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Kamala Harris’ Economic Pitch Just Got A Lot More Complicated

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Kamala Harris | CNN Image

Even when the economy was booming, the Biden-Harris administration couldn’t shake the “vibecession”. It may be much more difficult now that fractures are appearing in the labor market.

Americans have been dissatisfied with the economy for over three years because prices have risen, and many consumers have blamed the White House fairly or unfairly. Inflation is now more or less under control, but it has come at a cost: the job market, while historically strong, is beginning to erode.

Last month, the economy added only 114,000 jobs, and unemployment increased to 4.3% from 4.1%, owing primarily to a surge in job searchers returning to the labor force. It wasn’t a horrible jobs report, but it starkly contrasted to June, when the economy added 179,000, and May, when it added 216,000.

The jobs report was far from a disaster, and it is no guarantee of an approaching recession. But it was unexpected, and analysts expressed concern about how swiftly the labor market contracted.

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Kamala Harris | CNN Image

Kamala Harris’ Economic Pitch Just Got A Lot More Complicated

“We don’t know how quickly the labour market is softening, but it appears pretty darn clear,” said Heidi Shierholz, head of the Economic Policy Institute, a left-leaning think tank.

One month is insufficient to identify a trend, but it is enough to substantially challenge Vice President Kamala Harris’ economic appeal as the new expected Democratic nominee.

For Wall Street, the unexpected downturn was the bitter icing on top of a sundae of poor technology results.

“The reason investors are reacting the way they are is because we are back, in many ways, to where we were during the dot-com bubble,” said CFRA Research’s chief financial strategist, Sam Stovall. “And at the same time, it’s just a reminder that investors are no better than hyperactive first-graders playing musical chairs, always trying to out-anticipate the other as to when the music will stop.”

Investors got a little crazy on Friday, sending US equities plummeting. The Dow fell more than 600 points, or 1.5 percent. The S&P 500 fell 1.8 percent, while the Nasdaq Composite fell 2.4 percent, placing the tech-heavy index in correction territory (down 10% from its peak on July 10).

(In other words, Wall Street may have overreacted because that is exactly how they do things.)

Until recently, the labor market had held up quite well despite the strain of increased interest rates, which made it more difficult for businesses to expand. Cracks are starting to appear; however, as jobless claims grow, unemployment rises, and fewer people change jobs.

Kamala Harris’ Economic Pitch Just Got A Lot More Complicated

Historically, this is a terrible indicator for the incumbent party. According to a recent Refinitiv analysis, when the unemployment rate lowers in the two years leading up to an election, the incumbent is more likely to be re-elected. Unsurprisingly, challengers usually benefit when the unemployment rate rises before an election.

It’s not a perfect indicator—there have been a few outliers to the trend in the last 64 years—but unemployment has grown 0.8 points in the last two years, which could pose an additional challenge for Harris.

Republicans have used Americans’ inflation fatigue to criticize President Joe Biden’s economic policies while downplaying (or just ignoring) month after month of record employment growth. With inflation falling, the GOP now has new material to use to advance its claim that the economy is in disarray despite the fact that it is historically robust by nearly all measures.

“This jobs report is one of the worst we have ever seen from the Biden-Harris Administration,” Missouri Rep. Jason Smith said in a statement on Friday. “Another dreadful jobs report under Biden/Harris’ leadership,” said the Connecticut GOP on X.

Kamala Harris’ Economic Pitch Just Got A Lot More Complicated

For over three years, the Biden administration has been able to counter Republican accusations with a slew of positive labor market data: earnings surpassing inflation, 16 million new jobs, and unemployment remaining around 4%.

However, survey after poll revealed that inflation fatigue overshadowed almost everything else on voters’ concerns. It didn’t matter how much wages increased or how plentiful the employment was; the vibes were horrible.

The labor market is strong, but its advantages have increasing limitations. And “it’s complicated” isn’t exactly a surefire way to charm voters.

SOURCE | CNN

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‘Fake Heiress’ Anna Sorokin Debuts On ‘Dancing With The Stars’ — With A Sparkly Ankle Monitor

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Los Angeles — Anna Sorokin, a convicted con artist, appeared on “Dancing With the Stars” with a featherweight — and extremely glittery — ankle monitor.

The so-called ‘fake heiress,’ who was convicted of swindling banks, hotels, and friends in 2019 after fraudulently claiming to be a wealthy German heiress named Anna Delvey, debuted the ballroom-worthy ankle monitor during the launch of “Dancing With the Stars'” new season Tuesday night.

