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Biden Democratic

Biden, Democratic Victories Would Be Best Outcome For The Economy, Moody’s Says – Forbes

Topline

A victory for Joe Biden over Donald Trump and a Democratic sweep—where Republicans lose the Senate—would result in the biggest rebound in economic growth and employment, according to a recent analysis of both candidates’ economic proposals by Moody’s Analytics.

US-VOTE-BIDEN

7.4 million more jobs would be added under Biden than Trump, Moody’s estimates.


Jim Watson/AFP via Getty Images

Key Facts

Moody’s analyzed four potential outcomes for the November presidential election: A total Democratic sweep; a total Republican sweep; Democrats winning the presidency and the House but not the Senate; and status quo with Trump in the White House, Democrats controlling the House and Republicans holding the Senate.

Based on the economic proposals of both President Trump and Biden, “the economic outlook is strongest under the scenario in which Biden and the Democrats sweep Congress and fully adopt their economic agenda,” said Moody’s Analytics chief economist Mark Zandi.

A Blue Wave—in which Democrats control both chambers of Congress and the White House—would result in the highest number of jobs added and the best rebound in economic growth, Moody’s found.

In that scenario, Biden would be allowed to enact more wide-sweeping economic policy changes such as spending trillions on infrastructure, education and social safety, while also boosting trade and immigration.

“Greater government spending adds directly to [GDP] and jobs,” Zandi said, while also arguing that the higher taxes Biden has proposed to fund some of these plans have an “indirect impact” and would not slow the economy.

Moody’s analysis found that a Trump victory would be a worse outcome for the economy because of his smaller proposals for fiscal stimulus and the increased likelihood of deeper trade tensions and cuts to immigration.

Trump has proposed “much less expansive support to the economy from tax and spending policies,” Moody’s said, adding that his planned immigration cuts are a “significant impediment to longer-term economic growth” as it slows both the job market growth and labor productivity.

Crucial Quote

“Even allowing for some variability in the accuracy of the economic modeling and underlying assumptions that drive our analysis, we conclude that Biden’s economic proposals would result in a stronger U.S. economy than Trump’s,” Moody’s concluded.

Big Number: 7.4 Million

That’s how many more jobs would be added to the economy under Biden than Trump, Moody’s report found. “Largely because of Biden’s substantially more expansive fiscal policies, the economy would return to full employment more quickly coming out of the pandemic than under Trump—in the second half of 2022 under Biden, compared with the first half of 2024 under Trump.”

Key Background

While recent economic data has signaled the start of a recovery from the coronavirus recession, prospects for a quick rebound are quickly dwindling. Many experts have warned that it could take years for the U.S. economy to fully recover from the impact of the pandemic. While the stock market hit record highs in August, it’s so far had a dismal September including four straight weeks of losses. Ongoing uncertainty over the next round of fiscal stimulus from Congress and an alarming rise in new coronavirus cases in Europe and the U.S. have both threatened to derail the economic recovery. The job market is also still struggling, with the unemployment rate currently at 8.4%, according to the Bureau of Labor Statistics. Another 870,000 Americans filed unemployment claims last week, while the number of continuing jobless claims is still well over 12 million—much higher than levels seen in previous recessions.

What To Watch For

Federal Reserve Chairman Jerome Powell told Congress on Wednesday that further fiscal stimulus would be crucial if the U.S. economic recovery is to continue, saying that there’s still “a long way to go.” Lawmakers on both sides of the aisle have been stuck in a stalemate, struggling to agree on the size and provisions of the next coronavirus stimulus bill. House Speaker Nancy Pelosi said on Thursday, however, that Democrats are preparing a new, smaller relief package worth around $2.4 trillion—but Republicans have advocated for a bill costing no more than $1.5 trillion. If Republicans turn down Democrats’ latest offer, the House could vote on the new proposal next week even without GOP support.

Further Reading

A Biden Victory And Split Congress Is Best For Stocks, But Here’s What Would Kill Markets After Election Night (Forbes)

Stimulus Bill Before Election Day? Unlikely, Wall Street Says (Forbes)

Stimulus Update: House Democrats Considering New, Smaller Relief Package (Forbes)

Stocks Finish Higher Even After Another 870,000 Americans File For Unemployment (Forbes)

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Calls Democratic

Democratic Rep. Max Rose calls de Blasio worst mayor in history of NYC – New York Post

September 9, 2020 | 3:55pm | Updated September 9, 2020 | 5:39pm

First-term Staten Island congressman Max Rose is running digitals ads calling fellow Democrat Bill de Blasio “the worst mayor in the history of New York City.”

