Summary
President Joe Biden touted his administration’s economic recovery efforts, citing job growth, reduced inflation, and infrastructure investments, as he prepares to hand off a strong economy to Donald Trump.
Biden criticized Trump’s proposed steep tariffs on imports, warning they could harm the economy and reintroduce inflation.
Trump plans tariffs against China, Mexico, and Canada, raising concerns about trade disruptions similar to those seen during his first term.
Economists caution that such policies could quickly reverse recent economic gains and weaken the U.S. economy.
And we have several pandemic vectors on the rise - again. Well, with one major change, we now have a vaccine denialist in charge of core agencies. Prospects look good for the vulture industries.
And one of the new viruses has a fatality rate above 50% in livestock, probably doesn’t bode well for humans.
If there is a god maybe the covid was just a booster virus to get the smart portion of humanity prepped for the real plague, lol.
Lmao, he rebuilt the stock market.
That is not the economy.
It basically happens every cycle, easy to go back all the way to George Bush Sr -> Clinton ( if not earlier).
But the problem is, the current economic boom is even more K-shaped than any other in recent history; half of the population are struggling worse than before, but their plight is masked by an incredible boom for the other half.
I can’t blame the working class for thinking back to ~2016, and remembering things fondly.
Trump will only make the current situation worse, but I can at least understand how the US ended up in its current predicament.
What is K shape? Like V but added flat? Or just direction where right side of K goes both up and down?
Chart taken from Investopedia’s article on K-shaped Recovery; but the underlying principle is the same: Some parts of the economy are performing so well that it masks the other sectors which are struggling.
i.e. the rich are getting so much wealthier, that when looking at the overall average the number is trending positively and not showing that the rest of society is getting poorer. This is one of the reasons when using aggregate measures, the median value is significantly more valuable than the average.
The rich got richer (top of K) the poor got poorer (bottom of K).
I see it more as speed of descent.
I’m of the opinion this country is sold, and died about half a century ago as a democracy, and this is just leftover momentum. All but waned momemtum.
Our vote isn’t on whether to reorient the economy to reflect the priorities of its citizens, merely how, and if at all, to manage some of the social issue symptoms of our crumbling commons, the ruins of public education, as the owners search for new vectors of exploitation.
I see voting blue as akin to requesting we leave the water pumps turned on for this sinking ship to buy time(D), and voting red a vote turn them off because some passengers have been deluded into hating other passengers and really, really want to watch them drown® despite being in the same boat with them.
The holes are our economic policy, but ask either party about patching them and you’ll get something akin to “What holes? This ship is unsinkable! If you think there’s holes, you’re the problem.”
Dont worry though, there are lifeboats, just enough for the politicians and their donors. Wealth means not having any national allegience.
The poor man really has a stake in the country. The rich man hasn’t; he can go away to New Guinea in a yacht.
GK Chesterton, The Man Who Was Thursday, 1908
Exactly, multinational oligarchs live in their own reality, with their own infrastructure all over the world.
We are a piggy bank to rape for private profit, not their society.
That’s what happens when you let people accumulate society warping levels of capital to begin with. Beyond material desires, that’s what capital is: power. Power to propagandize entire nations with for profit media, power to capture entire state and world governments, power to live above the Commons you destroy.
No one should be allowed to gather more power in a society than their single vote allows. This is why civilized nations have publicly funded campaigns, and trying to buy votes is still a crime. Other people live here. Thre should be a 100% wealth tax somewhere in the high double digit millions where you get a cake and a medal and a senator comes and shakes your hand for all future money going to repair and improve the commons like roads and education and HEALTHCARE that facilitated their rise to such astronomical success to begin with.
Citizens of the Nordic nations, the happiest people’s on Earth, largely have no problem being taxed for success because they’re educated to understand that their success is society’s success, and they live in society so everyone wins. Hard work yields bigger homes and toys, but not sociopaths trying to buy half of Hawaii’s beaches to lock their fellow citizens away from that lived there first away from them for example.
They chose live together, we choose die alone. Most people suffer under die alone. I wish Americans weren’t so successfully propagandized into being hostile towards the very idea of society on the basis of “well you might be rich one day, and you don’t want filthy poor people making you less rich when that happens, do you, you fucking sucker?”