“It’s not a huge deal at all. It’s quite light, and I asked them to tighten it so it doesn’t droop. So it’s not too horrible,” she told The Associated Press following the premiere. She and professional dancer Ezra Sosa performed a routine to Sabrina Carpenter’s “Espresso.”

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‘Fake Heiress’ Anna Sorokin Debuts On ‘Dancing With The Stars’ — With A Sparkly Ankle Monitor

“It’s the real star of the show, let’s be honest here,” Sosa said of Sorokin’s glittering ankle monitor.

“I think it’s kind of funny how people like — it’s not like an ankle weight,” Sosa told reporters. “It’s not like twenty pounds. It’s literally less than a pound, so it’s no big issue.”

Sorokin recognized that her debut did not go as expected.

“I feel relieved that it’s over,” she stated. “I feel like my dance could have been a little bit better, but I’m happy I’ve done this and it was a great experience all over.”

Sorokin expressed optimism that viewers will be forgiving despite her criminal history.

“Hopefully, people will give me a chance to demonstrate what I can do. “And I served my sentence and paid my restitution,” she claimed.

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‘Fake Heiress’ Anna Sorokin Debuts On ‘Dancing With The Stars’ — With A Sparkly Ankle Monitor

Early fan reactions were negative, with the phrase “Anna Delvey’s Lacklustre DWTS Debut” trending on social media site X.

She was released from prison in February 2021, but immigration authorities apprehended her immediately after, stating she had overstayed her visa and needed to be repatriated to her native Germany. The “Inventing Anna” inspiration was in ICE custody for more than a year before a judge paved the way for her to be transferred to house confinement in October 2022 while fighting deportation.

Her parole conditions had to be modified to allow her to travel from New York to Los Angeles for filming.

SOURCE | AP

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Wojnarowski, ’91, Steps Down as ESPN General Manager to Join Bonnie’s Basketball Program

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(VOR News) – Adrian Wojnarowski is leaving journalism to become St. Bonaventure men’s basketball general manager.

“I am delighted and honoured to be back at St. Bonaventure University, and the chance to contribute to Coach Mark Schmidt and our prestigious Atlantic 10 men’s basketball program,” Wojnarowski said.

“During these dynamic eras of collegiate athletics, I am excited about becoming part of a championship program that integrates elite basketball, widespread television visibility, professional training, and future-oriented learning opportunities inside a close-knit and nurturing educational setting.”

Wojnarowski will help the coaching staff recruit, engage with families and alumni players, raise money for professional player programs, coordinate collective efforts, run the transfer portal, and capitalise on NIL opportunities as general manager.

Since 2022, some mid-major and power conference schools have hired general managers, especially for men’s basketball and football, to keep up with the fast-changing collegiate sports market.

The director of basketball operations wanted to share NBA success stories and new ideas with the community. The director also stressed the importance of global possibilities for our players in athletics and in life.

Vice President and Director of Intercollegiate Athletics Bob Beretta called Wojnarowski’s selection a “incredible opportunity” for the university, men’s basketball, and athletics.

“Amidst significant upheaval in the intercollegiate athletics industry, we are conclusively demonstrating that St. Bonaventure remains at the vanguard of transformation,” he said. “This is an audacious decision that is in line with our institutional objectives to sustain and thrive.”

Beretta believes Wojnarowski’s global basketball network will aid the endeavour.

Woj understands St. Bonaventure and Franciscan ideals, the president stated, in addition to his extensive professional and intercollegiate basketball network.

“The willingness of the most accomplished journalist in his profession to relinquish a lucrative media career in order to provide support to his alma mater is a clear indication of his deep affection and great enthusiasm for Bonaventure.”

Schmidt called Wojnarowski’s hire a “home run.”

“Recruiting and retention in the new NIL college basketball landscape are crucial,” said Schmidt, the school’s most successful men’s basketball coach. “Woj is as connected as anyone in the basketball world and his decades-long network of relationships can only help our program remain among the top teams in the Atlantic 10 going forward.”

Wojnarowski plans to leave his lucrative ESPN position in 2022 to support the university that changed his life. The Jandoli School of Communication and Basketball has received funding from him and his 92-year-old wife Amy.

“I express my gratitude to President (Jeff) Gingerich, Bob Beretta, Coach Schmidt, and the collective St. Bonaventure community for extending a warm reception to my wife, Amy, and myself as we reintegrate into the campus community in a new capacity,” he stated. “The university’s stunning campus immediately enthralled us as undergraduate students.” I’m ready to work.

Today on ESPN on X, 1991 graduate Wojnarowski retired.

