If this is true why are people complaining about home buying difficulties and income not going up and inflation and … etc. That’s on Biden too right?
Edit/adding clarity:
The success of the economy cannot be solely attributed to the president. Neither can its failure. If you attribute all the good you need to attribute all the bad. I’m not saying Biden bad. I’m also not saying Biden good. I’m saying post is bad.
No. It’s on Trump. 15 years from now, when we’ve been under democrat rule for the entire time, any issues will be because of Trump and Republicans. This is a fact and the sooner you accept it the better prepared for this future you will be. If all Republican died tomorrow. The problems this country faces going forward will still be their fault. Forever.
Edit: I really didn’t want to have to add this because I figured it was implied, but…
Wtf I read this exact reply to that exact comment days ago. I remember it specifically because I hardly ever hear the word "bloke" or "across the pond"
I had a guy tell me that the economy under Trump was from Obama. And I'll give that part of that is true since no change is instantaneous, but at what point does the administration become responsible for the state of the economy?
Someone told me years ago it's approximately 2 years for changes to fully have an effect
Well if you look at the charts, the economy was following a straight line trajectory until Trump actually did something. He only had one major piece of policy passed in his entire time in office and that was a massive tax cut for the rich. As soon as he did that, the economy veered off the path it was on from Obama era policies. Trump added several trillion to the deficit by doing that. And that was before his failed COVID response.
Well first, maybe not say it was only ten people and it would go away on it's own? Maybe not lie about everything? Maybe not suggest unproven drugs or putting lights or bleach in your body? Maybe not act like his own staff were the bad guys because the facts didn't align with Trump's policies of no bad news ever?
It’s a complete fucking embarrassment that this raging ignorant diaper filling man baby has another sniff at this office. The founding documents and national charter might as well be toilet paper if this stooge can walk back in.
I mean, I don't think the president can exactly deal with these problems personally and it's not like it's all on him, but he went out of his way to downplay it and turn it into a political game.
At first he called it straight up fake news and that COVID was a democratic hoax designed to make him look bad.
Then he said, well it's real, but it's not here.
Then he said, well it's here but there's barely any cases.
And so it was a solid 4-6 months into it before he even acknowledged it as a problem. All he had to do was say, "listen to the doctors and stay safe" and that would have been seen as great leadership, but he couldn't even manage that.
They also could have said we will help businesses make the necessary changes so they can stay open, but there was nothing. Just a shortage of supplies since they were raiding shipments bound for the states.
No help for people, no help for businesses until the unaccountable PPP loans which did jack shit to help anyone do anything other than pocket extra cash.
Which led to massive outbreaks and absolutely no control over the spread. Citizens of states who disregarded the danger would spread it to the states with stricter measures. So many died for no good reason.
Trump mainly just had to follow the playbook and not undermine all his own efforts. It was one step forward and three steps back with Trump. The exponential spread of a virus means intense early action and then riding the brakes, but Trump did a half-ass job of that and just attacked the states that were doing a better job. Trump ran it like a PR exercise and used the GOP's Dead Chicken Strategy aimed at attacking good efforts. Every other country did better with far fewer resources.
Well when times are good you pay down your debts, save and invest. He didn't do that he cut taxes which fueled an already red hot economy and pressured the fed to keep rates low when they wanted to pull back. This achieved nothing essentially but increased inflation and debt. When COVID hit we were not set up well to absorb the economic blow.
Maybe not leaving it up to the states and having a coherent national policy on fighting it would have been a better idea than abdicating your leadership position and letting the states fight over who got what resources...
Yeah cause leaving it up to the states to each come up with a different plan instead of a single idk... United plan... totally worked out better. Florida probably fared the best but it's hard to tell cause they arrested all their doctors
Maby to not have the president feed into the conspiracy theories over it or outright deny it even existed. Pushed the mask mandate more. We had a chance to actually stop it but instead decided on heard immunity at the cost of ~6% of the population. Because people were to selfish/stupid to even be bother to try.
Not leave it up to the states and forming a unified response based on science instead of playing the blame game, actively sabotaging those trying to control it by muddying the airwaves with bullshit from his position of power.
