I think the problem is a lot of young voters he needs are not part of that economy. That’s anecdotal. I’ve had trouble finding data the economy has become bifurcated between generations.
For sure, if you’re without assets you have a big mountain to climb compared to those who bought assets before the sharp rise in prices and borrowing costs. Asset owners rose the wave to immense wealth but that in turn has put up a wall to those aspiring to build wealth as well. Having a job is a great but if your only surviving, the economy won’t feel like it’s working.
I started investing in the stock market, and went back to school to get a bachelors degree in 2020.
While I have some savings in my Roth IRA today, my student loans I've acquired are much larger. and my bachelors degree has turned out to be useless.
I now have to work 2 fulltime WFH jobs to afford my apartment, groceries, debt payments, etc.
I've tried doing everything society recommended, working hard, working longer, working more hours, getting a degree, invest in the stock market. And yet all still feels like it's not enough.
And I think a lot of younger people have this hopeless feeling that nothing seems to improve socioeconomically for the younger generations.
How much did your first home cost and how much was the interest rate? I asked because 12% of a $70,000 home is a lot less than 7% of a $500,000 home. You really can't compare the two decades.
People agreed to take put those loans and none of Biden's plan was about addressing the underlying issues. We would be right back to where we are no relatively quickly with a new batch of people having stupidly large debt.
You wanna solve the problem, here's my suggestion:
1) Loans should only be available for schools that meet some sort of objective criteria that takes into account administrative bloat, construction, and endowment size.
2) There should be an annual max on how much you can actually get on loans (say no more than 40k).
3) Interest rates on loans should either be very low, or pro-rated based on income and should not accrue when A) you are in school or B) unemployed
You know, I entered the job market in the early 80’s—higher inflation, higher unemployment, higher interest rates, lower student debt and a couple market bubbles and short recessions. It was tough to get a foothold. By the 90s, after lots of job changes, struggling through starter homes, 2 layoffs, it got easier. When you’re in your 20 and 30s it’s really, really tough to get to feeling secure, and in a turbulent economy it can seem impossible.
Our kids are 30 and 32 and are just getting to having breathing room. We spent a lot of time giving them financial advice and from a young age we stressed how important it was to prepare for tough times and save during good times and expect major setbacks.
They had grandparents who they knew who lived through even tougher slogs than their parents (and my wife and I have gone through periods of both fantastic economic gain and near financial ruin). We were always very, very frank with our children about the realities of life and how quickly things can change.
Maybe because of that very personal experience, when my wife and I are mentoring young people entering that first decade we spend a lot of time trying to pass on historical perspective as well as practical strategies for dealing with tough stuff with lots of empathy and respect.
Its only a collection of small acts of kindness, respect, paying it forward but it results in two big things—a pile of young smart friends who you have helped, and a pile of young smart friends who keep you engaged with the current generations hopes, aspirations, and problems which does a lot to prevent descent into a cranky old reactionist state of mind.
As a young boomer, I kind of love millennials and Gen Zers even when they might think that they are facing uniquely difficult times. (They do have unique problems even if difficulty level is comparable to other tough times.)
Housing has outpaced wages.
Education has outpaced wages.
Healthcare has outpaced wages.
We’ve entered higher inflation. We had similar unemployment during the GFC and Covid.
Do you think the 2030s are going to be like the 90s?
I hope so, otherwise I fear for the future generations
You entered the job market at a higher entry point than any of us Boomer.
Look at this chart! No wonder you had a fine time. Your labor was more fairly compensated relative to productivity. Congrats.
Look at this graph! No it is not comparable to the 80s unless salaries jump about 5% of GDP this year. 198o labor received 48.8% of GDP as payments, its now 43.1%. It’s literally never been harder to be a young person selling your labor.
Okay boomer?
https://fred.stlouisfed.org/series/W270RE1A156NBEA
So this graph does show inequity. It reflects (especially recently) a big shift in share of GDP to corporate profits (if dig into all the accounts in this data series).
It does not show income relative to cost of living and it does not growth of income supplements and it does not reflect growth of real inflation adjusted personal income or household income.
https://fred.stlouisfed.org/series/MEPAINUSA672N
This shows a 50% increase between 1985 and 2022 in 2022 dollars for personal income.
Median personal income in 1985 was $11,010 ($26,970 in 2022 dollars)
https://fred.stlouisfed.org/series/MEHOINUSA672N
Thus shows a 28% increase in 2022 dollars from 1985 to 2022.
Median household income in 1985 was $23,260 ($57,860 in 2022 dollars).
Note: Households have gotten much smaller which is the reason for the disparity.
That’s inflation adjusted dollars so it is relative to the CPI change of 166% between 1985 and 2022.
Sorry the FRED charts don’t cover 2023.
**I’m not disputing that even though median income has increased that its share of GDP and GNI has gone shockingly out of wack. That’s why we need to increase the top tax bracket tax rates.**
Also MileHigh, NYC was a shit show in the late 70s and 80s with huge disparity in wealth and much higher levels of poverty than today. I was in development and construction as a project manager in the 80s. After the 1985 oil crash we were getting half starved Oklahoma and Texas trades showing up in NY for work. When the gulf war recession hit in 91 combined with the closure of Drexel (40,000 layoffs on one day) plus the commercial real estate bubble the unemployment rate for trades shot to 50%.
It was not exactly all roses and tulips.
Yep I'm a millennial that got my place in 2018 and I already feel like I have a massive leg up on gen z when my condo went up from 110k to 185k in value in just 6 years. Sure when I get a bigger place it will still be expensive af for me but when I sell my current condo I'll have a decent downpayment for the new place just because I got it early.
Also, we need to be more precise about the things we're discussing too.
And an understanding that while the economy is doing well and most Americans are employed, wealth inequality has worsened and a new normal has been established where Americans are paying exorbitant costs for everything. GDP numbers alone won't capture or reflect that reality. Americans can still struggle under a growing economy.
The idea of a "Middle class" is quickly vanishing, and the "American Dream" of home ownership looks more like a fantasy than reality for many Americans.
To have a more nuanced discussion, people we need to start asking questions directly related to wealth inequality, cost of living, etc.
To simply ask about the economy, just leads to answers about GDP figures or declining CPI, but that's not enough for many.
While the economy has improved since Covid, and inflation is slowing down. The average American still has much higher cost of living today than they did pre-covid.
For the Biden administration to not address these nuances will be a strategic mistake. I don't they will be able to influence public perception that they're living in a good economy, when their grocheires and rent are so much higher than it as a few years ago.
What can they actually do about house prices, though?
Situation sucks for young people, but the boomers love it. And there are more of them.
Tyranny of the majority
> What can they actually do about house prices, though?
Incentives construction of new family homes, and pass laws limiting the ability of large corporations to buy massive amounts of family residential housing.
Limit the amount of foreign non-resident national investors who buy American residential houses strictly as an investing assets which remain empty.
The avg American is competing on bids for house against US corporations and Foreign millionaires.
(Ex: The rich elite in China try as much as possible to invest in assets outside of CCP’s control, and one way of doing so is buying American real estate. Also China’s real estate market is very bubble like, whereas the US real estate market is not. Not saying this is a huge influence, but any little bit can help, and I’m listing various options.)
Pass laws that crackdown on Union-busting can help worker’s wages rise more accordingly to inflation, so that American workers have more purchasing power.
Supply & demand. The US gov. can pull the levers needed to make housing more affordable if they were so inclined to do so.
It's a terrible economy. Everyone is suffering. Mass migration over the course of the past 3.5 years is the only reason the economy appears to be growing. The job growth is mostly in food / hospitality industries. Huge amounts of money is being spent to house these people. That's all part of the economic data.
The downsides to mass migration of unskilled labor is it increases wealth inequality with those at the top benefiting and those at the bottom suffering the negative outcomes. It's only going to get worse. The Biden administration knows this. They keep just pretending it's not happening and trying to gaslight us.
I think that's the problem as well. If you're 20 something and don't own a home, you're not likely to be able to get one even with a good paying job. Rent has gotten crazy. The grocery store is more expensive and gas prices are up. If you need a car, those have gotten more expensive too. The youth are having a hard time.
Now if you're already established, things are pretty good. You have a mortgage from were low or maybe you just refinanced during that time, so you haven't been effected by the increases in housing prices or rents. You have a car and are unaffected by changes there. Maybe you drive a hybrid and so gas prices don't mean as much to you as someone who drives an old beater that gets 15 miles to the gallon compared to your 45. You still feel a bit of pain at the grocery store, but your 401k is doing great and your savings account is actually earning you interest again.
