“We do business with … the top 100 insurance companies in the world,” said Mark McLaughlin (pictured), IBM’s general manager of insurance.

That reality appears to be not widely known.

“The number one complaint I hear from our customers, from our insurtech partners and from our salespeople is ‘I didn’t know IBM did that,’” McLaughlin said during the exact ITC 2022 conference in Las Vegas. “I don’t think we’ve gotten the word out as much as we need to.”

McLaughlin, speaking during the exact ITC 2022 conference in Las Vegas, explained that the company’s insurance industry business is quite substantive, helping insurer clients pull together software, data, AI, security, and services. IBM also offers process consulting, process automation, technical assistance support and hardware capabilities.

IBM’s insurance reach includes personal lines, commercial lines, life insurance, group benefits and reinsurance, McLaughlin noted.

McLaughlin, in his current position for about six months, handled R&D strategies for the insurance industry at IBM before that. Going back further, he’s a 15-year veteran of IBM’s insurance practice.

Beyond mainframe

McLaughlin noted that many insurers still use mainframes and have huge investments in their core operational systems, while others are looking at cloud-based applications and trying to figure out how to customize that technology to their needs. Still others are trying to partner with insurtechs to take advantage of their distribution, digital capabilities, models and newer sources of data. IBM, he said, works in all scenarios.

“We catalyze [products and services] across that,” McLaughlin said. “IBM is really investing a great deal of money to provide the sort of connective glue that helps connect the legacy systems that you might still need, and also modernize the systems that you decide you don’t need.”

The goal, he said is to connect those technology pieces to data in the insurtech “layer.”

IBM also helps insurance companies automate, he said.

“I’ve got automation tools, AI models, I’ve got different AI capabilities, but I have to deploy those across an average of 14 policy administration systems that insurance companies carry,” McLaughlin said. 

IBM has long provided business consulting to insurance companies, via its database tools, to help them with challenges such as pricing more efficiently. The emergence of insurtechs has led IBM to expand its focus toward helping clients partner with startups. Insurers have plenty in this area with which they need help, McLaughlin explained.

“People think the insurtechs are trying to displace the insurers … but most of them, honestly, just want to partner with the insurer and build a better mousetrap and do claims faster or market better,” McLaughlin said. “We are about, how do you connect with [them] quickly. The number one thing that insurers complain to us about is speed to market. They know they have to roll-out value added services. They know they have to have a mobile experience that connects with insurers. Doing that and the sprawl of IT that insurers have today –it’s really hard and takes a long time.”

Legacy versus the cloud

In the insurtech age, some insurers are getting rid of their old legacy systems and replacing them with cloud-based platforms that are easier to adapt and modernize. Insurtechs, in turn, often pronounce those older networks as outdated and unnecessary in today’s market. According to McLaughlin, it’s not as simple as getting rid of an older system and replacing it with something new.

“You have to think about ‘what are the characteristics of your insurance workload’ and ‘where is the best place to run that workload?’ In that world, theirs is going to be a mix of public cloud, private cloud, mainframe and specialized data appliances in … an existing data center,” McLaughlin said. “Most insurers report that as the future.”

At the same time, McLaughlin declined to advocate for a specific must-have technology for insurers in the insurtech age. Instead, he urges insurers to avoid “locking” themselves into a rigid technology option.

“If you are stuck on one core, if you are stuck with one cloud, you are limited in your ability to compete relative to insurance companies,” McLaughlin said.

 AI and in-depth data analytics are also particularly useful these days toward helping insurers strengthen their customer base, he added.

“We have to know our customers better [and] we have to know our risks better,” McLaughlin said. “We have to be able to deploy those insights in ways that help insurance and healthcare distributors serve insurance more effectively.”

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Home Depot has doubled its revenues from 2008 without adding significant retail square footage. How? By investing in technology. Yet, the investor knows next to nothing about Home Depot’s technology spend as that line item is probably swallowed by the SG&A blackhole. Will the SEC consider asking U.S. companies to disclose a “technology policy and spending footnote”?

I am in the middle of teaching my class on fundamental analysis of businesses. Today, we discussed the important issue of sketchy corporate disclosures of capex. I have railed before about the poor disclosures related to maintenance and growth capex and of R&D in my previous columns. I want to add one more significant ask to that list: information on technology spending by non-R&D intensive companies.

As a case study, consider Home Depot. The company has added virtually no physical stores since the housing recession struck in 2008. Home Depot had 235 million square feet of retail square footage in February 2008. They ended with 240.5 million retail square feet of space in February 2022. However, they have managed to double their revenues from around $77 billion in 2008 to $151 billion in 2021.

How can a retail company double its revenue without adding any significant store space? Home Depot has managed that feat by using information technology to (1) optimize supply chains; (2) enable a hybrid business model where customers can place orders on their phone and pick up the product at the store and; (3) by refining which of the specific 40,000 odd products they actually carry in their 2,300 odd stores. Yet, what exactly do I, as an investor, know about the amounts invested in building such technology? Next to nothing.

The word “technology” appears roughly 33 times in Home Depot’s 85 page 10-K for the year 2021. Most of the discussions associated with technology are high-level vague statements of the following kind:

· “we have continued to focus on enhanced merchandising information technology tools to help us: (1) build an interconnected shopping experience that is tailored to our customers’ shopping intent and location; (2) provide the best value in the market; and (3) optimize our product assortments.”

· “our merchandising team has leveraged technology while working with our inventory and supply chain teams, as well as our supplier partners, to adjust our assortments, introduce alternate products where needed, and build depth in high-demand products.”

This is better than nothing but barely insightful. If Home Depot had doubled its sales by doubling its stores, they would have left some footprint of that capex decision on the balance sheet under property, plant and equipment (PPE). Presumably more questions would have been raised about their real estate optimization strategy. Then, why the radio silence from the investing and analyst community on “hidden capex” on technology? Why has the SEC or the investor community asked so little about a hidden item of capex that has enabled Home Depot to double revenues without adding significant real estate?

So, where is the technology spending? Presumably expensed somewhere in SG&A (Selling, General and Administration). How many dollars were spent? And on what exactly? We have no clue.

Companies increasingly spend resources on technology to achieve a variety of valuable business outcomes including (1) increasing operating efficiency; (2) improving customer experience; (3) automating existing processes; (4) improving employee productivity; (5) new product development; (6) enhancing hybrid work; (7) meeting compliance requirements; and to (8) Boost cyber security.

The proposed new SEC rules on enhanced cyber security disclosures cover one small but important aspect of these eight functions. What about disclosures related to the other seven functions of technology spending?

