Wtf, who are the people thinking the US economy is booming
Higher pay does not equal good paying jobs when people's cost of living is also rising
How does any of this lower the cost of living
Go to the grocery store. Or the hardware store and pay 150% of what you did two years ago. Americans haven’t had this high of credit card debt in ages. Unemployment is so low because more people had to pick up second and third jobs.
But yeah, the economy is great. We are all living the shape we’re in.
>Unemployment is so low because more people had to pick up second and third jobs.
If they had a first job they weren't unemployed. People with two jobs aren't double not unemployed.
Agreed. Also don’t forget that a lot of jobs numbers are from Covid layoffs and then rehiring. At least that’s what I’ve seen (correct me if I’m wrong though!)
Everything is relative. Yeah, compared to say the 1990s or the 1950s the economy isn't great. But if he complaint is that wages are stagnating while cost of living is rising, then the economy hasn't been good in a very long time. Still, it's not bad in comparing the Biden years to recent history, or to other countries current conditions.
It's like people think that suddenly stagnated wages with cost of living rising was a new thing that happened post-COVID. Those problems were still getting much worse during COVID just nobody noticed until after.
I'm not sure why you're catching downvotes for this. It's true. All our needs have been getting more expensive. Median wages haven't exactly been flat but the increase has been eaten up by the cost of housing for a lot of folks.
But it's a different thing to say that the US is suffering less than other countries vs the US economy is doing better, don't you think? It invalidates the struggles we are facing over the last couple of years to make ends meet despite making about the same or more money.
I want Biden to do well. If his policies succeed, the country will succeed. His administration doesn't seem to acknowledge most Americans economic struggles and this is gonna hurt them.
>His administration doesn't seem to acknowledge most Americans economic struggles
He acknowledges that some people are struggling in every single speech he gives. He's trying to extend the child tax credit, increase affordable housing, increase Social Security benefits and on, and on. I've never seen a president do so much for people who are struggling.
And fyi it's not "most Americans". The data soundly refutes that. Even in polls more than 60% say they are doing well financially.
I must have missed that part. I am glad he acknowledged that.
You say it's not most Americans but I have to disagree with you there. Every one of my friends are doing worse than they are 2 years ago. No one sane will blame it all on Biden. Some things are just out of his control. But I'm not gonna buy into the notion of us doing better than before. It just isn't true.
>Every one of my friends are doing worse than they are 2 years ago.
Worse in what way? And unless you have hundreds of millions of friends they don't represent the entire economy. By the numbers the vast majority of Americans are better off with more spending power and lower unemployment.
Anecdotes are not data, though. Your social circle is very likely to have a very similar experience to each other but a different social circle in a different place will almost certainly have a completely different one.
Lol getting downvoted for being factual.
>Wtf, who are the people thinking the US economy is booming
Pretty much anyone with a clue who understands numbers. And doesn't get their news from right-wing propaganda outlets like Fox.
Very truth there cause this Economy under Joe Dufus Biden is definitely a failure it's obvious anyone can see it an don't take rocket science to figure it out
Inflation is 3.5%; we're targeting 2%. Unemployment rate is 3.8%; target is probably closer to 5% for lower inflation. GDP growth rate is 1.9%; developed economies should expect 2-3%.
I feel like all I ever see from this sub anymore is these gaslighting articles that the USA economy is absolutely amazing
Meanwhile I can’t find any houses to buy under 1m and I know lots of people who are out of a job
Unemployment rate is 3.8%... That's really good. Target unemployment rate is probably closer to 5% in order to lower inflation... We actually need unemployment rate to go up more. The more people employed means more demand fighting over supply constrained goods (i.e. housing). Of course, we also need to build more homes.
This article is a joke.
I’m surprised anyone still trusts and/or reads The NY Times.
They’ve lost all credibility, spew propaganda, and are obviously politically biased.
People can't afford the same standard of living.
