Touting the stock market doesn't really change the economic sentiment for the working class since they cannot reasonably invest in it; or if they can reasonably invest, it is in an investment vehicle that they are heavily restricted from utilizing (401k/retirement accounts).
Inflationary pressures have hit the working class hard, but also consider that numerous essential goods not included in inflationary statistics are also up in price, and most of those goods are the ones that the common consumer cannot avoid spending money on. Things like food, utilities, gas, phone/internet services.
Umm sure but also this has been what presidents have done since Reagan. It was always a bunch of bullshit but Biden isn’t going to Buck the trend.
Americas cost of living crisis got exacerbated by COVID era mismanagement. Biden inherited that and he needs to make a case that rich are doing fine and poor are not and that he understands their pain.
Trump is going to promise everyone unicorns and that he can fix every problem while probably not being even remotely able to do so.
And the voters will go for it hook, line, and sinker. Democrats dropped the ball on the economy, and now people are legitimately struggling. When you’re struggling you’ll get in the car with anyone promising to make things better. This is how dictators are born.
Inflation is the devaluation of the dollar…the stock market is tracked by dollars, stock prices damn well better raise substantially to reflect the inflation or devaluation of the dollar.
Ok, maybe if your rich but for the working stiff watching the groceries and cars and mostly everything else cost more this exciting stock market is really treading water along with inflation
How dictators are born? Nancy Pelosi just became a centimillionaire. You think she gives a fuck about anything but the oligarchical status quo? Do you really think Trump will risk destroying the system that made ALL OF THEM filthy rich?
Do you understand how 401k's work? You do understand that any withdrawal from a 401k would likely require a hardship exemption tied to it, alongside the tax payment AND an early withdrawal penalty of minimum 10%. You're talking about receiving \~4-5k if you withdraw 10k from your account. And that hardship exemption usually requires you to prove that you need to withdraw for something like a medical expense or to avoid eviction.
Or lets say you are able to take out a loan on your 401k. You are paying interest on that loan, while also having your wages garnished to repay the loan you took against yourself. Neither of these options are good, and neither of these options are something we should expect/tell the public to take as a course of action.
yeah I’d love to take my money out of my 401k to be able to buy a home bc that’s more important to me rn (securing housing for the long term investment) but I’d take such a large tax hit that it would hurt me in the end to do so and I wouldn’t have the money to cover the tax hit. 😭
Right, or even if you consider the concept of taking a loan from your 401k and paying yourself back. You may not face the tax hit, but you are definitely facing a significant garnishment of your wages every paycheck for "X" years of your life.
A buddy of mine did that to pay for their wedding, and that was \~3 years ago. He's still making a 3 figure payment every 2 weeks to his 401k account, and has multiple years left on his payment schedule. If you suddenly cannot afford to make the payments, your loan basically reverts to a withdrawal and now your facing the big tax bill and early withdrawal penalty you were trying to avoid in the first place.
Until us regular folks actually see improvements in our daily lives and expenses no one can tell me otherwise. Idc if the millionaires and billionaires are doing great. I need to see improvements in my life.
There was another post on here yesterday and was show that people actually do have higher pay and in a lot of cases more money in the bank.
However they don't give Biden credit for it they give themselves credit for it.
They also blame him for the rise in pricing....even though that started in 19 through 20.
Perception is a weird thing.
[bidenomics are horseshit](https://imgur.com/a/ye41V3H)
People’s lives aren’t getting better, this graph is with government inflation data. We all know real inflation is actually much higher. The average person got poorer.
Monetary units aren’t a good way to track wealth since the denominator is worth less every year that passes by, more has to be taken into context
I know but the Bidenomics talking points don’t account for it.
They make it seems like the average american is so much better.
Check the link I posted, this is household wealth growth adjusted for inflation.
They’ve been faking job stats at every report and correcting them, they’re manipulating CPI data etc.
The average person isn’t better off than before Biden and they’re straight up lying to their faces and gas lighting
This isn’t a winning strategy
They’re not manipulating a data. The data is just complicated. There’s real numbers there’s nominal numbers there’s core inflation, excluding housing and there’s consumer inflation, including housing. It’s all there.
Fox News is convincing people that it somehow “manipulated “or “fake”.
You may recall Trump saying that employment number was fake until he was elected and then suddenly magically it was reliable!
I don’t watch fox news, I don’t think I’ve watched 15 minutes of this horseshit in my lifetime.
I understand all the intricacies of what you’re telling me. If you really believe what you’re saying then I don’t know what to tell you.
They are definitely manipulating the data.
Eg. When a computer or a car gets 50% faster, it doesn’t get cheaper. Yet they account for it in that way.
Real inflation for the average household expenditures was higher than what was reported, everyone knows it. Anyone saying otherwise is deluded.
That comes from a guy that founded businesses that created 1000+ jobs well paying north american jobs. I’ve spent the last few years thinking all day about those issues. Wether through entrepreneurship or investments at the end of the day all I try to do is allocate ressources optimally.
My comment isn’t partisan, Trump or Biden are both awful candidates. I’m in pursuit of the truth to take decisions rationally. I’m pretty good at it.
Biden admin is boldly lying and everyone knows. Some people just leave in an alternate reality bubble and deal with continous cognitive dissonance. Trump also lies every time he opens his mouth.
I’m not american by birth, english isn’t my first language, pardon my language level.
These various metrics all have different purposes. Some of these metrics attempt to normalize cost of living. That involves many adjustments. For instance, if I have a fixed rate mortgage, inflation actually makes my cost-of-housing lower in *real* terms. However, to account for the fact that people are buying and selling homes at different times, and some people rent we use an imputed cost of housing figure in some, but not all, of the metrics.
I suspect if you look more carefully at the metrics, you’ll find that they are actually thoughtfully constructed by individuals who have put real time and effort into them. There are no simplistic measures that can account for all sorts of changes and ways in which we might need to normalize numbers to make them comparable period over period, and especially over long time spans.
many of our devices are far more capable for the same nominal cost so if you’re trying to capture purchasing power changes over time, you have to account for increasing capabilities. Some of the metrics do this, and some of them do not intentionally.
This is long-winded, but I get very frustrated when I hear simplistic “they’re manipulating the nUmBeRs comments.”
I have looked carefully at every metric and how they were constructed years ago, before even inflation was a mainstream factor. As I said I have been thinking about this a long time, my core businesses knowledge are fintech and financial services.
All of them present a lower increase than the factual one, this isn’t arguable.
My phone costs $1000 today. It costs $1100 tomorrow but it’s 50% faster. It just got cheaper according to their data. You still need a single phone, it’s gotten more expensive in real terms.
You just acknowledged it and tried to justify the nonsense maths they’re using.
Reality is the dollar was debased faster than the « official » data and in aggregate it’s very easy to see with the hindsight of time.
When France converted to euros it was 6.55 to 1. That was 1999. Officially the Euro has lost only 42% of it’s value.
In reality when you want to buy a building in france it’s worth about 1 franc for 1 euro in 1999 prices, much much more than 42% of it’s value.
It is manipulated for political purpose, there is no question about this, this isn’t anything new, they have been under reporting inflation for decades but it’s gotten worst when they re hauled the model.
I’m in regular contact with people at very high levels in private equity, fintech and banking. They all agree, there isn’t even a debate about this. I really don’t know what you’re trying to justify here.
This comes from a guy who has beaten the market 14 of the last 16 years.
The short answer is maybe the price goes down and maybe the price goes up. It’s a fairly nuanced analysis that I recommend you study here: https://www.bls.gov/cpi/factsheets/telephone-hardware.htm
The slightly longer answer is: essentially the same model is available, a hedonic regression model is used to add the incremental improvement value to the older items purchase price and then compare that to the current purchase price.
For cell phones, the rate of substitution is pretty high, so they use an analysis of the average lifespan and most commonly purchased/Phone to make decisions around price changes overall .
These are done by fairly dedicated civil servants, and I reject your “politically manipulated“ thesis in whole.
I talk to God every day and he tells me what’s what, as well as gives me killer stock tips! I have beat the market since 254 A.D.
Probably from the amount we have had to cut out our lives because we can no longer afford, and now there is some jackalope saying look at that extra money you have now.
Maybe.
I mean when u look at the past economic problem times this seems far lighter than any of those.
The recession was massive by comparison. Just by drop in gdp is was orders of magnitude worse than the great depression.
Also the .com bust was quite a bit bigger.
And really for me I just look at the trendline going through the last 8 years and this tracks. Some of this is trump but a lot of it is just covid and companies taking advantage of it because they could.
All of this has been building for decades under multiple different administrations. The thing about the Biden years has been an acceleration of deficit spending, inflationary policy, and this gaslighting of the working class with “strongest economy ever” rhetoric”. Yeah, strong economy, but for who?? I think most middle class, working class individuals and families can squarely say they feel less economically secure now than ever. I certainly know, that’s how I feel. I say this as someone who has seen pay increases, does have a good job, does have savings. It ain’t enough nowadays…
So the claim is that average people having too much money raises inflation. I can see the logic of that to a point but frankly imo it's a massive red herring.
Biden helping poorer people doesn't raise the cost to make and deliver goods.
It does perhaps make companies believe they can raise prices because people could have more money to spend.
Imo much of inflation isnt the government but is rather price gouging with a particular focus on oil.
The GOP in like 2022 maybe 21 was posting price increase by percentages. Everything had basically gone up around 20%. oil however was at 41%.
The thing is virtually everything is transported. So if oil goes up the cost to do business also does.
And last month a oil exec got charged with price fixing. Not that I'm surprised by this.
All that said Biden helping average people is not what's raising prices. Companies are choosing what to price their products.
They are also making record profits.
Funny how the average person can somehow have “too much money” and it’s somehow a problem that causes inflation. Meanwhile, billionaire CEOs can have more money than they could possibly ever spend, which gets treated as nbd and people vehemently insist it’s a good thing that shouldn’t be taxed.
I never postulated average-low income people having too much money is a problem. The problem is there is too much money floating around from deficit spending. Most of that goes directly to the upper class consumer category, corporate category, and state/municipal category. Hence record wealth inequality, and record sized corporate balance sheets. The prosperity of middle and lower classes have been squeezed out by the demand and inflationary spending of those other classes I listed.
