US economy going strong under Biden – Americans don’t believe it
US economy going strong under Biden – Americans don’t believe it
Despite a strong economy, an exclusive Guardian poll shows mistrust in media and government means disbelief in both parties
I'll believe the economics are better when I'm not paying markedly more for everything in my life and my salary increases.
The politicians are so wildly out of touch with the citizens.
This idea that the data is "mistrusted" or "unseen" is ridiculous to the point of incredulity. I don't care what the data says, I know what my lived experiences are and everything is getting wildly more expensive except my labor, it seems. Show me any study you want, it won't change that groceries are 30%+ more expensive, my rent keeps going up, restaurants and bars have gotten nearly 50% or more pricier and my wage hasn't grown to match.
Nothing, not even basic necessities like food, is even remotely affordable anymore, let along a roof over your head. Yet they still want us to work to the bone like slaves and have babies while somehow not having a place to live. Biden has passed some great legislation but the economy is nowhere near ok for anyone except the 1%.
Does the definition of "economy" actually include people or are we just looking at corporation numbers because I can believe THAT economy is going strong but there's no way I believe that the entire economy is doing just fine. You don't need to look further than the grocery store prices to see that.
People know when their lives are getting better or worse. You can explain to them all you want about per-capita GDP, adjusted vs raw unemployment, whatever other jargon-crusted, hyperabstract measurement you care to explain, but people know the world they're living in. They know whether they're struggling to get ahead, struggling to stay even or struggling to slow the rate at which they fall behind.
Because, for a lot of people, the economy isn't improving.
Say you were on the verge of buying a house, interest rates have doubled, are at a 22 year high, and now you're priced out of the market.
Or, say you're like me and bought a house in 2021 with a 3.25% interest rate. You're locked in. You can't sell your house, a) because nobody could afford the 7% it's going to take to buy it and b) you likely can't afford the 7% it will likely take to buy a new house.
Refinancing isn't an option because who wants a higher rate. Ditto for a 2nd mortgage.
And this doesn't even get into rising food and fuel costs.
No I totally trust the people telling us the economy is strong despite everything I see around me. If the economy doesn't work for the people then it doesn't matter what GDP or any of the other big stats are doing.
I think people rightly don't believe it because it's apparent that the economic machine in the United States is not built for the benefit of the average worker, it's built for the benefit of the capitalist class that's captured the government. Republicans may be more up front about upholding the status quo, but there are plenty of corporate Democrats that will support the same status quo while chasing the social capital that comes with agitating for change that more progressive groups are pushing for.
People don't have faith when they're constantly sacrificed at the altar of "the economy" without seeing any of the benefits of an improving economy. For a good example, look at how the BNSF rail strikes were resolved before Christmas last year. Rail workers were striking for very reasonable things like 7 days of sick leave per year (up from literally 0, per the contract they had with BNSF) and appropriate staffing to prevent emergencies (like what happened in East Palestine, Ohio in early 2023), and what did Biden do? Biden, the guy who campaigned as one of the most pro-labor and pro-union presidents in recent history, stabbed them in the fucking back and made it illegal to strike because an unstable supply chain around Christmas spelled "economic catastrophe". Biden would rather go to bat for a large corporation than for the workers that corporation is shamelessly exploiting.
The stock market isn’t the economy… jic that’s what this article is referring to.
Uses a stupid fucking definition of unemployment, then tosses out a biased ass line disparaging peoples distrust of media.
But the poll found that 51% wrongly believe that unemployment is nearing a 50-year high rather than those who believe it’s actually low (49%).
Well, yes. If you are a high-income earner or if you make most of your money from rents or investments ... the 'economy' is strong. For the rest of us - we have to make choices between healthcare and food.
tell me what the housing and rent inflation rate has been since 2010. We all know the economy is fucked. A lot of this bullshit did happen during trump's artificially low interest rates.
That's because the average American doesn't benefit from a "strong economy".
Yeah. Record breaking costs and record breaking profit margins as far as the eye can see. Fuck off with this bullshit.
Well, the media has worked very very hard to paint Biden in the worst possible light and not give him credit for anything other than putting on his pants each morning, so its no wonder people feel that way.
The fact is that our economy is booming. We will need to adjust out GDP upward before the end of the year if the strikes don't hurt. Virtually every country in the rest of the world has huge economic problems compared to the US.
The economy overall might be fine, but the average person can still not be.
People don't care much about data and facts on unemployment and GDP when ultimately their personal situation is what matters. Things are more expensive and wages for a lot of people haven't kept up. Already have too many people think that no/less inflation means prices go down, when actually that just means prices stay the same or go up slower. Deflation is off the table cause that can be even worse.
Sadly, there isn't much that can be done beyond sticking to higher interest rates and letting the market adapt and catch up.
Not much the president can do either, especially with this congress. Even if it wasn't, the changes and effects would likely take years to even reach fruition. Let alone have a significant impact for most people if all goes according to plan.
We have seen this scenario play out before.
When will legacy media start telling it like it is? The general public has said for decades that the metrics that determine what a “good economy” is doesn’t tell the reality of the average American.
Then why is the supply chain still fucked? Store shelves still look picked over/overpriced and I constantly have to wait for pharmacies to restock basic medications. And don't even get me started on the rollercoaster that is daily gas prices. I don't give two fucks if CEOs are doing well. The people are NOT doing well. Every other day we see some asinine article where some blowhard CEO is complaining about people are "lazy." People aren't lazy, they are apathetic because there's nothing to gain from hard work anymore.
thought biden ran off of raising the minimum wage
maybe demopublicans should not be running the country
how so many people ate biden's and trump's bs is amazing and still are
This is the best summary I could come up with:
But two-thirds of Americans are unhappy about the economy despite consistent reports that inflation is easing and unemployment is close to a 50-year low.
But Harris’s data also shows that fears are widespread – and reinforced by disbelief of or ignorance about official figures and a mistrust of the media’s reporting of them.
The results paint a difficult picture for Joe Biden, who is making “Bidenomics” – his economic policy record – a central plank of his re-election platform.
Biden supporters have just launched a $13m advertising campaign extolling the president’s economic achievements, which include a landmark $1.2tn infrastructure and climate bill, massive investment in domestic microchips production and green energy solutions.
The widest measure of economic growth – gross domestic product – increased at a 2.1% annualized rate last quarter and has been steadily improving since the Covid downturn.
Americans either view the economy through their politics or aren’t feeling it in real life, or both,” said John Gerzema, the CEO of Harris Poll.
The original article contains 761 words, the summary contains 165 words. Saved 78%. I'm a bot and I'm open source!
If unemployment could go into the negatives because everybody has to take a second job just to stay afloat, some dumbass economist would still come out and say how strong the economy is.
The economy is strong for the owner and investor class right now. Not so much for anybody at roughly middle class or lower.
“Inflation is easing”
And the super fake unemployment number is real low.
Gee I’m thrilled.
Of course they don't, gas prices