Buttigieg under fire for claiming supply chain crisis is due to Biden guiding country out of recession

// October 18th, 2021 // Comments Off on Buttigieg under fire for claiming supply chain crisis is due to Biden guiding country out of recession // Daily News

Transportation secretary: ‘president has successfully guided this economy out of the teeth of a terrifying recession’

Transportation Secretary Pete Buttigieg’s claim that the U.S. supply chain was only strained because of President Joe Biden‘s success in guiding the country out of a recession raised plenty of eyebrows on Sunday.

The U.S. supply chain crisis has affected Americans of all stripes, despite White House chief of staff Ron Klain endorsing the message that it and inlation are “high class problems.” Yet, Buttigieg told CNN on Sunday that the reason the supply chain is dealing with backlogs is because demand and income are up under Biden.

“Demand is up,” Buttigieg said, “because income is up, because the president has successfully guided this economy out of the teeth of a terrifying crisis”

LMAO

The secretary also predicted the holidays “are going to be a lot better this year.” 

“Because a year ago millions of Americans were sliding into poverty who now have jobs,” Buttigieg said. “And a year ago, a lot of us were gathering with loved ones over a screen.”

Transportation Secretary Pete Buttigieg arrives to attend an event on the global supply chain bottlenecks during in the East Room of the White House, Wednesday, Oct. 13, 2021, in Washington. (AP Photo/Evan Vucci) (AP Photo/Evan Vucci)

Sen. Ted Cruz, R-Texas, was among the lawmakers, political strategists and social media users who accused Buttigieg of spinning the situation with faulty logic. Last month, the administration was accused of being “economically illiterate” for claiming Biden’s Build Back Better would cost “zero dollars.”

“Dem talking points: ‘The supply chain is broken down, goods can’t get in & inflation is skyrocketing…because things are so damn good. And this will continue. By winter, things will be so good … there will be no Christmas presents whatsoever!’ Cruz tweeted.

Sen. Ted Cruz, R-Texas, and other members of the Republican Conference leave a luncheon on Capitol Hill in Washington, Wednesday, March 24, 2021. (AP Photo/J. Scott Applewhite)

Friday October 15, 2021

// October 15th, 2021 // Comments Off on Friday October 15, 2021 // Daily News

TGIF

ECONOMY

Retail sales unexpectedly gain in September as consumers keep spending

PUBLISHED FRI, OCT 15 20218:35 AM

Consumers spent at a much faster pace than expected in September, defying expectations for a pullback amid pervasive supply chain problems, the Census Bureau reported Friday.WATCH NOWVIDEO02:14September retail sales rise 0.7% despite expected decline

Retail sales for the month increased 0.7%, against the Dow Jones estimate for a decline of 0.2%. Excluding auto-related sales, the number rose 0.8%, better than the 0.5% forecast.

Compared to a year ago, sales were up 13.9% on the headline number and 15.6% ex-autos.

The increase came during a month when the government ended the enhanced benefits it had been providing during the Covid-19 pandemic and against forecasts that growth would slow in the third quarter due to the delta spread and a perceived pullback in consumer activity.

But with coronavirus cases continuing to drop, spending accelerated.

“Students heading back to school and workers returning to the office are likely the catalysts for the increased retail sales,” said Natalie Kotylar, national leader of BDO’s retail and consumer products practice. “People who are back to working in a downtown office may be taking more shopping trips on their lunch break or after work. With school back in session and many teens vaccinated, parents may also be more comfortable allowing their teens to take shopping trips to the mall.”

Sporting goods, music and book stores led the way with a 3.7% increase. General merchandise increased 2% while miscellaneous retailers rose 1.8%. As gas prices pushed higher, spending at fuel stations jumped 1.8%, for a 38.2% surge over the past year.

Food and beverage spending increased 0.7%, though restaurants and bars saw a gain of just 0.3%, a sign that fears over the virus may have kept some people at home. Food and drinking establishment spending is up 29.5% over the past year.