BLOG LAUGH OF THE DAY - McAULIFFE TOUTS 'DEM ECONOMY AS IT HEADS TO DEPRESSION FOR ALL EXCEPT RICH DEM DONORS!

 

McAuliffe Touts ‘Dem Leadership’ on Economy as Supply Chain Crisis Hits Northern Virginia

DUMFRIES, VIRGINIA - OCTOBER 21: Former Virginia Gov. Terry McAuliffe welcomes U.S. VIce President Kamala Harris to the stafe during a campaign event on October 21, 2021 in Dumfries, Virginia. The Virginia gubernatorial election, pitting McAuliffe against Republican candidate Glenn Youngkin, is November 2. (Photo by Win McNamee/Getty Images)

Collin Anderson • October 22, 2021 3:50 pm

SHARE

DUMFRIES, Va.—As Virginia Democratic gubernatorial nominee Terry McAuliffe rallied with Vice President Kamala Harris to tout "Democratic leadership" on the economy, businesses outside of the Northern Virginia venue struggled to deal with "unprecedented" labor and supply chain issues.

At his Thursday evening rally in Dumfries, McAuliffe spoke of "new high-paying jobs" and "reduced unemployment" in the state, adding, "That's what you get with good Democratic leadership." Throughout the surrounding area, however, businesses bore the impact of the Biden administration's ongoing supply chain crisis and crippling labor shortage.

In a nearby Waffle House—a late-night Southern restaurant chain known for remaining open during extreme events—both a sign at the door and an updated menu apologized for reduced seating capacity and limited service hours, citing "unprecedented staffing and supply chain challenges." 

A sign outside the town's local Aldi, meanwhile, informed customers that due to "shipping delays," some advertised items may not be in stock. "We're hiring" and "help wanted" signs also lined restaurants and stores throughout Dumfries—according to one local service industry worker, eateries in the area are "real short-staffed," leading to inconsistent hours.

The Biden administration's economic stumbles complicate McAuliffe's bid for a second term as governor. According to a Thursday CNBC poll, just 40 percent approve of President Joe Biden's handling of the economy, while 54 percent disapprove. In addition, 46 percent say the economy will get worse in the next year, the "most in the 13-year history of the poll." While McAuliffe has Acknowledged Biden is "unpopular" in Virginia and could cause "headwinds" for his campaign, the president is set to return to the state for a McAuliffe rally one week before the election. McAuliffe's bet on Biden and Harris to put him over the edge may backfire—45 percent of Virginia voters cite "jobs and the economy" as a top issue in the election, a Tuesday Monmouth University Poll shows. That number is up from 39 percent in September. 

Virginia's economy has struggled to bounce back from the coronavirus pandemic. In September, the state ranked 41st in the country in job recovery, having recovered just 66 percent of its lost jobs, Labor Department data show.

"I've been to restaurants where they have a notice sign on the door saying, ‘We are closed at this time due to shortage of staff,'" a Northern Virginia voter told the Washington Free Beacon. "I have friends who work at the grocery store who are saying that they're unable to fill the shelves—this is in Virginia—because they're not getting products in."

Neither the White House nor the McAuliffe campaign returned requests for comment.

Harris avoided addressing the economy during her Thursday night speech, which largely centered on abortion rights—she said "the right that every woman in America has to make decisions about her own body" is "what matters" in the race. According to the latest Monmouth poll, however, just 10 percent of Virginia voters identify abortion as their number-one issue, compared to 27 percent who cite the economy.

Harris also conceded that McAuliffe is embroiled in a "tight" race against Republican opponent Glenn Youngkin. Two October Polls show the Democrat is in a statistical tie with Youngkin. Biden won the state by double digits in 2020.

Not long after attendees filtered out of the rally, Biden took to the stage roughly 75 miles away in Baltimore to participate in a CNN town hall. The president acknowledged that some economic deficiencies will linger into 2022, an admission that is unlikely to ease Democrats' concerns as they look to avoid a high-profile loss in Virginia.

"I don't see anything that's going to significantly reduce gas prices right now," Biden told Anderson Cooper. "My guess is you'll start to see gas prices come down as we get … into next year in 2022."

McAuliffe and Youngkin will face off at the polls on Nov. 2.

Matthew Foldi contributed to this report.

Maher: ‘I Don’t See Good Things Economically on the Horizon’ – We Have a Massive Deficit

IAN HANCHETT

22 Oct 20210

0:54

On Friday’s broadcast of HBO’s “Real Time,” host Bill Maher said he doesn’t “see good things economically on the horizon” and this is partially due to the large budget deficit the United States has.

Maher said that he does think people will return to work, adding, “I don’t think we can continue on the path we’re on where the stock market keeps going up, do you? Do you see good things in our economic future with what’s going on with our politics and with our deficit? I read today, just — it was like something like 2.7 trillion, we never had one this high, except for last year. I don’t see good things economically on the horizon. Maybe that’s my pessimism.”

Follow Ian Hanchett on Twitter @IanHanchett

US Budget Deficit Hits $2.77 trillion in 2021, 2nd Largest Ever

The Associated Press

AP

22 Oct 20210

WASHINGTON (AP) — The U.S. budget deficit totaled $2.77 trillion for 2021, the second highest on record but an improvement from the all-time high of $3.13 trillion reached in 2020. The deficits in both years reflect trillions of dollars in government spending to counteract the devastating effects of a global pandemic.