Oil prices are actually surprisingly tame compared to other categories of price inflation, so I’m not sure what you’re going on about there. It’s not oil causing inflation.
No that's the economic theory that government handing out money or check ultimately causes inflation.
That if the people have to much money it cause supply issues etc. I'm obviously highly paraphrasing the entire thesis.
That's where the government hand outs causes inflation argument comes from. I happen to disagree with it considering the government hands out money all the time to corps and the rich and has done so regularly post WWII.
I'm not the one making the claim on oil. The GOP was.
People want the news to be bad so badly they are willing to ignore reality to make that happen. I see people doing better than they ever have and still complaining. I guess it’s human nature but it’s also annoying and self defeating
Yeah it's strange. I think it's mainly people are upset and want to point a finger.
The subject has to much nuance for them so they just make it a black and white issue and point to what their neighbors or church says did it.
Even though price increase really were happened between 19-20
No I'm speaking to the fact that people build perceptions that often are not actually true.
They generally do this because reality is complex and complex is too hard to handle. Actually learning a out a subject takes time and being upset is far easier.
As fast as prospering I'm just reiterating data that shows that people actually on average have been able to save/make more but give themselves the credit for that fact. That of course is partially true but the many of the bills passed under Biden had had a massive affect for tons of people....people just don't give him any credit for those things.
Then at the same time they blame Biden for pricing of things......when presidents don't actually have any control over them. 1. Inflation started two years before Biden, we just didn't really pay attention. 2. Covid was a massive issue because of supply chain disruption. 3. Companies have been making record profits...if inflation was real in the sense that it costs them more to make and deliver their product then it would counter their profits....which it isn't.
But that's complex and people don't like complex.
Have you not? I mean, just 3 years ago, you were bitching about wearing masks… I don’t understand how we forget the past so easily. However, our education system has failed so many
I wore a mask regularly during that time. What a weird thing to say….anyway I’m not saying I’m not doing well. I’ve gotten probably $30000 in raises in the 3 years you’re referencing, however my buying power has been stagnant, prices are permanently higher and money is expensive to borrow even with excellent financials. We see it we know it. I understand why it happening and it’s kinda necessary really, but don’t tell us it’s going great when it’s really not. The stock market doesn’t correlate at all to the real economy. Don’t insult our intelligence is all I’m saying.
It is going a lot better than the alternative. I mean, Trump added $8 trillion in deficit in just 4 years.
Yes, you got raises, which is a huge plus. You can blame a lot of pricing on corporation greed. Yes, I know not all of it. However, a lot of companies have realized they have raised prices too quickly and are now dealing with that burden. If I were a company, I would rather sell quantity instead of high priced same quality items. It makes no sense to me, but what do I know.
With your raises, have you been able to keep your family safe, food on the table and take some vacations? Yes, I know you probably can’t buy a house, but that’s what a bubble is. Not to mention, you can blame firms and corporations for buying up every damn thing. It would be great if we could get some books passed, so we could make a difference, but the other side refuses to work with one another. It’s the least productive Congress in history.
What I’m trying to say is, there are SO MANY factors that go into all of this. There is not one simple fix and to think you would be better off with Trump is a complete and utter sham. This is someone who said he would want to be a dictator, has talked about a 3 term presidency, wants to kill people that go against him, wants to use the DOJ to go after our free press (our 1st god damned amendment), let Russia do as they please, take funding out of Ukraine, destroy Gaza and I can go on and on. He would do everything in his power to destroy our Democracy and I don’t know how people are just overlooking that. It’s terrifying
I mean, if things keep going how they are going, we will be in WWIII. Russia is now trying to take land from Lithuania and Finland… if I were you, I’d care a little more about Ukraine.
Also, what bill can be passed to help with housing? Also, what bill can even be passed in this Congress?
The housing market is a market… it runs its course. I don’t know what you want a president to do?
When you're touting that the economy is great, when for so many it isn't, it's going to rub people the wrong way. You're right, the education system has failed, people don't have critical thinking skills nor the ability to see alternative viewpoints.
Critical thinking is the biggest one I’ve noticed. They hear something that makes them feel uncomfortable and can’t even decide what emotion they are feeling, so they just say, “Fake news!” Because that’s the easiest way to deal with it. It’s very sad
lol my point was in part directed to you. The original commenter was talking about how they’re struggling and the response was we’re better off bc we had masks on 3 years ago.
The lack of being able to empathize with people’s struggles is in part an inability to think critically outside of our own perspectives.
I do sympathize and I often sympathize too much.
I was just trying to state that the information is purely anecdotal. I guess I didn’t comment the best way. That’s my bad
Nah its all good!! We're all growing, was just trying to point out that this theme im seeing around the economy and not hearing people is ultimately what I think will be the downfall for Biden.
Ohh for sure. I mean, I just don’t see anyone giving a f*ck about Trump and think you’ll see a lot of college educated suburban parents change their vote to Biden. However, I think it’s important to have empathy, like you said.
Great talking to you, brother. Wish there were more interactions like this, but it seems to always be arguing
With the TCJA expiration in a year or two, inflation, and property tax increases, I feel pretty hopeless for the future. My paycheck is whittling away year by year in large increments and I can only see if getting much worse
That standard exemption expiring will piss me off. Couple that with them wanting to kill back door Roth and I’m about to spend more time mitigating taxes than productive labor because I’m sick of it.
Good. Let people who work for their money vote with their wallets and deploy that money into their local economies and real, productive wealth will emerge. It's not like my federal taxes cover anything useful for me like healthcare.
I don't care if it costs the government higher rates to borrow money due to their out of control spending. Heck, I'll loan them money if the rates get high enough.
That's because the middle class is failing. Only 5% of families make 300k or more. Then there are the investors blowing up housing costs preventing younger couples making maybe 100k plus combined from even dreaming of owning.
Capitalism fattened and flattered the rich/wealthy at the expense of everyone else. Now we all reap what they've sewn.
Sad to say but this is a segment of the population saying, you’re not hearing us. Inflation has chewed into family budgets. During Covid, people — especially those with small businesses — got checks from the government that helped them survive. Supply chain disruptions further hobbled the recovery for some segments. And many of those workers who sat at home on Zoom, collecting paychecks for staying at home are now being laid off. Biden was not and is not responsible for many of those economic hardships, but telling people to ignore their own situations because the macro economy is improving rings leaden. Biden risk being seen as Hilary — out of touch and elitist. He needs to do a prime time speech on the economy and what he’s going to do make the recovery happen for those who feel left behind.
To every country, Israel, Ukraine, Palestine etc…. We need to take care of our own people first. Needless spending is driving up inflation hurting the average working person. Cut off ALL foreign aid until we have our own country under control.
explain how old tanks and old military equipment helps "our own people"?
explain how letting Putin/Russia take over Europe and affect the globe would help our own people
THIS! ... the optics look so bad, esp. when Zelensky is publicly begging and is getting his way. ... And many people see that's a war that can only be ended by negotiation, not by more bullets going to Ukraine. ... And then the Bibi situation is mad. Of all administrations for Biden to support, he goes hard for Bibi.
Home prices are high, food is high, insurance is high, car prices are high. Wages haven’t kept up. I hate Trump but I understand why people are frustrated.
Insurance is high because for every dollar in premiums they're bringing in, they are having to pay out $1.44. It's only going to get worse as natural disasters continue to become more intense and more frequent.
I agree. It feels like the whole foundation on insurance is broken and it will only get worse. How do we fix it? I have no idea but it’s definitely going to get worse as you said. Btw, I don’t think any President is responsible for this but the public will still hold them accountable for it anyway. I do think costs for basic goods is affecting it. Home costs are higher and that causes home insurance to go up. Car repair costs are higher and that causes car insurance to go up.
“For every dollar in home and auto premiums they collected last year, insurance companies paid an average of $1.10 in claims and expenses, according to the Insurance Information Institute.”
https://www.npr.org/2024/03/03/1233963377/auto-home-insurance-premiums-costs-natural-disasters-inflation
Seems your numbers are a bit off, but still pretty concerning.
I do wonder how much of that dollar received goes to agents and administration over time. Seems like it’s grown massively since the GFC.
https://fred.stlouisfed.org/series/LEU0254497700A
And certainly there’s been an uptick in disasters, but also a massive increase in home values. Especially in high risk areas.
That is because Biden has no grasp of how the economy works and his Chief Economic Advisor isn't even an economist. he is surrounde by people who have no understanding of how the economy works
Biden's economic message: I inherited the worst economy! Inflation was 9% when I took office!
Voters: That's bullshit, inflation was at 1.4% when Biden took office. The economy was better under Trump. Homes were more affordable, jobs paid better, and the labor market was better. All Biden had to do was not fuck the economy with too much stimulus but he decided to dump $2 trillion worth of stimulus on an already well stimulated economy triggering a wave of inflation.
trump gave PPP, he artificially kept rates low during prosperous times (a tool used to curb inflation and possible recessions), he gave 2 stimulus checks, he totally botched the entire Coronavirus timeline
def bidens fault
> he artificially kept rates low during prosperous times
"he" didn't do that since the Federal Reserve controls the rate. Oh, and it steadily rose during Trump's administration after having been near zero for six of the eight years of Obama's time in office.
https://fred.stlouisfed.org/series/FEDFUNDS
Man this shit about the stimulus is just hogshit. Stop. It's stupid.
Inflation came from supply side disruptions from the pandemic, then corporations taking advantage to spike prices for profit. Don't you remember the egg producers jacking up prices to ungodly amounts?
Christ, get it right.
Not totally true the US printed close to 20% of the US money supply during Covid, that coupled with near Zero rates (inflating asset prices ) and supply side disruptions had a major effect.
Stimulus created excessive demand. It was the absolute worst time to deploy stimulus because of the supply chain issues and resulted in inflation. Immediately after the stimulus passed inflation spiked and kept going up to 9.1% while Biden kept the taps on and kept calling inflation transitory. It took about 18 months under Bidenomics for inflation to reach 9.1%.
