Presidents use this platform to sell their accomplishments – and make a case for future plans. And Biden is eager to shift the conversation from his political troubles, such as the classified document fiasco or the recent Chinese spy balloon uproar.
This was Biden’s best chance to talk frankly with the country – and set the tone with a new and divided Congress. But the big-government solutions he offered failed to adequately address pressing concerns, including the ongoing financial difficulties faced by many citizens.
And his words may have deepened political division, despite his calls for unity.
It’s all about the economy
The economy remains one of Biden’s biggest challenges, despite his sunny picture of the improving outlook. Americans aren’t convinced that all is hunky-dory.
Inflation is still at 40-year highs, and interest rates are up as the Fed seeks to combat rising prices. While the inflation rate is gradually decreasing, many people are still struggling with buying their groceries and paying their bills.
In December, a USA TODAY/Suffolk University poll found 45% of registered voters said the country was in a recession; 15% said it was in a depression; 20% identified stagnation.
That’s hardly a rosy picture.
Similarly, a recent ABC News/Washington Post poll found 40% of Americans say they’re worse off financially under Biden, the highest number in nearly 40 years of the poll.
Bigger government not the answer
As Biden moves toward a formal reelection announcement, dissatisfaction with the economy – along with other factors, including the president’s age (now 80) – is leading many voters, including Democrats, to seek another option.
Rather than offer ideas that could further ease inflation or earn the support of the GOP-controlled House, Biden instead made a hollow call for Republicans to “work together” with him by aiding Big Labor, raising taxes on the wealthy and corporations, and extending social programs.
These are “solutions” more in line with far-left progressives and a nonstarter for conservatives. Plus, additional taxing and spending would only put more pressures on an already fragile economy.
What does ‘unity’ mean to Biden?
Throughout his presidency, Biden has paid lip service to the ideals of bipartisanship and unity. And he has painted himself as someone who can work across the aisle and get deals done.
“The people sent us a clear message,” Biden said Tuesday. “Fighting for the sake of fighting, power for the sake of power, conflict for the sake of conflict, gets us nowhere.”
Those words will be put to the test. During the first two years of his presidency, Biden didn’t have to work with a divided Congress. Now he does, and it’s already looking dicey.
Just weeks into his new leadership role, Republican House Speaker Kevin McCarthy has made it clear that he’s planning to use raising the debt ceiling as leverage for budget cuts. Biden and Democrats, however, have said that there’s no way they’re going to give in to demands or negotiations.
This is a great opportunity for Biden to live up to his lofty goals, but I doubt he’ll rise to the challenge.
Biden looks to 2024, not working with GOP
Some compromise is going to be necessary on both sides, and I’m sure Biden doesn’t want to push the country to the brink of default just as there are some signs of economic improvement.
Yet despite his calls for unity and preserving the “soul of the nation,” Biden has contributed to the country’s division. In a speech last fall, he called most Republicans – anyone who buys into the “MAGA” philosophy – semi-fascists. He continued digs against the GOP in this speech, too.
In advocating his “blue-collar blueprint to rebuild America,” Biden in the State of the Union did not offer a bipartisan agenda. Rather, he laid the groundwork for his 2024 campaign.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
