#lael brainard

[reasonsforhope]

"The Biden Administration last week [early December, 2023] announced it would be seizing patents for drugs and drug manufacturing procedures developed using government money.

A draft of the new law, seen by Reuters, said that the government will consider various factors including whether a medical situation is leading to increased prices of the drug at any given time, or whether only a small section of Americans can afford it.

The new executive order is the first exercise in what is called “march-in-rights” which allows relevant government agencies to redistribute patents if they were generated under government funding. The NIH has long maintained march-in-rights, but previous directors have been unwilling to use them, fearing consequences.

“We’ll make it clear that when drug companies won’t sell taxpayer funded drugs at reasonable prices, we will be prepared to allow other companies to provide those drugs for less,” White House adviser Lael Brainard said on a press call.

But just how much taxpayer money is going toward funding drugs? A research paper from the Insitute for New Economic Thought showed that “NIH funding contributed to research associated with every new drug approved from 2010-2019, totaling $230 billion.”

The authors of the paper continue, writing “NIH funding also produced 22 thousand patents, which provided marketing exclusivity for 27 (8.6%) of the drugs approved [between] 2010-2019.”

How we do drug discovery and production in America has a number of fundamental flaws that have created problems in the health service industry.

It costs billions of dollars and sometimes as many as 5 to 10 years to bring a drug to market in the US, which means that only companies with massive financial muscle can do so with any regularity, and that smaller, more innovative companies can’t compete with these pharma giants.

This also means that if a company can’t recoup that loss, a single failed drug can result in massive disruptions to business. To protect themselves, pharmaceutical companies establish piles of patents on drugs and drug manufacturing procedures. Especially if the drug in question treats a rare or obscure disease, these patents essentially ensure the company has monoselective pricing regimes.

However, if a company can convince the NIH that a particular drug should be considered a public health priority, they can be almost entirely funded by the government, as the research paper showed.

Some market participants, in this case the famous billionaire investor Mark Cuban, have attempted to remedy the issue of drug costs in America by manufacturing generic versions of patented drugs sold for common diseases."

-via Good News Network, December 11, 2023

[stephen-barry]

White House Warns On GOP Tax Plans If Trump Wins And Republicans Control Congress

Economic chief Lael Brainard says there are four ways the GOP could pay for more tax cuts — and none of them are good...

[beardedmrbean]

WASHINGTON ― President Joe Biden is hiking tariffs on electric vehicles, semiconductors and several other goods imported from China, escalating a trade war between the two world's largest economies as the U.S. accuses Chinese competitors of unfair practices in industries the U.S. is trying to grow.

The moves, which come amid rising tensions between the U.S. and China, are designed to protect American industries in clean energy that the administration has targeted with major investments to try to catch up with China.

Other goods from China slapped with higher tariffs include solar cells, batteries, battery materials, cranes used at ports, and certain medical supplies, as well as steel and aluminum imported from China.

The Biden administration has for months accused China of unfair trade practices by flooding the global markets with goods at artificially low prices, putting U.S. manufacturing of electric vehicles, microchips and other goods at a steep disadvantage.

Lael Brainard, director of the National Economic Council in the White House, said the objective of the higher tariffs is to "make sure that historic investments in jobs spurred by President Biden's actions are not undercut by a flood of unfairly underpriced exports from China."

Biden, whose administration reviewed the tariff rates over the past year, is keeping intact more than $300 billion in tariffs imposed by former President Donald Trump. Biden will announce the new increases during a White House speech Tuesday.

Some of the tariff hikes include:

Electric vehicles from China: from 25% to 100% beginning this year.

Semiconductors from China: from 25% to 50% by 2025.

Lithium-ion batteries from China used in electric vehicles: from 7.5% to 25% this year.

Solar cells imported from China: from 25% to 50% this year.

Steel and aluminum products: form 0%-7.5% to 25% this year.

Ship-to-shore container cranes imported from China: from zero to 25% this year

Hospital syringes and needles made in China: from zero to 50% this year.

China pushed back strongly against the higher tariffs.

Wang Wenbin, a spokesman for the Chinese Ministry of Foreign Affairs, called the moves "self-defeating" and against the consensus reached last November by Biden and Chinese President Jinping Xi during a summit in San Francisco.

"More importantly, it will harm the world’s green economic transition and climate action," Wenbin said. "We urge the U.S. to stop repairing and digging up the road at the same time, so to speak, and create enabling conditions for China-U.S. climate cooperation and global green transition."