Rose is locked in a tough re-election battle against Republican challenger Nicole Malliotakis in the 11th congressional district that encompasses Staten Island and southern Brooklyn.

“Bill de Blasio is the worst mayor in the history of New York City,” Rose says in a six second spot as he looks into the camera. “That’s the whole ad.”

Rose makes the same accusation in a 15-second spot. Having a few seconds of air time left, he chuckles, “That’s it guys. Seriously. That’s the whole ad.”

De Blasio is unpopular in the 11th CD.

Malliotakis, a state assemblywoman, was the Republican candidate for mayor against the incumbent in 2017.

While de Blasio handily won re-election citywide, Malliotakis trounced the mayor in more conservative  Staten Island, where she captured 70 percent of the vote.

Rose has been critical of de Blasio despite hailing from the same party.

He endorsed former Mayor Michael Bloomberg’s bid for president before the billionaire dropped out of the Democratic primary. De Blasio’s presidential bid also flamed out.

Rose is attacking de Blasio while Malliotakis and the GOP have run ads trying to link Rose to the mayor on issues such as rising crime and anti-police protests. The PBA and other police unions have endorsed Malliotakis.

The GOP also has run ads slamming Rose for voting to impeach President Trump following the Russia election meddling probe.

Rose complained that de Blasio failed to provide a real plan to reopen schools and accused the mayor of “actively trying to kill” New York City restaurants by delaying the reopening of indoor dining.

After a night of looting across New York City during protests following the death of George Floyd, Rose said the mayor “lost control of the situation,” and called on the National Guard to enforce curfew. Rose, a military veteran who served in Afghanistan, is a member of the National Guard.

Rose also criticized de Blasio during his first run for Congress in 2018, when he toppled Republican incumbent Dan Donovan.

De Blasio spokesman Bill Neidhardt responded, “So Max Rose prefers Fernando Wood? That’s a strange take.”

Neidhardt was referring to Wood, the Tammany Hall Democratic mayor during the Civil War who expressed sympathy for the confederacy.

The Malliotakis campaign got a kick out of Rose’s attempt to disassociate himself from de Blasio.

“It’s fun to watch two far-left politicians like Max Rose and Bill de Blasio squabble over who’s worst. The question Max Rose needs to answer is if he joined the nearly 70% of his constituents who voted for Nicole Malliotakis in the 2017 race for mayor,” said Malliotakis spokesman Rob Ryan.

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Biden Democratic

Biden wins Democratic primary in Hawaii – NBCNews.com

Former Vice President Joe Biden won Hawaii’s Democratic presidential primary Saturday, NBC News projected.

The race pitted Biden against Vermont Sen. Bernie Sanders, who ended his presidential campaign last month.

Because of the coronavirus pandemic the Democratic Party of Hawaii canceled in-person voting and mailed ballots to all registered party voters in the state.

Biden, who is poised to take on President Donald Trump in the general election, apologized Friday for saying in a radio interview with African American personality Charlamagne tha God, “If you have a problem figuring out whether you’re for me or Trump, then you ain’t black.”

He later called the remarks “unfortunate.”

Image: Dennis RomeroDennis Romero

Dennis Romero writes for NBC News and is based in Los Angeles.

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Democratic senators

Democratic senators propose $2,000 monthly payments to most Americans – POLITICO

Sen. Kamala Harris, along with Sens. Bernie Sanders and Ed Markey, wants to drastically increase the amount of money Americans receive to weather the coronavirus crisis. | Andrew Harnik/Getty Images

A trio of Democratic senators are pitching a big idea: pay most American families thousands of dollars each month until the coronavirus’s economic crisis subsides.

On Friday, Sens. Kamala Harris (D-Calif.), Bernie Sanders (I-Vt.) and Ed Markey (D-Mass.) will release their Monthly Economic Crisis Support Act. It would dramatically expand upon the $1,200 sent to Americans as part of March’s gargantuan coronavirus response bill.

The legislation would send a monthly $2,000 check to people who make less than $120,000. It would expand to $4,000 to married couples who file taxes jointly and also provide $2,000 for each child up to three. Harris said the bill is a reflection that Congress’s efforts so far were not “nearly enough to meet the needs of this historic crisis” and Markey called the massive cash infusion “the most direct and efficient mechanism for delivering economic relief to those most vulnerable.”

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