyes Major Blitz as GOP Voters Blame Trump for Failing Economy

 

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