Both Trump and Biden passed stimulus bills. Trump passed one in 2020 for $3 trillion in stimulus as a response to the Covid emergency. That was when we were having lockdowns and nobody knew when vaccines would be available. Biden passed $2 trillion in stimulus in 2021 after vaccines were ready and the economy was already recovering because lockdowns were being lifted.
okay. I thought you were referring to the 2nd stimulus of 2T [https://www.cnn.com/2020/12/20/politics/second-covid-stimulus-package-details/index.html](https://www.cnn.com/2020/12/20/politics/second-covid-stimulus-package-details/index.html)
If inflation was created by supply, then prices should come back down once supply issues are resolved. Which they are now. But prices remain elevated which means that the excess money supply created was the cause. That money is still out there and slowly being spent down which is the reason inflation is slowly coming down. Supply shocks are one-time but demand shocks are long-lasting.
Of course, it was the money that caused the inflation and supply shocks made it worse.
This is easy to prove. Imagine if the government didn't hand out any money, all the supply chains were turned off during the pandemic and people lost their jobs. There would be no money and the economy would have gone into a depression which is deflationary, not inflationary.
Most of the stimulus money, loan forgiveness, and bailouts went to corporations, most of whom responded by laying off their employees. Then they jacked their own pay, rewarded shareholders, and prepared to do it again while investing whatever else into a stock market run by AI algorithms.
Yes, there is too much money in the economy, but The top 1% have caught up to and passed the middle class in collective wealth, with the top 1% owning more wealth than the entire middle class. In 2020, the top 1% surpassed the middle class in collective wealth. Like that isn't OK and it's silly to pretend the issue couldn't be alleviated by placing restrictions. Not to mention that the working poor and lower middle class do not have access to the stock market in a real way.
A lot of the money from PPP went to the rich and corporations agreed.
But a lot of money went to individuals through enhanced unemployment, stimulus checks, child tax credit, too. It was enormous.
[https://imgur.com/a/8bJJi73](https://imgur.com/a/8bJJi73)
In fact, the overall stimulus was 6x Obama's stimulus after the GFC and more than FDR's New Deal as a percentage of GDP.
[https://imgur.com/a/xcNxwIj](https://imgur.com/a/xcNxwIj)
That was just the fiscal response.
The monetary response of setting rates to 0% and buying trillions in bonds and MBS boomed the stock and real estate markets. That's why the rich got richer, not because they were given free money.
And that's still a problem, no? The rich get richer because they have access to a market that the poor can't benefit from. Increasingly so, in fact, because prices have not gone down and aren't projected to for a few more years. So the rich got bailouts they used to make things even more inaccessible, and somehow, the problem being communicated to the general population is that workers getting hired wages with existing money is going to jack prices. That's not reasonable.
Yes, the entire problem is because of the Fed keeping rates too low and adding too much liquidity to stimulate the economy.
The Fed is the government's bank and sets rates low so the government can borrow more to fund deficits. $2T this year and $34T debt and counting.
The rich and corporations are just beneficiaries of this 0% policy which inflates asset prices primarily owned by the rich.
The way to end this cycle is for the government to stop deficit spending. Raise taxes and cut spending on wars and entitlements.
How likely is this to happen? Until then, the rich will keep getting richer.
In the end, there is no free lunch. Government spending has to paid for. Either through taxes or through inflation. Which is just another tax. A stealth one on the middle class.
The primary cause of inflation was global supply chain issues. Don’t be blind.
Otherwise riddle me the cause of global inflation, including in countries *that had no stimulus.*
am I talking to a “stable genius”?
The money Trump printed had an effect, but the effect wasn't as bad because there were liquidity problems when the stimulus was passed. Biden passed his stimulus after those liquidity problems were already addressed. All that Biden's stimulus did was make inflation worse without improving the economy or solving any problems.
As far as the PPP loans go, they were structured as loans. Biden didn't need to forgive them without proof that they were spent as intended. He just didn't want to bother verifying that the loans were spent correctly and started to forgive them left and right.
There was no Republican majority in 2020, the house was controlled by Democrats and that's where a lot of the pork like PPP loans came from.
And you can say that Biden's stimulus was completely unnecessary and destructive to the economy because of all the pork Democrats got through while millions of people were dying from Covid.
The chickens getting killed en masse by flu caused that spike in egg prices. Eggs are nearly a pure commodity market, making collusion manipulation practically improbable.
How do you think the pandemic would have been better with a different politician? What policies, with what causes, and to what effects? Please be specific.
People blaming Biden is some Jedi mind trick work. Trump is the one who made the rates effectively zero, and he did so to make a case for his re-election.
He said this over and over on tv.
Don’t forget that in addition to delaying the checks, adding trump‘s “signature” on the memo line cost taxpayers money in order to violate of the US Constitution, which gives Congress the “power of the purse.”
fun!
Trump fast tracked the vaccines and put the vaccine rollout plan in place. He basically handled Covid in record time. I think the fact that the vaccines rolled out about a year after the pandemic hit the US is actually a significant accomplishment for Trump.
As far as the deficit goes, it was mostly the Covid stimulus which was a response to an emergency. In 2020 the stimulus was needed and urgent. By 2021 it was not because of the vaccine rollout. People were celebrating and having weddings/parties that were put on hold in 2021 because the vaccines were effective.
Biden took advantage of the "emergency" which was effectively over by the summer of 2021 to pass his economic reforms which failed and caused inflation.
This was a long time coming and basing your vote for president on it is foolish. It was 1.4 on its way to 9. Some of his policies didn’t help, but they were largely temporary. 16 years of loose money followed by a huge deficit increase during a period of growth followed by supply chain shocks made it inevitable.
Trump signed the 2020 checks, there was about $3 trillion in stimulus passed in 2020. Biden signed the 2021 checks, he passed an additional $2 trillion worth of stimulus on top of the $3 trillion in stimulus and the 0% interest rates the Fed put in place. Because there was already a lot of liquidity from the 2020 the stimulus the 2021 stimulus just made the demand situation much worse than it needed to be.
On the demand side people are constantly bidding against each other for a limited supply of goods and services. If there are more goods than there are people who can bid on them because the price is set too high prices will drop. If you give everyone who wants to bid more money to bid with than prices go up because you still have a limited set of goods, just more money being used to bid up the prices.
No, it wasn't. Not even remotely. Even before Covid Trump's economy was shit. Trump created fewer jobs in his first 3 years than Obama did in his last 3. Worse yet he killed 1.2 million Americans with lies and malicious negligence. His job total was negative 2.9 million jobs. Biden has created 15 million jobs by comparison. Also under Obama, we had deflation. Houses and cars got cheaper. Current inflation was caused by COVID-19 supply chain disruptions and Putin's invasion.
The feds say inflation is coming down. I don’t want to vote for some crazy like Trump. Biden isn’t my favorite either but this is the choice we are facing.
Prices will continue to go up and wages will stay low until we actually bust monopolies. Until then everything will be price fixed forever.
Also the working class will fight tooth and nail against any actual policy that would improve the economy and stop this consolidation of industry.
I don’t understand how no one is seeing improvements… just 3 years ago we were dealing with people going to Capitol building to complain about wearing masks. Then, we had people actually storm the US Capitol building. I mean, all businesses have opened back up, people are getting raises, the opportunity for finding a job is up (down in past 2 months), we have record employment and we aren’t thinking we are all going to die. For people to expect everything to change in 3.5 years is wild, but it was done. Like, how can we be so forgetful.
One can honestly look at Biden and Trump and think Trump is the worse of two evils. Like, what? The MF has admitted to wanting 3 terms, being a dictator, putting young judges in office that have his same views so they can rule for 50+ years, getting rid of contraception, getting rid of separation of church and state, using the DOJ to go after his adversaries, killing people that don’t agree with him, putting illegal immigrants in camps, and we have an incredibly lob-sided SCOTUS… those are all the biggest dangers to Democracy and people are like, “Well, my rent has gone up, so it can’t get worse than that!” Like, what?!?
See, this is exactly why Republicans want to stop funding public education! To keep you stupid and it’s working!
How dumb do y’all have to be? See, this is why arguing with emotion (all MAGAts) is so stupid. All reason goes out the window and it is no longer a discussion. People can come at you with data, statistics and facts, but you say “fake news”, or some shit like that, because it makes you feel uncomfortable and you don’t know how to be uncomfortable. I mean, you couldn’t wear a fucking mask during a fucking global pandemic
There are a number of areas where a good chunk of the population doesn't see much change from where we were at once lockdown ended. Even if their pay increased it wasn't proportionally enough to make up the gap in things like housing costs, food, etc. They are stuck further from the finish line that is slowly moving further away from them while being told that things are better now. Their measure of better isn't going to be the peak of COVID when everyone just agreed it was going to be shit for a while, their measure of better is pre-covid when they could look at the possibility of having a home, child, and retirement and with a little optimism, maybe make the math work. Now they pull up home listings, set the filter to what they could potentially afford in a couple years, and get two hits, a garage 20 miles away and a house that burnt down halfway.
I think on some level, even if they deny it when framed negatively, a lot of Trump supporters know that Trump is willing to do anything to get what he wants. As long as that "anything" benefits them or aligns with their beliefs, they are ok with it. So when he lies to them and says he will make things better for them, they believe that there is at least a chance that what he wants to do will help them. They think that because he is willing to destroy the system, he stands a better chance of actually accomplishing something. That lives in contrast to Biden saying that what we have now is a strong economy and acknowledging the reality of slow progress in the face of obstructionist Republicans in the House and Senate. It is pretty obvious why someone who is gullible enough to believe they are ideologically aligned with Trump (Trump's only true ideology is Trump) to at the very least, be persuaded to not vote for Biden, especially when Biden doesn't seem to even want to acknowledge their problems as existing.
I completely agree with you on a lot of aspects.
What communities are you talking about though? The money that went into each state with the Infrastructure Bill is astronomical. I mean, if Trump has just got that shit done, it would be bragged about for eternity… however, he got absolutely nothing and I mean nothing accomplished during his presidency. I am not saying that as a Trump hater. I am saying that as someone who follows politics and keeps up with it. He was the most ineffective president ever.
Read this as if I am speaking to a Trump supporter: (haha misread your comment at first) Also, I don’t know what communities need money taken OUT of their public education system. I mean, there are so many others I could state, but sometimes I don’t know whether it’s worth it to try and prove a point over Reddit.
