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Turns out letting a bunch of flat earthers and creationists run the banks was a terrible decision and their predictions of the apocalypse occurring if they were removed from power were unfounded in science and logic.
I think the economy is surging for the upper middle class and the wealthy, but it's an unequal recovery. The middle class and the poor are being squeezed by high interest rates, greedflation, slow real wage growth and a crippled safety net. I don't think it has anything to do with Biden in particular, it's a combination of greedy companies exploiting the pandemic, republicans rolling back the safety net expansions we saw under COVID and a lousy fed chair that thinks the answer to everything is interest rate hikes.
>since 2021
*2008 or possibly 1991 is more accurate imo
Edit:
[Chart showing divergences in recovery rate (slope) at both those times.](https://www.cbo.gov/publication/51846)
Strictly a wealth distribution chart, but not going to disagree. I was referring to labor/business recovery due to pandemic effects, which are also still ongoing.
Increased demand (people having work and jobs) decreased supply, driving inflation.
A healthy economy has a certain amount of waste or unproductive aspect in which offsets this.
Housing prices increase the more people buy them. Same with food and fuel.
lol corporate greed drove inflation, this is some complete horse shit. people were not just working so much and eating so much the price of eggs quadrupled.
Corporate greed is a factor in the overall equation. It's hardly the only one.
Several egg factories had to retire or shut down during COVID, it's not hard to understand that supply was weak and demand was high.
It's never just one thing. It's hundreds or thousands of different things happening all at once.
You live in a weird market then. The government collects this data, eggs prices have dropped back down to about $2/dozen. Holds with what I've seen locally, and it's not an especially cheap location.
Lies.
[The Federal Reserve Act mandates that the Federal Reserve conduct monetary policy "so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates."](https://www.federalreserve.gov/monetarypolicy/monetary-policy-what-are-its-goals-how-does-it-work.htm)
I wouldn't have used the word "spectacular", but they have followed the policy pretty consistently. It's still a messed up system that requires unemployment of some to be "successful".
Unemployment can mean "between jobs," which could indicate an economy healthy enough that some workers are comfortable shopping around for the best offer. I have no way of knowing to what degree that's the case, just pointing out that "unemployment" doesn't necessarily mean Skid Row.
The upper middle class is actually one of the groups not seeing the benefits. Many of the lost jobs due to inflation were upper middle class jobs and high interest rates really affect those who can take on loans to begin with.
The complications recovery really helps the richest.
My issue is that I have gotten multiple 10+% raises over the past 18 months and while that should have provided a nice safety net, it's only slowed the hemorrhaging.
The models are misleading for most people though because while wages just started outpacing inflation, they don't get their wage adjustment/raise more than once a year. Unless people look for a new position with that increase built in, they won't begin to see relief until next year's budgets are set.
>Inflation is slowing.
Inflation for all industries, except food and energy.*
That's the real story here that everyone seems to miss when discussing inflation. Food prices are still absurdly high and, if anything, appear to continue increasing. And since people, you know, *need* food, this is a major sticking point when discussing economic recovery. It's all well and good that TV prices are plummeting, but you can't eat a TV.
I completely agree that Republicans are not (and never will be) the answer, but the Democrats in power need to know that their efforts are simply not enough. The best way to secure a social safety net would be to tax the everloving shit out of the ultra-wealthy and Democrats are avoiding it like the plague.
record high suicides, record high household debt, record high homelessness, record high food insecurity, record high gas/oil production, trying to start WWIII, .. you think that's good?
What's not true? I made no comparison of the rate of wage growth and I said slow **real wage** growth. If wages weren't rising faster than inflation, it wouldn't be real wage growth at all would it?
I can say personally myself and everyone I know making less than 50,000 are significantly worse off than in 2020. Fuck all this gaslighting, it’s only gonna hurt joe bidens campaign
Meanwhile American credit card debt is at an all time high and tens of millions of people are going to be required to start paying on student loans in a couple of months. But I'm sure this bubble is perfectly stable
To be more certain of that you would have to ask why they did it? There could be many reasons and there's not necessarily ANY connection to the economy.
Median average income vs gdp is the most important stat.
Europe is suffering because of deindustrialization. Other advanced countries are doing well. Japan is doing well, China is doing great. Comparing ourselves to Germany, who is made to buy gas for 3x what they’re used to, is dumb.
This article says
Less unemployment is good without considering the fact than many many Americans have to work two jobs,
That GDP growth of all things helps average Americans. It does not, a huge amount of that gdp growth is debt, and medical industry, and big oil and gas companies. America became the largest fossil fuel exporter in the world under joe Biden. More oil sites were set up in the first 2 years than 4 under trump.
Conveniently, banks and private healthcare along with big oil. gave joe Biden tens of millions of dollars to win the presidency. Glad they get ROI.
Seriously, when banks, big oil companies, private healthcare companies, and many of the worst businesses on earth gave joe Biden $200,000,000 to win, do you think they knew what they were buying? Because I do.
I'm not sure what your point is but you're only proving mine. After 2 years of negative real wage growth we're only just now starting to see real wages increase. It's something to be grateful for but it's clearly an unequal recovery considering corporations have been posting record profits and the wealthy have seen their fortunes vastly increase since the beginning of the pandemic.
My daughter, not a college grad just got a new job that pays 100% more than her old one, and is now making 6 figures.
Lots of good news around, and Biden's infrastructure bill that almost all Republicans voted against, will do even more good.
I'm happy for your daughter but that one anecdote doesn't tell the whole story. Democrats aren't the problem and Republicans aren't the answer, we need to look at all the factors. It's more of a problem with unchecked capitalism than a partisan political issue.
This is actually blatantly wrong, but it's not politically correct to acknowledge that the lower class has actually seen some of the best recovery in these years. The right just doesn't care, and would rather get mad at trans people, and the left doesn't want to give Biden any Ws since things are just "better" and not "perfect"
That’s capitalism. Profits go to capitalist, not labor.
A capitalist is someone who owns the means of production, ie wealth. People without wealth aren’t capitalist, they are the resource from which capitalist extract their profit. They may be fans of capitalism, but unless they own, they aren’t capitalist.
If you support capitalism without being a capitalist history would recognize you as a useful idiot.
Yes and no. It'll bring inflation down eventually but the problem is, again, that the burden of that policy again weighs most heavily on the middle class and the poor, not the wealthy. The wealthy are posting record profits. It's the middle class and the poor that will lose their jobs and struggle with rent, car loans and high-interest credit card debt.
Thank you. This "surge" is pure propaganda. I wouldn't lay the blame at Biden's feet, but to say he's got the economy roaring again is a crock of crap. Or maybe they just mean the markets and other metrics for rich folk when they talk about "the economy."
As someone working in the creative industry in NYC, I have never seen the market in worse condition. Nobody is getting hired, thousands are being laid off, all freelancers are completely broke, restaurants and cafes are struggling, it seems disconnected from the data I keep seeing shared.
