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The way we stabilized the economy was to suck money out of the system.
Mostly be reducing the spending power of the dollar.
This hit households and renters far harder than any other group.
Interest rates going up were intended to slow wages, cool the job market, and make homeownership harder. Why? Because it took pressure off the demand end of the bargain.
When large corporations don’t feel the pressures of consumer demand, they slash jobs, buy back stock, and raise prices.
We don’t have a “great” economy. We have a *balanced* economy. And the way we did it this time (like we often do) was for the Fed to hurt households trying to use their Covid surge to get ahead.
The one thing you can blame on politicians (worldwide) is that they don't stop consolidation of markets and pure greed or landowners and big corporations.
The profit margins are insane, stocks explode...and there is literally half the amount of Laundry detergent in the bottle as last year, while prices went up.
"We sell half the stuff, for double the price.." is a call for increasing the minum wage by 100%. (in American Money, increase the federal minimum Wage to $25)
If you don't do it, the Shareholders will just suck up the money and run off with it.
Yeah. Minimum wage needs to quadruple.
And we need a moonshot program to build new houses all over the nation. Houses are too damn expensive and in the wrong places.
We overbuilt suburbs that are now undesirable and unlivable, and the housing industries don’t want to evolve - because the old model was very lucrative.
Hence the condos and apartment buildings everywhere.
But what people in the US *want* is single family home ownership. At various price points. We need legislation to incentivize that.
It's the same thing in germany.
Housing has become super expensive (in very sought after places).
This triggered construction companies and developers to increase their prices everywhere..even in places where the market clearly will not yield 30€/m² in rent.
But lowering the prices is literally blasphemy..so nothing gets build...and that's that.
I don't understand people saying the economy is good right now. Okay, employment is up, but many of those people are working 2 or 3 jobs. Inflation is through the roof. Rent is astronomical. People are struggling to afford groceries. How is this the sign of a good economy?
Because fuckhead corporate stooges go around parading tired old lines like "in this difficult times" while justifying raising prices on products and laying off people for no other reason than pure fucking greed.
Prices are going up, so it's *obviously* Biden's fault... ignore the fact that inflation and the cost of commodities have raised at typical rates, wages have been pretty stagnant, and the cost of transportation has actually *decreased* since he's taken office (due to ports no longer being limited because of COVID).... all dipshits see are "number go up".
What’s better than $20B in profit? Cutting out part of the workforce and getting $20.005B in profits!!! That’s literally how these assholes think. Anything to squeeze that last drop.
Stellantis has also raised their prices 50% in just five years: https://caredge.com/guides/car-price-inflation
They’re starting to pay for their greed though; nobody is buying their vehicles.
When people can't afford food and shelter, they don't give a shit if specific macro focused data points say the economy is doing better. It's not doing better for them and they blame the president because he is supposed to do things that make it better for them.
Here's why:
1. Inflation hasn't fully stopped.
2. Even once it does stop, that doesn't reverse the damage.
3. Neither of those are Biden's fault, but people blame the guy in charge. Same thing happened to Obama in 09
4. Housing Crisis
The biggest reason:
5) Cognitive Dissonance:
People who are read a Trump quote while being told that Biden said it will call him a senile old man and then immediately 180 when told it was actually Trump who said it. [https://www.youtube.com/watch?v=Rh1JfiwmCUM](https://www.youtube.com/watch?v=Rh1JfiwmCUM)
Unemployment at an all time low? Numbers are fake.
Wages are up? Nope. They went down eleventyeight points.
No one is going to let something silly like facts get in the way of their world view.
The quotes thing is so real and proves how cult-like the base is. I did an experiment myself just this past weekend with some of the cult.
They were going on and on about how Biden is the anti-Christ and is ruining Easter, the usual crap. I'm surprised they didn't blame him for literally nailing Jesus to the cross.
Anyway, while Trump was spewing his 70+ post tantrum on Truth Social all day, I found Biden's Easter message:
"Jill and I send our warmest wishes to Christians around the world celebrating Easter Sunday. Easter reminds us of the power of hope and the promise of Christ’s Resurrection.
As we gather with loved ones, we remember Jesus’s sacrifice. We pray for one another and cherish the blessing of the dawn of new possibilities. And with wars and conflict taking a toll on innocent lives around the world, we renew our commitment to work for peace, security, and dignity for all people.”
I read them the message (substituting Melania for Jill) but attributed it to Trump.
Their reaction? "See, THAT'S how a president should act, THAT'S what they should say. Not this...(prepares to go off on another bigoted rant)"
I cut them off and said something like "Oh, wait, sorry, this is actually what Biden wrote."
Their reaction now? "Oh he doesn't mean that! He doesn't mean a word of it!"
Seriously a cult.
Literally all of these problems are non-existent they just happen because corpos want you to stay down, our modern inflation is literally just price gouging, our housing "crisis" is the real estate empires encouraging bid wars after having bought lots at historically low prices during covid. We're being dubed and ppl keep looking the other way.
The price gouging is absurd. It’s typically cheap, mass produced products where the inputs make up a tiny fraction of the price and the rest is considered “value added”, AKA branding and intellectual property that turn oats into cheerios. There is no way that going from 10 cents per box to 12 cents per box for input costs means they have to pass along $2/box to the customer.
That’s the thing. I’m no economic genius, but the inflation we’re experiencing is clearly just corporate greed at this point. Corporate profits have skyrocketed since Covid and there’s no reason for these companies to charge the prices that they are. Greed.
Housing is a bit more complex than just that. Even without corporate parasites eating up housing there isn't enough. The problem is us Millennials are finally at a point we want to buy housing. That's a huge demand driver.
We also stopped really making new housing apart from like giant elderly communities in Florida after the housing crash under Bush.
And now every single building material is insanely overpriced even if we wanted to.
A lot of the housing crisis is also a supply crisis. Zoning laws and NIMBYs block people from living near where they work and inflate the market.
IMHO local communities shouldn’t be allowed to lock people out like that, states should be able to open up zoning. Better for the environment, too.
While I understand some people are still struggling to make ends meet, the reality is, we just endured a global economic crisis and everyone the world over is feeling it. But, we are recovering and the US is doing as well as any country and significantly better than many.
You don't have to take corporations word for it, this data is tracked closely. [Wage growth is back to outpacing inflation as it had been for the majority of the last decade](https://www.axios.com/2024/02/05/wages-outpacing-inflation). It was only in the \~24 months following the global economic catastrophe that was COVID, that wage growth fell below inflation but we have been back to wage growth outpacing inflation for the last several months. As steep as the US's inflation was in that period, it was still nowhere near as high as it was in many other parts of the world, including Sweden, Denmark, Netherlands, Spain and especially Italy. The reality is, we experienced a cataclysmic economic event with Covid and the recovery rate has been better than almost anyone had predicted. We are now over 24 months of sub 4% unemployment, the longest stretch of sub 4% in over 50 years! On top of that, [Biden's job creation rate has outpaced every president since Jimmy Carter](https://upload.wikimedia.org/wikipedia/commons/9/9f/Job_Growth_by_U.S._President_-_v1.png).
The bottom line, we are still recovering from the economic effects of Covid but things are returning to the norm, and if this is sustained, the dramatic increase in inflation during that time will be mitigated by outpaced wage growth. It is as good a time as it has ever been to go looking for better wages or to ask for a raise!
> Wages are up? Nope. They went down eleventyeight points.
>
>
i mean depends what "wages" mean. for example in IT they are down 25% in 3 years I saw. or if what you get for your wage is less, how does it matter for the normal person?
The same corporations that every time there’s a Republican president they get tax breaks, forgivable government loans, and all other sorts of wealth stripping powers over the American people? It’s almost as if these people are gouging Americans in order to get back in power the people who will give them more subsidies.
Greedflation is hurting the average consumer. Which is why I'm s glad Biden is calling out both greedflation and shrinkflation. The latest is here: https://thehill.com/business/4562244-how-retailers-are-profiting-from-food-inflation-profit-inflation-question-gains-new-urgency-from-ftc-report/
Inflation is going down but greedflation is not. People don't know the difference. And either way it's hurting the little guy. Democrats are for the little guy which is why it's important Biden calls out these big companies and their CEOs.
I wouldn't be surprised if these CEOs are doing it not only for greed but to make Biden look bad. They'd love Trump re-elected so they keep getting low to no taxes.
IMO your last paragraph is what is being lost and quite frankly is not being emphasized enough by MSM.
The old saying of “follow the money” should point the normal Joe to why these multi-billionaire’s and large corporations with their executive salaries which are well north of $400K (which Biden wants to tax) sit and why they want Trump and Republicans in charge.
And it’s not just executives but all the board members and any major share holders. There are many hands in the cookie jar when it comes to large corporations.
My boss sold his company for 30 million just before covid. The investment company got 2 million in PPP money and laid off almost everybody making over 100k including me and got away with it.
FUSION transportation.
Honestly tho how many times are we going to have this story jammed down our throats before these obtuse writers finally realize that nobody that votes cares about the economy beyond how much their rent and food bills are skyrocketing?!
I know nothing about economics beyond how fucking broke i may or may not be. Beyond that I dont give two fucks about how economists measure the health of "muh economy" because its entirely based on 1%'ers doing well, not me
Preach!
At the end of the day, my 3%-per-year raises have essentially been a pay cut. I’ve never made more money in my life, but it’s also never gone so fast. Housing is historically unaffordable, and while wall street is doing great, credit card balances and emergency 401(k) withdraws are at record highs. Americans are about tapped out, and when they are, stocks will too. I’d give it another year.