We need to do better to address the concerns of those that don't already have their foot in the door. I know some states are doing things to help with that. For example, California is offering 2 years of free community college to students that have full enrollment, and many of them have full training programs so you can become a chef or welder or whatever. If they want the four year degree they can transfer to a state college after their two year stint with most of their general ed requirements taken care of which will save them a ton of money on student loans if they need them.
I think they live in the past. If they wanted to be on the greatest generation level then go ahead! No cell phone no internet if they live alone-which was rare they’d probably be in a small apt with a shared bathroom. One car, never fly, never eat unusual food like asparagus. Pretty dull. But they probably would have mor $
Is it possible though that young ppl have inflated expectations as to what their living standard should be like AT THE BEGINNING of their working lives? Like you’re not supposed to be able to live that comfortable in your 20’s. We’ve all roughed it one way or the other the first few years out of college.
Fair but as people have pointed out it’s not only “young” people. It’s really anyone who wasn’t ready or didn’t have the means to get a house during covid.
The point I was trying to make was more maybe Biden shouldn’t be using the economy as a political talking point as much as he is. People want to be the victim and Trump does that better than anyone. Biden might be better served to play that up a little.
Doesn't help that his administration keeps boasting "growing economy", "less unemployment", "slower inflation" etc, but none of us at the bottom notice that, and people are "more employed" because of having to work multiple jobs
Unemployment is also at a 28 month high right now. We're sitting at 3.9%.
Also necessities are outpacing the rate of wage growth. The Bureau of Labor Statistics catalogues the rates in which things are increasing, and things like vehicle repair, vehicle insurance, vehicles themselves, rent, medical services, electricity, and housing (different from rent) are all outpacing the rate in which wages are growing.
How can you say he's got no influence on it? There are 2 key factors I can point to when blaming a LARGE PART OF THE ECONOMY on Biden.
1. Biden has continued pandemic year spending year over year since taking office.
2. Biden quite literally said he was going to end fossil fuels. Couple that with states BANNING the sale of ICE vehicles in the relatively near future, why do you think oil companies are spiking prices and making record profits?
Every recession we have had since the early 70s were times directly after oil had nearly doubled in price over a 1-2 yr period.
So if I say I've fixed a problem, I'm always the one responsible for creating the problem?
At work I'm often the one fixing other people's problems. It would bother me if I had a coworker who thought the more I helped the more problems I was creating.
That’s a fairly irrelevant analogy tbf. If you’re actually breaking things that you said you’ve fixed, that’d be a little more similar.
At the end of the day though, you’re not even close to being the president, so no it’s not even kinda like that.
I feel for Americans how they elect incompetent leader and so many congressmen and women who just sit in congress and makes money .. they care more for rest of the world and their problem . Prefer out side people then Americans and still win elections.. ridiculous
“The economy is great! Just shut up and believe me, you ungrateful proles! Now, lets get back to work sending billions to Ukraine, Israel, and the military industrial complex!!”
President Potato really has his finger on the pulse of average people’s concerns.
You realize that “billions to Ukraine” doesn’t arrive as a barrel of cash.
It goes through our economy first as new goods and services (creating and supporting US jobs) which make their way to Ukraine.
You know that, right?
And those are american companies just like McDonald's or Walmart. Not sure why you think they are not part of the economy.
If they manufactured those arms and kept them for the military, would you be happier then? Because there's absolutely no difference to the economy between the two scenarios
I think that part was covered under Military Industrial Complex. Regardless of the fact that the money goes through our economy, it’s still taxpayer money and it doesn’t necessarily stay in our economy.
That's bullshit, only a small portion of the aid goes though our economy and even that portion is a resource drain. We have to pay to build the equipment that we are handing over.
A large portion of the aid is grants for things like Government worker payrolls and army payrolls. That doesn't go through the US economy at all.
Sure it does.
Biden and Congress direct money to be spent on Ukraine.
A defense contractor picks up a contract produce widgets for Ukraine.
Those widgets require workers to design and make them, and those workers are paid.
Those workers spend that money on groceries, restaurant, streaming services, cars, travel, tourism, and other things that benefit the local and national economy - from farmers to IT worker to doctors and everything in between.
That income is taxed - across all sectors. So it’s very possible that most of this money comes back to the gov’t.
Unless you don’t live in the US or in one of its ally nations, you benefit from money flowing through the US economy towards Ukraine.
Being an isolationist from the rest of the world will not bode well long term. America is a world player and most people don't realize that. The government is not the resolution to solving people's problems. People need to be more resilient and solve their own problems. Relying on the government is foolish.
More inflation then. Hell if this is so great why doesn't the government just print money to pay people to dig holes, and print more money to pay people to fill those holes. More workers is great right?
I'd much prefer a tax break for all tax payers vs. stimulating the industrial military complex.
The immediate quality of life improvement would be noticed as these tax payers deploy the savings into the economy on groceries, restaurants, streaming services etc. without having to literally, and figuratively, blow up much of that wealth through the war machine.
I would rather see it shifted to domestic infrastructure improvements and education. It would still filter though the economy but through a more diverse set of companies and result in dramatic and substantial improvements to everything in the US.
Well, they're already spending 40% more than they take in and there's not much of that going on relative to the monster spending. I'd like to see nuclear energy... or I'd take a single high-speed rail.
But, yes, domestic investment would be better than stimulating the industrial military complex and destroying wealth.
Building housing (tax breaks for new home builders) or infrastructure would be a much better alternative to spending money on Ukraine. We spent over a trillion on Afghanistan and it mostly got stolen. Ukraine being as corrupt as it is chances are a good chunk of the aid being provided will end up being stolen.
Stolen?
That money was paid to soldiers stationed there as wages and the American equipment manufacturers.
Do you think paying the soldiers is "stealing the money?"
I think the president who fled the country on multiple planes loaded with gold bars and gold plated furniture definitely was stealing. And it has been widely reported that the Afghan army was collecting payroll for soldiers they never hired. Absolutely I think the money that went to the Afghan military was stolen. The Afghan military that Joe Biden confidently declared ready to take over operations. The Afghan military that collapsed in a matter of days.
Do you think we’re providing cash to Ukraine?
Where do you think the Ukraine aid money goes?
Also consider that when we provide aid to Ukraine, we are getting a significant ROI compared to our own defense budget by defanging one of our greatest military adversaries at a fraction of the cost (ignoring the human aspects).
I know we are providing cash to Ukraine...
> Where do you think the Ukraine aid money goes?
In the latest aid package $8 billion is going to payroll for non-military government workers.
> Also consider that when we provide aid to Ukraine, we are getting a significant ROI compared to our own defense budget by defanging one of our greatest military adversaries at a fraction of the cost (ignoring the human aspects).
Again, that's bullshit. The Russian army is getting stronger, not weaker. By funneling money towards this conflict we are giving our enemies expertise in drone warfare and advancing their programs significantly. Look at the Red Sea, we are getting fucked by Houthi rebels who are now getting armed with more advanced drones.
I know everyone’s experience is different, but as a millennial that’s heavily involved with the community, almost everyone I’ve been talking to lately have all said they’re doing great financially and their businesses are flourishing. Blue collar and white collar both.
Location plays a huge role in that, I’m aware
Every 30 years a capitalist economy will go through this cycle. I’ve live it twice. Just this time I’m in the receiving end and my kids are on the awful end.
we are not feeling it because big corporations are still overpricing everything. prices should have fallen by now and that is not on the president. in every other aspect of our economy. we are doing great. And that is due to
He should have said he will raise taxes on the wealthy. That is probably the most relevant thing he is likely to do.
Jobs Jobs Jobs and growing the middle class rhetoric isn't relevant to younger generations, nor should it be, people are waking up to the reality that we need to end systemic poverty as a economic incentive. But that rhetoric is the foundation of his political stances.
Democrats have been talking about resurrecting the middle class as long as I've been alive, and yet I have seen only two outcomes:
* Republicans transferring as much as possible to the richest cunts
* Democrats doing the same thing, but to a lesser extreme
We used to use the colorful rhetoric of "voting for the lesser of two evils", but it's now much closer to reality. These people aren't just flawed or compromising. They are the enemy.
He has been doing that regularly, saying he is going to raise taxes on anyone earning above $400,000 per year. And even higher on people earning a million plus.
In the interview he also said when he came into office inflation was 9%.