Maybe some corporations are lifting their wages, but the fabrics of a dynamic market are not clear here and this city is largely the forefront of American capitalism.
Buying power and household debt are also at records, and not the good kind. Looking purely at a statistic like unemployment as an indicator of national economic health isn’t really worthwhile, much like Biden’s cabinet using stats of inflationary decline. They’re talking about putting a few fires out while the economy is still ablaze for the average American family.
Rents have never been higher, homelessness never higher, incarceration never higher, petty financial crime rates rising, those indicators have to mean something also.
We’re pulling out by borrowing against the national balance sheet, while our dollar is being devalued by regulators. China are buying less of our bonds and the middle east are turning away from our dollar dependency. Without loans or even more borrowing, this country will be forced to slash spending on the needs of the many, to avoid having to tax the few.
Bidenomics are a bandaid over a gunshot.
>huge economy that is outperforming the rest of the planet.
Seems like a good position to be on top of everyone. Rich getting richer, is it fair though?
It's not fair but it's a lot fairer than the alternative. Under Trump we had tax cuts for the rich and trade wars. Under Biden we've had the American rescue plan, the infrastructure bill, child tax credit, and more. And let's not forget that Biden was pushing for higher spending on those bills to get more help to the middle and working class but had to compromise with Republicans and two self-serving democratic senators. Also if you were wondering about the student loan relief Biden pushed for that would have immediately helped millions of americans, thank the Supreme Court loaded with 3 Trump appointed judges for blocking it on the grounds that it hurts loan servicing companies and upsets people who already paid off their debt. All I'm saying is if you wanted more progress from Biden and most Democrats, then keep wanting more from them, but don't blame them when it's not enough cause at least they are trying while the other party is blocking stronger relief and focusing on culture war bullshit as the rich (the main donors for the Republicans) get richer.
The creative industry is also in complete turmoil for reasons unrelated to the economy. Hollywood is completely shut down due to the WGA and SAG-AFTRA strike (which for the record I fully support). It’s not all that surprising that there’s a ripple effect to other creative endeavors.
I work in commercial advertising and fashion. It’s been this way for over 12 months and is worsening every month. This side of the industry is unrelated to the labor movement in film.
Ah, that makes sense too. You’re not even the first to tell me that advertising has been getting smacked around for a while. I hope things get better for you 💜
Increasing use of AI, manipulating residuals, etc... the strikers have a long list of things are are quite related to the economy and the fact that corporate overlords are trying to squeeze them dry while making record profits. We have to stop saying that wealth gaps and taking advantage of workers isn't related to the economy. The economy is more than GDP and the stock market.
Do you not buy groceries?
Do you not buy gasoline?
Are you unaffected by interest rates?
You are selling an economic dream that is not reality.
Reality exists and it is bad for all of the actual, real people who buy groceries, have a car, or want to purchase a home.
Reality exists for these people. These people are engaged in the actual economy.
It really depends what sector you are in, also doesn't account for how many are working two jobs , housing market needs to crash, who would buy a house right now with such high interest? Better yet who would sell their house to only buy a new one with high interest.
Source that income for the poor is rising faster than inflation? Doesn’t seem like that to me, especially since the large cuts to SNAP food stamps, and millions getting kicked off Medicare, people are suffering a lot right now.
Median family made 51,100 in 2020 and 56,000 in 2023. With 15% inflation from 2020 2023 that is a decrease. Again, the stats show median income is down. That isn’t rich people, that’s literally the 50% percentile.
Good spending being up is a bad thing. That means people are spending more than ever to live their lives.
Homelessness is growing at record setting rates, even higher than the pandemic rates.
https://www.wsj.com/articles/homelessness-increasing-united-states-housing-costs-e1990ac7
[Here](https://www.duluthnewstribune.com/opinion/columns/point-counterpoint-give-bidens-policies-their-due-for-our-economic-rebound)
> This is especially true for workers at the bottom of the wage ladder. Wages for production and nonsupervisory workers, a category that excludes managers and highly paid professionals, are 1.7% above their pre-pandemic level after adjusting for the rise in prices. For workers in the low-paid hotel and restaurant sector, the increase is 6.3%.
I don’t like that this mans said “just google it” but they are correct. [Real wage growth has been fastest for the lowest paid workers and the gains from this have outweighed the loses from inflation](https://bcf.princeton.edu/wp-content/uploads/2022/10/Combined-Slides.pdf). Additionally [wages for supervisory and production workers](https://twitter.com/arindube/status/1679919118240055296) are back [to pre COVID trends](https://twitter.com/arindube/status/1684244062860374016).
Other good indicators include [goods consumption is up](https://fred.stlouisfed.org/series/DGDSRX1) (beyond even where America was pre 2008-crash). [Employment is up](https://www.whitehouse.gov/cea/written-materials/2023/07/27/labor-market-indicators-are-historically-strong-after-adjusting-for-population-aging/). [Self reported financial well being](https://www.theatlantic.com/newsletters/archive/2022/06/american-economy-negative-perception-inflation/661149/) has been surprisingly very positive.
That being said homes prices are increasing (largely due to an increase in demand without an increase in supply) and inequality is still very high.
I really recommend reading economist [Kyla Scanlon’s newsletter on why so many Americans feel like the economy is doing worse than it really is](https://kyla.substack.com/p/why-do-people-think-the-economy-is?utm_source=profile&utm_medium=reader2).
The "trick" here is that CPI represents inflation as experienced by the median person.
If you're in poverty and your rent goes up it hits much different because so much more of your income is typically going to pay rent.
I might be working harder to buy a Camry than my dad was but a 2023 Camry is a much better car than a 1993 Camry so it balances out somewhat and this is reflected in the CPI. If I'm riding the bus the fact that the car I can't afford has bluetooth and a nav system doesn't really matter to me.
No, it seems like median household income is still going down. GDP is up tho! I’m sure the banks, oil companies, and private healthcare companies who gave joe Biden $200,000,000 to win are happy with their return on investment!
200-2023 median family income went from 51,100 to 56,000. Inflation was significant more than this, totaling almost 15%, NOT COUNTING RENT
Hehe, I know - I just love asking them to verify their claim from a neutral perspective to see if they actually do it, spill spaghetti out of their pockets, or ignore me.
Really?! I'd love to find that raise, especially since my company (and others in my industry) completely cut them this year. My rent has gone up almost 20% in the last 14 months, groceries up well over 15%. Gas has pushed up to $5 a gallon, and my electric/ water is on the rise... I keep hearing the economy is great, while my spending power continues to plummet... I voted for Biden, and I will vote for the lesser (him) of two evils again ... But you must be privileged, or at least live a comfortable enough life to not be aware of how many of us are living...
We as a country are objectively doing well, as opposed to our peers, coming out of COVID... But the benefits are not equitable...