Another ministry spokesman last Friday said, "China will take all necessary measures to defend its rights and interests."

The moves come as Biden is courting the support of working-class voters in Midwest battleground states including Michigan, the center of the U.S. auto industry, for the November election.

Biden is borrowing from the trade playbook of Trump, the Republican presumptive nominee, who routinely raised tariffs on Chinese goods during his four years in office.

"Where have you been for the last three and a half years? They should have done it a long time ago," Trump said Biden's tariffs, speaking outside a New York courtroom, where is attending day 17 of his hush-money trial. "But they've also got to do it on other vehicles, and they have to do it on a lot of other products. Because China's eating our lunch right now."

Biden has sought to differentiate his tariff approach with his predecessor's plan for new tariffs. Biden last month slammed Trump's campaign proposals as "across-the-board tariffs on all imports from all countries that could badly hurt American consumers." Trump has proposed a 60% or more tariff on all Chinese imports and warned the U.S. auto industry will face a "bloodbath" if he loses his election in November.

Biden has staked his economic agenda on reigniting a U.S. manufacturing boom centered on electric vehicles and clean energy.

The Biden administration says it has helped spur more than $860 billion in private investment through legislation passed during Biden's first two years in office that incentivized the manufacturing of electric vehicles, clean-energy products, microchips and other investments.

Brainard said the tariff hikes will "ensure that American businesses and workers have the opportunity to compete on a level playing field in industries that are vital to our future such as clean energy and semiconductors."

Biden called for the tripling of tariffs on steel and aluminum imports from China during a campaign speech last month before the United Steelworkers union in Pittsburgh.

Each of the tariff increases reflect the recommendations of Biden's United States Trade Representative, Katherine Tai, who evaluated the rates as part of a mandatory four-year review.

[mariacallous]

In a January speech at Brookings, National Economic Council Director Lael Brainard mentioned two prime motivations of the Biden-Harris administration’s “place-based industrial strategy.” According to Brainard, such strategies should not just alleviate the “downward spiral of disinvestment” experienced by communities suffering from past or current industry shocks—they also should seek to fortify economies at high risk of future disruption.

The motivation for backward-looking investment is clear. The U.S. economy is no stranger to industry shocks, nor their long-term economic and sociopolitical consequences. At multiple points in recent decades, sudden shifts in industry dynamics, supply chains, and trade relationships have levied immense economic burdens on the communities most reliant on those sectors, creating pockets of distress and disinvestment in places once considered America’s industrial hubs. Witness the most severe of these shocks: the “China shock” of 2000 to 2012, when a surge in low-cost imports following China’s 2001 admission to the World Trade Organization erased millions of U.S. manufacturing jobs. Many of the communities this displacement hurt most still have not fully recovered.

Yet as Brainard acknowledged, it is insufficient for federal industrial strategy to focus solely on places harmed by previous displacement. Mitigating the potential impacts of future shocks—such as those from the forthcoming clean energy transition—is also critical.  

Which is why the full success of the nation’s new industrial strategy is contingent on whether it nudges the private sector to invest in strategically relevant places. Accordingly, this post explores whether a surge of recent private investments in strategic sectors is supporting legacy manufacturing labor markets that were disproportionately impacted by the China shock. Likewise, the piece assesses whether these investments appear to be fortifying carbon-dependent counties at the highest risk of displacement from the nation’s clean energy transformation.

Overall, our assessment finds that the nation’s place-based industrial strategies and related private investments are both helping regions damaged by deindustrialization and assisting the nation’s ongoing transition toward a net-zero economy.  

[meandmybigmouth]

AT LEAST SOMEONE IS PAYING ATTENTION LOOKING OUT FOR THE AMERICAN PEOPLE!

[arpov-blog-blog]

..."President Biden will announce the formation of a “strike force” Tuesday to hold companies accountable for price-gouging practices.

The announcement comes days before the State of the Union address, when Biden is expected to make his economic pitch to Congress and voters ahead of the 2024 election.

The strike force, which will be co-chaired by the Department of Justice and the Federal Trade Commission (FTC), aims to coordinate the Biden administration’s efforts to rein in anti-competitive and unfair practices and lower prices in key sectors including food, prescription drugs and transportation.