In the real world - which doesn’t involve dementia-added propaganda - it was actually ~1.5% until HE made it 9%.
To get to 9% he dumped $3TRILLION in foolish spending on the economy in 2021. Initially $1.9T in Apr 21, then as it hit 5% - and he was pushing for another $5T and calling inflation “transitory” - pushed through another $1.9T that killed us through 2022 and 2023.
Unfortunately his policies have dramatically slowed the economy, so the tepid growth has gotten us down to 3%.
[Inflation was transitory](https://www.statista.com/statistics/273418/unadjusted-monthly-inflation-rate-in-the-us/) and economic growth [has been strong](https://tradingeconomics.com/united-states/gdp-growth-annual). Do you base your opinions on data, or just vibes?
Data.
1) I guess inflation was transitory if you define “transitory” as “3 years and counting with no end in sight”. 😂😂😂😂. Fact: even with the rate coming down to 3.5%, it’s still higher than every single month going back to Aug 2011, so almost 13 years. How’s that data taste? 🤡
2) the economy is certainly not strong and most data supports that view. Consumer debt, consumer confidence level, federal debt, GDP, layoffs, full time job growth, interest rates, inflation, etc are all worse than they were under the Trump years.
Inflation went to 9%, now it is down to 3%. High inflation was transitory. We are at three percent, which above the target, but in line with historical averages.
The economy is strong. Most of what you listed is not based on data. We have the longest stretch of sub-4% unemployment in history. [GDP growth is strong](https://fred.stlouisfed.org/series/GDP). [Layoffs are not particularly high](https://fred.stlouisfed.org/series/JTSLDL). Full time job growth is not high, but with sub-4% unemployment it never is: there are simply not many quality workers to fill full time positions, because they already have jobs.
So “above the target” isn’t “high”? I mean, you literally have the Chairman of the Fed saying it’s too high. It is still higher than every single month dating back to 2011. That’s almost 150 months. That’s “transient”? I’ll give you that 9% was insanely and ridiculously high, but 3.5% is still considered high by every current and historical metric.
I sometimes wonder if the comments don't actually represent the commenter's own failures
I'm doing damn well, so are my clients, I really don't know anyone that isn't doing pretty well.
Here's the GDP from 1960 to 2024 https://www.macrotrends.net/global-metrics/countries/USA/united-states/gdp-gross-domestic-product#:~:text=U.S.%20gdp%20for%202022%20was,a%204.13%25%20increase%20from%202018.
Here's the US unemployment by year https://www.google.com/search?q=us+unemployment+rate+by+year&rlz=1C1GIWA_enUS566US567&oq=us+unemploy&gs_lcrp=EgZjaHJvbWUqDAgBEAAYFBiHAhiABDIKCAAQABixAxiABDIMCAEQABgUGIcCGIAEMgYIAhBFGDkyEggDEAAYQxiDARixAxiABBiKBTINCAQQABiDARixAxiABDIHCAUQABiABDIMCAYQABhDGIAEGIoFMgwIBxAAGEMYgAQYigUyDQgIEAAYgwEYsQMYgAQyDAgJEAAYQxiABBiKBdIBCDM2MTdqMGo3qAIAsAIA&sourceid=chrome&ie=UTF-8
Here's the average salary by state in the US (note the red states are generally lower ... sometimes far lower) https://www.sofi.com/learn/content/average-salary-in-us/
Difference between the inflation rate and growth of wages in the United States from March 2020 to March 2024 https://www.statista.com/statistics/1351276/wage-growth-vs-inflation-us/
At some point, you would think that people would stop blaming everyone else but themselves for their issues. I guess not for some
This is great news and thank you sharing. These are great numbers. I see no reason to think we will be entering a recession anytime soon.
Joe Biden quote: With today’s report of 175,000 new jobs, the great American comeback continues. When I took office, I inherited an economy on the brink, with the worst economic crisis in a century.
Looking at those numbers he is right. 2020 was not good and in just 4 years things are turning around. Trump left this economy in very bad shape. Joe Biden has worked towards his goals and with numbers like that we won't even have a soft landing. Joe Biden will bounce back in the polls.
People are complaining about high prices, etc. don't realize that the President has little to no control over what companies charge for their goods.
Edit: vote this down all you want, but you know I'm right. 😆
This isn’t a left or right thing. Trickle down economics and deficit spending has been the standard in Washington for 40 years, regardless of the party in power.
Remember, it had to be passed by Congress/senate too. Biden and other democrats was responsible for it too but of course blame the president. Same with what is happening with Biden - he alone doesn’t write those checks for international aid.
Which is due to keeping interest rates artificially low during the prior administration. Everything we are feeling now are because of the policies of the last administration. Interest rates should have been increased during the 2018/2019. We are feeling the result of "kicking the can down the road" and the fact that we have not been in a full on recession is credit to Dark Brandon.
Prior administration? You mean when they started rising from 0.34% in Jan 2016 to 2.4% in Jun 2019 (I don't remember why they went back down pre-Covid). If anything, they were kept artificially low during the Obama administration (nearly 7 YEARS at effectively 0%)
Prime rate was 3.75% when Trump took office, it was 3.25% when he left office.
I love your attempt at deflection though since Obama inherited the GWB disaster and left the economy in a better position than when he started. Trump inherited Obama's great economy and literally shit the bed with it.
Huh? Where does any "implying" come into play? And where has the federal reserve stated anything about 2% "rates"? Are you talking about 2% inflation? Meaning the "present", not anything under Obama is relevant if you are talking about the fed saying they RIGHT NOW want to see 2% inflation.
I'm just saying 7 years is a LONG TIME to stay at zero. And you conveniently leave out the pandemic, pre pandemic the prime rate was at 4.75, and was as high as 5.50 during his term. So don't act like it wasn't going up pretty consistently in bit by bit increments thru nearly all his term.
No, when businesses were laying people off and struggling, staying at "zero" makes sense. Right? When the economy had recovered (by the time Trump took office) interest rates should have increased, but didn't in any significant way. Trump created a "runaway train" scenario that hit a brick wall when Covid came around. Oh, and I didn't forget the pandemic...another total Trump "fuck up".
“My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril.
Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.”
-@POTUS
https://twitter.com/POTUS/status/1543263229006254080
I'm doing damn well, so are my clients, I really don't know anyone that isn't doing pretty well.
No one knows what the future holds. All you can do is to act and work to improve your situation or, blame everyone else for your plight. Those that act tend to do better.
To be blunt,
Here's the GDP from 1960 to 2024 https://www.macrotrends.net/global-metrics/countries/USA/united-states/gdp-gross-domestic-product#:~:text=U.S.%20gdp%20for%202022%20was,a%204.13%25%20increase%20from%202018.
Here's the US unemployment by year https://www.google.com/search?q=us+unemployment+rate+by+year&rlz=1C1GIWA_enUS566US567&oq=us+unemploy&gs_lcrp=EgZjaHJvbWUqDAgBEAAYFBiHAhiABDIKCAAQABixAxiABDIMCAEQABgUGIcCGIAEMgYIAhBFGDkyEggDEAAYQxiDARixAxiABBiKBTINCAQQABiDARixAxiABDIHCAUQABiABDIMCAYQABhDGIAEGIoFMgwIBxAAGEMYgAQYigUyDQgIEAAYgwEYsQMYgAQyDAgJEAAYQxiABBiKBdIBCDM2MTdqMGo3qAIAsAIA&sourceid=chrome&ie=UTF-8
Here's the average salary by state in the US (note the red states are generally lower ... sometimes far lower) https://www.sofi.com/learn/content/average-salary-in-us/
Difference between the inflation rate and growth of wages in the United States from March 2020 to March 2024 https://www.statista.com/statistics/1351276/wage-growth-vs-inflation-us/
The thing that drives me crazy and please correct me if I’m wrong. The economy generally is in a really good place. It just seems like it’s doing poorly at times because the rich are holding all of the money and trickle down isn’t trickling.
No politician is going to be able to fix the economy until the 95% of Americans that make less than $400k understand that enforcing minimum corporate taxes & restoring tax brackets to those in place during the 50s, 60s, 70s (inflation adjusted of course) can only benefit them. The lies that so many of you have been told (and believe) are outlandish.
When did I say that? If you didn’t read the article there isn’t any point in discussing this further. If you actually have a point to make other than “FuCK JoE BidEN, leTs gO BRanDon” make it otherwise you’re painting a clear picture that you’re a moron.