So, what should be done? I suggest that the SEC ask companies to disclose a “technology policy and spending footnote” detailing the following:

· The company’s policies and procedures related to technology spending. This is loosely similar to a technology version of the accounting policy footnote on PPE. The note will disclose the nature of spending on information technology (IT) infrastructure, whether infrastructure is located on the company’s premises, or whether it is outsourced.

· The dollar spending devoted to infrastructure in the year. Infrastructure would be explicitly decomposed into both hardware and software spending for the business.

· Dollar spending on personnel upskilling and/or training related to technology.

· The estimated useful lives (narrow not broad ranges of useful lives) for such dollar spending.

· What portion of the dollar spending is capitalized in the balance sheet as opposed to reflected as an expense under a named line item in the income statement?

· The process followed, if any, to assess impairment of the capitalized technology spending.

These suggested disclosure items are, of course, meant to be thought starters. I hope the investing community can suggest better data points that they would want to see related to technology spending by mainstream U.S. companies.

Without better disclosure of technology spending of the kind highlighted, investors and analysts cannot really understand how modern businesses leverage their assets to generate revenues and margins.

© Craig Hudson/Bloomberg News President Biden announced pardons Thursday for people convicted federally for marijuana possession.

HAGERSTOWN, Md. — With a month to go before critical midterm elections, inflation continues to be a top issue for voters and a potential liability for the White House, denting the confidence many Democrats felt just days ago that abortion rights and other issues would power them to a strong electoral showing.

With Republicans re-energized in their efforts to link President Biden to rising prices, falling markets and growing recession fears, Biden has begun using presidential events to aggressively confront his Republican detractors over their own economic policies, in addition to touting the positive parts of his record and highlighting new manufacturing jobs around the country.

“Folks, when it comes to the next Congress, this isn’t a referendum; it’s a choice,” he said Friday during a speech at a Volvo plant in western Maryland. “It’s a choice between two very different ways of looking at the economy.”

Biden spoke just hours after the Labor Department reported that the economy added 263,000 jobs in September, bringing the unemployment rate to 3.5 percent and suggesting that the labor market is cooling but remains strong.

Biden called out Republican officials by name and accused them of rooting against prosperity. “Many of my Republican friends are basically arguing that good news for the economy is bad news for America,” he said.

But even as the labor market continues to power along, other parts of the economy have been an intractable concern for much of Biden’s presidency, with chronically high inflation, supply chain problems, rising interest rates and a slowing housing market. As Biden spoke Friday, the stock market dropped precipitously on fears that the tight labor market would do little to bring down inflation.

The volatility has revived Democratic fears that November’s elections could be an expression of economic angst, even after a Supreme Court ruling that eliminated abortion rights and a series of investigations of former president Donald Trump dominated headlines over the summer.

As those issues have faded somewhat from the headlines, Republicans have sought to highlight the economic head winds, arguing that Biden’s policies are to blame for the rising prices and slowing growth. “Don’t be fooled by Biden’s words today,” tweeted Sen. Marsha Blackburn (R-Tenn.) “The reality of Biden’s economy is that inflation is crushing Americans, real wages are plummeting, and gas prices are going up again.”

Donald Schneider, who served as a top aide to House Republicans on the Ways and Means Committee, said the increasing cost of filling up the tank is putting the Biden administration’s energy policy under scrutiny “at the worst possible time” for Democrats.

“People are really dissatisfied with the economy, and voters are placing a ton of weight on inflation,” Schneider said. “This is the issue voters are most displeased with Biden about.”

The rise in gas prices accelerated after Russia invaded Ukraine in February, a phenomenon that Biden was quick to label “Putin’s price hike,” but they dropped for nearly 100 consecutive days over the summer, giving Democrats some hope that inflation would fade as an issue.

But the trend has reversed over the past two weeks, as the cost of fuel has begun rising again.

Against that backdrop, the decision this week by a coalition of oil-producing nations led by Russia and Saudi Arabia to reduce production by 2 million barrels per day was an especially heavy blow. It has sparked concern among Biden’s aides that global energy costs will spike further, hitting Americans’ pocketbooks just as they prepare to cast votes in the midterm elections. The sting was sharper because Biden had visited Saudi Arabia in July, despite criticism of its human rights record, in an effort to Boost U.S.-Saudi relations.

Biden, whose administration is now urgently looking for ways to blunt the impact of the production cut, has said he was disappointed by the move.

“I was able to bring gasoline down well over a dollar sixty, but it's inching up because of what the Russians and the Saudis just did,” Biden said Friday, before hinting that he was preparing a response. “I'm not finished with that yet.”

The president did not announce any new measures for curbing gas prices in his speech, instead using his remarks to warn that the Republicans attacking him over inflation would worsen the economy if granted power.

He accused Republicans of supporting “trickle-down” policies, saying they would reverse job gains made under his presidency, offer tax breaks to the wealthy and target Social Security and Medicare for cuts. He also attacked GOP lawmakers who described his infrastructure legislation as “socialism” and then later sought funds from the bipartisan package for their districts.

“I didn't know there are that many socialist Republicans,” Biden quipped Friday, after calling out lawmakers by name and accusing them of flip-flopping on the infrastructure bill. “I was surprised to see so many socialists in the Republican caucus.”

The newly aggressive tone from the president comes as some Democrats have sounded the alarm about the upcoming midterm races, calling for Biden to take his economic message on the road. Biden has increased his travel this week in an attempt to showcase the economic impact of legislation he has signed, and he is expected to keep up a busy travel schedule in the weeks leading up to the Nov. 8 midterms.

On Thursday, Biden visited IBM in Poughkeepsie, N.Y. to tout a $20 billion investment that the company had announced. Last month, he traveled to New Albany, Ohio, to celebrate a new $20 billion Intel project that will include two giant semiconductor factories. In each case, Biden has touted the passage of his infrastructure and computer chip bills, and Democratic lawmakers have joined Biden at each stop.

On Friday, Rep. David Trone (D-Md.) spoke before Biden’s appearance in Hagerstown, calling on voters to be patient as much of the impact of the president’s legislative record might not be felt immediately.

“We don’t see the roads yet, we don’t see the broadband, we don’t see the lower health care costs, but that’s all coming,” he said. “It’s all coming in the next year, three years, five years.”

But the crucial congressional elections are taking place next month. That leaves Democrats with the challenge of convincing voters that GOP victories would be detrimental for the economy, even though polls have shown Republicans with a consistent advantage on economic issues.

Americans have been concerned about inflation since the spring, according to a monthly survey from Gallup. In September, 17 percent named inflation, or the high cost of living, as the country’s top problem, second only to poor governmental leadership at 22 percent. That figure has been largely consistent since April.

