CNN's Burnett asks Biden how he is going to turn the economy around. He said he already has.
CNN’s Erin Burnett asks President Joe Biden about how he is going to combat inflation and improve the economy before election day 2024.
The economy is working perfectly fine for the people that own it.
Real wages are up for three straight years; they were unmoved or negative for nearly four decades before that. Your feelings about the economy don't matter when the data all goes in the other direction
Your feelings about the economy don’t matter when the data all goes in the other direction
Except its not "all the data". Its "the data we've always used to measure this up to now".
The disconnect is that classic measurements of national economic health used to reflect the earning and spending power of average Americans. So using the same basket of measures and things that can affect those was a valid approach. In recent years those measurements don't reflect average Americans anymore. Inflation has eaten away at the value of savings impacting older Americans. High interest rates are now acting as a double whammy for young Americans that need borrow for higher education as well as first time home buyers, but the costs of both have risen sharply in the last 20 years. So while the high cost has been a problem, the now high interest rates are a force multiplier stepping on the necks of young Americans.
I don't disagree that Biden's actions have improved classic measurements. Those are still valid and useful for where they apply. I disagree that those measurements still reflect the experience of regular Americans. Thats a problem that extra economic measures should be included when looking at the experience of regular Americans.
This is all about the disconnect between feelings and actual data. The question is how to get them back in sync. Some of that is time, but people will feel negatively as long as their media keeps telling them they are worse off.
For me it’s time. I know that be all objective measures I’m better off. It’s not just the overall stats but I got decent raises two years in a row. I still get hit with how bad inflation is. But a big part is that I stopped buying stuff for a couple of years. I cut back to really only make necessary purchases. Now that I have a little more available resources, and can make a few discretionary purchases, I’m hit by the last 4-5 years of inflation since I even looked. My comparison point is pre-COVID
Your statements about it matter as much as his opinion without sources. Not disagreeing or agreeing, just seeing two opinions and no facts.
But I think you can understand why three years of improvement after four decades of stagnation might not dramatically move peoples' perception of the economy. Plus, are real wages up for everyone? Is it average real wages? Median? There's a big difference. It's entirely possible some people are experiencing much more real wage growth than others.
Edit: apparently a lot of you are confused. You seem to think that if wages are up for some, they must be up for all. That's not how it works. Not everyone got a raise over the last three years. Some people did, others didn't. Some people saw their income increase dramatically, some saw their income stay about the same, and some saw their income go down. And that's true whether the incomes in question are measured in "real" (inflation adjusted) terms or are nominal figures.
My wage has not budged in four fucking years and no wages in Oklahoma have gone up if anything they going down.
My company will not give raises and I get paid more than any other person in my field and it isn't enough.
They literally offering jobs here at 12 an hour you be lucky to see 15 with bunch bullshit stipulations.
He has no incentive to do better. It’s him or Trump and he knows most democrats have bought into fear politics. He has the vote no matter what. I’m personally voting for neither. And please save your time trying to convince me otherwise.
I wish you'd saved your time announcing it.
Good for you for having a reasonable mind in defiance of the system and the countless, unfortunately brainwashed thralls that continue to support it.
A no-vote is a vote against a tyrannous and oppressive system. Every 4 years is a new "emergency, vote for the lesser of two evils!!!" And every 4 years, we descend more rapidly into authoritarianism.
Do not participate in this system created by slavers. Put your energy elsewhere. Can't we do better today? Put your energy into better.
Attention is currency. Around the world, we need to stop giving these tyrants attention. Corporations have record profits yet the prices of food keep increasing, wages stay stagnant, mass layoffs are occurring, and the global temperature keeps increasing. They do not care, because they have hoarded all your attention and power, and they use it to make a nee world for them.
Their "governments" that they make you think are actually yours, serve that machine of their safety. You are in the meat grinder, and they consume the meat.
The grinder is perfectly balanced. Every vote for the side you think is benevolent gets balanced by a vote against it. You will NEVER have an impact on change within the system. The best thing any individual can do is STOP. Opt out of the system. Live closer to nature and form new, self-sufficient communities.
A no-vote is just the beginning of opting out. The PEOPLE have the power, not a slaver-created mechanism they call a "government".
TBF even if you don't agree that the economy is getting better under Biden, that still doesn't say anything about his fiscal policy. His policies might not have a tangible effect for a decade. He's not a king, he doesn't decide who sells what and for how much.
the economy is not great but he has changed the trajectory. it took obama two terms to normalize after bush jr and unfortunately it was not so great that trump did not make it way worse. ironically mostly by not continuing gradual interest rate increases which forced the severe ones now.
Public demand and competition drove prices down. Since Covid reset prices, and stockholders demand growth, companies will continue to price gouge until customers say it's enough.
This is just what capitalism looks like.
The problem is where things are getting the most expensive, that being food and housing, the markets are captured. You can't just say no to having food and housing.
This is where regulation is supposed to step in.
Corporate ownership of housing is a major problem that no legislator seems to be handling. The Feds should start building and selling houses to individuals themselves. I believe that is one way to lower housing costs and increasing private ownership.
Public demand and competition drove prices down.
Prices have never gone down.
Costs for the corporations may have, but that has never (and will never) been passed on to customers.
The way that we measure the economy is disconnected from the quality of life of most residents.
The economy is "good" when the rich are getting richer.
So the system isn't broken and needs fixed, it's working as designed and needs destroyed. Got it.
Rent is outrageous and getting worse every year. The dream of owning a home is dead for my generation (xennials) and newer. Utilities and other basic costs of living have skyrocketed and continue to get worse. The environment is starting to fall apart and insurance companies are starting to drop people, refuse coverage, and skyrocket rates when it IS available. Fascists continue to dismantle any and all social safety nets while pushing tax burdens onto lower income households, cutting their own tax responsibilities, and also creating inventive ways to loot public coffers.
Cancelling a little bit of student debt (without ever solving the core problem, btw) isn't "turning around" - it's barely a wiggle on the steering wheel. We're all screwed and nobody is doing anything about it.
360º turn, got it!
Absolute shit to shit is some sort of change.
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Neoliberalized Democrats wouldn't say better. This why people doesn't trust and believe in them anymore. They became neolib like every others and they are chasing the myth of the middle voter.
One result is abstention. The second is people voting for the far right.
“Don’t vote”
lol. No.
LOL, keep trying Vlad.
Biden has done much better than I would have guessed, especially considering how fucked everything was when he took office. He's not a star candidate and I have plenty of criticism, but Biden has done infinitely better than the last 5 Republican presidents.
That said, even if I thought Biden was amazing, he's basically a walking ghoul at this point. The president (and supreme court justices) should be sharp, at the peak of their game, not in their last dwindling years. I'll still vote Biden, because the alternative is one of the dumbest and biggest pieces of shit in American history. Maybe some day we'll have better choices.
You took the words out of my mouth
Have you considered that the economy is a lagging indicator meaning it can take years for any policy good or bad to take effect?
Obama inherited bad fiscal policy. Trump inherited the economy that Obama put into place with his policies guiding America through the recession. That’s why the economy under Trump was “good” Covid, major war, supply shortages, inflation got us here. Biden has spent the last 4 years turning this around but it is an uphill climb.
You're right... we should elect the pussy-grabbing, whiney-ass, treason-weasel who will further shitcan everyone just to stick to Biden.
Whoa, whoa, whoa, nobody said anything about Donald Trump.
It is absolutely possible that Biden can start to do better. For some reason a lot of people on the internet want him to not even have to try to do better. I just don't understand why our expectations are lower because the other guy sucks. He can and should have high expectations, meet them, and be better than the other candidate.
