#U.S. economy
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#thanks joe#vote biden#vote blue#vote democrat#democrats#democracy#social democracy#democratic socialism#democrats now socialism later#vote blue 2024#vote blue to save democracy#vote biden/harris#biden/harris 2024#economy#u.s. economy#vote blue all the way down the ticket
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The Consumer Financial Protection Bureau’s ambitious rule proposal to crack down on credit card late fees, a $14.5 billion income stream for credit card companies, will potentially roll out in January, nearly a year after it was released.
Global corporations and small banks alike are pushing back against the impending rule finalization with some help from business-friendly lawmakers.
Rep. Andy Barr, R-Ky., called the proposal, which is projected to save consumers nearly $12 billion each year by capping late fees at as little as $8, “unclear at best and likely harmful” in the long term.
The chair of a House subcommittee on financial institutions and monetary policy called on the Government Accountability Office to study the rule’s potential impacts weeks before it is set to go into effect.
The CFPB would not confirm when the rule would be finalized, but interest groups say banks are not yet signaling a preemptive fee change akin to their response to a proposal to ban overdraft and insufficient fund fees.
Late fees, which can reach $41 under a legislative loophole allowing banks to charge unimpeded under a certain threshold, disproportionately affect poor Americans and those with low credit scores, the American Economic Liberties Project reported.
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Years of lovesickness, and a cup of Westie, can express this lovesickness.
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By Olivia Rosane
Common Dreams
May 13, 2024
The figure comes as part of a new set of polls that show former President Donald Trump narrowly leading Biden in 5 out of 6 crucial battleground states.
Approximately 13% of poll respondents in six swing states who voted for U.S. President Joe Biden in 2020 but would not vote for him again said that his foreign policy or Israel's war on Gaza were the most important issues determining their vote.
The figure comes as part of a new set of polls released Monday from The New York Times, Siena College, and The Philadelphia Inquirer that show former President Donald Trump narrowly leading Biden in 5 out of 6 crucial battleground states.
"We have warned that this would happen for months, and the Democratic Party didn't give a damn," author and organizer Daniel Denvir wrote on social media in response to the news.
The polls showed Trump leading Biden with registered voters by three percentage points in Pennsylvania, seven in Arizona and Michigan, 10 in Georgia, and a full 12 in Nevada. Only in Wisconsin did Biden edge ahead by two points. Biden won all of these states in 2020, but he could still win in 2024 if he secures Wisconsin, Michigan, and Pennsylvania and does not lose any other states he previously won. The results were slightly different for likely voters, with Trump narrowly leading in every state except for Michigan.
One voter the pollsters spoke to was 30-year-old Gerard Willingham, a Georgia web administrator who voted for Biden in 2020 but said he would vote for a third party candidate in 2024 because of Biden's response to Israel's war on Gaza.
"I think it's made quite a bit of difference in that it made me more heavily than in the past push toward voting for a third party, even if I feel that the candidates almost 100% won't win," Willingham said. "It's starting to reach into my moral conscience, I guess."
"Biden seems to get the blame for the war in Gaza. For the high cost of living, too."
The polling comes after Biden has spent the last seven months providing military, financial, and moral support for the government of Israeli Prime Minister Benjamin Netanyahu as it wages a ground and air assault on Gaza that the International Court of Justice ruled could plausibly be a genocide. Only last week did Biden threaten to withhold certain weapons from Israel if it launches a full ground assault on Rafah, but several observers pointed out that Israel's incursions into Rafah so far should already qualify. Further, the poll was conducted from April 28 to May 9, so many respondents would have given their answers before Biden's May 8 remarks.
Palestinian rights and progressive activists have spent the primary season trying to persuade Biden to switch course on Gaza, launching "uncommitted" campaigns that won two delegates to the Democratic National Convention in the key swing state of Michigan. The poll provides further evidence that Biden's support for Israel's war is a real electoral liability.
"There is a cottage industry of political columnists who have said for months that these voters don't exist, only live in Brooklyn and Berkeley and on Twitter, TikTok, etc.," said Hamid Bendaas, communications director of the Institute for Middle East Understanding Policy Project. "To the extent that Biden and his advisers are buying into it, they are costing him the election."
Gaza isn't the only—or even the primary—issue threatening Biden's reflection bid. A quarter of voters consider the economy and cost of living as their most important issues, and more than half of all voters rated the economy as "poor." Further, Biden actually lost more support overall from conservative and moderate Democrats.
Responding to the poll results, journalist Frank Bruni said that Biden needed to "wake up."
While Democratic Party insiders seem to believe that there is no way voters could ultimately prefer Trump's anti-abortion stance and authoritarian leanings, Bruni warned against "complacency."
