The Biden Administration’s robust and durable track record on jobs and unemployment is breaking records, putting up some of the best results we’ve seen in half a century.
All good and well but food, vehicle and housing prices have shot up. I’m sure someone will regale us with tales of corporate price gouging but those are the facts.
Feels like we just watched Trump peel out of the bank with a trunk full of cash, and now Biden’s spent four years refilling the vault but won’t close the door until we give him a second term.
Democracy is when we take a vote on whether we get robbed again. No, we can’t lock the fucking bank robber up. That would be against the rules.
No one can close the door permanently because every 4 years we decide to give one guy the key. We’ve just never had a guy this bad before (or at least for a long time…the 1800s were wild)
Remember when Obama went his entire term just about with positive job numbers and economy? Even till the end he was trashed for the economy by republicans.
Remember when Obama went his entire term just about with positive job numbers and economy?
Obama walked into office the week that the Great Recession rebounded. And he spent his first 100 days focused on bailing out the banks, propping up private industry, and prosecuting our wars in the Middle East. Of course the on-paper first term looked stellar. We had nowhere to go but up.
And yet… his 60 vote majority Senate dithered on immigration, health care, and climate change because he was so overly invested in “bipartisan” legislation. He didn’t close Gitmo, like he campaigned on. He didn’t exit Iraq, like he campaigned on. He didn’t prosecute any of the banksters. He didn’t even route the trillions of dollars in treasure bailouts to homeowners, resulting in some of the highest foreclosure rates of the crisis happening on his watch, while banks recapitalized at record speed (and turned a ton of that cash into campaign ads against him in the following election cycle).
Republicans took advantage of his casual even-handed approach to governance by stabbing him as many times in the back as they could. They fought him in the courts. They fought him in the media. They held up every bill possible in the Senate. They gerrymandered every House seat and state legislative race at their disposal.
And when 2010 came around, they brutalized the Democratic Party, as a result. Obama showed up with a handshake to a knife fight, when he could have been packing heat.
As a liberal, I wasn’t the biggest fan of Obama for many of those reasons. But if you look at the criticism he was receiving from republicans, it was all 100% bullshit. It always is, though. They live and die by the straw man.
Because jobs numbers are meaningless stats to reflect the state of the economy. Doesn’t matter if unemployment is at 0% if wages are stagnant and a person can’t live off it
If wages are stagnant and unemployment is 0%, there are much more serious atrocities going on.
Yes, there are
Source? fox “news” doesn’t count though.
Wages aren’t stagnant
They have no idea what they’re talking about.
People still can’t live off them, they are stagnant.
People can’t live off what they’re making because corporations are cranking up the prices for record profits and blaming inflation. Food is one of the biggest offenders, and then thanks to all the corporations buying up all the single family homes, it’s driving rent through the roof with no chance for the average person to buy a house. It doesn’t matter how much you make when the rich just raise the bar for no other reason than greed.
Wages are not stagnant, around here 5 years ago it paid 8 bucks an hour to work at a fast food restaurant, now they start at 15. I make three times as much as I did 4 years ago doing the same thing I was doing. It might be a you problem if you think wages are stagnant, or you’re just a mouthpiece for fox “news”
It doesnt matter what it was 5 years ago, or what it is now. Its still not a livable wage. $15hr was the right number 20 years ago, not last week.
That’s not what that word means.
Stagnant refers to something that is not moving, moving slowly, declining. Which perfectly describes wages.
Wages are neither still nor declining. They are increasing.
If they’re not increasing at an equal or greater rate than inflation then they’re not really increasing.
Until people can live in those wages it’s irrelevant.
Back during the last turn down, everyone’s houses became worth almost nothing, but no one could pay the mortgage because there were no jobs!
This time around, there are plenty of jobs, but people still can’t pay the mortgage, since house prices are through the roof and the jobs aren’t paying enough.
since house prices are through the roof
Yeah turns out when the GOP gives gigantic tax cuts to the wealthy it inflates the real estate market because they buy extra houses they don’t even live in.
That, and the fact that the owners of 16 million rental units have entered into a cartel to fix pricing at high rates.
Corporate home ownership needs to end yesterday.
A positive Biden post?
Wait for it…
Well yeah, only kind allowed on politics!
It’s this guy or a felon people. Make you vote!
Just don’t ask him how many white collar jobs we lost over the last year.
This just isnt the winning metric Bidens campaign hopes it is.
More jobs aren’t great when people need two or three each to survive. Fix wages yesterday already.
Maybe if he got 35 felonies it would help, what do you think?
Trump being shit doesnt mean no one else can also be shit.
Biden: literally cures cancer and institutes world peace
Tankies: “here’s how this is bad for Biden”
If he literally cured cancer and instituted world peace, that would be a great thing to shout from the rooftops to drum up excitement and votes.
Shouting “The economy is great” to a bunch of Americans who are living paycheck to paycheck after seeing their costs of living dramatically increase in the last five years is not a winning strategy. It reeks of someone who is out of touch.
