Connect with us

News

Biden Asks CEOs How To Further Boost The Economy While Trump Says Business Is On His Side

Published

on

President Biden
biden AP News Image

Washington — On the campaign road, President Joe Biden likes to take a firm stance against corporate America.

The Democrat urges people that companies should pay more taxes, and he criticizes many businesses for driving up prices by inciting “greedflation” and “shrinkflation.”

However, during the past several months, top Biden administration officials have increased their outreach to CEOs and other corporate leaders, inquiring about their needs. Former President Donald Trump, the likely Republican nominee, believes the business community to be his home turf.

Both candidates want to message voters heading into November that they can work with employers, even if the deeply divided electorate has made many businesses hesitant of overtly picking sides politically.

The Biden team’s pitch to business executives goes like this: We believe the economy is doing well, but we’d like to hear from you about how we might encourage investment.

biden

Biden | AP News Image

Biden Asks CEOs How To Further Boost The Economy While Trump Says Business Is On His Side

“They know that they will always be heard,” said Lael Brainard, director of the White House National Economic Council. “We are pragmatic. “We solve problems for them.”

On Thursday, Trump will make his case to the Business Roundtable, an organization of more than 200 CEOs, about why the economy would benefit if he returned to the presidency.

Biden was also invited to appear, but he will be in Italy for a Group of Seven conference of world leaders. White House chief of staff Jeff Zients, a former CEO, will present the president’s vision to the group.

Biden has consistently worked to strike a balance between business and labor interests. He mitigates his criticism of corporations by noting that, as a former senator from Delaware, he hails from the “corporate capital of the world.”

Trump, for his part, has built his reputation as a millionaire property developer by marketing everything from educational courses to steaks and neckties. He also has his eponymous Trump Media & Technology Group listed on the stock market.

Trump, who lowered corporate taxes throughout his reign and promised to reduce regulations, has gathered backing from Wall Street billionaires such as Stephen Schwarzman, who described him as a “vote for change.”

The Washington Post reported that Trump had encouraged oil business executives to assist in funding his campaign in exchange for the profits his administration would generate for them, a claim that the Trump campaign denied.

Despite this year’s growing stock market and low 4% unemployment rate, Trump has branded the US economy as “horrible.” His message resonates with voters because of the 2022 inflation rise, which has left many Americans gloomy about the economy.

Trump campaign spokeswoman Karoline Leavitt stated that “business leaders and working families alike are eager for the return of these common-sense policies” such as tax reduction, deregulation, and greater oil and natural gas production.

During their business outreach, Biden’s top advisers heard a different economic perspective than what Trump is proposing. According to administration officials, the CEOs they’ve spoken with are largely pleased with the performance of the stock market and the overall economy, as inflation has dropped without the recession that some had predicted.

According to the Biden team, American business leaders are seeking strategies to prolong growth. There aren’t enough skilled workers to fill the offered positions. Government permitting should be expedited. They also generally support the administration’s push to prolong a business tax benefit for R&D costs.

biden

Biden | AP News Image

Biden Asks CEOs How To Further Boost The Economy While Trump Says Business Is On His Side

According to many Biden administration officials, corporate leaders have raised concerns about Trump, despite the fact that the White House-CEO discussions have not expressly addressed the November election. Trump’s tariff increases risk disrupting trade partnerships and harming company profitability. Stocks and bonds might plummet if Trump attempts to seize control of politically independent bodies like the Federal Reserve or undermines the rule of law, which has long been a pillar of American capitalism.

Biden’s staff extended its outreach at the request of Zients. The chief of staff invited six other top officials to a February dinner with the purpose of developing a plan to communicate more with CEOs and their predecessors.

Each official pledged to speak to ten CEOs. By the end of April, the group had spoken with over 100 people. In May, Biden met with eight CEOs, including those of United Airlines, Marriott, Xerox, Corning, and Citigroup, as a result of his outreach.

Deputy Treasury Secretary Wally Adeyemo said he left the discussions with a better understanding of how issues overlapped. Renewable energy measures implemented by the administration, for example, were critical in the development of artificial intelligence data centers.

Adeyemo stated that the government has had some progress in decreasing the federal paperwork required for permitting, resulting in shorter processing periods that could otherwise take two years. And, with certain employment initiatives losing funds linked to pandemic-era federal aid, the administration is examining if businesses can take over the financing.

The administration makes a big-picture argument that its plans are better for overall growth, which in turn is good for profits.

“One of the things we don’t do is pretend we’re going to agree with the business community on everything,” Adeyemo stated. “We want feedback and we’re going to continue to talk to you.”

According to those familiar with the discussions at the Biden meeting, Brendan Bechtel, CEO of the Bechtel Group, a major construction company, emphasized the shortage of trained labor. Because corporations cannot hire everyone they require, some are forced to forego business in ways that reduce their revenues.

biden

Biden | AP News Image

Biden Asks CEOs How To Further Boost The Economy While Trump Says Business Is On His Side

According to Labor Department estimates, there are currently 1.5 million more job vacancies than unemployed persons looking for work. And, as job positions have gone unfilled over the last year due to a labor shortage, employers have reduced their postings. Manufacturing companies, for example, have 516,000 unfilled positions, compared to 647,000 a year ago.