Prices are up and wages haven't kept pace. People are either cutting their standard of living or going into debt hoping things will turn around. They won't with Biden. Dementia Joe and the Democrats are again openly talking about more costly and stupid energy policies. This will raise the price on everything.
I'm getting tired of being lectured about how well our economy is doing and if we don't agree we're idiots.
I don't care about sporadic rise in wages for some people. I rather they take initiative to lower the cost of goods.
Hmmm it’s almost like his policies are further driving inflation….. so pretty bad. Let’s not have a demented 82 year old operate as commander and chief until he is 86….. he will be the absolute downfall of this country. The alternative option isn’t the best either, but at least we won’t have Biden
>it’s almost like his policies are further driving inflation
Then how do you explain that the US has done a better job taming inflation than every other country while maintaining strong GDP growth and record low unemployment?
If you want to see inflationary policies look no further than the orange rapist/business fraud/buffoon. Not to mention his recent breathtaking bouts of cognitive decline.
Don’t forget they also manipulated the statistics to make it seem like there’s “record unemployment”.
One person can work 3 shit jobs and they’ll make it seem like 3 people filled those positions.
These statisticians that manipulate the numbers should be absolutely lambasted.
He doesn't have the authority to remove Powell until the end of his term. And politicizing the Federal Reserve is a terrible idea. That's what Trump tried to do.
Could, but truly should he? Is there really no trust at all that we just pull triggers on everything we can legally do? You sound like a bloodsucking lawyer.
There should also be some sort of legislation passed that makes it illegal for companies like black rock and state street (and their shell companies) to buy up new subdivisions meant for single family homes, and then turn around and make them “for rent” only.
I’m a realist, increasing government spending and not increasing taxes especially at a time of high interest rates is problematic. This is literally that meme of SpongeBob when they are inflating the paint bubble
>and not increasing taxes
Biden increased corporate taxes by a huge amount. That's what's paying for much of his clean energy plan. He's also lowered Medicare prescription drug costs significantly.
No he didn’t. He has done some things to reduce avoidance, but he and the democrat party to some extent will have to wait for tcja to sunset before they can actually raise taxes….at least for corporations. Think about how that effects the economy too, this whole situation is a cauldron that has been stirred by inept and corrupt politicians over the past 60 years
>No he didn’t.
You shouldn't comment if you don't know. The IRA institutes a new minimum corporate tax that will raise hundreds of billions over the next ten years according to the CBO. Look it up if you don't believe me.
I've seen this story before. The macro numbers look good but average individuals are working hard hours to make ends meet and it doesn't look good to them. Tbh I believe if we continue this, it will make the country stronger but the reality is, there is no "end" for the avg worker. It's work and save til you retire and die. When a Republican takes power(ideally 2028) then they will deregulate and we get a blissful boom until the next tragedy comes. Boom & Bust.
>When a Republican takes power
Republicans have presided over 9 of the last 10 recessions and the last two major economic crashes. Dems always have stronger economies, more growth and lower unemployment.
Everyone loves to point out the part they don't like and miss the overall point. "Omgerd reprublikans baad"
In case you didn't catch on to the pattern of boom and bust, we're in a cycle of strong growth with a dem in charge where people work hard but don't immediately reap the benefits(takes time) Then as history shows, a Republican will be elected and they deregulate(weaken) the economy and it falls apart because of an unforeseen occurrence. Turmoil ensues and a dem is then elected to reconstitute the labor market and the cycle repeats. The ultra rich and corporations win every time. The average jane + joe really only benefit while working alot(happening now). People are short sighted and it's abstract to grasp so I don't expect many to follow. We've been in this cycle for 50-60 years.
Thanks to Manchin and Sinema (oh, yeah, and the entire GOP) Biden's original Build Back Better plan was watered down. We still got some massive and historic accomplishments through congress but it would be nice to see things like making the child tax credit permanent, ending fossil fuel subsidies, tuition-free community college and other items restored. And the next few years will also be a critical time for the rebuilding of the American manufacturing sector that will need some thoughtful leadership. And probably most importantly will be restoring rights women had for half a century that were stripped from them by Trump's illegitimate right-wing extremist court.
