The Biden Economy

[Paratus]

Spinning off from our State of the Union thread, Slate had an article detailing why Biden is having headwinds trying to convince the country the economy is objectively good.

https://slate.com/news-and-politics/2024/03/biden-economy-voters-polling-numbers-covid-recovery.html

“There is some evidence that the economic commentariat is coming to its senses as the 2024 election approaches. Some of the same centrists who ripped Biden’s stimulus package in 2021 are now applauding his recovery. The anti-Biden left has largely abandoned the economic playing field, finding cleaner grounds for criticism on other subjects. Contrary to the narrative abuse directed at Biden over the past few years, the economic numbers across his presidency tell a simple, optimistic story about the art of government in the democratic world. The American economy is strong today for the same reason that the labor market has been strong throughout Biden’s presidency: the U.S. government spent a ton of money to support workers and their families. Biden has not only established a blueprint for successful crisis management, but he has achieved something on the economy that pessimists across the ideological spectrum have been declaring impossible for much of the 21st century: He learned from the government’s prior mistakes and found a way to govern better.”

 

[gothuevos]

Nah, it's a vibes economy.

 

[Moonbeam]

This hardly seems to be earned praise. Any old Tom Dick or Harry could have the best economic growth in the world just by not doing what Republicans do which is everything they can to turn it into shit. Right, Am I right. The economy sucks.......well stop fucking sucking. Thanks Biden.

Probably Trump supporters do so because like him they only care about themselves.

 

[Fenixgoon]

Biggest investments in American infrastructure in decades, and certainly my relatively short lifetime (almost 40). Let's gooooooo!

 

[Paratus]

Biggest investments in American infrastructure in decades, and certainly my relatively short lifetime (almost 40). Let's gooooooo!

It has been. And it’s been pretty damn progressive.

From the article:
Biden frequently draws distinctions between himself and the progressive left on police reform, immigration, and other issues where he thinks liberal ideas don’t fit the national mood. But this is not the way he has handled economic policy. From his first day in the Oval Office, Biden has embraced nearly every progressive criticism of Barack Obama’s approach to the economy, and translated those critiques into policy. Obama scoffed at labor unions; Biden walked a picket line and appointed the most pro-worker National Labor Relations Board in decades. Obama’s Education Department screwed over student debtors; Biden has canceled $138 billion in student debt. Obama defended big business; Biden has been an antitrust warrior. Obama was a free trader, while Biden subsidizes domestic manufacturing. Obama offered to cut Social Security; Biden just torched Republicans during his State of the Union for planning the same thing.

The list goes on. But the most important economic distinction between Biden and Obama is on crisis relief. The unemployment rate was high and rising when Obama entered office, escalating to 9 percent by April 2009, a level it would not retreat below for more than two years. When jobs did eventually return, most of those that were created paid poverty wages. The abysmal labor market made his presidency synonymous with the Great Recession.

The chief lesson Biden’s advisers took from this miserable experience was that the government didn’t spend enough in Obama’s 2009 stimulus package to get unemployment under control. More money would have meant more jobs, and more jobs would have put upward pressure on wages.

So Biden opted to spend much bigger out of the gate—$1.9 trillion to Obama’s $800 billion—and continued to secure additional rounds of support right up to the 2022 midterms. Obama began calling for budget cuts with unemployment still stuck above 9 percent, but Biden never pivoted to austerity, and ultimately secured well over $1 trillion in additional public investment after his initial stimulus bill had been enacted.

All this fiscal support resulted in a much stronger labor market. The unemployment rate fell below 5 percent by September 2021—a level Obama did not enjoy until the final days of his presidency—amid record wage growth for low-income workers. The economy never recovered all the manufacturing jobs it lost during the Wall Street crash. Biden had recovered all of those lost in the COVID collapse by May 2022. The COVID crash was sharper, deeper, and more physically disruptive to global trade than the 2008 Wall Street meltdown was, but the U.S. economy rebounded faster, stronger, and more equitably thanks to Biden’s more aggressive relief effort.

 

[fskimospy]

Nah, it's a vibes economy.

The ‘vibes economy’ refers to the relentless drumbeat of negative pieces in media despite objectively strong economic performance.

Those negative pieces have definitely receded in recent months, although as always the media has a bias towards negativity for obvious reasons.

 

[eelw]

But I don’t get people. Who cares if Biden caused a great depression. Why would anyone think an orange monkey revenge tour is a smart idea!!!!!

 

[Indus]

I think anyone saying the economy is bad is exhibiting signs of total brainwashing. And for most of us we've been through the great recession and recovered. Most of us know not to overextend and only buy stuff we need, maybe indulge in a sandwich as comfort food.

What has really fucked with the economy is high rents which has in turn driven up labor costs. You really feel the pinch when you need a car or home repairs, not for the cost of parts but the labor.

