Waiting for the Fed -- July’s Consumer Price Index all but assures the Federal Reserve will lower interest rates when it next meets in September. The CPI dropped to 2.9% for July, from 3.0% in June, marking its lowest level since March 2021, the Labor Department reports. Prices increased 0.2% in July over June, with shelter up 0.4%, accounting for 90% of the increase for all prices, according to the Bureau of Labor Statistics. Food was up 0.2%, food away from home was up 0.2%, and food at home was up 0.1%, while all prices except food and energy rose 0.2%. [Chart: BLS]
FRIDAY 8/16/24
It’s the Economy, Stupid – Ex-President Donald J. Trump attacked Vice President Kamala Harris’ economic policy Thursday at a press conference held at his Bedminster, New Jersey, golf club ahead of the Democratic presidential candidate’s unveiling of her economic policy in a Raleigh, North Carolina, appearance Friday.
Her “populist” agenda, according to The Washington Post features …
•Elimination of medical debt for millions of Americans.
•”First-ever” ban on price gouging for groceries and food.
•Cap on prescription drug costs.
•$25,000 subsidy for first-time home buyers.
•Child tax credit that would provide $6,000 per child to families for the first year of a baby’s life.
The last plank follows Republican vice presidential candidate JD Vance’s suggestion earlier in August that the child tax credit be raised from $2,000 to $6,000, WaPo notes.
The price gouging ban gave Trump fodder at his Thursday presser that “radical left” California politician Harris wants to put “price controls all over the place, which will end up driving up your prices, not down your prices,” USA Today reports. Trump held up examples of foodstuffs to highlight grocery inflation, including Oreos, Froot Loops, Cheerios and an impossibly downsized container of Tic Tacs.
Trump also attacked the Biden/Harris administration’s favorable jobs growth and unemployment rate record, which has generally gone unnoticed by voters. He claimed without evidence that “virtually 100%” of net job growth over the last year has gone to migrants, “actually beyond the number of 100%.”
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Vance Wrote the Forward – Donald J. Trump has spent much of the summer trying to distance himself from Project 2025, the 900-some page Heritage Foundation book that, among other things, would consolidate presidential power, eliminate various federal agencies and promote a “Christian nation.”
In an August 6 speech in Philadelphia, with Democratic presidential candidate Kamala Harris standing behind him, running mate Tim Walz said: “JD Vance literally, literally wrote the forward for the architect of the Project 2025 agenda.
Friday PolitiFact:Daily confirmed Walz’s charge. Vance wrote the forward for Kevin Roberts’ book, Dawn’s Early Light: Taking Back Washington to Save America. PolitiFact cites HarperCollins Publishers’ website and “other marketing materials” as proof.
Whatever your opinion, be sure to give Walz credit for correct use of the word, “literally.”
--TL
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THURSDAY 8/15/24
Reviving Ceasefire Negotiations? – Negotiations to negotiate a Gaza ceasefire were set to resume Thursday in Doha, Qatar, where mediators from Qatar, Egypt, the US and Israel are to take up the deal President Biden proposed May 31. Talks over that proposal have been stalled.
Problem is, it appears that Hamas, whose chief negotiator was killed in July 31 by an explosive device in a Tehran guesthouse, will not attend.
Phase I of Biden’s deal would have been a six-week ceasefire in which all hostages and detainees were to be released while Israel and Hamas were to negotiate Phase II, a complete and final ceasefire. Prime Minister Benjamin Netanyahu wants Israel to resume its war on Gaza after Phase I, if necessary.
Meanwhile, the health ministry in Gaza reported Thursday that the death toll there has topped 40,000. The ministry does not distinguish between civilians and soldiers killed, according to NPR.
Competing interests: Haaretz reported earlier this week that while the war in Gaza drags on, Netanyahu is quietly working to advance his overhaul of the Israeli Supreme Court, which would limit its ability to overturn Netanyahu’s decisions it finds “extremely unreasonable.” Biden, on the other hand, hopes a ceasefire will diffuse a movement by pro-Palestinian Democrats to withhold their votes on November 5.
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Harris Leads in Battlegrounds – Vice President Kamala Harris leads Donald J. Trump in five battleground states, is tied in a sixth, and is behind in the seventh, in the non-partisan Cook Political Report’s Swing State Project Survey conducted by BSG and GS Strategy Group. In a head-to-head race, Harris leads Trump nationally, 48% to 47%.
In the Swing State Survey, Harris leads Trump in Arizona, Michigan, North Carolina, Pennsylvania and Wisconsin. They are tied in Georgia and Trump leads in Nevada.
Meanwhile: Democratic candidate Hilary Clinton infamously avoided campaigning in Wisconsin in 2016. Democratic candidate Kamala Harris will not make that mistake. She plans to visit Milwaukee next Tuesday while former President Barack Obama speaks at the Democratic National Convention in Chicago (per The New York Times). Harris will appear with running mate Tim Walz at Fiserv Forum, where the Republican National Convention was held last month.
•••
Menendez Sub in Senate – Democratic New Jersey Gov. Phil Murphy intends to appoint his former chief of staff, George Helmy, to serve out the rest of Democratic Sen. Bob Menendez’s term this year, CQ Roll Call reports, citing “multiple New Jersey media outlets.”
Menendez, who was found guilty in July of multiple federal charges, including acting as a foreign agent, steps down from his Senate seat next Tuesday.
Murphy might have appointed the Democratic nominee for Menendez’s seat, Rep. Andy Kim, but Kim defeated Tammy Murphy, the governor’s wife, in the New Jersey Democratic primary. Kim faces Republican candidate Curtis Bashaw November 5.
--TL
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...meanwhile... WEDNESDAY 8/14/24
Ukraine Keeps Pushing into Russia – Ukraine hit four Russian airbases with four long-range drones overnight Wednesday, The Kyiv Independent reports, citing a source from the SBU, Ukraine’s security service. It is Ukraine’s largest such attack since pushing into Russia’s Kursk region more than a week ago.
Earlier, according to the report, Russia claimed it had downed 110 Ukrainian drones in a massive attack. Meanwhile, the BBC reports that the governor of Belgorod Oblast has declared a state of emergency as Ukraine’s military moves into the region adjacent to Kursk.
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Omar Survives Primary – Rep. Ilhan Omar (D-MN), a vocal critic of Israel’s war in Gaza beat centrist liberal Don Samuels in Minnesota’s primary election Tuesday, the AP reports. She escapes the fate that befell two fellow “Squad” members, Rep. Cori Bush, who lost the Democratic nomination in Missouri last week, and Rep. Jamaal Bowman, who lost the Democratic nomination in New York in June. Samuels, Omar’s challenger for her Minnesota 5th District seat, is an ex-Minneapolis City Council member she narrowly defeated in 2022.
Reports indicate Omar was not subject to a well-funded opposition campaign by the American Israel Public Affairs Committee’s United Democracy Project, which is credited with defeating Bush and Bowman.
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In Wisconsin – Trump-backed businessman Eric Hovde won the state’s Republican nomination Tuesday to take on two-term Democratic Sen. Tammy Baldwin in November, per USA Today. In Wisconsin’s 3rd House District small business owner Rebecca Cooke defeated state Rep. Katrina Shankland in the Democratic primary to take on freshman Republican Rep. Derrick Van Orden November 5. The non-partisan Cook Political Report rates Wisconsin’s 3rd as “lean Republican,” according to USA Today.
--Compiled and edited by Todd Lassa
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