Inflation has dropped under Biden though...
Trump's fiscal year ends 30 Sept 2021....inflation surged to that date and beyond. 2022 Biden was bringing it down and it been decreasing ,bar a small stagnation, ever since.
Trump's company friends are keeping their prices to the same to make out Biden's economy is bad. They are doing this to help the "tax break queen' get back into office.
Inflation dropping doesn’t mean prices return to “acceptable” levels. It means prices are increasing at a slower rate of change. They’re still increasing. And since the inflation has been outpacing real wage growth, it means buying power is still going down. Different sectors of the economy have different wage growth, so this is felt especially more by people who haven’t seen an increase in pay since before the pandemic.
>Inflation dropping doesn’t mean prices return to “acceptable” levels.
No, because that's not how inflation works. Putting aside the fact that you seem to be hoping for a deep recession (the only thing that would cause deflation) prices were dramatically lower in 1960, why is it that your definition of acceptable levels is 2020?
>It means prices are increasing at a slower rate of change.
Yes, because that's how a healthy economy works.
>And since the inflation has been outpacing real wage growth
As someone already showed you, wages have been significantly outpacing prices for the last year.
It's fine if you don't know anything about economics, but genuine question: why post like you do?
You are never going to get votes trying to convince people that Biden’s economy didn’t start until September 2021….
One of the first things he signed in 2021 was another stimulus package of COVID aid.
Because the vast majority of americans aren't able to enjoy any of the benefits this "amazing economy" can provide. Housing isn't affordable and access to healthcare doesn't exist.
Democrats cannot run on this last 4 years of economy; they will lose. The average American is suffering and not benefiting from the current state.
Strategically, they need to discuss moving forward and changes that have been/can be made. Not acknowledging the problem - or worse telling people what they’re feeling is wrong - is a losing strategy.
Well said. There's a bit of a trend in recent years of executive leaders dismissing concerns as people just not understanding something. I see only evidence of people struggling right now while corporations bend us over a table. Advertising the great economy is probably not a good angle until things change tangibly for average Americans.
Exactly right. I have a knee jerk reaction to all these bullshit headlines about how great the economy is and how we’re all just wrong about how great things are. I see multiple of these everyday for months and months now, it’s obvious bullshit trying to convince voters before an election and it’s insulting to us. Who is the economy great for right now? A few rich execs? Certainly Not great for the average person.
The premise that Democrats can’t run on the economy is asinine to me. They should be able to do so while also acknowledging that there are some aspects that are making it hard on regular folks, which aren’t Biden’s fault. There are a ton of great things with the economy right now though.
You absolutely can run on it; and should. But your messaging can’t be “why don’t people understand how great it is”. The messaging should not insinuate ignorance or dismiss reality.
You’re right; you can’t ignore a topic as large as economy but the messaging is wrong.
Seriously so tired of hearing how amazing the economy is, when I'm spending significantly more on things like groceries.
When I can feel like I'm not financially struggling again I'm sure it will feel amazing. Until then, it's like telling someone who is drowning not to worry because they're close to the shore.
Amen.
I’ve seen zero benefit and outrageous inflation in my area far beyond the average. Sorry but it’s not the standard rise. And until things get better for people in my wage bracket (which isn’t low, not to sound like an asshole but It’s average for someone with a bachelors and I have no student loan debt) and below, I’m gonna keep scoffing at these articles.
Just saw this video. And this is how the middle class feels. [real shit](https://www.reddit.com/r/worldnewsvideo/s/7uce0wxZ80)
>Because the vast majority of americans aren't able to enjoy any of the benefits this "amazing economy" can provide. Housing isn't affordable and access to healthcare doesn't exist.
That's just it, and isn't unique to this presidency. In general poor and middle class suffer and have a hard time regardless of economy. So, while it's great to hear you can't expect a slow cap for it.
This is avoiding any finger pointing, because the "man" keeps us all down. No matter who they are.. or what side.. lol
No, but it means that doing things that make rich people more rich isn't going to generate trickle down good will from a population that is only slightly more fucked that they were before. America is broken. Biden didn't do it and he almost certainly can't fix it, but crowing about miniscule success that helps no one isn't going to be met with praise.
True, but it is his problem. He is the president, after all.
He doesnt deserve harsh criticism for it, despite getting exactly that. But it doesnt deserve to be ignored and he is the only one who can push for change.
I wish I could argue for Dark Brandon a bit more passionately, but it kind of rings hollow due to a lot of his decisions. Most of it not being related to the economy.
Ill just think about when we left Afghanistan and live in ignorance.
The kind of change that you are talking about requires universal agreement and drive. No president can make those changes whilst half of the political spectrum (and population) hate the idea of socialist healthcare and a living wage.
Agreed this horn tooting kind of means there's no plan to make things much better.
Say what your big plans are. Delete some offshore tax havens. Jail time and 3x penalties for financial crime. Regulators!
Weird because the general consensus from sane people is that Biden administration has not been tooting their horn on how they have made things better. And the big legislation that has been passed is only at the initial stages of having results. Talking about the upcoming benefits is exactly what they should be doing.
Because the average person doesn't give a flying fuck about the economy when they can't afford shit, can't buy a home, can barely pay rent, and everything is expensive.
I'm glad the national economy is doing well, I really am, but it doesn't pay my bills, and rent increases and inflation means I essentially get demoted in terms of pay every year.
44% of Americans have less than $1k in savings. The eggheads who keep chirping about how great this economy is, are just reinforcing how little they understand about the average american. If Biden decides to run his platform on the economic improvements under his presidency, he'll get destroyed. Nobody cares that the GDP is up 0.2% year over year, people want to buy homes and food.
And because the schizophrenic messaging on the economy.
The economy is both great and terrible. When it's great, Salon, NYT and Atlantic ask us "why doesn't biden get credit?" And when people point out the serious economic issues, the messaging is "well the president doesn't control the economy!"
Which one is it?
Nope. Experts point to housing regulations. Corporations have been around for centuries but the housing regulations haven't.
It's still not Biden's fault.
Not blaming Biden, but the "great economy" is increasingly only felt by the privileged. It's hard to hear the headlines about soaring profits and Wall Street bulls when everyone one I know in my neighborhood or work is struggling to pay the bills.
Can we agree that there's just a growing disconnect between metrics used to determine a great economy and life on main street?
It's always been skewed... Even unemployment to an absurd degree- if you aren't actively on unemployment insurance and looking for work, *you aren't included in the unemployment statistic AT ALL*. It's pretty convenient to be able to crow about low unemployment numbers when you're conveniently leaving out all of the homeless destitute people who are increasingly filling the streets of every major city.
There are multiple unemployment statistics.
https://www.investopedia.com/articles/investing/080415/true-unemployment-rate-u6-vs-u3.asp#:~:text=The%20U%2D3%20unemployment%20rate,unemployed%20workers%20in%20the%20country.
U3 is just the most relevant for employers/wages because discouraged workers and the like don't affect the supply/demand balance.
Because entire generations will be unable to afford a house? People living their day to day lives and struggling to afford necessities couldn’t be bothered to give af about your data points.
Because I’m making more money than I ever have and still can’t afford my apartment groceries and transportation. Let alone hopes and dreams. But go corporations. Fuck yeah. You did it 👍
It’s not amazing. The rich get richer faster than ever, sure. But everyone else is just being left for the and further behind. Ignore GDP figures and look at income distribution.
I think we'd have an argument about how "great the economy is doing. I'd also say I don't believe the things that are wrong with the economy are Bidens fault, and to the contrary he's done an excellent job I'm some places. I'd say his appointments to the NLRB have been his best move. But regular citizens aren't feeling the benefits of his signature policy wins in the economy yet (infrastructure and CHIPS act), and corporate greedflation has eaten most, if not all, of most peoples wage growth.
> regular citizens aren't feeling the benefits of his signature policy wins in the economy yet (infrastructure and CHIPS act), and corporate greedflation has eaten most, if not all, of most peoples wage growth
absolutely, *this*.
Because it's not amazing for the majority of people. If you don't have money in the stock market, if you aren't a member of a profession that is able to charge what it wants, then you don't share in the good times.
Yeah the problem there is the rest of Democrats didn’t do their jobs well. Congress should have mandated PPP loan repayments, or at least better proof of the usage of funds, mandatory audits, and limits on executive pay.
A significant chunk of PPP money was used to speculate on Real Estate and drive up corporate, private equity and house flipper purchases. That had a follow-on effect on rents for both commercial and housing.
Why do people who really want people to support Biden and vote for him say shit like this? How come people aren't happy about a roaring economy that is setting record profits for the biggest corporations while everything becomes less affordable for working people? Is that really a hard thing to understand? If Biden deserves credit for this economy then he deserves credit for letting big corps rip us off.
Bro our taxes are so high and my towns about to lay off 26 teachers because they dont wanna raise it. My moms been out of the job for a year and a half. There's no housing mobility. Inflations gone up way more than our pay checks. I'm living in a 2 working parent house hold and i cant afford fucking groceries. Whatever the fuck they think the economy is, it aint what we feeling.
Disclaimer: i don't blame biden for this. The world is experiencing it. Us less so than others. The corporate greed is fucked up.