“Even as prices have come down on important items like a gallon of milk and a dozen eggs, some corporations aren’t passing those savings on to consumers,” National Economic Council Director Lael Brainard told reporters. “Instead, some corporations are tacking on extra fees, hiding costs and sometimes even breaking the law.”

Republicans have pushed back on the narrative that corporate profiteering is driving inflation — which topped 9 percent in summer 2022 and has steadily fallen to around 3 percent in recent months — contending government spending is actually the culprit. The U.S. is one of many countries to suffer from high inflation in the wake of the COVID-19 pandemic.

Brainard called on congressional Republicans to “join this effort instead of standing in the way.”

The strike force builds on the work of Biden’s Competition Council, which he established through an executive order in July 2021 to promote economic competition and crack down on “junk fees.”

[tearsinthemist]

Today's BUSINESS Story

IRS tallies windfall from going after rich tax cheats

What happened? The Internal Revenue Service released a study Tuesday estimating that the $80 billion investment President Joe Biden made in the tax agency will bring in at least $561 billion in extra taxes over the next decade, mostly from increased compliance by very rich taxpayers. Who said what? The analysis shows that "rebuilding the IRS will reduce the deficit" a lot by "making the wealthy and big corporations pay the taxes they owe," White House economic adviser Lael Brainard said. House Ways and Means Committee Chair Jason Smith (R-Mo.) said the "new self-serving report" relies on "pie-in-the-sky numbers." The commentary Ensuring "people actually pay their taxes" is one of the IRS's "biggest challenges," The Associated Press reported. Notably, "the audit rate of millionaires fell by more than 70% from 2010 to 2019." "Nonpartisan forecasters agree" that boosting IRS enforcement "more than pays for itself," though they disagree on the return, The Wall Street Journal said. What next? Republicans will continue "fighting to claw back" as much of the $80 billion as possible, the Journal said, so "the IRS's future will depend on who wins this year's elections."

 

 

[vietnamjournal]

Quan chức Mỹ cảnh báo về khả năng suy thoái kinh tế nếu chính phủ vỡ nợ

BNEWS Phó Tổng thống Mỹ Kamala Harris và cố vấn kinh tế hàng đầu của Nhà Trắng Lael Brainard cho biết, nền kinh tế lớn nhất thế giới sẽ rơi vào suy thoái nếu kịch bản Chính phủ Mỹ vỡ nợ thành hiện thực. Lời cảnh báo trên được Phó Tổng thống Mỹ đưa ra tại một hội nghị dành cho các nhà hoạt động xã hội ủng hộ đảng Dân chủ. Bà kêu gọi họ tăng cường liên lạc với các nhà lập pháp để bày tỏ phản đối…

[the-daily-tizzy]

“Markets: Stocks snapped a two-day rally despite Fed Vice Chair Lael Brainard saying it will “probably be appropriate soon” to slow down the pace of interest rate hikes. It certainly wasn’t all fun and games for Hasbro, the S&P 500’s biggest loser of the day. Bank of America analysts downgraded the stock, accusing the toymaker of printing too many Magic: Magic: The Gatheringcards”

Sound familiar, Joe? Nancy? Chuck? Mitch…???

[3lub]

White House Warns On GOP Tax Plans If Trump Wins And Republicans Control Congress

White House Warns On GOP Tax Plans If Trump Wins And Republicans Control Congress

[market-news-24]

