A recent Gallup poll has revealed that nearly 60% of Americans say they’re “thriving” – even as the nation bounces back from the COVID-19 pandemic. Gallup reports that’s the highest percent it has seen in over 13 years of reporting, adding that it beat the previous record, which was set when Donald Trump was in office. The data comes as Trump claims President Biden is “bringing the country to the brink of ruin.” In other news, eyes are falling on rising inflation. Experts say as the economy returns to “normal,” inflation remains unrelentingly high but the reasons for the increase are changing. Experts also say while gold slightly fell on Monday, it’s having a solid month.
Yahoo! News/Louise Hall
Poll reveals Americans happier than ever as Trump claims Biden has brought US to ‘brink of ruin’
Donald Trump blasted President Joe Biden’s handling of the border crisis in his remarks at the 2021 Conservative Political Action Conference action committee saying he is “bringing the country to the brink of ruin.” The former president, headlining at the weekend-long national conference, sounded off against the president amid ongoing political pressure regarding the southern border.
“Who would have thought this could have happened. Even Bernie Sanders is saying I never thought this would happen,” Mr. Trump said in reference to the progressive Vermont Senator.
The former president continued: “He’s mild by comparison. In a matter of mere months, Biden has brought our country to the brink of ruin.”
“Right here in Texas we are the center of a border and immigration crisis,” Mr. Trump said. The administration has faced increasing pressure over record numbers of undocumented migrants and unaccompanied children arriving at the border.
The former president also touted his own stringent immigration policies, a number of which Mr. Biden has spent his first six months in office trying to revise.
“We deported criminal aliens by the thousands… and we built almost 500 miles of the border wall,” the former president said. “Now the Biden administration has turned the border into the single greatest disaster in American history.”
Mr. Trump’s comments coincide with a release of a poll that reveals how American optimism is highest in more than 10 years, CNN reported. A new Gallup poll has found that 59.2 percent of Americans say they are “thriving” as of June this year, the highest recorded number in over 13 years.
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CNN Business/Anneken Tappe, Hanna Ziady, and CNN Business
Inflation is rising but the reasons why are changing
Americans have witnessed some wild price hikes over the past few months. Shortages and supply chain issues across the world have sent the cost to make and move goods soaring and left consumers paying up.
Since then, prices for some pandemic favorites — such as lumber — have leveled off. But even as the economy returns to something closer to normal, inflation remains unrelentingly high.
It’s a dramatic change from the pre-pandemic state of affairs and another example of how the coronavirus crisis is reshaping the economy and everyday life.
See here: Used car prices soared in part because lockdowns led many city-dwellers to buy cars, and because new car production was hampered by shuttered plants and chip shortages. In the year ended in May, used car prices were up nearly 30%, according to the Bureau of Labor Statistics.
Before the pandemic, inflation — which the Federal Reserve would like to have around 2% — had been stuck near rock bottom for years. Now, the Fed finds itself striking an increasingly difficult balance between supporting the recovery through ample stimulus while keeping inflation in check.
As the recovery gathers steam, the items that are driving inflation up are changing. For example, people are spending more money dining out as pandemic restrictions are lifted, while the return to offices is prompting a work wardrobe refresh.
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CNBC/ Lizzy Gurdus
Trader sets key level to watch in gold after metal’s third straight weekly gain
Gold is having a solid month.
The precious metal fell slightly on Monday after notching its third straight weekly gain as investors flocked back to the safe-haven asset amid concerns around the global economic recovery.
Gold prices are up nearly 2% in the last three weeks, hovering around $1,800 on Monday.
Gold is entering a seasonally strong period, Newton Advisors President and founder Mark Newton told CNBC’s “Trading Nation” on Friday.
Typically, the metal bottoms in June or July then moves sharply higher by early fall, Newton said.
Though higher interest rates and a stronger dollar could cap gold’s gains, a move above $1,855 would fuel another leg higher, he said.
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