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Economy

Just 34% approve of Biden’s handling of the economy as he hits the road to talk up ‘Bidenomics’

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WASHINGTON (AP) — President Joe Biden had a tough sell Wednesday: Convincing voters the U.S. economy is flourishing.

With the president set to showcase “Bidenomics” in a speech in Chicago, a new poll finds that only one in three U.S. adults approve of his economic leadership. That 34% figure is even lower than his overall approval rating of 41%, according to the survey from The Associated Press-NORC Center for Public Affairs Research.

Biden’s approval figures have barely moved for the past year and a half, a source of concern for a president seeking reelection on his ability to govern and make a positive difference for the middle class and the U.S. economy. He wants voters to connect new infrastructure projects, factory construction and the rise of electric vehicles and renewable energy to the initiatives he signed into law during the first two years of his administration.

As he was departing for Chicago, Biden said he believes the U.S. will avoid the recession that many economic analysts have been expecting.

“I’ve been hearing every month there’s going to be a recession next month,” he said. “I don’t think we will.”

Indeed, the economy has steadily improved over the past year. Unemployment stands near historic lows at 3.7%. The inflation that has plagued Biden’s presidency has fallen to 4% from a peak of 9.1% last June. But prices are still rising significantly faster than the Federal Reserve’s target of 2%, a worry for voters and a line of attack for Republican lawmakers and other presidential candidates.

And smoke from Canadian wildfires, evident in Chicago on Wednesday, has added a new cloud for workers and shoppers in the U.S. The White House said it’s monitoring the air quality in Chicago but would not cancel the president’s scheduled events, which include a campaign reception in addition to the speech on the economy.

The new poll identifies a weakness within Biden’s own base. Many of the Democrats he needs to marshal in 2024 are comparatively unenthusiastic about his economic record. Seventy-two percent within his party say they approve of his handling of his job overall, but just 60% say they approve of his handling of the economy.

By comparison, during the depths of the pandemic as unemployment spiked, Republicans approved by overwhelming numbers of then-President Donald Trump’s economic leadership. Only about 1 in 10 Republicans now approve of Biden overall or on the economy, a testament to the polarization that defines modern U.S. politics.

Sarah Husted, 40, said she voted in 2020 for Biden, but “I wasn’t thrilled with either candidate.”

Living in Lincoln, Nebraska, Husted said that she feels as though inflation is getting worse, especially with regard to utilities and housing. But she largely believes the economic turmoil still reflects the disruptions caused by the pandemic.

“I don’t think that President Biden is helping the situation as much as he could, but I don’t think it’s all his fault,” she said.

That take was shared by other poll respondents interviewed by AP who voted for Biden in 2020. They generally saw him as a president grappling with partisan divisions, global competition and the aftermath of the coronavirus pandemic.

“He’s doing the best he can, but he can’t do anything without Congress,” said Alice Banner, 86, a retired nurse from Baltimore County, Maryland.

Ben Will, 34, noted the solid job growth during Biden’s presidency and said the infrastructure spending that Biden signed into law would help with growth.

“He’s doing a fantastic job with the cards that were dealt to him,” said Will, a marketing and advertising director from Reading, Pennsylvania.

Overall, 30% of U.S. adults say they think the national economy is good, up slightly from the 25% who said that last month, when the president and congressional Republicans were in the midst of negotiations over raising the nation’s debt limit and a historic government default was a risk. No more than about a third have called the economy good since 2021.

Overall, Democrats remain more likely to call the economy good than Republicans are, 47% to 13%.

White House aides believe that Biden’s speech on Wednesday can generate greater awareness of his policies and increase Democratic voters’ appreciation of the economy. While the president’s allies acknowledge that many Americans still hold dim views of the economy, they note that the actual economic data was far worse last November, when Democrats mounted a stronger-than-expected showing in the midterm elections.