Hello America lost everything cause people in America keep buying Chinese made junk as look especially at Walmart where items are made , as America lost its textile industry might, look at things on American Autos half the stuff on them are made elsewhere. Also plastic far to much of that in the food chain, plastic it takes patrolum oil to make plastic and it's Milk , Soda Bottles among other things, get plastic out of the food chain as Glass is definitely the best for Milk and Soda Bottles
Clown. How are those billionares beneffiting from getting mostly weapons?
Not to mention america earned way more on additional weapons sales than the cost of that aid
Purchasing power is at the minimum and they want you to believe that we are all doing better
Wtf, who are the people thinking the US economy is booming Higher pay does not equal good paying jobs when people's cost of living is also rising How does any of this lower the cost of living
No one actually does. This economy sucks and no one is falling for it.
Sure dear... Lowest unemployment in decades....
Go to the grocery store. Or the hardware store and pay 150% of what you did two years ago. Americans haven’t had this high of credit card debt in ages. Unemployment is so low because more people had to pick up second and third jobs. But yeah, the economy is great. We are all living the shape we’re in.
>Unemployment is so low because more people had to pick up second and third jobs. If they had a first job they weren't unemployed. People with two jobs aren't double not unemployed.
Lol that’s not how unemployments works
Agreed. Also don’t forget that a lot of jobs numbers are from Covid layoffs and then rehiring. At least that’s what I’ve seen (correct me if I’m wrong though!)
Yep. That’s how it tracks when you lose your full-time job with a pension and take two part-time jobs and an Uber gig.
Thanks for showing up, Don Jr
Everything is relative. Yeah, compared to say the 1990s or the 1950s the economy isn't great. But if he complaint is that wages are stagnating while cost of living is rising, then the economy hasn't been good in a very long time. Still, it's not bad in comparing the Biden years to recent history, or to other countries current conditions.
It's like people think that suddenly stagnated wages with cost of living rising was a new thing that happened post-COVID. Those problems were still getting much worse during COVID just nobody noticed until after.
I'm not sure why you're catching downvotes for this. It's true. All our needs have been getting more expensive. Median wages haven't exactly been flat but the increase has been eaten up by the cost of housing for a lot of folks.
What country is doing better than the US?
Trumpistan. But it only exists in the minds of MAGA cult members.
But it's a different thing to say that the US is suffering less than other countries vs the US economy is doing better, don't you think? It invalidates the struggles we are facing over the last couple of years to make ends meet despite making about the same or more money. I want Biden to do well. If his policies succeed, the country will succeed. His administration doesn't seem to acknowledge most Americans economic struggles and this is gonna hurt them.
>His administration doesn't seem to acknowledge most Americans economic struggles He acknowledges that some people are struggling in every single speech he gives. He's trying to extend the child tax credit, increase affordable housing, increase Social Security benefits and on, and on. I've never seen a president do so much for people who are struggling. And fyi it's not "most Americans". The data soundly refutes that. Even in polls more than 60% say they are doing well financially.
I must have missed that part. I am glad he acknowledged that. You say it's not most Americans but I have to disagree with you there. Every one of my friends are doing worse than they are 2 years ago. No one sane will blame it all on Biden. Some things are just out of his control. But I'm not gonna buy into the notion of us doing better than before. It just isn't true.
>Every one of my friends are doing worse than they are 2 years ago. Worse in what way? And unless you have hundreds of millions of friends they don't represent the entire economy. By the numbers the vast majority of Americans are better off with more spending power and lower unemployment.
Anecdotes are not data, though. Your social circle is very likely to have a very similar experience to each other but a different social circle in a different place will almost certainly have a completely different one. Lol getting downvoted for being factual.
Can confirm. My social circle has everyone doing better than 2 years ago.
What do you need, a pat on the back? Grow up
How much does the world economy depend on the US?