That's why a lot of us are trying to DIY stuff now. 4 years ago I never thought I'd be an amateur home fixer but after getting quoted $8000 for a bathroom repair.. I and my wife did it ourselves for $1200 in tools and $1000 in equipment.

So you see a lot of guys who want to gouge you with home repairs/ auto repairs/ handyman stuff complaining the economy sucks.. well how about lowering your fucking rates?

 

[K1052]

What has really fucked with the economy is high rents which has in turn driven up labor costs. You really feel the pinch when you need a car or home repairs, not for the cost of parts but the labor.

Ultimately this is primarily a state/local issue where governments have decided not to let enough housing be built. There is stuff the feds can do but it's mostly around the margins. Biden actually is talking more about this lately as a problem that needs to be addressed. I highly doubt Trump is going to run on a platform of lower rents lol.

 

[Brovane]

I think anyone saying the economy is bad is exhibiting signs of total brainwashing. And for most of us we've been through the great recession and recovered. Most of us know not to overextend and only buy stuff we need, maybe indulge in a sandwich as comfort food.

What has really fucked with the economy is high rents which has in turn driven up labor costs. You really feel the pinch when you need a car or home repairs, not for the cost of parts but the labor.

That's why a lot of us are trying to DIY stuff now. 4 years ago I never thought I'd be an amateur home fixer but after getting quoted $8000 for a bathroom repair.. I and my wife did it ourselves for $1200 in tools and $1000 in equipment.

So you see a lot of guys who want to gouge you with home repairs/ auto repairs/ handyman stuff complaining the economy sucks.. well how about lowering your fucking rates?

Everything across the board has significantly increased in cost compared to pre-covid dates. After having low inflation for a couple of decades it was a rude shock the sudden price increases everyone experienced, especially for grocery items. You add in the Ukraine Invasion which has impacted world wide energy costs. Republicans love to talk about the price per gallon for gasoline and then try to blame Biden and his energy policies.

 

[K1052]

Republicans love to talk about the price per gallon for gasoline and then try to blame Biden and his energy policies.

Love hearing somebody complain about gas prices and see them climb into an $80K truck that gets 15mpg. Same kind of people complain that other people don't make responsible choices.

 

[Brovane]

Love hearing somebody complain about gas prices and see them climb into an $80K truck that gets 15mpg. Same kind of people complain that other people don't make responsible choices.

It is hilarious those idiots. You left out one thing, they also tell you that EV's are not affordable as they climb into the $80k truck that doesn't even have a full 8 foot bed.

 

[Muse]

That's why a lot of us are trying to DIY stuff now. 4 years ago I never thought I'd be an amateur home fixer but after getting quoted $8000 for a bathroom repair.. I and my wife did it ourselves for $1200 in tools and $1000 in equipment.

So you see a lot of guys who want to gouge you with home repairs/ auto repairs/ handyman stuff complaining the economy sucks.. well how about lowering your fucking rates?

I've been a DIY guy pretty much my whole life. Got lots and lots of tools, don't have an air compressor, so maybe that kind of describes where I am. Recently I realize I have severe hand arthritis, so DIY's a challenge. I still do stuff, but try to follow my orthopedic hand surgeon's advice: "If it hurts, don't do it." I still try to do it but in a way that doesn't hurt.

 

[Pens1566]

Love hearing somebody complain about gas prices and see them climb into an $80K truck that gets 15mpg. Same kind of people complain that other people don't make responsible choices.

And 15mpg is really generous.

 

[ivwshane]

It is hilarious those idiots. You left out one thing, they also tell you that EV's are not affordable as they climb into the $80k truck that doesn't even have a full 8 foot bed.

View attachment 95588

That’s the thing that really gets me, a truck that can’t even hold a 4x8 sheet good. What a freaken waste of a vehicle. That would be like a tiny smart car that gets 10 miles to the gallon, or a new sports car that has a top speed of 80mph. It’s right up there with lifted trucks that have never seen a dirt road.

 

[Paratus]

That’s the thing that really gets me, a truck that can’t even hold a 4x8 sheet good. What a freaken waste of a vehicle. That would be like a tiny smart car that gets 10 miles to the gallon, or a new sports car that has a top speed of 80mph. It’s right up there with lifted trucks that have never seen a dirt road.

It’s actually why I like our Suburban better than a pickup. It seats up to 8 so I can transport our entire local extended family in one vehicle or I can fold the 2nd and third rows down to accept 4x8 sheet goods. It can also handle a fair amount of bags of mulch and dirt if I don’t mind having to get it detailed afterwards.

Now that we mostly drive an EV I only have to fill it up once a month or so. It’s also getting a whopping 17.5mpg lifetime (better than its 2004 predecessor which got 13.5)

 

[hal2kilo]

I've been a DIY guy pretty much my whole life. Got lots and lots of tools, don't have an air compressor, so maybe that kind of describes where I am. Recently I realize I have severe hand arthritis, so DIY's a challenge. I still do stuff, but try to follow my orthopedic hand surgeon's advice: "If it hurts, don't do it." I still try to do it but in a way that doesn't hurt.

