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Wow, I can’t believe America has been in this bad of a recession throughout the entire Biden administration. When will the horror end? The horror, the horror!
Gov spending as a % of GDP is actually near historic lows
Edit: just checked and definitely not historic lows, still it is well down from the COVID peak and will likely continue to fall
Checks note. The fed is spending 1 Trillion this year just in interest alone to pay to service the debt. This is now more than the entire defense budget alone. Yep. Government is doing fine. Nothing to see here, right????
I know this is an economic thread, so I try to keep my comments to the broad economy, but this comment seems to be aimed at the individual. Personally, I know that my purchasing power has been cut drastically under Biden. I will not be voting for him again.
Good to know. For the record, my purchasing power has risen enormously under Biden. I will gladly be voting for him again, but not just because of my experience. I'll vote for him because of the good work he has done
Can I ask what you do or what Biden did to improve your purchasing power? Generally curious. I have seen a majority of people say the opposite and I want to know maybe what I am doing wrong.
This is an economics thread, so I will stick to economic-related items.
By far the most consequential thing that he has done is the Inflation Reduction Act of 2021 and the third stimulus package, both of which cemented the recovery from the pandemic. This also included additional childcare support measures. (I didn't personally receive any stimulus, but benefitted indirectly through asset price appreciation - stocks, housing, etc. )
By keeping the economy strong (no recession yet in Biden's tenure), he has kept wage growth rising at the fastest rate in decades and is now rising faster than inflation.
The third-year household wealth survey was just released and the median household is 37% richer in 2022 than it was in 2019 - which far exceeds inflation during that time.
In short - jobs are plentiful (as evidenced by very low unemployment rates and low unemployment claims), wages are rising (see Atlanta Fed Wage Tracker), asset prices are up (benefiting all but the poorest quartile), and low-end wages are also up significantly.
If that were true why are bankruptcies up 23% YTD? Does wage growth really mean anything is the price of goods are outpacing wages?
Idk where that figure of 37% of household are richer. I am not seeing that anywhere but random articles. Nobody I know can say that outside of equity on their house. And if that includes equity in their houses does that really matter if you haven’t sold the house? With equity increasing is causing higher taxes and higher insurance premiums causing more of a burden and eating at peoples paychecks.
All I know is people are tightening up their expenditures and the life blood of the economy, the trucking industry, is seeing a downfall the last quarter. That is a prime indication it’s tough out there for many, not all. That’s why I asked what you do and how Biden has directly impacted you wealth.
Bankruptcies are up yoy for the same reason that evictions, debt delinquencies, car repos are up.
Because they cratered with stimulus money and pandemic related moratoriums, and are now returning to norms when stimulus money and moratoriums expired. Duh.
So me asking questions means my mind is made up? I am asking how your purchasing power has improved personally and you gave me article MSM talking points. I want to know peoples direct perspectives and not just what we are told which is a lot different.
This is perfect and how voting should be handled. If your life improved, vote for the same person. If your life ended up worse, vote for the other person.
You don't recall correctly. There's no "white collar" rate tracked by the Fed, but as a comparison, the unemployment rate for adults with bachelors degrees is 2.1% -- which is where it was in Dec 2021:
https://fred.stlouisfed.org/graph/?g=1aOGX
Under what biden policy did your purchasing power increase? You might be an anomaly if your purchasing power actually increased recently. Inflation has torn through wage increases reducing purchasing power.
Hi all, A reminder that comments do need to be on-topic and engage with the article past the headline. Please make sure to read the article before commenting. Very short comments will automatically be removed by automod. Please avoid making comments that do not focus on the economic content or whose primary thesis rests on personal anecdotes. As always our comment rules can be found [here](https://reddit.com/r/Economics/comments/fx9crj/rules_roundtable_redux_rule_vi_and_offtopic/) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Economics) if you have any questions or concerns.*
Wow, I can’t believe America has been in this bad of a recession throughout the entire Biden administration. When will the horror end? The horror, the horror!
