Presidents do not control the economy. Obama wished people understood that.
The economy is in covid recovery, and Biden isn’t a corrupt fascist running the government like it’s his personal toy.
I’ll give him that.
For all we know, Mr. Yale is just happy that people are paying their student loans again.
Presidents do not control the economy, Presidential Administrations do impact an economy. The only President I know that killed an economy was Trump due to allowing covid to rage out of control and denying that it was happening.
Taking covid seriously was not going to save the economy. It would’ve saved lives, but the economic impact of covid was a global one.
You forget if we had been inside for 2-4 weeks it would have been over.
Plenty of other nations were done with it well before us.
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No. You would have had to keep every citizen from every country inside for 2-4 weeks and enforce incredibly strict N95/KN95-only mask policies. If you have a single city not doing zero-COVID in this scenario, you lose containment.
I don’t get your point. Thanks for agreeing w/ me?
You seem to be stating if the US response had been 2-4 week strict lockdowns that we would have eradicated COVID.
I am telling you no, it wouldn’t have prevented much unless every single human being on the planet was also in lockdown for the exact same 2-4 week period.
Seemed to work for so many countries but sure let’s go w/ that lol. Americans will die on any/every hill.
It was only a global impact because of widespread denial of the facts. Trump was at the forefront of that denial from the beginning, and many other countries seemed to follow his lead. Much of global impact could have been avpided entirely of Trump had instead decided to listen to the doctors that actually deal with epidemics and insisted people follow the basic protocols from the beginning before it expanded due to lack of action, instead of vilifying the medical community at every opportunity.
Yes but pretending like it didn’t exist and allowing it to spike harder than ever, so bad things has to be shut down, was a big negative impact
He told his followers it was bullshit and they acted accordingly, spreading it like mad
And before people say that it didn’t need to be shut down, they ignore that the hospitals were overwhelmed and could have been even more overwhelmed if we didn’t have mask mandates and/or lock downs. People were being denied health care because the hospitals had no space.
How about repealing the Glass-Steagall act under Clinton? You cant look at things in a vacuum because impact from policy is delayed. 2008 didn’t happen because Bush signed one or two documents, it was decades of policy and corruption. Saying “The only president you know” seems quite unfair. Regardless if you think Trump is a shit-bag or not.
Trump is absolutely a shit bag but also a terrible leader and bottom rung president who was so shitty it made Bush 2 look slightly competent.
I don’t even know if you can say that Trump killed the economy. If you look only at the economy, then comparing the US to Europe, the US economy weathered the pandemic much better. Congress, under both Trump and Biden, passed very generous support packages. The Biden package was arguably too generous, and kickstarted the current inflation.
And inflation is the main reason polticially-disengaged people “feel” that the economy is no good under Biden. Last I checked, real wages for blue collar workers are still lower than when Biden took office.
This won’t be a popular opinion on Lemmy, but I agree. Biden is far from the worst president we’ve had, but some people tend to whitewash his flaws because he’s not an orange dullard LARPing as Hitler.
Same old lie. Trump started demanding money printing in early 2019 to juice the economy for an election year, because he knows republicans are simple and don’t understand that policy decisions take time to take effect. You had inflation coming your way before COVID.
President Donald Trump, in his most brazen attack yet on the Federal Reserve, called for the central bank on Tuesday to cut interest rates by 1 percentage point and to implement more money-printing quantitative easing.
Everyone I heard who wanted to vote for Trump was saying ‘my bank account has never looker better, screw inflation!’
Well, fucking eat it you idiots.
Rage out of control? So operation warp speed means nothing to you huh…
You were probably one of the many who screamed racist when trump banned chinese people from entering in Feb 2020. You probably also applauded when Nancy Pelosi said to visit China town in SF days before shutdown.
I mean… that is racist. China is a huge country and most Chinese people were not any more a danger than most American people because they had been nowhere near affected areas at that point. So banning every Chinese person? Racist. Sorry.
You have either
A. Literally no idea what you are talking about
B. Agenda’d so far up the ass that anything anti trump must be true.
It was only foreign nationals coming from china. If you were a resident or family of an American citizen you were still free to come. This was only 11 days after the first US death of covid in NY but also 8 days after the state of Wuhan closed all of its borders to quarantine. This was probably a mistake because he should have closed it to EVERYONE coming from China. On the other hand China waited until the end of March to close its entire border to the world, weeks after most countries and after tens of thousands of deaths had already occured.