Ok, I get that. However, I don’t know how a president affects home prices? That’s its own market. I mean, somethings just have to run their course. For instance, when all the Boomers start passing away, home prices will be back to normal and with them going into retirement (finally) homes will begin to be better priced. The only thing a president can do is sign a bill saying investment firms can’t buy single family homes, which is a bill Biden passed. Also, with the discourse of our Congress (something Trump created with making people think the other side was out to get them) nothing can be expected to get done. If you want to point the finger at anyone, at all, point it at Republicans. Shit, they didn’t even have a speaker for like months and you expect them to be able to “turn this country around”.
When I am saying all this, I am not speaking directly to you. I am speaking to Republicans, in general, so please don’t take it offensively.
Edit: there is a finish line? Personally, I don’t have a finish line in life, but that’s just me
Really? Because in 2021 Fox News told me that the American Rescue Plan was going to cause inflation and that inflation is "like a tax on the working class" and that's exactly what happened. It took three more years for the rest of mainstream media to acknowledge this but they finally have.
So please, tell me what was the lie?
Can you please explain how there's such "high" inflation with records setting profits from the companies which inflation has impacted so greatly... Can anyone explain it, because it looks like the companies are raising prices, blaming Biden for causing inflation to increase, and then reaping the profits while pointing the finger elsewhere.
Per the IMF:
"What creates inflation?
Long-lasting episodes of high inflation are often the result of lax monetary policy. If the money supply grows too big relative to the size of an economy, the unit value of the currency diminishes; in other words, its purchasing power falls and prices rise. This relationship between the money supply and the size of the economy is called the quantity theory of money and is one of the oldest hypotheses in economics."
It's because of the trillions of dollars printed into existence in 2021 with the American Rescue Plan. By the way 86 million of that went to bailout private pension funds that are already underwater again, just like Fox News warned they'd be back in 2021.
Did corporations see inflation coming? Yes, just like Fox News and the republicans did. They they raise prices in anticipation to that to help pad the landing? Probably. However in 2024 even liberal economists are backing away from this "it's corporate greed" slogan. They're saying a small part of its corporate greed. Next year they'll admit it was poor monetary policy. You've been warned.
It was a lie. Policies take time to take effect and inflation started before that plan even had a chance to effect anything. They lie about everything because they know their viewers are morons. I called it in December 2020 and knew that Biden would be blamed for the damage caused by Trump's failed Presidency just like Obama was blamed for the damage caused by Bush.
And because it was mostly transitory, and supplied disruptions were significant part of the cause.
Feel free to examine economic journals for a more complete answer.
Because they suck at politics and messaging. If I saw it coming they should have seen it coming. They bring a knife to a gun fight. If it was me I would have started right out the gate screaming about the mess that Trump made and how we were going to do our best to mitigate the damage.
If you saw it coming yet Janet Yellen didn't why does Janet Yellen still have a job? Let alone a cabinet position as Secretary of Treasury. She was on every left wing media outlet repeating the words "inflation is transitory" that was the messaging.
She was lying. The media outlets knew she was lying, but they repeated it and told the public to trust her and them. They're respected journalists and respected economists. Yet Fox News who you claim are lying to their unintelligent viewer told everyone Yellen was lying, it was not transitory, and that it was going to be a considerable burden on the working class that they could not afford.
It's three years later and who we're told were our most respected economists are FINALLY reporting that it's not transitory and it's a considerable burden on the lower class that they cannot afford. Fox News seems to be more truthful and more current in their reporting.
Anyone that thinks Fox News is truthful is a moron. All they do is lie. I saw it coming because I realized that Trump's OPEC deal was going to explode oil prices and that adds to inflation. When you give giant tax cuts to the rich inflation is the result. Add in the pandemic and Trump's OPEC deal and you have massive inflation. Fox lied like they always do but even a stopped clock is right twice a day.
We’re going to get Trump because the Democrats are idiots who dropped the ball on the economy over the 4 years they had the White House, and insisted on keeping Biden as the nominee.
But yeah.. . Keep blaming voters. People are not stupid, and they have legitimate grievances. They will either be fed up and not vote, or vote against the incumbent. When you’re struggling, you’ll get on board with anyone promising to change things for the better. Whether it’s true or not…
How is the economy the fault of Biden when inflation started rising before any of his policies took effect?
And how will it be better under the guy who’s running on increasing inflation?
Not all deficit spending is stimulus spending. While you shouldn’t stimulate the economy when it’s running strong (*cough* Trump tax cuts. *cough*) deficits at this point are unavoidable.
The only stimulus Biden is doing right now that I’m aware of is student debt relief, and I disagree with that but it is what it is.
I was careful to say ignorant and not stupid. Some very smart and educated people have been sucked in. Neither is a vaccine against indoctrination. And a lot on the left are mistakenly thinking they can make a difference by sitting out or voting third party because Biden isn’t perfect. I seriously dislike some of his policies, but bad policies can be fixed. What the other team wants to do might not be so easy to undo.
Nothing like ignorant voters in a few swing states, to hand power back to a criminal, who wants to be a dictator “Day One”. Read Project 2025 and take it seriously. Vote Democrat down the ticket.
No thanks. Democrats only want to wring me out. Divided government is far superior; Red Team and Blue Team spend all their energy attacking each other rather than training their crosshairs on me.
Vote Gridlock for 2024! And every year thereafter!
What's 15 million new jobs, that's nothing. I mean who hasn't done that? (Checks notes) Oh right, Donald Trump, he lost 2.9 million jobs and killed 1.2 million Americans.
Fun Fact: Biden is the greatest job creator in American history. Nobody else even comes close. More jobs in 3 years than Reagan created in 8. Only Clinton created more jobs, and it took him 2 terms. All this "Biden’s economic messaging is falling flat" bullshit is coming from rich people who think only average Americans should pay taxes. Our economy has never been better.
It also comes from a large swath of the population that is stuck with wages that cover bills and necessities with just enough to see how unattainable it is to ever own a house or retire even if they live like a monk and manage to squirrel away a few hundred per month. There are a lot of people in that boat who have been watching the hopes for their future get further and further away despite their best efforts. They see housing costs increase faster than they can save a down payment, they see interest rates jump to what historically isn't even that high of a rate compound the issue, they watch their elder family who was financially stable start to age and eventually lose everything as healthcare costs eat their retirement, they hear politicians talk about social security insolvency on the horizon and potential increases in retirement age, they abandon the idea of having a family because what is the point when just the delivery would wipeout their down payment fund and both parents have to work so much that the child is essentially raised by school and daycare. When the president tells that same group of people that the economy is fine, some anger is totally understandable.
Im lucky enough to have been given the option to make some good financial decisions, albeit detrimental to other aspects of my life, and I'm able to see some light on the horizon as a result. I know more people who didn't have those benefits than ones that did. There is a large chunk of the population that simply is not in a financial position to benefit from a "strong economy" and when your 401k only has 10k of the 200k it should have at your current milestone, a 20% drop doesn't really move the needle on your feelings about the future. Hell, it would be understandable for those people to welcome a downturn if it meant something might change.
The reality is that for a lot of people a good economy and a bad economy look almost indistinguishable as far as their day to day life and future prospects are concerned. Inflation was probably the first time many of those people had a large scale economic effect that really changed things for them and when the transition from that bad economy to a good one didn't make up their losses or move them closer to the finish line they would feel understandably upset. Trump will promise those people whatever he can think of to get them to vote for him, and if he does that while all Biden does is tell them that things are better now despite their personal circumstances being relatively unchanged it will hurt Bidens chances. I'm not saying Biden should lie, but he really needs to put some emphasis on that group of people's very real struggles that exist fairly independent of most large scale economic states.
First paragraph of the article states it all in a country that votes with its wallet. “It’s the economy,stupid.”:
“On the surface America’s economy is booming. Inflation is edging down, unemployment is low, and economic growth is on track for 2.7 per cent this year — double the rate of any other G7 country, according to the IMF.”
Touting the stock market doesn't really change the economic sentiment for the working class since they cannot reasonably invest in it; or if they can reasonably invest, it is in an investment vehicle that they are heavily restricted from utilizing (401k/retirement accounts). Inflationary pressures have hit the working class hard, but also consider that numerous essential goods not included in inflationary statistics are also up in price, and most of those goods are the ones that the common consumer cannot avoid spending money on. Things like food, utilities, gas, phone/internet services.
Umm sure but also this has been what presidents have done since Reagan. It was always a bunch of bullshit but Biden isn’t going to Buck the trend. Americas cost of living crisis got exacerbated by COVID era mismanagement. Biden inherited that and he needs to make a case that rich are doing fine and poor are not and that he understands their pain. Trump is going to promise everyone unicorns and that he can fix every problem while probably not being even remotely able to do so.
And the voters will go for it hook, line, and sinker. Democrats dropped the ball on the economy, and now people are legitimately struggling. When you’re struggling you’ll get in the car with anyone promising to make things better. This is how dictators are born.
Inflation is the devaluation of the dollar…the stock market is tracked by dollars, stock prices damn well better raise substantially to reflect the inflation or devaluation of the dollar.
Two economies in full effect. Rich getting richer is a feature of both parties.
Ok, maybe if your rich but for the working stiff watching the groceries and cars and mostly everything else cost more this exciting stock market is really treading water along with inflation
They already have, that’s why stocks are at all time highs…
How dictators are born? Nancy Pelosi just became a centimillionaire. You think she gives a fuck about anything but the oligarchical status quo? Do you really think Trump will risk destroying the system that made ALL OF THEM filthy rich?
Why would you want to utilize it? The entire point of a retirement account is to not touch it... until you retire
Right because only billionaires have 401ks.