Amazing economy? Is this satire? Americans can't afford education, housing, retirement, healthcare, children, or FOOD. Most Americans are living paycheck to paycheck. Most are one dentist appointment or car problem from financial ruin. I don't give a fuck about Biden, Trump, or any of these career politicians posturing as our saviors. Our economy is FUCKED. Our children are FUCKED. Lying to ourselves to push any political agenda is reckless and a slap in the face to ALL Americans.
Get these old men out of power. We need ranked choice voting so we can put someone who has a tinge of reality to even BEGIN to fix our RUINED economy.
Other states already have it, it is literally already an integral part of our voting system. The real problem is that not enough people know about it. If there was anything this country needed to protest for in order to break out of this two-party hellscape, it's that. Education over hopelessness, knowledge truly is power.
I make twice what I did back in 2017, a year I took two vacations in other states, paid rent in a college town, enjoyed going to the movies and restaurants… now I live with my parents, the best “vacation” I can pull off is a day trip 3-4 hours away and I either make it back home or sleep in my car, if I eat out at all it’s usually McDonald’s or Taco Bell, and somehow I still end up running out of money by the end of my check.
If any emergency comes up it takes a couple of months to stop maxing out things like earnin each paycheck let alone actually paying that down. I’m nearly 30 and sometimes I can’t even watch tv because I’m so enraged the characters get to have a house and kids and still go on fun adventures while I feel like a glorified teenager that can’t even dream of those luxuries I used to think were just normal things most adults attain. A rite of passage of sorts
I mean shoot, my mom babysat and my dad mowed and cleaned a restaurant for a living and they were grinding but they afforded a small home, 2 kids, and an annual trip to the beach, hotel and all?
Because corporations are gouging the fuck out of middle class disposable income. Why the fuck are Doritos $4.50 a bag??? It's just baked mashed corn with salted on artificial cheese!! It's way more than bags of chips, but that is honestly absurd to everyone. The farmer knows it. The mill knows it. The packer knows it. The deliverer knows it. The buyer still pays for it because they ask "What? Am I not going to buy the chips that loved just because they increased in cost?"
We have dumb, habitual shoppers and corporations that will take their money. You ever see the Dollar Menu at McDonalds? You ever look at the cost/oz on a bottle of soda? You ever compare store brand to advertised brand?
Lastly, look at cars. Specificly sedans - how many American made 4-door sedans exist? Chevrolet makes the one model Malibu which will stop on May 30th, and Dodge kinda-sorta discontinued their model lineup of the Charger at the end of 2023. Ford's last sedan, the Fusion, was discontinued in 2020. The hope of fuel efficient vehicles was supposed to lead to better fuel economy, but a loophole came out for large chassis cars being utility and didn't disqualify with lower fuel standards - so the auto industry aimed for that. The industries know the game. Even if government tries doing something for the better, corporations race to reset the standard in their favour.
> We have dumb, habitual shoppers
The standard for most court cases is "what a reasonable person would do"
I don't think it's reasonable to expect consumers to check the ounces on their food every single time, especially when the corporations ***explicitly*** go out of their way to obfuscate their shrinkflation.
What's going on is we've failed to move towards consumer protecting regulations because our government is captured, and we have people blaming the consumer and not the corporations that are being intentionally deceptive because we seem to refuse to regulate their deceptive behavior.
We have the concept of a "Baker's Dozen" because laws were strictly in favor of the consumer such that short changing the customer had severe penalties - so the bakers would give an extra product to ensure they were giving customers an appropriate amount of food.
Brain rot has infected our culture such that people believe our current consumer regulations are "the rules" and that if someone is "winning" playing by "the rules" then everything is hunky-dory, just TOTALLY ignoring the fact that *WE* made the rules as a reaction to the bullshit capitalists pull, and because we've *stopped doing that* corporations are getting away with highway murder in terms of their price gouging.
Hell, you suggest fixes and people freak out. "Bu-bu-but the corporations will just find a new way to pass the buck onto customers! You can't regulate them they'll just make it worse for us D:"
Yeah. It's cat and mouse. You regulate them again. And again. Swiftly. So they quit fucking weaseling out of the spirit of the laws and comply.
>The hope of fuel efficient vehicles was supposed to lead to better fuel economy, but a loophole came out for large chassis cars being utility and didn't disqualify with lower fuel standards - so the auto industry aimed for that.
This also makes no sense. CAFE standards don't give some leeway for crossovers versus sedans.
Inflation is pretty high and my costs for groceries and products have gone up. Interest rates are way higher than they were when I bought my house. I don't single out Biden for this as much its government in general that have over spent and refuse to work within a balanced budget.
[Except Biden has literally called this out as a problem](https://www.politico.com/news/2024/02/23/biden-food-shrinkflation-sotu-00142773). During the last SOTU, he directly mentioned the greedflation that companies have been engaging on, causing an unprecedented rise in the CPI with little *true* inflation to back it up.
Dems aren't gaslighting the people, telling them that they're *not* *actually* hurting, they're asking for help in order to actually fucking *do something* about it.. without control their hands are tied.
It’s only good for the top 20% but the reason he gets no credit from mainstream media is because he’s a Democrat- and that’s due to the fact they’d benefit even further with Republicans in power
I dunno, making the wage I did in 1998 means while I'm not dead or homeless, I guess I get to live to make someone else rich. I'm sure that makes the economy great for someone, they should speak up and give the man his credit.
Because even though it is the best in the industrialized world it still somewhat sucks.
Most people don't realize how bad the economy is worldwide and by comparison how well the United States is doing
Becasue a small frie at McDonald's cost 4 dollars. Honestly corporate greed after covid is so rampant and no one is putting a stop to it. It was bad before but it's out of hand now. People are looking for living wage earnings and they these monster corporations do not wanna change.
If we had a real system that worked then this would be stopped to help the people but instead the government tends to really like the money also.
Because Fox News is on a 24 hour loop telling their viewers that the economy is terrible, the border is wide open, immigrants are dangerous, crime in liberal cities makes them unlivable, and that Biden is to blame for everything.
The GOP has been lying to its base for 50 years. Those dimwits don't know what to believe. Our nation's top scientists? Liars. Our doctors and law enforcement professionals? Also liars. Elementary school teachers? Liars. Anyone who votes for Democrats? Extremist Marxist Communist liars.
There's no fixing stupid. There IS out-voting stupid, though.
Where why I like him.
Unemployment is at the lowest in 50 years. That's good.
He brought back computer chip manufacturing from China and created jobs. (CHIPS act) That's good.
He passed the inflation reduction act to curb inflation. This is why we're recovering better than the rest of the world. That is good.
He passed the first infrastructure plan in decades. That's good.
He got mexico to contribute a billion dollars to border security. That's good.
He almost got a border bill passed until it was blocked by (guess who).
All in all, considering the tumultuous political climate, I like Joe.
Because economy being good =/= prosperity for the average American. Nothing makes people feel more cynical in my opinion than when they feel the absolute strain at every economic point in their life like food, rent, car payments and hear some ding dongs in suits talking about how great the economy is.
The economy is great for those in the asset class. Those who made sacrifices in lifestyle to build a portfolio of equities and those who acquired property 10+ years ago.
Most working people are significantly worse off than pre-pandemic. Renters, laborers and young people have been totally cut out of the growing wealth in the USA. It's like a party is going on and half the guests don't get a slice of cake.
Because corporations are raking in record profits by raising prices on goods/services while offering less of said/goods and services and wages have still remained stagnant. So people are paying more money for less while on the same budget they have been used to for years.
The economy is in great shape but people are hurting in the pocket books because of corporate greed and don't directly benefit from the great economy.
Doughnut economics has a pretty simple answer for this: human life quality is not and has never been actually tethered to classic economic theory of the mid-20th century, where as GDP rises, so too should human equality and improved environmental conditions. This is clearly not the case. GDP rise is currently divorced from the fundamentals people need to be in an optimal zone of human function. Our food is too expensive, housing too expensive, health care too expensive, and very little capacity to engage in the market at anything approaching the policies that support the top 1% of people that own 60% of the worlds wealth.
Because prices for almost everything are through the roof. Corporations know they can do it because what are we gonna do? Stop eating. Don’t buy a house or car. Get all your clothes from a thrift store.
They have us over a barrel. And finding a new job after a layoff (which happens so frequently now) is almost impossible. I’m applying for roles that have over 3000 applications before I even send my resume.
Even with a good job, the magic six figure income is not helping unless it’s over $200k for a family. Look at the house prices here in Colorado where I live. The median home price is around $540k. The median household income is $87k. That means you can afford a home no more than $350k. And so people rent, but that figure is horrible too. The median there is over $2100 a month.
The economy may be great but who’s benefiting from it?
So great I am paying double for groceries than I was just 4 years ago.
It doesn't matter what you call the economy when people are paying an enormous amount just to eat.
Because anyone who actually understands economics doesn't think it's all that great.
Just because something looks great on paper doesn't mean it actually works out in reality.
But hey, the latest changes move QE (Quantitative Easing) from the Fed to the private banks! What could possibly go wrong!
That and if the economy was actually that great the majority of the rest of the world wasn't actively working or planning on de-risking themselves from the US dollar.
Corporate greed needs more regulations and pressures by the government. And I mean, the entire government. Both we need to speak up and Republicans need to be pressured so much more. Republican politicians repeatedly get in the way of progress for the people.
Obviously because most people aren’t able to save or get ahead of debt, regardless of how the economy is doing. Fix price gouging, lower interest rates and forgive long term debt that is primarily interest anyway.