In contrast, abortion issues were cited by 4 percent of Americans as the country’s top problem, down from a high of 8 percent in July.

The potential resonance of the inflation issue, despite the strength of other parts of the economy, has not been lost on GOP candidates. Republicans have spent more than $120 million on ads related to inflation this year, more than triple the figure for Democrats, according to data from AdImpact, which tracks commercials across a wide range of races.

Those messages could find a receptive audience among voters who are bearing the brunt of the stubbornly high costs.

Joyce Fox, 43, was watching a Fox News segment about the Saudi-Russian decision to cut oil production when a reporter approached her outside the Westminster, Calif., motel where she is staying until she can get a place of her own. Sitting in the shade of a picnic table, Fox said she could barely afford her move across the country from Ohio last month.

In Ohio, she said, she paid about $3.50 a gallon. Then she stopped to fill up in Nevada, where average gas prices are more than $5.50 per gallon, second only to California.

“I realized I’ve got $50 left in my pocket,” said Fox, who was staying at the hotel with her two children. “How am I going to get home?”

She called her father, who sent her some money through Zelle. And she said she started crying as she finished the drive to Southern California — the place she grew up — when she got word she’d been approved for increased benefits from the Department of Veterans Affairs.

But Fox panic that gas prices would spike even higher, and she blames the Biden administration’s energy policy. The rising cost at the pump is one of many reasons the staunch conservative says she will vote this fall for Republicans.

Even while they tout the passage of Democratic or bipartisan bills aimed at helping ordinary Americans — from the covid relief package to the infrastructure bill to a measure aimed at drug costs — Democrats are also working to communicate that they, too, understand the problems that inflation poses for consumers.

California Gov. Gavin Newsom, for example, said Friday he would be taking swift action to address the crisis in his state, where average fuel costs have spiked in exact days to about $6.39 per gallon.

“Gas prices are too high,” he wrote on Twitter on Thursday. “23 million Californians will be receiving up to $1000 starting TOMORROW. This will be the largest state tax rebate in the country.”

The rising costs have prodded some Democrats to break with the president over economic policy. Sen. Mark Kelly (D-Ariz.) put distance between himself and national Democrats during a debate against Republican challenger Blake Masters on Thursday, saying he has told the president “he was wrong” about oil and gas policy.

In that debate, Masters dodged a question about election denialism by pivoting back to the economy.

“Is Joe Biden the legitimately elected president of the United States?” the moderator asked.

“Joe Biden’s absolutely the president,” responded Masters, who has baselessly denied election results. “I mean, my gosh, have you seen the gas prices lately?”

Greg Morton and Scott Clement contributed to this report.

Joe Biden

President Biden spoke about the economy and the September Jobs Report at the Volvo Group Powertrain Operations Facility in Hagerstown, Maryland.

Biden was Monday’s KVML “Newsmaker of the Day”. Here are his words:

“This is National Manufacturing Day, and this is starting to mean something again. National Manufacturing Day, when we celebrate the workers who are the backbone of the economy of this country. Not a joke.

Where is it written that it says “America can’t be the leading manufacturer in the world again”? Where is that written?

I’m here at this Volvo plant to thank the workers and management for building heavy-duty engines, transmissions, axles for trucks and buses and parts of electric vehicles of the future.

And like the United Steelworkers at the cement plant here in Hagerstown, who are manufacturing cleaner cement for our nation’s roads and highways — people don’t even realize how much cement — the ordinary — the way it’s made causes environmental problems. The older, dirtier cement accounts for 7 percent of global emissions. Well, guess what? Clean cement makes a gigantic difference.

And like all the workers I met yesterday at the IBM plant in Poughkeepsie, New York, where they’re investing $20 billion in manufacturing advanced quantum computers here in the United States again. Here in the United States.

And the workers in Syracuse, where the company Micron is investing $100 billion to manufacture computer chips — the biggest investment of its kind in America — biggest investment ever in the world.

And we all know it’s been four or five years in this country — the last four or five — a lot of things have been tough for people. A lot of things have been tough, and they’re still tough for many.

But there’s also a bright spot where America is reasserting its power, where America is reasserting — Americans are reasserting themselves.

Where is it written, as I said, that America can’t lead the world in manufacturing again?

We already created — we’ve already created over 628- — or -38,000 manufacturing jobs just since I’ve been President, because we’re making it happen right here in America. Companies are investing in America, and we’re all making sure government delivers: the Infrastructure Law, the CHIPS and Science Act.

I don’t know about you, but as my dad used to say, people just — they’re panic about get — putting three squares on a table every day, and not having to deal with all the politics that are going on. And all the — all — so who should know the names of these — these pieces of legislation?

But we made a historic government investment in America, and it’s spurring incredible private-sector investment in America.

If I could divert for just a second: We had a piece of legislation that — led by your congressman that, in fact, says that we’re going to invest $368 billion in dealing with the environment.

Although a major article in a major — major publication yesterday of the — from the industry: that’s generating $1.7 billion [trillion] in investment. Because guess what? We provide a tax credit to somebody, and guess what? Companies want to build that product — build that product, because it’s going — a billion [trillion] seven hundred million [billion] dollars. Meaning, literally, hundreds of thousands of new jobs. Not a joke. Not a joke.

All across America, we’re proving “Made in America” isn’t just a slogan, it’s reality. We’re proving that our best days are ahead of us, not behind us.

Just look at today’s jobs report. Our economy created 263,000 jobs last month. That’s 10 million jobs since I’ve come into office. That’s the fastest job growth at any point of any President in all of American history. Historic progress.

The unemployment rate remains at historic low — 3.5 percent unemployment. That includes the lowest unemployment among Hispanic Americans ever in the history of this country and the second lowest employment of Black teenagers ever.

And this recovery has been the fastest increase of people reentering the workforce of any modern economic recovery.

But there’s something else. Our job market continues to show resilience as we navigate through this economic transition we’re in. For some time, I’ve been saying that what we need to do in this transition — we have to move from historically strong economic recovery to a more steady, stable recovery.

We need to bring inflation down without giving up all the historic economic progress that working-class and middle-class people have made. And that’s exactly what we’re seeing.

Over the past four months, we’ve created — we’ve created an average of 350,000 jobs a month. That’s down from the 450,000 jobs a month prior — in the prior four months, and down from the 600,000 jobs a month the four months before that.

The pace of job growth is cooling while still powering our recovery forward.

Wage growth for workers remains solid, down from the historic high pace months ago but still growing for workers who deserve a raise. And this is the progress we need to see.

In the short term, a transition to more stable growth that continues to deliver for workers and families while bringing inflation down. And in the long term, the economy built on a firmer foundation.

