Business
Democrats question whether it’s the economy anymore, stupid on August 11, 2023 at 8:00 am Business News | The Hill

It’s the economy, stupid.
For decades, that’s been seen as a sound political strategy behind every effective presidential campaign.
Focus on the economy and people’s pocketbooks — and get some good luck in terms of how the economy is actually running when you run for office — and voila: You get elected to the White House, and you win reelection.
The question a growing number of Democrats are asking, however, is whether that’s still the case, as President Biden deals with stronger economic numbers but low approval ratings.
At a time of ever-greater political polarization, when abortion rights is the hot election issue of the day and former President Trump continues to shadow and change the American political landscape, is it still the economy, stupid?
Even Democratic strategist James Carville, who coined the phrase, has acknowledged some doubts.
“Well, I’ve always thought so,” Carville, 78, said last week to CNN’s Wolf Blitzer when he was asked point-blank if he still believed the political philosophy for which he’ll be remembered.
“I’m starting to doubt myself a little bit, because this economy is quite good. Maybe it will kick in. And sometimes it takes a while for people to feel it,” he said.
In an interview with The Hill, Carville said he generally still believes that yes, it is the economy, stupid.
But he expressed a mixture of frustration and exasperation that Biden’s approval ratings remain stuck in the low 40s, even as unemployment is at a historic low and inflation has fallen.
“The economic bounce back, it was had by any measure … but, for whatever reason, people are not connecting this, [they] don’t think that economy’s that good,” Carville told The Hill. “To the extent they think it’s good, they’re not giving the president’s policies very much credit for it.”
“I can understand how these guys are disheartened,” he said of the White House. “So you wonder, well, why this disconnect?”
A number of presidents have also been punished by voters for either a faltering economy or the perception it is poor, from Democratic President Jimmy Carter to GOP President George H.W. Bush.
The economy was a terrible headwind on Republican John McCain’s presidential campaign in 2008, though voter fatigue with foreign wars and Democrat Barack Obama’s star power were also negative factors for him.
Obama inherited a difficult economy, and Democrats were famously shellacked in the 2010 midterms amid deep voter anger over a recession and government spending. But in 2012, Obama was able to win reelection, in part by convincing voters he better understood their economic problems than Republican candidate Mitt Romney.
The political scene has changed dramatically since 2012, with Republicans and Democrats even more firmly in their tribal camps in the Trump era. That has coincided with questions, at least, about the role of the economy in elections.
As recently as the 2022 midterms, Republicans expected to rally to big wins in House and Senate races amid polls showing voters greatly unhappy with the state of the economy. Instead, other issues — particularly abortion, in the wake of the Supreme Court’s decision overturning Roe v. Wade, seemed much more determinative.
Republicans did win back the House majority, but with a much smaller margin than expected. They failed to win back the Senate.
The economy seems much better today than even a year ago, yet it is not helping Biden — at least yet.
“I think some of it is, there’s just so much built up on how bad the economy was, the struggle the economy was in, are recessions coming? I think that’s a hard bell to unring,” Carville said.
Bruce Mehlman, former assistant secretary at the Commerce Department under President George W. Bush, said the economy seems less of a factor today than it once did.
“Over the past two decades, traditional economic metrics have increasingly detached from presidential approval numbers and right-track or wrong-track sentiment, with the 2022 midterms the ultimate example,” said Mehlman, a founding partner at Mehlman Consulting. “The data screamed ‘giant wave,’ but many anxious voters preferred known incumbents over frightening disruptors.”
Josh Bivens, research director at the left-leaning Economic Policy Institute, said his “gut” tells him Biden may eventually benefit from the economy.
He predicted that with 3 to 4 percent inflation or lower and consistent low unemployment for another year could lead to higher ratings for Biden. Unemployment currently sits at just 3.6 percent.
“The ratchet-up of inflation in 2021 and early 2022 very much unsettled people, and they are only now really recognizing that the ratchet has started to reverse pretty decisively,” Bivens said.
Republicans have shifted their messaging to a degree.
While they still argue the economy is struggling under Biden, they are focusing their political attacks on Biden’s son, Hunter Biden, and corruption. Speaker Kevin McCarthy (R-Calif.) has indicated that House Republicans may move forward with an impeachment inquiry based on the president and his family’s business dealings.
The White House, for its part, has stepped up its arguments for Biden’s economic stewardship, arguing that Bidenomics is showing its effectiveness.
They’ve also lambasted Republicans for their focus on other issues.
“Instead of pursuing this shameless and baseless impeachment stunt, House Republicans and Speaker McCarthy should join the President to work on continuing to bring down inflation and lower costs, create jobs, and grow the economy,” Ian Sams, a spokesperson for the White House Counsel’s Office, said Tuesday. “That is, after all, what the American people sent their leaders to Washington to do.”
Biden is traveling to Arizona, New Mexico and Utah this week to discuss his economic agenda and the Inflation Reduction Act, which is the Democrats’ major climate and tax bill. Republicans bashed the trip to Arizona on Tuesday as a stop on “Biden’s Bankrupting America Tour.”
“Americans aren’t buying the lies Biden tells about Bidenomics – they can’t afford it,” RNC chairwoman Ronna McDaniel said in a statement.
Polls show the public has doubts about Biden on the economy.
Only 34 percent of Americans in a Monmouth University poll last month said they approve of his handling of inflation, and Biden received a split rating on his handling of jobs and unemployment, with 47 percent approving and 48 percent disapproving of it.
Carville remains a loyal Democrat and said he’s hopeful the White House is right that public sentiment will catch up to what he views as a strong economy.
“They project a lot of confidence,” Carville said. “For the sake of a lot of things, I hope they’re right.”
Administration, Business It’s the economy, stupid. For decades, that’s been seen as a sound political strategy behind every effective presidential campaign. Focus on the economy and people’s pocketbooks — and get some good luck in terms of how the economy is actually running when you run for office — and voila: You get elected to the White…
Business
How Trump’s Tariffs Could Hit American Wallets