Why does he look like Kim Jong Un in this picture 😂
He’s a fat fuck?
Just a small boy too scared to do anything but try and act tough.
He kind of looks like that sad cat meme
Kim Jong IL more like.
He looks horrible
Trump always looks horrid, it’s just genuinely baffling he can even move. I’d be shocked if he doesn’t die in office on this term.
President Jorkin Dapeanus Vance. Horrifying.
Womp womp. I’m convinced these idiots think maniacs like trump coming in to raid government coffers is advantageous to themselves some how. I know there might be a criminal network where this is true but not the entire fucking GOP.
It’s insane how the right controls the narrative so hard that some people believe in earnest that they have good economic policy when it really just is, “gubberment don’t work, now gibbme all that money, nom nom nom.”
Nope
https://www.bls.gov/charts/consumer-price-index/consumer-price-index-by-category-line-chart.htm
This is a chart showing percentage difference over 12 months of CPI for the last 20 years. Biden’s presidency came with less than 1% inflation which only rise to record levels in the first 2 years. It has come down to high 2% and settled at that level.
In the last 12 months everything other than energy prices have rise by 2.4%. A 2-2.4% in prices after having 2 years of near 10% inflation.
You can see how Democrats saying that they have done good for economy and common man seems hollow.
Nov 20 Nov 20 Nov 20
c/dataisugly
You can check the website linked in the comment.
With the years:
Biden’s term started in 2021, CPI peaked in 2022 and fell just as quickly.
Inflation actually peaked in Mid-2021 and fell.
I am not saying Biden or Democrats didn’t do anything,
My point is 1$ thing was 1.1$ at the end of 2022, 1.12$ 2023 and 1.15$ at the end of 2024 when voting happened. The rise in food was much more substantial.
While at the same time, there was no growth in salary and the constant threat of being laid off.
Edit 1: People have a very limited memory and the mere perception that things are bad and wont change. It is understandable if they are uninterested in either outcome.
And we should be thankful because it could have been, and almost certainly will be, much worse under Republican management.
The only way to truly solve these problems is with a supermajority willing to tax the rich and expand benefits and protections to the needy and working class, but the USA voted against that so they won’t get solutions. In fact, the Republicans are primed to write the new Tax Plan when the old one expires in 2026, and their last plan was fucking catastrophic, so sucks to suck for them.
The problem with assertions like this is that they can never be conclusively proven or disproven. Literally every single president (at least during my lifetime) has blamed their predecessor for all of the problems plaguing the country and took credit for everything that improved, while their predecessor claimed credit for laying the groundwork and blamed their predecessor for all the challenges they faced.
The fundamental issue is that the same experiment can never be conducted twice under controlled conditions, because the world doesn’t stop spinning and whatever the other guy did, he did, and we can’t turn back time in order to find out how his opponent’s choices would have played out. Sure, you can always pick and choose some factoids in order to spin a compelling “what if” scenario, but ultimately there’s simply too many variables at play in order to reach a sufficiently solid conclusion.
Say you put a clock on humanity. One depicted by the earth itself, and it’s ability to support our type of lifeform. If one president pushes that clock forward, and another tries to slow it, are they so easily comparable? When people claim they care about kids, what they really should be meaning is the future of humanity… Or else they are really taking away the liberties of those children to be able to grow up and live a life of the same quality as the generations before them.
Now categorize those presidents again as whom has attempted to use the information they had in the capacity they had for changes to benefit future generations.
We continue to debate it… but the clock has not stopped ticking.
The problem with that thought experiment is that different people have different ideas about what “slowing it down” means. One man’s poison is another man’s medicine.
There’s nothing good or bad, but thinking makes it so.
It’s not a thought experiment, it’s reality. Every world leader knows it. The oil companies know it, the coal companies know it, the car companies know it, the overseas shipping companies know it, the agricultural companies know it, the billionaires know it, and they use their money to contort media outlets and information pushed to the population for manipulation. To line their pockets in the thought that either
a. I’ll be dead, the fuck do I care
b. Maybe someone in the future can find a way to undo the deeds I did in time, but not my problem.
