The economy’s strength and stability — defying many of the most optimistic predictions — represents a remarkable development after seemingly endless crises
As 2023 winds to a close, Powell and his colleagues are far from declaring victory on inflation. They routinely caution that their actions could be thwarted by any number of threats, from war in the Middle East to China’s economic slowdown. Americans are upset about high costs for rent, groceries and other basics, which aren’t going back to pre-pandemic levels. The White House, too, is quick to emphasize that much work remains.
Yet the economy is ending the year in a remarkably better position than almost anyone on Wall Street or in mainstream economics predicted, having bested just about all expectations time and again. Inflation has dropped to 3.1 percent, from a peak of 9.1. The unemployment rate is at a hot 3.7 percent, and the economy grew at a healthy clip in the most recent quarter. The Fed is probably finished hiking interest rates and is eyeing cuts next year. Financial markets are at or near all-time highs, and the S&P 500 could hit a new record this week, too.
So what did Biden do for this?
The article says:
Skyrocketing interest rates.
Increased fossil fuels drilling
And forcing ports to operate 24/7 to flood the market with imported consumer goods.
All things that have massive negative effects on the average American, but help large corporations and the wealthy who own them.
Which brings us back full circle to OP’s complaint that this victory lap is celebrating something that only benefits the most wealthy Americans and fucks over the rest of us.
Is that what we’re supposed to be congratulating Biden on?
Is this honestly going to convince voters that Biden cares about them? Because according to polls, they don’t feel like that, and that will depress turnout which is the only way Republicans can become president.
No, it doesn’t. The article says:
It also says that 3 helped cool price shocks, 6 flooded the market with new workers who saw wage gains and helped increase demand, 1 helped keep the housing market out of recession, and the combination of 1-6 helped stave off major, economy-wide layoffs. All of these helped the average American, but somehow you filtered the entire analysis through your myopia-lens and latched onto the most damning interpretation you could muster. Wonder why you did that…
So…
You’re saying the article lists three more things that helped the wealthy.
And one of your examples for how that helps the average American is it kept housing prices high?
And you know what avoids layoffs and actually helps workers? Fixing the actual problem which is out of control wealth inequality.
Even just trying to do something about that would pretty much guarantee Biden gets a second term.
Nope.
Low inventory keeps housing prices high, numbnuts. Supply & Demand. It’s not rocket science, and the President doesn’t build houses.
So we’re back to ignoring things a single American president does have control over in favor of things they don’t?
Good talk, chad.
It’s depressing how much trump supporters and Biden support act alike.
Economics! hOw DoEs It wOrK?!?!?!