Business

The Memo: Could a Trump holdover save the Biden presidency? on December 15, 2023 at 10:30 am Business News | The Hill

Published

2 years ago

December 15, 2023

A key holdover from the Trump presidency could give President Biden a huge boost as he seeks reelection.

Federal Reserve Chair Jerome Powell looks to be on the cusp of pulling off a “soft landing” of the economy, after inflation roared to a four-decade high last year.

The Fed’s series of interest rate increases, which began in March 2022, have helped pull inflation down to just 3.1 percent from a high of 9.1 percent. But they have done so without throwing the economy into recession — at least so far.

Powell cautioned on Wednesday that it was “far too early to declare victory” in the battle against inflation. The annualized inflation rate is still higher than the Fed’s target of 2 percent.

But the Fed’s projections now assume three interest rate cuts in 2024. Powell himself told a news conference that the central bank was keenly aware of the risk that “we would hang on too long” without lowering rates.

Those comments came as the Fed held interest rates steady — a decision that helped propel the Dow Jones Industrial Average to its first ever close above 37,000.

Rate cuts next year would make homes more affordable, ease the purchase of other big-ticket items like cars, and make credit card debt less burdensome — all factors that could boost public sentiment on the economy and help the president.

So far, a strong jobs record for Biden has not been enough to overcome public pain about rising prices. An Economist/YouGov poll released Wednesday showed just 39 percent of Americans approve of Biden’s performance on the economy while 52 percent disapproved.

Democrats and Republicans fell along predictable lines on that question, but independent voters broke almost 2-to-1 against Biden on the economy, with 57 percent disapproving and just 30 percent approving.

Those numbers are a heavy millstone around the president’s chances of winning a second term.

But a soft landing could change everything.

Such a scenario “would be a very good thing for the president,” said Mark Zandi, chief economist of Moody’s Analytics. “Markets will be up, mortgage rates will be down, housing affordability will improve. So it is all good news.”

Zandi emphasized this outcome was not guaranteed but that if it happened, “it should help the president make the case that the economy is in a good spot.”

Other observers who are broadly sympathetic to Biden argue that Americans could finally be about to shift from their feelings of malaise about the economy and embrace a more optimistic attitude.

“A year ago economists thought there was a 100 percent chance of a recession and now the Fed is signaling we are going to have three rate cuts, possibly next year, and that’s on the back of a strong GDP report and strong employment numbers,” said Brendan Duke, the senior director for economic policy at the liberal Center for American Progress.

“When it comes to how Americans feel about the economy, these rate cuts have been sort of the missing piece,” Duke added. “They are going to unlock a rising stock market and lower mortgage rates.”

Conservative-leaning experts, however, see the situation quite differently.

EJ Antoni, public finance economist with the conservative Heritage Foundation, contended that Biden’s broad economic record was “poor” at best and that there was little chance that the Fed could pull off a genuine soft landing.

Instead, Antoni argued that rate cuts next year would likely be premature and risk a rerun of the grim economic conditions of the late 1970s and early 1980s when inflation was rampant and persistent.

“There is really no way for the Fed to engineer a soft landing,” Antoni said. “They’ve never done it before, and they are not going to do it this time either.”

Antoni’s argument, at its core, is that the prudent economic course would be to leave rates elevated for some time to come but that “it doesn’t seem like Powell and company have the political will to continue on the current track when we are going into an election year.”

The Fed is ostensibly independent but Antoni argued that the idea that it was immune from political pressures was unrealistic.

“We need to put to rest this idea that the Fed is politically independent when they have demonstrated again and again that is not the case,” he said.

Beyond any disputes about the Fed’s motivations, though, there are also some who question whether a “soft landing” would really save Biden.

David Winston, a veteran GOP pollster, argued that Biden’s team is fundamentally misreading how public perceptions of the economy are formed.

The inflation rate may have been cut down to one-third of its peak, he argued, but that doesn’t change the fact that prices are continuing to rise.

The central point, Winston contended, is “the way people are feeling as they walk into a grocery store and see prices are continuing to go up. The argument the president is using — ‘Yes, but more slowly’ isn’t all that persuasive.”

Winston noted that even rate cuts next year would leave those rates “lower than their peak but still higher than they have been until a few years ago.”

This, he added, was likely to lead the electorate restless and dissatisfied with the president.

More Biden-sympathic observers, like Duke, don’t see it that way.

The current optimism, he said, is a sign “that the COVID economy is over.”

If that perception takes root, it could yet propel Biden out of the polling doldrums and toward a second term.

And he’ll have Jerome Powell to thank.

The Memo is a reported column by Niall Stanage.

Business, Administration, Campaign, News A key holdover from the Trump presidency could give President Biden a huge boost as he seeks reelection. Federal Reserve Chair Jerome Powell looks to be on the cusp of pulling off a “soft landing” of the economy, after inflation roared to a four-decade high last year. The Fed’s series of interest rate increases, which…

Business

How Trump’s Tariffs Could Hit American Wallets

Published

2 days ago

July 11, 2025

Bolanle Media Staff

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

Published

4 days ago

July 9, 2025

Bolanle Media Staff

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

Published

4 days ago

July 9, 2025

Bolanle Media Staff

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.