{"id":601194,"date":"2023-12-15T13:30:00","date_gmt":"2023-12-15T10:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/could-a-trump-holdover-save-the-biden-presidency\/"},"modified":"2023-12-15T13:30:00","modified_gmt":"2023-12-15T10:30:00","slug":"could-a-trump-holdover-save-the-biden-presidency","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/could-a-trump-holdover-save-the-biden-presidency\/","title":{"rendered":"#Could a Trump holdover save the Biden presidency?"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/07\/64c1ad91555456.33160850-e1695231508422.jpeg?w=900\" \/><\/p>\n<div>\n<p>A key holdover from the Trump presidency could give President Biden a huge boost as he seeks reelection.<\/p>\n<p>Federal Reserve Chair Jerome Powell looks to be on the cusp of pulling off a \u201csoft landing\u201d of the economy, after inflation roared to a four-decade high last year.<\/p>\n<aside class=\"ad-unit ad-unit--mr1_ab\"><\/aside>\n<p>The Fed\u2019s <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of interest rate increases, which began in March 2022, have helped pull inflation down to just 3.1 percent from a high of 9.1 percent. But they have done so without throwing the economy into recession \u2014 at least so far.<\/p>\n<p>Powell cautioned on Wednesday that it was \u201cfar too early to declare victory\u201d in the battle against inflation. The annualized inflation rate is still higher than the Fed\u2019s target of 2 percent.\u00a0<\/p>\n<p>But the Fed\u2019s projections now assume three interest rate cuts in 2024. Powell himself told a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> conference that the central bank was keenly aware of the risk that \u201cwe would hang on too long\u201d without lowering rates.<\/p>\n<p>Those comments came as the Fed held interest rates steady \u2014 a decision that helped propel the Dow Jones Industrial Average to its first ever close above 37,000.<\/p>\n<p>Rate cuts next year would make homes more affordable, ease the purchase of other big-ticket items like cars, and make credit card debt less burdensome \u2014 all factors that could boost public sentiment on the economy and help the president.<\/p>\n<p>So far, a strong jobs record for Biden has not been enough to overcome public pain about rising prices. An Economist\/YouGov poll released Wednesday showed just 39 percent of Americans <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>rove of Biden\u2019s performance on the economy while 52 percent disapproved.\u00a0<\/p>\n<aside class=\"ad-unit ad-unit--mr2_ab\"><\/aside>\n<p>Democrats and Republicans fell along predictable lines on that question, but independent voters broke almost 2-to-1 against Biden on the economy, with 57 percent disapproving and just 30 percent approving.\u00a0<\/p>\n<p>Those numbers are a heavy millstone around the president\u2019s chances of winning a second term.\u00a0<\/p>\n<p>But a soft landing could change everything.<\/p>\n<aside class=\"ad-unit ad-unit--mr3_ab\"><\/aside>\n<p>Such a scenario \u201cwould be a very good thing for the president,\u201d said Mark Zandi, chief economist of Moody\u2019s Analytics. \u201cMarkets will be up, mortgage rates will be down, housing affordability will improve. So it is all good news.\u201d<\/p>\n<p>Zandi emphasized this outcome was not guaranteed but that if it happened, \u201cit should help the president make the case that the economy is in a good spot.\u201d<\/p>\n<p>Other observers who are broadly sympathetic to Biden argue that Americans could finally be about to\u00a0shift from their feelings\u00a0of malaise about the economy and embrace a more optimistic attitude.\u00a0<\/p>\n<aside class=\"ad-unit ad-unit--mr4_ab\"><\/aside>\n<p>\u201cA year ago economists thought there was a 100 percent chance of a recession and now the Fed is signaling we are going to have three rate cuts, possibly next year, and that\u2019s on the back of a strong GDP report and strong employment numbers,\u201d said Brendan Duke, the senior director for economic policy at the liberal Center for American Progress.<\/p>\n<p>\u201cWhen it comes to how Americans feel about the economy, these rate cuts have been sort of the missing piece,\u201d Duke added. \u201cThey are going to unlock a rising stock market and lower mortgage rates.\u201d<\/p>\n<p>Conservative-leaning experts, however, see the situation quite differently.