10 Things in Politics: Big problems may await the economy

Now hiring COVID economy

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Good morning! I hope you had a nice weekend. Welcome back to 10 Things in Politics, your weekday look at the biggest stories in DC and beyond. Sign up here to receive this newsletter.

Send tips to bgriffiths@insider.com or tweet me at @BrentGriffiths.

Here’s what we’re talking about:

America is getting ready for its post pandemic glow-up
These nine chiefs of staff counsel House Republicans’ unruliest conspiracy theorists
Space agencies couldn’t stop a simulated asteroid from crashing in Europe

One thing to look out for: President Biden and first lady Jill Biden are traveling to Virginia as part of an effort to tout what Biden’s family and jobs plans would mean for education.

1. BEHIND THE BOOM: The economic boom is here. But economists and experts also see some potential peril ahead.

Here’s a look at what we’re watching:

What’s wrong with being confident?: A majority of investors and business owners worldwide think President Biden is having a positive impact on the global economy, per a recent UBS survey. This comes as other sentiment gauges begin to rise too. On Friday, the University of Michigan’s consumer sentiment index hit its highest point since March 2020. 

Trying to beat the overheat: Federal Reserve Chair Jerome Powell and other top officials have repeatedly brushed aside inflation concerns. But Wall Street economists see signs that everyday essentials are getting expensive. These price increases are expected to ease over time, though. The housing market is also expected to continue to rise.

The economy is “red hot,” Warren Buffett said over the weekend: “People have money in their pocket, and they pay higher prices… it’s almost a buying frenzy,” Buffett said during Berkshire Hathaway’s annual shareholders meeting.

  Caitlyn Jenner says she skipped the 2020 election to play golf and has never voted for Trump

Another concern comes from short-term challenges to the labor market: Pandemic concerns and Biden’s massive stimulus are keeping 2.5 million Americans from rejoining the workforce, Bank of America economists find. They predict that workers will return by the fall as vaccinations continue and the stimulus benefit wanes. 

Retailers are gearing up for people looking for a post-pandemic glow-up.

2. These nine chiefs of staff counsel House Republicans’ unruliest conspiracy theorists and Biden tormentors: An intern that rose to lead a congressional office, a former founder of a gun-rights group, and even a college friend. You’ve heard of Rep. Jim Jordan of Ohio, Rep. Marjorie Taylor Greene of Georgia, and Madison Cawthorn of North Carolina. Now, meet the powerful staffers working for them here.

Key takeaway from our report: “These people are drinking the Kool-Aid,” a Republican ex-chief of staff told Insider, adding that there’s no Stockholm Syndrome happening — even in “rogue” Republicans’ offices. “They align with that philosophy.” 

3. The White House pushed back on criticism that it needs to be doing more to help India: World officials and Sen. Bernie Sanders are pressing Biden to support a temporary waiver of patent rights on COVID-19 vaccines. Meanwhile, the administration continues to send loads of medical supplies and oxygen to the world’s current COVID hotspot. 

Prime Minister Narendra Modi’s …read more

Source:: Businessinsider – Politics


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