It sucks. It's a good thing I'm retired, I don't think I could get through a QA Workmanship recertification with my hand arthritis. Makes doing stuff around the house, even cooking literally a pain. I can only take so much NSAID's. Tempted to try some kratom.

 

[soulcougher73]

That’s the thing that really gets me, a truck that can’t even hold a 4x8 sheet good. What a freaken waste of a vehicle. That would be like a tiny smart car that gets 10 miles to the gallon, or a new sports car that has a top speed of 80mph. It’s right up there with lifted trucks that have never seen a dirt road.

Yeah those short bed truck (which are by far the majority), what a waste. And i see so many that are the high end Platinum/Denali editions, always with that just washed look. I call them Pavement Princesses. Never seen a dirt road in their life, or hauled anything that may ding/scratch the bed.

 

[Indus]

That’s the thing that really gets me, a truck that can’t even hold a 4x8 sheet good. What a freaken waste of a vehicle. That would be like a tiny smart car that gets 10 miles to the gallon, or a new sports car that has a top speed of 80mph. It’s right up there with lifted trucks that have never seen a dirt road.

I think the only thing that holds a 4 x 8 sheet is a van. But as someone who's done a decent amount of DIY and invested in a track saw.. I know that most of the time.. I'm not going to be using a 4 x 8 sheet in full. You can easily cut it yourself into smaller that fits into your car.

I guess I have common sense but I'm going to shock you with the statement that my next car will be a Chevy Tahoe/ GMC Yukon. But I only drive around 1000 miles a year so I can afford the gas!

 

[Motostu]

Maybe we need another truck thread?

Sent from my SM-S926U using Tapatalk

 

[MrSquished]

Ultimately this is primarily a state/local issue where governments have decided not to let enough housing be built. There is stuff the feds can do but it's mostly around the margins. Biden actually is talking more about this lately as a problem that needs to be addressed. I highly doubt Trump is going to run on a platform of lower rents lol.

Does it matter where the issues exist when it's severely affecting people's budgets? I posted data twice in the other thread where we were talking about a disconnect on the economy, clearly showing housing prices had blown past any wage gains significantly and none of the cheerleaders bothered to respond, because facts were interfering with the narrative. It's a fundamental core expense and is a big fucking deal.

The economy had done well on many metrics, and it's ok to say that, but unfortunately certain things are still far outpacing economic progress for the middle and lower classes, so you can't keep saying shit like 'any negative drumbeat is nonsense propaganda'. This thread shows that those same people have not learned a damn thing and will help turn off voters for this fall's crucial election.

 

[Drach]

You are local.

I've been a DIY guy pretty much my whole life. Got lots and lots of tools, don't have an air compressor, so maybe that kind of describes where I am. Recently I realize I have severe hand arthritis, so DIY's a challenge. I still do stuff, but try to follow my orthopedic hand surgeon's advice: "If it hurts, don't do it." I still try to do it but in a way that doesn't hurt.

I'm in El Sobrante. I have worked my entire life in construction. If you need help I give 10% of my business to the have not's. Let me know if you need help.

 

[gothuevos]

The economy is doing "fine" but prices are still high so that's where the disconnect with the voters lies.

Now Trump or his supporters could argue that if by drilling more, fuel prices come down, that could also have a trickle effect on prices on goods coming down too.

Now before you say "we're already drilling more than ever under Biden," wasn't there a report a couple of years ago about hundreds of drilling permits being unfulfilled?

Sabotage by the oil/gas companies to get Trump back into office?

If Trump does somehow get prices down, unfortunately the electorate will reward him with whatever he demands at that point.

 

[Muse]

It sucks. It's a good thing I'm retired, I don't think I could get through a QA Workmanship recertification with my hand arthritis. Makes doing stuff around the house, even cooking literally a pain. I can only take so much NSAID's. Tempted to try some kratom.

I have NSAIDs, ibuprofen and naproxen, but I almost never take either. Haven't taken either in years. Reasons: Seem to give me gastric problems consistently, also I have never been convinced they were doing anything for me. Oh, also I figure there's gonna be side effects. That thought alone makes me try real hard to avoid medications. I don't seem to need any, and I'm trying to keep it that way. I cook for myself every day. Not super complex stuff, usually, but whatever I have a mind to do, I do. I have a bread machine, blender, instant pot, toaster oven, gas range, electric coffee grinder, commercial microwave, two cutting boards I can wash in my double-sink, big fridge.

 

[nOOky]

Well in 2020 we had covid, but all of a sudden health care workers were heroes, people were getting paid to stay home with extra unemployment, and gas was cheap! Families realized that sometimes it's better to have a life outside of work rather than slave away at a thankless job. Thank God we're back to being assholes to service workers, and many people are back at work in person at their miserable jobs suffering along bigly.