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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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Trudeau Called the Greatest Threat to NATO

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The deputy chairman of the NATO Parliamentary Assembly’s Defense and Security Committee has chastised Prime Minister Justin Trudeau for his “arrogance” about NATO defense spending. His policies jeopardize the alliance’s existence.

Trudeau’s policies are the freeloading policies of a failing NATO. “If everyone followed Trudeau’s policies, there would be no NATO,” he remarked.

This year, Canada is set to spend 1.37 percent of its GDP on defense, significantly lower than the two percent objective agreed upon by heads of government in 2014.

Members have decided that 2% should be the minimum as concerns rise about Russia’s ongoing assault on Ukraine.

Trudeau reiterated last week that his government is on a “concrete” track to meet the minimum aim by 2032.

“The world is getting more dangerous, more unstable, which is why we’ve committed to reaching the 2 percent, why we’ve almost doubled our investments in defense over the past years, and will continue to over the coming years,” Mr. Trump stated.

He stated that Canada intends to purchase submarines, increase its funding in NORAD, and improve partnerships with NATO.

Many Americans, particularly those who support President-elect Donald Trump, believe it is still too slow. Turner stated that if countries such as Canada do not step up, there will be consequences for those “who cheat.”

The Republican senator penned an op-ed in Newsweek describing Canada’s prime minister as NATO’s greatest threat.

In the op-ed, he stated that Trudeau’s leadership has been so arrogant that it believes it is beyond the need to recognize that authoritarianism is one of the most serious challenges to democracy.

The only way to preserve democracy is to have a robust defense. Trudeau’s policies have outsourced it.

They’ve freeloaded on American taxpayers. The alliance’s call, which Canada also agreed to, is for everyone to pay their fair share and get above 2%, which Justin Trudeau has failed to meet.

Related:

Trudeau GST Tax Holiday to Cost Taxpayers $6.3 Billion

Trudeau GST Tax Holiday to Cost Taxpayers $6.3 Billion

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Facebook Securities Fraud Case Dropped By US Supreme Court

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Facebook
REUTERS/Dado Ruvic/Illustration/File Photo

(VOR News) – On Friday, the United States Supreme Court refrained from issuing a rule on Facebook’s permissibility of shareholders advancing a securities fraud claim.

The litigation alleges that Facebook, a subsidiary of Meta, misled investors about the improper utilization of user data from the social media site.

At their hearing on November 6, the justices denied Facebook’s appeal against a lower court’s ruling that allowed a class action lawsuit initiated by Amalgamated Bank in 2018 to proceed.

On November 6, the Supreme Court stated that the issue should not have been addressed and, therefore, opted not to resolve the fundamental legal question at hand. The intervention ensures that the lower court’s verdict remains in force.

The court issued a one-line order for dismissal without providing a rationale. This month, the Supreme Court addressed two cases concerning the ability of private litigants to hold companies accountable for purported securities fraud. One such instance was the dispute involving Facebook.

The alternative case for chip manufacturer NVIDIA, renowned for its specialization in artificial intelligence, was discussed on November 13th. The Supreme Court rendered a verdict in the NVIDIA case on November 13th.

The plaintiffs in the lawsuit against Facebook claimed that the company had inappropriately withheld information from investors concerning a 2015 data breach involving the British political consulting firm Cambridge Analytica.

The incident impacted over 30 million Facebook users.

Facebook faced allegations of misleading investors, constituting a violation of the Securities Exchange Act, a federal statute established in 1934 that requires publicly traded companies to disclose the risks they encounter.

In 2018, media claims indicated that Cambridge Analytica had improperly utilized Facebook user data during Donald Trump’s successful 2016 presidential campaign, resulting in a fall in Facebook’s stock market price.

The investors have submitted a claim for unspecified monetary damages to partially offset the value of the stock they previously possessed.

The inquiry at hand was whether the company had contravened the law by declining to disclose details regarding the prior data breach in later business-risk disclosures while characterizing such scenarios as merely hypothetical.

Andy Stone, a representative, expressed his discontent with the Supreme Court’s decision to refrain from clarifying this specific legislative provision.

Stone asserted, “The plaintiff’s allegations are unfounded, and we will persist in our defense as the district court reviews this case.”

Facebook asserted that it was not obligated to disclose that the risk it had previously cautioned about had already materialized, as “a reasonable investor” would interpret risk disclosures as forward-looking statements.

President Joe Biden’s administration expressed its support for shareholders in this instance.

Initially dismissed by United States District Judge Edward Davila, the 9th United States Circuit Court of Appeals in San Francisco reinstated the action.

The decision compelled Facebook to appeal to the Supreme Court.

As Alan Morrison, a law professor at George Washington University, states, the plaintiffs are anticipated to pursue discovery, a process entailing the sharing of information between the litigating parties, following the Supreme Court’s dismissal of the appeal.