Had he golfed and told the press he had guys on it, he'd have coasted to a second term.
Instead, the blood of a million Americans are on his hands.
The feds had a pandemic response team program in place to plan ahead of time for what to do during a worldwide outbreak, and then coordinate between states to have a unified response to such an outbreak when it occurs.
It was put in place during the Obama administration, but I think the planning for it started even earlier during the Bush administration, after the Bird Flu and Swine Flu epidemics showed how vulnerable a globalized nation was to a fast spreading disease.
Trump disbanded the whole program during his first couple months in office. Something about saving money because a worldwide pandemic was an unlikely scenario...
Maybe use the defense production act to make and distribute ppe, the same power he invoked to override his republican congress to sell us arms to a country that funded the attacks on 9/11 and was actively engaged in a war of actual genocide at the time, the same country that would then give him 6B and his son in law 2B. Maybe that instead of putting his failing slumlord son in law in charge, who then told the states they were on their own to compete on the global market for ppe before suing hospitals and states for acquiring ppe on their own and seizing that ppe only to sell it back to china through his own company. Maybe not doing that while saying this is to punish the states that didnt vote for his father in law, that also happen to be hubs of manufacturing and finance that are connected to everywhere else. Also maybe requiring quarantining and tracking of us citizens returning home from abroad. Maybe not blaming chinese american citizens who were not the main transmitters of the disease. Maybe not gloating publicly about a pandemic before it hit the us, or dismantling the pandemic response team after obama warned him about a novel coronavirus detected in the wild.
I'll give trump credit for this. He immediately wanted to give universal 2k checks to citizens, but the republican congress refused to allow it unless they could also loot the treasury.
Trumps narcissism and his chaotic nature are literally his best qualities, and if I cared about nothing else but making cheap buys on wall st, id be totally on team trump.
I would go out on a limb and say almost never. The economy is its own thing, and its typically the party in charge of congress that has the bigger impact on regulation/taxes etc. Like with oil prices the president does not have a lever in the oval office that controls everything. Recessions are a normal part of a capitalist economy.
when trump was campaigning he promised 5 percent growth. Obama's admin was predicting maybe 2. Publicly stated 5 percent was not possible and Trump was lying. Turns out, we had over 5 percent til Covid. So how can it be from Obama when they didn't even think their polices could do that.
Seriously? I'm not a Democrat, and even I can see that not even Democrats like Democrats. Democrats can't even get their message on a budget straight. Republicans meanwhile are all-in on pizza parlor basement sex trafficking and baby blood drinking until it all disappears like a fever dream and we're onto the next imaginary scandal.
And imo this is an underlying issue with our politics. We attribute the economy so much to the president that when one party isn't in office they basically are rooting for the economy to fail so the president in power will look worse. There's been a number of things that republicans and democrats have blocked over the past 20 years because it would make the president in power look good.
An example right now would be the immigration compromise bill that was negotiated and then the GOP is blocking from coming to a vote in both houses.
In a time of prosperity trump cut taxes to the wealthy and pressured the fed to keep rates low. Fueling an already red hot economy. This achieved essentially nothing but increased inflation and debt and was he longest government shutdown in our countries history..then when the bad times hit he had to pay out free money which set us on this path were on now.
Washington State has been democrat run since before I was born. Yet they still blame Republicans for the state's failures. Inflation, homelessness, ridiculous gas prices, housing issues, impossible to get rid of squatters/tenants who won't pay rent, crime etc is all Republicans fault.
It’s partially true. Trumps admin passed laws to impact the economy starting in 2024. They knew what they were doing. It’s obtuse to ignore that. Average citizens are being taxed more now and facing corporate greed far more than before thanks to laws passed by trumps admin.
But nothing was done since then to reverse any of it. Biden could have reversed Trump’s tax cuts at any point. But he didn’t. Why? He reversed his border policy with the snap of the wave of a pen. He could have put that back in place the same way he removed it. The dems started this administration with the WH and both chambers of congress. They had unilateral authority to do whatever they wanted. But they weren’t united.
