Pandemic-disrupted supply chains are pretty much righted. Inflation is already back near normal levels. Labor shortages have eased. The Federal Reserve is poised to cut interest rates next year.
We’ll still get a thousand stories about a looming recession.
No one has been talking about a recession lately. The stories have all been shit is too expensive for the majority of Americans.
And…well…they’re true.
Inflation is back near normal, but prices are not, and wages have not shifted to match those prices (partially due to the government fighting “wage inflation”). People are still worse off than they used to be. I don’t think this is Biden’s fault, but here we are anyway.
Biden has called this out. A lot of companies are still raising prices or aren’t letting prices fall. They’re still saying “oh, this is inflation causing this” while their costs fall and their profits rise.
Biden can’t stop them singlehandedly. (He’s a President, not a Supreme Dictator.) But he can call them out on it and use what powers he has to bear down on them somewhat if they don’t stop.
It might not get all of them to stop (some might risk fines because the profits would be greater), but hopefully it will direct the anger towards the actual culprits - big companies taking advantage of past inflation to raise prices.
Biden can’t stop them singlehandedly.
No but since he couldn’t stop them he decided the working class would pay the price and had the Federal Reserve fuck over the American people.
The Federal Reserve is independent of the President. They technically answer to Congress, but in reality it’s to the big banks.
Powell was reappointed by Biden. Biden is responsible for what Powell does.
This is the best summary I could come up with:
President Biden criticized news coverage of the U.S. economy as he faces growing backlash from voters over his handling of inflation.
In brief remarks Saturday before boarding the presidential helicopter, Biden expressed confidence in the economy and ripped the reporters for the way it has been portrayed.
The economy has roared back from the COVID-19 recession under Biden, who enacted legislation for trillions of dollars of economic relief and investments shortly after taking office in 2021.
Biden and his Democratic allies have largely blamed the media and Republican critics for skewing the public’s views on the economy by exaggerating recession fears and dismissing record-setting job growth.
Pandemic stimulus and restrictions also fueled a surge in home prices and rents, deepening an affordable housing crisis that began long before COVID-19.
Many voters are also struggling with the long-term changes to their jobs and industries caused by COVID-19, along with the lapse of economic relief programs that temporarily lifted millions of Americans out of poverty.
The original article contains 473 words, the summary contains 163 words. Saved 66%. I’m a bot and I’m open source!
My wages have not gone up and the prices i pay are still going up.
“fool! If you knew economics better you’d understand that your buying power is the wrongest metric. Look at the stonks you uncultured swine!”
-a super smart economist, probably
https://www.statista.com/statistics/1351276/wage-growth-vs-inflation-us/
Seems like wages have been rising faster than inflation since February 2023. BR, super smart economist, probably
So what you kinda tried to say without saying just now was that your data refutes my point. Before i waste time playing with you on a topic i felt done with yesterday im gonna make you commit more. Is that what you are saying? That your data, february 23 to today wage growth vs inflation, refutes the points ive made yesterday about massaged data being used to misrepresent reality? And this data shows me that the increased actual cost of living has been for 10 months outstripped by wage increases for Americans across the board? I need to know what you mean, precisely.
I had someone try to tell me that the economy is better than ever, people are more rich than ever, and my “personal anecdotal evidence” can be completely dismissed.
It’s no longer “personal anecdotal evidence” when 150,000,000 people are experiencing the same thing just in my own country.
when 150,000,000 people are experiencing the same thing just in my own country.
No they’re not.
Mine and my wife’s have, it’s all anecdata, but we’re doing better than before.
Min wage not increasing and prices increasing isnt anecdotal
At least where I am, no one makes minimum wage. Fast food and retail jobs are $17+/hr.
Minimum wage is irrelevant if the prevailing wages are higher. It seems like monthly we’re hearing that a union has signed a new record breaking pay agreement.
That is not anecdotal - pay is going up: https://www.bls.gov/news.release/empsit.t19.htm https://tradingeconomics.com/united-states/wages
Get in a union. Or keep changing jobs just going to wherever will pay you the most.
I have a union job and a non union part time job. Pay has gone up a decent chunk at both over the past few years.
Get in a union
Don’t just get in a union. First, get to know if what they’re doing is good for you, for the community, for the industry. Most unions have not been good for any of these in the last few decades.
If Biden wants the media to cover him better he needs to do what Republicans do: give them a simple message. The other day I saw a Biden “I did that!” sticker on a national park fee payment station. Blatantly untrue? Yes. But it’s simple and people aren’t going to research or even think about whether park fees are Biden’s fault.
“The economy sucks and it’s the president’s fault” is a simple message. But:
The U.S. unemployment rate was just 3.7 percent in November — barely above the pre-pandemic level of 3.5 percent, which was a five-decade low. Annual inflation has also fallen sharply from a peak of 9.1 percent in June 2022 to 3.1 percent in November, and the economy has defied widespread predictions of a recession.
These numbers will just be ignored. They don’t fit in a headline or even an unpaid tweet. And I find people’s natural reaction to numbers is to distrust them. “Yeah, but that’s not the real unemployment/inflation/GDP/etc”.
As for what that simple message can be, I have no idea. “Rising employment, plummeting inflation” might be an option, I dunno. But he needs to get someone in charge of messaging who will simplify things.
“Just stick with us, don’t believe the crap you see from these people, the fake news.”
—Trump
"Start reporting it the right way”
—Blue Trump
“Bidenomics”
Opinion rejected. It’s the same neoliberal trash that’s defined American since Reagan, and Republicans want to do an even worse job at.
Did you even watch 1 minute of the video?
Bidenomics
Opinion Rejected
“Rejecting” someone you probably agree with because you can’t take a second to understand their position.
Noice.
It’s a very simple and time saving system.
Let the term “Bidenomics” cross your lips without at least audible scare quotes, get your opinion invalidated.
“My numbers are dropping! This is not my fault! Release more articles telling them the economy is great and it’s all in their heads!”