It’s life in multiple choice my friend, and humanity is straight fucked in their hands
(The choice is the same)
What I’m trying to tell you is that literally each and everyone of them firmly believe(s/d) that what they’re doing is the right thing and absolutely necessary for the future of the country, and that their predecessor was a liar and a crook. They wouldn’t make it halfway to the Oval Office without that conviction. You may disagree, and that’s your God given right, but I’m afraid that’s just how democracy works.
He rebuilt the economy? What the fuck are they on about? Inflation is crazy high, there’e layoffs like every other day, and 60% of the country still lives paycheck to paycheck. Does huffpo think we all have our heads up our asses?
Haven’t you heard that Biden won and then Kamala won as well?
Inflation isn’t high anymore. Price increases are back to normal.
Layoffs in the past year or two have nothing to do with the economy, most companies doing the layoffs are making more profit than ever, except maybe Boeing but that’s clearly not economy related. They just want more money. Had nothing to do with the economy.
Layoffs have everything to do with the economy. If money isn’t going in then it isn’t going out and as money slows down, so does the economy. It doesn’t work without the people.
Inflation is pretty much normal
It was high for a while from supply chain disruption and pandemic spending, but it’s back to near normal. Obviously the accumulation of the last several years suck. The next administration should take note before going overboard with tariffs
I’ve heard people on the Left say that the “president doesn’t control the economy” but then people turn around and say these stupid things like “president rebuilds economy”. Which is it? Either the Fed is an independent body not influenced by politics and the executive office and Obama wasn’t to blame for 2008 or inflation and Biden isn’t to blame for the housing crisis or food prices etc. and therefore Republicans aren’t to blame for any latent economic issues imagine or otherwise; OR Biden has the power to rebuild the economy implying that everything leading up to this has in part been the fault of each respective person in office and therefore when the economy does well under the GOP it is because GOP policies are better. Idiots.
I think the problem you have is you think these two thoughts are coming the same person. It’s like saying “Americans are so hypocritical- one moment you hear someone say gay people have rights and then the next you hear someone say that they shouldn’t- make up your mind!” As if it was one person talking.
The internet isn’t just you talking to one person who is busy creating threads with millions of accounts. There are at least a few dozen people here.
I don’t think the internet is a monolith. I’m trying to point out to leftists the inconsistency of their own narratives. I’m trying to point out that they can’t criticize the president for the economy when half their platform is defending their own incumbents on the basis that the executive branch has limited economic impact.
As we all know, leftists never disagree with eachother.
On an unrelated note, have you seen any good deals on ice picks on Facebook marketplace?
my point isn’t that leftists agree or disagree. my point is that whatever narrative a Leftist accepts exposes them to unpleasant truths. I don’t know how else to be clearer. Either the executive office has direct immediate effects on the economy therefore we should be worried about Trump (but we must also admit that in the past Democratic policies are directly to blame for catastrophes like 2008), or the executive office doesn’t have a direct economic impact therefore Biden is not to blame for the current state of affairs (but we must also admit that the current state of affairs has nothing to do with Trump). Anything else is cherry picking.
Pretty sure leftists fall in the former camp. They’ll gladly throw Democrats under the bus, and to a leftist there is no difference between the DNC and GOP.
Granted, the take that it’s not a binary is much more reasonable than the assumptions you are making at the top.
The American Left and the DNC have, like, a 90% overlap, you do realize that right?
Where in the immense caverns of your colon did you get that number?
People on the left don’t consider the type of rebuilding the liberals do to be very constructive for most people.
It’s not all or nothing, the president absolutely influences the economy, but it’s indirectly enough that those changes come about slowly.
I’m not saying its all or nothing, I’m saying you people cherry pick.
What do you mean “you people”? 🤔
It’s like steering a large ship. Any input to the controls take some time before they actually have any effect. So if you’re suddenly dropped at the helm, you’re pretty much at the mercy of whatever the last guy was doing for the immediate future. But that doesn’t mean you can’t attempt to get the ship back on course either, as whatever you do at some point will have an effect.