We still have a lot of work to do, but we’re building a different economy than before — a better one, a stronger one — not trickle-down economy. That never helped my family very much in Claymont — “trickle down.” This is an economy built on building from the middle out and the bottom up, not from the top down.

And when that happens, everyone does well. The poor have a ladder up, the middle class do well, and the wealthy do very well; they’re not hurt at all.

That’s an economic vision I offered to America when I ran and I’m pushing on. And that’s what I want to talk about today, and how we have — our Republican colleagues have a very different view.

And I know many of you are probably Republicans, but many of my Republican friends are basically arguing that good news for the economy is bad news — is bad news for America, as if they’re rooting for fewer jobs and lower wages.

It’s all a part of this trickle-down mentality that says it doesn’t matter what’s happening on Main Street; what really matters is what’s happening on Wall Street. If Wall Street is doing well, everybody is doing well.

Well, I noticed that the last — the previous four years, we weren’t doing that well, and Wall Street was doing well. And then that had — took a tumble.

That’s not my plan. We can continue to grow our economy in a stable and sustainable way. We can build on an economy that works for everyone.

And today, we’re going to do something that our Republican colleagues in the Congress don’t want — don’t want us to do. They love to attack the Democrats. They say we — but — for what we’ve done. But they really don’t want to see what their plan is. I doubt any of you can tell me what the Republican reelection plan is this time out. What — what’s their platform if they take control of Congress?

Let’s start with inflation. Let me tell you how I think about it. I think about it the way my dad used to talk about it. My dad was a well-read guy. His greatest regret — he never went to college. He had to leave Scranton because, when coal died, everything died with it, and we moved down to Claymont, Delaware, a little steel town at the time.

And — but it’s the way most people at home deal with these things. You talk about it around the kitchen table: “Do we have enough money to cover all the bills for the month and all the necessities that aren’t regular bills?” “And if we do that, do we have a little bit of breathing room?” — my dad used to say. Just a little bit of breathing room after that’s done, where you don’t have to worry.

Well, that’s what we’re trying to do: provide families a little bit of breathing room. And that’s what we’ve done.

We passed the Inflation Reduction Act — which the name doesn’t matter a lot to people — but it’s going to provide Medicare, which a lot of us have been fighting for, the power to negotiate lower prescription drug prices.

We pay the highest drug prices of any developed nation in the world. It’s going to limit out-of-pocket costs for people on Medicare, no matter what their drug — as you know, some who have cancer, their drug costs 14-, 15,000 dollars a year, literally, for the drugs they need.

Well, prescription drugs for seniors cannot exceed $2,000 a year, even if it’s 10-, 20-, 30,000 dollars that they owe. It can’t exceed $2,000 a year.

And it’s going to cap the cost of insulin for seniors on Medicare to $35 a month instead of 30 times that.

How many of you know somebody who has Type 2 diabetes and needs that insulin? Well, guess what? It costs a whole hell of a lot. A lot of money. And it costs a lot of money for children.

I was in Virginia not long ago, and a woman stood up and said, “I have two kids with Type 2 diabetes. And we have to split the…” — “We have to break up what we have. We don’t have enough money.” Because they didn’t have the insurance; they weren’t covered.

And guess what? Well, how do you look at your child knowing that they have Type 2 diabetes and there’s nothing you can do about it? Not a joke.

This is the United States of America, for God’s sake.

Well, I — the bill I produced — I introduced said we’re going to reduce the cost of insulin. And, by the way, it costs, to make that insulin — it costs $10 to make it and to package it. Ten. T-E-N. Ten dollars. And they’re charging as high as 650, 700 dollars a month for it.

Well, the original bill I introduced said we’re going to take care of everybody who’s on insulin. My friends on the other team were able to get enough votes to knock out that for anybody but for the seniors.

You know, we’ve locked in savings in healthcare premiums for a million of the people on the Affordable Care Act.

You know, one of the things that people forget is, without the Affordable Care Act, anybody who had a preexisting condition could not get insurance. Let me say it again: You could not get insurance if you didn’t have a whole hell of a lot of money to buy a private policy. Well, it guarantees that people with preexisting conditions can have insurance.

We’re making it possible for families to save thousands of dollars in energy savings with the legislation we have — which, as I said, it’s going to bring a trillion-seven off the market investing in other jobs.

And, folks, for the first time in a long time, we’re going to make sure the biggest corporations begin to pay their fair share of federal taxes with a minimum tax rate of 15 percent.

In 2020, of the Fortune 500 companies, 52 made $40 billion and didn’t pay a single penny in taxes.

I come from the corporate state of the world, across the border, in Delaware. I know corporations. I got elected six times there. But everybody should be paying something. Everybody should be paying something.

And we’re doing all this while reducing the deficit.

My friends talk — on the other team — talk about how we’re “big spenders.” Well, guess what? They passed a $2 trillion tax cut for the top 1 percent basically, and corporate America, and didn’t pay for a penny of it.

My first year in office, we reduced the federal debt by $350 billion — 350. And this year, we’re reducing it by more than $1 trillion while we’re doing all the things we’re doing. And allowing Medicare to negotiate drug prices is going to reduce it, over the next 10 years, another $300 billion over the next decade.

Every single Demogra- — every single Democrat voted for the Inflation Reduction Act. And every single Republican voted against it. Not only that — they’re telling us that the number one priority is to repeal — if they win, they’re saying they’re going to repeal the Inflation Reduction Act if they gain control of the Congress.

Let’s be crystal clear what that means: Republicans take control of the Congress means the power we just gave Medicare to negotiate drug prices goes away. Gone. Prices will go back up.

If Republicans take control of the Congress, that $2,000 cap on prescription drug costs we just passed goes away. Gone.

If they take back control of the Congress, the $35 a month cap on insulin for folks on Medicare we just passed goes away. Gone.

The savings on healthcare premiums we just got for a million Americans, for the Affordable Care Act — gone.

And, of course, it’s not just the Inflation Reduction Act they want to get rid of. They still want to get rid of the Affordable Care Act. That means an end to protection for millions of people with pre-existing conditions who rely on the Affordable Care Act. Gone.

Now, when it comes to taxes, if Republicans get their way, they’re going to get rid of the corporate minimum tax. They’re not talking about getting rid of your taxes, but the corporate minimum tax. The biggest corporations can go back to paying zero in federal income tax.

These are facts. Check them out.

And, folks, it’s not just the Inflation Reduction Act; they’re coming after your Social Security and Medicare as well. I know that sounds bizarre, but look it up.

The senator in charge of electing Republicans in the U.S. Senate this year has proposed a plan to put Social Security and Medicare on the chopping block every five years. That means every five years, Congress is going to have to vote to either cut, reduce, completely eliminate, or vote for Medicare and Social Security again.

