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A crucial question is hanging over the American economy and the fall presidential election: Why are consumer prices still growing uncomfortably fast, even after a sustained campaign by the Federal Reserve to slow the economy by raising interest rates?
For years, liberal Democrats have agitated for the United States to tax wealth, not just income, as a way to ensure that rich Americans who derive wealth from real estate, stocks, bonds and other assets were paying more in taxes.
The $1.9 trillion economic stimulus package that President Biden signed shortly after taking office has become both an anchor and a buoy for his re-election campaign.
Joseph R. Biden Jr. ran for the White House as a sharp critic of President Donald J. Trump’s crackdown on trade with China. In office, though, he has taken Mr. Trump’s trade war with Beijing and escalated it, albeit with a very different aim.
President Biden will announce on Tuesday that he is raising tariffs on an array of Chinese imports, including electric vehicles, solar cells, semiconductors and advanced batteries, in what he calls an effort to protect strategic American industries from a new wave of competitors that are unfairly subsidized by Beijing.
President Biden’s top economic adviser said on Friday that lawmakers should take advantage of a looming tax debate next year to try to reduce budget deficits by sharply raising taxes on corporations and the rich.
President Biden is warning that a new surge of cheap Chinese products poses a threat to American factories. There is little sign of one in official trade data, which show that Chinese steel imports are down sharply from last year and that the gap between what the United States sells to China and what it buys is at a post-pandemic low.
Sky-high mortgage rates and other elevated borrowing costs are pinching American consumers ahead of the 2024 election, threatening President Biden’s chances at a second term.