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Biden Asks CEOs How To Further Boost The Economy While Trump Says Business Is On His Side
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 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 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 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.
SOURCE – (AP)
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Cases Of The US Flu Season Are Rising, While Vaccinations Are Behind Schedule.
(VOR News) – The U.S. flu season has begun, according to health experts, who also noted a sharp rise in cases countrywide on Friday.
Significant increases were noted by the Centres for Disease Control and Prevention in a number of indicators, such as laboratory tests and ED visits. “For the past few weeks, it has been increasing steadily.” “Yes, we are in flu season right now,” CDC’s Alicia Budd said.
Last week, flu-like sickness was reported at elevated or very elevated levels in 13 states, roughly twice as many as the week before. Dr. William Schaffner, an infectious disease specialist at Vanderbilt University, says Tennessee is seeing a spike in sickness in the Nashville area.
Schaffner said, “Influenza cases have been increasing, but they have increased significantly in the last week.” He noted that up to 25% of patients in a nearby clinic, which is a gauge of illness trends, have flu-like symptoms.
An early focal point was Louisiana.
Our Lady of the Lake Regional Medical Centre, the largest private hospital in the state, in Baton Rouge, has infectious diseases specialist Dr. Catherine O’Neal, who said, “This week is a significant turning point as individuals are affected by the flu.” “Parents frequently say, ‘I have the flu and can’t go to work,’ and ‘Where can I get a flu test?'”
Fever, cough, sore throat, and other influenza-like symptoms are caused by a variety of viruses. COVID-19 is one of them. Another flu season common disease that causes cold-like symptoms but poses serious hazards to infants and the elderly is respiratory syncytial virus (RSV).
Recent CDC numbers indicate a decline in COVID-19 hospitalisations since the summer. According to CDC wastewater data, COVID-19 activity is modest nationwide but elevated in the Midwest.
Although RSV hospitalisations are still marginally more common than flu admissions, they started to rise before flu season cases and currently show signs of perhaps stabilising. RSV activity is low nationwide, but wastewater data shows that it is high in the South.
Based on a number of indicators, such as laboratory results from hospitalised patients and outpatient clinics, as well as the percentage of ED visits that resulted in an influenza diagnosis at discharge, the CDC declared the start of the flu season.
According to Budd, it is too early in the season to determine the effectiveness of the influenza vaccine, and no type of virus seems to be more common.
The flu season last winter was classified as “moderate” overall, but it continued for 21 weeks, and the CDC estimates that 28,000 people died from the virus. With 205 paediatric deaths reported, the situation was particularly dangerous for kids. It was the largest number ever recorded for a conventional influenza season.
The prolonged flu season was probably one of the reasons, Budd added.
The lack of influenza vaccinations was one of the contributing factors. The CDC reports that 80% of children who passed away and had verified vaccination status and were of the right age for flu shots were not completely immunised.
Children’s immunisation rates are drastically lower this year. About 41% of people had a flu shot as of December 7, which is similar to the percentage at the same time last year. For youngsters, the figure is steady, although it is lower than in the previous year, when 44% received an influenza vaccination, according to CDC data.
About 21% of adults and 11% of children are fully vaccinated against COVID-19, which is still a poor vaccination rate.
Influenza experts advise everyone to get vaccinated, especially as people get ready for holiday gatherings where respiratory diseases could spread widely.
“This virus also has the potential to spread from person to person at all those happy, pleasant, and heartwarming events,” Schaffner said. “flu season Vaccination remains a viable option.”
However, Louisiana’s health department announced on Friday that it was rescinding its COVID-19 and flu vaccination recommendations. According to an official, the department’s current position is that people should speak with their doctors about whether the immunisations are suitable for their situation.
The department’s spokesperson, Emma Herrock, did not respond to follow-up questions regarding the policy. Dr. Ralph Abraham, the state’s surgeon general, has expressed concerns in the past regarding the COVID-19 vaccine’s effectiveness and safety.
SOURCE: AP
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Social Security Change Approved By Senate Despite Fiscal Concerns
King Charles Could Millions Annually from Renting His Properties
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Social Security Change Approved By Senate Despite Fiscal Concerns
(VOR News) – On Saturday, the U.S. Congress passed a plan to increase Social Security retirement payouts for some retirees who receive public pensions, a move that critics say will further erode the program’s financial stability. Among these pensioners are former firefighters and police officers.
The Social Security Fairness Act was passed by the Senate on a bipartisan vote of 76-20 just after midnight. The act may lower payments for those receiving pensions and aims to repeal provisions that have existed for 20 years.