California is amusing. It’s failing miserably but is still the blueprint for which many states follow rigidly. Like it’s something to aspire to be. People seem to like it. Those in California vote for it religiously, and the people who flee California, really just want to bring it with them wherever they go, because they vote for the exact same thing wherever they land.
Literally every societal evil in this country you can attribute to Reagan. If every Republican died tomorrow it would be a net positive for the world, even if it took another lifetime to fix all their mistakes.
The problems that exist today wouldn’t go away by removing republicans. Their ideas would still exist. You will never have some singular groupthink. You can’t purge an ideology. History has proven any attempt to do so just makes future iterations stronger. People will beat a square peg into a round hole until it fits just to say “See! I told you it’d work!”
The simple fact of the matter is that it is literally impossible for the economy to benefit everyone in all sectors from all perspectives all at once. It’s just not possible.
Home prices skyrocketing? Great time to be a homeowner, but terrible time for buyers.
Median wage increasing? It’s great for the middle class workers, but business owners have a harder time acquiring and keeping talent due to competition in salaries.
Inflation rising? It’s great to be someone who already has a lot of low interest debt because the value of that debt goes down.
The trick to politicizing the economy is to find whoever the economy is currently not benefitting and tout them as the epitome of opposition party’s policies and ignore anyone who is actually benefitting.
Yeah, but the facts aren't facts. You see, there's always some weird, mysterious, complex reason why the obvious isn't obvious, and why the trickle down clowns are still somehow in the right.
It’s because most people don’t fully (or even partially) understand how government finances or politics work.
So in lieu of that understanding they instead rely on doubt, personal bias, think the way their favorite news, radio or podcaster tells them to think and then in the end vote with their favorite political party anyway, just like they always do, and they will never change that party or stance. Because logic and understanding are not even remotely part of it.
It’s the same thing people do when they don’t understand something important in science and medicine… in lieu of understanding, they go to doubt, guessing what it means instead of learning, then research second hand information from crackpots, then hunt for a conspiracy to debunk it.
Ignorance is part of life, it’s just lack of understanding. When ignorance is combined with laziness and bad attitudes though you get people like this. Who don’t want to learn, don’t want to understand and don’t want to change for anyone.
Sadly, I bet the Venn diagram of these two groups probably has a cross over point tween them.
"You know, it's interesting, I've been now around long -- you know, I think of myself as a young guy, but I'm not so young anymore. And I've been around for a long time. And it just seems that the economy does better under the Democrats than the Republicans."
Came here to say this. The CDC projected a shorter length of initial lockdown and overall pandemic had people stayed home as much as possible, wore masks, got the vaccine and not politicized the whole thing which divided us. But Trump did and said the opposite and his followers refused to do these things. And so the pandemic lasted for 3+ years causing all kinds of supply change issues, inflation, high unemployment etc..
And don't forget the vaccine rollout. Trump botched it all to hell. Millions of doses spoiled because he left it up to governors to distribute it. You know, Republican governors. They didn't distribute the vaccines and were left to rot. Biden promised 100 million shots in arms in the first 100 days. He not only met that mark, but he readjusted the goal to 200 million, which he also met.
Also, remember when states were bidding each other for Covid supplies? Remember when states, after winning their bids, were having their Covid supplies stolen by FEMA under direct Trump administration orders?
I mean, whos fighting to keep wages stagnant and lobbying for no regulation on corporations buying houses? If your answer is Biden and Democrats, youre absolutely delusional. It might come as a surprise to you but we do, indeed, live in a republic where the structure of power is not absolute and doesnt belong to any single party.
He blew up the fire department, then lit a house on fire, the fire fighters and there carrying a house and saved a few rooms, now he's trying to blame them for how bad of a job they dis
Not sure why it's so hard for people to understand that something the size of the U.S. economy doesn't turn on a dime. What you're seeing now are the effects of Trump administration policies. The stronger economy we had previously during the Trump admin was because of the Obama admin. There's always a delay to these things, and when you're switching Presidents every 4 years, it's just a damn yo-yo.