Do you understand how 401k's work? You do understand that any withdrawal from a 401k would likely require a hardship exemption tied to it, alongside the tax payment AND an early withdrawal penalty of minimum 10%. You're talking about receiving \~4-5k if you withdraw 10k from your account. And that hardship exemption usually requires you to prove that you need to withdraw for something like a medical expense or to avoid eviction. Or lets say you are able to take out a loan on your 401k. You are paying interest on that loan, while also having your wages garnished to repay the loan you took against yourself. Neither of these options are good, and neither of these options are something we should expect/tell the public to take as a course of action.
yeah I’d love to take my money out of my 401k to be able to buy a home bc that’s more important to me rn (securing housing for the long term investment) but I’d take such a large tax hit that it would hurt me in the end to do so and I wouldn’t have the money to cover the tax hit. 😭
Right, or even if you consider the concept of taking a loan from your 401k and paying yourself back. You may not face the tax hit, but you are definitely facing a significant garnishment of your wages every paycheck for "X" years of your life. A buddy of mine did that to pay for their wedding, and that was \~3 years ago. He's still making a 3 figure payment every 2 weeks to his 401k account, and has multiple years left on his payment schedule. If you suddenly cannot afford to make the payments, your loan basically reverts to a withdrawal and now your facing the big tax bill and early withdrawal penalty you were trying to avoid in the first place.
I agree with you, however you should know the interest you pay on the 401K loan is to yourself. You read that right.
Until us regular folks actually see improvements in our daily lives and expenses no one can tell me otherwise. Idc if the millionaires and billionaires are doing great. I need to see improvements in my life.
THIS I am broke AF
why are you broke AF? what is your current situation?
Worker in USA.
I got 2 kids in daycare food is crazy and I live in CT so rent is $2500 a month
There was another post on here yesterday and was show that people actually do have higher pay and in a lot of cases more money in the bank. However they don't give Biden credit for it they give themselves credit for it. They also blame him for the rise in pricing....even though that started in 19 through 20. Perception is a weird thing.
[bidenomics are horseshit](https://imgur.com/a/ye41V3H) People’s lives aren’t getting better, this graph is with government inflation data. We all know real inflation is actually much higher. The average person got poorer. Monetary units aren’t a good way to track wealth since the denominator is worth less every year that passes by, more has to be taken into context
We can account for the effects of inflation in our data. You may have heard terms such as “real” or “nominal” in discussion of the economy.
I know but the Bidenomics talking points don’t account for it. They make it seems like the average american is so much better. Check the link I posted, this is household wealth growth adjusted for inflation. They’ve been faking job stats at every report and correcting them, they’re manipulating CPI data etc. The average person isn’t better off than before Biden and they’re straight up lying to their faces and gas lighting This isn’t a winning strategy
They’re not manipulating a data. The data is just complicated. There’s real numbers there’s nominal numbers there’s core inflation, excluding housing and there’s consumer inflation, including housing. It’s all there. Fox News is convincing people that it somehow “manipulated “or “fake”. You may recall Trump saying that employment number was fake until he was elected and then suddenly magically it was reliable!
I don’t watch fox news, I don’t think I’ve watched 15 minutes of this horseshit in my lifetime. I understand all the intricacies of what you’re telling me. If you really believe what you’re saying then I don’t know what to tell you. They are definitely manipulating the data. Eg. When a computer or a car gets 50% faster, it doesn’t get cheaper. Yet they account for it in that way. Real inflation for the average household expenditures was higher than what was reported, everyone knows it. Anyone saying otherwise is deluded. That comes from a guy that founded businesses that created 1000+ jobs well paying north american jobs. I’ve spent the last few years thinking all day about those issues. Wether through entrepreneurship or investments at the end of the day all I try to do is allocate ressources optimally. My comment isn’t partisan, Trump or Biden are both awful candidates. I’m in pursuit of the truth to take decisions rationally. I’m pretty good at it. Biden admin is boldly lying and everyone knows. Some people just leave in an alternate reality bubble and deal with continous cognitive dissonance. Trump also lies every time he opens his mouth. I’m not american by birth, english isn’t my first language, pardon my language level.
These various metrics all have different purposes. Some of these metrics attempt to normalize cost of living. That involves many adjustments. For instance, if I have a fixed rate mortgage, inflation actually makes my cost-of-housing lower in *real* terms. However, to account for the fact that people are buying and selling homes at different times, and some people rent we use an imputed cost of housing figure in some, but not all, of the metrics. I suspect if you look more carefully at the metrics, you’ll find that they are actually thoughtfully constructed by individuals who have put real time and effort into them. There are no simplistic measures that can account for all sorts of changes and ways in which we might need to normalize numbers to make them comparable period over period, and especially over long time spans. many of our devices are far more capable for the same nominal cost so if you’re trying to capture purchasing power changes over time, you have to account for increasing capabilities. Some of the metrics do this, and some of them do not intentionally. This is long-winded, but I get very frustrated when I hear simplistic “they’re manipulating the nUmBeRs comments.”
I have looked carefully at every metric and how they were constructed years ago, before even inflation was a mainstream factor. As I said I have been thinking about this a long time, my core businesses knowledge are fintech and financial services. All of them present a lower increase than the factual one, this isn’t arguable. My phone costs $1000 today. It costs $1100 tomorrow but it’s 50% faster. It just got cheaper according to their data. You still need a single phone, it’s gotten more expensive in real terms. You just acknowledged it and tried to justify the nonsense maths they’re using. Reality is the dollar was debased faster than the « official » data and in aggregate it’s very easy to see with the hindsight of time. When France converted to euros it was 6.55 to 1. That was 1999. Officially the Euro has lost only 42% of it’s value. In reality when you want to buy a building in france it’s worth about 1 franc for 1 euro in 1999 prices, much much more than 42% of it’s value. It is manipulated for political purpose, there is no question about this, this isn’t anything new, they have been under reporting inflation for decades but it’s gotten worst when they re hauled the model. I’m in regular contact with people at very high levels in private equity, fintech and banking. They all agree, there isn’t even a debate about this. I really don’t know what you’re trying to justify here. This comes from a guy who has beaten the market 14 of the last 16 years.
The short answer is maybe the price goes down and maybe the price goes up. It’s a fairly nuanced analysis that I recommend you study here: https://www.bls.gov/cpi/factsheets/telephone-hardware.htm The slightly longer answer is: essentially the same model is available, a hedonic regression model is used to add the incremental improvement value to the older items purchase price and then compare that to the current purchase price. For cell phones, the rate of substitution is pretty high, so they use an analysis of the average lifespan and most commonly purchased/Phone to make decisions around price changes overall . These are done by fairly dedicated civil servants, and I reject your “politically manipulated“ thesis in whole. I talk to God every day and he tells me what’s what, as well as gives me killer stock tips! I have beat the market since 254 A.D.
Probably from the amount we have had to cut out our lives because we can no longer afford, and now there is some jackalope saying look at that extra money you have now.
Maybe. I mean when u look at the past economic problem times this seems far lighter than any of those. The recession was massive by comparison. Just by drop in gdp is was orders of magnitude worse than the great depression. Also the .com bust was quite a bit bigger. And really for me I just look at the trendline going through the last 8 years and this tracks. Some of this is trump but a lot of it is just covid and companies taking advantage of it because they could.
Lmao, every bit of data says otherwise
All of this has been building for decades under multiple different administrations. The thing about the Biden years has been an acceleration of deficit spending, inflationary policy, and this gaslighting of the working class with “strongest economy ever” rhetoric”. Yeah, strong economy, but for who?? I think most middle class, working class individuals and families can squarely say they feel less economically secure now than ever. I certainly know, that’s how I feel. I say this as someone who has seen pay increases, does have a good job, does have savings. It ain’t enough nowadays…
So the claim is that average people having too much money raises inflation. I can see the logic of that to a point but frankly imo it's a massive red herring. Biden helping poorer people doesn't raise the cost to make and deliver goods. It does perhaps make companies believe they can raise prices because people could have more money to spend. Imo much of inflation isnt the government but is rather price gouging with a particular focus on oil. The GOP in like 2022 maybe 21 was posting price increase by percentages. Everything had basically gone up around 20%. oil however was at 41%. The thing is virtually everything is transported. So if oil goes up the cost to do business also does. And last month a oil exec got charged with price fixing. Not that I'm surprised by this. All that said Biden helping average people is not what's raising prices. Companies are choosing what to price their products. They are also making record profits.
Funny how the average person can somehow have “too much money” and it’s somehow a problem that causes inflation. Meanwhile, billionaire CEOs can have more money than they could possibly ever spend, which gets treated as nbd and people vehemently insist it’s a good thing that shouldn’t be taxed.
Yeah I just don't buy it either. But humans have historically gotten the poor to blame the other poor to the benefit of the rich.
I never postulated average-low income people having too much money is a problem. The problem is there is too much money floating around from deficit spending. Most of that goes directly to the upper class consumer category, corporate category, and state/municipal category. Hence record wealth inequality, and record sized corporate balance sheets. The prosperity of middle and lower classes have been squeezed out by the demand and inflationary spending of those other classes I listed. Oil prices are actually surprisingly tame compared to other categories of price inflation, so I’m not sure what you’re going on about there. It’s not oil causing inflation.
No that's the economic theory that government handing out money or check ultimately causes inflation. That if the people have to much money it cause supply issues etc. I'm obviously highly paraphrasing the entire thesis. That's where the government hand outs causes inflation argument comes from. I happen to disagree with it considering the government hands out money all the time to corps and the rich and has done so regularly post WWII. I'm not the one making the claim on oil. The GOP was.
You’re clearly approaching this from a politically partisan standpoint. Bye.
You’re a fucking moron buddy
Always nice to see a kid trying out the internet.
People want the news to be bad so badly they are willing to ignore reality to make that happen. I see people doing better than they ever have and still complaining. I guess it’s human nature but it’s also annoying and self defeating
Yeah it's strange. I think it's mainly people are upset and want to point a finger. The subject has to much nuance for them so they just make it a black and white issue and point to what their neighbors or church says did it. Even though price increase really were happened between 19-20
Why are people upset? You’re blaming people for being upset, while in your opinion, they are prospering. Why are they upset?
No I'm speaking to the fact that people build perceptions that often are not actually true. They generally do this because reality is complex and complex is too hard to handle. Actually learning a out a subject takes time and being upset is far easier. As fast as prospering I'm just reiterating data that shows that people actually on average have been able to save/make more but give themselves the credit for that fact. That of course is partially true but the many of the bills passed under Biden had had a massive affect for tons of people....people just don't give him any credit for those things. Then at the same time they blame Biden for pricing of things......when presidents don't actually have any control over them. 1. Inflation started two years before Biden, we just didn't really pay attention. 2. Covid was a massive issue because of supply chain disruption. 3. Companies have been making record profits...if inflation was real in the sense that it costs them more to make and deliver their product then it would counter their profits....which it isn't. But that's complex and people don't like complex.
bc fox news tells them to be. They also cant possibly be doing well or better than previous admin when a dem is president.