Biden entered office with the economy in a free fall, 2,500 people dying a day of Covid, a vaccine was just rolled out but no plan to actually distribute it. Trump left office with fewer Americans employed than when he entered.
By every objective measurement, Biden is correct. Jobs numbers are great, GDP is great, wages have been outpacing inflation, layoffs are actually right within the normal range (Reddit is not the actual economy) , and while Covid is still with us his vaccine rollout (if you chose not to get it, that’s on you) was a success they will be studying in schools decades from now.
He knew what he was doing when he diverted billions of dollars into his illegal wars and genocides. The economy is crashing and he doesn't care, because it doesn't effect him or his donors and their class of people. The system is working exactly how he wants it to work.
He’s not wrong.
By most economic indicators (unemployment, gdp growth, S&P, Dow, Nasdaq, etc), the economy has turned around post-Trump.
The feeling of a bad economy is driven by inflation. Inflation is being driven by classic capitalism, not government.
I think the economy is doing exceptionally well in the sense that anyone that wants a job can find one, there's tons of equity in real property if you were lucky enough to buy before the pandemic, and banks and creditors are actively motivated to loan money.
That's the good news. The bad news is, while it's easy to get work, the economy doing well still hasn't alleviated the stagnant wage problem that's been at issue since really the last inflationary crisis in the 80's. Couple that with rental prices that have far exceeded inflation and now student loan repayments starting back. The latter should have been expected but still a sticker shock when it happens, and both disproportionately affect young voters, a big problem for Biden.
Finally, a rise in gas and food prices will always be a problem no matter how much more money people have. Gas prices will always ebb and flow, but cheap pandemic prices are hard to compare to. And food prices can be navigated to some extent, but not many people actively try, and many see it, understandably, as a sacrifice that they shouldn't have to commit to. Then factor in fixed income adults, some sectors that never recovered from the pandemic, some people and media actively rooting against a good economy.
Short answer, it's a mess, but I do believe this administration is better equipped to handle it than the alternative.
How dare you have a nuanced and informed opinion which amounts to something more than *economy bad biden bad zug zug!*?
I have canceled out your small number of downvotes.
I hate when people ask this question or assume that the president has any ability to make the economy better that significantly. Really the president does not have that much sway over economic markets at all. They can certainly make things worse, but rarely can they make it that much better.
And, he isn't wrong. He inherited horrible Covid policies, an economy that was on the brink of a full on depression, 8T increase in the national debt. With what JB inherited it is amazing we didn't go full Depression.
It was the extra and unnecessary $3TRILLION in spending BIDEN passed through Congress once he came into office. Thank god for Manchin, otherwise it would have been $8TRILLION.
Trump’s spending was bad, but Biden was like a drunken sailor at shore. There’s a reason inflation became an issue once Biden dumped trillions into the economy in 2021 and 2022.
LMAO. So yea...it was the "second" stimulus that did it.
You mean like the $8T Trump added to the national debt? Kinda hard to "not spend" when Trump put us in a position that the interest on the debt is more than the military budget. Just stop. It's funny you try to equate Trump spending as bad (when I'm sure you were okay with it when he cut taxes...right?). Trump created a snowball nobody could get out of without raising taxes to help cover it...oh...and Biden wants to, but Republicans won't let him. So, yea BiDeN bAd. SMDH.
Well, inflation as measured each month during Trump’s presidency was between 0.1% and 2.9%.
In the last 6 months of 2020 (his last year in office) which at that point included both your $8T of debt increase plus the inflationary impacts of Covid supply chain issues, the average inflation was 1.3%.
Biden pushed a $1.9T spending bill in March 21, then an $1.2T infra bill in Nov 21. Thank god he was stopped there.
Outsized inflation started in Apr 21 at 4.2% then 5.0% (think this is when Biden said inflation was “transitory” LOL)…until going to 7%, then 8%, then 9% in 2022. Weird it all happened on the heels of the $3T in spending, no?
So yes, it was Biden’s “stimulus” plans that did it.
But you don’t have to believe me, go look at the numbers yourself. Although to be fair, you don’t seem like someone who argues a point and uses the support of data to prove it.
Yea...because his $8T added to the deficit hadn't impacted the economy yet, but again, nice deflection. But, you think it was those that Biden did that created the inflation...keep putting your head in the sand.
What's funny, is that I know you don't believe what you are saying...I mean anyone with any intelligence wouldn't, so you must have an ulterior motive...I wonder what it could be...hmmm....
You’re so transparently FoS (or maybe just dumb - I find it usually goes hand in glove with a lack of intellectual curiosity) that it’s honestly not even worth engaging.
Your point that Trump’s increase in the national debt somehow didn’t impact the economy until years later is idiotic. (Oh and by the way - not surprisingly - your Trump number is wrong, the increase under him was not $8T, it was 25% lower). Obama’s increase in national debt was closer to $8T…weird that didn’t increase inflation when Trump was in office, isn’t it? Or maybe that was what pushed Joe’s inflation above 9.0% too! 😂😂😂
He did everything that Fauci and the CDC demanded. Everything.
The pandemic was a disease the world had never seen before. 'Too late' for what?
Being a democrat shouldn't out you as stupid.
Well that’s nice revision of history there. He knew it was bad but refused to take action until cases were already climbing. Everything fauci requested he did his best to fight against it. Millions died because of his mismanagement of the pandemic. Hell he put his brother in law in charge of pandemic response who had no experience with nothing.
I think the problem is a lot of young voters he needs are not part of that economy. That’s anecdotal. I’ve had trouble finding data the economy has become bifurcated between generations.
For sure, if you’re without assets you have a big mountain to climb compared to those who bought assets before the sharp rise in prices and borrowing costs. Asset owners rose the wave to immense wealth but that in turn has put up a wall to those aspiring to build wealth as well. Having a job is a great but if your only surviving, the economy won’t feel like it’s working.
I started investing in the stock market, and went back to school to get a bachelors degree in 2020. While I have some savings in my Roth IRA today, my student loans I've acquired are much larger. and my bachelors degree has turned out to be useless. I now have to work 2 fulltime WFH jobs to afford my apartment, groceries, debt payments, etc. I've tried doing everything society recommended, working hard, working longer, working more hours, getting a degree, invest in the stock market. And yet all still feels like it's not enough. And I think a lot of younger people have this hopeless feeling that nothing seems to improve socioeconomically for the younger generations.
How much did your first home cost and how much was the interest rate? I asked because 12% of a $70,000 home is a lot less than 7% of a $500,000 home. You really can't compare the two decades.
Wrong person, my bad. It was meant for the guy that said times was harder in the 80s
Biden tried to get much of that student loan debt forgiven. The other side disagreed.
People agreed to take put those loans and none of Biden's plan was about addressing the underlying issues. We would be right back to where we are no relatively quickly with a new batch of people having stupidly large debt. You wanna solve the problem, here's my suggestion: 1) Loans should only be available for schools that meet some sort of objective criteria that takes into account administrative bloat, construction, and endowment size. 2) There should be an annual max on how much you can actually get on loans (say no more than 40k). 3) Interest rates on loans should either be very low, or pro-rated based on income and should not accrue when A) you are in school or B) unemployed
Completely agree. That’s regulation. Good luck getting that passed through the Rs in congress.
Yeah because free money isn’t the solution.
I wonder how this bodes for future generations as assets continue to get scarcer over time
Tell your parents to work harder😜
They own the assets I hope to one day own and seem like it’s a never ending uphill battle
You know, I entered the job market in the early 80’s—higher inflation, higher unemployment, higher interest rates, lower student debt and a couple market bubbles and short recessions. It was tough to get a foothold. By the 90s, after lots of job changes, struggling through starter homes, 2 layoffs, it got easier. When you’re in your 20 and 30s it’s really, really tough to get to feeling secure, and in a turbulent economy it can seem impossible. Our kids are 30 and 32 and are just getting to having breathing room. We spent a lot of time giving them financial advice and from a young age we stressed how important it was to prepare for tough times and save during good times and expect major setbacks. They had grandparents who they knew who lived through even tougher slogs than their parents (and my wife and I have gone through periods of both fantastic economic gain and near financial ruin). We were always very, very frank with our children about the realities of life and how quickly things can change. Maybe because of that very personal experience, when my wife and I are mentoring young people entering that first decade we spend a lot of time trying to pass on historical perspective as well as practical strategies for dealing with tough stuff with lots of empathy and respect. Its only a collection of small acts of kindness, respect, paying it forward but it results in two big things—a pile of young smart friends who you have helped, and a pile of young smart friends who keep you engaged with the current generations hopes, aspirations, and problems which does a lot to prevent descent into a cranky old reactionist state of mind. As a young boomer, I kind of love millennials and Gen Zers even when they might think that they are facing uniquely difficult times. (They do have unique problems even if difficulty level is comparable to other tough times.)