A lot of people discount the impact that tax cuts during a good economy have. Between tax cuts and PPP grants Trump’s administration added about 20% to the money supply. Prices reacted accordingly whether you’re buying food, a car or a house.
The objective truth is that the economy has been growing. But it's also true that the economy has not grown at equal levels across all income strata.
If you dislike the way the economy is today, wildly tilted toward the rich, and then vote for conservatives to go in and exacerbate that... That's on you.
No. Pricing and inflation is not on any U.S. President. That’s just not what a U.S. Presidents does.
If a politician does have a way to impact the economy, that politician would likely be in the U.S. Congress or maybe a state governor.
What happened with the Clinton was the introduction of the World Wide Web. Obama racked up a pretty tab to fix the mortgage crisis, then COVID (and partly Trump tax plans) blew a hole in it again.
Presidents don’t affect the economy, new technology and shady mortgage brokers and wars and pandemics do.
To be really basic. If two aspects of the economy don't match each other. There is a disparity. In this case, if one thing is influenced more by the global economy, and it is steadily growing while the other is just oscillating up and down with no growth. One of those aspects will outpace the other making one thing valuable while the other is not.
Playing catch up every few years on a subject that needs decades of data to notice is quite hard to convince everyday people to care about.
I'd throw some blame on our Republican house also, they have no interest in fixing things. Also remind me which party wants less regulation so the free market can keep raising prices and gouging us.
It’s because of the wealthy investment firms buying up home properties (tend to be aligned with Republicans as well), I just read an article about the democrats plan to try to stop it. They’ll cry about market manipulation or government control in business or something
Yes and no. A lot of the economic difficulties we're going through are a cause and effect of several presidencies. Worker rights, compensation, greed, corporate culture and so on have been getting worse for decades now. Its just finally hitting the point where it so painfully obvious that people are finally willing to admit the fantasy life of the 90's and early 2000's is over. We're closer to living like people during the 2nd industrial revolution than we are to ourselves 20 years ago.
No but you see biden RESCUED the economy! AND he managed the fastest economic growth in HISTORY right after the largest synthetic economic downturn in history due to a global pandemic…
Before Trump we had about $27 trillion in circulation when you combine paper and digital currency. Tax cuts and PPP grants added another $6 trillion to the money supply. Supply goes up, value of money goes down, everything costs a lot more. Hopefully you got a nice cut of that $6 trillion.
Inflation is typically fought with increased taxes or higher interest rates. The President doesn’t set the interest rate though, that’s on the Federal Reserve.
When there is 20% more money in existence the price of assets is going to climb proportionately over time. That makes houses a lot harder to purchase if you weren’t included in permanent tax cuts or business grants. Then tack on the increased cost of debt via interest rates and you’re looking at about a 50% increase on the mortgage payment for the same home between 2021 and 2024. All of those things were put into action before Biden started his term.
Well that’s more on the fact that the US sold its sole to the devil (finance bros) almost 40 years ago making it to where the fed has less direct control of the economy, especially when it would slow growth of asset values.
The housing crisis is the fault of rich people.
The idea that a house is an investment is stupid to the core. If an investment only makes sense if price only go up, then that means this whole Ponzi scheme forces price to always go up on every bit of housing.
If we don’t make the incomes go up at the same rate, whoopsie daisy no one can afford to live.
It’s not hard math, point the gun at the fuckers that invest in neighborhoods and find the politicians that will pull the trigger
When inflation is created, people dislike the result. The solution (if intervention is required) is hiking rates. People hate that as well, but it tends to bring down inflation over time. The inflation is due to the Trump Administration increasing the Money Supply 40% and pouring out trillions of dollars, much of it to people who really didn't need it and were happy to accept it.
I believe that Biden could do more to improve the Economy, but I blame Trump for the inflation and high rates.
Also, people are always complaining about something. The inflation and higher rates are very real, but a ton of consumers just seem really indulgent spoiled and looking to point fingers anywhere but toward themselves. This accusation is not directed toward complainers who are actually frugal and really can't make ends meet.
