How the economy is doing has always been a contentious topic, particularly when friends and family with different politics gather for Thanksgiving dinner. And the question has gotten even thornier this year, with consumer sentiment and polling data about the economy becoming historically de-linked from official measures of economic health like GDP. It’s not our job to tell people how they should feel about the economy, but we can at least add some facts as context to common complaints.
That inflation bit is especially useful. Biden isn’t to blame for inflation despite what Fox News and the Heritage Foundation say.
The budget reductions I had no idea about.
What the fuck? Why isn’t anyone in the liberal media saying how good Biden is doing on the economy?
Because the WH keeps telling us we are doing great, but we can see that we are not. The wealthy are doing great, but the working class and poor are not
Because you cannot convince someone that the economy is doing well when they think it’s not. Inflation was extremely high for too long, and the wage gap may be closing but it’s still absurdly high. “There’s a tumor in your brain, but we made it smaller by a third.” It sounds like objective progress, but when the tumor is in your brain causing psychological and physical disability. Celebrating the progress makes it seem like you don’t care about the remaining problems.
Because the “liberal media” is a myth, they’re all owned by oligarchs who only care about their own cost to borrow capital to fund their VC Ponzi schemes so if interest rates are high they’ll try to convince everyone that the economy is bad.
Well, it’s a bit more complicated than that. The rent-seeking class prefers higher interest rates because they get higher returns on their investments. They’ve been lobbying the Fed to raise interest rates for over a decade, and they’ve finally gotten their wish.
They have been. And they’ve been shouted down more often than not.
They have? I know Biden has been going on about “Bidenomics”, but that’s clearly not working.
I’ve made many posts here discussing the impact of Biden’s economic policy. It all got shouted down by people complaining that since they don’t perceive any improvement, there mustn’t be any.
Witness also the comments reacting to this article arguing that there’s been no improvement for any but the elite.
…oof! Fair point.
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Because Dems are TERRIBLE at messaging when they’re talking about themselves.
yup on inflation. just look at the fed interest rate for the last decade. you will see how it was raising at a nice gradual pace as obama finished up and then trump bully pulpitted it down to nothing before covid even hit. if they had kept the measured pace it would not have had the bad effects of having to pull so hard on the rudder now.
Because he isn’t. It’s borderline impossible to buy a house, gas prices are still through the roof, and consumer prices have skyrocketed. The article tries to play down the latter two increases by pointing to the average wage. However, studies show that most Americans have received a wage/salary increase in the last three years. This, in turn, suggests that the average wage increase championed by the EPI (which, by the way, is essentially the liberal version of the Heritage Foundation) is more likely related to a significant increase at either the floor or ceiling of wages. With the Fight for 15 movement gaining increasing popularity over the last few years, and a growing number of states increasing their minimum wages, it wouldn’t be surprising if its mainly the floor that’s increasing. If that’s the case, the fact that the average wage is increasing is relatively meaningless for most Americans.
I don’t think you understand how bad the Heritage Foundation is. EPI, for example, isn’t drafting anything remotely as awful as Project 2025. EPI isn’t trying undermine democracy, it just provides a counter to the acid the Heritage Foundation peddles as a tonic.
I mean, Project 2025 is essentially a brief on how to reduce government bureaucracy and regulation, which has been a position of conservative economics for as long as I can remember. EPI also briefs lawmakers on how to implement liberal economic policy. I’d hardly call either of those undermining democracy.
There’s lies, there’s damn lies, and then there’s statistics
This loser upvoted his own shit! AND boosted himself! Wow, what a cuck!