On another note, hard to blame Obama for 2008 in any case given he didn’t become president until 2009.
We’ve been doing this seesaw for the last 30 years. Republicans are that guy we’ve all seen at work who gets nothing done but gets credit for everyone else’s work, and fails up because of it.
What really irks me about this, is that the progression forward is then twice as slow because it’s two steps forward one step back, two steps forward one step back. This is not how to run a fucking country.
It truly is a Homer Simpson v Frank Grimes situation. With the DNC being Frank Grimes Im praying for the day they actually lose it.
Toward the end of Trump’s term my Trumper sister was raving about how he saved our economy.
I whipped out a chart showing how he literally just continued the same upward trend that came out of Obama’s term.
It’s like trumpers aren’t able to hear anything that goes against what they believe. In one ear out the other
This is stupid.
Just do another round of stimulus check and let Donny deal with the bill. 😏
Can’t do that without also controlling congress which he doesn’t.
What are they going to do, claw it back after the checks go out?
The checks would bounce
Why would they bounce? The Treasury department takes orders from the President, not Congress.
The President cannot direct the Treasury to send money without congressional approval due to the U.S. Constitution’s Appropriations Clause, which grants Congress the exclusive power to authorize federal spending[3][4]. While the President has some discretion in spending appropriated funds, any attempt to unilaterally spend or withhold funds without congressional authorization would likely face legal challenges and violate the separation of powers[1][3][4]. The Impoundment Control Act of 1974 further restricts the President from withholding funds appropriated by Congress[1][4].
Citations: [1] How Trump Plans to Seize the Power of the Purse From Congress https://www.propublica.org/article/trump-impoundment-appropriations-congress-budget [2] Biden Can’t Ignore Constitution and Give Himself Unilateral Power … https://www.heritage.org/debt/commentary/biden-cant-ignore-constitution-and-give-himself-unilateral-power-raise-debt-ceiling [3] Fact check: Presidential spending through executive order is allowed https://eu.usatoday.com/story/news/factcheck/2020/08/21/fact-check-presidential-spending-through-executive-order-allowed/5582667002/ [4] The impoundment threat, explained - Protect Democracy https://protectdemocracy.org/work/impoundment-threat-explained/
Oh dude, some paper isn’t going to stop him. He demonstrated that last time.
Ooh. Yeah!
And this time put Joe Biden’s name on the checks.
“We’ll allow it, but only for corporate America and those making >$500k/year” -Sinema and Manchin
This would be the best way to end the last 20 days, and mass parsons because fuck it whynot
The best way to end it is for Biden to have Trump and friends disappeared to a CIA black site.
That’s a totally legal, and very cool thing to do.
The supremely corrupt court hath made the president into a king with unchecked power to slaughter the entire United States.
Good point, he’ll need to disappear them too.
lifetime appointment 😂
Haha, very funny, I too want to live in a civil war hellscape!
Here comes Biden with the steel chair!
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more like stabilize. without the second term to actually make some progress this is going to go in the shitter fast.
People really can’t understand the economy turns like the Titanic. Trump fucked it, but we didn’t see the real effects until Biden’s term. We were heading into another Great Depression, and coupled with the effects of Covid, people massively underestimate how well the economy actually did under Biden.
Trump will coast on the Biden administration’s success for a while, and will take the credit. Once he fully fucks everything (and IF there are fair elections in 2028, which doesn’t seem likely), a future democratic administration will be blamed for the effects of trump’s fuckery. Repeat ad infinitum.
That’s how it’s worked for a century, and uninformed voters will always fall for it.
Are you implying the president’s desk does not come with a big green Fix the Economy and a big red Ruin the Economy button?
Nah. It takes much more to build than to burn down. This is why bush senior had to do the things that angered his base. Whats been built in the last four years will fall within 2. Even trumps first term it was actually covid which allowed him to get through it. Obama was not able to really get things good in two after bush jr.s two wars and when trump dropped rates and overheated everything the market was due for a big crash but covid ironically created this wierd condition were it bounced back due to the stimulus of the checks and just that generally the haves did not want to fuck around with that shit going. Everything became about keeping things going. Its gonna be a rough few years coming up.