Either way, you still neglect the fact that this was a good measure when it wasnt sure how bad it would end up being. Im sure you would had preferred open borders until china closed theirs entirely though. You would prefer the ‘rage out of control’ part of your argument as long as someone you preffer does it but if its Trump its still ‘Rage out of control’. You also neglected operation warpspeed which is funny, seems like you guys always forget that Trump pushed the vaccine in the first place.
The clip said that that this is the best economic intervention since the New Deal. I’d argue with the trillions we’ve spent, it’s probably greater. We prevented a Great economic collapse.
Yes but the dipshits who vote blame him for it when it’s down so it’s not a message they will not ignore sending out when it’s up
Well yeah. As much as it seems to be in fashion, blaming one person for a shitty situation on this scale is stupid, and the over effect from this individual has been a net positive.
Shit, I didn’t even blame Trump when the economy started going to shit during his term. Shit just happens, there’s only so much any one person can do.
I mean, sort of. Is the economy determined by one person? No. An entire administration, however, definitely has some sway. Interest rates, public projects, regulations (or lack of), so subsidies, those things all have an effect. It’s a very complex system with plenty of luck and unknowns that don’t change like a light switch just because a new guy was elected.
Still, look at the economies under Clinton, Obama, and Biden, then compare those to Bush, Bush, and Trump. That’s either quite the coincidence, or the person running the show does matter.
Not only that but Trump had the ability to really cement himself as one of the greatest economists ever during covid by riding on a Democrat’s economy pre-tax cuts… He got ahead of Covid pushing ‘HIS’ vaccine through… then did a complete fucking 180 killing by pandering to an ever growing, deluded, extremist base.
Instead an extra ~319,000 people died when this was published in May, 2022… due to vaccine hesitancy, lies, and Republussian propaganda lol.
It’s wild seeing the mental gymnastics they have to go through when Democrats end up agreeing with them on something. Meanwhile Biden has done so much work on one of the most evenly split governments in United States History by working with a whopping ~15? sane republicans across the aisle.
Can we get this neolib bullshit out of here?
The economy is not doing well for a majority of Americans. The majority of Americans live paycheck to paycheck, and are not optimistic of the future.
They dealt with inflation by raising interest rates which harms the working class. They use the stock market to justify the economy, when 80% is owned by the rich. They use job numbers to justify the economy, when more and more people need to get 2nd jobs just to be able to afford a 1 bedroom apartment.
Please stop linking to mainstream media. It’s so aggravating.
Just remember, “the economy” is just code for Rich People’s Yachts.
The UK inflation rate was 7.9% in June, 2023. The US inflation rate was 3.0% in June, 2023. Britain has been controlled by its Conservative Party for years. The point is that things would have been way worse with other people in charge.
Inflation rate in a vacuum doesn’t mean much. We lowered the inflation rate by harming workers, and our safety net is terrible. We could have dealt with the situation by using price controls and wealth taxes that affect the top rather than the bottom.
Worker are harmed more by inflation than low interest rates. The wealthy can ride out inflation with investments. Workers effectively have their salaries lowered by inflation.
High interest rates also affect the working class via mortgage increases and Rental properties increasing rent to deal with increased interest rates.
Inflation also causes rents to increase. And everything else.
That would be great, but just get that past the Republican House and DINOs Manchin and Sinema (though now an “Independent.”)
The reality is that for the vast majority of voting Americans, all they will see is “Inflation high” / “inflation low” and if Democrats don’t scrap together some way to reduce it, the worst party will use that against Dems and they will get back in, making everything 10x worse.
The calculation has been changed twice in 2 years to paint a better picture and remove some of the things!
Previous inflation rates are often recalculated. The point is that the USA has managed inflation far better than the UK and their Conservative Party, in which inflation peaked at a ridiculous 14% rate.
Can you educate me?
From my perspective the change was specifically to make inflation look lower, do you shop at a grocery store? Are you kidding me?
If you shop at a grocery store in the UK your prices would have increased 14% under Conservative Party rule. Not kidding.
Grocery prices where I live in the US have more than doubled. If the prices didn’t double, then they probably shrunk the portions of food and the size of the packaging. So how do we more than double prices and call that 3% inflation? Housing prices around here have also doubled since the start of COVID.
prices where I live in the US have more than doubled.
That’s weird. For everybody else, it was only an annualized 3% increase for the month of June 2023. Guess businesses in your city is screwing people.