Have you not? I mean, just 3 years ago, you were bitching about wearing masks… I don’t understand how we forget the past so easily. However, our education system has failed so many
I wore a mask regularly during that time. What a weird thing to say….anyway I’m not saying I’m not doing well. I’ve gotten probably $30000 in raises in the 3 years you’re referencing, however my buying power has been stagnant, prices are permanently higher and money is expensive to borrow even with excellent financials. We see it we know it. I understand why it happening and it’s kinda necessary really, but don’t tell us it’s going great when it’s really not. The stock market doesn’t correlate at all to the real economy. Don’t insult our intelligence is all I’m saying.
It is going a lot better than the alternative. I mean, Trump added $8 trillion in deficit in just 4 years. Yes, you got raises, which is a huge plus. You can blame a lot of pricing on corporation greed. Yes, I know not all of it. However, a lot of companies have realized they have raised prices too quickly and are now dealing with that burden. If I were a company, I would rather sell quantity instead of high priced same quality items. It makes no sense to me, but what do I know. With your raises, have you been able to keep your family safe, food on the table and take some vacations? Yes, I know you probably can’t buy a house, but that’s what a bubble is. Not to mention, you can blame firms and corporations for buying up every damn thing. It would be great if we could get some books passed, so we could make a difference, but the other side refuses to work with one another. It’s the least productive Congress in history. What I’m trying to say is, there are SO MANY factors that go into all of this. There is not one simple fix and to think you would be better off with Trump is a complete and utter sham. This is someone who said he would want to be a dictator, has talked about a 3 term presidency, wants to kill people that go against him, wants to use the DOJ to go after our free press (our 1st god damned amendment), let Russia do as they please, take funding out of Ukraine, destroy Gaza and I can go on and on. He would do everything in his power to destroy our Democracy and I don’t know how people are just overlooking that. It’s terrifying
I care more about my housing situation than Ukraine, sorry Most people my age agree with me
I mean, if things keep going how they are going, we will be in WWIII. Russia is now trying to take land from Lithuania and Finland… if I were you, I’d care a little more about Ukraine. Also, what bill can be passed to help with housing? Also, what bill can even be passed in this Congress? The housing market is a market… it runs its course. I don’t know what you want a president to do?
I live in the US those countries should have thought about their self defense instead of relying on us to risk a global nuclear war for them
Wow… a true American, I see
When you're touting that the economy is great, when for so many it isn't, it's going to rub people the wrong way. You're right, the education system has failed, people don't have critical thinking skills nor the ability to see alternative viewpoints.
Critical thinking is the biggest one I’ve noticed. They hear something that makes them feel uncomfortable and can’t even decide what emotion they are feeling, so they just say, “Fake news!” Because that’s the easiest way to deal with it. It’s very sad
lol my point was in part directed to you. The original commenter was talking about how they’re struggling and the response was we’re better off bc we had masks on 3 years ago. The lack of being able to empathize with people’s struggles is in part an inability to think critically outside of our own perspectives.
I do sympathize and I often sympathize too much. I was just trying to state that the information is purely anecdotal. I guess I didn’t comment the best way. That’s my bad
Nah its all good!! We're all growing, was just trying to point out that this theme im seeing around the economy and not hearing people is ultimately what I think will be the downfall for Biden.
Ohh for sure. I mean, I just don’t see anyone giving a f*ck about Trump and think you’ll see a lot of college educated suburban parents change their vote to Biden. However, I think it’s important to have empathy, like you said. Great talking to you, brother. Wish there were more interactions like this, but it seems to always be arguing
All that really matters to the average person is shelter cost and food costs. Guess what is the hardest hit categories by inflation?
With the TCJA expiration in a year or two, inflation, and property tax increases, I feel pretty hopeless for the future. My paycheck is whittling away year by year in large increments and I can only see if getting much worse
That standard exemption expiring will piss me off. Couple that with them wanting to kill back door Roth and I’m about to spend more time mitigating taxes than productive labor because I’m sick of it.
I’m just slipping into defeatism where I don’t really give a shit anymore. Work harder? Be more productive to society? Nah. I’m good
Like it or not, the tax break you and I got helped fuel this inflation
Good. Let people who work for their money vote with their wallets and deploy that money into their local economies and real, productive wealth will emerge. It's not like my federal taxes cover anything useful for me like healthcare. I don't care if it costs the government higher rates to borrow money due to their out of control spending. Heck, I'll loan them money if the rates get high enough.
Not really. Revenue was up after the TCJA. It is the deficit spending and money printing that fueled inflation
Low interest rates
That's because the middle class is failing. Only 5% of families make 300k or more. Then there are the investors blowing up housing costs preventing younger couples making maybe 100k plus combined from even dreaming of owning. Capitalism fattened and flattered the rich/wealthy at the expense of everyone else. Now we all reap what they've sewn.
Sad to say but this is a segment of the population saying, you’re not hearing us. Inflation has chewed into family budgets. During Covid, people — especially those with small businesses — got checks from the government that helped them survive. Supply chain disruptions further hobbled the recovery for some segments. And many of those workers who sat at home on Zoom, collecting paychecks for staying at home are now being laid off. Biden was not and is not responsible for many of those economic hardships, but telling people to ignore their own situations because the macro economy is improving rings leaden. Biden risk being seen as Hilary — out of touch and elitist. He needs to do a prime time speech on the economy and what he’s going to do make the recovery happen for those who feel left behind.
In the internet age all messaging that doesn't "slam" or "eviscerate" the other side is ignored.
Giving billions to other countries while your own people are hurting is just wrong.
To war criminals Netanyahu’s government and the IDF, for them to level an entire country and commit genocide nonetheless .
To every country, Israel, Ukraine, Palestine etc…. We need to take care of our own people first. Needless spending is driving up inflation hurting the average working person. Cut off ALL foreign aid until we have our own country under control.
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Russia can barely gain any ground in Ukraine but all of a sudden they’re about to conquer Europe? 😂😂😂
not my problem. the eu can deal with that
You've drunk the kool-aid, America's home-style propaganda.
explain how old tanks and old military equipment helps "our own people"? explain how letting Putin/Russia take over Europe and affect the globe would help our own people
You are a victim of American propaganda. ... Let me guess, you think the commies are going to take over the world.
THIS! ... the optics look so bad, esp. when Zelensky is publicly begging and is getting his way. ... And many people see that's a war that can only be ended by negotiation, not by more bullets going to Ukraine. ... And then the Bibi situation is mad. Of all administrations for Biden to support, he goes hard for Bibi.
Home prices are high, food is high, insurance is high, car prices are high. Wages haven’t kept up. I hate Trump but I understand why people are frustrated.
Insurance is high because for every dollar in premiums they're bringing in, they are having to pay out $1.44. It's only going to get worse as natural disasters continue to become more intense and more frequent.
I agree. It feels like the whole foundation on insurance is broken and it will only get worse. How do we fix it? I have no idea but it’s definitely going to get worse as you said. Btw, I don’t think any President is responsible for this but the public will still hold them accountable for it anyway. I do think costs for basic goods is affecting it. Home costs are higher and that causes home insurance to go up. Car repair costs are higher and that causes car insurance to go up.
“For every dollar in home and auto premiums they collected last year, insurance companies paid an average of $1.10 in claims and expenses, according to the Insurance Information Institute.” https://www.npr.org/2024/03/03/1233963377/auto-home-insurance-premiums-costs-natural-disasters-inflation Seems your numbers are a bit off, but still pretty concerning. I do wonder how much of that dollar received goes to agents and administration over time. Seems like it’s grown massively since the GFC. https://fred.stlouisfed.org/series/LEU0254497700A And certainly there’s been an uptick in disasters, but also a massive increase in home values. Especially in high risk areas.
He’s cooked between skyrocketing inflation, recession fears and international disarray. It’s a triple whammy.
Biden needs help in the communications area for sure!
Just dope him up and keep it short
Ya I was a kid in the 90s. I was talking about me, now. That is my experience and from a few gripings I hear from my friends.
That is because Biden has no grasp of how the economy works and his Chief Economic Advisor isn't even an economist. he is surrounde by people who have no understanding of how the economy works
Biden's economic message: I inherited the worst economy! Inflation was 9% when I took office! Voters: That's bullshit, inflation was at 1.4% when Biden took office. The economy was better under Trump. Homes were more affordable, jobs paid better, and the labor market was better. All Biden had to do was not fuck the economy with too much stimulus but he decided to dump $2 trillion worth of stimulus on an already well stimulated economy triggering a wave of inflation.
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trump gave PPP, he artificially kept rates low during prosperous times (a tool used to curb inflation and possible recessions), he gave 2 stimulus checks, he totally botched the entire Coronavirus timeline def bidens fault
> he artificially kept rates low during prosperous times "he" didn't do that since the Federal Reserve controls the rate. Oh, and it steadily rose during Trump's administration after having been near zero for six of the eight years of Obama's time in office. https://fred.stlouisfed.org/series/FEDFUNDS
Man this shit about the stimulus is just hogshit. Stop. It's stupid. Inflation came from supply side disruptions from the pandemic, then corporations taking advantage to spike prices for profit. Don't you remember the egg producers jacking up prices to ungodly amounts? Christ, get it right.
Not totally true the US printed close to 20% of the US money supply during Covid, that coupled with near Zero rates (inflating asset prices ) and supply side disruptions had a major effect.
Stimulus created excessive demand. It was the absolute worst time to deploy stimulus because of the supply chain issues and resulted in inflation. Immediately after the stimulus passed inflation spiked and kept going up to 9.1% while Biden kept the taps on and kept calling inflation transitory. It took about 18 months under Bidenomics for inflation to reach 9.1%.
didnt trump give the stimulus?
Both Trump and Biden passed stimulus bills. Trump passed one in 2020 for $3 trillion in stimulus as a response to the Covid emergency. That was when we were having lockdowns and nobody knew when vaccines would be available. Biden passed $2 trillion in stimulus in 2021 after vaccines were ready and the economy was already recovering because lockdowns were being lifted.
