Pocketbook Issues

September 19, 2024

None of the Above: I mentioned in an item earlier this week that Vice President Kamala Harris had scheduled a meeting with leaders of the International Brotherhood of Teamsters to try to get the group’s endorsement. This had already been an unusual situation, in that General President Sean O’Brien appeared at July’s RNC meeting, in a first for Teamsters leaders, and consequentially, he was denied a speaking role at last month’s DNC meeting. This should have been a bit of an omen, though, as the Teamsters announced yesterday that for the first time in almost 30 years, they would not be endorsing either candidate for President. Word is that this was partly because a significant portion of the Teamsters membership are supporters of former President Donald Trump, despite his fierce anti-union stance (definitely on display during his live conversation with Elon Musk last month). Trump, for his part, later referred to the non-endorsement as a “great honor.” Harris, as a counterpoint, has a significant number of other labor union endorsements to fall back on, as well as endorsements from some local units of the Teamsters, as well as their National Black Caucus. LINK

Scrabble tiles on a rack, spelling out the word ECONOMY, with other assorted tiles randomly scattered about

“It’s the Economy, Stupid”: This famous 1992 quote from political consultant James Carville has certainly stood the test of time, as despite the fact that a sitting president has very little direct effect on the country’s economy, it’s still a major factor in elections. With that as a backdrop, it’s of interest to note that the U.S. Federal Reserve cut interest rates by a large margin yesterday, half a percentage point. This will ultimately make it cheaper for consumers to borrow money, as well as lower interest rates on credit cards, and it serves as a signal that officials are pleased with the drop in the inflation rate, and are shifting their concern to the job market. Given that the economy continues to be seen as a top concern among the majority of voters, this is seen as a boon to the Biden administration, and by extension, to Harris’ campaign. LINK

Stepping Into the Void: Speaking of the economy, House Speaker Mike Johnson (R) failed to pass a measure yesterday to keep the government funded beyond the end of this month. It failed primarily along partisan lines, as Republicans had added the Safeguard American Voter Eligibility (SAVE) Act to the bill — which unnecessarily requires proof of citizenship for voter registration, when it’s already illegal for non-citizens to vote — but 14 House Republicans joined Democrats in shooting it down. Johnson appeared unconcerned, claiming that he had a “Plan B” in place, but he and other House leaders have yet to reveal any details about Plan B. By contrast, Senate Majority Leader Chuck Schumer (D) just announced an attempt at preventing a government shutdown by advancing a bipartisan government funding bill of his own. This unusual move — since government funding bills customarily originate in the House — faces opposition from Trump and his allies, as he has posted on his Truth Social site that Republicans should not vote for anything that doesn’t include the SAVE Act. However, Schumer’s bill has the support of Senate Democrats and the President, so would only need House Democrats and a spare handful of Republicans to keep the government funded, while anything with the SAVE Act has been deemed by Democrats as a “poison pill”. LINK


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