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Job market slowdown looms over Biden reelection bid on November 3, 2023 at 9:37 pm Business News | The Hill

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President Biden and Democrats are in economic purgatory with less than a year until the pivotal 2024 election.

The U.S. economy is slowing down after years of rapid post-pandemic expansion, taking steam out of inflation on the way down. But the slow march toward an even-keeled economy is doing few political favors for Biden and his party.


US added 150K jobs in October as jobless rate ticked higher

Biden’s approval ratings have fallen to record lows as Americans feel the pinch of high interest rates and plateauing inflation. 

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While declines in job gains and wage growth may help the inflation fight, they also leave the administration with dwindling ways to sell Americans on its handling of the economy.

Julia Pollak, chief economist at ZipRecruiter, said the job market slowdown “partly explains why job seekers and new hires are feeling more stressed out than they have in over a year.”

“Rising financial strain, paired with declining worker leverage, are taking their toll. The decline in real disposable income last month suggests that consumer spending could cool further in the coming months, putting yet more downward pressure on the labor market.”

Record job gains but record-low approval

President Biden heads toward Marine One on the South Lawn of the White House in Washington, D.C., on Friday, November 3, 2023. (Greg Nash)

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Biden and Democratic lawmakers have struggled to turn record-shattering job growth into positive polling on the economy. 

The U.S. has added roughly 14 million jobs since Biden took office in January 2021 — far more than any of his predecessors. Millions of those jobs were simply products of a recovery already in motion before Biden’s election, but the president has still made the speed of the comeback a centerpiece of his reelection campaign.

“Today’s report shows that Bidenomics is growing the economy from the middle out and bottom up—not the top down,” the White House said in a Friday statement.

Biden and Democrats are eager to claim credit for the resilience of the U.S. labor market, which many economists predicted would be losing jobs by now.

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With 150,000 jobs added last month and a jobless rate of 3.9 percent, experts say the U.S. is still adding far more than enough jobs to keep the economy out of recession.

“The economy needs to add only 75,000 jobs a month—compared with 200,000 a decade ago—to stabilize employment given demographic changes,” wrote Joseph Brusuelas, chief U.S. economist at audit and tax firm RSM, in a Friday analysis.

He added that the October jobs figures are “consistent with full employment” and “to be celebrated,” particularly after years of high inflation.

Biden’s support, however, has not been as sturdy.

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Just 37 percent of Americans approve of Biden’s job as president, according to a Gallup poll released last week, in line with the lowest mark of his presidency. Biden’s support among Democrats also plunged 11 percentage points to a new record low of 75 percent.

The president’s approval among independents fell 4 percentage points to 35 percent, and just 5 percent of Republicans approve of Biden.

Recent polls of Biden’s handling of the economy and consumer sentiment have also fallen sharply, largely in step with an increase in interest rates and credit card balances.

Inflation, rate hikes remain supreme

A line of 2022 Santa Fe SUV’s sit outside a Hyundai dealership Sunday, Sept. 12, 2021, in Littleton, Colo. (AP Photo/David Zalubowski, File)

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Biden and top Democrats have largely blamed the media and Republicans for driving Americans’ dismal views on the economy.

In a remarks last month after a stunning September jobs gain, Biden ribbed reporters — ”not the happiest people in the world,” he said — for hyperfixating on inflation and recession fears.

“I think the people … who got jobs feel better about the economy,” Biden said in October.


Car payments are squeezing owners amid high rates

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Millions of Americans who lost jobs during the recession gained them back under Biden, and far faster than many economists expected. Intense demand for workers also helped tens of millions of Americans secure higher wages and new jobs with better pay, flexibility and career opportunities.

Callie Cox, U.S. investment analyst at eToro, also cited the record number of strike as a sign of “the power that employees have at this moment.”

After striking since Sept. 14, the United Autoworkers (UAW) union reached tenative deals this week with Ford, General Motors (GM) and Stellantis on new contracts that would boost worker pay by 25 percent. 

The UAW also won back key concessions, including cost-of-living adjustments and more rapid progressions to top wage rates, given up after the Great Recession.