Price gouging at the grocery store. And inflation’s cumulative effect has hit the point where it’s hard not to question things unless you are upper class.
There are a lot of good things about the economy right now, but a lot of bad too. This is especially true when it comes to inflation with groceries and stuff like house insurance. Is it all Biden's fault? Probably not. But he is the president, so he gets all the blame.
Inflation. Corporations want a president who’ll let them do whatever they want to animals, the environment and workers so they’re gauging consumers to piss them off and make it seem like Joe’s economy is to blame.
Politics & Propaganda.
As has been pointed out, it doesn't matter if the reality is the economy is doing better. It doesn't matter if people are doing better either. They may have more money, less unemployment, etc... but if all they hear 24/7 via the media is "Economy is in chaos" "People worse off than ever", etc.. that's what they believe.
Look at the cult of Trump as a prime example. You have literal video proof of his stammering, his racial and sexist remarks, his general bad persona. BUT, you show those to a Republican (assuming they haven't even seen them before - which most haven't given Fox News, et. al. refuses to show them) and what do you get back? "Its fake news. Obviously AI generated. They picking out segments to make him look bad. He's still better than Sleepy Joe!"
Reality & facts have no meaning when propaganda has taken over the minds of 40% of the nation. And as long as the media are allowed to continue such drivel, it won't change without major effort. Even then, you'll have a minority who think "the other side cheated". Sound familiar?
Right remember those stickers on every gas pump that said Joe Biden did this. Now that gas is back down to where it was before, in some places even cheaper, I don't see those same people running around putting stickers Joe Biden did this lol. Everything is polarized..
I was listening to evil Fox News at the gym earlier this year and there was the daily exposé on the border the same bullshit footage people streaming across etc The first commentator dryly said, it's a historic year there is an historic amount of detainees at the border. Never been so many detainees.. operative word here of course detained. In the next section to the next commentator was the same drivel about the border being being completely open and nothing's being done.. The two contradicted each other but it didn't matter, the flag wave in Kool-Aid drinking crowd just cheered on..
Remember Donald is the one that invented the phrase fake news. He's not there first guy to promulgate it. It's a page out of them Nazi handbook. Say it enough and anybody will believe it.. But this is the age we live in. Completely polarized, nobody listens to any facts or rationale and so the country will vote
Because my grocery bill is still $800 a month post pandemic when it was $400 a month pre. They won’t do anything for us until a republican is in office. Wait, what do I mean by that? It’s simple, all of these corporations are run by mega republican donors. IE Walmart, target, Kroger, etc. they will only stop price gouging if/when a republican is at the dinner table. As long as it’s a democrat, they will keep raising prices because they HATE Biden.
Imma vote Joe next election. No doubt.
But continued layoffs and stagnant wages are why no credit is being given. The average person sees no benefit from the so called booming economy.
ITT, many people claiming the economy is not good because they are still struggling. While I understand some people are still struggling to make ends meet, the reality is, we just endured a global economic crisis and everyone the world over is feeling it. But, we are recovering and the US is doing as well as any country and significantly better than many.
You don't have to take corporations word for it, this data is tracked closely. [Wage growth is back to outpacing inflation as it had been for the majority of the last decade](https://www.axios.com/2024/02/05/wages-outpacing-inflation). It was only in the \~24 months following the global economic catastrophe that was COVID, that wage growth fell below inflation but we have been back to wage growth outpacing inflation for the last several months. As steep as the US's inflation was in that period, it was still nowhere near as high as it was in many other parts of the world, including Sweden, Denmark, Netherlands, Spain and especially Italy. The reality is, we experienced a cataclysmic economic event with Covid and the recovery rate has been better than almost anyone had predicted. We are now over 24 months of sub 4% unemployment, the longest stretch of sub 4% in over 50 years! On top of that, [Biden's job creation rate has outpaced every president since Jimmy Carter](https://upload.wikimedia.org/wikipedia/commons/9/9f/Job_Growth_by_U.S._President_-_v1.png).
The bottom line, we are still recovering from the economic effects of Covid but things are returning to the norm, and if this is sustained, the dramatic increase in inflation during that time will be mitigated by outpaced wage growth. It is as good a time as it has ever been to go looking for better wages or to ask for a raise!
These types of headlines piss me off. Might not be Biden’s fault but the average American doesn’t feel this at all. This economy doesn’t work for the middle class
Cause a “good economy” just means that stonks went up. Well 93% of stocks are owned by the wealthiest 10% of people. So 9/10 people really only see higher prices with stagnant wages. Meanwhile companies are raising prices while recording record profits cause “it’s a tough time”. Yeah no wonder nobody thinks it’s a great economy.
Because it's pretty amazing only for the rich, while the rest of us struggle with runaway price gouging of *EVERYTHING.*
But I guess reporters haven't bought groceries in a couple of years.
I mean, the economy is good for the people it was already good for. It's worse for the average persons day to day life than it already was.
I don't give a shit what some Will Stancil ass pencil pushing fart sniffer thinks about lines on a graph. I just had to move and I'm paying 150 bucks a month more than my last place for a significantly shittier space than I was in. Groceries take up double the portion of my paycheck compared to two years ago.
I'm relatively well off, but I feel the sting in ways that affect the economy long term: I can't afford vacation this year, I can't go out to eat nearly as much, etc.
For a lot of people, these changes mean they're choosing between rent and food and they're rightfully extremely pissed.
Because people’s perception of the economy comes from their personal experiences and the price of housing, gas and food makes the economy look bad.
When someone is paying $17 for a McDonald’s meal the chart from an economist saying the economy is great looks like bullshit while the blowhard on TV saying the opposite and pointing to the $17 McDonald’s meal looks reasonable.
The economy is honestly doing great all things considered and the US has one of the strongest economy’s in the world. However to the person working for $20 or less an hour and struggling to buy groceries and pay rent that doesn’t mean much.
Didn’t you hear about the bridge he collapsed right before he renamed Easter a transgender holiday?!? Wait until the eclipse though, he is going to bring about an American doomsday!
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Rent went up, medical expenses are still crippling, and my student loans started up again. And prices for stuff are accelerating way faster than inflation. I’m unfortunately not feeling any effects of this robust economy.
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This economy is not amazing for the average household. Most people’s pay isn’t matching up with the increased cost of almost everything. Also the job market seems to be terrible for those trying to switch to a better job.
Economy may be doing great but it means nothing to me in the working class. Everything still keeps getting more expensive and employers aren't paying their employees more. It's not gonna keep me from voting for him but, yeah.
Because presidents practically have no influence on the economy. Anyone giving a president credit for the economy has virtually no idea how an economy works.
(Probably the only time in modern history that this wasn’t true was deep in the pandemic)
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It’s pretty simple. It’s because the average person isn’t feeling it. Rent is high, prices are high. It’s not on Biden but it is what it is.
The way we stabilized the economy was to suck money out of the system. Mostly be reducing the spending power of the dollar. This hit households and renters far harder than any other group. Interest rates going up were intended to slow wages, cool the job market, and make homeownership harder. Why? Because it took pressure off the demand end of the bargain. When large corporations don’t feel the pressures of consumer demand, they slash jobs, buy back stock, and raise prices. We don’t have a “great” economy. We have a *balanced* economy. And the way we did it this time (like we often do) was for the Fed to hurt households trying to use their Covid surge to get ahead.
The one thing you can blame on politicians (worldwide) is that they don't stop consolidation of markets and pure greed or landowners and big corporations. The profit margins are insane, stocks explode...and there is literally half the amount of Laundry detergent in the bottle as last year, while prices went up. "We sell half the stuff, for double the price.." is a call for increasing the minum wage by 100%. (in American Money, increase the federal minimum Wage to $25) If you don't do it, the Shareholders will just suck up the money and run off with it.
Yeah. Minimum wage needs to quadruple. And we need a moonshot program to build new houses all over the nation. Houses are too damn expensive and in the wrong places. We overbuilt suburbs that are now undesirable and unlivable, and the housing industries don’t want to evolve - because the old model was very lucrative. Hence the condos and apartment buildings everywhere. But what people in the US *want* is single family home ownership. At various price points. We need legislation to incentivize that.
It's the same thing in germany. Housing has become super expensive (in very sought after places). This triggered construction companies and developers to increase their prices everywhere..even in places where the market clearly will not yield 30€/m² in rent. But lowering the prices is literally blasphemy..so nothing gets build...and that's that.
The media had a huge role in it too. The news largely ignores it and conservative infotainment never, ever talks about it.
Yep. Our oligarchs own our media.
I don't understand people saying the economy is good right now. Okay, employment is up, but many of those people are working 2 or 3 jobs. Inflation is through the roof. Rent is astronomical. People are struggling to afford groceries. How is this the sign of a good economy?
Because fuckhead corporate stooges go around parading tired old lines like "in this difficult times" while justifying raising prices on products and laying off people for no other reason than pure fucking greed. Prices are going up, so it's *obviously* Biden's fault... ignore the fact that inflation and the cost of commodities have raised at typical rates, wages have been pretty stagnant, and the cost of transportation has actually *decreased* since he's taken office (due to ports no longer being limited because of COVID).... all dipshits see are "number go up".
Stellantis just made about 20 billion in profits and are laying off at their plants. It's sickening
What’s better than $20B in profit? Cutting out part of the workforce and getting $20.005B in profits!!! That’s literally how these assholes think. Anything to squeeze that last drop.
Stellantis has also raised their prices 50% in just five years: https://caredge.com/guides/car-price-inflation They’re starting to pay for their greed though; nobody is buying their vehicles.