Biden: literally cures cancer
Useful idiots: he didn’t cure cancer! Fuck the data, listen to what everyday people are telling you! My mom’s best friend’s cousin’s roommate got cancer! Biden is so out of touch!
I got downvoted for saying id support Biden if he cured cancer. You folks are deranged.
Good still costs way too fucking much though.
Yeah, let me know when they stop having to revise it down every single time they publish them after a month and nobody pays attention to that revision downwards and when inflation isn’t 10% plus.
Okay. I am letting you know. The inflation rate is 3%. And the jobs numbers have been revised upwards more often than downwards in the last 2 years.
Sure, inflation is 3% before they factor in food and energy costs and then it spikes to 10 at minimum. My electricity bill can attest to that. I don’t have enough data to say whether the jobs numbers have been revised up or down more commonly recently, but I have seen a lot of down revisions.
And our inflation is driven by structural factors in supply chains, housing, and aggressive pricing by companies.
Don’t blame Biden when most of the inflation is driven by companies padding their bottom lines
Since the trough of the COVID-19 recession in the second quarter of 2020, overall prices in the NFC [non-financial corporate] sector have risen at an annualized rate of 6.1%—a pronounced acceleration over the 1.8% price growth that characterized the pre-pandemic business cycle of 2007–2019. Strikingly, over half of this increase (53.9%) can be attributed to fatter profit margins, with labor costs contributing less than 8% of this increase. This is not normal. From 1979 to 2019, profits only contributed about 11% to price growth and labor costs over 60%
Corporations are making record profits while they jack up prices on everything, but sure, blame Biden.
Part of inflation factor is the price of food and energy cost. No one is saying you can’t be upset about the state of the economy, or the financial pressure you are feeling, but lest not go around spouting nonsense.
Isn’t low unemployment a “despite the Biden administration” thing? Wasn’t that the whole point of the interest rate hikes to “cool off” the economy (I.E. increase unemployment). Am I missing something?
The President has no power over the interest rate. The interest rate is set by the Federal Reserve.
Agreed, presidents can apply pressure but the Fed is technically independent. That probably wasn’t fair of me to link Biden to the Fed, sorry. Dems are quick to attribute this gain to the Biden administration. I’ve heard broad statements about how Biden is good for the economy, but they don’t really go into specifics. I’m curious what they’re specifically saying he’s done to boost the economy to the point that it invalidates Fed interest/employment/inflation models.
Executive order: anti-trust policies and various pro-consumer market adjustments
A form of stimulus to the renewable industry, by having the gov purchase new zero-carbon equipment
Revoking a bunch of pro-oligarchy Trump orders
Incentivizing greater housing supply
Just a quick sampling of stuff that is Biden’s actions alone. The infrastructure spending that he helped negotiate with Senate Democrats was also huge, but I think Congress gets the lion’s share of the credit for that one.
Yes you are missing the fact that the president’s policies have a major effect on the economy.
What specifically is he doing that is creating jobs? As of February new jobs are being driven by healthcare jobs. There are several other types of work before you get to construction, which could plausably be linked to infrastructure spending. And again, that’s held to against the interest rate hikes that are designed to lower inflation by increasing unemployment, or the more appropriate euphomism of softening the labor market.
I like how when you asked that question in another comment, and I gave you a quick list of things Biden specifically, personally did to improve the economy, you went all quiet and then came over here to ask the same question.
Yeah, I read the list and fair enough. I mean to go further I’d have to argue each thing and say if I agree that it helps the economy directly or not, who the fuck cares what I think. The Biden admin has been good on anti trust, those are filtering through the courts now right, so no concrete effect yet right? Biden is good on labor too, being like the first president to visit a picket line. That may have legitimately helped the broader economy if that factored into their decision to concede to the UAW and those wage increases filtered out to non Union shops in the south. Almost invariably when people cite “Bidenomics” they mention infrastructure and green spending, which I don’t think nearly accounts for what’s been happening in terms of unemployment. I wanted concrete examples, you gave me a bunch. That’s something to think about, and I appreciate it.
Thanks for being open minded.
Ahh yes, but i was just reading on moneywise that the recession is getting worse and we’re all going to die (I might have exaggerated that part on my own). Stock market will crash, housing will bubble. I guess it’ll be horrible for those rich million and billionaires who don’t already have 25 different ways to make money. Maybe there’s a recession in billionaire land? I mean, Elon might not get his 56billion salary and will walk away… yes, thats it, recession for billionaires.
What propaganda outlet is “moneywise”? There is no recession despite the clueless media predicting one every day for the last 4 years. Jobs keep getting blowout numbers month after month after month. Wages rose a 3% annual rate last month. Stock market is all time high despite Biden increasing minimum tax rate on corporations to reduce the national debt. Inflation adjusted wages for low wage workers increased by 12% under Biden. The inflation rate under Biden has been consistently lower than the OECD average.
despite the clueless media predicting one every day for the last 4 years.
GOD I got so fucking sick of that after the first year. It was obvious it wasn’t gonna happen but every damn media outlet, even the ones I previously thought were relatively unbiased, were just shouting “recession, recession, recession” like a chant to the Econ Gods. It was such obvious propaganda.