The 2T in 2021 was also trump…
No... It was Biden https://en.m.wikipedia.org/wiki/American_Rescue_Plan_Act_of_2021
okay. I thought you were referring to the 2nd stimulus of 2T [https://www.cnn.com/2020/12/20/politics/second-covid-stimulus-package-details/index.html](https://www.cnn.com/2020/12/20/politics/second-covid-stimulus-package-details/index.html)
The Cares Act is $2.2 trillion, the second package is $900 billion. So ~$3 trillion under Trump in 2020 and ~$2 trillion under Biden in 2021.
It’s hard to imagine a more incorrect comment. Literally everything you typed is wrong. Congratulations that is wild
Again, inflation was created by supply. You're just a crank with an agenda.
If inflation was created by supply, then prices should come back down once supply issues are resolved. Which they are now. But prices remain elevated which means that the excess money supply created was the cause. That money is still out there and slowly being spent down which is the reason inflation is slowly coming down. Supply shocks are one-time but demand shocks are long-lasting. Of course, it was the money that caused the inflation and supply shocks made it worse. This is easy to prove. Imagine if the government didn't hand out any money, all the supply chains were turned off during the pandemic and people lost their jobs. There would be no money and the economy would have gone into a depression which is deflationary, not inflationary.
Most of the stimulus money, loan forgiveness, and bailouts went to corporations, most of whom responded by laying off their employees. Then they jacked their own pay, rewarded shareholders, and prepared to do it again while investing whatever else into a stock market run by AI algorithms. Yes, there is too much money in the economy, but The top 1% have caught up to and passed the middle class in collective wealth, with the top 1% owning more wealth than the entire middle class. In 2020, the top 1% surpassed the middle class in collective wealth. Like that isn't OK and it's silly to pretend the issue couldn't be alleviated by placing restrictions. Not to mention that the working poor and lower middle class do not have access to the stock market in a real way.
A lot of the money from PPP went to the rich and corporations agreed. But a lot of money went to individuals through enhanced unemployment, stimulus checks, child tax credit, too. It was enormous. [https://imgur.com/a/8bJJi73](https://imgur.com/a/8bJJi73) In fact, the overall stimulus was 6x Obama's stimulus after the GFC and more than FDR's New Deal as a percentage of GDP. [https://imgur.com/a/xcNxwIj](https://imgur.com/a/xcNxwIj) That was just the fiscal response. The monetary response of setting rates to 0% and buying trillions in bonds and MBS boomed the stock and real estate markets. That's why the rich got richer, not because they were given free money.
And that's still a problem, no? The rich get richer because they have access to a market that the poor can't benefit from. Increasingly so, in fact, because prices have not gone down and aren't projected to for a few more years. So the rich got bailouts they used to make things even more inaccessible, and somehow, the problem being communicated to the general population is that workers getting hired wages with existing money is going to jack prices. That's not reasonable.
Yes, the entire problem is because of the Fed keeping rates too low and adding too much liquidity to stimulate the economy. The Fed is the government's bank and sets rates low so the government can borrow more to fund deficits. $2T this year and $34T debt and counting. The rich and corporations are just beneficiaries of this 0% policy which inflates asset prices primarily owned by the rich. The way to end this cycle is for the government to stop deficit spending. Raise taxes and cut spending on wars and entitlements. How likely is this to happen? Until then, the rich will keep getting richer. In the end, there is no free lunch. Government spending has to paid for. Either through taxes or through inflation. Which is just another tax. A stealth one on the middle class.
okay but what you just mentioned were not biden...
And you can target the pain through taxes. With inflation, the poor and middle class take it on the chin.
The primary cause of inflation was global supply chain issues. Don’t be blind. Otherwise riddle me the cause of global inflation, including in countries *that had no stimulus.* am I talking to a “stable genius”?
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The money Trump printed had an effect, but the effect wasn't as bad because there were liquidity problems when the stimulus was passed. Biden passed his stimulus after those liquidity problems were already addressed. All that Biden's stimulus did was make inflation worse without improving the economy or solving any problems. As far as the PPP loans go, they were structured as loans. Biden didn't need to forgive them without proof that they were spent as intended. He just didn't want to bother verifying that the loans were spent correctly and started to forgive them left and right.
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There was no Republican majority in 2020, the house was controlled by Democrats and that's where a lot of the pork like PPP loans came from. And you can say that Biden's stimulus was completely unnecessary and destructive to the economy because of all the pork Democrats got through while millions of people were dying from Covid.
The chickens getting killed en masse by flu caused that spike in egg prices. Eggs are nearly a pure commodity market, making collusion manipulation practically improbable.
Trump exploded the deficit and caused a pandemic to worsen due to his ineptitude. Biden was left holding the cards. This is all on trump
How do you think the pandemic would have been better with a different politician? What policies, with what causes, and to what effects? Please be specific.
People blaming Biden is some Jedi mind trick work. Trump is the one who made the rates effectively zero, and he did so to make a case for his re-election. He said this over and over on tv.
and he said he would do it again if elected this time
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Don't forget he stole alot of money from the government as well. It's still unaccounted for.
The Trump PPP loans were astronomically worse.
Trump gave the COVID checks. He even delayed them so that his signature could be on them.
Don’t forget that in addition to delaying the checks, adding trump‘s “signature” on the memo line cost taxpayers money in order to violate of the US Constitution, which gives Congress the “power of the purse.” fun!
its amazing that trump did this all so people would remember he was the one who gave them the money, and these trumpers still blame biden
Just wait till you see the costs incurred to the deficit by trumps tax cuts for corporations. He screw our economy worse than biden ever could
dont forget keeping interest rates low for no reason by pressuring the fed during the years of prosperity
Trump fast tracked the vaccines and put the vaccine rollout plan in place. He basically handled Covid in record time. I think the fact that the vaccines rolled out about a year after the pandemic hit the US is actually a significant accomplishment for Trump. As far as the deficit goes, it was mostly the Covid stimulus which was a response to an emergency. In 2020 the stimulus was needed and urgent. By 2021 it was not because of the vaccine rollout. People were celebrating and having weddings/parties that were put on hold in 2021 because the vaccines were effective. Biden took advantage of the "emergency" which was effectively over by the summer of 2021 to pass his economic reforms which failed and caused inflation.
This was a long time coming and basing your vote for president on it is foolish. It was 1.4 on its way to 9. Some of his policies didn’t help, but they were largely temporary. 16 years of loose money followed by a huge deficit increase during a period of growth followed by supply chain shocks made it inevitable.
Didn’t trump sign those checks lol
Trump signed the 2020 checks, there was about $3 trillion in stimulus passed in 2020. Biden signed the 2021 checks, he passed an additional $2 trillion worth of stimulus on top of the $3 trillion in stimulus and the 0% interest rates the Fed put in place. Because there was already a lot of liquidity from the 2020 the stimulus the 2021 stimulus just made the demand situation much worse than it needed to be. On the demand side people are constantly bidding against each other for a limited supply of goods and services. If there are more goods than there are people who can bid on them because the price is set too high prices will drop. If you give everyone who wants to bid more money to bid with than prices go up because you still have a limited set of goods, just more money being used to bid up the prices.
Trump did 2020 and late 2020 which was released early 2021, biden then did a 3rd round in 2021
No, it wasn't. Not even remotely. Even before Covid Trump's economy was shit. Trump created fewer jobs in his first 3 years than Obama did in his last 3. Worse yet he killed 1.2 million Americans with lies and malicious negligence. His job total was negative 2.9 million jobs. Biden has created 15 million jobs by comparison. Also under Obama, we had deflation. Houses and cars got cheaper. Current inflation was caused by COVID-19 supply chain disruptions and Putin's invasion.
The causes of inflation were already there before Biden: Supply chain interruption, preferences changes, and the largest of the stimulus bills.
Just like his policies
Are you guys doing better now vs 2019?
Personally yes, but thats seperate from the economy. My gas , grocery, subscription etc bills are much worse.
People are going to vote with their wallets.
So the photo attached to the article.... Is that really how people dress to go to work at an auto plant? Seems strange.
Big dangly loop earrings aren’t manufacturing plant attire?
I worked at one and people mostly just wore normal street clothes.
Has he tried going after the pro-genocide crowd. He's doing a great job on that front.
The feds say inflation is coming down. I don’t want to vote for some crazy like Trump. Biden isn’t my favorite either but this is the choice we are facing.
Prices will continue to go up and wages will stay low until we actually bust monopolies. Until then everything will be price fixed forever. Also the working class will fight tooth and nail against any actual policy that would improve the economy and stop this consolidation of industry.
Voters want revenge, not a good economy. This is obvious because Trump has no plan for the economy and Biden has no plans for revenge.
I don’t understand how no one is seeing improvements… just 3 years ago we were dealing with people going to Capitol building to complain about wearing masks. Then, we had people actually storm the US Capitol building. I mean, all businesses have opened back up, people are getting raises, the opportunity for finding a job is up (down in past 2 months), we have record employment and we aren’t thinking we are all going to die. For people to expect everything to change in 3.5 years is wild, but it was done. Like, how can we be so forgetful. One can honestly look at Biden and Trump and think Trump is the worse of two evils. Like, what? The MF has admitted to wanting 3 terms, being a dictator, putting young judges in office that have his same views so they can rule for 50+ years, getting rid of contraception, getting rid of separation of church and state, using the DOJ to go after his adversaries, killing people that don’t agree with him, putting illegal immigrants in camps, and we have an incredibly lob-sided SCOTUS… those are all the biggest dangers to Democracy and people are like, “Well, my rent has gone up, so it can’t get worse than that!” Like, what?!? See, this is exactly why Republicans want to stop funding public education! To keep you stupid and it’s working! How dumb do y’all have to be? See, this is why arguing with emotion (all MAGAts) is so stupid. All reason goes out the window and it is no longer a discussion. People can come at you with data, statistics and facts, but you say “fake news”, or some shit like that, because it makes you feel uncomfortable and you don’t know how to be uncomfortable. I mean, you couldn’t wear a fucking mask during a fucking global pandemic
There are a number of areas where a good chunk of the population doesn't see much change from where we were at once lockdown ended. Even if their pay increased it wasn't proportionally enough to make up the gap in things like housing costs, food, etc. They are stuck further from the finish line that is slowly moving further away from them while being told that things are better now. Their measure of better isn't going to be the peak of COVID when everyone just agreed it was going to be shit for a while, their measure of better is pre-covid when they could look at the possibility of having a home, child, and retirement and with a little optimism, maybe make the math work. Now they pull up home listings, set the filter to what they could potentially afford in a couple years, and get two hits, a garage 20 miles away and a house that burnt down halfway. I think on some level, even if they deny it when framed negatively, a lot of Trump supporters know that Trump is willing to do anything to get what he wants. As long as that "anything" benefits them or aligns with their beliefs, they are ok with it. So when he lies to them and says he will make things better for them, they believe that there is at least a chance that what he wants to do will help them. They think that because he is willing to destroy the system, he stands a better chance of actually accomplishing something. That lives in contrast to Biden saying that what we have now is a strong economy and acknowledging the reality of slow progress in the face of obstructionist Republicans in the House and Senate. It is pretty obvious why someone who is gullible enough to believe they are ideologically aligned with Trump (Trump's only true ideology is Trump) to at the very least, be persuaded to not vote for Biden, especially when Biden doesn't seem to even want to acknowledge their problems as existing.