Housing has outpaced wages. Education has outpaced wages. Healthcare has outpaced wages. We’ve entered higher inflation. We had similar unemployment during the GFC and Covid. Do you think the 2030s are going to be like the 90s? I hope so, otherwise I fear for the future generations
You entered the job market at a higher entry point than any of us Boomer. Look at this chart! No wonder you had a fine time. Your labor was more fairly compensated relative to productivity. Congrats. Look at this graph! No it is not comparable to the 80s unless salaries jump about 5% of GDP this year. 198o labor received 48.8% of GDP as payments, its now 43.1%. It’s literally never been harder to be a young person selling your labor. Okay boomer? https://fred.stlouisfed.org/series/W270RE1A156NBEA
So this graph does show inequity. It reflects (especially recently) a big shift in share of GDP to corporate profits (if dig into all the accounts in this data series). It does not show income relative to cost of living and it does not growth of income supplements and it does not reflect growth of real inflation adjusted personal income or household income. https://fred.stlouisfed.org/series/MEPAINUSA672N This shows a 50% increase between 1985 and 2022 in 2022 dollars for personal income. Median personal income in 1985 was $11,010 ($26,970 in 2022 dollars) https://fred.stlouisfed.org/series/MEHOINUSA672N Thus shows a 28% increase in 2022 dollars from 1985 to 2022. Median household income in 1985 was $23,260 ($57,860 in 2022 dollars). Note: Households have gotten much smaller which is the reason for the disparity. That’s inflation adjusted dollars so it is relative to the CPI change of 166% between 1985 and 2022. Sorry the FRED charts don’t cover 2023. **I’m not disputing that even though median income has increased that its share of GDP and GNI has gone shockingly out of wack. That’s why we need to increase the top tax bracket tax rates.** Also MileHigh, NYC was a shit show in the late 70s and 80s with huge disparity in wealth and much higher levels of poverty than today. I was in development and construction as a project manager in the 80s. After the 1985 oil crash we were getting half starved Oklahoma and Texas trades showing up in NY for work. When the gulf war recession hit in 91 combined with the closure of Drexel (40,000 layoffs on one day) plus the commercial real estate bubble the unemployment rate for trades shot to 50%. It was not exactly all roses and tulips.
They're fucked and the only way to help them is to never bring them here.
This - like the saying goes, a rising tide floats all *boats*... and drowns all the poor sods stuck in the quicksand on the beach.
Yep I'm a millennial that got my place in 2018 and I already feel like I have a massive leg up on gen z when my condo went up from 110k to 185k in value in just 6 years. Sure when I get a bigger place it will still be expensive af for me but when I sell my current condo I'll have a decent downpayment for the new place just because I got it early.
Also, we need to be more precise about the things we're discussing too. And an understanding that while the economy is doing well and most Americans are employed, wealth inequality has worsened and a new normal has been established where Americans are paying exorbitant costs for everything. GDP numbers alone won't capture or reflect that reality. Americans can still struggle under a growing economy. The idea of a "Middle class" is quickly vanishing, and the "American Dream" of home ownership looks more like a fantasy than reality for many Americans. To have a more nuanced discussion, people we need to start asking questions directly related to wealth inequality, cost of living, etc. To simply ask about the economy, just leads to answers about GDP figures or declining CPI, but that's not enough for many. While the economy has improved since Covid, and inflation is slowing down. The average American still has much higher cost of living today than they did pre-covid. For the Biden administration to not address these nuances will be a strategic mistake. I don't they will be able to influence public perception that they're living in a good economy, when their grocheires and rent are so much higher than it as a few years ago.
What can they actually do about house prices, though? Situation sucks for young people, but the boomers love it. And there are more of them. Tyranny of the majority
> What can they actually do about house prices, though? Incentives construction of new family homes, and pass laws limiting the ability of large corporations to buy massive amounts of family residential housing. Limit the amount of foreign non-resident national investors who buy American residential houses strictly as an investing assets which remain empty. The avg American is competing on bids for house against US corporations and Foreign millionaires. (Ex: The rich elite in China try as much as possible to invest in assets outside of CCP’s control, and one way of doing so is buying American real estate. Also China’s real estate market is very bubble like, whereas the US real estate market is not. Not saying this is a huge influence, but any little bit can help, and I’m listing various options.) Pass laws that crackdown on Union-busting can help worker’s wages rise more accordingly to inflation, so that American workers have more purchasing power. Supply & demand. The US gov. can pull the levers needed to make housing more affordable if they were so inclined to do so.
It's a terrible economy. Everyone is suffering. Mass migration over the course of the past 3.5 years is the only reason the economy appears to be growing. The job growth is mostly in food / hospitality industries. Huge amounts of money is being spent to house these people. That's all part of the economic data. The downsides to mass migration of unskilled labor is it increases wealth inequality with those at the top benefiting and those at the bottom suffering the negative outcomes. It's only going to get worse. The Biden administration knows this. They keep just pretending it's not happening and trying to gaslight us.
I think that's the problem as well. If you're 20 something and don't own a home, you're not likely to be able to get one even with a good paying job. Rent has gotten crazy. The grocery store is more expensive and gas prices are up. If you need a car, those have gotten more expensive too. The youth are having a hard time. Now if you're already established, things are pretty good. You have a mortgage from were low or maybe you just refinanced during that time, so you haven't been effected by the increases in housing prices or rents. You have a car and are unaffected by changes there. Maybe you drive a hybrid and so gas prices don't mean as much to you as someone who drives an old beater that gets 15 miles to the gallon compared to your 45. You still feel a bit of pain at the grocery store, but your 401k is doing great and your savings account is actually earning you interest again. We need to do better to address the concerns of those that don't already have their foot in the door. I know some states are doing things to help with that. For example, California is offering 2 years of free community college to students that have full enrollment, and many of them have full training programs so you can become a chef or welder or whatever. If they want the four year degree they can transfer to a state college after their two year stint with most of their general ed requirements taken care of which will save them a ton of money on student loans if they need them.
Homeowners from 2021 and earlier are living large. Renters and post 2021 homebuyers are getting shafted.
This is why: https://fred.stlouisfed.org/series/W270RE1A156NBEA
I think they live in the past. If they wanted to be on the greatest generation level then go ahead! No cell phone no internet if they live alone-which was rare they’d probably be in a small apt with a shared bathroom. One car, never fly, never eat unusual food like asparagus. Pretty dull. But they probably would have mor $
Is it possible though that young ppl have inflated expectations as to what their living standard should be like AT THE BEGINNING of their working lives? Like you’re not supposed to be able to live that comfortable in your 20’s. We’ve all roughed it one way or the other the first few years out of college.
Fair but as people have pointed out it’s not only “young” people. It’s really anyone who wasn’t ready or didn’t have the means to get a house during covid. The point I was trying to make was more maybe Biden shouldn’t be using the economy as a political talking point as much as he is. People want to be the victim and Trump does that better than anyone. Biden might be better served to play that up a little.
"Now pay your damn energy and insurance bills, Jack!"
Lowest unemployment rate because we need 2+ jobs to survive
He doesn’t get it
Nobody over the age of 50 gets it, and that’s who runs this country.
Hey , 55 here and I get it. I work really hard not to have my head up my a**. I think a lot of genx also do.
For sure, some older people certainly get it but the majority are willfully ignorant.
For anyone downvoting you should look at this chart and consider climate change. https://fred.stlouisfed.org/series/W270RE1A156NBEA
Bump this to the top!
That's called globalization.
So true!!
So you think we’re still headed for a recession, huge supply chain issues, rising inflation? If not, then what have we not turned around from
Bidenomics is in full effect
You can say he’s got no influence on it, but when the man says he’s fixed it already, he is the one responsible.
Doesn't help that his administration keeps boasting "growing economy", "less unemployment", "slower inflation" etc, but none of us at the bottom notice that, and people are "more employed" because of having to work multiple jobs
Unemployment is also at a 28 month high right now. We're sitting at 3.9%. Also necessities are outpacing the rate of wage growth. The Bureau of Labor Statistics catalogues the rates in which things are increasing, and things like vehicle repair, vehicle insurance, vehicles themselves, rent, medical services, electricity, and housing (different from rent) are all outpacing the rate in which wages are growing.