“While this craft has had a profound impact on my life, I have made the decision to retire from ESPN and the news industry,” he stated. “While I acknowledge the commitment inherent in my work, my level of motivation has diminished compared to my previous state.” The objective is to optimise the use of my finite time.

Wojnarowski edited Yahoo Sports’ Vertical for two years before joining ESPN in 2017. In nearly ten years at The Record of New Jersey, he won two APSE Columnist of the Year awards. He worked for the Waterbury Republican-American and the Fresno Bee for years.

The National Sports Media Association awarded Wojnarowski the Peer Recognition Award for National Sportswriter of the Year in 2017, 2018, and 2019. Red Smith, Jim Murray, Frank Deford, Rick Reilly, Bob Ryan, and Tom Verducci have won this competition three years running.

Wojnarowski wrote “The Miracle of St. Anthony: A Season with Coach Bob Hurley and Basketball’s Most Improbable Dynasty,” a New York Times bestseller.

Wojnarowski received an honorary degree in 2022, spoke at the university’s graduation ceremony, and was named Jandoli School Alumnus of the Year for 2019. His name was also on the school’s Wall of Distinguished Graduates.

Amy and Adrian’s return to Bonaventure will be commemorated with a news conference on Wednesday, September 25, at 4:00 p.m. in the Quick Centre for the Arts theatre. Residents of the university can attend.

SOURCE: BONNIES

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The Bank of England is Largely Expected to Keep Interest Rates Unchanged as Long as Inflation Exceeds its Target.

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(VOR News) – The Bank of England will probably keep interest rates at the same level on Thursday after official data showed that inflation in the UK remained steady in August at an annual rate of 2.2%.

This occurs one day following the official release of the numbers. This is because the higher cost of flying was somewhat offset by decreased petrol prices as well as cheaper costs for lodging and dining.

Additionally, the Bank of England is expected to maintain interest rates.

The cost of borrowing money increased dramatically by central banks worldwide from near zero during the Coronavirus outbreak, as a result of rising supply chain concerns and Russia’s full-scale invasion of Ukraine, which increased Bank of England energy costs, when prices started to soar.

This action was taken in reaction to the notable rise in prices due to the rising cost of electricity. They have started lowering interest rates in response to this scenario, as inflation rates have started to decline from multi-decade highs.

The Office of National Statistics released its most recent figure on Wednesday, and it was in line with market expectations.

This leads one to conclude that, for the second consecutive month, the inflation rate has remained somewhat higher than the 2% target set by the British central bank. For the first time in more than three years, inflation inched closer to the target in June.

The central bank has been progressively lowering its main interest rate by a quarter point since the start of the outbreak, bringing it down to 5% below its starting point.

This was the first decline that has happened since the start of the pandemic. Even though the Bank of England vote was quite close, four out of the nine members decided against changing the original proposal.

The US Federal Reserve is expected to cut interest rates on Wednesday for the first time in the previous four years. Interest rates would be reduced for the first time with this.

The great majority of economists believe that the Bank of England’s monetary policy committee will be on holiday on Thursday. This is due to the fact that several committee members have continuously expressed their concerns about price increases in the vital services industry, which accounts for almost 80% of the UK economy.

The statistical data released on Wednesday indicates that the services sector experienced an increase in inflation in August, from 5.2% in July to 5.6% in August.

Bank of England increased this due to rising airfares across Europe.

Nonetheless, they believe that after the government’s budget was made public on October 30, the bank would probably reduce its deposits once more in November.

Claiming that it is imperative to close a projected 29 billion dollar deficit in the public budget—or 22 billion pounds less than the previous administration estimated—the incoming Labour government has taken office.

Additionally, they have said that they might have to increase taxes and cut spending, which would probably be bad news for the British economy’s short-term outlook and drive down inflation. It is anticipated that this event will have a detrimental effect on the British economy.

According to Suren Thiru, the director of economics at the Institute of Chartered Accountants in Bank of England and Wales, “an interest rate cut on Thursday is looking unlikely with the majority of the Monetary Policy Committee likely to want to assess the impact of next month’s budget before deciding when to loosen policy again.”

Suren Thiru is a member of the Institute of Chartered Accountants in Bank of England and Wales because he is the director of economics.

Suren Thiru made his statement in reaction to the decision that was made by the Monetary Policy Committee regarding when in the future to relax policy once more. On account of the fact that the majority of committee members arrived at this conclusion, this remark could be made public.

SOURCE: AP

SEE ALSO:

Market Speculation Over the Next Fed Rate Reduction Hides More Fundamental Issues.

Elon Musk has Often Stirred Up Political Unrest, Which Makes People Worry About the US Election.

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