What do you think is going to happen? What do you think? But that’s not enough. You’ve been paying into Social Security and Medicare since you started working when you were 16 years old.

And then there’s the senator from Wisconsin, Ron Johnson. He thinks waiting five years is too long. And he says Social Security and Medicare should be on the chopping block every single year. If Congress doesn’t vote to keep it, it goes away. Affirmative vote to keep it. You know the games they can play in Congress, from — everything from dealing with needing 60 votes in the Senate and so on.

And it’s not just Social Security and Medicare. He wants to put everything on the federal budget. Veterans’ benefits would have to come up every single year.

It’s not just — this morning, I saw — there’s a report. You guys can, as they say — as my grandkids say, “Google it.” But the report that came out on CNN, it says, “Republicans called Biden infrastructure program ‘Socialism.’ And then they asked for the money.” And it goes through all the Republicans who — the most conservative Republicans who call it socialism and how they’re asking for it.

A guy named Paul Gosar, he’s written three separate letters to the administration asking for projects in his district. He says it enhanced the quality of life, it eased congestion, boosts the economy. He voted against it; says it’s all socialism.

Go down the list.

Kentucky Representative Andy Barr: The biggest “socialist agenda.” Three different projects he wants, citing the importance of the safety and growth of his district.

Rand Paul. I can go down the list. Look it up.

“Socialism.” I didn’t know there were that many socialist Republicans. Think about it. I’m — I’m serious. Let’s get serious about taking care of ordinary people — regular people like I grew up.

Folks, look, you can’t make this stuff up. You got to say — and I got to say, I was surprised to see so many socialists in the Republican caucus.

And, folks, here’s the bottom line: If Republicans take control of the Congress, these historic victories we just won for the American people are going to be taken away. Every kitchen table cost is going to go up, not down. And I realize costs are going up on food.

And I was able to bring gasoline down well over $1.60, but it’s — it’s inching up because of what the Russians and the Saudis just did. I’m not finished with that yet.

The cost of your prescription drugs and healthcare, energy — they’re all — they’ll all go up. Your protection for pre-existing conditions are taken away. Your Social Security and Medicare are going to be in the chopping block. But they don’t want you to know that. They’re not campaigning on it, but that’s what they are saying. That’s the documents they’re sending out.

Folks, when it comes to the next Congress, this isn’t a referendum, it’s a choice. It’s a choice between two very different ways of looking at the — at the economy. You got over 200-some people in the Congress who still think the last election wasn’t fair, that it was stolen, I stole the election, even though every major Republican judge and the Supreme Court said, “No, no, there’s no evidence of any of that. None.” But I “stole” the election.

Folks, you know, we talk about democracy, whether it’s at risk. Well, democracy is at risk in most places when the only definition of whether you win: You either have to win the election or it’s been stolen. When, in fact, you have — when — when you have — in fact, you’re in a situation where, you know, a group of people attack the Capitol like we’ve never seen — smash down the doors, go after people, have three cops end up dying, so on and so forth. And they’re referred to as “patriots”? Patriots? That’s democracy?

Well, look, there’s different ways of looking at our country. One is to view it from Park Avenue, which says — it helps the very wealthy and maybe it’ll trickle down to everyone else. If Park Avenue is doing well, we’re all doing well.

The other view is from Scranton, Pennsylvania, where I grew up, or view it here in Hagerstown — the belief that the backbone of America — that people will get up every single morning and go to work and break their necks in making a living. The working class and the middle class, that’s who built this country.

And, by the way, the middle class built America, and unions built the middle class. (Applause.) For real. And, folks, that’s who our economy should work for.

Let me close with this. The last few years, we’ve faced some of the most difficult challenges in our history, but we’re making real progress helping folks just a little bit more and giving them a little bit more breathing room. We just have to keep going, and I know we can.

For everything we’ve been through, I’ve never been more optimistic about America’s prospects in my entire career. My word: I’ve never been more optimistic. Just remember who in the hell we are. We’re the United States of America. There’s nothing — nothing we’ve ever set our mind to we’ve not been able to do. Nothing!

And, folks, nothing is beyond the capacity if we work together. And so that’s my hope — that after this election, there will be a little return to sanity. We’ll stop this bitterness that exists between the parties and have people working together.

Because I tell you what — we can own the 21st century. Not a joke. We can own. There’s not a single other nation in the world — not a single other nation in the world as well positioned as the United States of America is. And it’s because of you all.

Thank you very much. May God bless you all. And may God protect our troops. (Applause.) Thank you, thank you, thank you. Thanks.”

The “Newsmaker of the Day” is heard every weekday morning at 6:45, 7:45 and 8:45 on AM 1450 and FM 102.7 KVML.

New Jersey, United States, Oct. 06, 2022 /DigitalJournal/ Real Estate CRM is software that manages customer relationship management in the real estate industry. It is how real estate agents establish, manage and maintain meaningful relationships with clients and prospects. As software, the real estate CRM is an organized system that acts as a centralized storage space. It stores business leads, salespeople as well as customer data. This information includes that of potential prospects and new and current customers.

Factors such as increasing need for smart technology solutions and business applications in the real estate market have expanded the growth of the real estate CRM software market. CRM software helps Boost productivity and efficiency by making it easier to manage different departments and multiple business processes.

Get the PDF trial Copy (Including FULL TOC, Graphs, and Tables) of this report @:

https://a2zmarketresearch.com/sample-request

The Real Estate CRM Software Market research report provides all the information related to the industry. It gives the markets outlook by giving authentic data to its client which helps to make essential decisions. It gives an overview of the market which includes its definition, applications and developments, and manufacturing technology. This Real Estate CRM Software market research report tracks all the exact developments and innovations in the market. It gives the data regarding the obstacles while establishing the business and guides to overcome the upcoming challenges and obstacles.

Competitive landscape:

This Real Estate CRM Software research report throws light on the major market players thriving in the market; it tracks their business strategies, financial status, and upcoming products.

Some of the Top companies Influencing this Market include:Insightly, IBM, Infusionsoft, Salesforce.com, HubSpot CRM, Zoho CRM, Propertybase, Wise Agent, SAP, Oracle, Bpmonline CRM, Pipedrive, Bitrix24

Market Scenario:

Firstly, this Real Estate CRM Software research report introduces the market by providing an overview that includes definitions, applications, product launches, developments, challenges, and regions. The market is forecasted to reveal strong development by driven consumption in various markets. An analysis of the current market designs and other basic characteristics is provided in the Real Estate CRM Software report.