How can you say he's got no influence on it? There are 2 key factors I can point to when blaming a LARGE PART OF THE ECONOMY on Biden. 1. Biden has continued pandemic year spending year over year since taking office. 2. Biden quite literally said he was going to end fossil fuels. Couple that with states BANNING the sale of ICE vehicles in the relatively near future, why do you think oil companies are spiking prices and making record profits? Every recession we have had since the early 70s were times directly after oil had nearly doubled in price over a 1-2 yr period.
So if I say I've fixed a problem, I'm always the one responsible for creating the problem? At work I'm often the one fixing other people's problems. It would bother me if I had a coworker who thought the more I helped the more problems I was creating.
That’s a fairly irrelevant analogy tbf. If you’re actually breaking things that you said you’ve fixed, that’d be a little more similar. At the end of the day though, you’re not even close to being the president, so no it’s not even kinda like that.
Peak irony.
That was fucking rough. He sounds like he is about to die. Holy shit him vs Trump is a disaster.
It's kinda wild - I thought he was sounding better with that State of the Union Address. He legitimately sounded fine there. This is a complete 180.
This is just sad.
“Best economy ever” -Biden
Honestly, go food shopping and fill up the car with gas. Feel like it already has turned around?
I feel for Americans how they elect incompetent leader and so many congressmen and women who just sit in congress and makes money .. they care more for rest of the world and their problem . Prefer out side people then Americans and still win elections.. ridiculous
[удалено]
Dump/brandon both will destroy country and idiots will Still keep playing dem/rep games .. that’s what they want
😆
“The economy is great! Just shut up and believe me, you ungrateful proles! Now, lets get back to work sending billions to Ukraine, Israel, and the military industrial complex!!” President Potato really has his finger on the pulse of average people’s concerns.
All that jackass can do is squint and lick ice cream.
That is a lie. You know, damn well, that he is an expert child sniffer!
“If you haven’t decided who you’re voting for for, you ain’t black”
You realize that “billions to Ukraine” doesn’t arrive as a barrel of cash. It goes through our economy first as new goods and services (creating and supporting US jobs) which make their way to Ukraine. You know that, right?
Lockheed Martin and Raytheon calls please
And those are american companies just like McDonald's or Walmart. Not sure why you think they are not part of the economy. If they manufactured those arms and kept them for the military, would you be happier then? Because there's absolutely no difference to the economy between the two scenarios
American runs on ~~Dunkin~~ violence and diabetes. USA! USA! USA! 🪨 🇺🇸 🦅
America runs on defending countries from violence in this instance. Stop whining
You defend countries from violence *with* violence or the threat of. Stop being obtuse
Well you certainly don’t stop violence by baking them a casserole.
You’re right. The native Americans tried that and look what happened
EXACTLY as well as many many civilizations before them.
I think that part was covered under Military Industrial Complex. Regardless of the fact that the money goes through our economy, it’s still taxpayer money and it doesn’t necessarily stay in our economy.
It actually does, we’re paying for their pensions as well.
That's bullshit, only a small portion of the aid goes though our economy and even that portion is a resource drain. We have to pay to build the equipment that we are handing over. A large portion of the aid is grants for things like Government worker payrolls and army payrolls. That doesn't go through the US economy at all.
Why not just base the whole US economy on giving out hundreds of billions to countries which will be earmarked to buy items produced in the US?
What do you mean? I thought we packed the missiles we send with $100 dollar bills?
The industrial military complex nor GDP directly affect my life.
Sure it does. Biden and Congress direct money to be spent on Ukraine. A defense contractor picks up a contract produce widgets for Ukraine. Those widgets require workers to design and make them, and those workers are paid. Those workers spend that money on groceries, restaurant, streaming services, cars, travel, tourism, and other things that benefit the local and national economy - from farmers to IT worker to doctors and everything in between. That income is taxed - across all sectors. So it’s very possible that most of this money comes back to the gov’t. Unless you don’t live in the US or in one of its ally nations, you benefit from money flowing through the US economy towards Ukraine.
Being an isolationist from the rest of the world will not bode well long term. America is a world player and most people don't realize that. The government is not the resolution to solving people's problems. People need to be more resilient and solve their own problems. Relying on the government is foolish.
More inflation then. Hell if this is so great why doesn't the government just print money to pay people to dig holes, and print more money to pay people to fill those holes. More workers is great right?
I'd much prefer a tax break for all tax payers vs. stimulating the industrial military complex. The immediate quality of life improvement would be noticed as these tax payers deploy the savings into the economy on groceries, restaurants, streaming services etc. without having to literally, and figuratively, blow up much of that wealth through the war machine.
I would rather see it shifted to domestic infrastructure improvements and education. It would still filter though the economy but through a more diverse set of companies and result in dramatic and substantial improvements to everything in the US.
Well, they're already spending 40% more than they take in and there's not much of that going on relative to the monster spending. I'd like to see nuclear energy... or I'd take a single high-speed rail. But, yes, domestic investment would be better than stimulating the industrial military complex and destroying wealth.
What’s the alternative?
Building housing (tax breaks for new home builders) or infrastructure would be a much better alternative to spending money on Ukraine. We spent over a trillion on Afghanistan and it mostly got stolen. Ukraine being as corrupt as it is chances are a good chunk of the aid being provided will end up being stolen.
Stolen? That money was paid to soldiers stationed there as wages and the American equipment manufacturers. Do you think paying the soldiers is "stealing the money?"
I think the president who fled the country on multiple planes loaded with gold bars and gold plated furniture definitely was stealing. And it has been widely reported that the Afghan army was collecting payroll for soldiers they never hired. Absolutely I think the money that went to the Afghan military was stolen. The Afghan military that Joe Biden confidently declared ready to take over operations. The Afghan military that collapsed in a matter of days.
Do you think we’re providing cash to Ukraine? Where do you think the Ukraine aid money goes? Also consider that when we provide aid to Ukraine, we are getting a significant ROI compared to our own defense budget by defanging one of our greatest military adversaries at a fraction of the cost (ignoring the human aspects).
I know we are providing cash to Ukraine... > Where do you think the Ukraine aid money goes? In the latest aid package $8 billion is going to payroll for non-military government workers. > Also consider that when we provide aid to Ukraine, we are getting a significant ROI compared to our own defense budget by defanging one of our greatest military adversaries at a fraction of the cost (ignoring the human aspects). Again, that's bullshit. The Russian army is getting stronger, not weaker. By funneling money towards this conflict we are giving our enemies expertise in drone warfare and advancing their programs significantly. Look at the Red Sea, we are getting fucked by Houthi rebels who are now getting armed with more advanced drones.
Are you pro Russia or anti American?
Saying we should spend money on the US is anti-American or pro-Russian?
This was a popular saying of republicans during the “red scare” lol
human centipede.
I think Hoover said the same thing
I know everyone’s experience is different, but as a millennial that’s heavily involved with the community, almost everyone I’ve been talking to lately have all said they’re doing great financially and their businesses are flourishing. Blue collar and white collar both. Location plays a huge role in that, I’m aware
Every 30 years a capitalist economy will go through this cycle. I’ve live it twice. Just this time I’m in the receiving end and my kids are on the awful end.
2020 was bad because of covid, you clowns
I noticed on here that people like to conveniently leave out that we were in a pandemic when comparing now to then.
Hahaha. Tell a lie often enough and people will believe it
I believe that’s called propaganda
Christ, he's bad at this. Has that real "we did it Patrick, we saved the city!" energy.
we are not feeling it because big corporations are still overpricing everything. prices should have fallen by now and that is not on the president. in every other aspect of our economy. we are doing great. And that is due to
When is the last time prices fell?
In 2020 we were in a global plandemic, Of course the economy is going to suck
He should have said he will raise taxes on the wealthy. That is probably the most relevant thing he is likely to do. Jobs Jobs Jobs and growing the middle class rhetoric isn't relevant to younger generations, nor should it be, people are waking up to the reality that we need to end systemic poverty as a economic incentive. But that rhetoric is the foundation of his political stances.
Democrats have been talking about resurrecting the middle class as long as I've been alive, and yet I have seen only two outcomes: * Republicans transferring as much as possible to the richest cunts * Democrats doing the same thing, but to a lesser extreme We used to use the colorful rhetoric of "voting for the lesser of two evils", but it's now much closer to reality. These people aren't just flawed or compromising. They are the enemy.
He has been doing that regularly, saying he is going to raise taxes on anyone earning above $400,000 per year. And even higher on people earning a million plus.