Morrison also indicated that Facebook “may refile their motion to dismiss under a slightly altered standard, partially to achieve delay.”

After the Cambridge Analytica data breach, the United States government commenced inquiries into privacy protocols, alongside other lawsuits and a congressional inquiry. In 2019, the United States Securities and Exchange Commission (SEC) initiated enforcement action against Facebook.

The company ultimately resolved the complaint for $100 million. Consequently, Facebook was obligated to remit a distinct penalty of $5 billion to the Federal Trade Commission of the United States.

The Securities and Exchange Commission, the federal agency overseeing fraudulent activities in the securities sector, has had its authority curtailed by prior Supreme Court rulings.

SEE ALSO:

Pam Bondi has been appointed as US Attorney General following Gaetz’s resignation.

PayPal’s Technical Challenges Are Affecting Thousands Of Customers Globally.

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Pam Bondi to Be Appointed US Attorney General

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Pam Bondi
Photo via Reuters

(VOR News) – President-elect Donald Trump selected Pam Bondi, a former Florida Attorney General and ally, to succeed Matt Gaetz on Thursday after the latter withdrew from consideration.

Gaetz’s drug use and sexual intercourse with a 17-year-old girl were the subject of an investigation by the House Ethics Committee. He denies any wrongdoing.

During Trump’s first administration, Pam Bondi, 59, served on the Opioids and Drug Abuse Commission. He served as police chief of the third-most populous state from 2011 to 2019.

She was also a member of Trump’s defense team at his first impeachment hearing, where he was charged with using military assistance to get Ukraine to look into the wrongdoing of his opponent, now President Joe Biden. The Senate cleared Trump on all charges.

The right-wing America First Policy Institute, which has collaborated with Trump’s campaign to create government concepts, most recently had Pam Bondi as its legal branch leader.

Unlike Pam Bondi, Gaetz lacks the experience necessary to serve as attorney general and will likely encounter resistance from Senate Democrats and some Republicans.

According to Jones Walker defense attorney David Weinstein, a former federal prosecutor in Florida, “She is unequivocally qualified for the position on paper.” Throughout her life, she battled in court. Her resume stood out from the previous nominee.

In a tweet announcing his intention to nominate Bondi, Trump praised her skills as a prosecutor and her firm stance against crime as Florida’s first female attorney general. Trump said that even though Bondi was elected on November 5th, while numerous state and federal criminal investigations were underway, he pledged to keep federal prosecutions from being politicized.

According to Trump, “The biased Department of Justice has been weaponized against me and other Republicans for an excessive duration.” That is not true anymore.

Discussion about Pam Bondi

In 2013, the Trump Foundation may have broken federal law by giving $25,000 to a political action committee that supported Pam Bondi. Bondi thought about looking into the for-profit Trump University.

Pam Bondi disputed that her decision to end her legal actions against Trump University following the 2016 disclosure of Trump’s $25,000 gift had anything to do with her decision to withdraw from those actions. According to her, all pertinent material was made public by her office.

The Trump team attributed the erroneous money disclosure to a “series of unfortunate coincidences and errors.” New York state fraud investigations resulted in the dissolution of both Trump University and the Trump Foundation.

After misleading Trump University students, he settled for $25 million and was fined $2 million for misusing charitable funds.

Following Special Counsel Jack Smith’s acquisition of two indictments against him for his interference in the 2020 election and his possession of secret materials after leaving office, Trump has voiced his displeasure with the present leadership of the Justice Department and pledged retaliation.

Bondi remains loyal

She and several other lawyers claimed that Smith’s appointment was illegal in an amicus brief they prepared in support of Trump in the secret information litigation. The Justice Department filed an appeal after U.S. District Judge Aileen Cannon, a Trump nominee, rejected the case.

According to a long-standing rule against charging a sitting president, Smith and other top Justice Department officials are examining how both Trump criminal cases were resolved.

Trump was incensed with the obstructionism of the Justice Department during his first administration. Bill Barr specifically refuted Trump’s baseless claims that he lost the 2020 election due to fraud, and Attorney General Jeff Sessions permitted an investigation into Russian meddling in the 2016 election.

Trump’s objectives for the Justice Department have been delineated through his public remarks and interviews with former department lawyers and Mark Paoletta, a conservative lawyer who develops the department’s policy.

Federal prosecutors may give illegal immigration cases priority.

Cities might have to cooperate with federal immigration enforcement to obtain a portion of the department’s $291 million justice assistance award.

The Civil Rights Division will probably refocus its attention from legal challenges to diversity, equity, and inclusion initiatives in the public and commercial sectors to police accountability to religious freedom.

SEE ALSO:

PayPal’s Technical Challenges Are Affecting Thousands Of Customers Globally.

Matt Gaetz Withdraws as Trump’s Pick for Attorney General

 

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