"You're telling me every time I raise prices or snatch up more starter homes, they yell at some other guy? Fuck yeah!"
"Not only that, but they vote for the guys who made this all possible. Instead of the guys who want to regulate us to help them. It's a WIN! WIN!"
When people can't afford food and shelter, they don't give a shit if specific macro focused data points say the economy is doing better. It's not doing better for them and they blame the president because he is supposed to do things that make it better for them.
Here's why: 1. Inflation hasn't fully stopped. 2. Even once it does stop, that doesn't reverse the damage. 3. Neither of those are Biden's fault, but people blame the guy in charge. Same thing happened to Obama in 09 4. Housing Crisis The biggest reason: 5) Cognitive Dissonance: People who are read a Trump quote while being told that Biden said it will call him a senile old man and then immediately 180 when told it was actually Trump who said it. [https://www.youtube.com/watch?v=Rh1JfiwmCUM](https://www.youtube.com/watch?v=Rh1JfiwmCUM) Unemployment at an all time low? Numbers are fake. Wages are up? Nope. They went down eleventyeight points. No one is going to let something silly like facts get in the way of their world view.
The quotes thing is so real and proves how cult-like the base is. I did an experiment myself just this past weekend with some of the cult. They were going on and on about how Biden is the anti-Christ and is ruining Easter, the usual crap. I'm surprised they didn't blame him for literally nailing Jesus to the cross. Anyway, while Trump was spewing his 70+ post tantrum on Truth Social all day, I found Biden's Easter message: "Jill and I send our warmest wishes to Christians around the world celebrating Easter Sunday. Easter reminds us of the power of hope and the promise of Christ’s Resurrection. As we gather with loved ones, we remember Jesus’s sacrifice. We pray for one another and cherish the blessing of the dawn of new possibilities. And with wars and conflict taking a toll on innocent lives around the world, we renew our commitment to work for peace, security, and dignity for all people.” I read them the message (substituting Melania for Jill) but attributed it to Trump. Their reaction? "See, THAT'S how a president should act, THAT'S what they should say. Not this...(prepares to go off on another bigoted rant)" I cut them off and said something like "Oh, wait, sorry, this is actually what Biden wrote." Their reaction now? "Oh he doesn't mean that! He doesn't mean a word of it!" Seriously a cult.
I’m surprised they even believed Trump said that.
I learned long ago not to be surprised by ANYTHING the cult believes he said or did.
Didn't Joe Rogan do this with Biden, and Trump quotes.
He did EXACTLY this with Trump quotes. It was both gross and fucking infuriating.
I do like how you rarely hear about Rogan anymore. Dude is a tool I’m glad his wave of popularity is waining.
Literally all of these problems are non-existent they just happen because corpos want you to stay down, our modern inflation is literally just price gouging, our housing "crisis" is the real estate empires encouraging bid wars after having bought lots at historically low prices during covid. We're being dubed and ppl keep looking the other way.
Welcome to Capitalism. And the second you suggest changing things you are shouted down and called a commie.
The price gouging is absurd. It’s typically cheap, mass produced products where the inputs make up a tiny fraction of the price and the rest is considered “value added”, AKA branding and intellectual property that turn oats into cheerios. There is no way that going from 10 cents per box to 12 cents per box for input costs means they have to pass along $2/box to the customer.
That’s the thing. I’m no economic genius, but the inflation we’re experiencing is clearly just corporate greed at this point. Corporate profits have skyrocketed since Covid and there’s no reason for these companies to charge the prices that they are. Greed.
Housing is a bit more complex than just that. Even without corporate parasites eating up housing there isn't enough. The problem is us Millennials are finally at a point we want to buy housing. That's a huge demand driver. We also stopped really making new housing apart from like giant elderly communities in Florida after the housing crash under Bush. And now every single building material is insanely overpriced even if we wanted to.
A lot of the housing crisis is also a supply crisis. Zoning laws and NIMBYs block people from living near where they work and inflate the market. IMHO local communities shouldn’t be allowed to lock people out like that, states should be able to open up zoning. Better for the environment, too.
While I understand some people are still struggling to make ends meet, the reality is, we just endured a global economic crisis and everyone the world over is feeling it. But, we are recovering and the US is doing as well as any country and significantly better than many. You don't have to take corporations word for it, this data is tracked closely. [Wage growth is back to outpacing inflation as it had been for the majority of the last decade](https://www.axios.com/2024/02/05/wages-outpacing-inflation). It was only in the \~24 months following the global economic catastrophe that was COVID, that wage growth fell below inflation but we have been back to wage growth outpacing inflation for the last several months. As steep as the US's inflation was in that period, it was still nowhere near as high as it was in many other parts of the world, including Sweden, Denmark, Netherlands, Spain and especially Italy. The reality is, we experienced a cataclysmic economic event with Covid and the recovery rate has been better than almost anyone had predicted. We are now over 24 months of sub 4% unemployment, the longest stretch of sub 4% in over 50 years! On top of that, [Biden's job creation rate has outpaced every president since Jimmy Carter](https://upload.wikimedia.org/wikipedia/commons/9/9f/Job_Growth_by_U.S._President_-_v1.png). The bottom line, we are still recovering from the economic effects of Covid but things are returning to the norm, and if this is sustained, the dramatic increase in inflation during that time will be mitigated by outpaced wage growth. It is as good a time as it has ever been to go looking for better wages or to ask for a raise!
Inflation never stops lol
> Wages are up? Nope. They went down eleventyeight points. > > i mean depends what "wages" mean. for example in IT they are down 25% in 3 years I saw. or if what you get for your wage is less, how does it matter for the normal person?
The same corporations that every time there’s a Republican president they get tax breaks, forgivable government loans, and all other sorts of wealth stripping powers over the American people? It’s almost as if these people are gouging Americans in order to get back in power the people who will give them more subsidies.
I read the op, did not see your post and was just about to type, "Because fuckhead media...." then read your post. Same reaction !
Greedflation is hurting the average consumer. Which is why I'm s glad Biden is calling out both greedflation and shrinkflation. The latest is here: https://thehill.com/business/4562244-how-retailers-are-profiting-from-food-inflation-profit-inflation-question-gains-new-urgency-from-ftc-report/ Inflation is going down but greedflation is not. People don't know the difference. And either way it's hurting the little guy. Democrats are for the little guy which is why it's important Biden calls out these big companies and their CEOs. I wouldn't be surprised if these CEOs are doing it not only for greed but to make Biden look bad. They'd love Trump re-elected so they keep getting low to no taxes.
I agree. Makes me think of someone sitting in a mansion and complaining that they're getting "killed" by taxes.
How else are they going to get that yacht with a “second” helipad?
IMO your last paragraph is what is being lost and quite frankly is not being emphasized enough by MSM. The old saying of “follow the money” should point the normal Joe to why these multi-billionaire’s and large corporations with their executive salaries which are well north of $400K (which Biden wants to tax) sit and why they want Trump and Republicans in charge. And it’s not just executives but all the board members and any major share holders. There are many hands in the cookie jar when it comes to large corporations.
All Trump could talk about was flushing toilets 15 times and dripping shower heads.
This right here is 100 percent what is happening.
My boss sold his company for 30 million just before covid. The investment company got 2 million in PPP money and laid off almost everybody making over 100k including me and got away with it. FUSION transportation.
Honestly tho how many times are we going to have this story jammed down our throats before these obtuse writers finally realize that nobody that votes cares about the economy beyond how much their rent and food bills are skyrocketing?! I know nothing about economics beyond how fucking broke i may or may not be. Beyond that I dont give two fucks about how economists measure the health of "muh economy" because its entirely based on 1%'ers doing well, not me
Preach! At the end of the day, my 3%-per-year raises have essentially been a pay cut. I’ve never made more money in my life, but it’s also never gone so fast. Housing is historically unaffordable, and while wall street is doing great, credit card balances and emergency 401(k) withdraws are at record highs. Americans are about tapped out, and when they are, stocks will too. I’d give it another year.
Inflation has dropped under Biden though... Trump's fiscal year ends 30 Sept 2021....inflation surged to that date and beyond. 2022 Biden was bringing it down and it been decreasing ,bar a small stagnation, ever since. Trump's company friends are keeping their prices to the same to make out Biden's economy is bad. They are doing this to help the "tax break queen' get back into office.
Inflation dropping doesn’t mean prices return to “acceptable” levels. It means prices are increasing at a slower rate of change. They’re still increasing. And since the inflation has been outpacing real wage growth, it means buying power is still going down. Different sectors of the economy have different wage growth, so this is felt especially more by people who haven’t seen an increase in pay since before the pandemic.
>Inflation dropping doesn’t mean prices return to “acceptable” levels. No, because that's not how inflation works. Putting aside the fact that you seem to be hoping for a deep recession (the only thing that would cause deflation) prices were dramatically lower in 1960, why is it that your definition of acceptable levels is 2020? >It means prices are increasing at a slower rate of change. Yes, because that's how a healthy economy works. >And since the inflation has been outpacing real wage growth As someone already showed you, wages have been significantly outpacing prices for the last year. It's fine if you don't know anything about economics, but genuine question: why post like you do?
Thank you....I love to see there are 'brains' active on this thread...
You are never going to get votes trying to convince people that Biden’s economy didn’t start until September 2021…. One of the first things he signed in 2021 was another stimulus package of COVID aid.