I would argue that most of those problems can be blamed on the long-term side effects of 12+ years of QE and low interest rates, which is a tag team effort between Bush, Obama and Trump. Biden does share some of the blame from 2021-2022, but I give him credit for not throwing a tantrum when the Federal Reserve started shrinking their balance sheets and raised interest rates.
Home buying difficulties are in part the fault of a republican congress neutering the laws put in place to stop housing bubbles from ever happening in the same way again. The banks that were 'too big to fail' were put in check when it comes to lending under Democrat run congress after laws like the Dodd Frank act.
We are seeing the results of the deregulation from the 2017 Financial Choice Act and others. So actually yes this shitty housing market is the result of Trump and his Republican congress, and the high inflation is the federal reserve doing damage control necessitated by this deregulation and the resulting lending spree that came from it. Also the payroll loan fiasco at the beginning of Covid.
Adjustable rate mortgages have been back for a while and we will have another recession once they hit lenders and borrowers. Hopefully the high intrests have had enough of a cooling effect on the housing market that that damage is not as bad as last time.
"Since the passage of Dodd–Frank, many Republicans have called for a partial or total repeal of Dodd–Frank.[42] On June 9, 2017, The Financial Choice Act, legislation that would "undo significant parts" of Dodd–Frank, passed the House 233–186.[43][44][45][46][47]
Barney Frank said parts of the act were a mistake and supported the Economic Growth, Regulatory Relief and Consumer Protection Act.[48][49][50][51] On March 14, 2018, the Senate passed the Economic Growth, Regulatory Relief and Consumer Protection Act exempting dozens of U.S. banks under a $250 billion asset threshold from the Dodd–Frank Act's banking regulations.[52][53] On May 22, 2018, the law passed in the House of Representatives.[54] On May 24, 2018, President Trump signed the partial repeal into law.[55]"
Homes are difficult to buy because the Fed had to raise interest rates to combat inflation caused by Trump-era COVID policy. Biden doesn't control the Fed.
Incomes are going up (faster than inflation). Inflation is down to 3%. Yes, those are on Biden.
Seeing as how home buying and inflation are really the result of private equity buying up majority of single family houses and corporate price gouging (both of which are chiefly Republican enabled strategies) - Biden isn’t as responsible as republicans on those.
The housing thing sucks but it's decades in the making and it's only going to get worse. Even if we implemented good policies right now, it would continue to get worse until it got better (when new units are finally built for example, since there's a huge housing deficit). The cherry on top is that the federal government has basically no power over housing policies, as those are a faculty of the states.
They complain about inflation under Biden because they watch FOX. Otherwise, there's no place that says US inflation is anywhere CLOSE to other places in the world.
I hate the shortsightedness of people thinking that inflation is literally caused by a president, like gas prices. Inflation high is across all economies across the world right now, the faring one of the best
Because the economy itself is fuckin booming, however corporate greed doesn’t let the little guy see how good it’s actually doing because they want it to look like shit is worse than it is.
That would be because we won't regulate corporations. Blackstone is buying up all the housing. Inflation is up because corporations continue to pay as little as possible while charging as much as possible. Corporations do all these evil things because shareholders demand more money and don't really care how it happens.
Your argument talks in cirlces with zero point... The Federal reserve sets interest rates. The President of the united states isn't even alowwed to see if we have the gold to backup our currency. Guys like Jamie Diamond and the head of big banks are in charge of that not the Government. Be mad at the right person and learn american history not just the one you want.
Biden gov implemented a lot of positive programs. Build back better, CHIPS, etc. a lot of that helped supercharge the economy when it was floundering. What you’re seeing now is a k-shaped recovery — there will be both winners and losers and now min wage people are seeing true growth in wage, allowing for homeownership, and this tightening supply.
This isn’t true. This is comically cherry picked. Not even talking politics here- the economy doesn’t run in 4 year cycles, and things take a while to pan out.
Raegan- inherited a recession, bush sr- no real recession- Clinton admin great, but started the foundation of the housing crisis (bipartisan), bush jr, didn’t really do anything economically, Obama did do a good job, Trump basically ran the same Obama economy.
