On Wednesday, Joe Biden received some of the best news of his Presidency: after more than a year of wrangling and frustration, Senate Democratic leaders and Joe Manchin had agreed on the outlines of a new reconciliation bill.
by forty per cent. Although this falls short of Biden’s original emissions goal, it would be a significant step in the right direction.
Although economists often rely on the rule of thumb that two quarters of negative G.D.P. growth signifies a recession, the official definition, from the National Bureau of Economic Research, says “a recession involves a significant decline in economic activity that is spread across the economy and lasts more than a few months.
To be sure, the G.D.P report did contain some disturbing signs of weakness, including a slowdown in consumption growth and a double-digit decline in residential investment. If these trends continue, an outright recession is perfectly possible. But the negative headline figure for the second quarter was primarily driven by a sharp decline in inventories—stuff that businesses have made but haven’t sold yet—which detracted a full two per cent from G.D.P. growth.
In a long-overdue reform, the bill would enable Medicare to use its heft to negotiate prices with Big Pharma, which should sharply reduce the cost of certain drugs. The bill would also cap seniors’ prescription-drug bills at two thousand dollars a year, which would help people who pay exorbitant prices for medicines.
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