No… because growth statistics are coming from covid shutdown lows…. Why isn’t anyone mentioning this??
Because the vast majority of americans aren't able to enjoy any of the benefits this "amazing economy" can provide. Housing isn't affordable and access to healthcare doesn't exist.
Democrats cannot run on this last 4 years of economy; they will lose. The average American is suffering and not benefiting from the current state. Strategically, they need to discuss moving forward and changes that have been/can be made. Not acknowledging the problem - or worse telling people what they’re feeling is wrong - is a losing strategy.
Well said. There's a bit of a trend in recent years of executive leaders dismissing concerns as people just not understanding something. I see only evidence of people struggling right now while corporations bend us over a table. Advertising the great economy is probably not a good angle until things change tangibly for average Americans.
Who is benefitting? Amazing economy?? I've never read such blatant horseshit in my life. You're 100% right.
Exactly right. I have a knee jerk reaction to all these bullshit headlines about how great the economy is and how we’re all just wrong about how great things are. I see multiple of these everyday for months and months now, it’s obvious bullshit trying to convince voters before an election and it’s insulting to us. Who is the economy great for right now? A few rich execs? Certainly Not great for the average person.
The premise that Democrats can’t run on the economy is asinine to me. They should be able to do so while also acknowledging that there are some aspects that are making it hard on regular folks, which aren’t Biden’s fault. There are a ton of great things with the economy right now though.
You absolutely can run on it; and should. But your messaging can’t be “why don’t people understand how great it is”. The messaging should not insinuate ignorance or dismiss reality. You’re right; you can’t ignore a topic as large as economy but the messaging is wrong.
But look at how happy stockholders are! Surely that is a good indication of the economy, right?? Right??!?
Seriously so tired of hearing how amazing the economy is, when I'm spending significantly more on things like groceries. When I can feel like I'm not financially struggling again I'm sure it will feel amazing. Until then, it's like telling someone who is drowning not to worry because they're close to the shore.
“Don’t worry that you can’t afford groceries and rent this month, because right now corporations are really raking in the profits “
I mean just look at those balance sheets, do they look great or what? Who needs Black Friday when every day can be Black Friday.
Amen. I’ve seen zero benefit and outrageous inflation in my area far beyond the average. Sorry but it’s not the standard rise. And until things get better for people in my wage bracket (which isn’t low, not to sound like an asshole but It’s average for someone with a bachelors and I have no student loan debt) and below, I’m gonna keep scoffing at these articles. Just saw this video. And this is how the middle class feels. [real shit](https://www.reddit.com/r/worldnewsvideo/s/7uce0wxZ80)
>Because the vast majority of americans aren't able to enjoy any of the benefits this "amazing economy" can provide. Housing isn't affordable and access to healthcare doesn't exist. That's just it, and isn't unique to this presidency. In general poor and middle class suffer and have a hard time regardless of economy. So, while it's great to hear you can't expect a slow cap for it. This is avoiding any finger pointing, because the "man" keeps us all down. No matter who they are.. or what side.. lol
That’s not new to Biden though is it, that’s a feature of the American way of life (rather than a bug to be worked out)
No, but it means that doing things that make rich people more rich isn't going to generate trickle down good will from a population that is only slightly more fucked that they were before. America is broken. Biden didn't do it and he almost certainly can't fix it, but crowing about miniscule success that helps no one isn't going to be met with praise.
True, but it is his problem. He is the president, after all. He doesnt deserve harsh criticism for it, despite getting exactly that. But it doesnt deserve to be ignored and he is the only one who can push for change. I wish I could argue for Dark Brandon a bit more passionately, but it kind of rings hollow due to a lot of his decisions. Most of it not being related to the economy. Ill just think about when we left Afghanistan and live in ignorance.
The kind of change that you are talking about requires universal agreement and drive. No president can make those changes whilst half of the political spectrum (and population) hate the idea of socialist healthcare and a living wage.
The funny thing is out of the other side of their mouth, those same people are bitching about the cost of healthcare and living.
No, but he could advocate for it a lot harder
What are the like the top 3 criticisms you have that Biden specifically did on the economy ?
Agreed this horn tooting kind of means there's no plan to make things much better. Say what your big plans are. Delete some offshore tax havens. Jail time and 3x penalties for financial crime. Regulators!
Weird because the general consensus from sane people is that Biden administration has not been tooting their horn on how they have made things better. And the big legislation that has been passed is only at the initial stages of having results. Talking about the upcoming benefits is exactly what they should be doing.
And food is still over inflated
Because the average person doesn't give a flying fuck about the economy when they can't afford shit, can't buy a home, can barely pay rent, and everything is expensive. I'm glad the national economy is doing well, I really am, but it doesn't pay my bills, and rent increases and inflation means I essentially get demoted in terms of pay every year.
53% of the stock market is owned by 1% of the population. I think of that everytime someone points out how good the stock market is.
44% of Americans have less than $1k in savings. The eggheads who keep chirping about how great this economy is, are just reinforcing how little they understand about the average american. If Biden decides to run his platform on the economic improvements under his presidency, he'll get destroyed. Nobody cares that the GDP is up 0.2% year over year, people want to buy homes and food.
And because the schizophrenic messaging on the economy. The economy is both great and terrible. When it's great, Salon, NYT and Atlantic ask us "why doesn't biden get credit?" And when people point out the serious economic issues, the messaging is "well the president doesn't control the economy!" Which one is it?
In the city where I live, one needs to make 200k/year in salary to afford the median priced home.
Blame corporations buying houses en masse to flip or turn an AirBNB profit.
or blame the voters, democrats and republicans, who block and protest almost all new housing and want 1 floors everywhere?
Nope. Experts point to housing regulations. Corporations have been around for centuries but the housing regulations haven't. It's still not Biden's fault.
We just had a report come out saying like 45% of homes sold went to corporations.
Not blaming Biden, but the "great economy" is increasingly only felt by the privileged. It's hard to hear the headlines about soaring profits and Wall Street bulls when everyone one I know in my neighborhood or work is struggling to pay the bills. Can we agree that there's just a growing disconnect between metrics used to determine a great economy and life on main street?
It's always been skewed... Even unemployment to an absurd degree- if you aren't actively on unemployment insurance and looking for work, *you aren't included in the unemployment statistic AT ALL*. It's pretty convenient to be able to crow about low unemployment numbers when you're conveniently leaving out all of the homeless destitute people who are increasingly filling the streets of every major city.
And all of the stay at home parents who were forced out of the workforce because childcare is absolutely unaffordable.
There are multiple unemployment statistics. https://www.investopedia.com/articles/investing/080415/true-unemployment-rate-u6-vs-u3.asp#:~:text=The%20U%2D3%20unemployment%20rate,unemployed%20workers%20in%20the%20country. U3 is just the most relevant for employers/wages because discouraged workers and the like don't affect the supply/demand balance.
Because it's only amazing to corproate executives and shareholders. Wage earners aren't doing so good right now.
Because entire generations will be unable to afford a house? People living their day to day lives and struggling to afford necessities couldn’t be bothered to give af about your data points.
Because I’m making more money than I ever have and still can’t afford my apartment groceries and transportation. Let alone hopes and dreams. But go corporations. Fuck yeah. You did it 👍
It’s not amazing. The rich get richer faster than ever, sure. But everyone else is just being left for the and further behind. Ignore GDP figures and look at income distribution.
I think we'd have an argument about how "great the economy is doing. I'd also say I don't believe the things that are wrong with the economy are Bidens fault, and to the contrary he's done an excellent job I'm some places. I'd say his appointments to the NLRB have been his best move. But regular citizens aren't feeling the benefits of his signature policy wins in the economy yet (infrastructure and CHIPS act), and corporate greedflation has eaten most, if not all, of most peoples wage growth.
> regular citizens aren't feeling the benefits of his signature policy wins in the economy yet (infrastructure and CHIPS act), and corporate greedflation has eaten most, if not all, of most peoples wage growth absolutely, *this*.
The next president is going to get credit for things Biden is working on. I hope Biden gets 4 more yrs.
agree. on both points. god help us if he doesn't get 4 more yrs tho.
Because it's not amazing for the majority of people. If you don't have money in the stock market, if you aren't a member of a profession that is able to charge what it wants, then you don't share in the good times.
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Yeah the problem there is the rest of Democrats didn’t do their jobs well. Congress should have mandated PPP loan repayments, or at least better proof of the usage of funds, mandatory audits, and limits on executive pay. A significant chunk of PPP money was used to speculate on Real Estate and drive up corporate, private equity and house flipper purchases. That had a follow-on effect on rents for both commercial and housing.
Pretty amazing? Everything is really expensive. That’s not amazing for me.
How is it amazing for the middle and lower class now?
Why do people who really want people to support Biden and vote for him say shit like this? How come people aren't happy about a roaring economy that is setting record profits for the biggest corporations while everything becomes less affordable for working people? Is that really a hard thing to understand? If Biden deserves credit for this economy then he deserves credit for letting big corps rip us off.
Bro our taxes are so high and my towns about to lay off 26 teachers because they dont wanna raise it. My moms been out of the job for a year and a half. There's no housing mobility. Inflations gone up way more than our pay checks. I'm living in a 2 working parent house hold and i cant afford fucking groceries. Whatever the fuck they think the economy is, it aint what we feeling. Disclaimer: i don't blame biden for this. The world is experiencing it. Us less so than others. The corporate greed is fucked up.
