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It's a matter of Bidenomics!

Discussion in 'BBS Hangout: Debate & Discussion' started by adoo, Jun 28, 2023.

  1. adoo

    adoo Member

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    Bidenomics has just begun


    what does a middle out / bottom up economy looks like ?



    the impressive job creation was the outgrowth of these Bidenomic policies
    • Inflation Reduction Act
    • Chips Act
    • Infrastructure Act
    what is the opposite of Bidenomics ?

    that would be the economic results under the Trump presidency, the only one to have lost job, negative job creaton.
    under the Trump presidency, it was infrastructure week every week;
    but nothing got done even with a GOP-controlled Congress.

     
    #1 adoo, Jun 28, 2023
    Last edited: Jun 28, 2023
  2. Os Trigonum

    Os Trigonum Contributing Member
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  3. adoo

    adoo Member

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    OT, you do understand that the genesis of the over-heating inflation has been
    • the ill-conceived trade war and
    • Pandemic,
    both of whom started under the Trump presidency, no?

    also, you do understand that, after consecutive rate hikes to combat inflation, The Fed just announced a pause, signaling that inflation has peaked, no?
     
  4. astros123

    astros123 Member
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    I think the biggest takeaway is how usa is reshaping its trade policy to work for workers which is the biggest highlight. No more shipping jobs away to China for cheap labor
     
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  5. adoo

    adoo Member

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    ROCKSS likes this.
  6. Os Trigonum

    Os Trigonum Contributing Member
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    here is Greg Ip's essay:

    Why Bidenomics Gets No Love From Voters
    Legislative wins on infrastructure and industrial policy are overshadowed by inflation hangover of stimulus, pandemic and war
    By Greg Ip
    Updated June 28, 2023 at 5:07 pm ET

    President Biden kicks off a national campaign Wednesday pitching his economic record to a deeply skeptical public.

    The challenge: Biden really has two economic records. One of them begins in late 2021 and consists of a series of legislative wins on infrastructure, semiconductor production and renewable energy, which he then preserved in a debt-ceiling dealwith Republicans. These policies could shape the economy for years to come.

    That record, though, is overshadowed by the record of his first months in office, when his American Rescue Plan pumped $1.9 trillion of demand into a supply-constrained economy. The result was the tightest job market in memory and a surge in inflation that still hangs over Biden’s approval ratings and his prospects for re-election.

    In his speech in Chicago on Wednesday, Biden didn’t differentiate between these two records: It’s all “Bidenomics,” which, he said, is about expanding the middle class, bolstering infrastructure, and bringing manufacturing back from overseas. This doesn’t really distinguish Biden from other presidents, though. Don’t they all want a stronger middle class, more infrastructure and more factories?

    His early agenda was also not particularly novel. The Rescue Plan was old-fashioned Keynesian demand stimulus, notable mostly for its sheer size. Biden’s staff designed it with the economy of 2009 in mind, when newly elected President Barack Obama and Biden, his vice president, faced a deep recession to be followed by a sluggish, yearslong recovery.

    Biden’s team is still sticking to that narrative. In a memo released this week, his political strategists Anita Dunn and Mike Donilon write that Biden “faced an immediate economic crisis when he took office” in January 2021.

    Actually, he didn’t. By then, the economic crisis brought on by Covid-19 was largely over, even if the health crisis wasn’t. As lockdowns were lifted and vaccines approved, businesses were furiously rehiring. Payroll growth averaged 800,000 a month over the last six months of 2020, in percentage terms the strongest such streak preceding a new president’s inauguration since 1952.

    The American Rescue Plan, in other words, was designed to bolster demand in an economy that already had plenty.

    Dunn and Donilon’s memo boasts that job creation under Biden has been the strongest of any president going back at least to Ronald Reagan.