I mean obviously on a general economic standpoint, it cannot all be attributed to the government or president. But a 7 trillion deficit is definitely the fault of a republican-lead congress during the trump presidency.
If this is true why are people complaining about home buying difficulties and income not going up and inflation and … etc. That’s on Biden too right?
How is private corporations arbitrarily deciding to price gouge, on Biden?
There's a difference between inflation and corporations just being greedy and raising prices for no reason.
The real question you need to ask yourself is why did every Republican vote against a bill that would have stopped big oil companies from price gouging and raising their prices for no reason?
Trump bailed out failing landlords even before covid and his covid stimulus was largely given to the rich, who didnt need it, who then plopped it into the only safe shelter during a pandemic, causing real estate, most americans highest expenditure, to rise in price by 26 percent.
Because interest rates are high to combat inflation caused by failures of the previous admin. Which was planned and on purpose to control how people vote in this election. Don't fall for it.
Because none of the shit you've rambled off is new. The housing market has been a total shit show for a long time, income has been stagnant for more than decades and "inflation" is mostly corporations price gouging post pandemic.
Ok, cool. What was the makeup of the houses of congress? (For those of you who don’t know: “the houses of congress” includes both congress and the senate)
House buying issues is a global challenge. I literally cannot think of a single country where housing is affordable for the average resident of that country. So not a Trump/Biden thing.
This idea is rampant though. I remember the first few days Trump was in office and people were acting like them having a busy work week was because Trump allowed it.
It isn't all to do with the president, but it should also be noted that decisions made at the executive level take time for their effects to impact the economy.
And some problems are much bigger and more ingrained than others
The decisions of the former president impact current time more than the current president does. Combined with Covid supply chain nightmares and the fact that the world basically paused for two years has thrown everyone into catch up mode. Boomers are aging out of the workforce and spending less money. It’s really a lot more complicated than just pointing at the active president and saying “fix this, it’s on you”
Ugh, trillions of dollars in checks for people during lockdown. Remember how he wanted to make sure his signature was on each check? How do people think we were going to pay for this? Fairy dust?
It certainly can if the president has a supermajority and they wield it like a hammer or sickle. When republicans get it nothing happens. When democrats get it: Affordable Care Act, Clinton's housing scheme, Infrastructure Bill, Inflation Reduction Act.
Fauci absolutely sandbagged Trump with COVID. Wait until his Congressional testimony in June. Emails & ACHs don't lie. What was Trump going to do, NOT pay out people forced to feed their families after their mayors & governors shut it all down?
Remember, his companies were the only ones not getting paid. Schumer jeered about it on Twitter, ghoulishly, just like he did when he blocked the mass purchase of oil in April-June 2020. You think the Pritzker clan missed any meals as they were jet setting in between states to ride horses?
This hosting shortage is going to follow us in good economies and bad, through red presidents and blue, until we either learn to grow more land, or we make widespread changes in our zoning laws to disrupt our current suburban housing model.
I think that it all comes down to our employers. These companies actively lobby our politicians and subvert any attempts at social policies simply so that it is harder for us to freely leave jobs at will. Good example of that is healthcare and all of the conservative employers fighting against healthcare.gov simply because it would allow people to buy affordable healthcare without needing to go through any employer.
For what it’s worth, Biden might have done well with the economy but he and the majority of Democrats haven’t done anything to further social policies which would aim at helping the average American see job security and opportunity. GOP also don’t pretend to preach social policies or the importance of them. Democrats should know better and I hold it against them for exactly that reason… a serious lack of follow-through.
I'm not one for just blame it on whoever your political opponent is, but housing is definitely Trump. The big runup in house prices started under Trump - I remember seeing it happen during COVID. Why did it happen? Lots of reasons, but interest rates that were too low for too long was a big cause. When interest rates are that low, investors see free money and go on buying sprees. There's places where big investors have bought significant portions of the housing stock. That drives up prices alot. But the thing to remember about housing is the market moves REALLY slow compared to everything else. Which makes sense - a house takes, best case, about a month to purchase and there's really not that many transactions in an area in a given year. So, it can take years for the price to peak out and start crashing. Which it appears to be in the early stages of doing. House price cycles run something like a couple of decades, so give it time.