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“We’re in the middle of an empowering movement in the job market that’s been a long time coming, and it’s just another reminder of how solid the economy is (even though it may not show through in economic data),” Cox wrote.

But while the job market is slowing toward its pre-pandemic strength, Americans are still grapping with both inflation and interest rates at their highest levels in decades.


Americans are struggling to pay their debts as economy tightens

Annual inflation peaked at 9.1 percent in June 2022, according to the consumer price index (CPI), before landing at 3.7 percent in September.

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The slowdown in the job market may also be falling hardest on Americans least able to handle a setback, according to Nick Bunker, economic research chief at Indeed.

“The rise in unemployment is concentrated among workers who recently lost their jobs and the job finding rate of unemployed workers ticked down,” Bunker explained.

“Perhaps this rise is just a sign that the extraordinarily tight labor market of recent years is loosening. But continued upward momentum would be troubling.”

‘The Fed holds the keys’

Federal Reserve Chair Jerome H. Powell speaks during a news conference at the Federal Reserve in Washington, Wednesday, Nov. 1, 2023. (AP Photo/Susan Walsh)

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Surging inflation pushed the Federal Reserve into the fastest interest-rate tightening cycle in its history, boosting borrowing costs to the highest level since the 2007-08 recession.

The Fed held off on boosting interest rates Wednesday for the second consecutive meeting, citing the toll of higher rates on businesses and consumers. Experts doubt the bank will raise borrowing costs again after the soft October jobs report.

“The good news is that this slowdown is not due to economic fundamentals, but rather due to careful orchestration by the Fed. If it turns out that the Fed and bond markets have gone too far, the Fed holds the keys to turning that around,” Pollak said.

Pollak said businesses “have many vacancies, they want to hire, and they want to expand. But high interest rates are holding them back. If rates start coming down next year, expect that pent-up demand for labor, transportation, building materials and a host of other inputs to be unleashed again.”

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​Business, Economy President Biden and Democrats are in economic purgatory with less than a year until the pivotal 2024 election. The U.S. economy is slowing down after years of rapid post-pandemic expansion, taking steam out of inflation on the way down. But the slow march toward an even-keeled economy is doing few political favors for Biden and…  

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The Cities Bracing for Trump’s Immigration Crackdown

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In the wake of Donald Trump’s recent election victory and his promise of “the largest deportation operation in American history,” several major U.S. cities are bracing for potentially seismic shifts in their economic and social landscapes. As the nation grapples with the implications of this proposed policy, urban centers that have long been havens for immigrant communities find themselves at the epicenter of a looming storm.

Los Angeles, often dubbed the “City of Angels,” stands to lose more than its celestial nickname suggests. As a primary gateway for immigrants, the city’s vibrant tapestry of cultures and its economic engine could face significant disruption. From the bustling streets of Koreatown to the sun-drenched orchards of the Central Valley, the absence of undocumented workers could leave gaping holes in the city’s workforce and cultural identity.

Across the country, New York City, with its iconic skyline and melting pot reputation, faces its own reckoning. The Big Apple’s 5.9 million immigrants, many of whom are undocumented, form the backbone of industries ranging from construction to healthcare. The potential exodus could transform neighborhoods like Jackson Heights and Flushing, altering the very essence of what makes New York a global city.In the Sunshine State, Miami’s tropical allure belies the turbulent times ahead. Home to 2.5 million immigrants, the city’s economy relies heavily on sectors like tourism and hospitality – industries where undocumented workers often fill crucial roles. The potential deportation of these workers could send shockwaves through Miami’s economic ecosystem, from South Beach’s glitzy hotels to the agricultural heartlands of South Florida.

Chicago, the “City of Big Shoulders,” may find those shoulders significantly weakened. With 1.7 million immigrants in its metropolitan area, the Windy City’s diverse neighborhoods and industries face an uncertain future. From the meatpacking plants to the tech startups, Chicago’s economic resilience could be tested like never before.

In the Lone Star State, Houston and Dallas stand as twin testaments to the complexities of immigration policy. These Texas titans, each home to large immigrant populations, could see their booming economies stumble. The construction sites that dot their ever-expanding skylines and the service industries that keep these cities humming could face unprecedented labor shortages.