Regional Coverage:

The region-wise coverage of the market is mentioned in the report, mainly focusing on the regions:

• North America
• South America
• Asia and Pacific region
• Middle East and Africa
• Europe

Segmentation Analysis of the market

The market is segmented based on the type, product, end users, raw materials, etc. the segmentation helps to deliver a precise explanation of the market

Market Segmentation: By Type

Cloud-based, Local-based

Market Segmentation: By Application

Small Business, Midsize Enterprise, Large Enterprise

For Any Query or Customization: https://a2zmarketresearch.com/ask-for-customization

An assessment of the market attractiveness about the competition that new players and products are likely to present to older ones has been provided in the publication. The research report also mentions the innovations, new developments, marketing strategies, branding techniques, and products of the key participants in the global Real Estate CRM Software market. To present a clear vision of the market the competitive landscape has been thoroughly analyzed utilizing the value chain analysis. The opportunities and threats present in the future for the key market players have also been emphasized in the publication.

This report aims to provide:

• A qualitative and quantitative analysis of the current trends, dynamics, and estimations from 2022 to 2029.
• The analysis tools such as SWOT analysis and Porter’s five force analysis are utilized, which explain the potency of the buyers and suppliers to make profit-oriented decisions and strengthen their business.
• The in-depth market segmentation analysis helps identify the prevailing market opportunities.
• In the end, this Real Estate CRM Software report helps to save you time and money by delivering unbiased information under one roof.

Table of Contents

Global Real Estate CRM Software Market Research Report 2022 – 2029

Chapter 1 Real Estate CRM Software Market Overview

Chapter 2 Global Economic Impact on Industry

Chapter 3 Global Market Competition by Manufacturers

Chapter 4 Global Production, Revenue (Value) by Region

Chapter 5 Global Supply (Production), Consumption, Export, Import by Regions

Chapter 6 Global Production, Revenue (Value), Price Trend by Type

Chapter 7 Global Market Analysis by Application

Chapter 8 Manufacturing Cost Analysis

Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers

Chapter 10 Marketing Strategy Analysis, Distributors/Traders

Chapter 11 Market Effect Factors Analysis

Chapter 12 Global Real Estate CRM Software Market Forecast

Buy Exclusive Report @: https://www.a2zmarketresearch.com/checkout

Contact Us:

Roger Smith

1887 WHITNEY MESA DR HENDERSON, NV 89014

[email protected]

+1 775 237 4157

The MarketWatch News Department was not involved in the creation of this content.

Sep 23, 2022 (Market Insight Reports) -- The Lease Management Software Market research report provides an in-depth assessment of the current and future industry prospects with detailed market insights and changing market scenarios. In addition, the research that help readers to make robust business decisions. The Lease Management Software Market research report also provides data about the latest advancements in the market and future trends that would influence the market growth of the xxx industry.

The MarketWatch News Department was not involved in the creation of this content.

New Jersey, United States, Sept. 12, 2022 /DigitalJournal/ Real estate investment management software, also known as real estate asset management software or real estate portfolio management software, maximizes the market value and return on investment (ROI) of real estate properties and enables the development of strategies to portfolio growth and development. Real estate investment management software arms asset managers, real estate investors and stakeholders with financial and operational information that reduces errors and mitigates potential risk, streamlines asset analysis, maintains compliance with guidelines and regulations and facilitates transparency and visibility throughout the portfolio lifecycle.

The Real Estate Investment Management Software Market research report provides all the information related to the industry. It gives the markets outlook by giving authentic data to its client which helps to make essential decisions. It gives an overview of the market which includes its definition, applications and developments, and manufacturing technology. This Real Estate Investment Management Software market research report tracks all the exact developments and innovations in the market. It gives the data regarding the obstacles while establishing the business and guides to overcome the upcoming challenges and obstacles.

Get the PDF trial Copy (Including FULL TOC, Graphs, and Tables) of this report @:

https://a2zmarketresearch.com/sample-request

Competitive landscape:

This Real Estate Investment Management Software research report throws light on the major market players thriving in the market; it tracks their business strategies, financial status, and upcoming products.

Some of the Top companies Influencing this Market include:Argus Financial Software, IBM Tririga, Climbsoft, Trulia, Yardi Systems, Zillow, IFCA, Real Insights, MRI Software, Oracle Corp, Mingyuanyun, SAP, Kingdee, RealPage, AMSI Property Management, Propertybase, CoStar Group, WxSoft Zhuhai, Accruent, Fiserv, Juniper Square, Yonyou Software

Market Scenario:

Firstly, this Real Estate Investment Management Software research report introduces the market by providing an overview that includes definitions, applications, product launches, developments, challenges, and regions. The market is forecasted to reveal strong development by driven consumption in various markets. An analysis of the current market designs and other basic characteristics is provided in the Real Estate Investment Management Software report.

Regional Coverage:

The region-wise coverage of the market is mentioned in the report, mainly focusing on the regions:

• North America
• South America
• Asia and Pacific region
• Middle East and Africa
• Europe

Segmentation Analysis of the market

The market is segmented based on the type, product, end users, raw materials, etc. the segmentation helps to deliver a precise explanation of the market

Market Segmentation: By Type

Real Estate Investment Trusts, Private Equity Firms, Insurance Companies, RE Professionals, Others

Market Segmentation: By Application

Small Enterprise, Medium Enterprise, Large Enterprise

For Any Query or Customization: https://a2zmarketresearch.com/ask-for-customization

An assessment of the market attractiveness about the competition that new players and products are likely to present to older ones has been provided in the publication. The research report also mentions the innovations, new developments, marketing strategies, branding techniques, and products of the key participants in the global Real Estate Investment Management Software market. To present a clear vision of the market the competitive landscape has been thoroughly analyzed utilizing the value chain analysis. The opportunities and threats present in the future for the key market players have also been emphasized in the publication.

This report aims to provide:

• A qualitative and quantitative analysis of the current trends, dynamics, and estimations from 2022 to 2029.
• The analysis tools such as SWOT analysis and Porter’s five force analysis are utilized, which explain the potency of the buyers and suppliers to make profit-oriented decisions and strengthen their business.
• The in-depth market segmentation analysis helps identify the prevailing market opportunities.
• In the end, this Real Estate Investment Management Software report helps to save you time and money by delivering unbiased information under one roof.