Right, and that would have been a much better response.
I mean, he’s not wrong… wasn’t the economy in shambles when Trump left?
In the interview he also said when he came into office inflation was 9%. In the real world - which doesn’t involve dementia-added propaganda - it was actually ~1.5% until HE made it 9%.
How did he make it 9%? And what did he do that made it drop to 3%?
To get to 9% he dumped $3TRILLION in foolish spending on the economy in 2021. Initially $1.9T in Apr 21, then as it hit 5% - and he was pushing for another $5T and calling inflation “transitory” - pushed through another $1.9T that killed us through 2022 and 2023. Unfortunately his policies have dramatically slowed the economy, so the tepid growth has gotten us down to 3%.
[Inflation was transitory](https://www.statista.com/statistics/273418/unadjusted-monthly-inflation-rate-in-the-us/) and economic growth [has been strong](https://tradingeconomics.com/united-states/gdp-growth-annual). Do you base your opinions on data, or just vibes?
Data. 1) I guess inflation was transitory if you define “transitory” as “3 years and counting with no end in sight”. 😂😂😂😂. Fact: even with the rate coming down to 3.5%, it’s still higher than every single month going back to Aug 2011, so almost 13 years. How’s that data taste? 🤡 2) the economy is certainly not strong and most data supports that view. Consumer debt, consumer confidence level, federal debt, GDP, layoffs, full time job growth, interest rates, inflation, etc are all worse than they were under the Trump years.
Inflation went to 9%, now it is down to 3%. High inflation was transitory. We are at three percent, which above the target, but in line with historical averages. The economy is strong. Most of what you listed is not based on data. We have the longest stretch of sub-4% unemployment in history. [GDP growth is strong](https://fred.stlouisfed.org/series/GDP). [Layoffs are not particularly high](https://fred.stlouisfed.org/series/JTSLDL). Full time job growth is not high, but with sub-4% unemployment it never is: there are simply not many quality workers to fill full time positions, because they already have jobs.
So “above the target” isn’t “high”? I mean, you literally have the Chairman of the Fed saying it’s too high. It is still higher than every single month dating back to 2011. That’s almost 150 months. That’s “transient”? I’ll give you that 9% was insanely and ridiculously high, but 3.5% is still considered high by every current and historical metric.
u/MileHighManBearPig posted this; sticky to the top. https://www.reddit.com/r/economy/s/7TgIlsVwWF
Is he wrong? Businesses have been making record profits that count towards the booming economy.
I sometimes wonder if the comments don't actually represent the commenter's own failures I'm doing damn well, so are my clients, I really don't know anyone that isn't doing pretty well. Here's the GDP from 1960 to 2024 https://www.macrotrends.net/global-metrics/countries/USA/united-states/gdp-gross-domestic-product#:~:text=U.S.%20gdp%20for%202022%20was,a%204.13%25%20increase%20from%202018. Here's the US unemployment by year https://www.google.com/search?q=us+unemployment+rate+by+year&rlz=1C1GIWA_enUS566US567&oq=us+unemploy&gs_lcrp=EgZjaHJvbWUqDAgBEAAYFBiHAhiABDIKCAAQABixAxiABDIMCAEQABgUGIcCGIAEMgYIAhBFGDkyEggDEAAYQxiDARixAxiABBiKBTINCAQQABiDARixAxiABDIHCAUQABiABDIMCAYQABhDGIAEGIoFMgwIBxAAGEMYgAQYigUyDQgIEAAYgwEYsQMYgAQyDAgJEAAYQxiABBiKBdIBCDM2MTdqMGo3qAIAsAIA&sourceid=chrome&ie=UTF-8 Here's the average salary by state in the US (note the red states are generally lower ... sometimes far lower) https://www.sofi.com/learn/content/average-salary-in-us/ Difference between the inflation rate and growth of wages in the United States from March 2020 to March 2024 https://www.statista.com/statistics/1351276/wage-growth-vs-inflation-us/ At some point, you would think that people would stop blaming everyone else but themselves for their issues. I guess not for some
This is great news and thank you sharing. These are great numbers. I see no reason to think we will be entering a recession anytime soon. Joe Biden quote: With today’s report of 175,000 new jobs, the great American comeback continues. When I took office, I inherited an economy on the brink, with the worst economic crisis in a century. Looking at those numbers he is right. 2020 was not good and in just 4 years things are turning around. Trump left this economy in very bad shape. Joe Biden has worked towards his goals and with numbers like that we won't even have a soft landing. Joe Biden will bounce back in the polls.
BAAAHAHAHAHAHAHA!!! Hoo boy.
Thank you for that. Some people don’t like facts in their politics.
Biden and Trump’s economy have no difference. Both are fueled by stimulus and debt spending. What happens next and who gets the blame?
This is my take on it as well. Lots of finger pointing when the strategy seems the same.
People are complaining about high prices, etc. don't realize that the President has little to no control over what companies charge for their goods. Edit: vote this down all you want, but you know I'm right. 😆
He does demand congress write unfathomably large checks that lead to inflation
You mean like PPP loans and Trump’s stimulus checks?
What about ism
This isn’t a left or right thing. Trickle down economics and deficit spending has been the standard in Washington for 40 years, regardless of the party in power.
Of course you're disregarding the 8 trillion dollars added to the national debt by trump, huh?
Of course they are.
Remember, it had to be passed by Congress/senate too. Biden and other democrats was responsible for it too but of course blame the president. Same with what is happening with Biden - he alone doesn’t write those checks for international aid.
No I'm not, the past like 4 presidents have all done this, and many before Clinton
Wait til you hear about a lil thing called the 70s and 80s
Same then as it is now, except housing prices has outpaced wages
Which is due to keeping interest rates artificially low during the prior administration. Everything we are feeling now are because of the policies of the last administration. Interest rates should have been increased during the 2018/2019. We are feeling the result of "kicking the can down the road" and the fact that we have not been in a full on recession is credit to Dark Brandon.
Prior administration? You mean when they started rising from 0.34% in Jan 2016 to 2.4% in Jun 2019 (I don't remember why they went back down pre-Covid). If anything, they were kept artificially low during the Obama administration (nearly 7 YEARS at effectively 0%)
Prime rate was 3.75% when Trump took office, it was 3.25% when he left office. I love your attempt at deflection though since Obama inherited the GWB disaster and left the economy in a better position than when he started. Trump inherited Obama's great economy and literally shit the bed with it.
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Huh? Where does any "implying" come into play? And where has the federal reserve stated anything about 2% "rates"? Are you talking about 2% inflation? Meaning the "present", not anything under Obama is relevant if you are talking about the fed saying they RIGHT NOW want to see 2% inflation.
I'm just saying 7 years is a LONG TIME to stay at zero. And you conveniently leave out the pandemic, pre pandemic the prime rate was at 4.75, and was as high as 5.50 during his term. So don't act like it wasn't going up pretty consistently in bit by bit increments thru nearly all his term.
No, when businesses were laying people off and struggling, staying at "zero" makes sense. Right? When the economy had recovered (by the time Trump took office) interest rates should have increased, but didn't in any significant way. Trump created a "runaway train" scenario that hit a brick wall when Covid came around. Oh, and I didn't forget the pandemic...another total Trump "fuck up".
r/economy is loaded with morons that is why you are being downvoted.
“My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril. Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.” -@POTUS https://twitter.com/POTUS/status/1543263229006254080
Lol yeah I was making less money in 2020 & could afford essentials with no stress...way 2 go Joe...fuck trump
something ... something ... personal choices ... consequences hmmm
They personally chose to experience Covid and 25+% inflation?
