You’re correct, they would not say that exact thing.
But in the face of a US Bureau of Labor Statistics report of 3.7% unemployment, Fox news would simply ignore the report.
They would instead come up with some talking heads who have a discussion about how horrible employment is right now, and how hard it is for people to find jobs, and how it’s probably because of Biden letting in millions of illegals.
Not that it will matter to any voters outside of some economists & beltway-types…but last week’s PCE Inflation update came in. PCE is the Fed’s preferred tracking number. Right now, we’re at 2.7% to 2.8%. OMG, The Hyper-INFLATION!!!
Biden certainly has been blamed politically for the inflation that showed up under his watch. But this latest update is just another reminder that the inflation bump that happened in 2021-2022 is behind us. And it went away without any hint of a recession. I hope that somehow someway the good news on just about all economic fronts can filter into the election to Biden’s advantage. He has presided over a remarkably quick recovery from the mess that he inherited.
Majority of Middle-Class Americans Say They Struggle Financially
Almost two-thirds of Americans considered middle class said they are facing economic hardship and don’t anticipate a change for the rest of their lives, according to a poll commissioned by the National True Cost of Living Coalition.
Almost two-thirds of Americans considered middle class said they are facing economic hardship and don’t anticipate a change for the rest of their lives, according to a poll commissioned by the National True Cost of Living Coalition.
I would expect this to affect any President in office.
In my opinion, the traditional metrics for whether the economy is “good” tend to overvalue the optimism of the rich and undervalue the problems facing the poor.
Inflation going down is good, but if you’re poor you still have to pay twice as much for groceries as you did when Trump was in office.
Lower unemployment is great, unless the only jobs available are part time or minimum wage (or both), and you still can’t afford to put a roof over your head or go to the doctor.
The vast majority of voters don’t give a shit if the Dow Jones Industrial Average is sky high this quarter.
From that link:
David Jones, co-chair of the National True Cost of Living Coalition, said the polling results crossed party lines.
“It was Republicans, Independents, Democrats expressing the same kinds of issues,” he said. “It’s not going away no matter who becomes president.”
Hear, hear! Talk about burying the lede.
On average, people are paying 6% less, after accounting for increased salaries.
Any data on that? Because, as I say, salaries are beating inflation, which is an odd thing to happen if 15 million people joined the work force and got minimum wage jobs.
The stock market determines things like pensions though. Plus it’s a barometer of the overall situation. We can’t individually list how every company, big or small is doing, but we can use things like GDP, jobs and the stock market which are the result of adding together all the small changes.
Not just that, but it seems that the organization that did that poll – The National True Cost of Living Coalition – was founded this year.
Which means this poll isn’t a relative measure over time. We don’t know how it compares to when Biden took office, or during Trump’s first 3 years, or during covid.
Imagine thinking the average worker has anything resembling a pension.
I dug into the National True Cost of Living Coalition to make sure they weren’t right-wing shills. The best I can say at present is “undetermined”, but they seem superficially OK. I stress “superficially”.
The other comment I see from people wanting to defend Biden and attack Trump is to try to compare 2020 to 2024. Which personally I would call bull on even if the party in the White House had been reversed. I’m perfectly willing to agree that Trump overall did not handle the first 11 months of the pandemic well. But I’m not really sure that citing the economic statistics for year-end 2020 is in any way a meaningful comparison. Of course we’re generally better off than in 2020. I’m not sure people would say that about 2019 and I’m pretty sure that’s the point of comparison the average person is making.
It’s the Republicans asking if you’re better off than you were four years ago which is prompting the comparison. They pull gas prices from the height of the pandemic to show how bad gas has gone up during the Biden years.
Krugman has another perfectly on-point article today.
Why, it used to be as cheap as $0.99 a gallon!
Sure, the Republicans are asking about four years because it’s easy to cherry pick a low gas price. I’m personally thinking five for such comparisons and I still think I general people aren’t thinking of 2020 when comparing the two administrations and are thinking about the last “normal” year when thinking about the economy during Trump.
Average of all grades nationally was about $2.90 in June 2019 and about $3.70 now. https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm_epm0_pte_nus_dpg&f=m
I was responding to the point that the “the vast majority of voters” don’t care about the stockmarket. In fact the majority of workers contribute to a 401k (cite; and note that this number is up, yet another measure of a healthy economy).
Firstly I think we should be consistent on these things.
Why would we give Trump a pass for a worldwide crisis (covid), even though the US handled it worse than most…and yet not given Biden any such pass for a worldwide crisis (supply-chain inflation), even though the US has handled it better than most?
But sure, compare Trump’s first 3 years to Biden’s first 3 then. Biden is better in almost every metric.
We – i.e., Dopers – wouldn’t and don’t. But most people don’t look at these things the way we do. They have short memories and are more emotional than analytical about big concepts like “the economy.”
Unfortunately, even the mildly high inflation of 2021-22 made an emotional enough impact that, for many people, it overshadows any other economic data points.
What pisses me off is that so many people blame these feelings on Biden. That’s why I said “get some fucking perspective” upthread. Because the alternative won’t make the economy any better, but will make a whole lot of things a whole lot worse.
So, in this situation, it’s important to remember (again) what Biden inherited. He walked into the office in January 2021 dealing with an economy that was reeling from the pandemic, crime that had exploded, and daily covid deaths in the thousands.
And one reason that the 4-year lookback comparison makes sense is that this is what Biden inherited.
But most importantly, when we compare this economic recovery to other economic recoveries in recent decades, the recovery of growth & jobs was MUCH faster. And one reason for that was the stimulus that Biden injected in 2021 and 2022 (and that both parties injected in 2020). The Obama recovery from 2009-2016 was slow and plodding because our government didn’t spend enough to truly goose up demand. Biden didn’t make that mistake, and we’re now quickly back at full employment with growth that has outstripped the rest of the developed world and wages that have surpassed inflation.
So yes, let’s compare 2020 and 2024 all day. It’s a fair comparison. And it’s a reminder of how forceful and quick the recovery from the pandemic disaster has been. And Biden certainly deserves credit for making us better off than we were 4 years ago.
Right. When people say that average Joe’s and average JoAnne’s don’t care about the stock market, it’s like throwing away the concerns of half of the voters in this country. In the US, the stock market is VERY important, because so many people are invested in it, as companies no longer offer defined-benefit pensions.
It’s amazing how easily misinformation can just be spouted anywhere, including on this board. This is what Biden is dealing with every day when he’s out on the campaign trail.
I think these are all mostly true, but it still implies all economic problems people feel are perception rather than reality.
Rent has gone up more than earnings during Biden term. So has house prices compounded by much higher interest rates. Food prices have soared as well, in many cases well more than average inflation. Fast food prices have basically doubled. for instance. College prices have massively increased. There issues all disproportionally affect people just starting out in the working world.
I still think that Biden has done a good job in aggregate and most of these things aren’t really his fault, but he is in charge, so he gets the blame.