    Much of that reflected recovery from the pandemic, which would have happened under any president. Still, the Rescue Plan probably explains why the U.S. recovery has been stronger than in countries with less stimulus. With the labor force depressed by retirements, the virus and reduced immigration, the result was the tightest labor market in memory. That particularly benefited historically disadvantaged groups: Black, Hispanic and low-wage workers.

    But many of the benefits of that tight labor market have been negated by inflation. It soared from 2% just before the pandemic to a peak of 9.1% last year as gasoline prices leapt in the wake of Russia’s invasion of Ukraine. It has since retreated to 4% as gasoline prices dropped, but underlying inflation persists around 4% to 5%.

    Inflation is the main reason voters disapprove of Biden’s handling of the economy by a two-to-one ratio, according to a May poll by the Associated Press and NORC Center for Public Affairs Research. If inflation doesn’t fade of its own accord, the Federal Reserve might have to raise interest rates further and push the economy into recession, which won’t help Biden’s approval ratings.

    Historically, voters haven’t punished presidents for economic hardship brought on by events beyond their control. George W. Bush’s approval rose after the Sept. 11, 2001, terrorist attacks brought on recession, as did Donald Trump’s when Covid first hit in 2020. Since inflation has risen in almost every advanced country since the pandemic, Biden could logically claim it wasn’t his fault.

    But it’s logically inconsistent for Biden to disown inflation while taking credit for tight labor markets since they are mirror images of the same thing: an overheated economy. While economists debate how much stimulus contributed to this overheating, they agree it played a part. Voters are thus less inclined to give Biden a pass, especially since Republicans, and even some Democrats, keep reminding them of the connection.

    If Biden’s early agenda was all about macroeconomics—unemployment and inflation—his subsequent agenda has been about microeconomics, i.e., the composition of economic growth. Trump’s frequent “infrastructure weeks” never actually led to new infrastructure. Biden, by contrast, got a massive infrastructure bill through Congress in 2021 and it went beyond roads to water treatment and high-speed internet. The Chips and Science Act last year was the largest federal commitment to industrial policy in recent history. The Inflation Reduction Act offered game-changing incentives for renewable energy and electric vehicles.

    In a report Tuesday, the Treasury Department said those initiatives are making an imprint on the economic data. Factory construction, for example, has shot up, particularly for electronics. Not all of this is due to legislation: Semiconductor companies were increasing their U.S. footprint already in response to growing demand and pressure to diversify away from Asia. Nonetheless, comments of business leaders make it clear that federal incentives are having a palpable effect on their plans.

    This newly assertive role for the federal government in shaping private investment isn’t without controversy. It is bulking up deficits, its “buy American” provisions have upset allies, and it has lowered the bar to interventions of questionable merit.

    Nor is it likely to change Biden’s political prospects: The effects on voters’ lives are small and gradual, whereas the effects of inflation and unemployment are big and immediate.

    Still, this part of Bidenomics represents a break with the past in ways stimulus didn’t. It is also popular: All three laws are backed by voters by large margins, according to polls by Morning Consult, and the infrastructure and semiconductor bills garnered Republican support in Congress. This likely confers staying power long beyond the next election, when inflation has faded from the headlines.

    In an interview, Jared Bernstein, chair of Biden’s Council of Economic Advisers, said: “When you’re engaged in an investment agenda, you’re partly playing the long game.”




     
  7. adoo

    adoo Member

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    but it is getting lots of love from GOP lawmakers who had voted against Bidenomics,

    this warrants repeating

    too, le b itch

     
    #7 adoo, Jun 28, 2023
    Last edited: Jun 28, 2023
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  8. adoo

    adoo Member

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    OT, if only you'd read his conclusion.


     
  9. Os Trigonum

    Os Trigonum Contributing Member
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    you seem to believe that I'm doing something OTHER than posting the article
     
  10. adoo

    adoo Member

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    Lest we forget, back in

    • May 2021,
      • The Washington Examiner ran a column in May 2021 headlined “Three pitfalls of Bidenomics".
    • June 2021
      • The New York Post decried “The Bane of Bidenomics” and bemoaned “Death by Bidenomics” four months later.

    the sucess of Bidenomics has put these right wing publications to shame.






