Business

Why ‘Bidenomics’ is falling flat with voters on December 28, 2023 at 12:25 pm Business News | The Hill

Published

2 years ago

December 28, 2023

President Biden’s attempt to sell Americans on his role in post-pandemic economic recovery has fallen flat, even as the U.S. economy defies the odds and expectations of experts.

Despite widespread fears at the beginning of the year that a recession was on the way, the U.S. economy is on track to finish 2023 with low unemployment, steady economic growth and significantly slower inflation.

These remarkable topline numbers, however, have done little to help Biden’s standing with voters or their views on the economy.

“You don’t expect sentiment and economic fundamentals to always track perfectly, but they are really, really off,” said Matt Darling, senior employment policy analyst at the Niskanen Center, a nonprofit think tank.

Biden’s approval rating has fallen to a record low of 34 percent, according to Monmouth University poll released last week, with nearly 70 percent of respondents disapproving of his handling of inflation. More than half of respondents disapproved of Biden’s record on jobs, even as he presides over a historically strong labor market.

The November unemployment rate of 3.7 percent is just 0.2 percentage points above its pre-pandemic level, which marked a five-decade-low in joblessness. The annual inflation rate also plunged last month to 3.1 percent from a high of 9.1 percent in June 2022, according to the Labor Department’s consumer price index (CPI).

U.S. gross domestic product (GDP) is on track to rise at nearly pre-pandemic levels, far faster than the minimal or even negative growth projected by scores of economists. And the economy posted these strong topline numbers in the face of rapid Federal Reserve rate hikes, which bank officials admitted could tank the economy into a recession.

Biden and his allies have kept the economy front and center in the president’s reelection campaign, which will likely end with a rematch against former President Trump, the frontrunner for the GOP nomination. Biden currently trails Trump by 2 percentage points, according to The Hill/Decision Desk HQ poll tracker.

The Biden administration and campaign have tried to reverse the trend by touting the benefits of “Bidenomics” — a loosely defined phrase focused on the president’s enactment of trillions of dollars in stimulus and economic relief, and how those packages have benefited the economy.

“When President Biden took office, he inherited an economy from Donald Trump that was rigged for the ultra-rich and left in shambles. But thanks to President Biden’s leadership, the U.S. economy has consistently defied expectations, with millions of jobs created, inflation at its lowest level in more than two years, and costs coming down for the American people,” said campaign spokesman Kevin Munoz last week after another strong inflation report.

They have also largely waived off criticism of the president’s economic record, accusing Republicans and the media of drumming up discontent for self-serving reasons.

In brief Saturday remarks, Biden expressed confidence in the economy while ripping reporters for how they’ve covered it.

“All good. Take a look. Start reporting it the right way,” Biden said when asked about his economic outlook for 2024, according to a transcript released Sunday by the White House.

But experts warn that touting strong economic data in the face of growing frustration with the economy risks backfiring on Biden and deepening the backlash.

“People’s individual experiences in the economy should not be considered incorrect just because they’re at odds with macroeconomic statistics,” said Kathryn Ann Edwards, an independent economic policy consultant.

“The economy is doing well, and people don’t feel like they’re doing well. Well, put a name to that: It’s being left behind and it’s being told over and over again ‘You’re being left behind.’”

Most economic experts pin much of the frustration on the stubbornness of high inflation. While inflation has eased, it is still well above the Fed’s 2 percent annual target. Many Americans have also been feeling the frustration of rising prices for years.

The steep spike in food and energy prices, much of which driven by the war in Ukraine, also put a serious burden on lower-income households that spend nearly all income on essential goods.

“People can understand over time that houses go up in value, cars go up in value,” said Gordon Gray, vice president for economic policy at the American Action Forum, a right-leaning research nonprofit.

“But at the end of the day, with eggs and gasoline, people kind of want to pay what they have always paid — or at least close to it.”

The pandemic also deepened the decade-long housing affordability crisis in the U.S. as construction screeched to a halt and federal stimulus fueled a homebuying frenzy. After months of record home price and rent growth, Fed rate hikes jacked mortgage rates up above 7 percent for the first time since before the 2007-08 recession.

“Inflation allows a lot of people to name frustrations that come from a lot of sources. And we’ve known for a while that there are there are lots of people who have almost no financial cushion,” Edwards said.

While Biden and his allies acknowledge the toll of high inflation, they are quick to note how much higher prices rose in other countries with even weaker economies. Wages also grew rapidly for most of Biden’s time in office, particularly for workers in lower-paying industries and those his hard by the pandemic.

“There are some industries we’re seeing very big wage increases, both because of how tight the labor market got and how employers needed to compensate workers for jobs that became relatively unattractive and were less flexible,” said Julia Pollak, chief economist at ZipRecruiter.

While millions of workers may have ended up with higher wages relative to before the pandemic, Pollak said the legacy of its disruption may be shaping feelings about the economy.

“We’ve just had this massive whiplash reversal, so everyone has experienced good times and bad times since the start of the pandemic,” Pollak said. “When you have a situation where everyone has experienced bad times, everyone is feeling grumpy and angry at somebody.”

Some Americans lost jobs they loved or businesses they ran, only to find less-fulfilling sources of income down the road. Many struggling families experienced financial security for their first time in their lives as a raft of federal rescue programs kept them afloat, but left them drowning when aid expired. Nearly every industry was reshaped by the pandemic — for better or worse — and amid new complications created by COVID-19.

“This is the best we could ever expect the U.S. labor market to do and there are so many things it is not doing,” Edwards said.

“It is not creating sick days for every American worker. It is not creating paid leave for every American worker. It is not regulating or improving the shifts of people in retail and service sector work. It is not helping people who have a felony conviction get a job.”

Biden could struggle to sell voters on the economy as the scars of COVID-19 linger for millions of Americans, but there are early signs that 2024 could make that pitch easier.

Fed officials expect to make a series of interest rate cuts next year that will ease pressure on the economy and could boost spending. Several surveys of consumer sentiment rebounded in December as the Dow Jones Industrial Average hit new records and gas prices dipped below $3 per gallon in some places shortly before Christmas. And a wave of new rental housing should lower rents across the U.S., giving relief to cash-strapped families seeking affordable homes.

“We have more work to do, but we’re on the right path and making progress executing President Biden’s agenda, a sharp contrast with Congressional Republicans’ plans to cut taxes for the wealthy and big corporations while raising health care and prescription drug costs for hardworking American families,” said Jared Bernstein, chairman of the White House Council of Economic Advisers (CEA), in a statement.

Some experts remain skeptical that Biden can turn the economy into a selling point after years of high inflation, even if the U.S. can bring inflation down without hitting a full recession.

“They’ll have to focus on other things that contrast with the former president, because a legacy of inflation is on unpopular irreducibly, and they’re gonna swim uphill on that and pointing to aggregate statistics can’t wish that away,” Gray said.

But as Biden looks for an edge on Trump, Pollak argued he could use his rival as inspiration.

“Trump was always talking up the economy and for better or worse that changed people’s perceptions of that labor market,” she said. “Politics is the art of claiming credit and avoiding blame. I think Trump on the economy did that better.”

Business, Administration, News President Biden’s attempt to sell Americans on his role in post-pandemic economic recovery has fallen flat, even as the U.S. economy defies the odds and expectations of experts. Despite widespread fears at the beginning of the year that a recession was on the way, the U.S. economy is on track to finish 2023 with low…

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.