He pointed out that Democratic senators in Arizona, Wisconsin, Pennsylvania, and Nevada did continue to poll ahead of their Republican opponents, suggesting that the problem is less with the Democratic Party overall than with Biden himself.
"Biden seems to get the blame for the war in Gaza. For the high cost of living, too," Bruni wrote.
"Regarding the economy, he has a story to tell—infrastructure investment, the CHIPS Act, low unemployment—and must tell it better, with an eye not on his liberal base, but on the minorities and young people who are drifting away from him," he advised. "That's the moral of the latest numbers: Take no voter for granted. And there's not a second to waste."
#2024 presidential race#polling#donald trump#joe biden#gaza#palestine#israel#israel hamas conflict#genocide#cost of living#u.s. economy
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Biden says he doesn't think there will be a recession, if so it will be 'very slight'
Biden says he doesn’t think there will be a recession, if so it will be ‘very slight’
US President Joe Biden arrives to speak at the Volvo Group powertrain manufacturing facility in Hagerstown, Maryland, on Friday, Oct. 7, 2022.
Craig Hudson | Bloomberg | Getty Images
President Joe Biden said he doesn’t believe there will be a recession in the near future and if there is, he expects it to be a “slight” economic dip.
“Every six months they say this. Every six months, they look…
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#business news#Economic events#Economy#Interest Rates#Jamie Dimon#joe biden#London#Politics#U.S. Economy#united states#World economy
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Timing isn’t the only external factor determining whether homeownership “works” for Americans. Paying off a mortgage is a form of “forced savings,” in which people save by paying for shelter rather than consciously putting money aside. According to a report by an economist at the National Association of Realtors looking at the housing market from 2011 to 2021, however, price appreciation accounts for roughly 86 percent of the wealth associated with owning a home. That means almost all of the gains come not from paying down a mortgage (money that you literally put into the home) but from rising price tags outside of any individual homeowner’s control.
This is a key, uncomfortable point: Home values, which purportedly built the middle class, are predicated not on sweat equity or hard work but on luck. Home values are mostly about the value of land, not the structure itself, and the value of the land is largely driven by labor markets. Is someone who bought a home in San Francisco in 1978 smarter or more hardworking than someone trying to do so 50 years later? More important, is this kind of random luck, which compounds over time, the best way to organize society? The obvious answer to both of these questions is no.
And for people for whom homeownership has paid off the most? Those living in cities or suburbs of thriving labor markets? For them, their home’s value is directly tied to the scarcity of housing for other people. This system by its nature pits incumbents against newcomers.
The Homeownership Society Was a Mistake - The Atlantic
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May was full in Jeju!🕊️ I didn't go out to play, but in the middle of my busy schedule, I had a happy time in Jeju!✨
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U.S. Fertility Rate Falls to Record Low
On April 25, the U.S. Centers for Disease Control and Prevention released its report on U.S. fertility rates that showed the total fertility rate fell to 1.62 births per woman in 2023, a 2% decline from the prior year and the lowest rate since the government began tracking that data in the 1930’s.[1]
This is attributed to women having fewer children, later in life; to women having fulfilling…
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#U.S. Centers for Disease Control and Prevention#U.S. economy#U.S. fertility rates#U.S. immigration#U.S. labor shortage
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For a growing number of Americans, retirement accounts are doing double duty as savings accounts for the future and emergency funds for the here and now. Vanguard Group says that 2023 saw early withdrawals from a record 3.6 percent of the 5 million accounts it administers, up from 2.8 percent in 2022. Roben Farzad, host of NPR’s "Full Disclosure" podcast, joins John Yang to discuss.
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What began in earnest during the 2008 financial crisis has been exacerbated by COVID-19: large companies, often backed by powerful private equity firms, swept into the single- and multi-family housing market hoping for a big return on their investment. More than a decade later, they’re not only reaping the rewards — they’re increasing their market share.
“They just bought in bulk,” says Oscar Valdés Viera, a research manager at Americans for Financial Reform. “As people were losing their homes, they were taking advantage of that, and they’re doing that again — they’ve expanded during the pandemic.”
According to a report by Americans for Financial Reform, 1.6 million housing units in the U.S. are now owned by private equity, including over 1 million apartment units, 275,000 manufactured home lots, and over 239,000 single-family rental homes.
The report lists 22 private equity-backed companies that hold the 1 million apartment units, which they estimate is 3.6 percent of all apartment units in the country, or about 1 out of every 26 apartment listings. And 12 private equity companies are listed as owners of the manufactured home sites.
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