Table of Contents

Global Real Estate Investment Management Software Market Research Report 2022 – 2029

Chapter 1 Real Estate Investment Management Software Market Overview

Chapter 2 Global Economic Impact on Industry

Chapter 3 Global Market Competition by Manufacturers

Chapter 4 Global Production, Revenue (Value) by Region

Chapter 5 Global Supply (Production), Consumption, Export, Import by Regions

Chapter 6 Global Production, Revenue (Value), Price Trend by Type

Chapter 7 Global Market Analysis by Application

Chapter 8 Manufacturing Cost Analysis

Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers

Chapter 10 Marketing Strategy Analysis, Distributors/Traders

Chapter 11 Market Effect Factors Analysis

Chapter 12 Global Real Estate Investment Management Software Market Forecast

Buy Exclusive Report @: https://www.a2zmarketresearch.com/checkout

Contact Us:

Roger Smith

1887 WHITNEY MESA DR HENDERSON, NV 89014

[email protected]

+1 775 237 4157

A glance at Amanda Obidike would sell her off as a beautiful, privileged woman who hates work and stress. However, the majority of people who know her — and the cause she stands for — know that her beauty and privileged disposition cannot be compared to her big heart and the sacrifice she makes for humanity.

In her quest for a better life and future for young women and the girl-child, it almost seems like Obidike has sacrificed her academic degrees — a Bachelor’s in Business Administration from Obafemi Awolowo University (OAU), a Master’s in Business Management from IBMI, a certification in Economic Policy-making from IE Business School, and a PhD in-view at Selinus University of Science and Literature — for humanitarian endeavours, which she has religiously been doing for over ten years now.

Within these years, she has acquired certifications and amassed awards in the humanitarian space through her work in science, technology, engineering and mathematics (STEM); sustainable development goals (SDGs) campaigns, and community work.

Asked how she would describe the kind of person she is, she said she is ambitious, proactive, community-driven, and a dreamer. She added that she grew up in a family that understood selflessness, going back to the years when her mother was a worker in the church in the house department of the Redeemed Christian Church of God (RCCG). Growing up, she believed she could be whatever she wanted to be given the right mindset, hard work, and the grace of God.

“Many people who really know me can attest of how goal-driven I can be at work and community involvements,” she said. “I love to volunteer and understand that fulfillment comes from giving my time, resources, and intellect for social good.”

Obidike’s community services are well documented in the press through her engagement as the General Manager of the Sir Emeka Okwuosa Foundation (SEOF), a position she has held for a year now. Her role at SEOF combines her passion for social innovation, youth development, reform in education curriculum, technology, and building new programmes.

At SEOF, she has supervised the distribution of food items to indigent house households, initiated medical outreaches and treatments for the sick, and witnessed the construction and completion of the Dame Irene Okwuosa Memorial Hospital in Anambra State.

Obidike, who told Saturday Tribune that her life’s mantra is Ahamefuna (an Igbo expression meaning: my name or legacy will not disappear), began to explore science and technology fields in 2016, when she was under-employed, depressed and no longer finding fulfilment in her 9-to-5 job.

“The meaningful and lucrative jobs available also required technical skills that I did not have originally after my graduation,” she said.

Her love for STEM education drove her to found STEMi Makers of Africa, a non-profit organisation she uses to empower and to reach out to under-privileged girls and young women in under-developed communities in Nigeria and some African countries.

She has certifications in STEM education from the Open University, UK; pro-mastery in artificial intelligence and data analytics from IBM; python programming certification from the University of Wolverhampton; certified augmented reality expert from Global Tech Council; Java programming and MySQL: DBA certification from IBM; and applied AI Witt Deep Learning from IBM.

“I love STEM and look forward to a refined education system using an ‘Africa by us, for us’ approach,” she added.

On why her STEM projects are mainly focused on girls and young women, she lamented that women make up half of Nigeria’s college-educated workforce, but only 11 per cent of the science and engineering workforce are women. She added that research shows that girls start doubting their STEM intelligence by the age six and continue to lose confidence as classes become less gender-balanced and more intimidating.

“STEMi is an inclusive organisation, and we have two programmes tailored for young women and girls. With these programmes, we hope to get onboard more women and girls to pursue careers in STEM,” she said. “Our approach involves working together with educators, parents, and allies to show girls that no subject is off limits because of their gender.”

Recently, for her work on STEM and community service, Amanda Obidike received two awards — the 2022 Honorary Award of the Humanitarian Award Global, and the Innocent Chukwuma Prize for Social Entrepreneurship and Gender Empowerment.

The first award, the Honorary Award of the Humanitarian Award Global, is a recognition of 50 leaders doing amazing things in their different spaces globally. Obidike stated that it was an honour to be among that number and it was also an encouragement for her to continue with her vision to make Africa innovationally habitable for her people.

Speaking on her achievements that merited her the Humanitarian Award Global, she said someone from Ghana reached out to her and informed her that she was nominated for the award due to the work she has been doing in bringing young women and girls into technology.

On how the award would impact her work and career, she said it would provide her visibility and network. She added that she wants to do more, that she wants prospective partner organisations to key into the mission of young talents developing lasting solutions using STEM.

“We also need educators to serve as knowledge panels and inspiration to the younger generation,” she said, “so that they will understand that the economic growth of our nation depends on research, innovation, and development using STEM.”

The second award, the Innocent Chukwuma Prize for Social Entrepreneurship and Gender Empowerment — an initiative co-chaired by the Ford Foundation and LEAP Africa — is in commemoration and celebration of the life and legacy of Innocent Chukwuma, who served as the Director of Ford Foundation’s West Africa office from 2013 to 2021.

“I am so happy to be the first recipient of this noble prize and recognition,” she said.

Obidike noted that she was awarded the Innocent Chukwuma Prize in recognition of her significant contributions to youth and gender empowerment in South-eastern region of Nigeria through STEM education projects.

She stated that STEMi had conducted seven projects in Enugu, Imo, Abia, Delta, and Anambra states by empowering educators and classrooms with project-based learning tools, training girls in STEM, and boosting innovations and creativity of undergraduates in tertiary institutions through their Campus Ambassador programmes.

‘The impact has been huge and we are so thankful for the experts who devoted their time, energy, and resources to see our girls grow,” she said.

With the current Nigerian situation in mind, Obidike gave a glimpse of the kind of future she envisages for the girl-child and what she could do to make that kind of future a reality.

“I envisage an inclusive environment and platform where young girls could be bold to dream and to take on leading roles in STEM,” she said. “Let us keep investing in the classroom by empowering educators, and creating an enabling environment for girls to succeed.”

Asked if she were the Minister of Science and Technology, how would she ensure that young people have basic training in tech and STEM education? Obidike emphasised that her vision is to break the wall of inheriting fragmented and disconnected education institutions.

She said she would tackle this challenge from the grassroots. She lamented that 65 – 73 per cent of Nigerian educators do not have access to improved knowledge on science and technology curriculum needed to be integrated in a modern classroom or university. She added that if the current trends continue, by 2050, millions of young people the country would lack basic proficiency in mathematics, which would make them unemployable and unproductive.