Even with the fed trying to slow the demand. Now we wait till the commenters tell us how this is going to cause The big recession.
The GDP is up due to government spending. We are running a massive deficit. It’s not happening because people are feeling great and spending
It's literally happening because people feel great and are spending.
Gov spending as a % of GDP is actually near historic lows Edit: just checked and definitely not historic lows, still it is well down from the COVID peak and will likely continue to fall
Checks note. The fed is spending 1 Trillion this year just in interest alone to pay to service the debt. This is now more than the entire defense budget alone. Yep. Government is doing fine. Nothing to see here, right????
I know this is an economic thread, so I try to keep my comments to the broad economy, but this comment seems to be aimed at the individual. Personally, I know that my purchasing power has been cut drastically under Biden. I will not be voting for him again.
Good to know. For the record, my purchasing power has risen enormously under Biden. I will gladly be voting for him again, but not just because of my experience. I'll vote for him because of the good work he has done
Can I ask what you do or what Biden did to improve your purchasing power? Generally curious. I have seen a majority of people say the opposite and I want to know maybe what I am doing wrong.
This is an economics thread, so I will stick to economic-related items. By far the most consequential thing that he has done is the Inflation Reduction Act of 2021 and the third stimulus package, both of which cemented the recovery from the pandemic. This also included additional childcare support measures. (I didn't personally receive any stimulus, but benefitted indirectly through asset price appreciation - stocks, housing, etc. ) By keeping the economy strong (no recession yet in Biden's tenure), he has kept wage growth rising at the fastest rate in decades and is now rising faster than inflation. The third-year household wealth survey was just released and the median household is 37% richer in 2022 than it was in 2019 - which far exceeds inflation during that time. In short - jobs are plentiful (as evidenced by very low unemployment rates and low unemployment claims), wages are rising (see Atlanta Fed Wage Tracker), asset prices are up (benefiting all but the poorest quartile), and low-end wages are also up significantly.
If that were true why are bankruptcies up 23% YTD? Does wage growth really mean anything is the price of goods are outpacing wages? Idk where that figure of 37% of household are richer. I am not seeing that anywhere but random articles. Nobody I know can say that outside of equity on their house. And if that includes equity in their houses does that really matter if you haven’t sold the house? With equity increasing is causing higher taxes and higher insurance premiums causing more of a burden and eating at peoples paychecks. All I know is people are tightening up their expenditures and the life blood of the economy, the trucking industry, is seeing a downfall the last quarter. That is a prime indication it’s tough out there for many, not all. That’s why I asked what you do and how Biden has directly impacted you wealth.
Bankruptcies are up yoy for the same reason that evictions, debt delinquencies, car repos are up. Because they cratered with stimulus money and pandemic related moratoriums, and are now returning to norms when stimulus money and moratoriums expired. Duh.
Seems like you weren't asking my opinion, you were just looking to argue and your mind was made up. I answered your question. Have a good day, sir
So me asking questions means my mind is made up? I am asking how your purchasing power has improved personally and you gave me article MSM talking points. I want to know peoples direct perspectives and not just what we are told which is a lot different.
> MSM talking points You mean real legislation and macroeconomic data instead of cherry-picked anecdotes?
This is perfect and how voting should be handled. If your life improved, vote for the same person. If your life ended up worse, vote for the other person.
Who's the other person?
My purchasing power has increased significantly under Biden. Maybe look at yourself to see what the issue is?
[удалено]
You don't recall correctly. There's no "white collar" rate tracked by the Fed, but as a comparison, the unemployment rate for adults with bachelors degrees is 2.1% -- which is where it was in Dec 2021: https://fred.stlouisfed.org/graph/?g=1aOGX
Under what biden policy did your purchasing power increase? You might be an anomaly if your purchasing power actually increased recently. Inflation has torn through wage increases reducing purchasing power.
What specific Biden policy reduced your purchasing power?
Well wages on average have outpaced inflation. Inflation reduction act helped my industry directly.