Inflation, “softness” in the White House, and pandemic uncertainty make up some of the biggest risks to the U.S. economy in 2022, according to a Washington consulting firm.
“Every quarter, I take a macro look at trends driving politics and policy looking both backward and forwards and identify where key political risks may lurk and where political opportunities may present themselves,” Bruce Mehlman, former assistant secretary of Commerce in the George W. Bush administration, told the Daily Caller News Foundation. “The most recent analysis targets 2022 and identifies the emerging risks business and government leaders should anticipate and prepare for.”
A founding partner of the Washington, D.C.-based consulting firm Mehlman Castagnetti Rosen & Thomas, Mehlman advises prominent companies to understand and prepare for emerging trends and risks critical to the ever-evolving policy environment.
A majority of Americans say Transportation Secretary Pete Buttigieg is failing to handle the ongoing supply chain crisis, according to a new poll.
Roughly 55% of likely voters rated Buttigieg’s handling of the supply chain crisis as “poor,” according to the results of a Trafalgar Group/Convention of States Action poll released Monday, while around 30% said Buttigieg’s job performance on the crisis is “good” or “excellent.”
Republican voters particularly disapproved of Buttigieg’s job performance, with over 80% saying Buttigieg was doing a poor job handling the crisis. Democrats were more favorable to the secretary, with roughly one-third rating Buttigieg’s performance as poor.
This week’s Golden Horseshoe is awarded to the Biden Administration and members of Congress who voted for the $1.2 trillion infrastructure bill, which includes $250 million for reducing truck emissions at port facilities, which have been crippled by record-breaking cargo backlogs for months.
Critics have attributed the bottlenecks to draconian California emissions standards that exclude up to half the nation’s truckers from transporting shipping containers to and from the ports of Los Angeles and Long Beach, the nation’s two busiest, which together account for close to one third of total U.S. shipping cargo volume.
Federal Reserve Vice Chairman Richard Clarida said he expects the recent spike in inflation to dissipate as supply and demand imbalances ease and that future price increases in 2022 would cause problems for the central bank.
“I do continue to judge that these imbalances are likely to dissipate over time as the labor market and global supply chains eventually adjust and, importantly, do so without putting persistent upward pressure on price inflation and wage gains adjusted for productivity,” Clarida said in remarks prepared for delivery on Monday.
The U.S. trade deficit hit a record high of $80.9 billion in September as exports fell sharply while imports increased amid supply chain problems and growing inflation.
The trade deficit of goods and services grew 11.2%, driven by demand for items like computers, electrical equipment and industrial supplies, the Commerce Department announced Thursday.
On Thursday, two of the biggest tech companies in the world posted earnings that fell below market expectations, attributed to the ongoing supply chain crisis that is paralyzing the American economy, according to CNN.
For the third quarter of 2021, Amazon’s net sales amounted to around $110.8 billion, which was a 15 percent increase from the previous year; however, this ultimately fell below market analyst predictions of about $111.6 billion. Amazon’s overall net income for the same period decreased from the same period in 2020 to about $3.2 billion, when predictions estimated around $4.6 billion.
Apple’s sales during the same quarter were $83.4 billion, with iPhone sales at $38.9 billion; both were lower than original projections.
A trade association representing all of the major cargo companies in the United States is warning that if Joe Biden actively purses more vaccine mandates, it could further disrupt an already-weakened supply chain, according to Politico.
Stephen Alterman, president of the Cargo Airline Association (CAA) sent a letter to the Biden Administration expressing concern over an upcoming December 8th deadline.
“We have significant concerns with the employer mandates announced on September 9th, 2021,” Alterman said, “and the ability of industry members to implement the required employee vaccinations by December 8th, 2021.”