The shortfall is a result of both a strong employment market and decades of education systems that promoted universities while sometimes overlooking the need for tradesmen like electricians, plumbers, and welders. The ratio of males aged 25 to 54 in the work force has been declining for decades, and reversing that trend might bring millions back into the labor force.

“In the U.S., we got into a college-for-all mentality and other forms of skill development were demoted,” said Harry Holzer, a Georgetown University economist.

Commerce Secretary Gina Raimondo has made it a mission to bring more women into construction, and the success of her department’s funding efforts to resuscitate domestic computer chip production may be dependent on a huge pool of qualified workers. She stated that fixing the problem will require better collaboration with the employing industry.

“You need to start with the employers — which might sound not intuitive,” Raimondo stated. “You go to the company and figure out who they’re going to hire at what wages and what skills.”

Raimondo saw the problem from an economic standpoint, since companies would experience slower growth if they lacked skilled people. However, she also sees it as a cultural and political issue. One of Biden’s promises as he pursues a second term is that voters should feel positive about their chances of entering the middle class.

“People start to lose hope when they feel there is no place for them in the economy,” Raimondo stated.

SOURCE – (AP)

News

Howard Schultz Violated Labor Law By Telling Employee ‘If You’re Not Happy At Starbucks, You Can Go Work For Another Company’

Published

on

starbucks Schultz

Starbucks’ interim CEO, Howard Schultz, violated federal labor law in 2022 by telling a California barista who expressed concerns about unionization that “if you’re not happy at Starbucks, you can go work for another company.”

The National Labor Relations Board ruled on Wednesday that Schultz’s statement constituted an unconstitutional, coercive threat.

The decision highlights Starbucks’ difficult relationship with organized labor, as more and more employees at its outlets unionize.

Howard Schultz Violated Labor Law By Telling Employee ‘If You’re Not Happy At Starbucks, You Can Go Work For Another Company’

In 2022, as interim CEO, Schultz visited a business event in Long Beach, California, to address and improve working conditions at Starbucks locations. According to the NLRB, Barista Madison Hall attempted to discuss the benefits of unionization as well as Starbucks’ claimed history of unfair labor practices.

“Why are you angry at Starbucks?” Schultz inquired. He stated that the occasion was not the appropriate forum for discussing union problems before remarking on working elsewhere. The administrative law decision states that he “had an angry expression on his face.” The NLRB ruling maintains an administrative law judge’s decision from October 2023.

Starbucks issued a statement expressing its disagreement with the board’s decision. “Our focus remains on training and supporting our managers to ensure respect for our partners’ right to organize, and we are making progress in our discussions with Workers United,” a business representative said in a statement Thursday.

Though Schultz stepped down from his third term as CEO in March 2023, he remains involved with the company. When he retired from Starbucks’ board of directors in September, the business named him “lifelong chairman emeritus.”

“We note that the judge identified the Respondent’s highest official, interim CEO Schultz, as a ‘legendary leader,’ a status that would exacerbate the coercive nature of Schultz’s statement,” the ruling read.

Since the first Starbucks branch in Buffalo, New York, unionized in 2021, the coffee business has been embroiled in hundreds of labor battles over alleged union-busting practices. In June, the Supreme Court heard Starbucks v. McKinney, a case involving seven employees who were fired after attempting to form a union. The Supreme Court agreed with Starbucks.

An NLRB administrative law judge earlier stated that Starbucks had engaged in “egregious and widespread misconduct” in its dealings with employees involved in unionization efforts at Buffalo outlets, including the first site to unionize. Starbucks dispatched high-level executives into Buffalo-area stores on a “relentless” campaign, according to the judge, which “likely left a lasting impact as to the importance of voting against representation.”

Starbucks stated at the time that it is “considering all options to obtain further legal review,” and that “we believe the decision and remedies ordered are inappropriate given the record in this matter.”

schultz

Howard Schultz Violated Labor Law By Telling Employee ‘If You’re Not Happy At Starbucks, You Can Go Work For Another Company’

The union reports that on October 1, the 500th Starbucks location in Washington state decided to unionize.

The NLRB ordered Starbucks on Wednesday to stop threatening to terminate employees for unionizing and to post a notice of employee rights in all of its Long Beach outlets.

“We are pleased to see the NLRB continuing to advocate for workers and their legal right to organize. At the same time, we’re looking ahead and proud to be on a new journey with the firm,” said Michelle Eisen, co-chair of Starbucks Workers United’s national organizing committee and bargaining delegate, in a statement to CNN on Thursday.