The Biden administration said Friday that the 2021 deficit, for the budget year that ended Sept. 30 was $360 billion lower than 2020 as a recovering economy boosted revenues, helping to offset government spending from pandemic relief efforts.

Before the deficit ballooned during two years of a global pandemic, the highest the biggest deficit had been a shortfall of $1.4 trillion in 2009 as the U.S. spent heavily to lift the country out of a severe recession following the 2008 financial crisis.

For 2021, the joint report from Treasury and the Office of Management and Budget said that government spending increased 4.1% to $6.82 trillion. This was offset by an increase of 18.3% in government revenues, a gain that reflected an improving economy as millions of people who had lost jobs at the start of the pandemic went back to work and corporate profits were rejuvenated after a horrendous 2020.

“Under President Biden’s leadership, the U.S. economy is getting back on track and Americans are getting back to work,” Treasury Secretary Janet Yellen and Shalanda Young, acting director of the Office of Management and Budget, said in a joint statement.

The non-partisan Congressional Budget Office expects the deficit will fall to $1.15 trillion in the current budget year, which began Oct. 1, and will dip below $1 trillion for three years from 2023 through 2025 before rising again above $1 trillion for each year through 2031.

That forecast does not include the spending that will occur if Biden is able to get two pending measures through Congress, a $1 trillion proposal for traditional infrastructure projects such as roads and bridges and his plan to bolster the social safety net and combat climate change.

The safety net measure has a price tag of $3.5 trillion but is expected to be scaled back to around $2 trillion to meet the objections of moderate Democrats such as Sen. Joe Manchin of West Virginia.

As a percentage of the overall economy, as measured by the gross domestic product, the 2021 deficit represents 12.4% of GDP, down from the 2020 deficit, which was 15% of GDP.

In their comments Yellen and Young credited Biden’s economic policies for contributing to a lower deficit, including Biden’s “swift action to mount a historic vaccination effort” and his success in getting Congress to approve $1.9 trillion in extra spending in the stimulus bill passed in March.

“While the nation’s economic recovery is stronger than those of other wealthy nations, it is still fragile,” Yellen said. “In order to build upon the progress that has been made … Congress should pass President Biden’s Build Back Better plan.”

Biden: ‘I Don’t Have a Near-Term Answer’ on Gas Prices, They’ll Start Decreasing ‘Into Next Year’

IAN HANCHETT

21 Oct 20210

1:58

During a town hall on CNN on Thursday, President Joe Biden predicted that gas prices will start to come down “into next year, in 2022. I don’t see anything that’s going to happen in the meantime that’s going to significantly reduce gas prices.” And stated, “I don’t have a near-term answer” on the issue and the possibility of bringing prices down depends “a little bit on Saudi Arabia and a few other things that are in the offing.”

Biden said, “Gas prices relate to a foreign policy initiative that is about something that goes beyond the cost of gas. We’re about $3.30 a gallon most places now, when it was up from — when it was down in the single digits — I mean, a dollar-plus. And that’s because of the supply being withheld by OPEC, and so, there’s a lot of negotiation that is — there’s a lot of Middle Eastern folks who want to talk to me. I’m not sure I’m going to talk to them. But the point is, it’s about gas production. There’s things we can do in the meantime, though.”

Host Anderson Cooper then asked, “Do you have a timeline for gas prices of when you think they may start coming down?”

Biden responded, “My guess is, you’ll start to see gas prices come down as we get by — and going into the winter — I mean, excuse me, into next year, in 2022. I don’t see anything that’s going to happen in the meantime that’s going to significantly reduce gas prices.”

He later added, “I must tell you, I don’t have a near-term answer.” He continued that tapping the Strategic Petroleum Reserve would only result in a marginal reduction in prices, and “there’s a possibility to be able to bring it down, depends on — a little bit on Saudi Arabia and a few other things that are in the offing.”

Follow Ian Hanchett on Twitter @IanHanchett

Fact Check: Biden Claims He Brought Country Back from Brink of Financial Collapse

AP Photo/Evan Vucci

JOHN CARNEY

21 Oct 20210

1:24

CLAIM: “Under my Administration, we’ve gone from the brink of financial collapse to historic job growth. We have a lot of work to do still – but this is progress,” President Joe Biden tweeted Thursday.

Verdict: False.

Jobless claims remain well above their expected long-term average of 270,000 and never once during Biden’s administration did they fall below 300,000 prior to this month. Total employment remains below its prepandemic level and the prime-age employment to population ratio is still depressed.

The economy was not on the brink of financial collapse when Biden took office. Real Gross Domestic Product grew at an annualized rate of 33.4 percent in the third quarter of 2020 as the economy rebounded from the brief but sharp recession that straddled the first and second quarters. It grew at a 4.3 percent in the fourth quarter. In the first quarter of this year,  the economy grew at a 6.4 percent rate. In the second quarter, the economy grew 6.6 percent. It has since slowed dramatically, with the Conference Board estimating an annual rate of 3.5 percent.

The country was on the brink of a financial collapse in 2020 but it was pulled back from that brink while Donald Trump was still president.