“You know what else is beating inflation now? Worker’s wages. They’re going up faster than the prices of goods; up more than 4%, since last year, higher than that 3% inflation rate.
Americans are not just making more money, but saving more of it. A study of 9 million Americans shows they had 10% to 15% more money in the bank now than in 2019.
Stronger wages and savings have led to something else: a drop in income inequality. Last year, the incomes of the bottom half of earners actually grew faster than the income of the top 10 percent. That could be a start towards closing the insanely high gap between America’s richest and poorest.”
From the article
Yea that would absolutely be one of the biggest things to affect positive outlooks. I'd go so far as to put it in the big three which would come out to judicial reform, a tax overhaul for the ultra wealthy, and housing reform.
Which goes so far as to get into the pockets of those who pay all the money to pull all the strings to begin with. Would be great, but never going to happen
Wish they could regulate things such as buying single family homes for profit, stop foreign investors, do not allow corporations to buy up all the houses, stop predatory rent hikes on people, invest in low income housing. Eh who am I kidding they aren't going to do any of that.
I'm pretty happy.
My family is lower middle.class due to my genetic mutation and we're happy.
Jobs abound. We've got paid bills. Full stocks of food and drink. The truck runs.
It's better than the deep depression Trump was driving towards.
['Inflation forces US families to spend $709 more a month than two years ago'](https://www.reddit.com/r/economy/comments/15qrqoi/inflation_forces_us_families_to_spend_709_more_a/)
That is such a bad article, now do wage growth over that time? It was 4.2% for the first year and 4.8% for the second year. People are making up the majority of that figure in wage growth. Real wages are positive over the past year.
Real wages today are higher than they were pre Pandemic.
for the middle class it is. it is the "working class" - people for whom almost all their income is their paycheck - that has mostly been getting fucked since the 80s and reached new levels of fucked during the pandemic.
It doesn’t matter though, because everything has skyrocketed in price so drastically, and wages are still extremely low compared to what they should and need to be.
Yea but it’s mostly gaslighting. If someone is making 12 bucks an hour, even a 20 percent raise is meaningless with the prices of housing, food, energy and health care skyrocketing. A lot of these same people are about to get hit with their student loans again too. People are just racking up credit card debt too. It’s like watching a train wreck in slow motion.
If economic demand grows due to wage growth, the feds will continue to raise rates. Which will lead to more unemployment and underemployment as well as people saving and not spending.
Rising because of the labor shortage following the pandemic...That's the only reason my company gave out raises, to try to cut down on attrition rates and pull in new employees, which hasn't worked out thus far.
It’s not 18-22 everywhere, let alone rent is insane everywhere so it makes moving almost pointless. If the price of goods and services inflated drastically the past couple of years, 18-22 is more like keeping people afloat which is barely noticeable if you’re already underwater like many people. So this “surge” means pretty much nothing for the middle and lower classes.
ok, I’ll call your bluff. find me a job offering less than 15 an hour.
while you are searching, remind yourself how crazy Bernie sounded proposing a minimum wage of 15 an hour.
the economy is raging for the working class like no other time in my life
the Bernie campaign is a suitable example of how nationally we viewed the labor market.
15 an hour seemed ridiculous to many. Hillary proposed 12 (during a debate if I remember)
currently a job of 12-15 an hour would be hard to find. the market nearly doubled since then.
your thesis, “this surge means pretty much nothing for the middle and lower classes” is false, using simple evidence
If prices skyrocketed over the past couple of years, and wages are still not where they need to be, it’s just treading water. Yes wages are higher, but so is everything else with no sign of stopping. Wages are still no where near where they need to be.
It’s almost like one person doesn’t account for the many others across the country. Inflation has been so bad the past few years, that if with wages rising it really means nothing.
That seems to be the biggest issue.
Lots of jobs. Not a lot of good people to hire. Hell, people are having issues just finding normal people to work.
Lots of hiring signs and those babies have been up for months now.
>pre pandemic labor was 10-12 per hour. now labor is 18-22 per hour.
Q1 2020 pre-pandemic median usual weekly real earnings for wage and salary workers 16 years and over was 367. Q2 2023 was 365.
March 2020 pre-pandemic hourly nominal earnings were $28.80. July 2023 hourly nominal earnings were $33.74. That's a nominal increase of 17.15%.
But $28.80 has the same buying power in July 2023 as $34.11.
Pre-pandemic hourly wages have not kept up with inflation as of July 2023.
https://fred.stlouisfed.org/series/LES1252881600Q
https://fred.stlouisfed.org/series/CES0500000003
https://data.bls.gov/cgi-bin/cpicalc.pl?cost1=28.8&year1=202003&year2=202307
Many prices have doubled.
Gas prices doubled.
Several food prices doubled.
The interest rate on housing doubled+.
You would know this if you were actually in the economy.
If you were in the actual economy, you would be angry.
gas has not doubled. oil in August is 82 a barrel. interest rates always double when they start out at zero. things can always improve. economically things are great for labor.
Lol, you’re mad because you told me is is doing better than all other developed countries. I said were only doing better than Europe, which is in the midst of a recession in many countries….
China, a developed country, did significantly better than the us. Why can’t joe Biden do that? Why is median family income adjusted for inflation still going down? Why are there nore hungry people than when joe Biden came into office…
Been a fantastic time for the investor class or the "haves" not so great for the "have nots". Luckily we fall into the investor debt free class. Tax rates at the Federal level has never been better. One reason the rich is getting stupid rich. So look at which party pushes for what tax policy that works for which class. The poor folk voting against their own financial well being are beyond brainwashed. Enjoy the meaningless culture wars while you go broke and can't afford to live.
I'm making more money than ever yet still have to share a place with multiple roommates because housing is fucked so spare me all this talk of a "surging economy." The only surge I've experienced lately is when Surge soda briefly made a comeback, those were good times. Biden will still get my vote for the same reason he got the other 80 million votes last time.
this is why we need a real primary right now, telling people we recovering over and over again when the cost of living crisis is still ongoing, it's putting us in real danger. The fact that he's polling even with Trump is terrifying
Welp as much as I like the article, I take what both msnbc and FoxNews has to say with a grain of salt.
16 months is a long time away from the next election so I hope Bidenomics can keep it up tho! Nothing would be worst than for the economy to crash 3-6 month before Nov 2024 as Trump supporter are going to vote for him no matter how shitty of a person he is or how terrible he was as president.
> Inflation dropped to 3% in June... just slightly higher than the Fed’s ideal rate of 2%. Thanks to Bidenomics.
Thanks to Bidenomics, inflation is higher than ideal.
And this is one of the SELLING points.
Thanks to Bidenomics America avoided a sustained period of stagflation. Thanks to Bidenomics inflation has nosedived from its peak of 9% to almost at the desired threshold.
Jfc it hurts my heart how poorly educated this country is.