<\/p>\n<aside class=\"ad-unit ad-unit--mr5_ab\"><\/aside>\n<p>EJ Antoni, public finance economist with the conservative Heritage Foundation, contended that Biden\u2019s broad economic record was \u201cpoor\u201d at best and that there was little chance that the Fed could pull off a genuine soft landing.<\/p>\n<p>Instead, Antoni argued that rate cuts next year would likely be premature and risk a rerun of the grim economic conditions of the late 1970s and early 1980s when inflation was rampant and persistent.<\/p>\n<p>\u201cThere is really no way for the Fed to engineer a soft landing,\u201d Antoni said. \u201cThey\u2019ve never done it before, and they are not going to do it this time either.\u201d<\/p>\n<aside class=\"ad-unit ad-unit--mr6_ab\"><\/aside>\n<p>Antoni\u2019s argument, at its core, is that the prudent economic course would be to leave rates elevated for some time to come but that \u201cit doesn\u2019t seem like Powell and company have the political will to continue on the current track when we are going into an election year.\u201d<\/p>\n<p>The Fed is ostensibly independent but Antoni argued that the idea that it was immune from political pressures was unrealistic.<\/p>\n<p>\u201cWe need to put to rest this idea that the Fed is politically independent when they have demonstrated again and again that is not the case,\u201d he said.<\/p>\n<aside class=\"ad-unit ad-unit--mr7_ab\"><\/aside>\n<p>Beyond any disputes about the Fed\u2019s motivations, though, there are also some who question whether a \u201csoft landing\u201d would really save Biden.<\/p>\n<p>David Winston, a veteran GOP pollster, argued that Biden\u2019s team is fundamentally misreading how public perceptions of the economy are formed.<\/p>\n<p>The inflation rate may have been cut down to one-third of its peak, he argued, but that doesn\u2019t change the fact that prices are continuing to rise.<\/p>\n<p>The central point, Winston contended, is \u201cthe way people are feeling as they walk into a grocery store and see prices are continuing to go up. The argument the president is using \u2014 \u2018Yes, but more slowly\u2019 isn\u2019t all that persuasive.\u201d<\/p>\n<p>Winston noted that even rate cuts next year would leave those rates \u201clower than their peak but still higher than they have been until a few years ago.\u201d<\/p>\n<p>This, he added, was likely to lead the electorate restless and dissatisfied with the president.<\/p>\n<p>More Biden-sympathic observers, like Duke, don\u2019t see it that way.<\/p>\n<p>The current optimism, he said, is a sign \u201cthat the COVID economy is over.\u201d<\/p>\n<p>If that perception takes root, it could yet propel Biden out of the polling doldrums and toward a second term.<\/p>\n<p>And he\u2019ll have Jerome Powell to thank.<\/p>\n<p><em>The Memo is a reported column by Niall Stanage.<\/em>\n<\/div>\n<p>Copyright 2023 Nexstar <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Media<\/a> Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.<\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/thehill.com\/business\/4361329-the-memo-could-a-trump-holdover-save-the-biden-presidency\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A key holdover from the Trump presidency could give President Biden a huge boost as he seeks reelection. Federal Reserve Chair Jerome Powell looks to be on the cusp of pulling off a \u201csoft landing\u201d of the economy, after inflation roared to a four-decade high last year. The Fed\u2019s series of interest rate increases, which&#8230;<\/p>\n","protected":false},"author":1,"featured_media":601195,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/07\/64c1ad91555456.33160850-e1695231508422.jpeg?w=1280","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[117,134343,4941,78965,10574,134661,70550,70551,78738,991,134351,115,70289],"class_list":["post-601194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-business","tag-campaign","tag-donald-trump","tag-dow-jones","tag-education","tag-energy-environment","tag-federal-reserve","tag-inflation","tag-jerome-powell","tag-joe-biden","tag-morning-report","tag-news","tag-senate"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/601194","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=601194"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/601194\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/601195"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=601194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=601194"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=601194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}