Commentary: As Inflation Cools, Fed Keeps Rates Steady, Slowdown Expected in 2024

The Federal Reserve on Dec. 13 held the Federal Funds Rate—the rate at which banks lend to each other—steady at 5.25 percent to 5.5 percent, as the consumer inflation once again cooled to 12-month average level of 3.1 percent, according to the latest data compiled by the Bureau of Labor Statistics.

Leading the cooldown were drops in energy prices as gasoline dropped 6 percent in November, following a 5 percent drop in October.

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Americans Are Burning Through Savings to Keep Biden’s Economy Afloat, Experts Say

Under President Joe Biden, economic growth has been partly sustained by Americans spending through their savings on everyday goods, according to experts who spoke to the Daily Caller News Foundation.

Gross Domestic Product (GDP), a measure of economic growth, has remained persistently high, coming in at 2.1 percent for the second quarter of 2023, even as the Federal Reserve has attempted to tame growth through hikes of its federal funds rate. The main contributor to U.S. GDP is consumer spending, which has managed to notch consistent increases at the expense of the savings of average Americans, experts told the DCNF.

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Alarm Grows as Jobs, GDP Data Revised Downward

President Job Biden’s story about the success of Bidenomics just keeps shrinking.

The Labor Department has consistently overestimated payroll growth predictions under the 46th president and has been forced to revise the data downward to reflect slower economic growth throughout 2023.

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Report: Labor Productivity Dropped Most Since 1948

The U.S. Bureau of Labor Statistics released new economic data Tuesday showing the sharpest quarterly decline in labor productivity since 1948.

BLS reported a 4.6% decrease in labor productivity in the second quarter of this year as the economy shrank and labor costs rose. This data follows a decrease in productivity the first quarter of 2022 as well.

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Commentary: After 18 Months of Biden, We Have Yet to Hit Bottom

Next week will mark one and a half years since Joe Biden became president on Jan. 20, 2021. On July 20, every American should look within and ask: “Am I better off than I was 18 months ago?”

To Biden’s credit, the unemployment rate has fallen from 6.4% when he took office to 3.6% in June. Today’s figure is a notch higher than the 3.5% joblessness that Americans enjoyed in February 2020, thanks to President Donald Trump’s Republican tax cuts, deregulation, energy dominance, and other pro-growth initiatives.

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Congressional Budget Office: Debt to Surpass GDP at Record Level over Next Decade

The Congressional Budget Office released its economic outlook for the next decade and projected record high debt levels compared to the nation’s Gross Domestic Product.

The CBO projected a decrease in the deficit compared to the major COVID-era spending spree that helped fuel inflation to its current high levels.

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Oil Industry Report Warns of Massive Job Losses from Biden’s Anti-Drilling Agenda

The Biden administration’s failure to pursue a plan for offshore oil and gas leasing will have long-term impacts on American jobs, gross domestic product (GDP) and energy security, an industry report found.

American oil production would decline by roughly 500,000 barrels per day and at least 57,000 energy industry jobs would be lost if the administration declined to issue a five-year leasing plan by July, according to a report published Tuesday by the American Petroleum Institute (API) and National Ocean Industries Association (NOIA). U.S. GDP would decline $5 billion per year under the projection, the study further showed.

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International Monetary Fund Projects Weaker Than Expected 2022 Economic Growth for U.S. and China

The International Monetary Fund (IMF) cut its global economic growth forecast for 2022 on Tuesday, citing growing COVID-19 cases, supply chain bottlenecks and soaring inflation.

The IMF now projects global gross domestic (GDP) product to grow 4.4% in 2022, down from 5.9% growth in 2021, according to the IMF’s World Economic Outlook report published Tuesday. The IMF projected global GDP would reach 4.9% in its Fall report.

“The global economy enters 2022 in a weaker position than previously expected,” the report said, blaming “downside surprises,” including soaring COVID-19 cases and turbulent markets.

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Sen. Cruz: Skyrocketing Inflation in U.S. Comparable to 1970s under Carter

Ted Cruz

U.S. Sen. Ted Cruz, R-Texas, says that skyrocketing inflation and long lines at gas stations are a result of President Joe Biden’s policies and are returning the U.S. to the days of high inflation, high cost of living and gas lines under President Jimmy Carter.

Eleven months into Biden’s term, inflation reached a 31-year high and gas prices surpassed a seven-year high.

“I’ve got to tell you the trillions that are being spent, the trillions in debt that’s being racked up, it is historic and not in a good way,” Cruz told Fox News’ “Sunday Morning Futures.”

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Commentary: Democrat Spending Bill Taxes the Rich and the Poor

“No one got everything they wanted, including me, but that’s what compromise is. That’s consensus. And that’s what I ran on.”

That was President Joe Biden on Oct. 28 unveiling his latest $1.75 trillion spending bill—watered down from $3.5 trillion after Sen. Joe Manchin (D-W.Va.) refused to budge on the topline number—that Congress is expected to vote on this week.

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