Biden aides say they are encouraged by data showing Americans’ views can be changed by a consistent message reinforced on multiple fronts, which is what the president and his Cabinet are setting out to do by touring the U.S. over the next three weeks. Their hope is that repetition of Biden’s accomplishments, coupled with a contrast to GOP proposals to undo those initiatives, will stick with voters for 2024.

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The poll of 1,220 adults was conducted June 22-26 using a sample drawn from NORC’s probability-based AmeriSpeak Panel, which is designed to be representative of the U.S. population. The margin of sampling error for all respondents is plus or minus 3.9 percentage points.

——

AP White House Correspondent Zeke Miller contributed to this report.

 

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Business

A timeline of events in the bread price-fixing scandal

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Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.

Here’s a timeline of key events in the bread price-fixing case.

Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.

Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.

Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.

Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).

Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.

June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.

Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”

Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.

July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.

Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite up more than 250 points, U.S. stock markets also higher

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TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.

The S&P/TSX composite index was up 254.62 points at 23,847.22.

In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.

The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.

The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.

The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Construction wraps on indoor supervised site for people who inhale drugs in Vancouver

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VANCOUVER – Supervised injection sites are saving the lives of drug users everyday, but the same support is not being offered to people who inhale illicit drugs, the head of the BC Centre for Excellence in HIV/AIDS says.

Dr. Julio Montaner said the construction of Vancouver’s first indoor supervised site for people who inhale drugs comes as the percentage of people who die from smoking drugs continues to climb.

The location in the Downtown Eastside at the Hope to Health Research and Innovation Centre was unveiled Wednesday after construction was complete, and Montaner said people could start using the specialized rooms in a matter of weeks after final approvals from the city and federal government.

“If we don’t create mechanisms for these individuals to be able to use safely and engage with the medical system, and generate points of entry into the medical system, we will never be able to solve the problem,” he said.

“Now, I’m not here to tell you that we will fix it tomorrow, but denying it or ignoring it, or throw it under the bus, or under the carpet is no way to fix it, so we need to take proactive action.”

Nearly two-thirds of overdose deaths in British Columbia in 2023 came after smoking illicit drugs, yet only 40 per cent of supervised consumption sites in the province offer a safe place to smoke, often outdoors, in a tent.

The centre has been running a supervised injection site for years which sees more than a thousand people monthly and last month resuscitated five people who were overdosing.

The new facilities offer indoor, individual, negative-pressure rooms that allow fresh air to circulate and can clear out smoke in 30 to 60 seconds while users are monitored by trained nurses.

Advocates calling for more supervised inhalation sites have previously said the rules for setting up sites are overly complicated at a time when the province is facing an overdose crisis.

More than 15,000 people have died of overdoses since the public health emergency was declared in B.C. in April 2016.

Kate Salters, a senior researcher at the centre, said they worked with mechanical and chemical engineers to make sure the site is up to code and abidies by the highest standard of occupational health and safety.

“This is just another tool in our tool box to make sure that we’re offering life-saving services to those who are using drugs,” she said.

Montaner acknowledged the process to get the site up and running took “an inordinate amount of time,” but said the centre worked hard to follow all regulations.

“We feel that doing this right, with appropriate scientific background, in a medically supervised environment, etc, etc, allows us to derive the data that ultimately will be sufficiently convincing for not just our leaders, but also the leaders across the country and across the world, to embrace the strategies that we are trying to develop.” he said.

Montaner said building the facility was possible thanks to a single $4-million donation from a longtime supporter.

Construction finished with less than a week before the launch of the next provincial election campaign and within a year of the next federal election.

Montaner said he is concerned about “some of the things that have been said publicly by some of the political leaders in the province and in the country.”

“We want to bring awareness to the people that this is a serious undertaking. This is a very massive investment, and we need to protect it for the benefit of people who are unfortunately drug dependent.” he said.

This report by The Canadian Press was first published Sept. 18, 2024.

The Canadian Press. All rights reserved.

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