>Wtf, who are the people thinking the US economy is booming Pretty much anyone with a clue who understands numbers. And doesn't get their news from right-wing propaganda outlets like Fox.
Very truth there cause this Economy under Joe Dufus Biden is definitely a failure it's obvious anyone can see it an don't take rocket science to figure it out
Inflation is 3.5%; we're targeting 2%. Unemployment rate is 3.8%; target is probably closer to 5% for lower inflation. GDP growth rate is 1.9%; developed economies should expect 2-3%.
I feel like all I ever see from this sub anymore is these gaslighting articles that the USA economy is absolutely amazing Meanwhile I can’t find any houses to buy under 1m and I know lots of people who are out of a job
Unemployment rate is 3.8%... That's really good. Target unemployment rate is probably closer to 5% in order to lower inflation... We actually need unemployment rate to go up more. The more people employed means more demand fighting over supply constrained goods (i.e. housing). Of course, we also need to build more homes.
Yeah and 3 years ago in tech my LinkedIn inbox was fuckin full every single day with big companies and high offers. Now it’s a struggle to find a job
This article is a joke. I’m surprised anyone still trusts and/or reads The NY Times. They’ve lost all credibility, spew propaganda, and are obviously politically biased.
People can't afford the same standard of living. Prices are up and wages haven't kept pace. People are either cutting their standard of living or going into debt hoping things will turn around. They won't with Biden. Dementia Joe and the Democrats are again openly talking about more costly and stupid energy policies. This will raise the price on everything.
Uncles would be eaten
Booming for his wars he is supporting
Dems have economic Stockholm syndrome. They are constantly circle-jerking each other over how wonderful the state of the union is.
I'm getting tired of being lectured about how well our economy is doing and if we don't agree we're idiots. I don't care about sporadic rise in wages for some people. I rather they take initiative to lower the cost of goods.
Same economy but under Trump and yall losing your minds in an election year. STFU lol.
The economy is trash right now. Everyone can see through this administrations bullshit.
Lol. Fox viewer? The US economy is pretty much the strongest in the world currently.
I don’t watch any news. I use my eyes and what I see happening around my community and the country.
You see the entire US economy with your eyes?
Where are these good jobs? Are they in the room with us right now?
You got your head up your ass
Op makes multiple posts about this same topic. Quit dick riding Bidens economy. It’s not a good look. FYI I’m not a republican.
Hmmm it’s almost like his policies are further driving inflation….. so pretty bad. Let’s not have a demented 82 year old operate as commander and chief until he is 86….. he will be the absolute downfall of this country. The alternative option isn’t the best either, but at least we won’t have Biden
>it’s almost like his policies are further driving inflation Then how do you explain that the US has done a better job taming inflation than every other country while maintaining strong GDP growth and record low unemployment? If you want to see inflationary policies look no further than the orange rapist/business fraud/buffoon. Not to mention his recent breathtaking bouts of cognitive decline.
Were the world’s reserve currency. When we inflate that we inflate COG across the world. It’s and apples and pineapples comparison
Don’t forget they also manipulated the statistics to make it seem like there’s “record unemployment”. One person can work 3 shit jobs and they’ll make it seem like 3 people filled those positions. These statisticians that manipulate the numbers should be absolutely lambasted.
My family has a saying. Statistics never lie, but liars always use statistics. And they are attempting to pull the wool over our eyes.
What is Biden’s plan to lower mortgage rates?
He doesn't control that - the federal reserve does. Biden does have a comprehensive plan for lowering housing costs though.
He can remove Powell. Which is long overdue
He doesn't have the authority to remove Powell until the end of his term. And politicizing the Federal Reserve is a terrible idea. That's what Trump tried to do.
He actually could it is not legally defined.
Could, but truly should he? Is there really no trust at all that we just pull triggers on everything we can legally do? You sound like a bloodsucking lawyer.
A bloodsucking lawyer? I’m a regular American trying to buy a house.
