It is the longest day of the year in the northern hemisphere, and President Joe Biden will spend a fair part of the summer in his beloved Delaware, at Rehoboth Beach.
It’s an Atlantic Coast playground where much of Washington decamps to cool out in July and August.
However, in Washington, it is hot and the temperature is rising.
At 150 days in office, Biden has secured a complete victory on his first priorities: ending the pandemic and economic recovery.
Without any Republican votes in Congress, the American Rescue Plan was enacted and is doing its job.
Close to 70 per cent of the country will be at least partially vaccinated by Independence Day on July 4. The economy and jobs are coming back strongly, with growth forecast above 5 per cent this year.
It was with these winds at his back that Biden could meet with 30 allies in Europe, including Australia.
American allies renewed their support for US, carrying Western power into summit with Putin last week.
Biden outlined issues where the two countries could work through tough problems, such as Russia-based cyber attacks on US infrastructure; leave no doubt that the US would respond fully if provoked by Russian behaviour; and reaffirm core US values of democracy and human rights to Putin.
By all measures, Biden achieved what he wanted to accomplish.
In the United States, it is the height of the baseball season in America, so let’s do some inside baseball analysis:
Biden returned to Washington at the next critical juncture of his presidency: to win approval in Congress of multitrillion dollar program to rebus the country and provide economic security – in education and health and opportunity – for American families.
With his decades of service in Congress, Biden wants to see whether he can do at least some of this important work in the way he prefers to do it: with bipartisan cooperation.
And that effort is underway. At the same time, he wants to hold all his Democrats together – and he needs virtually every Democratic vote in the House and Senate to win floor votes.
This is unfolding on two tracks. A smaller joint bill with some Republicans on “basic” infrastructure: roads, bridges, broadband. About a trillion dollars, and Biden wants it paid for without new taxes or user fees on the middle class.
This package may get there. We will know in the next week or so if the talks are successful.
If a deal is reached, perhaps 15 Republicans can join with most Democrats to pass it in the Senate.
However this smaller package hardly meets the ambitious program Biden and Democrats want given the urgency of the country’s needs. So, a parallel mega-bill of perhaps $5 trillion will get underway.
The test for that package is whether Democrats will hold united against withering Republican attacks on a “radical, socialist, extremist” program of “tax and spend” that will bankrupt the country.
If these scenarios play out with Biden victories, there will be some earnest rebuilding of infrastructure across the country. And people will see that things are getting better. And that will paty political dividends for Biden.
If the bipartisan talks fail, and Democrats cannot maintain the unity required to see the mega-Biden program through, then Biden’s legislative program comes to a griding halt.
That would have the most profound consequences for how much President Biden can indeed accomplish in these first four years. A home run? Or three strikes and you’re out?
Bruce Wolpe is a Ticker News US political contributor. He’s a Senior Fellow at the US Studies Centre and has worked with Democrats in Congress during President Barack Obama's first term, and on the staff of Prime Minister Julia Gillard. He has also served as the former PM's chief of staff.
Analysts and investors are eagerly awaiting Elon Musk’s big reveal—a fully functional autonomous vehicle that could revolutionise ride-hailing.
Tesla’s stock has soared 52% since Musk first announced the event in April, reflecting high hopes for the launch of its much-anticipated robotaxi.
The vehicle, dubbed the “Cybercab,” is said to be a sleek, two-seater without a steering wheel or pedals—straight out of the future.
Tesla also teased a ride-hailing app that will summon these driverless cars to pick up riders at their chosen locations.
Not convincing
But not everyone is convinced—some analysts warn that while Musk’s vision is bold, the timeline for these innovations may not deliver immediate results.
Musk has a history of overpromising on autonomous tech, and this event might be more about grand ideas than tangible products.
Tesla first floated the robotaxi idea in 2016, with Musk hinting at a future where owners could lease their cars to others for extra income.
If the software keeps pace with Musk’s ambitions, the future of driverless Teslas might be closer than we think.
The core consumer price index (CPI) climbed 3.3% year-over-year in September, signalling continued inflationary pressure in the U.S.
Month-over-month, the increase was 0.3%, slightly higher than the expected 0.2%, raising concerns about the Federal Reserve’s ability to ease policy.
This latest inflation data narrows the Fed’s room to manoeuvre, making a significant rate cut at their next meeting less likely.
In other economic news, weekly U.S. unemployment claims have risen to 258,000.
Latest numbers
Ticker’s Ahron Young spoke with Steve Gopalan from SkandaFX about the latest numbers.
Steve Gopalan discusses the impact of rising unemployment claims, inflation, and geopolitical tensions on the market, including the potential effects of Israeli strikes on Iran and China’s policies.
He also addresses expectations for the Fed reserve rate cut and near-term risks affecting the Australian economy and talks about how traders are preparing for China’s Finance Minister news conference on fiscal policy.
The increase in claims is partly attributed to the impact of Hurricane Helene and furloughs at Boeing.
Economists are closely watching how these factors will play into broader economic trends.
With inflation rising and unemployment numbers fluctuating, the economic outlook remains uncertain.
Tehran is threatening to target oil-rich Gulf states and other U.S. allies if their territories are used in any attack on Iran, Arab officials reveal.
Israel has warned Tehran of severe consequences after a recent barrage of Iranian ballistic missiles hit the country. In response, Iran vows to strike Israel’s civilian infrastructure and any Arab state that aids in the assault.
Countries like Jordan, the UAE, Saudi Arabia, and Qatar have already expressed concerns to the Biden administration, saying they don’t want to be part of any offensive actions against Iran.
These Gulf states, traditionally under U.S. protection, fear Iran could target their vital oil facilities if the conflict escalates.
With U.S. troops stationed across the region, officials are on high alert as Tehran’s threats loom over an area packed with American military personnel.
Tensions between Israel and Iran continue to rise, with both sides exchanging warnings of devastating consequences.
The energy-rich Persian Gulf, known for its stability under U.S. protection, could now be at risk as the situation remains tense.
The eyes of the world are focused on the region, as threats of conflict keep mounting.