Despite voters’ worries about rising inflation driving next week’s midterm elections and recent announcements of job losses and hiring freezes by significant technology companies, the White House continues to be convinced that the US economy will not enter a recession.
The Biden administration is not preparing for a recession, according to press secretary Karine Jean-Pierre, who spoke to reporters on board Air Force One on Thursday. This is true despite the Federal Reserve raising interest rates for three straight months and inflation that is still at its highest levels since the 1980s.
Even though the administration has taken steps to lower prices for consumers, Ms. Jean-Pierre emphasized that Jerome Powell, the chairman of the Federal Reserve Board, is being given “the space to make ecisions on monetary policy without political interference.” She also emphasized that the White House views the consistently strong labor market as a sign of economic health.
“We recognize that Americans are concerned about inflation. That is why we have worked to reduce costs in every manner possible, including through the Inflation Reduction Act, health insurance premiums, energy costs, and lower gas prices, she said.
She added that Treasury Secretary Janet Yellen, whom Ms Jean-Pierre referred to as “a renowned economist who is clearly the Secretary of [the] Treasury,” had also expressed a similar view. “We believe we need to focus on dealing with that inflation and dealing with lowering costs, but as we see the economy as a whole, we do not see it going into recession,” she said.
Democrats running for office are working harder than ever to fend off what is starting to appear to be a Republican tsunami that may cost them more than 20 seats in the House of Representatives and perhaps even control of both houses of Congress.
Given the bleak outlook, some Democrats are questioning their party’s rhetoric for the midterm elections, which focused on the danger Republicans represent to democracy and abortion rights in a year when polls show that Americans are most worried about the economy and violent crime.
Voters are still angry about rising prices for goods and services, according to polls, and they are blaming the government, starting with President Joe Biden. According to a Reuters/Ipsos poll conducted from October 31 to November 1, 69% of Americans believe their nation is moving in the wrong path, compared to only 18% who disagree.
According to a recent research by the nonpartisan OpenSecrets, the 2022 elections are predicted to cost over $16.7 billion, making them the most costly midterm elections ever.
The enormous amount covers expenditures in both federal and state contests and was disclosed on Thursday in the campaign finance watchdog’s final spending report for the season. Tuesday is election day.
According to Sheila Krumholz, executive director of OpenSecrets, “no prior midterm election has seen as much money at the state and federal levels as the 2022 elections.” We are witnessing unprecedented sums being spent on elections across the board.
According to the OpenSecrets data, there was a lot of spending, especially during the battle for the House and Senate. For President Joe Biden’s final two years in office, the GOP hopes to regain control of both chambers.
With Vice President Kamala Harris serving as the tie-breaking vote, Democrats maintain control of the evenly divided Senate. According to the data, Pennsylvania, Georgia, Arizona, and Ohio had the most expensive Senate elections.
Democrats also hold a strong eight-seat majority in the House. The GOP, though, is expected to take back control of the chamber.
Through October 31, outside groups spent almost $1.9 billion to influence federal elections, much surpassing the previous record set by the 2018 midterm elections ($1.6 billion, adjusted for inflation). Super PACs affiliated with the Republican and Democratic congressional leadership are the greatest outside donors.
In terms of outside expenditure in federal elections, two Republican political action organizations have been at the forefront.
Over $205 million has been invested in the midterm elections by The Senate Leadership Fund, a super PAC allied with Senate Minority Leader Mitch McConnell, R-Kentucky, and supporting Republicans vying for the Senate. More than $188 million has been spent by the Congressional Leadership Fund, a hybrid PAC backed by House GOP leaders.
The new information predicts that state candidates, party committees, and ballot-measure committees will raise $7.8 billion.
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