As the debate over tariffs heats up ahead of the 2024 election, new analysis reveals that American consumers could face significant financial consequences if former President Donald Trump’s proposed tariffs are enacted and maintained. According to a recent report highlighted by Forbes, the impact could be felt across households, businesses, and the broader U.S. economy.

The Household Cost: Up to $2,400 More Per Year
Research from Yale University’s Budget Lab, cited by Forbes, estimates that the average U.S. household could pay an additional $2,400 in 2025 if the new tariffs take effect and persist. This projection reflects the cumulative impact of all tariffs announced in Trump’s plan.
Price Hikes Across Everyday Goods
The tariffs are expected to drive up consumer prices by 1.8% in the near term. Some of the hardest-hit categories include:
- Apparel: Prices could jump 37% in the short term (and 18% long-term).
- Footwear: Up 39% short-term (18% long-term).
- Metals: Up 43%.
- Leather products: Up 39%.
- Electrical equipment: Up 26%.
- Motor vehicles, electronics, rubber, and plastic products: Up 11–18%.
- Groceries: Items like vegetables, fruits, and nuts could rise up to 6%, with additional increases for coffee and orange juice due to specific tariffs on Brazilian imports.

A Historic Tariff Rate and Economic Impact
If fully implemented, the effective tariff rate on U.S. consumers could reach 18%, the highest level since 1934. The broader economic consequences are also notable:
- GDP Reduction: The tariffs could reduce U.S. GDP by 0.4% annually, equating to about $110 billion per year.
- Revenue vs. Losses: While tariffs are projected to generate $2.2 trillion in revenue over the next decade, this would be offset by $418 billion in negative economic impacts.
How Businesses Are Responding
A KPMG survey cited in the report found that 83% of business leaders expect to raise prices within six months of tariff implementation. More than half say their profit margins are already under pressure, suggesting that consumers will likely bear the brunt of these increased costs.

What This Means for Americans
The findings underscore the potential for substantial financial strain on American families and businesses if Trump’s proposed tariffs are enacted. With consumer prices set to rise and economic growth projected to slow, the debate over tariffs is likely to remain front and center in the months ahead.
For more in-depth economic analysis and updates, stay tuned to Bolanlemedia.com.
Business
U.S. Limits Nigerian Non-Immigrant Visas to Three-Month Validity

In July 2025, the United States implemented significant changes to its visa policy for Nigerian citizens, restricting most non-immigrant and non-diplomatic visas to a single entry and a maximum validity of three months. This marks a departure from previous policies that allowed for multiple entries and longer stays, and has important implications for travel, business, and diplomatic relations between the two countries.

Key Changes in U.S. Visa Policy for Nigerians
- Single-Entry, Three-Month Limit: As of July 8, 2025, most non-immigrant visas issued to Nigerians are now valid for only one entry and up to three months.
- No Retroactive Impact: Visas issued prior to this date remain valid under their original terms.
- Reciprocity Principle: The U.S. cited alignment with Nigeria’s own visa policies for U.S. citizens as the basis for these changes.
- Enhanced Security Screening: Applicants are required to make their social media accounts public for vetting, and are subject to increased scrutiny for any signs of hostility toward U.S. institutions.

Rationale Behind the Policy Shift
- Security and Immigration Integrity: The U.S. government stated the changes are intended to safeguard the immigration system and meet global security standards.
- Diplomatic Reciprocity: These restrictions mirror the limitations Nigeria imposes on U.S. travelers, emphasizing the principle of fairness in international visa agreements.
- Potential for Further Action: The U.S. has indicated that additional travel restrictions could be introduced if Nigeria does not address certain diplomatic and security concerns.