    Let's go Brandon!
     
    #10 adoo, Jun 28, 2023
    Last edited: Jun 28, 2023
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  11. adoo

    adoo Member

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    in addition to job creation, here are some more concrete eg




     
  12. Amiga

    Amiga 80s
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    It’s not really about inflation, though it’s about inflation. Inflation was the early ‘oh crap’ moment, and that is still in people’s memory. But it has trended downward and should continue to go downward. Meanwhile, there has been record job growth (a standard indicator of a thriving economy). When you compare how the US has performed overall versus the other G7 countries, we are at the top with faster growth and less inflation. In fact, we have done absolutely great.

    However, there is a huge disconnect between how strong the economy has been and what the public thinks of the economy. I remember polling from last year showing that only about 20% of the people think job growth is happening when, in fact, it was record growth.

    The question is, why is the American public so out of touch with basic reality? Is it the media playing up the constant ‘a recession’ is coming (and they have been wrong for 2 years)? Is it the initial and early high inflation coloring the public’s mind, and they are still stuck in that mindset? A mindset that's not so unreasonable given that some items are still priced much higher than before. Is it the Republican messaging of how horrible the economy has been?

    Whatever the reason, Biden's job is to convince a public detached from reality to come back to reality, and that while inflation is still a bit high, the US has done a much better job at it than all other major economies. The facts are in his favor. However, he does have a huge uphill battle—the main one is probably the media's messaging that a recession is still just around the corner, with the secondary one being people's mindset on inflation.
     
  13. CrixusTheUndefeatedGaul

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    This thread feels like a hot damn propaganda. If Bidenomics is so great, how comes the people ain’t feeling it? You can’t feed the masses a turd sandwich and convince them to like it. If the Dems and Joey B are hellbent on using this as their winning strategy, they will fail badly comes election times next year.

    People always remembered the good or bad times that they have had in the past versus the miserable times they’re going through right now. May I suggest you guys stick to what you do best: promote abortions, wokeness, crimes, open borders and all evil things that the MAGA crowd and their dear leader Trump are doing to this country!
     
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  14. CrixusTheUndefeatedGaul

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    This thread feels like a hot damn propaganda. If Bidenomics is so great, how comes the people ain’t feeling it? You can’t feed the masses a turd sandwich and convince them to like it. If the Dems and Joey B are hellbent on using this as their winning strategy, they will fail badly comes election times next year.

    People always remembered the good or bad times that they have had in the past versus the miserable times they’re going through right now. May I suggest you guys stick to what you do best: promote abortions, wokeness, crimes, open borders and all evil things that the MAGA crowd and their dear leader Trump are doing to this country!
     
  15. adoo

    adoo Member

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    it is too bad that it is beyond you to understand these hard facts.


    during the Trump presidency, it was infrastructure/stimulus week every week, even with a GOP-controlled Congress, nothing got done.​

    in contract, in his first 18 months in office, Biden got these legislations passed
    • Inflation Reduction Act
    • Chips Act
    • Infrastructure Act



    Go, Brandon!
     
  16. CrixusTheUndefeatedGaul

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    Hey you don’t have to convince me. Try to sell this BS to the millions of ordinary folks out there! They’re just maybe too stupid to understand your propaganda err…your facts.
     
  17. adoo

    adoo Member

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    way to project your willful ignorance
     
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  18. DonnyMost

    DonnyMost not wrong
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    Imo the only thing that is going to matter in the end is inflation, which still isn't great but is slowly trending in the right direction. The good news for Biden is if the midterms are any indication, he has a long leash.
     
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  19. astros123

    astros123 Member
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    Do some reading you clown
     
  20. astros123

    astros123 Member
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    By next fall the war will be over which means gas will be under 3 dollars nationwide. Oil production is near record highs
     
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