Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Biden knocks Wall Street, defends economic plans amid recession fears

Biden knocks Wall Street, defends economic plans amid recession fears

U.S. President Joe Biden blasted Wall Street and Republicans, while making a full-throated defense of his economic plans to thousands of union members in Philadelphia on Tuesday, as he seeks to improve dismal approval ratings amid high inflation and fears of recession.
Often raising his voice to a yell, Biden vowed to continue to pursue billionaires and corporations that his administration says underpay billions of dollars in taxes each year, and to pursue economic policies aimed at shrinking U.S. inequality.

"Our work isn't done," Biden said. "America still has a choice to make - a choice between a government by the few for the few or a government for all of us, democracy for all of us, an economy where all of us have a fair shot and a chance to earn our place in the economy."

Worries that a hawkish Federal Reserve will hurt U.S. growth as it attempts to tame inflation helped drive the benchmark S&P 500 (.SPX) into a "bear market" on Monday, which could beckon a recession, some analysts say.

Wall Street swung between green and red Tuesday after a smaller-than-expected jump in core producer prices for May.

Corporate executives including JP Morgan chief executive Jamie Dimon have warned in recent weeks that they see an economic storm brewing in the United States, as high inflation bites and the Fed balances curbing spending while avoiding recession.

Biden appeared to take aim at those concerns Tuesday.

"Wall Street didn't build this country, the middle class built this country," Biden said, adding that if investment bankers went on strike, not much would happen to the U.S. economy.

Republicans blame Democrat's $1.9 trillion American Rescue Plan of economic stimulus measures for fueling inflation that has reached 40-year highs.

"Soaring inflation, record gas prices, and a baby formula shortage are only a few of the crises he’s dealt" Pennsylvania families, Republican National Committee Ronna McDaniel said in a statement ahead of Biden's speech.

Biden and Democrats point to record-low unemployment, small business startups and wage growth, particularly for low-income workers disproportionately hurt by pandemic shutdowns, as signs the U.S. economy is strong.

"I don’t want to hear any more of these lies about reckless spending. We are changing people's lives," he said, saying multiple times that he was cutting deficits in contrast to his predecessor Donald Trump.

The Congressional Budget Office last month forecast that the U.S. budget deficit would shrink dramatically to $1.036 trillion for fiscal year 2022 from $2.775 trillion last year given a recovery-fueled surge in revenues and lower outlays.

Biden spoke in front of about 2,000 union members, leaders and state and local officials at the AFL-CIO Constitutional Convention, which is held every four years, and where labor leaders chart strategy. The labor federation comprises 57 affiliated unions and 12.5 million workers.

He recalled food lines and job losses under Trump and sparked by the COVID-19 pandemic, and noted record low unemployment.

"Talk about a contrast. Ordinary people waiting in line for an hour for a box of food," while presidential policies created more billionaires than ever in American history, he said.

Biden, hailed as a pro-union president by labor leaders, has continued to throw his support behind unions and collective bargaining, and the White House is counting on unions to help Democrats win in the November midterms.

He called on union members to throw their support behind John Fetterman the Pennsylvania U.S. Senate candidate, and Stacey Abrams, who is running for governor in Georgia.

Support from unions was key to Biden's win in key swing states in the 2020 election. Biden won 57% of union households nationwide compared with 40% for Trump, according to Edison Research.

He has ousted government officials whom unions deemed hostile to labor, reversed Trump-era rules that weakened worker protections and established a White House labor task force to reverse a decades-long decline in union membership.

More recently, Biden met with a new generation of union organizers at the White House, warned major businesses that their workforces would seek to unionize with his support and has supported a push on Capitol Hill that allows for congressional staffers to unionize.

However only 10.3% of the U.S. workforce was represented by a union in 2021, down from more than 30% in the 1950s, the White House said in February. The numbers are even lower for private-sector employees, where union membership has fallen to 6.1% in 2021 from 16.8% in 1983.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
×