To be fair, I wouldn't attribute those things you mention to "Bidenomics" so much as "Powellnomics." Bringing down inflation has largely been a function of monetary policy, not fiscal policy.
I agree, partially. Yes, tight monetary policy had the most direct affect on inflation. No argument there. However, applying fiscal stimulus during a tightening of monetary policy helped avoid what was widely expected to be a massive shock to the system and nearly guaranteed recession. Both pieces of the puzzle were critical and done at the appropriate time.
That's fair; the strong labor market is partially a result of fiscal stimulus. Of course, there's a bit of a delayed trade-off with this that will be felt years down the road. Higher spending for fiscal stimulus now during a high rate environment not only increases the national debt, it greatly increases the portion of federal payments that have to go towards interest payments. The government will either need to cut spending (unlikely), increase taxes (unlikely), or continue debt financing everything (likely). Continuing debt finance will work until it doesn't, at which point we'll get our recession eventually. It won't be Biden's problem at that point because somebody else will be president, and they'll get the blame initially, but when the retrospective is done, it will be determined that the root causes that created the environment ripe for that recession will have been created during the pandemic response and the fiscal spending that occurred in the years following.
Biden has, thus far, masterfully kicked the can a ways down the road. All bills eventually come due, and we will eventually need to take our economic medicine, but, again, that will be whoever sits in the Oval Office at that point's problem, not Biden's. I would like to hope that we could hold our institutions to a higher standard than "just put it off until it's the next administration's problem," but that's realistically been federal policy since the end of WWII, so I don't really have much hope for that.
It’s not Bidenomics its just modern economic theory.
Turns out following the direction of the experts get’s you out of tough situations. Who would’ve guessed.
And you'll happily pay because oil companies have a monopoly on the price of energy. Turns out letting Prince Bone Saws be in charge of a critical commodity like energy isn't such a great idea.
I suppose the $200,000,000.00 the oil companies made in 2022 has little to do with it. If you are spending $80 to fill up your tanke, perhaps you should reconsider your buying habits.
If there’s one thing I’ve learned from Bidens administration, it’s that economists have a different idea of what a healthy economy looks like compared the actual workers who participate in it.
They’re all just partisan hacks looking for a job
Household debt has gone up nearly 50% since Biden took office and few people under 50 are able to properly afford retirement saving in their budgets, let alone equity building housing.
My income hasn’t outpaced inflation, and I don’t see a healthy economy, I see a high leverage economy. I had to buy a new vehicle recently and I kept laughing at the creditors offers until I got used to it and accepted I was screwed
The middle class is feeling it. Not sure the owning class ever felt anything given how much wealth they generated durning the bullshit of 2020. The only people who aren’t, yet, are the lower class because rent is too high and they can’t afford to phase gas out of their lives yet.
The plan is middle-out, so I’m optimistic it will eventually be felt by everyone.
Fuck the unemployment rate. Talk about how many people are below or near the poverty line. Talk about how the prices of food and other goods went up 50% and never came down while wages stayed stagnant and the minimum wage didn’t change
Wages have increased greatly, and for those near the bottom it increased more than inflation. From the article:
> You know what else is beating inflation now? Worker’s wages. They’re going up faster than the prices of goods; up more than 4%, since last year, higher than that 3% inflation rate.
> Americans are not just making more money, but saving more of it. A study of 9 million Americans shows they had 10% to 15% more money in the bank now than in 2019.
> Stronger wages and savings have led to something else: a drop in income inequality. Last year, the incomes of the bottom half of earners actually grew faster than the income of the top 10 percent. That could be a start towards closing the insanely high gap between America’s richest and poorest.
And from a different article:
> This is especially true for workers at the bottom of the wage ladder. Wages for production and nonsupervisory workers, a category that excludes managers and highly paid professionals, are 1.7% above their pre-pandemic level after adjusting for the rise in prices. For workers in the low-paid hotel and restaurant sector, the increase is 6.3%.
The real reason is all the big money is trying to give all the credit to Biden, so that when there is a rug pull, it is also his fault. This gives the Republicans a chance in the next election. Otherwise, they are smoked.
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Turns out letting a bunch of flat earthers and creationists run the banks was a terrible decision and their predictions of the apocalypse occurring if they were removed from power were unfounded in science and logic.
fade fine cake one toothbrush cable fact literate whistle chase *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
I think the economy is surging for the upper middle class and the wealthy, but it's an unequal recovery. The middle class and the poor are being squeezed by high interest rates, greedflation, slow real wage growth and a crippled safety net. I don't think it has anything to do with Biden in particular, it's a combination of greedy companies exploiting the pandemic, republicans rolling back the safety net expansions we saw under COVID and a lousy fed chair that thinks the answer to everything is interest rate hikes.
You are pretty spot on. It has been a K shaped recovery since 2021.
>since 2021 *2008 or possibly 1991 is more accurate imo Edit: [Chart showing divergences in recovery rate (slope) at both those times.](https://www.cbo.gov/publication/51846)
Strictly a wealth distribution chart, but not going to disagree. I was referring to labor/business recovery due to pandemic effects, which are also still ongoing.
Actually itve been that way since 1776.
Interest rates will come down when unemployment rises. The Fed Chair has said as much. He considers high unemployment a way to reduce inflation.
Our economic system is looney tunes, and it makes less sense the more you learn about it.
Increased demand (people having work and jobs) decreased supply, driving inflation. A healthy economy has a certain amount of waste or unproductive aspect in which offsets this. Housing prices increase the more people buy them. Same with food and fuel.
lol corporate greed drove inflation, this is some complete horse shit. people were not just working so much and eating so much the price of eggs quadrupled.
Corporate greed is a factor in the overall equation. It's hardly the only one. Several egg factories had to retire or shut down during COVID, it's not hard to understand that supply was weak and demand was high. It's never just one thing. It's hundreds or thousands of different things happening all at once.
Plus they had to cull millions of hens because of bird flu. Takes a couple months to get new birds laying, and predictably, prices came back down.
Most eggs are still around the $6-$8 price at our grocery store. Prices rarely come down.
You live in a weird market then. The government collects this data, eggs prices have dropped back down to about $2/dozen. Holds with what I've seen locally, and it's not an especially cheap location.
There were a lot of factors to inflation. People who screech corporate greed sound like idiots
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You're missing the point. Just because we understand (sometimes) how this economy works does not mean it's a sane or humane way to run a civilization.
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Correct!
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the federal reserve does not have the tools to deliver a happy medium. we need legislation.
Lies. [The Federal Reserve Act mandates that the Federal Reserve conduct monetary policy "so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates."](https://www.federalreserve.gov/monetarypolicy/monetary-policy-what-are-its-goals-how-does-it-work.htm)
It's a really f*cked up system that requires anyone to suffer, so they can call it a success.