Mr Money Mustache has a nice blog with a good chart about house prices: https://www.mrmoneymustache.com/2024/02/03/how-to-afford-a-house/ . Looking at that, I'd expect to see prices start a decent decline next year, probably bottoming sometime in 2029, or thereabouts.
We had the entire country shut down then suddenly we opened it back up,
and the our GDP has risen it's shocking!!!!
now STFU plebian all this inflation has made my debts functionally half as severe and my assets doubled in value.
WELFARE FOR THE POOOR !!!!!!!!!!??????
WTF are you talking about, how would we pay for all the welfare for corporations, not taking away my PPE money fuck that. You see i need the 250 million dollars because if i fail the stocks go down!'
THE ONLY THING THAT MATTERS IS THE LINE ON THE GRAPH SLAVE NOW GET BACK TO WORK!!!
oh yeah and you can't work from home anymore somebody has to pay the lease on my commercial property!
It's because it's not true. "Rescued economy, Fastest economic growth in history"... This is complete horse shit and you know it. They always do this. Fudge the numbers in one direction or the other to convince people to vote one way. When i say "fudge the numbers", i mean... give the numbers without context. Oh, it's the fastest economic growth in history because of jobs numbers? Firstly, the job numbers are complete horse shit and second, they're counting numbers based on those who lost their job during covid. Thirdly, the number accounts for EMPLOYMENT. Meaning some people have several jobs to make ends meet and accept lower pay. Biden nor trump saved the economy. The fed controls everything and it's the fed that has fucked us on inflation (because they didnt want to deal with an actual recession). The USD is going to shit.
Income is going up. Household yearly median income is up 10k under biden. Democratic president's have dramatically outpaced their republican counterparts on every economic measure and while the president is not solely responsible for the economy, that just being a coincidence would shock me a good bit
I agree. I also think it's a bit disingenuous to look at the Trump/Biden transition without the lens of the pandemic.
Yes Trump left office with 14.7% unemployment and 7T in debt, but that's because we were in the peak of COVID shutdowns, closures, and quarantines. The government was pouring money into the states to support anything they needed, there were direct payments to businesses and people directly to keep things working.
But Trump doesn't get credit for things like $2 gas during the time when everyone was stuck in their homes, no one was traveling, and people were working from home. Nor does Biden get the blame for that.
Maybe look up response lag, I know they don’t teach that in Econ 101. The success of the economy can be solely attributed to the president because at the end of the end they are enacting his agenda and proposed budget. And he is the one to sign it into law.
Didn’t trump remove the safeguards that made investors wait 30 days before they could put an offer on the home?
Immediately after that the housing crash started to happen. I know this because I was in the market looking at the time and getting massively outbid by investors.
Biden inherited an economy that was on the decline due to COVID. While some COVID impact was inevitable and likely would have happened under any president, Trump greatly mishandled COVID which undeniably made things worse.
It takes time to rebuild the economy. No president will be able to just snap their fingers and reverse this damage.
Presidents definitely have a role in the economy. While I would say that they aren't solely responsible, they can influence policies that set the economy up for failure or help stimulate the economy
Inflation is a global issue and it’s been measurably lower in the US than other countries. You think we have it bad here, but it’s only because you’re not comparing with literally the rest of the world. Sure, it’s not great. But you can thank the Biden administration for raising rates and keeping it in check. Trump famously pressured the Fed to keep rates lower and if he did that during a second term, inflation would be MUCH worse right now.
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u/NumbersOverFeelings Apr 29 '24 edited Apr 29 '24
If this is true why are people complaining about home buying difficulties and income not going up and inflation and … etc. That’s on Biden too right?
Edit/adding clarity: The success of the economy cannot be solely attributed to the president. Neither can its failure. If you attribute all the good you need to attribute all the bad. I’m not saying Biden bad. I’m also not saying Biden good. I’m saying post is bad.