Aurelia Butler

WASHINGTON (Reuters) – Outgoing U.S. President Joe Biden will sign an executive order on Sunday aimed at prioritizing government resources to help economically distressed American communities – a day before he leaves the White House.Biden’s order is targeting so-called “Left-Behind Communities” and aims to help incoming President Donald Trump, who will oversee significant spending on infrastructure, semiconductors, energy, broadband internet and other programs approved during Biden’s presidency.By one estimate, 15% percent of the U.S. population — or around 50 million Americans — live in a distressed zip code, which is measured by poverty, unemployment, education, abandoned homes, median income and declines in jobs and businesses. The White House touted a number of programs funded over the last four years including $54 billion in investments to Energy Communities — coal, oil and gas, and power plant areas — as well as $210 million announced last week for six new tech hubs, $525 million for job training in distressed areas and billions in infrastructure for distressed regions.Biden’s order prioritizes left-behind communities for economic development funding including those “facing economic distress, undergoing industrial transitions, emerging as innovation hubs, and rebuilding from natural disasters.” “It’s not splashy. It’s just fulfilling his determination to help left-behind communities, particularly in the heartland, make comebacks,” said White House economic adviser Lael Brainard in an interview.The Commerce Department under Biden has awarded $700 million for “tech hubs” seeking to spread benefits of tech sector growth beyond traditional hubs from California’s Silicon Valley to Boston and made other major investments.Biden said in a statement his administration “made historic investments to help left-behind communities, such as distressed areas, factory towns, and coal communities, turn setbacks into comebacks.”His order directs a “whole-of-government coordination of federal investments in left-behind communities and creates a “No Wrong Door” to help distressed areas identify resources across the federal government.It also tells federal employees in areas that recently suffered natural disasters to identify funding opportunities to address long-term economic development and infrastructure needs.”This locks down the things that we learned about how to do this work well and what gives these communities the best chance of success,” Brainard said.Trump in 2018 signed his own executive order that created a White House Opportunity (SO:FTCE11B) and Revitalization Council to address concerns about distressed communities saying “despite the growing national economy, these communities are plagued by high poverty levels, failing schools, and a scarcity of jobs.”The Republican president has vowed to cut regulations and hike tariffs during his second term as part of a plan to boost the U.S economy. More

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The firm said the current market environment, marked by mixed economic data and rising concerns over sovereign debt, invites parallels with the challenges faced by President Jimmy Carter in the late 1970s.Macquarie notes that economic hardship during Carter’s (NYSE:CRI) presidency from 1977 to 1981 was largely beyond his control. However, his legacy includes “positive structural changes to the US economy,” particularly the appointment of Paul Volcker at the Federal Reserve. This was a pivotal decision that helped steer the country through stagflation, said Macquarie. The firm’s report highlights two key lessons from Carter’s time that remain relevant today: “(1) the importance of an independent Fed, and (2) the benefits of a well-articulated foreign policy doctrine.” These principles are seen as vital to navigating economic uncertainty, especially in an era where inflation and fiscal pressures are once again taking center stage.In today’s environment, traders are struggling to find direction, with mixed labor-market data and uncertainty surrounding the December U.S. employment report, according to Macquarie. The firm’s analysts suggest that attention should focus on the unemployment rate, which may rise to 4.3%. Meanwhile, global markets are contending with rising bond yields, particularly in the UK, where sovereign risk concerns are intensifying.For Macquarie, the lessons of the Carter era are said to provide a roadmap for modern policymakers, emphasizing the need for strong economic leadership and strategic decision-making.  More

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