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Today’s hidden news stories…

Amidst the obsessive news coverage about President Biden’s age, there have been a few nearly hidden news stories over the past few days reminding the few of us who find them what we’re currently getting under a Biden presidency and what we’d likely get with Trump. I’m not talking about democracy versus fascist dictatorship, or existential environmental threats or being sold out to the Russians. I’m talking meat and potatoes economic issues.

Some actual headlines from the past few days (click on the titles to link to the story):

Wave of summer travel expected over July 4 holiday as inflation loosens grip

Economy added 272,000 jobs in May, surging past expectations

S&P 500, Nasdaq post record closes Friday as jobs report raises Fed rate cut hopes

America’s startup boom is still going strong. Here’s what it means for the economy

I’ll throw this one in the mix, despite it being hyper-local (it has national implications): Unauthorized immigrants are key players in Idaho’s economy, agricultural sector, study shows

Well, it seems like the nation’s economy is…pretty good? So, what’s the alternative?

As those good-news stories were popping up in hard-to-find places, I also found this one from the New York Times: One Obstacle for Trump’s Promises: This Isn’t the 2016 Economy. Hmmm…. what can this one be about?

Here, I’ll save you the click and get to the meat:

“…jittery inflation expectations and higher interest rates — could make many of the ideas Mr. Trump talks about on the campaign trail either riskier or more costly than before, especially at a moment when the economy is running at full speed and unemployment is very low.

“Mr. Trump is suggesting tax cuts that could speed up the economy and add to the deficit, potentially boosting inflation and adding to the national debt at a time when it costs a lot for the government to borrow. He has talked about mass deportations at a moment when economists warn that losing a lot of would-be workers could cause labor shortages and push up prices. He promises to ramp up tariffs across the board — and drastically on China — in a move that might sharply increase import prices.

“And he has implied that interest rates would be much lower on his watch. That would be difficult for him to bring about because the Fed sets interest rates on its own and is insulated from the White House. But if Mr. Trump tried and found a way to successfully infringe upon the Fed’s independence and push down borrowing costs, it would risk reigniting growth and price increases.”

Let me translate this: the economy is strong under Biden and can get much, much worse if Trump does what he’s campaigning to do. The outcome of this election actually matters.

Now back to our regular scheduled programming…

Updated 7/11/24: Inflation Cooled Further in June

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