Nigeria’s Updated Visa Policy
- Nigeria Visa Policy 2025 (NVP 2025): Introduced in May 2025, this policy features a new e-Visa system for short visits and reorganizes visa categories:
- Short Visit Visas (e-Visa): For business or tourism, valid up to three months, non-renewable, processed digitally within 48 hours.
- Temporary Residence Visas: For employment or study, valid up to two years.
- Permanent Residence Visas: For investors, retirees, and highly skilled individuals.
- Visa Exemptions: ECOWAS citizens and certain diplomatic passport holders remain exempt.
- Reciprocal Restrictions: Most short-stay and business visas for U.S. citizens are single-entry and short-term, reflecting reciprocal treatment.

Impact on Travelers and Bilateral Relations
- Nigerian Travelers: Face increased administrative requirements, higher costs, and reduced travel flexibility to the U.S.
- U.S. Travelers to Nigeria: Encounter similar restrictions, with most visas limited to single entry and short duration.
- Diplomatic Tensions: Nigerian officials have called for reconsideration of the U.S. policy, warning of negative effects on bilateral ties and people-to-people exchanges.
Conclusion
The U.S. decision to limit Nigerian non-immigrant visas to three months highlights the growing complexity and reciprocity in global visa regimes. Both countries are tightening their policies, citing security and fairness, which underscores the need for travelers and businesses to stay informed and adapt to evolving requirements.
Business
Nicki Minaj Demands $200 Million from Jay-Z in Explosive Twitter Rant

Nicki Minaj has once again set social media ablaze, this time targeting Jay-Z with a series of pointed tweets that allege he owes her an eye-popping $200 million. The outburst has reignited debates about artist compensation, industry transparency, and the ongoing power struggles within hip-hop’s elite circles.

The $200 Million Claim
In a string of tweets, Minaj directly addressed Jay-Z, writing, “Jay-Z, call me to settle the karmic debt. It’s only collecting more interest. You still in my top five though. Let’s get it.” She went further, warning, “Anyone still calling him Hov will answer to God for the blasphemy.” According to Minaj, the alleged debt stems from Jay-Z’s sale of Tidal, the music streaming platform he launched in 2015 with a group of high-profile artists—including Minaj herself, J. Cole, and Rihanna.
When Jay-Z sold Tidal in 2021, Minaj claims she was only offered $1 million, a figure she says falls dramatically short of what she believes she is owed based on her ownership stake and contributions. She has long voiced dissatisfaction with the payout, but this is the most public—and dramatic—demand to date.
Beyond the Money: Broader Grievances
Minaj’s Twitter storm wasn’t limited to financial complaints. She also:
- Promised to start a college fund for her fans if she receives the money she claims is owed.
- Accused blogs and online creators of ignoring her side of the story, especially when it involves Jay-Z.
- Warned content creators about posting “hate or lies,” saying, “They won’t cover your legal fees… I hope it’s worth losing everything including your account.”
She expressed frustration that mainstream blogs and platforms don’t fully cover her statements, especially when they involve Jay-Z, and suggested that much of the coverage she receives is from less reputable sources.

Satirical Accusations and Industry Critique
Minaj’s tweets took a satirical turn as she jokingly blamed Jay-Z for a laundry list of cultural grievances, including:
- The state of hip-hop, football, basketball, and touring
- The decline of Instagram and Twitter
- Even processed foods and artificial dyes in candy
She repeatedly declared, “The jig is up,” but clarified that her statements were “alleged and for entertainment purposes only.”
Political and Cultural Criticism
Minaj also criticized Jay-Z’s political involvement, questioning why he didn’t campaign more actively for Kamala Harris or respond to President Obama’s comments about Black men. While Jay-Z has a history of supporting Democratic campaigns, Minaj’s critique centered on more recent events and what she perceives as a lack of advocacy for the Black community.
The Super Bowl and Lil Wayne
Adding another layer to her grievances, Minaj voiced disappointment that Lil Wayne was not chosen to perform at the Super Bowl in New Orleans, a decision she attributes to Jay-Z’s influence in the entertainment industry.
Public and Industry Reaction
Despite the seriousness of her financial claim, many observers note that if Minaj truly believed Jay-Z owed her $200 million, legal action—not social media—would likely follow. As of now, there is no public record of a lawsuit or formal complaint.
Some fans and commentators see Minaj’s outburst as part of a larger pattern of airing industry grievances online, while others interpret it as a mix of personal frustration and performance art. Minaj herself emphasized that her tweets were “for entertainment purposes only.”

Conclusion
Nicki Minaj’s explosive Twitter rant against Jay-Z has once again placed the spotlight on issues of artist compensation and industry dynamics. Whether her claims will lead to further action or remain another dramatic chapter in hip-hop’s ongoing soap opera remains to be seen, but for now, the world is watching—and tweeting.
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