SOURCE | CNN

Continue Reading

News

Tesla Recalls 27,000 Cybertrucks Due To A Rearview Camera Issue

Published

on

cybertruck
CNN | Tesla

Tesla is recalling around 27,000 Cybertrucks due to a rearview camera issue that delays the image being presented on the dashboard, increasing the danger of a collision.

According to a National Highway Traffic Safety Administration (NHTSA) report, the rearview display may appear blank for up to 8 seconds when the Cybertruck is in reverse. That is far over the two seconds required by US federal safety regulations.

tesla

Tesla Recalls 27,000 Cybertrucks Due To A Rearview Camera Issue

Tesla has issued a free, over-the-air software update to address the issue. Drivers can also reverse the Cybertruck by “performing a shoulder check and using their mirrors,” according to the NHTSA.

This is the fifth recall for the electric vehicle, which was released last year. The most recent recall, in June, concerns the truck’s large single windshield wiper and a piece of plastic trim along the edge of the truck bed that might become loose and detach from the vehicle while driving.

In April, the trucks were recalled because the accelerator pedal could become stuck when depressed. Tesla launched a software recall in January for 2.2 million of its cars, including Cybertrucks, due to warning light letters that were too small to read. That issue was likewise resolved with an over-the-air software upgrade.

Tesla Recalls 27,000 Cybertrucks Due To A Rearview Camera Issue

Tesla announced a rise in sales this week for the first time this year, however, year-to-date sales still trail the same period in 2023.

The company delivered approximately 463,000 automobiles worldwide in the third quarter, rising 6% from the previous year’s sales number and 4% from the second quarter of this year.

SOURCE | CNN

Continue Reading

News

The Biden Administration can go Ahead With Student Loan Forgiveness, Says a Federal Judge.

Published

on

Student Loan

(VOR News) – A temporary restraining order that was obtained against the expansive new student loan forgiveness system that was planned by the administration of Vice President Joe Biden will be allowed to expire by a federal judge.

Injunction was issued against the program that was being proposed. It is possible that the execution of this strategy may reduce the suffering of tens of millions of people in the United States of America.

There is a possibility that the idea might be beneficial to as many as three out of every four people who are now in possession of federal student loans, as stated by an estimate that was provided by the Center for American Progress.

This happens because the student loan plan takes into account government initiatives.

A victory was granted to the administration of Vice President Joe Biden, according to an announcement made by United States District Judge Randal Hall in Georgia before the close of the day on Wednesday. The previous Republican president, George W. Bush, was the one who appointed Hall to his current post. Hall now serves in that capacity.

In the next few weeks leading up to the election that will take place in November, it is quite likely that Vice President Joe Biden will press forward with the proposition that his administration has offered to cancel student loans. There is a chance that this will occur given the verdict.

A new condition has emerged as a result of a lawsuit that was filed against the aid package by seven states that are run by Republicans. This lawsuit was filed against the aid package after it was submitted.

There are a number of states that have ruled that the debt cancellation scheme that is now being carried out by the United States Department of Education is illegal. These states include Alabama, Arkansas, Florida, Georgia, Missouri, North Dakota, and Ohio, amongst others.

The conclusions of Hall, on the other hand, indicate that Georgia did not have the legal jurisdiction to launch a legal action against the relief plan. As a result, the state was unable to fulfill the duty of the forum for the application.

The judge made an order that the case be relocated to Missouri because the states argue that the notion that was proposed by Biden would be most detrimental to Mohela, which is the Missouri Higher Education Loan Authority.

Which is responsible for servicing student loans?

The judge issued the order as a result. The United States Department of Education’s spokesman applauded the judge’s finding that Georgia had “no legal basis” to pursue the action; yet, the spokesperson also criticized the Republican drive to prevent relief from being granted. The verdict made by the judge was lauded by the authorized spokesperson.

This case is the outcome of an ongoing campaign by Republican elected officials who, according to what they claimed, seek to prevent millions of their own people from having breathing room on their student loans. This campaign is the cause of this complaint.

That campaign is reflected in this lawsuit that has been filed. “The fact remains that this lawsuit reflects an ongoing effort.”

Our efforts to improve the flawed student loan system and to provide support and relief to borrowers all throughout the country are not going to be abandoned, and we are not going to stop up on providing these services. We have declared our intention to carry on with our work.

Under the plan that was proposed by Vice President Joe Biden, student debt would be forgiven for four different groups of borrowers:

Those who owe more than they initially took out; those who have been in repayment already for decades; students who attend schools with a low financial value; and those who are eligible for loan forgiveness under an existing program but have not yet implemented the program.

SOURCE: CNBC

SEE ALSO:

Uber Hires Yandex Spinoff Ride-Hail and Autonomous Delivery With Avride

Donald Trump Withdraws from the ’60 Minutes’ Election Interview.

The Rupee Versus The US Dollar is Still Mainly Constant.

Continue Reading

Download Our App

vornews app

Buy FUT Coins

comprar monedas FC 25

Volunteering at Soi Dog

Soi Dog

Trending