The world is starting 2024 on an optimistic economic note, as inflation fades globally and growth remains more resilient than many forecasters had expected. Yet one country stands out for its surprising strength: the United States.

After a sharp pop in prices rocked the world in 2021 and 2022 — fueled by supply chain breakdowns tied to the pandemic, then oil and food price spikes related to Russia’s invasion of Ukraine — many nations are now watching inflation recede. And that is happening without the painful recessions that many economists had expected as central banks raised interest rates to bring inflation under control.

Part of the reason that economic growth has been so surprisingly strong in the United States is simple: The American government has continued to spend a lot of money.

Government expenditures as a share of overall output hovered around 35 percent in America in the years leading up to the pandemic, based on I.M.F. data. But in 2020 and 2021, they jumped above 40 percent as the government responded to the coronavirus with about $5 trillion in relief and stimulus to people, businesses, institutions, and state and local governments.

Both states and households have only slowly spent down the savings they amassed during those pandemic years, so the money has continued to trickle through the economy like a slow-release booster shot. On top of that, government spending has remained elevated as the Biden administration has begun to make sweeping infrastructure and climate investments.

Non-paywall link

  • @gAlienLifeform
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    165 months ago

    I am so incredibly fucking tired of hearing this bullshit excuse over and over and over. Yes, Congress sucks and should do more, no, that does not excuse the Biden administration’s unwillingness to play hard ball with investigations and law suits and executive orders and the million and two other things they could be doing.

    “But the courts would ju-”

    I don’t care and neither do a lot of other voters. If a court throws your executive order out, change a superficial word or two and issue it again, and make them throw it out all over again. If a court enjoins you from doing something that needs doing, put on a silly hat and keep doing it, and tell the court “no, this is totally different, I’m doing it while wearing a silly hat, your order didn’t mention anything about this silly hat.” And when they enjoin your silly hat, get a silly wig and keep doing what needs doing.

    Under our current laws a determined executive branch can move a hell of a lot faster than judicial or congressional oversight can, they just need to be willing to go for it. Until I see dozens of attorneys for federal agencies sitting in jail cells for contempt of court, don’t tell me this administration is really trying because they’re just not.

    • @Taco2112
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      -65 months ago

      If a court enjoins you from doing something that needs doing, put on a silly hat and keep doing it, and tell the court “no, this is totally different, I’m doing it while wearing a silly hat, your order didn’t mention anything about this silly hat.” And when they enjoin your silly hat, get a silly wig and keep doing what needs doing.

      Sounds like you’re okay with Fascism as long as the party you like is in power.

      • @gAlienLifeform
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        75 months ago

        a) a democratically elected authoritarian government is not fascism. If I said “throw all the Mormons into prison camps and conquer Alberta for their tar sands, and if a court tells you no break out the silly hats and insinuate the judge is mormon” that would be fascism.

        b) I’m not okay with it, but compared to sitting around wringing our hands while things get worse it seems like the lesser of two evils.

        • @Taco2112
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          -35 months ago

          Yes, the lesser of two evils, the thing that brought us to our current situation in the first place. How about no evils? How about we actually hold those we elect accountable rather than just letting them throw up their hands and hope the President does something.

          I know you and I are only two people but shouldn’t we encourage dialogue and finding common ground? I know one party is out of their mind right now but taking their agency from them and saying you don’t know what to do because your stupid and I know better doesn’t help, it breeds more discontent.

          • @gAlienLifeform
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            115 months ago

            I agree with holding those we elect accountable, which is why I’m holding Biden accountable for the fact that his administration hasn’t been trying hard enough to help people. I breezed last it for the sake of the conversation here, but I absolutely believe our legislature can and should do more, and there’s some things even I will admit are going to require congress (e.g. I think we really need higher taxes on the wealthy and I don’t think there’s anything the president alone can do about that), but there are tons of things the administration could be doing that they’re not.

            I know you and I are only two people but shouldn’t we encourage dialogue and finding common ground?

            I’m not sure exactly what this means in the context of this conversation, but I like answering this question when it comes up,

            Yes, I think we should encourage dialogue and finding common ground, and actually I think I am, just in a more long term way. See, I have tried debating with Republicans to change their minds, and I have tried negotiating with Republicans to see if they would be willing to support policies I want in exchange for policies they want, and I have seen elected leaders do those things as well, and, well, look at how that’s turned out for us. So, I have become deeply convinced that they either can’t or don’t want to empathize with us or be fair to us, they just want to dominate us and take all the stuff they can consume and own. With that being the case, I think the only way we get them to behave better is to make them believe that it’s in their own interest to do so. Put another way, I think in the short term we need to make it so unbelievably painful for them to keep being bigoted and selfish that they’ll want to act tolerant and charitable whether they genuinely feel that way or not. Long term, we’ll all find that it’s a lot easier to just skip to the part where we treat each other with respect instead of going through the effort of fighting each other first, and I think that’s the only way this world gets better.

            • @Taco2112
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              15 months ago

              I think we agree on a lot but would rather see congress do their jobs and take responsibility than for them and the US public to have an over reliance on one person we hope will do the right thing.

              • @gAlienLifeform
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                35 months ago

                I think you’re right, we even agree on

                would rather see congress do their jobs

                I just think things have gotten too dire to keep waiting for that to happen