The gist of the plan is to get out of the way while the Fed raises interest rates to bolster the purchasing power of the dollar while supporting damaged supply chains to make sure that demand for goods doesnt outpace their supply.
The plan also talks about bringing down demand by continuing to reduce the federal deficit, which is projected to fall by $1.7 trillion this year, something the White House is happy to show off as a win.
The goal for both Biden and the Fed is a soft landing meaning a drop in prices for American consumers without a drop in overall economic growth. Whether or not they can thread this needle, Biden is emphasizing aspects of the recovery from the pandemic that further his economic agenda. Here are five takeaways from his plan.
The House Ethics Committee is investigating the timing of three GOP lawmakers' stock trade reporting
The allegations: According to Office of Congressional Ethics reports released Tuesday by the House Ethics Committee, there was substantial reason to believe both Rutherford and Fallon had failed to file timely reports for transactions in violation of federal law and House rules.
The OCE said Rutherford had disclosed 157 late transactions valued between $652,000 and $3.5 million between his swearing-in in January 2017 and December 2021. In 2021, Fallon failed to timely disclose 122 transactions valued between $9 million and $21 million, according to OCE.
The OCE, an independent legislative body that pursues investigations against House members, recommended both Rutherford and Fallon be subpoenaed because they had declined to provide certain requested information to the OCE.
Read more: https://www.politico.com/minutes/congress/05-30-2022/trading-woes/
I ran for president because I was tired of the so-called trickle-down economy. We now have a chance to build on a historic recovery with an economy that works for working families, Biden wrote. The most important thing we can do now to transition from rapid recovery to stable, steady growth is to bring inflation down.
The White Houses messaging push comes as Bidens job approval rating among registered voters rests at roughly 42 percent, according to a recent POLITICO/Morning Consult poll, with large numbers of Americans frustrated by a record spike in inflation over the past year.
In response, Bidens Journal op-ed marked the beginning of a monthlong economic campaign to try to communicate on our accomplishments to date on the economy, according to a White House official.
Read more: https://www.politico.com/news/2022/05/31/biden-inflation-op-ed-00035951
The proposals include a state-level version of the John Lewis Voting Rights Act, a bill named after the late congressman and civil rights leader that has stalled on the national level.
Democrats in Congress and President Joe Biden have struggled to enact any major voting changes nationwide, making state governments a more friendly environment for doing so given the control the party has in both chambers in New York.
The bill, backed by state Sen. Zellnor Myrie, would create "rights of actions" for denying or limiting the right of a protected class to vote and provide assistance to language minority groups.
A court-ordered redrawing of New Yorks congressional district lines had combined the East and West Sides of Manhattan into a single district for the first time since World War II, putting Mr. Nadler and Representative Carolyn Maloney, a longtime colleague, on a potentially disastrous collision course in the Aug. 23 Democratic primary.
Attempts to broker a peace settlement were made, but Mr. Nadler, over a chilled Diet Coke, acknowledged that they were somewhat halfhearted.
He recalled telling Ms. Maloney in a private conversation on the House floor in Washington a few days earlier that he would win, suggesting she run for a neighboring seat.
She said basically the opposite, and so it was an impasse, Mr. Nadler said, and we left it at that."
I saw Nadler in December at the NYS Democratic Committee Holiday Party. He didn't look healthy. Perhaps he should consider retirement.
The national average for regular gasoline rose to a fresh record of $4.62 a gallon on Monday, according to AAA. Thats up by a penny from Sunday and 44 cents more expensive than a month ago.
Gas prices are up sharply from last Memorial Day, when they averaged $3.05 a gallon, according to AAA.
Seven states are now averaging $5-a-gallon gas, with the latest being Illinois (rounded up from $4.996). New York and Arizona are just pennies away from hitting that milestone. And there are no states where gas prices average less than $4.10 a gallon.
Read more: https://www.cnn.com/2022/05/30/business/gas-prices-memorial-day/index.html
Source: Columbus Dispatch
Around 10 p.m. on Sunday evening, Patrol officers responded to gunshots at the northwest corner of the Ohio Statehouse and located a male victim suffering from an apparent gunshot wound, Sgt. Brice Nihiser, spokesperson for the Patrol, said.
Responding officers attempted to perform life-saving measures on the victim, but the victim died shortly after, Nihiser said. The victim has not been identified at this time.
The incident is not related to any official Statehouse business, Nihiser said. The Patrol is in charge of providing security services for the Ohio Statehouse.
Read more: https://www.dispatch.com/story/news/2022/05/30/one-killed-ohio-statehouse-shooting/9992480002/
Driving the news: Garland, who is a Harvard alumnus, pointed to efforts to undermine the right to vote, violence against particular groups of people, the Jan. 6 attack on the U.S. Capitol and the Russian invasion of Ukraine abroad as the "many ways in which democracy is under threat."
Garland also urged the students, members of the 2020 and 2021 graduating classes, to devote some part of their lives to public service.
"There is one particular reason that makes my call to public service especially urgent for your generation," he said. "It is an urgency that should move each of you, regardless of the career you choose. It is the urgent need to defend democracy."
Read more: https://www.axios.com/2022/05/29/merrick-garland-democracy-harvard
nb: this was a "do-over" Commencement speech; Harvard brought back the classes of 2020 and 2021 who didn't get to have a live Commencement ceremony.
New Zealand Prime Minister Jacinda Ardern, who successfully oversaw the implementation of gun control measures in her own country, will meet with President Biden on Tuesday at the White House to discuss a range of issues, including countering "radicalization to violence both off and online."
Why it matters: This is the first time a New Zealand leader has visited the White House since 2014, with Biden and Ardern slated to discuss their bilateral relationship, their shared vision for the Indo-Pacific region, and the climate crisis, according to a statement from White House press secretary Karine Jean-Pierre.
They will also discuss the need for "countering terrorism and radicalization to violence both off and online," Jean-Pierre said.
Read more: https://www.axios.com/2022/05/29/ardern-biden-meet
This was the core message in her commencement speech at Harvard last week.
For once, Labour could claim to have won the battle of ideas. But at a stroke, Mr. Johnson had co-opted the partys marquee policy and claimed the credit.
This might have been a moment of opportunity for Labour. Mr. Johnsons leadership has been in jeopardy because of a scandal over illicit lockdown-busting parties in Downing Street missteps highlighted by a civil servants report last week that said senior leadership must bear responsibility for the failure to follow the rules.
But some political analysts think Labour should focus less on the partygate scandal and more on outlining a clear agenda to British voters, who face rising inflation and a possible recession.
Now out of power for 12 years, Labour has lost the last four general elections, including a thrashing in 2019 when Jeremy Corbyn, a left-winger and the partys leader at the time, was crushed by Mr. Johnsons Conservatives.
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