Biden Calls Out China, Japan, and India | Weekly Business Briefs w/ Martin Perdomo

Unlock the mysteries of the economy as we share insights from our talk with Federal Reserve head Jaron Powell on the specter of stagflation. This episode is your ticket to understanding why the market's current state doesn't spell doom, despite the unease stirred by inflation reports. We explore how Powell's steady hand on interest rates and a sharp eye on inflation metrics are providing a steadying force for the nation's economic ship. Plus, we'll examine the role our trade balance plays in shaping economic growth, pulling apart the complexities of a globalized market to reveal what's really driving the numbers.

Take a front-row seat to geopolitical discourse as we dissect President Joe Biden's unflinching commentary on xenophobia's impact on economies worldwide. Hear why Biden credits America's growth to its embrace of immigrants, and gear up for a robust debate on immigration policies as the U.S. gears up for election season. This is more than just a finance lesson; it's a window into the profound narrative that immigration is not just a policy choice but a foundational element of a thriving economy. Tune in for a clear-eyed narrative that cuts through the jargon to bring you a candid look at the forces shaping today's global economic and political landscapes.

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Transcript

Speaker 1: 0:29

In response to last week, jaron Powell doesn't see any stagflation and Biden calls out China, japan and India for being xenophobic. These are the top headlines in this week's weekly business brief. So last week, some fans are worried it's going to be a repeat of the crazy, worried it's going to be a repeat of the crazy 1970s the high prices and the stock economy, stockflation. But the Federal Reserve is saying chill out. Even though those inflation reports looked scary, the Fed's main gauge is actually holding steady below 3%. Think of it like this A different thermometer. It shows a less dramatic fever. Sure, the first bit of 2024 economic growth wasn't amazing, but that's partly because we've been buying more stuff from other countries than we're buying here from us. The good news is the man for things inside the US is still wrong. The Fed man, jaron Parr, kept interest rates on hold. He admits we haven't actually crushed inflation yet, but he still thinks prices will go down this year. He's going to wait and see what the data says before messing with rates again. Basically, experts are like yeah, inflation is a pain, but it's not that bad. And like the 70s, with multiple error prices that are shocking us, things seem calmer and at foot too, even with some Middle Eastern tensions. So should you panic by toilet paper? Probably not, but keep an eye on things and listen to what the feds say. Next and this week.

Speaker 1: 2:14

On Biden Watch, president Joe Biden said last week xenophobia from China to Japan and India is hobbling their growth, as he argued that migration has been good for the US economy. Xenophobia for those who don't know what it means is the fear of dislike from anything perceived as foreign and or strange. Madden said at the Washington fundraising event last week One of the reasons why our economy is growing is because of you and many others. Why, you may ask, because we welcome migrants. He added why is China stalling so badly economically? Why is Japan having trouble? Why is Russia? Why is India? Because they're xenophobic, they don't want immigrants.

Speaker 1: 3:02

Immigrants are what makes us strong and, of course, the immigration thing. It's a big deal in the US right now, especially with elections coming up in November. Basically, two candidates have very different ideas about it. President Biden wants to welcome immigrants, while his opponent, President Trump, wants to take their rentals. While I do agree with Biden that immigration is what keeps a company growing, right, population growth is important. It is even just as important to make sure that those immigrants are coming here the proper way. We welcome migrants, but we want them to come in the proper way. We don't want criminals, we don't want people destroying our communities and burdening our tax system. And this has been your weekly business brief. I'll see you guys next week.