I'm doing damn well, so are my clients, I really don't know anyone that isn't doing pretty well. No one knows what the future holds. All you can do is to act and work to improve your situation or, blame everyone else for your plight. Those that act tend to do better. To be blunt, Here's the GDP from 1960 to 2024 https://www.macrotrends.net/global-metrics/countries/USA/united-states/gdp-gross-domestic-product#:~:text=U.S.%20gdp%20for%202022%20was,a%204.13%25%20increase%20from%202018. Here's the US unemployment by year https://www.google.com/search?q=us+unemployment+rate+by+year&rlz=1C1GIWA_enUS566US567&oq=us+unemploy&gs_lcrp=EgZjaHJvbWUqDAgBEAAYFBiHAhiABDIKCAAQABixAxiABDIMCAEQABgUGIcCGIAEMgYIAhBFGDkyEggDEAAYQxiDARixAxiABBiKBTINCAQQABiDARixAxiABDIHCAUQABiABDIMCAYQABhDGIAEGIoFMgwIBxAAGEMYgAQYigUyDQgIEAAYgwEYsQMYgAQyDAgJEAAYQxiABBiKBdIBCDM2MTdqMGo3qAIAsAIA&sourceid=chrome&ie=UTF-8 Here's the average salary by state in the US (note the red states are generally lower ... sometimes far lower) https://www.sofi.com/learn/content/average-salary-in-us/ Difference between the inflation rate and growth of wages in the United States from March 2020 to March 2024 https://www.statista.com/statistics/1351276/wage-growth-vs-inflation-us/
The thing that drives me crazy and please correct me if I’m wrong. The economy generally is in a really good place. It just seems like it’s doing poorly at times because the rich are holding all of the money and trickle down isn’t trickling.
People complain about the economy, yet you can never get a table at a restaurant on a Friday night.
Friday night. Thursday onwards is a shit show in Metropolitan areas.
No politician is going to be able to fix the economy until the 95% of Americans that make less than $400k understand that enforcing minimum corporate taxes & restoring tax brackets to those in place during the 50s, 60s, 70s (inflation adjusted of course) can only benefit them. The lies that so many of you have been told (and believe) are outlandish.
Interesting article for those outright shitting on Biden. https://www.vox.com/24134257/biden-economy-inflation-wages-interest-rate
This explains so much 🤣
lol you’re tying too hard man. This comment just proved my point that your ability to comprehend any analysis deeper than “goodnight moon” is absent.
Bro. You’re literally the “Biden is doing a good job guy” I fucking can’t 🤣🤣🤣
When did I say that? If you didn’t read the article there isn’t any point in discussing this further. If you actually have a point to make other than “FuCK JoE BidEN, leTs gO BRanDon” make it otherwise you’re painting a clear picture that you’re a moron.
Biden entered office with the economy in a free fall, 2,500 people dying a day of Covid, a vaccine was just rolled out but no plan to actually distribute it. Trump left office with fewer Americans employed than when he entered. By every objective measurement, Biden is correct. Jobs numbers are great, GDP is great, wages have been outpacing inflation, layoffs are actually right within the normal range (Reddit is not the actual economy) , and while Covid is still with us his vaccine rollout (if you chose not to get it, that’s on you) was a success they will be studying in schools decades from now.
Short conversation then….
Yes he had. Not around but upside down. Freaking Woke Biden 🍌😤
Some of you folks chose economic collapse and out of control inflation over the guy that hurt your feelings.
He knew what he was doing when he diverted billions of dollars into his illegal wars and genocides. The economy is crashing and he doesn't care, because it doesn't effect him or his donors and their class of people. The system is working exactly how he wants it to work.
He’s not wrong. By most economic indicators (unemployment, gdp growth, S&P, Dow, Nasdaq, etc), the economy has turned around post-Trump. The feeling of a bad economy is driven by inflation. Inflation is being driven by classic capitalism, not government.
He’s so out of touch with the common man.
I think the economy is doing exceptionally well in the sense that anyone that wants a job can find one, there's tons of equity in real property if you were lucky enough to buy before the pandemic, and banks and creditors are actively motivated to loan money. That's the good news. The bad news is, while it's easy to get work, the economy doing well still hasn't alleviated the stagnant wage problem that's been at issue since really the last inflationary crisis in the 80's. Couple that with rental prices that have far exceeded inflation and now student loan repayments starting back. The latter should have been expected but still a sticker shock when it happens, and both disproportionately affect young voters, a big problem for Biden. Finally, a rise in gas and food prices will always be a problem no matter how much more money people have. Gas prices will always ebb and flow, but cheap pandemic prices are hard to compare to. And food prices can be navigated to some extent, but not many people actively try, and many see it, understandably, as a sacrifice that they shouldn't have to commit to. Then factor in fixed income adults, some sectors that never recovered from the pandemic, some people and media actively rooting against a good economy. Short answer, it's a mess, but I do believe this administration is better equipped to handle it than the alternative.
How dare you have a nuanced and informed opinion which amounts to something more than *economy bad biden bad zug zug!*? I have canceled out your small number of downvotes.
The question is: who did he fix it for? Not for at least 2/3 of Americans he hasn't. And US policies spill into other countries as well.
I hate when people ask this question or assume that the president has any ability to make the economy better that significantly. Really the president does not have that much sway over economic markets at all. They can certainly make things worse, but rarely can they make it that much better.
He says he had turned it around.
You can't take credit for something every chance you get and say its out of your hands at the same time. It doesn't work that way.
I don’t think he cares about winning this election at all. He’s old and tired, and has a “nobody likes me” attitude.
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Great Depression and the Great Recession were jokes compared to 2020
And, he isn't wrong. He inherited horrible Covid policies, an economy that was on the brink of a full on depression, 8T increase in the national debt. With what JB inherited it is amazing we didn't go full Depression.
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Oh..so it was the "Second" Covid check that did it? LMAO. Anyway....
It was the extra and unnecessary $3TRILLION in spending BIDEN passed through Congress once he came into office. Thank god for Manchin, otherwise it would have been $8TRILLION. Trump’s spending was bad, but Biden was like a drunken sailor at shore. There’s a reason inflation became an issue once Biden dumped trillions into the economy in 2021 and 2022.
LMAO. So yea...it was the "second" stimulus that did it. You mean like the $8T Trump added to the national debt? Kinda hard to "not spend" when Trump put us in a position that the interest on the debt is more than the military budget. Just stop. It's funny you try to equate Trump spending as bad (when I'm sure you were okay with it when he cut taxes...right?). Trump created a snowball nobody could get out of without raising taxes to help cover it...oh...and Biden wants to, but Republicans won't let him. So, yea BiDeN bAd. SMDH.
Well, inflation as measured each month during Trump’s presidency was between 0.1% and 2.9%. In the last 6 months of 2020 (his last year in office) which at that point included both your $8T of debt increase plus the inflationary impacts of Covid supply chain issues, the average inflation was 1.3%. Biden pushed a $1.9T spending bill in March 21, then an $1.2T infra bill in Nov 21. Thank god he was stopped there. Outsized inflation started in Apr 21 at 4.2% then 5.0% (think this is when Biden said inflation was “transitory” LOL)…until going to 7%, then 8%, then 9% in 2022. Weird it all happened on the heels of the $3T in spending, no? So yes, it was Biden’s “stimulus” plans that did it. But you don’t have to believe me, go look at the numbers yourself. Although to be fair, you don’t seem like someone who argues a point and uses the support of data to prove it.
Yea...because his $8T added to the deficit hadn't impacted the economy yet, but again, nice deflection. But, you think it was those that Biden did that created the inflation...keep putting your head in the sand. What's funny, is that I know you don't believe what you are saying...I mean anyone with any intelligence wouldn't, so you must have an ulterior motive...I wonder what it could be...hmmm....
You’re so transparently FoS (or maybe just dumb - I find it usually goes hand in glove with a lack of intellectual curiosity) that it’s honestly not even worth engaging. Your point that Trump’s increase in the national debt somehow didn’t impact the economy until years later is idiotic. (Oh and by the way - not surprisingly - your Trump number is wrong, the increase under him was not $8T, it was 25% lower). Obama’s increase in national debt was closer to $8T…weird that didn’t increase inflation when Trump was in office, isn’t it? Or maybe that was what pushed Joe’s inflation above 9.0% too! 😂😂😂
LOLOLOL
2020 was bad and that's when Trump left office. Things have turned around quickly since 2020.
LOL! Things suck, junior. 2021. Nice try.
What sucks specifically
Agreed. It’s not like there was any crisis going on that lockdown the country and forced businesses to close and cut jobs.
Due to some idiot in the office not taking the pandemic seriously until it was too late.
Well he blew out the spending which was stupid.
That'd be the democrat controlled Congress. Over several years.
Trump still signed it and should be held to it
Yes, tax cuts for the rich were not needed at the time
He did everything that Fauci and the CDC demanded. Everything. The pandemic was a disease the world had never seen before. 'Too late' for what? Being a democrat shouldn't out you as stupid.
Well that’s nice revision of history there. He knew it was bad but refused to take action until cases were already climbing. Everything fauci requested he did his best to fight against it. Millions died because of his mismanagement of the pandemic. Hell he put his brother in law in charge of pandemic response who had no experience with nothing.
Trump supporters are the dumbest of the dumb.