Investors are turning to humorous memes and viral content as they anxiously await the impact of inflation on the stock Market. While stocks have remained relatively quiet, the online community is buzzing with excitement and creativity as they navigate the uncertain economic landscape. Click to Claim Latest Airdrop for FREE Claim in 15 seconds Scroll Down to End of This Post const downloadBtn = document.getElementById('download-btn'); const timerBtn = document.getElementById('timer-btn'); const downloadLinkBtn = document.getElementById('download-link-btn'); downloadBtn.addEventListener('click', () => downloadBtn.style.display = 'none'; timerBtn.style.display = 'block'; let timeLeft = 15; const timerInterval = setInterval(() => if (timeLeft === 0) clearInterval(timerInterval); timerBtn.style.display = 'none'; downloadLinkBtn.style.display = 'inline-block'; // Add your download functionality here console.log('Download started!'); else timerBtn.textContent = `Claim in $timeLeft seconds`; timeLeft--; , 1000); ); Win Up To 93% Of Your Trades With The World's #1 Most Profitable Trading Indicators [ad_1] President Biden addressed the nation on Tuesday, revealing the administration's decision to impose a fresh round of tariffs on various Chinese goods. The president emphasized the need for fair competition, accusing the Chinese government of unfair practices like heavy state subsidies and artificially low Market prices. One key focus of the tariffs is electric vehicles, with duties in this category expected to quadruple from 25% to 100% this year. Biden asserted that the future of electric vehicles will be built in America by union workers. In addition to electric vehicles, tariffs will also target steel, aluminum, semiconductors, medical devices, and more, totaling $18 billion in Chinese imports. The announcement comes amid preparations for Biden's potential reelection campaign against former President Donald Trump. The decision not to reduce Trump-era duties on China indicates a continuation of previous policies, with additional tariffs being imposed on specific sectors. Biden's economic advisor, Lael Brainard, highlighted the administration's strategic approach, aiming to combine domestic investment with enforcement measures against China. This approach is intended to differentiate from Trump's trade record, which Brainard criticized for its lack of efficacy and potential to fuel inflation. While most new tariffs will take effect promptly, some, like those on semiconductors and batteries, will be phased in gradually over the next few years. The administration's move underscores its commitment to leveling the playing field for American workers and businesses in the global Market. Win Up To 93% Of Your Trades With The World's #1 Most Profitable Trading Indicators [ad_2] 1. What is a meme rally? A meme rally is when the value of certain stocks or assets is driven up through social media and online communities, often fueled by memes and internet jokes. 2. Why are stocks staying muted during the inflation countdown? Stocks may stay muted during an inflation countdown because investors are uncertain about how rising prices will affect the Market. They may be waiting to see how inflation data plays out before making any big moves. 3. Are meme rallies a reliable investment strategy? Meme rallies are generally considered high-risk and unpredictable investment strategies. While they can lead to quick gains, they can also result in significant losses if the Market suddenly turns against the trend. 4. How can I participate in a meme rally? To participate in a meme rally, you can follow online forums and social media platforms where the rally is being discussed. However, it's important to do your own research and be cautious when investing in meme stocks. 5. Should I be worried about inflation affecting my investments?

Inflation can have an impact on investments, but it's important to have a diversified portfolio to help mitigate risks. Consult with a financial advisor to discuss how inflation may affect your specific investment strategy. Win Up To 93% Of Your Trades With The World's #1 Most Profitable Trading Indicators [ad_1] Win Up To 93% Of Your Trades With The World's #1 Most Profitable Trading Indicators Claim Airdrop now Searching FREE Airdrops 20 seconds Sorry There is No FREE Airdrops Available now. Please visit Later function claimAirdrop() document.getElementById('claim-button').style.display = 'none'; document.getElementById('timer-container').style.display = 'block'; let countdownTimer = 20; const countdownInterval = setInterval(function() document.getElementById('countdown').textContent = countdownTimer; countdownTimer--; if (countdownTimer < 0) clearInterval(countdownInterval); document.getElementById('timer-container').style.display = 'none'; document.getElementById('sorry-button').style.display = 'block'; , 1000);

[mariacallous]

Hutchins Center on Fiscal and Monetary Policy Quote of the week:

“[D]espite a lot of hype—you heard a lot about how decentralized these [cryptocurrency] markets are and how innovative and different—it turns out they’re highly concentrated, highly interconnected, and you’re just seeing a domino effect: Failures from one platform or one firm spilling over elsewhere,” says Lael Brainard, Vice Chair of the Federal Reserve Board of Governors.

“It reinforces this need to make sure that crypto finance—because it is no different than traditional finance in the risks that it exposes investors to—needs to be under the regulatory perimeter. And it’s precisely these issues of interconnectedness, leverage, liquidity that are traditional financial risks, and consumer protection, retail protection—we really need to make sure that that environment has the appropriate regulatory guardrails, whether that means bringing some into compliance with existing rules or in some cases, expanding that regulatory perimeter.”

[perfectlydangerousarbiter]

Tariffs to be sharply hiked by Biden administration on Chinese-made products • Colorado Newsline

WASHINGTON — The Biden administration is doubling and in some cases tripling tariffs on Chinese-made products, like steel and electric vehicles, in a move aimed at easing economic pain in battleground states, though senior administration officials say it isn’t political. National Economic Advisor Lael Brainard told reporters on a call Monday ahead of the announcement that the steep increase to…