Up for CPI and chained CPI.
Figure 1: Instantaneous inflation (T=12, a=4) for PCE deflator (black), for PCE deflator market prices (pink), CPI (blue) chained CPI (red), HICP (green). Red dashed line at PCE inflation target; implied CPI target is 2.45 ppts. Calculations per Eeckhout (2023). Source: BLS, BEA, European Commission, and author’s calculations.
What the hell? Manchin, Sinema and Kelly(!) vote down Biden’s nominee for the National Labor Relations Board. This leaves Trump to appoint the majority member to the board, ensuring that it becomes paralyzed and useless. Unions will be toast, in accord with Elon Musk’s desires. Manchin and Sinema will be gone in January but Kelly will be there at least until 2028.
And Democrats wonder why the working class has deserted them. They can’t seem to deliver.
It’s sad to see how feeble and senile the old man in the White House has become. He doesn’t even have the juice to get his NLRB nominee appointed by his own party. Trump goes around the world making deals with foreign leaders months before he becomes president while Biden sits back in his rocking chair as an invisible nobody.
You certainly won’t see such weakness in the next administration. Apparently Joni Ernst, after first expressing doubts, has already buckled under the Musk threats regarding the Hegseth nomination. Ernst has gotten a lot of mileage recounting her personal experience with sexual assault but now she is dutifully disparaging the Hegseth accusers. The fear in Republican senators is palpable. Even the nuttiest and least qualified Trump nominees are going to get a pass.
these figures are not good.
I think this is one time it would be good to see say three and six month annualised figures to see where the trend is
Why is this the Democrats’ fault? Manchin and Sinema are independents; Sinema (basically) got booted from the party because she was cozying up to the Republicans to try to be the next John McCain, and Manchin, in the past, has been a Democrat for historical purposes only. Plus, they’re both leaving; there are no reprisals anyone can hang over their heads to keep them in line, no options for horse trading on votes they might like to see.
And it’s not like the Republicans treat the working class *better* than the Democrats do; let’s assume someone besides the Democratic party has agency here. Anyone who votes Republican because they think the Rs will treat lower-income people better is a fool, and you can’t argue based on fools being rational.
Way off topic – merit vs seniority in Democratic politics:
https://www.nbcnews.com/politics/congress/younger-democrats-are-challenging-senior-members-committee-jobs-rcna183515
The Pelosi battle was ultimately settled gracefully. The Biden presidency ended not so gracefully. The youngs in the House are not giving up, and you can’t blame them. The olds lost when they should have won. Time for a change.
Bernie has announced he won’t run again, and obviously because of his age, but as a personal choice. Bernie might actually have beaten Trump.
By the way, the youngs among House Democrats include at least one 66-year-old. It’s not like booting the geriatric set from power will leave us un the hands of neophytes.