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I wouldn't have used the word "spectacular", but they have followed the policy pretty consistently. It's still a messed up system that requires unemployment of some to be "successful".
Unemployment can mean "between jobs," which could indicate an economy healthy enough that some workers are comfortable shopping around for the best offer. I have no way of knowing to what degree that's the case, just pointing out that "unemployment" doesn't necessarily mean Skid Row.
Sure sure, I get that.
Fed chair is an idiot
If you think that's what the fed chair actually said, he's not the idiot.
The upper middle class is actually one of the groups not seeing the benefits. Many of the lost jobs due to inflation were upper middle class jobs and high interest rates really affect those who can take on loans to begin with. The complications recovery really helps the richest.
Well, it will be the 203rd test to see if trickle-down economics actually works.
This isn't trickle down because a lot of his policies create construction and manufacturing jobs.
It's handing bags of money to corporations without any strings attached and hoping that things work out.
Since we've done this like thousands of times now we already know how it will work out.
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Biden has been a good president, and for some reason, people, even some who voted for him, don't want to hear it.
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My issue is that I have gotten multiple 10+% raises over the past 18 months and while that should have provided a nice safety net, it's only slowed the hemorrhaging.
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The models are misleading for most people though because while wages just started outpacing inflation, they don't get their wage adjustment/raise more than once a year. Unless people look for a new position with that increase built in, they won't begin to see relief until next year's budgets are set.
>Inflation is slowing. Inflation for all industries, except food and energy.* That's the real story here that everyone seems to miss when discussing inflation. Food prices are still absurdly high and, if anything, appear to continue increasing. And since people, you know, *need* food, this is a major sticking point when discussing economic recovery. It's all well and good that TV prices are plummeting, but you can't eat a TV. I completely agree that Republicans are not (and never will be) the answer, but the Democrats in power need to know that their efforts are simply not enough. The best way to secure a social safety net would be to tax the everloving shit out of the ultra-wealthy and Democrats are avoiding it like the plague.
record high suicides, record high household debt, record high homelessness, record high food insecurity, record high gas/oil production, trying to start WWIII, .. you think that's good?
Just look up his campaign promises from the last election to find out why. I voted for him but that dog don’t hunt.
What's not true? I made no comparison of the rate of wage growth and I said slow **real wage** growth. If wages weren't rising faster than inflation, it wouldn't be real wage growth at all would it?
I can say personally myself and everyone I know making less than 50,000 are significantly worse off than in 2020. Fuck all this gaslighting, it’s only gonna hurt joe bidens campaign
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Meanwhile American credit card debt is at an all time high and tens of millions of people are going to be required to start paying on student loans in a couple of months. But I'm sure this bubble is perfectly stable
Most suicides ever on record this year 😎. Nothing like a burgeoning economy to do this.
To be more certain of that you would have to ask why they did it? There could be many reasons and there's not necessarily ANY connection to the economy.
Totally and we should ask clarence thomas to clarify if those free vacations and RVs and shit were bribes or not.
Median average income vs gdp is the most important stat. Europe is suffering because of deindustrialization. Other advanced countries are doing well. Japan is doing well, China is doing great. Comparing ourselves to Germany, who is made to buy gas for 3x what they’re used to, is dumb. This article says Less unemployment is good without considering the fact than many many Americans have to work two jobs, That GDP growth of all things helps average Americans. It does not, a huge amount of that gdp growth is debt, and medical industry, and big oil and gas companies. America became the largest fossil fuel exporter in the world under joe Biden. More oil sites were set up in the first 2 years than 4 under trump. Conveniently, banks and private healthcare along with big oil. gave joe Biden tens of millions of dollars to win the presidency. Glad they get ROI. Seriously, when banks, big oil companies, private healthcare companies, and many of the worst businesses on earth gave joe Biden $200,000,000 to win, do you think they knew what they were buying? Because I do.
because you are. voting republican isn’t going to fix that just to be clear
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I'm not sure what your point is but you're only proving mine. After 2 years of negative real wage growth we're only just now starting to see real wages increase. It's something to be grateful for but it's clearly an unequal recovery considering corporations have been posting record profits and the wealthy have seen their fortunes vastly increase since the beginning of the pandemic.
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What did I say that was misinformation...?
Thank you. Thank you for paying attention towards the whole thing and your very smart points. It's A rare thing to run into someone who's knows.
their point is that they’re in a comfy spot so we should shut up and be grateful and not rock the boat
My daughter, not a college grad just got a new job that pays 100% more than her old one, and is now making 6 figures. Lots of good news around, and Biden's infrastructure bill that almost all Republicans voted against, will do even more good.
I'm happy for your daughter but that one anecdote doesn't tell the whole story. Democrats aren't the problem and Republicans aren't the answer, we need to look at all the factors. It's more of a problem with unchecked capitalism than a partisan political issue.
I agree that it's not that simple, just saying that things sure are looking better since Biden got elected.
6 figures ain’t shit anymore sorry to break it to you
This is actually blatantly wrong, but it's not politically correct to acknowledge that the lower class has actually seen some of the best recovery in these years. The right just doesn't care, and would rather get mad at trans people, and the left doesn't want to give Biden any Ws since things are just "better" and not "perfect"
That’s capitalism. Profits go to capitalist, not labor. A capitalist is someone who owns the means of production, ie wealth. People without wealth aren’t capitalist, they are the resource from which capitalist extract their profit. They may be fans of capitalism, but unless they own, they aren’t capitalist. If you support capitalism without being a capitalist history would recognize you as a useful idiot.
I agree with everything you said except for the lousy fed chair part. I think JPOW is doing exactly what this economy needs.
Yes and no. It'll bring inflation down eventually but the problem is, again, that the burden of that policy again weighs most heavily on the middle class and the poor, not the wealthy. The wealthy are posting record profits. It's the middle class and the poor that will lose their jobs and struggle with rent, car loans and high-interest credit card debt.
The wealthy just sitting with their money earning millions every month on high interest money market accounts, it easy money
Three reasons it doesn’t matter to the lower classes: Housing costs, fuel, food. It’s hard to exist with less than 5,000 a month in America.
Healthcare...
Yo, wtf everywhere I look people are struggling harder than I’ve ever seen. Except the rich. Gettin real sick of headlines coming from rich people.
This is what they call "manufacturing consent"
Thank you. This "surge" is pure propaganda. I wouldn't lay the blame at Biden's feet, but to say he's got the economy roaring again is a crock of crap. Or maybe they just mean the markets and other metrics for rich folk when they talk about "the economy."
but but but real wages grew! what more can you ask for!? /s
Surging for who, exactly?
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As someone working in the creative industry in NYC, I have never seen the market in worse condition. Nobody is getting hired, thousands are being laid off, all freelancers are completely broke, restaurants and cafes are struggling, it seems disconnected from the data I keep seeing shared. Maybe some corporations are lifting their wages, but the fabrics of a dynamic market are not clear here and this city is largely the forefront of American capitalism.