The House of Representatives passed the bill last month by a vote of 327-75, meaning that if the Senate also approves it, it would be delivered to Democratic President Joe Biden to become law.
The White House dodged enquiries regarding Social Security’s objectives.
In order to limit government benefits for certain higher-paid employees who are also getting pensions, the measure will reverse a long-standing change to the program. It has become increasingly common in recent years for municipal employees, such as postal workers and firefighters, to face pay limitations.
The vast majority of Americans do not take part in pension plans that provide a fixed return on investment, instead relying on their own savings and Social Security. According to data from the Department of Labour, only 10% of private sector employees in the US are covered by pension plans.
The new rules apply to about 3 percent of Social Security users, or more than 2.5 million people in the United States. Legislators are heavily influenced by the workers and retirees impacted by these rules, and the powerful advocacy organisations that speak for them have been using the legislative process to push for a legislative cure.
According to retirement experts, some retirees may be able to earn hundreds of dollars more in government benefits each month as a result of the move.
According to a Congressional Budget Office analysis, the bill is expected to cost approximately $196 billion over the next 10 years. As a result, federal budget experts are worried that the change could negatively affect the program’s already fragile financial status.
In an interview with the Bipartisan Policy Centre, Emerson Sprick, associate director of economic policy, said he was frustrated by “the overwhelming support in Congress for the contrary of what policy researchers concur on is quite frustrating.”
Instead of eliminating current formulas, we could improve them.
Among these changes is the Social Security Administration’s increased disclosure of the anticipated monetary benefits for these public sector workers.
The Committee for a Responsible Federal Budget, a nonpartisan fiscal think tank, has voiced concerns that the additional cost will impact the program’s ability to continue.
Maya MacGuineas, the organization’s leader, made the declaration, saying, “We are hastening towards our own fiscal ruin.”
“It is noteworthy that lawmakers are in a position to shorten the timeframe by six months, as there are just nine years left before the trust fund for the biggest program in the country runs out.”
Senator Ted Cruz, a Republican, said on the Senate floor on Wednesday that the bill in its current form would “throw granny over the cliff.”
According to what he stated, “every senator who votes to impose a burden of $200 billion on the Social Security Trust Fund is opting to put the interests of senior citizens who have contributed to Social Security and earned those benefits in jeopardy.”
Those who favoured the legislation said that the question of what would happen to Social Security could be settled later.
“Those are significantly longer-term concerns that we must collaboratively address,” a supporter of the idea Senator Michael Bennett told Reuters when asked if the move would affect the government’s capacity to be viable.
SOURCE: BR
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King Charles Could Millions Annually from Renting His Properties
Man Creates Candy Cane Car to Spread Christmas Cheer
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King Charles Could Millions Annually from Renting His Properties
A recent analysis suggests that King Charles might earn over £1 million each year by renting out royal properties to holidaymakers.
The Royal Family’s historic houses and mansions are popular holiday rentals, contributing significantly to the Palace’s revenue.
Pikl Insurance estimates that the royals may earn up to £118,775.85 per month, or around £1,425,310.20 per year, from their holiday rental portfolio. Even after accounting for cancellations, the monarchy is anticipated to generate a net annual income of somewhat more over £1.4 million.
Estimated Annual Rental Income of £1.4 Million
The four primary royal properties accepting public bookings are Balmoral Castle, Castle of Mey’s Captain House, Restormel Manor, and Dumfries House, according to Express.co.uk. Cottages at Balmoral Castle in Scotland are expected to generate £36,798.30 per month after accounting for cancellations.
According to the numbers, the 500-year-old Restormel Manor in Cornwall is the most profitable of them all, earning a solid £47,082 every month. The resort, located in the Fowey Valley, has four booking spaces and six converted barns.
Dumfries House in Ayrshire, Scotland, adds an estimated £31,185.63 and offers 25 rooms for booking. The Castle of Mey’s Captain House in the Scottish Highlands is estimated to generate a more modest £3,709.92 per month, despite the fact that the entire property is available for booking.
The analysts stated, “While the Royal Family’s primary role is undoubtedly to serve the nation, it is clear that their properties are also a valuable asset.” These estimates highlight the royal estate’s considerable financial potential and provide an intriguing peek into the monarchy’s corporate operations.”
Royal Family received £86.3 million from the taxpayer-funded Sovereign Grant in the previous fiscal year, according to official numbers released in July.
All revenues from the Crown Estate, which includes royal households, forestry, agriculture, and offshore wind, are paid directly to the Treasury, with a portion of this money, now 12%, returned to the Royal Family to finance their tasks.
The records also cover a period of jubilation, including the coronation and festivities surrounding the King and Queen’s crowning in May of last year.
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