Happy Wednesday and welcome to On The Money, your evening guide to everything related to your bills, your bank account and your results. Subscribe here: thehill.com/newsletter-inscription.
Today’s Big Deal: The White House is struggling to unravel supply chains with rising prices and the holidays looming. We’ll also look at the latest data on inflation and how Social Security is responding to rising prices.
But first, check how cheap some political Halloween costumes have become.
For The Hill, I’m Sylvan Lane. Email me at [email protected] or @SylvanLane. You can reach my colleagues from the Finance team Naomi Jagoda at [email protected] Where @NJagoda and Aris Folley at [email protected] Where @ArisFolley.
White House scrambles to avoid supply chain crisis
Snags and shortages in the global supply chain create significant challenges for President BidenJoe BidenHouse Votes To Raise Debt Ceiling On The Money – House Pushes Debt Ceiling To Overnight Health Care In December – Presented By National Council For Mental Wellness – Progressive: Benefit Extensions “non-negotiable” health insurance PLUS at a time when he is already grappling with low approval ratings and major hurdles to push his economic agenda through Congress.
The White House has sought to demonstrate that administration officials are tackling supply chain disruptions head-on with the announcement Wednesday that the Port of Los Angeles, along with FedEx, UPS and Walmart, will increase operations 24 hours a day, seven days a week. Biden also gave a speech detailing the efforts.
- Supply chain bottlenecks – such as chip shortages and the resulting lack of new cars on the market – are largely due to the lingering stress on the global economy triggered by the COVID pandemic -19 over 18 months ago.
- They are now threatening to disrupt the holiday shopping season.
“Certainly, this is a point of danger for the administration. Whatever the cause of the bottlenecks, the public has not been too patient with these kinds of issues in the past, ”said Austan Goolsbee, professor of economics at the Chicago Booth School of Business and chairman of the Council. of Economic Advisers (CEA). under the old one president obamaBarack Hussein ObamaMcAuliffe, Youngkin deadlocked: McAuliffe poll brings big guns as Democrats’ concerns grow over Virginia. Is the Biden administration afraid of trade? FOLLOWING.
Goolsbee said the steps Biden is taking to expand the port’s capacity are “important and correct,” but will only alleviate the problem, not solve it.
“And Republicans don’t care much whether Biden’s economic plan would increase supply or even if it has nothing to do with pricing at all. If something unpopular happens, they will say it’s because of the president, ”he added.
Alex Gangitano break it down here.
Biden’s game plan: The president promised on Wednesday to call companies that fail to step in and resolve bottlenecks in the global supply chain, seeking support from the entire private sector.
- Biden noted that Target, Home Depot and Samsung have all pledged to increase their hours.
- The Port of Long Beach upgraded to 24/7 service last month.
- The International Union of Longshoremen and Warehouses (ILWU) is committed to providing 24/7 personnel and terminal operators in the port will be responsible for the reservation of freight movements after hours.
“I want to be clear, this is a general commitment to move 24/7. This is an important first step in accelerating the movement of materials and goods through our supply chain, but now we need the rest of the private sector chain to accelerate as well, ”said Biden.
“Not all of these goods will move on their own. For the positive impact to be felt across the country and by all of you at home, we need the big retailers who ordered the goods and the carriers who move the goods from ships to factories and stores to get them. are also intensifying ”, he continued
Read more: White House weighing steps to cope with gas shortages
LEAD THE DAY
Consumer prices rose 0.4% in September, up 5.4% from a year ago
Consumer prices rose 0.4% in September and 5.4% in the year to last month, according to data released Wednesday by the Labor Department.
- The Consumer Price Index (CPI), which tracks inflation, rose at a slightly faster pace than expected last month, largely due to the sharp rise in food and energy prices , which are generally more volatile. Economists had expected the CPI to rise 0.3% last month.
- The CPI excluding food and energy prices, known as “core inflation”, rose 0.2% last month, in line with expectations.
Inflation has held steady at highs of more than several decades for much of 2021, as the rapid rebound in economic activity and federal stimulus efforts have strained supply chains and manufacturers. still struggle to meet higher demand. I’m collapsing the last one here.
SOCIAL SECURITY IS STRENGTHENING
Social security benefits will soon see the biggest increase in decades
Social Security and Supplementary Security Income (SSI) benefits for nearly 70 million Americans will increase nearly 6% next year, marking its biggest increase in nearly 40 years.
The agency said seniors would begin to see cost-of-living adjustments of 5.9% from next year, the highest since 1982. The bureau also said the increase in payments for About 8 million ISS beneficiaries are expected to start Dec. 30.
The changes come as fears about inflation have risen in recent months amid rising prices, adding pressure on the White House as the country’s economy continues to recover from the ongoing coronavirus pandemic .
WELCOME TO HOLLYWOOD
Thousands of Hollywood production workers threaten to strike
About 60,000 workers in film and television production teams will go on strike on Monday if they do not get a new contract with the Hollywood and streaming giants.
International Theater Workers Alliance (IATSE) president Matthew Loeb said on Wednesday the union would continue to negotiate with studios for more time for meal breaks and sleep and better wages. If they don’t reach an agreement by 12:01 am Monday, production workers will go on a nationwide strike.
“[The] the pace of negotiations does not reflect any sense of urgency, ”said Loeb. “Without an end date, we could go on talking forever. Our members deserve to have their basic needs met now. “
Good to know
United States exceeded China is the biggest hub for bitcoin after Beijing cracked down on cryptocurrency mining in recent months.
Here’s what else we have on our minds:
- The CEO of German automaker Volkswagen recently warned the company could lose 30,000 jobs if it takes too long to switch to electric vehicles in Germany, Reuters reported, citing two sources familiar with the matter.
- The House Monitoring and Reform Committee waits Exxon Mobil, BP, Chevron and Shell executives to testify at a hearing on climate misinformation.
That’s all for today. Thanks for reading and check out The Hill’s Finances page for the latest news and coverage. Well see you tomorrow.