Business & Money

Surprisingly strong economy shifts political calculations on July 28, 2023 at 9:00 am Business News | The Hill

Published

2 years ago

July 28, 2023

The U.S. economy is hitting a stride, growing at a 2.4-percent rate in the second quarter in a Strong Economy Alters Politics, a surprisingly strong showing that adds confidence to the idea that the nation may avoid a long-threatened recession.

The growing economy comes coupled with other good economic news: Inflation is slowing, and unemployment sits at just 3.6 percent.

Markets have noticed. The Dow Jones Industrial Average is up more than 4 percent over the last month and more than six percent this year, despite dropping on Thursday.

It’s all good news for the White House and President Biden, who have used the recent string of positive economic announcements to tout their stewardship over the economy as they head into an election next year.

But it doesn’t mean the administration can breathe easy — over the economy or Biden’s political future.

Some economists think a recession is still possible, and Republicans, while more focused in recent weeks on probes into Hunter Biden’s legal difficulties, have not dropped their economic criticisms of the White House.

“It’s entertaining to watch the administration sit here and say, ‘oh everything’s great now,” Rep. Mike Lawler (R-N.Y.) said Thursday.

“Yes, inflation has come down but the economy in no way is growing at the levels that it needs to be and we need to enact reasonable and responsible budget cuts going forward to right size our economy and get the country moving in the right direction,” added Lawler, who represents a swing district and is one of the more vulnerable House Republicans in next year’s election.

The White House rebuked GOP lawmakers, pointing remarks from to Fox Business Channel’s Cheryl Casone, who said on Thursday: “There goes that recession talk, right?”

“Even Fox Business is welcoming today’s blockbuster economic growth numbers, the latest in a long line of proof points that Bidenomics is delivering for middle class families,” spokesperson Andrew Bates said in a memo. “That’s because this strong growth report is objectively good news for the American people, which elected officials should support regardless of their political party.”

The resilience of the economy has been a surprise for a number of reasons.

Market commentators for most of Biden’s term have been worried about a recession, and as the Federal Reserve launched a series of interest rate hikes in response to rising inflation, the fear was that a downturn would be hard to avoid.

The Federal Reserve itself in March predicted a “mild recession,” before reversing its position on Wednesday after raising interest rates another quarter-percent.

“The staff now has a noticeable slowdown in growth starting later this year in the forecast, but given the resilience of the economy recently, they are no longer forecasting a recession,” Federal Reserve chairman Jerome Powell said Wednesday.

That resilience has taken several different forms but has been nowhere more noticeable than in the labor market. Unemployment has remained near historic lows even as the Fed has undertaken one of the fastest interest rate tightening cycles on record in response to prices that climbed as high as 9.1 percent annually last June.

Lower employment is usually associated with lower prices due to how much businesses have to pay workers and still turn a profit. But that relationship has been called into question during the recent inflation, as prices have been steadily falling since last June while unemployment has remained near record lows.

The unusual nature of the post-pandemic inflation, driven in part by massive consumer savings during the lockdown era and supply chain shutdowns, was likely the primary reason. Price fluctuations occurred in different sectors of the economy at different times, and companies raked in record profits, choosing to keep prices high.

In making the case for its handling of the economy, the Biden administration on Thursday pointed to investments it made when Democrats held majorities in Congress in 2021 and 2022. Those investments were mostly in the Inflation Reduction Act, a bipartisan transportation and infrastructure bill and a major semiconductor bill.

This has led to investments north of $190 billion as of May, much of it in green tech and industry, that is expected to lead to a factory construction boom.

The White House Council of Economic Advisers touted the investment in plants and equipment in a blog post on Thursday, noting its contribution to the beefy GDP number.

“Nonresidential private fixed investment accelerated, contributing 1 percentage point to [second quarter] growth. Private construction of manufacturing facilities alone, such as factories, contributed about 0.4 percentage point, this category’s largest growth contribution since 1981,” economists with the CEA wrote.

Some key factors do leave a number of economists wary of another ding on the economy later this year. Millions will see an end to the three-year pause in student loan payments later this year, which could put a crunch on consumer spending.

Interest rate hikes have also weighed heavily on the housing market for more than a year, driving high mortgage rates and dampening demand.

Demand is beginning to rise again, but so are prices with would-be sellers reluctant to give up their low mortgage rates and put their homes on the market.

Powell said on Wednesday that the housing market has “a ways to go” before it reaches a balance and prices cool.

The news of economic growth comes just weeks after the White House launched its “Bideonomics” messaging, which was met with speculation at the time about whether they were taking a victory lap too soon.