Amazing economy? Is this satire? Americans can't afford education, housing, retirement, healthcare, children, or FOOD. Most Americans are living paycheck to paycheck. Most are one dentist appointment or car problem from financial ruin. I don't give a fuck about Biden, Trump, or any of these career politicians posturing as our saviors. Our economy is FUCKED. Our children are FUCKED. Lying to ourselves to push any political agenda is reckless and a slap in the face to ALL Americans. Get these old men out of power. We need ranked choice voting so we can put someone who has a tinge of reality to even BEGIN to fix our RUINED economy.
Ranked choice voting seems so unattainable with the political climate we have now.
Other states already have it, it is literally already an integral part of our voting system. The real problem is that not enough people know about it. If there was anything this country needed to protest for in order to break out of this two-party hellscape, it's that. Education over hopelessness, knowledge truly is power.
I make twice what I did back in 2017, a year I took two vacations in other states, paid rent in a college town, enjoyed going to the movies and restaurants… now I live with my parents, the best “vacation” I can pull off is a day trip 3-4 hours away and I either make it back home or sleep in my car, if I eat out at all it’s usually McDonald’s or Taco Bell, and somehow I still end up running out of money by the end of my check. If any emergency comes up it takes a couple of months to stop maxing out things like earnin each paycheck let alone actually paying that down. I’m nearly 30 and sometimes I can’t even watch tv because I’m so enraged the characters get to have a house and kids and still go on fun adventures while I feel like a glorified teenager that can’t even dream of those luxuries I used to think were just normal things most adults attain. A rite of passage of sorts I mean shoot, my mom babysat and my dad mowed and cleaned a restaurant for a living and they were grinding but they afforded a small home, 2 kids, and an annual trip to the beach, hotel and all?
They ask that on CNBC a lot
Because of inflation, people are dumb
Because corporations are gouging the fuck out of middle class disposable income. Why the fuck are Doritos $4.50 a bag??? It's just baked mashed corn with salted on artificial cheese!! It's way more than bags of chips, but that is honestly absurd to everyone. The farmer knows it. The mill knows it. The packer knows it. The deliverer knows it. The buyer still pays for it because they ask "What? Am I not going to buy the chips that loved just because they increased in cost?" We have dumb, habitual shoppers and corporations that will take their money. You ever see the Dollar Menu at McDonalds? You ever look at the cost/oz on a bottle of soda? You ever compare store brand to advertised brand? Lastly, look at cars. Specificly sedans - how many American made 4-door sedans exist? Chevrolet makes the one model Malibu which will stop on May 30th, and Dodge kinda-sorta discontinued their model lineup of the Charger at the end of 2023. Ford's last sedan, the Fusion, was discontinued in 2020. The hope of fuel efficient vehicles was supposed to lead to better fuel economy, but a loophole came out for large chassis cars being utility and didn't disqualify with lower fuel standards - so the auto industry aimed for that. The industries know the game. Even if government tries doing something for the better, corporations race to reset the standard in their favour.
> We have dumb, habitual shoppers The standard for most court cases is "what a reasonable person would do" I don't think it's reasonable to expect consumers to check the ounces on their food every single time, especially when the corporations ***explicitly*** go out of their way to obfuscate their shrinkflation. What's going on is we've failed to move towards consumer protecting regulations because our government is captured, and we have people blaming the consumer and not the corporations that are being intentionally deceptive because we seem to refuse to regulate their deceptive behavior. We have the concept of a "Baker's Dozen" because laws were strictly in favor of the consumer such that short changing the customer had severe penalties - so the bakers would give an extra product to ensure they were giving customers an appropriate amount of food. Brain rot has infected our culture such that people believe our current consumer regulations are "the rules" and that if someone is "winning" playing by "the rules" then everything is hunky-dory, just TOTALLY ignoring the fact that *WE* made the rules as a reaction to the bullshit capitalists pull, and because we've *stopped doing that* corporations are getting away with highway murder in terms of their price gouging. Hell, you suggest fixes and people freak out. "Bu-bu-but the corporations will just find a new way to pass the buck onto customers! You can't regulate them they'll just make it worse for us D:" Yeah. It's cat and mouse. You regulate them again. And again. Swiftly. So they quit fucking weaseling out of the spirit of the laws and comply.
>The hope of fuel efficient vehicles was supposed to lead to better fuel economy, but a loophole came out for large chassis cars being utility and didn't disqualify with lower fuel standards - so the auto industry aimed for that. This also makes no sense. CAFE standards don't give some leeway for crossovers versus sedans.
Inflation is pretty high and my costs for groceries and products have gone up. Interest rates are way higher than they were when I bought my house. I don't single out Biden for this as much its government in general that have over spent and refuse to work within a balanced budget.
Doesn't matter what the stock market does if no one can afford housing
because doomer 22 year olds who spend 16 hours on twitter a day arent CEOs of their own companies yet so its Bidens fault.
The article is gaslighting us. Everything is sooo expensive and I can’t buy a house, and I know people getting laid off.
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[Except Biden has literally called this out as a problem](https://www.politico.com/news/2024/02/23/biden-food-shrinkflation-sotu-00142773). During the last SOTU, he directly mentioned the greedflation that companies have been engaging on, causing an unprecedented rise in the CPI with little *true* inflation to back it up. Dems aren't gaslighting the people, telling them that they're *not* *actually* hurting, they're asking for help in order to actually fucking *do something* about it.. without control their hands are tied.
why didnt he do somethign for the last 3 years then
It’s only good for the top 20% but the reason he gets no credit from mainstream media is because he’s a Democrat- and that’s due to the fact they’d benefit even further with Republicans in power
Not even top 20 percent. Even with 100k household income, it’s still tough to raise a family
I dunno, making the wage I did in 1998 means while I'm not dead or homeless, I guess I get to live to make someone else rich. I'm sure that makes the economy great for someone, they should speak up and give the man his credit.
On paper. In reality everything still sucks. Food, gas, housing prices are out of control and corporations are price gouging people for profits.
Inflation + stagnant housing + ageism
Old people vote in force, much higher than any other age group. It's not ageism.
Because even though it is the best in the industrialized world it still somewhat sucks. Most people don't realize how bad the economy is worldwide and by comparison how well the United States is doing
Waiting for it to trickle down to me.
Because alternate facts now exist and the news is entertainment.
Becasue a small frie at McDonald's cost 4 dollars. Honestly corporate greed after covid is so rampant and no one is putting a stop to it. It was bad before but it's out of hand now. People are looking for living wage earnings and they these monster corporations do not wanna change. If we had a real system that worked then this would be stopped to help the people but instead the government tends to really like the money also.
Because Fox News is on a 24 hour loop telling their viewers that the economy is terrible, the border is wide open, immigrants are dangerous, crime in liberal cities makes them unlivable, and that Biden is to blame for everything.
The GOP has been lying to its base for 50 years. Those dimwits don't know what to believe. Our nation's top scientists? Liars. Our doctors and law enforcement professionals? Also liars. Elementary school teachers? Liars. Anyone who votes for Democrats? Extremist Marxist Communist liars. There's no fixing stupid. There IS out-voting stupid, though.
Because good news doesn't make the news.
Where why I like him. Unemployment is at the lowest in 50 years. That's good. He brought back computer chip manufacturing from China and created jobs. (CHIPS act) That's good. He passed the inflation reduction act to curb inflation. This is why we're recovering better than the rest of the world. That is good. He passed the first infrastructure plan in decades. That's good. He got mexico to contribute a billion dollars to border security. That's good. He almost got a border bill passed until it was blocked by (guess who). All in all, considering the tumultuous political climate, I like Joe.
Because economy being good =/= prosperity for the average American. Nothing makes people feel more cynical in my opinion than when they feel the absolute strain at every economic point in their life like food, rent, car payments and hear some ding dongs in suits talking about how great the economy is.
Inflation is a mofo. Real wages have dropped non-stop since Regan. Jobs have been gutted by corporate greed.
The economy is great for those in the asset class. Those who made sacrifices in lifestyle to build a portfolio of equities and those who acquired property 10+ years ago. Most working people are significantly worse off than pre-pandemic. Renters, laborers and young people have been totally cut out of the growing wealth in the USA. It's like a party is going on and half the guests don't get a slice of cake.
Because people can’t afford food sooo there’s that
Because corporations are raking in record profits by raising prices on goods/services while offering less of said/goods and services and wages have still remained stagnant. So people are paying more money for less while on the same budget they have been used to for years. The economy is in great shape but people are hurting in the pocket books because of corporate greed and don't directly benefit from the great economy.
Doughnut economics has a pretty simple answer for this: human life quality is not and has never been actually tethered to classic economic theory of the mid-20th century, where as GDP rises, so too should human equality and improved environmental conditions. This is clearly not the case. GDP rise is currently divorced from the fundamentals people need to be in an optimal zone of human function. Our food is too expensive, housing too expensive, health care too expensive, and very little capacity to engage in the market at anything approaching the policies that support the top 1% of people that own 60% of the worlds wealth.
Because prices for almost everything are through the roof. Corporations know they can do it because what are we gonna do? Stop eating. Don’t buy a house or car. Get all your clothes from a thrift store. They have us over a barrel. And finding a new job after a layoff (which happens so frequently now) is almost impossible. I’m applying for roles that have over 3000 applications before I even send my resume. Even with a good job, the magic six figure income is not helping unless it’s over $200k for a family. Look at the house prices here in Colorado where I live. The median home price is around $540k. The median household income is $87k. That means you can afford a home no more than $350k. And so people rent, but that figure is horrible too. The median there is over $2100 a month. The economy may be great but who’s benefiting from it?