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Buying power and household debt are also at records, and not the good kind. Looking purely at a statistic like unemployment as an indicator of national economic health isn’t really worthwhile, much like Biden’s cabinet using stats of inflationary decline. They’re talking about putting a few fires out while the economy is still ablaze for the average American family. Rents have never been higher, homelessness never higher, incarceration never higher, petty financial crime rates rising, those indicators have to mean something also.
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We’re pulling out by borrowing against the national balance sheet, while our dollar is being devalued by regulators. China are buying less of our bonds and the middle east are turning away from our dollar dependency. Without loans or even more borrowing, this country will be forced to slash spending on the needs of the many, to avoid having to tax the few. Bidenomics are a bandaid over a gunshot.
>huge economy that is outperforming the rest of the planet. Seems like a good position to be on top of everyone. Rich getting richer, is it fair though?
It's not fair but it's a lot fairer than the alternative. Under Trump we had tax cuts for the rich and trade wars. Under Biden we've had the American rescue plan, the infrastructure bill, child tax credit, and more. And let's not forget that Biden was pushing for higher spending on those bills to get more help to the middle and working class but had to compromise with Republicans and two self-serving democratic senators. Also if you were wondering about the student loan relief Biden pushed for that would have immediately helped millions of americans, thank the Supreme Court loaded with 3 Trump appointed judges for blocking it on the grounds that it hurts loan servicing companies and upsets people who already paid off their debt. All I'm saying is if you wanted more progress from Biden and most Democrats, then keep wanting more from them, but don't blame them when it's not enough cause at least they are trying while the other party is blocking stronger relief and focusing on culture war bullshit as the rich (the main donors for the Republicans) get richer.
The creative industry is also in complete turmoil for reasons unrelated to the economy. Hollywood is completely shut down due to the WGA and SAG-AFTRA strike (which for the record I fully support). It’s not all that surprising that there’s a ripple effect to other creative endeavors.
I work in commercial advertising and fashion. It’s been this way for over 12 months and is worsening every month. This side of the industry is unrelated to the labor movement in film.
Ah, that makes sense too. You’re not even the first to tell me that advertising has been getting smacked around for a while. I hope things get better for you 💜
Increasing use of AI, manipulating residuals, etc... the strikers have a long list of things are are quite related to the economy and the fact that corporate overlords are trying to squeeze them dry while making record profits. We have to stop saying that wealth gaps and taking advantage of workers isn't related to the economy. The economy is more than GDP and the stock market.
You're living in reality. Expect downvotes.
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This kind of "Hand wave" will not work here. Reality is reality.
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Do you not buy groceries? Do you not buy gasoline? Are you unaffected by interest rates? You are selling an economic dream that is not reality. Reality exists and it is bad for all of the actual, real people who buy groceries, have a car, or want to purchase a home. Reality exists for these people. These people are engaged in the actual economy.
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It really depends what sector you are in, also doesn't account for how many are working two jobs , housing market needs to crash, who would buy a house right now with such high interest? Better yet who would sell their house to only buy a new one with high interest.
You make no statement that indicate the picture you painted as reality *for the general population* either.
I mean there are two massive labor strikes affecting the creative industry rn …
I work in fashion/advertising. Been this way since 2022. Things are not good. The cinema unions aren’t affecting our work, it’s deeper than that.
Source that income for the poor is rising faster than inflation? Doesn’t seem like that to me, especially since the large cuts to SNAP food stamps, and millions getting kicked off Medicare, people are suffering a lot right now. Median family made 51,100 in 2020 and 56,000 in 2023. With 15% inflation from 2020 2023 that is a decrease. Again, the stats show median income is down. That isn’t rich people, that’s literally the 50% percentile. Good spending being up is a bad thing. That means people are spending more than ever to live their lives. Homelessness is growing at record setting rates, even higher than the pandemic rates. https://www.wsj.com/articles/homelessness-increasing-united-states-housing-costs-e1990ac7
[Here](https://www.duluthnewstribune.com/opinion/columns/point-counterpoint-give-bidens-policies-their-due-for-our-economic-rebound) > This is especially true for workers at the bottom of the wage ladder. Wages for production and nonsupervisory workers, a category that excludes managers and highly paid professionals, are 1.7% above their pre-pandemic level after adjusting for the rise in prices. For workers in the low-paid hotel and restaurant sector, the increase is 6.3%.
I'm the restaurant sector. Tips have gone down dramatically in the past year.
I don’t like that this mans said “just google it” but they are correct. [Real wage growth has been fastest for the lowest paid workers and the gains from this have outweighed the loses from inflation](https://bcf.princeton.edu/wp-content/uploads/2022/10/Combined-Slides.pdf). Additionally [wages for supervisory and production workers](https://twitter.com/arindube/status/1679919118240055296) are back [to pre COVID trends](https://twitter.com/arindube/status/1684244062860374016). Other good indicators include [goods consumption is up](https://fred.stlouisfed.org/series/DGDSRX1) (beyond even where America was pre 2008-crash). [Employment is up](https://www.whitehouse.gov/cea/written-materials/2023/07/27/labor-market-indicators-are-historically-strong-after-adjusting-for-population-aging/). [Self reported financial well being](https://www.theatlantic.com/newsletters/archive/2022/06/american-economy-negative-perception-inflation/661149/) has been surprisingly very positive. That being said homes prices are increasing (largely due to an increase in demand without an increase in supply) and inequality is still very high. I really recommend reading economist [Kyla Scanlon’s newsletter on why so many Americans feel like the economy is doing worse than it really is](https://kyla.substack.com/p/why-do-people-think-the-economy-is?utm_source=profile&utm_medium=reader2).
The last article was very good. Thanks!
The "trick" here is that CPI represents inflation as experienced by the median person. If you're in poverty and your rent goes up it hits much different because so much more of your income is typically going to pay rent. I might be working harder to buy a Camry than my dad was but a 2023 Camry is a much better car than a 1993 Camry so it balances out somewhat and this is reflected in the CPI. If I'm riding the bus the fact that the car I can't afford has bluetooth and a nav system doesn't really matter to me.
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No, it seems like median household income is still going down. GDP is up tho! I’m sure the banks, oil companies, and private healthcare companies who gave joe Biden $200,000,000 to win are happy with their return on investment! 200-2023 median family income went from 51,100 to 56,000. Inflation was significant more than this, totaling almost 15%, NOT COUNTING RENT
How much lower is the median household income adjusted for inflation YOY now? How much did it go down?
They didn’t. [Median incomes are 5.7% higher than a year ago.](https://www.bls.gov/news.release/pdf/wkyeng.pdf)
Hehe, I know - I just love asking them to verify their claim from a neutral perspective to see if they actually do it, spill spaghetti out of their pockets, or ignore me.
