On The Money — Inflation losing ground to other midterm issues
Voters still see inflation as the top midterm issue, but other issues are gaining steam. We’ll also look at the agricultural industry’s concerns over a potential rail strike, liberals’ push for marijuana reform and billions more in U.S. military aid.
But first, read about five signature moments from Queen Elizabeth II’s reign.
Welcome to On The Money, your nightly guide to everything affecting your bills, bank account and bottom line. For The Hill, we’re Sylvan Lane, Aris Folley and Karl Evers-Hillstrom. Subscribe here.
Fewer Americans listing inflation as top issue: survey
Fewer Americans said inflation is their top issue going into November’s midterm elections than in recent months, according to a new poll released on Thursday.
Thirty percent of respondents in the NPR-PBS Newshour-Marist poll listed inflation as their top issue in the upcoming elections, down from 37 percent in July.
The shift comes after inflation slowed in July and as gas prices dropped from their all-time high in June.
Still, inflation remained the issue most frequently cited as being “top of mind,” ahead of abortion and health care, according to the poll.
In a separate Gallup poll from this week, 56 percent of Americans said that inflation is causing moderate or severe financial hardship.
New figures on the way: All eyes are on Tuesday’s Consumer Price Index report, which will show whether inflation continued to cool in August.
The Hill’s Julia Shapero has more on the NPR poll here.
WALKOUT WORRIES
Ag groups urge Congress to prevent ‘devastating’ rail strike
More than 30 leading agricultural groups on Thursday urged lawmakers to avert a rail strike that would halt the transport of food and potentially cripple the U.S. economy.
In a letter to top lawmakers, agricultural groups warned that farmers rely on freight rail to transport their goods and that any kind of stoppage would likely lead to the loss of food supplies, driving up prices and exacerbating the risk of famine around the globe.
“A freight rail stoppage would drastically make inflation worse, especially for those who can least afford it,” they wrote.
Around 115,000 rail workers could strike as soon as Sept. 16 if they cannot reach a contract agreement with railroads.
That would disrupt a host of industries that rely on freight to ship their products, which include grain, fertilizer, steel, plastics and coal.
Karl has more here.
HIGH CHANCE?
Pressure dials up for Biden to take on marijuana decriminalization
Democrats are beginning to pressure President Biden to take on marijuana reform as Congress struggles to find a path forward on decriminalization and as the party contemplates what’s possible before the midterms.
Liberals have been building momentum with just two months until the November elections with back-to-back wins on key pieces of Biden’s agenda, from student loans to health care and tax reform.
On the campaign trail, some Democratic candidates are becoming more vocal about the issue, seeking to reignite what they see is not only a moral imperative but a smart political move to maintain their majority.
While the issue has come up periodically, Biden has been cautious about appearing too enthusiastic about it. He campaigned in 2020 in support of what many progressives are pushing for, including prohibiting anyone from going to jail for recreational use and allowing states to legalize it, but he’s been slow to sign any type of executive action that grants broad federal rules.
Aris and Hanna Trudo break it down here.
EVENT INVITE
You’re Invited: A New Housing Market: Affordability, Access & Equity, Tuesday, Sept. 20 at 8 a.m. ET
The housing market, spurred by two years of red-hot demand and dwindling home supply, is finally cooling down. And while staggering mortgage rate hikes for homebuyers have dominated recent headlines, the rental market is seeing its own share of dramatic price increases and competition. What is the current landscape of American housing, and how are ballooning interest rates and rent costs impacting American families? Reps. Emanuel Cleaver (D-Mo.) and French Hill (R-Ark), National Low Income Housing Coalition’s Diane Yentel, Realtor.com chief economist Danielle Hale and Urban Institute’s Janneke Ratcliffe. RSVP today to attend in-person or get livestream link.
UKRAINE AID
US to send $2B to Ukraine, 18 other countries at risk of Russia
The United States intends to send another $2 billion in military support to Ukraine and 18 nearby countries at risk of Russian attack, Secretary of State Antony Blinken announced Thursday during a visit to Kyiv.
Defense Secretary Lloyd Austin also on Thursday announced another package of weapons to Ukraine worth up to $675 million, a pledge made as he met with allies working to keep Ukraine equipped “over the long haul” amid the Russian invasion.
The new aid would push the U.S. security assistance commitment to Ukraine past the $15 billion mark since August 2021, and more than $14.5 billion since the Russia invasion began.
The Hill’s Ellen Mitchell has the details here.
Good to Know
Sen. Bernie Sanders (I-Vt.) on Thursday blasted the side deal that Senate Majority Leader Charles Schumer (D-N.Y.) and Sen. Joe Manchin (D-W.Va.) struck earlier this summer to pass a controversial proposal to make it easier to develop fossil fuel-based energy projects.
Schumer told reporters Wednesday that he plans to attach Manchin’s permitting reform bill to the stopgap spending measure that needs to pass by Sept. 30 to prevent a government shutdown.
Here’s what else we have our eye on:
Sen. Amy Klobuchar (D-Minn.) asked to pull a committee vote on a bill aimed at giving news outlets the ability to negotiate collectively with tech platforms after she said an adopted amendment offered by Sen. Ted Cruz (R-Texas) impeded the bipartisan agreement senators reached ahead of the Thursday meeting.
The Biden administration announced a new goal to make the use of geothermal energy — renewable energy that comes from heat that’s inside the earth — “widespread” as it seeks to transition away from fossil fuels.
The Bank of England on Thursday clarified that paper money bearing Queen Elizabeth II’s image is still legal tender following her death.
That’s it for today. Thanks for reading and check out The Hill’s Finance page for the latest news and coverage. We’ll see you tomorrow.
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