“If I were the Minister of Science and Technology,” she said, “I would look forward to reviewing existing mechanisms, bridging and establishing a framework where we could develop our human and social capital through education, reward for outstanding innovations and skills revolution.”

Over the last couple of years, Amanda Obidike’s work and career have taken her to many countries and have landed her many prizes, awards, and fellowships.

She is a Techwomen Awardee — an initiative of the United States Department of State’s Bureau of Educational and Cultural Affairs (ECA), and also a Global 20 Goldman Sachs Fellow. In 2020, she was given the Technology Rising Star Award by WOC, Michigan, for successfully championing diversity in technology and innovation for the girl-child. She has also been celebrated by Forbes Science as an African changing the culture fabric for young talents to embrace opportunities in science and technology.

She currently serves on the boards of the Nigerian Global Affairs Council, STEMi Makers of Africa, Innovation Village in Kenya, and as a trustee at the MAI Foundation for Women Empowerment and Advocacy Centre.

On her next plans and engagements, Obidike revealed that she has joined the UNESCO Inclusive Policy Lab. She said the job is a way of lending technical proficiency in delivering a more inclusive, equity-weighted and SDG-orientated policies for organisations and countries.

“Through this opportunity, I translate inclusive policies, knowledge co-creation and help to draft outcome statements,” she said.

Asked what she considers as a high point of her career, she said, “I am a dreamer. Sometimes, I want to be president; another moment, I want to be a minister. I just want to be found doing something good and leaving a lasting legacy.”

On her support systems when the stress/pressure from work mounts and what she likes doing at your leisure, she emphasised that family is everything for her.

“I fall back to my mum and sister. Their word has always been a soothing balm and they help me become a better person,” she added. “For unwinding, I am more of a reserved person. I would always prefer to be indoor, watch a movie and sleep.”

ALSO READ FROM NIGERIAN TRIBUNE 

President Joe Biden on Friday blamed the actions of Saudi Arabia and Russia for forcing up gas prices, as he tried to say that his administration was driving down costs - while Republicans would let them rise again.

He used a speech at a Volvo engine plant in Maryland to mark National Manufacturing day to talk up what he and his team believes is a record of economic success.

And he contrasted it with what he said would happen if Republicans from 'Park Avenue' took power in November's midterms.

'Every kitchen table cost is going to go up not down,' he said as he painted a dark picture of what a Republican win would mean for families.

'And I realize costs are going up on food and I was able to bring gasoline down well over $1.60, but it's inching up because of what the Russians and the Saudis just I'm not finished with that.’

This week his hopes that gas prices would keep inching down were dashed when the OPEC+ oil alliance announced it was cutting production.

President Joe Biden on Friday used a speed at a Volvo plant to tout his administration's economic record and blamed Russia and Saudi Arabia for gas price rises

© Provided by Daily Mail

It was particularly embarrassing for Biden who gambled on a public meeting with Saudi Arabia Crown Prince Mohammed Bin Salman, who is accused of plotting the assassination of US-based journalist Jamal Khashoggi, in the hope of mending relations. 

And it comes a month before midterms that could return control of the House and the Senate to Republicans.

In his remarks, Biden warned that Republicans would enact policies that could spell the end of Social Security, Medicare and veterans benefits.

He also called out several Republican lawmakers by name, saying they had written to his administration calling for money for the districts despite voting against the bipartisan infrastructure bill and dismissing it as socialism.

Biden delivered his speech at Volvo Group Truck’s powertrain plant, which builds engines, just outside Hagerstown.

He highlighted the latest jobs report, that showed 263,000 jobs were created in September – along with some 10 million during his time in office.

But even with so much good news to share, he could not help starting with a gaffe.

'We start off with two words: Made in America,' he told his audience in a warehouse filled with machinery and American flags.

'Made in America. It's not hyperbole.'

© Provided by Daily Mail Biden toured a Volvo powertrain factory in Maryland on Friday and he and his team continue to lean into their message that the economy is in good shape - despite high inflation

After struggling for much of his term with crippling inflation and record prices at gas pumps, Biden and his team believe they have a good story to tell.

Biden is leaning in to his economic record after several exact legislative victories and a sense that the outlook is improving just in time for the midterms.

‘All across America, we’re proving "Made in America" isn’t just a slogan, it’s a reality, for proving that our best days are ahead of us, not behind us,’ said after after touring the facility.

A day earlier he predicted that a $20 billion investment by IBM in New York's Hudson River Valley will help provide the United States a technological edge over China, during an appearance with two House Democrats in competitive races.

He said IBM's commitment was part of a larger manufacturing boom, spurred by this summer's passage of a $280 billion measure - the CHIPS and Science Act - intended to boost the semiconductor industry and scientific research.

That legislation was needed for national and economic security, Biden said in Poughkeepsie, adding that 'the Chinese Communist Party actively lobbied against' it.

'The United States has to lead the world of producing these advanced chips — this law is going to make sure that it will,' Biden said.

The CHIPS and Science Act, which Biden signed in August, was a rare bill for which the president was able to win bipartisan support.

© Provided by Daily Mail This week conservative economists said the U.S. economy could be making an extra $100 billion a year from rising oil prices if Donald Trump's policies had been left in place, and Republicans stepped up their attacks on Biden's handling of the issue

And it has given Democrats hope that voters will respond to good news, despite months of economic pain.

Republicans stepped up their attacks on Biden, however, saying it was his policies that were raising prices at the pump.

'Under Biden - OPEC controls our destiny rather than American energy independence,' Pat Harrigan, a Republican House candidate in North Carolina, said in a tweet. 

Republican Study Committee Chairman Jim Banks tweeted: 'US oil production is down 1.2 million barrels per day since it peaked under President Trump. Biden must stop his war on American energy!' 

Republicans argue for loosening government restrictions on U.S. energy production as a way to lower costs.

Sen Lisa Murkowski said: 'The Biden administration has had more than a year and a half to prepare for this turn of events, including more than seven months since the start of Russia’s catastrophic war against Ukraine, but failed to do so. 

'Instead of approving key projects and reforming the broken processes that hold them back, the administration has sold unprecedented volumes from our emergency oil reserves.'

In the meantime, Biden has accused oil and gas companies of profiteering and called on Congress to find ways to reduce OPEC+'s power over prices. 

'The president is also calling on U.S. energy companies to keep bringing pump prices down by closing the historically large gap between wholesale and retail gas prices -- so that American consumers are paying less at the pump,' said Nationa Security Adviser Jake Sullivan and economic adviser Brian Deese in a joint statement.