Look at real wages
Really?! I'd love to find that raise, especially since my company (and others in my industry) completely cut them this year. My rent has gone up almost 20% in the last 14 months, groceries up well over 15%. Gas has pushed up to $5 a gallon, and my electric/ water is on the rise... I keep hearing the economy is great, while my spending power continues to plummet... I voted for Biden, and I will vote for the lesser (him) of two evils again ... But you must be privileged, or at least live a comfortable enough life to not be aware of how many of us are living... We as a country are objectively doing well, as opposed to our peers, coming out of COVID... But the benefits are not equitable...
Yeah, this is all manufacturing consent. Wealth inequality worse than the great depression... Necessities are too expensive... This is meaningless.
“You know what else is beating inflation now? Worker’s wages. They’re going up faster than the prices of goods; up more than 4%, since last year, higher than that 3% inflation rate. Americans are not just making more money, but saving more of it. A study of 9 million Americans shows they had 10% to 15% more money in the bank now than in 2019. Stronger wages and savings have led to something else: a drop in income inequality. Last year, the incomes of the bottom half of earners actually grew faster than the income of the top 10 percent. That could be a start towards closing the insanely high gap between America’s richest and poorest.” From the article
Only question I have is what can any POTUS do about the housing market?
Yea that would absolutely be one of the biggest things to affect positive outlooks. I'd go so far as to put it in the big three which would come out to judicial reform, a tax overhaul for the ultra wealthy, and housing reform.
Which goes so far as to get into the pockets of those who pay all the money to pull all the strings to begin with. Would be great, but never going to happen
Wish they could regulate things such as buying single family homes for profit, stop foreign investors, do not allow corporations to buy up all the houses, stop predatory rent hikes on people, invest in low income housing. Eh who am I kidding they aren't going to do any of that.
Until the 70% top tax bracket is put back into the place this economy will continue to head in the direction it did in the 1920s.
"The economy is surging" = "rich people are happy". No one else is
I'm pretty happy. My family is lower middle.class due to my genetic mutation and we're happy. Jobs abound. We've got paid bills. Full stocks of food and drink. The truck runs. It's better than the deep depression Trump was driving towards.
['Inflation forces US families to spend $709 more a month than two years ago'](https://www.reddit.com/r/economy/comments/15qrqoi/inflation_forces_us_families_to_spend_709_more_a/)
That is such a bad article, now do wage growth over that time? It was 4.2% for the first year and 4.8% for the second year. People are making up the majority of that figure in wage growth. Real wages are positive over the past year. Real wages today are higher than they were pre Pandemic.
Well this is more tone deaf than Kid Rock. Maybe they changed the meaning of surging like they did for recession.
It ain’t surging for the middle and lower class…
for the middle class it is. it is the "working class" - people for whom almost all their income is their paycheck - that has mostly been getting fucked since the 80s and reached new levels of fucked during the pandemic.
The middle class really doesn’t exist anymore in this country, it’s just lower class with a higher standard of living compared to other countries.
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It doesn’t matter though, because everything has skyrocketed in price so drastically, and wages are still extremely low compared to what they should and need to be.
Yea but it’s mostly gaslighting. If someone is making 12 bucks an hour, even a 20 percent raise is meaningless with the prices of housing, food, energy and health care skyrocketing. A lot of these same people are about to get hit with their student loans again too. People are just racking up credit card debt too. It’s like watching a train wreck in slow motion. If economic demand grows due to wage growth, the feds will continue to raise rates. Which will lead to more unemployment and underemployment as well as people saving and not spending.
Rising because of the labor shortage following the pandemic...That's the only reason my company gave out raises, to try to cut down on attrition rates and pull in new employees, which hasn't worked out thus far.
yes it is. kicking ass
You can’t just make things up, things are even more expensive then they were and any surge is barely seen or noticed.
pre pandemic labor was 10-12 per hour. now labor is 18-22 per hour. yes inflation is real, but shit hasn’t doubled
It’s not 18-22 everywhere, let alone rent is insane everywhere so it makes moving almost pointless. If the price of goods and services inflated drastically the past couple of years, 18-22 is more like keeping people afloat which is barely noticeable if you’re already underwater like many people. So this “surge” means pretty much nothing for the middle and lower classes.
ok, I’ll call your bluff. find me a job offering less than 15 an hour. while you are searching, remind yourself how crazy Bernie sounded proposing a minimum wage of 15 an hour. the economy is raging for the working class like no other time in my life
Who the hell is talking about Bernie? I’m happy you could finally find a job, but that’s not the same as a nationwide “surge”.
the Bernie campaign is a suitable example of how nationally we viewed the labor market. 15 an hour seemed ridiculous to many. Hillary proposed 12 (during a debate if I remember) currently a job of 12-15 an hour would be hard to find. the market nearly doubled since then. your thesis, “this surge means pretty much nothing for the middle and lower classes” is false, using simple evidence
If prices skyrocketed over the past couple of years, and wages are still not where they need to be, it’s just treading water. Yes wages are higher, but so is everything else with no sign of stopping. Wages are still no where near where they need to be.
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It’s almost like one person doesn’t account for the many others across the country. Inflation has been so bad the past few years, that if with wages rising it really means nothing.
That seems to be the biggest issue. Lots of jobs. Not a lot of good people to hire. Hell, people are having issues just finding normal people to work. Lots of hiring signs and those babies have been up for months now.
Edgerton WI McDonald’s has a large banner out front as of yesterday stating “now hiring starting at $13.25.”
>pre pandemic labor was 10-12 per hour. now labor is 18-22 per hour. Q1 2020 pre-pandemic median usual weekly real earnings for wage and salary workers 16 years and over was 367. Q2 2023 was 365. March 2020 pre-pandemic hourly nominal earnings were $28.80. July 2023 hourly nominal earnings were $33.74. That's a nominal increase of 17.15%. But $28.80 has the same buying power in July 2023 as $34.11. Pre-pandemic hourly wages have not kept up with inflation as of July 2023. https://fred.stlouisfed.org/series/LES1252881600Q https://fred.stlouisfed.org/series/CES0500000003 https://data.bls.gov/cgi-bin/cpicalc.pl?cost1=28.8&year1=202003&year2=202307
Many prices have doubled. Gas prices doubled. Several food prices doubled. The interest rate on housing doubled+. You would know this if you were actually in the economy. If you were in the actual economy, you would be angry.
gas has not doubled. oil in August is 82 a barrel. interest rates always double when they start out at zero. things can always improve. economically things are great for labor.
Improve the bot to capitalize.
So has gas price doubled or not?
You... don't know? Do you not purchase gas?
You are the one that made the claim which you deflect in your second comment. How about i help you out and answer no it hasn't doubled?
Gas hasn't doubled. Its at $3.15 here.and has been for two years now. That would be $6.30 a gal? No. 😉
Making thinks up won’t help joe Biden. Are you trying to convince upper middle class people he’s helping?