Throughout Biden’s presidency, Republicans have hammered him for high inflation, and they sought to use it against Democrats in the 2022 midterms. They are expected to focus on the economy, along with their investigations into the Biden family, again in 2024.

President Biden celebrated that the GDP number on Thursday, arguing that the economic progress “wasn’t inevitable or accidental,” but it was due to Bidenomics — a message voters can expect to keep hearing as Biden and officials traverse the country to tout their work on the economy.

“[H]ard-working Americans are seeing the results: Our unemployment rate remains near record lows, inflation has fallen by two thirds, real wages are higher than they were before the pandemic, and we’ve seen more than half a trillion dollars in private sector investment commitments in clean energy and manufacturing,” he said.

Administration, Business, News, Bidenomics, GDP, inflation, Joe Biden, Mike Lawler, unemployment The U.S. economy is hitting a stride, growing at a 2.4-percent rate in the second quarter in a surprisingly strong showing that adds confidence to the idea that the nation may avoid a long-threatened recession. The growing economy comes coupled with other good economic news: Inflation is slowing, and unemployment sits at just 3.6 percent.
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Business

The Last of Us” Season 2: Cast and Creators Share Insights at SXSW

Published

16 hours ago

March 9, 2025

Bolanle Media Staff

The cast and creators of the highly anticipated second season of “The Last of Us” gathered at SXSW to discuss the upcoming season. The panel featured cast members Pedro Pascal (Joel), Bella Ramsey (Ellie), Gabriel Luna (Tommy), Kaitlyn Dever (Abby), Isabela Merced (Dina), and Young Mazino (Jesse), along with co-creators Neil Druckmann and Craig Mazin.

Navigating Expectations and Surprising Fans

With the immense success of season one, Druckmann and Mazin acknowledged the pressure to deliver a worthy follow-up. Mazin emphasized their approach to cater to both fans of the game and newcomers to the series. “We try and think about the people who have played the game and make sure that we keep them on their toes and a little bit surprised,” Mazin stated. Druckmann highlighted the emotional weight of adapting “The Last of Us Part II,” emphasizing the dedication of the entire production team to doing justice to the source material.

A Glimpse into Season 2

Attendees were treated to a trailer for season two, offering a glimpse into the evolving relationship between Joel and Ellie five years after the events of the first season. Ramsey described the changed dynamic, hinting at a rift between the characters. Pascal added that their relationship is in “a different place” and that it is “fucking heartbreaking”.

Big Ideas: Tribalism, Love, and Loss

The creators delved into the central themes of season two, including tribalism, the destructive nature of love, and the consequences of loss. Druckmann explained that the season explores the complexities of community and the dehumanization that can occur when groups clash. Mazin emphasized the escalation of these themes, highlighting the potential for isolation and the lengths characters will go to protect their loved ones.

New and Expanded Characters

The panel also touched on new characters and expanded roles in season two. Gabriel Luna discussed Tommy’s evolution into a father, emphasizing how it solidifies his purpose and strengthens his commitment to protecting his family and community. The introduction of new characters like Gail, played by Catherine O’Hara, and the expansion of existing characters like Isaac, played by Jeffrey Wright, promise to add depth and nuance to the narrative. Additionally, the inclusion of Joe Pantoliano as Eugene, a character mentioned but not seen in the game, offers a rewarding experience for longtime fans.

Music as a Binding Force

Music continues to play a significant role in “The Last of Us,” particularly in the relationship between Joel and Ellie. Ramsey shared that music serves as a bonding experience for the characters, mirroring the connection between the actors on set. The guitar, a symbol of Joel’s promise to teach Ellie, takes on a more prominent role in season two.

Diving into the Game

The actors discussed their individual approaches to engaging with the source material. Kaitlyn Dever shared her experience playing the game with her father, while Young Mazino admitted to playing the second game up to a certain point.

How to Find More Free Events

SXSW Official Schedule: Use the SXSW website to filter for free events.
Eventbrite: Browse listings for unofficial SXSW events, many of which are free or low-cost.

Whether you’re a badge holder or not, SXSW 2025 offers something for everyone. From delicious food to live music and interactive experiences, there’s no shortage of fun to be had without spending a fortune. So, grab your friends and enjoy the best of Austin without a badge!