Seriously 😭😭 my grocery bill for two people went up from 80 dollars a week to 130 practically overnight. Houses doubled in price in like 3 years in the town I live in. They also raised the cap on rent to 14 percent here. I only bring home 27k a year with 6 years of experience in a field that nobody cares about (social services).
The politics board here is just a Xerox copy of the politics board from reddit: a DNC propaganda dispenser.
Yes and who was the president that caused it? Cuz I’m pretty sure it was the orange guy
I’m glad we have strong GDP growth but:
how does the average man paying 1500 for a basic apartment in a po’dunk town feel this
That’s a great argument for how out of touch the indicators they use are. Does it mean that we’re in a better position geopolitically? Almost definitely. Did these indicators at one point mean good things for the working class? Probably. But now, they feel more like gaslighting that temperature taking.
Things are improving for someone, but I make less and pay more thanka to economic effects and it is hurting my balance book.
Well don’t forget who’s at fault.
The oil companies, grocery stores, medicals, utilities, property owners, etc all have record profits this year and last
If Biden wants to take credit for the economy, he can share in the blame of how it got there and the effects that are being felt by the people. In inflation was 15% and profits are up by 15%, it doesn’t take a genius to think that there might be some price gouging that needs to be investigated… but that would hurt those economic numbers and he couldn’t brag about it during the upcoming election.
@bob_wiley @Saneless Why would Biden take credit for Trump trashing the economy, destroying jobs, and overall wrecking the nation?
He’s taking credit for people saying the economy is doing great. Republicans came up with the term “Bidenomics” early on in his presidency to make fun of him, and he’s now using it as a positive term as the election talks start up. If he is going to run on the back of “Bidenomics” being good for Americans, then he is taking credit for the current state of things and trying to paint it as a good thing. And if that’s the case, people should be upset.
So you acknowledge the republicans used the economy (which wasn’t his fault) against Biden, but you’re bothered that he said it’s now a strong point so he’s using it back at them to undo their bullshit early on?
Ok
You’re ignoring the context and the point of my comment. It’s only “strong” for Wall Street, while people are still hurting financially. If he’s using the economy as the backbone of his campaign, it seems like a bad plan. Claiming victory while people are having trouble affording food due to inflation is not going to be received well.
This is all politics man. Happens every election
I don’t think it caused the inflation spike - the assumption that inflation is linked to wages assumes an economic system very different from ours
We don’t have the capitalism of Adam Smith. Under such a system, we’d expect prices to go back down. That is based around competition, which we barely have anymore. We now have high barriers to entry due to hostile takeovers through the stock market, shutdown of competitors through outsized influence over regulators, suppliers, and financers. It’s all the hallmarks of monopolies through outright collusion or unspoken understanding that competition would kill both parties stock price for the duration of the conflict.
The payments are long over and the money mostly went to companies - this isn’t traditional inflation, this is a lack of competition. Some people are terming our current system as feudal capitalism, because it’s closer to rent extraction than a free market
“Strongest positive effect” is a wee bit different than “most successful.” And with the dumpster fire that he inherited, that’s arguably to be expected.
Still, positive is positive, and worth recognizing, I suppose.
What? The New Deal was hardly successful at getting us out of the Depression? It took World War II. Most of FDR’s presidency was over the Great Depression (he didn’t cause it). That’s hardly a successful economy.
The best Economic years of America were Eisenhower-Kennedy-LBJ followed by 6 or so years of Clinton. We might be finally getting back to Clinton good, but we’ll see.
Ok, just saw the clip. The blurb is misquoting the guy. He’s saying Biden’s had the best economic intervention since the New Deal. I’d argue that Biden’s covid relief and infrastructure and climate bills are the best Economic intervention by the elected Federal government since WWII and better than the New Deal.
But he’s not an orange rapist so I’ll pass.
MTG also : “Joe Biden is the best president !”
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The modlog is public, fyi, and it hasn’t logged any moderator-removed comments from this post’s comment section…so what are you talking about?
Where is that happening? I don’t see any comments tagged with “removed by mod.”
When mods remove comments in Lemmy, Lemmy posts “removed by mod” in the thread. Source, I’m a mod of a silly meme community, and I remove spam and hateful crap all the time.
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Yeah, no. Me and several friends and family are struggling to find jobs right now, and a we have worked in tech
The tech sector has been overly saturated for a while now. High School students are graduating with a lot of tech experience and if I was an employer I’d be hiring them and paying them a lot less as a result. That is how corporations see it. That or they want AI to do everything.
🤮🤮😂😂