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Out West, the San Francisco Bay Area’s reputation as a bastion of innovation and progress could be challenged. The region’s tech industry, often reliant on immigrant talent, might find itself grappling with a new reality. From Silicon Valley’s coding campuses to the agricultural expanses of the Central Valley, California’s economic powerhouse could face a reckoning. Phoenix, rising from the Sonoran Desert, could see its growth trajectory altered. As Arizona’s urban center, it stands at the forefront of the immigration debate, potentially facing not just economic impacts but social and political upheaval as well.

These cities, along with others like San Diego and Las Vegas, are not just facing potential economic disruptions. They are staring down the barrel of profound social change. Family separations, community fragmentation, and the erosion of cultural enclaves built over generations are all possible consequences of mass deportations. Moreover, the fiscal implications are staggering. Undocumented immigrants contribute billions in taxes annually, often without receiving the full benefits of their contributions. Their sudden absence could leave gaping holes in city budgets, potentially affecting public services and infrastructure projects.

As these urban centers brace for impact, the debate rages on. Supporters of stricter immigration policies argue for the need to enforce laws and protect American jobs. Critics warn of economic devastation and the unraveling of America’s urban fabric. What’s clear is that America’s cities stand at a crossroads. The coming months and years will likely reshape urban landscapes in ways both visible and invisible. From the foods we eat to the services we rely on, from the neighborhoods we call home to the very character of our cities, the impacts of this proposed immigration crackdown could be far-reaching and long-lasting. As the nation watches and waits, these cities – vibrant, diverse, and economically vital – find themselves on the front lines of a policy that could redefine what it means to be an American city in the 21st century.

Bolanle Media is excited to announce our partnership with The Newbie Film Academy to offer comprehensive courses designed specifically for aspiring filmmakers. Whether you’re just starting out or looking to enhance your skills, our resources will provide you with the tools and knowledge needed to succeed in the competitive world of screenwriting. Join us today to unlock your creative potential and take your first steps toward crafting compelling stories that resonate with audiences. Let’s turn your ideas into impactful scripts together!

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How Trump’s Deportation Plans Could Reshape Major Cities

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In the wake of Donald Trump’s recent election victory, his ambitious plans for mass deportations have thrust America’s urban centers into the spotlight. As the nation grapples with the potential implications of what Trump calls “the largest deportation operation in American history,” cities across the country are bracing for significant changes that could reshape their economic, social, and cultural landscapes.

The stakes are particularly high for metropolitan areas like New York, Los Angeles, Houston, Dallas, and Miami, which host the largest populations of unauthorized immigrants. These cities, along with other major urban hubs such as Chicago, Washington D.C., and San Francisco, stand at the forefront of a looming transformation that could reverberate throughout the nation.

Economic Tremors

Economists warn that the proposed deportations could send shockwaves through urban economies. Mark Zandi, chief economist at Moody’s, cautions that businesses would face “significant challenges” if a substantial number of immigrants were removed. Industries such as construction, hospitality, and healthcare—pillars of urban economies—could face severe labor shortages.

Joe Brusuelas, chief economist at RSM, emphasizes the potential ripple effects: “The native-born workforce cannot meet current labor demands.” This labor gap could lead to increased wages, potentially rekindling inflation—a concern that looms large over city planners and policymakers alike.

Community Fabric Under Strain

Beyond economic considerations, the social fabric of cities hangs in the balance. Elena, a Nicaraguan immigrant in Houston, voices a fear echoed in immigrant communities across the nation: “I’m scared… This is my home.” The threat of family separations, particularly in mixed-status households, casts a long shadow over urban neighborhoods.

Immigrant advocacy groups like FIEL are mobilizing, advising clients to prepare for “anything that can happen.” This atmosphere of uncertainty could lead to decreased community engagement and cooperation with local authorities, potentially impacting public safety and community cohesion.

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Cities at a Crossroads

As the debate intensifies, cities find themselves at a crossroads. Some, like New York and Los Angeles, have historically positioned themselves as “sanctuary cities,” often at odds with federal immigration enforcement. The impending clash between federal policy and local governance promises to be a defining feature of this new political landscape.