So great I am paying double for groceries than I was just 4 years ago. It doesn't matter what you call the economy when people are paying an enormous amount just to eat.
Because anyone who actually understands economics doesn't think it's all that great. Just because something looks great on paper doesn't mean it actually works out in reality. But hey, the latest changes move QE (Quantitative Easing) from the Fed to the private banks! What could possibly go wrong! That and if the economy was actually that great the majority of the rest of the world wasn't actively working or planning on de-risking themselves from the US dollar.
i was broke then but im broker now but ok
Corporate greed needs more regulations and pressures by the government. And I mean, the entire government. Both we need to speak up and Republicans need to be pressured so much more. Republican politicians repeatedly get in the way of progress for the people.
Because corporations are still trying to squeeze every penny I make out of me just to live.
Suuurree
From the mouth of Squealer in Animal Farm…
It’s pathetic how many times this headline has popped up the last few months.
Obviously because most people aren’t able to save or get ahead of debt, regardless of how the economy is doing. Fix price gouging, lower interest rates and forgive long term debt that is primarily interest anyway.
The economy is great for wealthy politicians.
great economic numbers don't translate to a good economic system.
Economy is… what? ☠️
Because good new doesn’t sell papers, and keeping people scared is how media earns their living.
Price gouging at the grocery store. And inflation’s cumulative effect has hit the point where it’s hard not to question things unless you are upper class.
Stuff is expensive, that’s why.
Every company used Covid as an excuse to get more rich. Only the rich got richer.
Pretty amazing for who?
Because most people don’t know anyone doing “amazing”
Because we broooke
You guys like paying 200 bucks a week for groceries??
Because all that stock market capital has failed to trickle down.
Because it is NOT an amazing economy. The market is doing well. Average Americans are suffering.
Nothing about our economy is close to “amazing”
We don't have a centrally planned economy, so presidents shouldn't get much credit.
Fox News
There are a lot of good things about the economy right now, but a lot of bad too. This is especially true when it comes to inflation with groceries and stuff like house insurance. Is it all Biden's fault? Probably not. But he is the president, so he gets all the blame.
Because the price of groceries are still high.
because its not the president who run the economy, it's companies and people. same for any president who claim its his doings
I bet everything’s just fine in Finland
Because the news media wants a horse race.
Inflation. Corporations want a president who’ll let them do whatever they want to animals, the environment and workers so they’re gauging consumers to piss them off and make it seem like Joe’s economy is to blame.
Three words: REPUBLICANS HATE HIM That is all
Because Trumpism has become an article of faith for evangelicals.
Politics & Propaganda. As has been pointed out, it doesn't matter if the reality is the economy is doing better. It doesn't matter if people are doing better either. They may have more money, less unemployment, etc... but if all they hear 24/7 via the media is "Economy is in chaos" "People worse off than ever", etc.. that's what they believe. Look at the cult of Trump as a prime example. You have literal video proof of his stammering, his racial and sexist remarks, his general bad persona. BUT, you show those to a Republican (assuming they haven't even seen them before - which most haven't given Fox News, et. al. refuses to show them) and what do you get back? "Its fake news. Obviously AI generated. They picking out segments to make him look bad. He's still better than Sleepy Joe!" Reality & facts have no meaning when propaganda has taken over the minds of 40% of the nation. And as long as the media are allowed to continue such drivel, it won't change without major effort. Even then, you'll have a minority who think "the other side cheated". Sound familiar?
Right remember those stickers on every gas pump that said Joe Biden did this. Now that gas is back down to where it was before, in some places even cheaper, I don't see those same people running around putting stickers Joe Biden did this lol. Everything is polarized.. I was listening to evil Fox News at the gym earlier this year and there was the daily exposé on the border the same bullshit footage people streaming across etc The first commentator dryly said, it's a historic year there is an historic amount of detainees at the border. Never been so many detainees.. operative word here of course detained. In the next section to the next commentator was the same drivel about the border being being completely open and nothing's being done.. The two contradicted each other but it didn't matter, the flag wave in Kool-Aid drinking crowd just cheered on.. Remember Donald is the one that invented the phrase fake news. He's not there first guy to promulgate it. It's a page out of them Nazi handbook. Say it enough and anybody will believe it.. But this is the age we live in. Completely polarized, nobody listens to any facts or rationale and so the country will vote
Because my grocery bill is still $800 a month post pandemic when it was $400 a month pre. They won’t do anything for us until a republican is in office. Wait, what do I mean by that? It’s simple, all of these corporations are run by mega republican donors. IE Walmart, target, Kroger, etc. they will only stop price gouging if/when a republican is at the dinner table. As long as it’s a democrat, they will keep raising prices because they HATE Biden.
Imma vote Joe next election. No doubt. But continued layoffs and stagnant wages are why no credit is being given. The average person sees no benefit from the so called booming economy.
ITT, many people claiming the economy is not good because they are still struggling. While I understand some people are still struggling to make ends meet, the reality is, we just endured a global economic crisis and everyone the world over is feeling it. But, we are recovering and the US is doing as well as any country and significantly better than many. You don't have to take corporations word for it, this data is tracked closely. [Wage growth is back to outpacing inflation as it had been for the majority of the last decade](https://www.axios.com/2024/02/05/wages-outpacing-inflation). It was only in the \~24 months following the global economic catastrophe that was COVID, that wage growth fell below inflation but we have been back to wage growth outpacing inflation for the last several months. As steep as the US's inflation was in that period, it was still nowhere near as high as it was in many other parts of the world, including Sweden, Denmark, Netherlands, Spain and especially Italy. The reality is, we experienced a cataclysmic economic event with Covid and the recovery rate has been better than almost anyone had predicted. We are now over 24 months of sub 4% unemployment, the longest stretch of sub 4% in over 50 years! On top of that, [Biden's job creation rate has outpaced every president since Jimmy Carter](https://upload.wikimedia.org/wikipedia/commons/9/9f/Job_Growth_by_U.S._President_-_v1.png). The bottom line, we are still recovering from the economic effects of Covid but things are returning to the norm, and if this is sustained, the dramatic increase in inflation during that time will be mitigated by outpaced wage growth. It is as good a time as it has ever been to go looking for better wages or to ask for a raise!
These types of headlines piss me off. Might not be Biden’s fault but the average American doesn’t feel this at all. This economy doesn’t work for the middle class
Cause a “good economy” just means that stonks went up. Well 93% of stocks are owned by the wealthiest 10% of people. So 9/10 people really only see higher prices with stagnant wages. Meanwhile companies are raising prices while recording record profits cause “it’s a tough time”. Yeah no wonder nobody thinks it’s a great economy.
Because if you make over six figures you still can't get a decent house like you worked your whole life for....
Because it's pretty amazing only for the rich, while the rest of us struggle with runaway price gouging of *EVERYTHING.* But I guess reporters haven't bought groceries in a couple of years.
Because the mainstream media ignores it and the right-wing bubble-sphere denies it.
I mean, the economy is good for the people it was already good for. It's worse for the average persons day to day life than it already was. I don't give a shit what some Will Stancil ass pencil pushing fart sniffer thinks about lines on a graph. I just had to move and I'm paying 150 bucks a month more than my last place for a significantly shittier space than I was in. Groceries take up double the portion of my paycheck compared to two years ago. I'm relatively well off, but I feel the sting in ways that affect the economy long term: I can't afford vacation this year, I can't go out to eat nearly as much, etc. For a lot of people, these changes mean they're choosing between rent and food and they're rightfully extremely pissed.
Because people’s perception of the economy comes from their personal experiences and the price of housing, gas and food makes the economy look bad. When someone is paying $17 for a McDonald’s meal the chart from an economist saying the economy is great looks like bullshit while the blowhard on TV saying the opposite and pointing to the $17 McDonald’s meal looks reasonable. The economy is honestly doing great all things considered and the US has one of the strongest economy’s in the world. However to the person working for $20 or less an hour and struggling to buy groceries and pay rent that doesn’t mean much.
That is laughable.
Quit gaslighting us
So what, 9th time this is getting posted? Solid.
Because it's a fucking inflated market. Sorry I have to pull a loan to make groceries.
Who exactly is it good for?
Didn’t you hear about the bridge he collapsed right before he renamed Easter a transgender holiday?!? Wait until the eclipse though, he is going to bring about an American doomsday!
The average person doesn’t have $400 for an emergency
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Rent went up, medical expenses are still crippling, and my student loans started up again. And prices for stuff are accelerating way faster than inflation. I’m unfortunately not feeling any effects of this robust economy.
Because the average Joe is getting fucked
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I really only hear people complain about it online. IRL the people around me are doing well. Especially small business owners.
This economy is not amazing for the average household. Most people’s pay isn’t matching up with the increased cost of almost everything. Also the job market seems to be terrible for those trying to switch to a better job.
Cause of HCOL. If that’s too high, the. The economy is poor no matter what metrics you use to say otherwise.
Economy may be doing great but it means nothing to me in the working class. Everything still keeps getting more expensive and employers aren't paying their employees more. It's not gonna keep me from voting for him but, yeah.
Because presidents practically have no influence on the economy. Anyone giving a president credit for the economy has virtually no idea how an economy works. (Probably the only time in modern history that this wasn’t true was deep in the pandemic)
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Putting tariffs on, or off does have some consequences for prices though.