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.
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!
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.
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.
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.
Stockmarket does not determine inflation, cost of living does and we can barely afford food. Joe didn’t do shit, he maintained statues quo for the elite class. Eat the rich
Tell him he did it… He finally “beat medicare” and can go rest.
What good is that when we couldn’t sentence the clown coming into office that is going to dismantle whatever gains we might make.
Yeah, great, I’m so impressed. I’ll quit one of my jobs. Thanks biden.
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.
Fuck the economy when garland let trump go. That’s biden’s fault. I will always remember Biden for that.
“Empty suit makes grandiose empty statement.”
The state with the highest GDP in America is literally on fire on his way out…
To be fair… that State is on fire pretty regularly, the President has nothing to do with that, the shitty utilities not maintaining infrastructure properly are usually to blame.
Yup, California banned prescribed burning, and now they have bad wild fires every year.
You’re being downvoted but this is 100% the truth.
Do you think the President is Smokey the Bear or something?
Natural disaster! Must be that damn Biden’s fault! /s
I blame him for the genocide but not the fires.
Any steady hand would have accomplished this.
The gloating, however, reminds me of my labor union’s incessant self-promotion of how their contract negotiating skills got us a 1.5% increase in a year where the prime rate stood at about 8%.
He isn’t gloating. He’s highlighting this issue to undermine common right-wing talking points. He’s trying to get this fact into Americans head so Trump can’t use it as an excuse to win another election(if he even holds another one)
stronger than it was post obama but not strongest ever. heck that is just going to be harder and harder to do as time goes by.
Strongest so far in the 21st century.
so um. obama was 21st century.
Correct.
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.
According to traditional economic indicators, that’s a true statement. There is an issue with traditional economic indicators however.
In this theead: A whole lot of people who don’t understand that deflation is awful.
Deflation is fine. Plenty of countries have been through deflation and they haven’t exploded. Japan is probably the best example.
You mean that period of Japan that they call “the lost decades”. No one would ever want their economy to go through that.
You mean the decades their life expectancy actually grew? Japan showed that it can be managed. That it’s not this wild beast wall street would have you believe it is.
Really? Japanese life expectancy is the stat you’re going to pull up to justify this. Go take a look at the Japense life expectancy from 1950 to today and try and find the decade where their economy crashed. You cant because its a consistent increase not at all tied to their economic successes/failures.
Its not wall street saying this is bad its the bank of Japan.
The Japanese version of Wall Street disliking deflation is not the great point you think it is. And yeah if it was so bad you would see a drop in statistics like life expectancy. The fact that people were able to largely keep going with their lives means it’s not the apocalypse.
Im sorry to be rude but you have no idea what you are talking about you dont even know what the bank of Japan is. The bank of Japan is the Japanese central bank that monitors and controls Japans monetary policy. Its nothing like wall street which is an american stock exchange.
Also Life expectancy has so many contributing factors you cannot point to it and say “it didnt go down therefore this change was good”.
Oh I’m sorry, the financial elite. Happy?
And yeah there are a lot of factors. But one pretty universal one is a functioning economy.
BUt tHeY dIdnT kEep dOmInaTiNg Tech anD cArS
Which has nothing at all to do with China, Korea, and Taiwan all rushing to be local and global competitors I’m sure.
That’s fine, we’ve got other options. Let’s just see how big the disconnect needs to get before we start taking them.