Meanwhile, the logistical challenges of implementing such a massive deportation operation remain daunting. Questions abound regarding detention facilities, transportation networks, and the sheer manpower required to carry out Trump’s vision.

Looking Ahead

As America’s urban centers brace for potential change, the full impact of Trump’s deportation plans remains to be seen. Legal challenges are all but certain, and the resilience of America’s cities will be put to the test.

What is clear is that the coming months and years will be pivotal for urban America. As Jason Miller, a senior Trump adviser, puts it, the plan is to “immediately reinstate” immigration policies from Trump’s first term. For America’s cities, this could mean a period of unprecedented change, challenge, and, potentially, transformation.

As the nation watches and waits, the story of America’s cities in the face of this ambitious deportation plan is just beginning to unfold. The outcome will undoubtedly shape the future of urban life in America for years to come.

Bolanle Media is excited to announce our partnership with The Newbie Film Academy to offer comprehensive courses designed specifically for aspiring screenwriters. Whether you’re just starting out or looking to enhance your skills, our resources will provide you with the tools and knowledge needed to succeed in the competitive world of screenwriting. Join us today to unlock your creative potential and take your first steps toward crafting compelling stories that resonate with audiences. Let’s turn your ideas into impactful scripts together!

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Donald Trump Wins 2024 USA Election

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Based on the election results, Donald Trump has indeed won the 2024 U.S. presidential election, defeating Vice President Kamala Harris. Here’s an analysis of the key statistics and implications:

Electoral College Victory

Donald Trump has secured the presidency by winning crucial battleground states and flipping some key states that were previously held by Democrats. The final Electoral College tally is still being determined, but Trump has surpassed the 270 electoral votes needed to win.

Battleground State Performance

Trump’s victory was largely secured by winning several critical swing states:

  • Wisconsin: Trump’s win here was pivotal in securing his path to victory.
  • Pennsylvania: This state flipped back to Republican control.
  • Georgia: Another key state that Trump managed to win back.
  • Michigan: Trump successfully flipped this traditionally Democratic stronghold.

While the final popular vote tally is still being calculated, exit polls provide insight into voter priorities:

Congressional Control

The election results extend beyond the presidency:

Media Implications

The outcome of this election could be seen as a challenge to mainstream media narratives for several reasons:

  1. Polling Discrepancies: Many pre-election polls suggested a tight race or even a slight Harris advantage in key states. Trump’s victory, particularly in battleground states, may indicate that polls underestimated his support.
  2. Narrative Shifts: Throughout the campaign, much of the mainstream media focused on Trump’s legal challenges and controversies. His victory suggests that these issues may not have resonated with voters as much as economic and policy concerns.
  3. Voter Priorities: The emphasis on issues like the economy and immigration in voter decision-making may indicate a disconnect between media focus and voter concerns.
  4. Electoral Predictions: Many mainstream outlets were cautious about predicting a Trump victory, even as results began to favor him. This hesitancy could be seen as a reflection of broader media skepticism about Trump’s chances.
  5. Underestimation of Trump’s Base: The results suggest that Trump’s core support remained strong and potentially grew, despite negative coverage in much of the mainstream media.

It’s important to note that while the election outcome may challenge some media narratives, it doesn’t necessarily invalidate all mainstream reporting. The complex factors influencing voter behavior and the challenges of accurate political forecasting remain subjects of ongoing analysis and debate.

As the dust settles on this historic election, both the media and political analysts will likely engage in extensive reflection on the factors that led to Trump’s victory and the implications for future political coverage and analysis.

Bolanle Media is excited to announce our partnership with The Newbie Film Academy to offer comprehensive courses designed specifically for aspiring screenwriters. Whether you’re just starting out or looking to enhance your skills, our resources will provide you with the tools and knowledge needed to succeed in the competitive world of screenwriting. Join us today to unlock your creative potential and take your first steps toward crafting compelling stories that resonate with audiences. Let’s turn your ideas into impactful scripts together!

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