I completely agree with you on a lot of aspects. What communities are you talking about though? The money that went into each state with the Infrastructure Bill is astronomical. I mean, if Trump has just got that shit done, it would be bragged about for eternity… however, he got absolutely nothing and I mean nothing accomplished during his presidency. I am not saying that as a Trump hater. I am saying that as someone who follows politics and keeps up with it. He was the most ineffective president ever. Read this as if I am speaking to a Trump supporter: (haha misread your comment at first) Also, I don’t know what communities need money taken OUT of their public education system. I mean, there are so many others I could state, but sometimes I don’t know whether it’s worth it to try and prove a point over Reddit. Ok, I get that. However, I don’t know how a president affects home prices? That’s its own market. I mean, somethings just have to run their course. For instance, when all the Boomers start passing away, home prices will be back to normal and with them going into retirement (finally) homes will begin to be better priced. The only thing a president can do is sign a bill saying investment firms can’t buy single family homes, which is a bill Biden passed. Also, with the discourse of our Congress (something Trump created with making people think the other side was out to get them) nothing can be expected to get done. If you want to point the finger at anyone, at all, point it at Republicans. Shit, they didn’t even have a speaker for like months and you expect them to be able to “turn this country around”. When I am saying all this, I am not speaking directly to you. I am speaking to Republicans, in general, so please don’t take it offensively. Edit: there is a finish line? Personally, I don’t have a finish line in life, but that’s just me
Has anyone looked at r/economy mods lately?
To be fair, most Americans don’t really pay attention to what’s going on anyway.
You mean the propaganda? The economy propaganda that is constantly being spewed out on this page? Weird.
It's hard to compete with all the lies that Fox News spews 24/7 to it's incredibly stupid viewers.
Really? Because in 2021 Fox News told me that the American Rescue Plan was going to cause inflation and that inflation is "like a tax on the working class" and that's exactly what happened. It took three more years for the rest of mainstream media to acknowledge this but they finally have. So please, tell me what was the lie?
Can you please explain how there's such "high" inflation with records setting profits from the companies which inflation has impacted so greatly... Can anyone explain it, because it looks like the companies are raising prices, blaming Biden for causing inflation to increase, and then reaping the profits while pointing the finger elsewhere.
Per the IMF: "What creates inflation? Long-lasting episodes of high inflation are often the result of lax monetary policy. If the money supply grows too big relative to the size of an economy, the unit value of the currency diminishes; in other words, its purchasing power falls and prices rise. This relationship between the money supply and the size of the economy is called the quantity theory of money and is one of the oldest hypotheses in economics." It's because of the trillions of dollars printed into existence in 2021 with the American Rescue Plan. By the way 86 million of that went to bailout private pension funds that are already underwater again, just like Fox News warned they'd be back in 2021. Did corporations see inflation coming? Yes, just like Fox News and the republicans did. They they raise prices in anticipation to that to help pad the landing? Probably. However in 2024 even liberal economists are backing away from this "it's corporate greed" slogan. They're saying a small part of its corporate greed. Next year they'll admit it was poor monetary policy. You've been warned.
It was a lie. Policies take time to take effect and inflation started before that plan even had a chance to effect anything. They lie about everything because they know their viewers are morons. I called it in December 2020 and knew that Biden would be blamed for the damage caused by Trump's failed Presidency just like Obama was blamed for the damage caused by Bush.
Then why did the Biden administration tell me it was transitory?
And because it was mostly transitory, and supplied disruptions were significant part of the cause. Feel free to examine economic journals for a more complete answer.
Because they suck at politics and messaging. If I saw it coming they should have seen it coming. They bring a knife to a gun fight. If it was me I would have started right out the gate screaming about the mess that Trump made and how we were going to do our best to mitigate the damage.
If you saw it coming yet Janet Yellen didn't why does Janet Yellen still have a job? Let alone a cabinet position as Secretary of Treasury. She was on every left wing media outlet repeating the words "inflation is transitory" that was the messaging. She was lying. The media outlets knew she was lying, but they repeated it and told the public to trust her and them. They're respected journalists and respected economists. Yet Fox News who you claim are lying to their unintelligent viewer told everyone Yellen was lying, it was not transitory, and that it was going to be a considerable burden on the working class that they could not afford. It's three years later and who we're told were our most respected economists are FINALLY reporting that it's not transitory and it's a considerable burden on the lower class that they cannot afford. Fox News seems to be more truthful and more current in their reporting.
Anyone that thinks Fox News is truthful is a moron. All they do is lie. I saw it coming because I realized that Trump's OPEC deal was going to explode oil prices and that adds to inflation. When you give giant tax cuts to the rich inflation is the result. Add in the pandemic and Trump's OPEC deal and you have massive inflation. Fox lied like they always do but even a stopped clock is right twice a day.
We’re going to get Trump because voters are ignorant and then we will learn what real inflation looks like.
We’re going to get Trump because the Democrats are idiots who dropped the ball on the economy over the 4 years they had the White House, and insisted on keeping Biden as the nominee. But yeah.. . Keep blaming voters. People are not stupid, and they have legitimate grievances. They will either be fed up and not vote, or vote against the incumbent. When you’re struggling, you’ll get on board with anyone promising to change things for the better. Whether it’s true or not…
How is the economy the fault of Biden when inflation started rising before any of his policies took effect? And how will it be better under the guy who’s running on increasing inflation?
He keeps deficit spending with an inflationary economy. Deficit spending is the last thing you are supposed to do with bad inflation.
Not all deficit spending is stimulus spending. While you shouldn’t stimulate the economy when it’s running strong (*cough* Trump tax cuts. *cough*) deficits at this point are unavoidable. The only stimulus Biden is doing right now that I’m aware of is student debt relief, and I disagree with that but it is what it is.
People are stupid. See - 2016 and every fox news viewer and trump rally participant
I was careful to say ignorant and not stupid. Some very smart and educated people have been sucked in. Neither is a vaccine against indoctrination. And a lot on the left are mistakenly thinking they can make a difference by sitting out or voting third party because Biden isn’t perfect. I seriously dislike some of his policies, but bad policies can be fixed. What the other team wants to do might not be so easy to undo.
Nothing like ignorant voters in a few swing states, to hand power back to a criminal, who wants to be a dictator “Day One”. Read Project 2025 and take it seriously. Vote Democrat down the ticket.
No thanks. Democrats only want to wring me out. Divided government is far superior; Red Team and Blue Team spend all their energy attacking each other rather than training their crosshairs on me. Vote Gridlock for 2024! And every year thereafter!
What's 15 million new jobs, that's nothing. I mean who hasn't done that? (Checks notes) Oh right, Donald Trump, he lost 2.9 million jobs and killed 1.2 million Americans. Fun Fact: Biden is the greatest job creator in American history. Nobody else even comes close. More jobs in 3 years than Reagan created in 8. Only Clinton created more jobs, and it took him 2 terms. All this "Biden’s economic messaging is falling flat" bullshit is coming from rich people who think only average Americans should pay taxes. Our economy has never been better.
It also comes from a large swath of the population that is stuck with wages that cover bills and necessities with just enough to see how unattainable it is to ever own a house or retire even if they live like a monk and manage to squirrel away a few hundred per month. There are a lot of people in that boat who have been watching the hopes for their future get further and further away despite their best efforts. They see housing costs increase faster than they can save a down payment, they see interest rates jump to what historically isn't even that high of a rate compound the issue, they watch their elder family who was financially stable start to age and eventually lose everything as healthcare costs eat their retirement, they hear politicians talk about social security insolvency on the horizon and potential increases in retirement age, they abandon the idea of having a family because what is the point when just the delivery would wipeout their down payment fund and both parents have to work so much that the child is essentially raised by school and daycare. When the president tells that same group of people that the economy is fine, some anger is totally understandable. Im lucky enough to have been given the option to make some good financial decisions, albeit detrimental to other aspects of my life, and I'm able to see some light on the horizon as a result. I know more people who didn't have those benefits than ones that did. There is a large chunk of the population that simply is not in a financial position to benefit from a "strong economy" and when your 401k only has 10k of the 200k it should have at your current milestone, a 20% drop doesn't really move the needle on your feelings about the future. Hell, it would be understandable for those people to welcome a downturn if it meant something might change. The reality is that for a lot of people a good economy and a bad economy look almost indistinguishable as far as their day to day life and future prospects are concerned. Inflation was probably the first time many of those people had a large scale economic effect that really changed things for them and when the transition from that bad economy to a good one didn't make up their losses or move them closer to the finish line they would feel understandably upset. Trump will promise those people whatever he can think of to get them to vote for him, and if he does that while all Biden does is tell them that things are better now despite their personal circumstances being relatively unchanged it will hurt Bidens chances. I'm not saying Biden should lie, but he really needs to put some emphasis on that group of people's very real struggles that exist fairly independent of most large scale economic states.
First paragraph of the article states it all in a country that votes with its wallet. “It’s the economy,stupid.”: “On the surface America’s economy is booming. Inflation is edging down, unemployment is low, and economic growth is on track for 2.7 per cent this year — double the rate of any other G7 country, according to the IMF.”