Bolanle Media covers a wide range of topics, including film, technology, and culture. Our team creates easy-to-understand articles and news pieces that keep readers informed about the latest trends and events. If you’re looking for press coverage or want to share your story with a wider audience, we’d love to hear from you! Contact us today to discuss how we can help bring your news to life

Business

No Badge? No Problem: Free SXSW Events

Published

16 hours ago

March 9, 2025

Bolanle Media Staff

SXSW, one of the world’s most vibrant festivals, is underway in Austin, Texas, from March 7 to 15, 2025. While official badges can be pricey, there are plenty of free events and activities that allow everyone to join in on the fun without breaking the bank. Here’s a guide to some of the best free events at SXSW 2025:

Free Food and Drinks

Argentinian Barbecue at Tech N’ Fest
- Enjoy a fusion of Argentinian and Texas barbecue, along with complimentary wine and beer, at Buenos Cafe on March 7.

Love is Blind at Lucille
- Celebrate the fifth anniversary of Netflix’s “Love is Blind” with free coffee and cocktails at Lucille on Rainey Street.
Free Pastries and Non-Alcoholic Beer
- Handsome’s and Helium Mobile are hosting a gathering with free pastries and non-alcoholic beer, featuring DJ Jah Karma.
Mionetto Salone
- Experience Italian culture with free spritzes and Prosecco at the Mex-Ar Museum.

Interactive Experiences

Whataburger’s Museum of Art
- Explore hundreds of pieces of fan art and interactive features at Wanderlust Wine Co. on March 8-9.
Barbie Birthday Cake Mochi
- Enjoy free mochi ice cream at the SX Registrant booth from March 7 to 12.
Artisan Mercado@SXSW
- Discover local artisans and their wares at 419 Congress Ave. on March 7..

Music and Entertainment

Rolling Stone’s Future of Music Showcase
- Catch live music performances at ACL Live from March 11 to 14.

Taiwan Beats Day Party
- Enjoy Taiwanese hip-hop performances and cuisine at Seven on East 7th Street.
Something To Feel X SXSW Rnb Party
- Dance the night away at 612 W 4th St on March 7.

Networking and Community Events

K-Content Night 2025 @ SXSW
- Enjoy free dinner and drinks at Parlor & Yard on March 8.
SXSW Creator & Publisher Happy Hour
- Network with industry leaders at Chisos Boot Company on March 8.

How to Find More Free Events

SXSW Official Schedule: Use the SXSW website to filter for free events.
Eventbrite: Browse listings for unofficial SXSW events, many of which are free or low-cost.

Business

A New Approach to Family Planning in Houston

Published

3 weeks ago

February 18, 2025

Bolanle Media Staff

Houston families are increasingly turning to pre-planning funerals, a trend that reflects a growing awareness of the benefits of advance preparation. This shift is driven by several key factors that are reshaping how Houstonians approach end-of-life planning.

Financial Considerations

Pre-planning offers significant financial advantages. The median cost of a funeral with viewing and burial in 2023 was $8,300 nationally, while a funeral with cremation cost $6,280. By pre-planning, Houston families can lock in current prices, potentially saving thousands of dollars. In Texas, the funeral industry is expected to grow to $1.4 billion by 2025, indicating rising costs that make early planning even more crucial.

Emotional Benefits

Pre-planning alleviates the emotional burden on families during a difficult time. A survey revealed that 63% of policy owners have recommended pre-arranging to others or plan to do so, highlighting the peace of mind it brings. By making decisions in advance, families can focus on celebrating their loved one’s life rather than struggling with last-minute arrangements.

Customization and Choice

Houston’s diverse community brings unique perspectives to legacy planning. Pre-planning allows individuals to tailor their final arrangements to their personal preferences, cultural traditions, and religious beliefs. This customization ensures that one’s final wishes are honored and can include choices about burial, cremation, or even emerging options like green funerals, which 68% of people expressed interest in exploring.

Industry Trends in Houston

Houston is at the forefront of funeral industry innovation, particularly in the natural burial movement. The city’s funeral homes are adapting to changing consumer preferences, with 52% of people nationally having attended a funeral at a non-traditional location. This trend is likely to continue, with Houston funeral homes offering more diverse and personalized services.

Steps to Pre-Plan

Reflect on personal preferences for service type, burial or cremation, and cultural customs.
Discuss plans with family members to ensure understanding and agreement.
Research local funeral providers, considering reputation and pricing.
Prepare necessary documents, including advance directives.
Make arrangements with a chosen funeral home, selecting specific details of the service.

By taking these steps, Houston families can ensure their legacies are preserved while reducing the emotional and financial stress on their loved ones. As the funeral industry in Texas continues to grow, with 1,738 funeral homes employing 8,650 people statewide2, pre-planning emerges as a wise decision for those looking to secure peace of mind for themselves and their families.