Summary
President Joe Biden highlighted his administration’s economic record, citing consistent job growth and a 2.7% inflation rate drop from its 2022 peak.
December’s jobs report showed 256,000 new jobs and declining unemployment, signaling steady economic growth.
However, inflation remains above the Federal Reserve’s 2% target, and interest rates remain high, impacting homebuyers and businesses.
Public pessimism lingers on affordability as Biden passes a largely strong economy to his successor, Donald Trump.
According to traditional economic indicators, that’s a true statement. There is an issue with traditional economic indicators however.
He’s living in a separate economy 🙄 it’s no wonder the Dems lost.
Yeah, great, I’m so impressed. I’ll quit one of my jobs. Thanks biden.
That’s weird. I could have bought a house in 2014 but I can’t afford it now despite making way more money.
The economy is stronger than ever for Americans that politicians care about.
What good is that when we couldn’t sentence the clown coming into office that is going to dismantle whatever gains we might make.
When the media or politicians report on ‘the economy’ they mean wealthy people’s money in investment capital and financial instrument earnings, not wages or savings for the working class.
Stronger for whom, exactly?
“Empty suit makes grandiose empty statement.”
Doesn’t matter, when Trump wrecks the economy he will say that he inherited the worst economy ever from Biden.
Someone should build a site that tracks all these metrics and promises from now on.
We’re all getting cheaper gas, electricity, and groceries right? RIGHT?!
Recks what 🤦 we are in bottom
Fuck the economy when garland let trump go. That’s biden’s fault. I will always remember Biden for that.
That’s what happens when the economic wellbeing of a country is based upon numbers on computers instead of the actual wellbeing of its population. Fuck neoliberalism.
That’s because the economy is wholly disconnected from the real lives of working Americans. Aside from 401k, job gains could just be shifting around of people from job to job. If you are in the job market, it still feels grim. The cost of groceries, energy, housing, healthcare, schooling still remain high. And that’s what Americans really experience. A reduction in inflation doesn’t mean prices went down, it just means the increases slowed down by 2.7%. And the fact that democrats are completely incapable or unwilling to have this conversation, is why democrats continue to lose enthusiasm every time there’s an incumbent democrat election. Obama was an exception because of how skilled a politician he was and how weak the Republican opposition was at the time.
“What has the economy done for me lately?”
Hard to think of much lately other than give me false hope about my retirement options.
There’s also a part of this that could, if you were naive, be solved with time. My job gave me a solid raise last year, 4.9%. Assuming four years of Harris status quo could get inflation down to ~2.5%, and assuming I can maintain similar raises each year, I’d likely recover from the pandemic within the next four years. Inflation is a necessary evil, but when managed over time, it isn’t a big issue. Should work for everyone right, stupid Trumpies just don’t understand long-term economics!
Except it ignores that corporations are colluding in duopolies across many industries to steadily raise their prices above inflation to maintain profit growth. It ignores that landlords are treating maximum rent hikes as the expectation rather than the exception. It ignores that climate change is globally impacting our supply lines for food.
Inflation being healthy doesn’t mean a damn thing when unchecked capitalism is left rampant. The Biden administration, to their credit, did weakly try to fight corporate interests. However, they did nothing to fight the fully captured Supreme Court, which made Biden’s efforts so pitiful they resemble a controlled opposition.
Biden did elect a very effective FTC chair. She’s done some great work breaking monopolies and monopolistic practices.
The problem, as I alluded to, is that the Supreme Court is starting to hear the lawsuits filed in response to those policies and is striking them down as unconstitutional. It’s quite likely that things like NDAs being unenforceable will also get overturned.
Everything Biden accomplished has either been grossly undermined, hindered, or reversed by the current corrupt Supreme Court. Completely ignoring them for his full four years, especially after Roe V Wade, was pure incompetency. Again, it gives credence to the idea of a controlled opposition. He was allowed to say and do some progressive things, but anything that stepped over the line the Supreme Court would stop. He could have packed the courts, used the big public outcry against the courts legitimacy to pack it with additional judges, and actually make a meaningful change to our country’s fate.
Instead, Joe Biden will be remembered as a vain fool who gave the country to fascism. Nothing else he accomplished will matter, if any of it is still left.
Undermined by the supreme court? What is he supposed to do about that it’s a separate branch of government.
The only people to blame for trumps election is the people who voted for him or a 3rd party. Joe Biden will be remembered badly because the right wing were incredibly successful in getting their attacks to propagate through the pop culture.
President has the right to nominate more judges. And with control of the Senate, they could have been sworn in. He wasn’t helpless, he just chose not to use the power he had.
He cant usurp judges with no reason other than political alignment. The bar for getting rid of a judge is extremely high and has only been done once in the history of the US in 1800s. Biden did all that he could he nominated a great judge when Stephen Breyer stepped down. The things you ask of Biden are out of the realm of possibility.
Never said anything about getting rid of existing judges. Did you know there is NO RULE limiting the Supreme Court to 9 judges?
The Judiciary Act limits the amount of Judges.
Inflation is a necessary evil,
Only in a capitalist system, that requires the exploitation of labor…
It’s required in any system that uses a fiat currency. Maybe a fiat currency is evil incarnate, but it also offers a lot of conveniences. Personally, I think I’d prefer having some number that translates my labor into spending units, and fiat currency works about as well as anything else when carefully managed.
Personally, I think I’d prefer having some number that translates my labor into spending units
How about non-transferable labor vouchers?
Even in a system with fiat currency, inflation is not a requirement. Its only a requirement under a capitalist system, that demands profits rise constantly.
I suppose I’m happy for the economy. I mean, I’m glad it’s doing better than ever, I guess, but I’ve got my own issues. Sorry if that sounds selfish, but it’s just hard for me to get too excited for the economy when I’m stressed about my own situation.
They made a typo they meant the stock market not the economy.
No no no, they added jobs*
*Uber drivers
Illegal taxi service! Why didn’t I thnk of that!
That’ll surely cancel out the impending fascism.
Don’t you know, fascism is actually great and they’ve been lying to us for years because they don’t want us to have it. Thankfully trump, the biggest fascist ever, is going to fix that for us.