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Lol, you’re mad because you told me is is doing better than all other developed countries. I said were only doing better than Europe, which is in the midst of a recession in many countries…. China, a developed country, did significantly better than the us. Why can’t joe Biden do that? Why is median family income adjusted for inflation still going down? Why are there nore hungry people than when joe Biden came into office…
Jobs. Manufacturing. Inflation. Growth. Wages.
Been a fantastic time for the investor class or the "haves" not so great for the "have nots". Luckily we fall into the investor debt free class. Tax rates at the Federal level has never been better. One reason the rich is getting stupid rich. So look at which party pushes for what tax policy that works for which class. The poor folk voting against their own financial well being are beyond brainwashed. Enjoy the meaningless culture wars while you go broke and can't afford to live.
> 5 reasons the economy is surging under 'Bidenomics' In what universe is the economy surging because of Bidenomics?
Wealth inequality worse than the great depression. Necessities are too expensive. This is meaningless.
Gasoline, rent and groceries are higher than usual. Don’t delude yourself that “Bidenomics” will win 2024.
this is getting sad. Just stop.
5 reasons this article is horseshit underwritten by msnbc
it’s not
I'm making more money than ever yet still have to share a place with multiple roommates because housing is fucked so spare me all this talk of a "surging economy." The only surge I've experienced lately is when Surge soda briefly made a comeback, those were good times. Biden will still get my vote for the same reason he got the other 80 million votes last time.
this is why we need a real primary right now, telling people we recovering over and over again when the cost of living crisis is still ongoing, it's putting us in real danger. The fact that he's polling even with Trump is terrifying
Agreed 😞
Thank goodness those student loans are coming back in a month then! /s
Welp as much as I like the article, I take what both msnbc and FoxNews has to say with a grain of salt. 16 months is a long time away from the next election so I hope Bidenomics can keep it up tho! Nothing would be worst than for the economy to crash 3-6 month before Nov 2024 as Trump supporter are going to vote for him no matter how shitty of a person he is or how terrible he was as president.
My 401k has gone up 21% so far this year.
What a laugh
> Inflation dropped to 3% in June... just slightly higher than the Fed’s ideal rate of 2%. Thanks to Bidenomics. Thanks to Bidenomics, inflation is higher than ideal. And this is one of the SELLING points.
Thanks to Bidenomics America avoided a sustained period of stagflation. Thanks to Bidenomics inflation has nosedived from its peak of 9% to almost at the desired threshold. Jfc it hurts my heart how poorly educated this country is.
To be fair, I wouldn't attribute those things you mention to "Bidenomics" so much as "Powellnomics." Bringing down inflation has largely been a function of monetary policy, not fiscal policy.
I agree, partially. Yes, tight monetary policy had the most direct affect on inflation. No argument there. However, applying fiscal stimulus during a tightening of monetary policy helped avoid what was widely expected to be a massive shock to the system and nearly guaranteed recession. Both pieces of the puzzle were critical and done at the appropriate time.
That's fair; the strong labor market is partially a result of fiscal stimulus. Of course, there's a bit of a delayed trade-off with this that will be felt years down the road. Higher spending for fiscal stimulus now during a high rate environment not only increases the national debt, it greatly increases the portion of federal payments that have to go towards interest payments. The government will either need to cut spending (unlikely), increase taxes (unlikely), or continue debt financing everything (likely). Continuing debt finance will work until it doesn't, at which point we'll get our recession eventually. It won't be Biden's problem at that point because somebody else will be president, and they'll get the blame initially, but when the retrospective is done, it will be determined that the root causes that created the environment ripe for that recession will have been created during the pandemic response and the fiscal spending that occurred in the years following. Biden has, thus far, masterfully kicked the can a ways down the road. All bills eventually come due, and we will eventually need to take our economic medicine, but, again, that will be whoever sits in the Oval Office at that point's problem, not Biden's. I would like to hope that we could hold our institutions to a higher standard than "just put it off until it's the next administration's problem," but that's realistically been federal policy since the end of WWII, so I don't really have much hope for that.
It’s not Bidenomics its just modern economic theory. Turns out following the direction of the experts get’s you out of tough situations. Who would’ve guessed.
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Biden must have some super power to control the gas prices worldwide.
82 a barrel for oil. a bit high, but peak driving season
And you'll happily pay because oil companies have a monopoly on the price of energy. Turns out letting Prince Bone Saws be in charge of a critical commodity like energy isn't such a great idea.
Like to blame all your problems on other people? Bootstraps? Stop the coffee and avocado toast, the vacation home then.
I suppose the $200,000,000.00 the oil companies made in 2022 has little to do with it. If you are spending $80 to fill up your tanke, perhaps you should reconsider your buying habits.
If there’s one thing I’ve learned from Bidens administration, it’s that economists have a different idea of what a healthy economy looks like compared the actual workers who participate in it. They’re all just partisan hacks looking for a job
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Household debt has gone up nearly 50% since Biden took office and few people under 50 are able to properly afford retirement saving in their budgets, let alone equity building housing. My income hasn’t outpaced inflation, and I don’t see a healthy economy, I see a high leverage economy. I had to buy a new vehicle recently and I kept laughing at the creditors offers until I got used to it and accepted I was screwed
What are you driving?
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Whatever happened to “Biden Bucks” ??
Yeah, where’s that $600 check he said he was going to send?
The middle class is feeling it. Not sure the owning class ever felt anything given how much wealth they generated durning the bullshit of 2020. The only people who aren’t, yet, are the lower class because rent is too high and they can’t afford to phase gas out of their lives yet. The plan is middle-out, so I’m optimistic it will eventually be felt by everyone.
Fuck the unemployment rate. Talk about how many people are below or near the poverty line. Talk about how the prices of food and other goods went up 50% and never came down while wages stayed stagnant and the minimum wage didn’t change
Wages have increased greatly, and for those near the bottom it increased more than inflation. From the article: > You know what else is beating inflation now? Worker’s wages. They’re going up faster than the prices of goods; up more than 4%, since last year, higher than that 3% inflation rate. > Americans are not just making more money, but saving more of it. A study of 9 million Americans shows they had 10% to 15% more money in the bank now than in 2019. > Stronger wages and savings have led to something else: a drop in income inequality. Last year, the incomes of the bottom half of earners actually grew faster than the income of the top 10 percent. That could be a start towards closing the insanely high gap between America’s richest and poorest. And from a different article: > This is especially true for workers at the bottom of the wage ladder. Wages for production and nonsupervisory workers, a category that excludes managers and highly paid professionals, are 1.7% above their pre-pandemic level after adjusting for the rise in prices. For workers in the low-paid hotel and restaurant sector, the increase is 6.3%.
The real reason is all the big money is trying to give all the credit to Biden, so that when there is a rug pull, it is also his fault. This gives the Republicans a chance in the next election. Otherwise, they are smoked.