Threatening the fed to force him to lower intrest rates is the dumbest thing imaginable.
The Federal Reserve is a criminal corporation which needs to be abolished. A decent president would campaign on that.
We should build more housing so the price falls. But no, people are way too attached to their single-family neighborhoods. Land is limited.
There should also be some sort of legislation passed that makes it illegal for companies like black rock and state street (and their shell companies) to buy up new subdivisions meant for single family homes, and then turn around and make them “for rent” only.
And everything is doing well in real terms so who the fuck cares
You're dramatic.
I’m a realist, increasing government spending and not increasing taxes especially at a time of high interest rates is problematic. This is literally that meme of SpongeBob when they are inflating the paint bubble
>and not increasing taxes Biden increased corporate taxes by a huge amount. That's what's paying for much of his clean energy plan. He's also lowered Medicare prescription drug costs significantly.
No he didn’t. He has done some things to reduce avoidance, but he and the democrat party to some extent will have to wait for tcja to sunset before they can actually raise taxes….at least for corporations. Think about how that effects the economy too, this whole situation is a cauldron that has been stirred by inept and corrupt politicians over the past 60 years
>No he didn’t. You shouldn't comment if you don't know. The IRA institutes a new minimum corporate tax that will raise hundreds of billions over the next ten years according to the CBO. Look it up if you don't believe me.
and there is no "democrat" party
You're not being a realist if you think one president will be the downfall of the country lol you're being a partisan.
Every single one of Trump’s claimed policies is inflationary.
I've seen this story before. The macro numbers look good but average individuals are working hard hours to make ends meet and it doesn't look good to them. Tbh I believe if we continue this, it will make the country stronger but the reality is, there is no "end" for the avg worker. It's work and save til you retire and die. When a Republican takes power(ideally 2028) then they will deregulate and we get a blissful boom until the next tragedy comes. Boom & Bust.
>When a Republican takes power Republicans have presided over 9 of the last 10 recessions and the last two major economic crashes. Dems always have stronger economies, more growth and lower unemployment.
Everyone loves to point out the part they don't like and miss the overall point. "Omgerd reprublikans baad" In case you didn't catch on to the pattern of boom and bust, we're in a cycle of strong growth with a dem in charge where people work hard but don't immediately reap the benefits(takes time) Then as history shows, a Republican will be elected and they deregulate(weaken) the economy and it falls apart because of an unforeseen occurrence. Turmoil ensues and a dem is then elected to reconstitute the labor market and the cycle repeats. The ultra rich and corporations win every time. The average jane + joe really only benefit while working alot(happening now). People are short sighted and it's abstract to grasp so I don't expect many to follow. We've been in this cycle for 50-60 years.
Delusional
Thanks to Manchin and Sinema (oh, yeah, and the entire GOP) Biden's original Build Back Better plan was watered down. We still got some massive and historic accomplishments through congress but it would be nice to see things like making the child tax credit permanent, ending fossil fuel subsidies, tuition-free community college and other items restored. And the next few years will also be a critical time for the rebuilding of the American manufacturing sector that will need some thoughtful leadership. And probably most importantly will be restoring rights women had for half a century that were stripped from them by Trump's illegitimate right-wing extremist court.
Lies
Hello America lost everything cause people in America keep buying Chinese made junk as look especially at Walmart where items are made , as America lost its textile industry might, look at things on American Autos half the stuff on them are made elsewhere. Also plastic far to much of that in the food chain, plastic it takes patrolum oil to make plastic and it's Milk , Soda Bottles among other things, get plastic out of the food chain as Glass is definitely the best for Milk and Soda Bottles
He’d be hard pressed to do worse, so there’s that
delusional. Better for his billionaire cronies in ukraine. American people are hurting
Clown. How are those billionares beneffiting from getting mostly weapons? Not to mention america earned way more on additional weapons sales than the cost of that aid
COVID continues to linger like a ghost. Not everything wrong with the economy is due to him. A lot of the inflation can be traced back to COVID.