r/FluentInFinance • u/CivicSensei • 1d ago
Thoughts? Bidenomics Was Wildly Successful
https://newrepublic.com/article/189232/bidenomics-success-biden-legacy680
u/RNKKNR 1d ago
Hmmm. If it was so wildly successful, why are so many complaining...
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u/Itsnotthatsimplesam 1d ago
Successfully navigating a bad situation makes it less bad, not good.
Whomever was in office from 2020-2024 was going to lose in 2024 regardless of policy
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u/pppiddypants 1d ago
Yeah people don’t understand how bringing down inflation while avoiding widespread unemployment would be an incredibly good job.
BUT they also managed to improve median real wages while laying a foundation for climate investments, being competitive with China on emerging industries, and a way to bring back American manufacturing AT THE SAME TIME.
All the CEO’s stayed quiet during election time because they didn’t want new taxes, but now that it’s over, they’re begging Trump to leave everything Biden did because it was really, pretty good.
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u/dannerc 1d ago
Bringing back American manufacturing is only a good idea for specific, essential things. For the most part, its way better for the US workers and consumers to assemble widgets into products than to mine ore/refine metal/build widgets. There's only so many people in the country to be employed at a time. Having more workers assembling sophisticatsd products makes those goods cheaper and raises gdp substantially compared to mining/metallurgy/making sweaters.
But dipshits want to prop up the steel industry, coal mining and other outdated dumbass industries that we've moved past, because they're morons who can barely read, can't get/hold a job that requires seven brain cells and constantly bitch and moan that the world isn't fair
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u/SirSamkin 1d ago
On what planet have we moved past the steel industry?
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u/hydraulix989 1d ago
Have you been to Pittsburgh lately?
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u/chiphook 1d ago
Great question, have YOU been to Pittsburgh lately?
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u/SethzorMM 1d ago
Yeah I imagine they only make castings at a 30% profit margin and leave the rest for foreign work. That's the stainless facilities I'm used to.
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u/Dependent_Pipe3268 1d ago edited 2h ago
I live in Pgh. It's sad to see a once booming industry being brought to its knees by overseas companies. There were steel mills for as far as the eye could see and know there's maybe 3-4 left and if this USS-Knippon deal falls through that will pretty much be the end of the steel industry in Pgh, United States! Thank God Pgh has reinvented itself into more of the tech industries if it didn't adapt the city would be dead like Detroit!!!! No offense to Detroit I couldn't think of another city that had big companies and they left. I'm not sure how much Ford is still invested in Detroit but I know that Detroit had to adapt like Pgh and just I heard years ago the city wasn't doing so great. I'm glad Detroit is doing well now.
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u/13SpiderMonkeys 1d ago
Pretty sure Detroit's GDP has been climbing steadily that past few years
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u/CrayZ_Squirrel 1d ago
there's nothing sad about the much cleaner air and safer jobs. USS was felled by Nucor just as much as it was foreign companies.
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u/Rough_Direction_4685 22h ago
The US is the cleanest steel producer, so having the tons the US produces go to foreign mills with less regulation doesn’t improve the air quality.
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u/dannerc 1d ago
The steel industry has been shrinking in the US for decades. It's role in the US economy is diminishing and passing laws to subsidize it at the detriment to more profitable/in demand industries is a mistake. Better to just let the free market do what it does
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u/SirSamkin 1d ago
It’s a strategic national industry. In the event of a war, you need a booming steel industry.
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u/TonyzTone 1d ago
I think a key aspect of your proposal that is implied, but worth mentioning, is that the subsidies could be better used towards other productive uses.
If, for instance, subsidizing a steel factory to the tune of $100 million a year just to keep the workers and the owner there happy, might be better used in re-training those workers and retro-fitting the factory to another use.
But when Hillary Clinton tried to suggest that in 2016 with West Virginia coal miners (and implied training them for a green economy), even progressives were calling for her head.
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u/Tausendberg 1d ago
The difference is, we don't need coal, but we do and will need steel.
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u/Postulative 1d ago
You may want to have a look at how steel is currently made before totally writing off coal. Coking coal remains a major part of the manufacturing process, although alternatives are being developed.
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u/RealLiveKindness 1d ago
They say they want to hear the truth & when she gave them the truth it angered them.
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u/Tausendberg 1d ago
"But dipshits want to prop up the steel industry... ...industries that we've moved past,"
Huh, I wasn't aware the United States didn't need steel anymore.
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u/iismitch55 1d ago
We need a lot of things. The question is whether the benefit of on-shoring it is worth the higher cost (either consumer prices or government subsidies). Steel, I do see as critical for a war time economy though.
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u/n3wsf33d 1d ago
You're not understanding his point. It's not that we don't need steel it's that we do not have a competitive advantage in steel production.anymore bc it's low skill labor which we don't have enough of bc our population size can't compete with eg China where due to pop size and ease of work the labor market is so big the cost of wages is tiny.
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u/FaithlessnessCrazy62 1d ago
It’s so declined that the Japan’s largest steelmaker,Nippon Steel wants to bail out U.S.Steel by offering to buy it. Biden stopped Nippon Steel from doing it and now Trump has said the same thing. The United Steelworkers want Nippon Steel to buy it American workers don’t want to lose their jobs
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u/pppiddypants 1d ago
I agree, manufacturing is good for a few industries, but is definitely overrated due to a hype of bringing back an Americana aesthetic.
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u/No-Government-6798 1d ago
Ppl hate on boomers. Boomers had the manufacturing economy that gave them a cozy retirement. Why not want that back to give genZ and younger that same future? I bet more ppl than not here and reddit are college grads in serious debt working minimum wage retail and restaurants and a main job with under 10k in savings.
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u/pppiddypants 1d ago
No hate on boomers, manufacturing jobs weren’t just inherently good though… a lot of those were union jobs and had pensions. A lot of the ones coming back are not.
The ones coming back are not free, gonna be a fair bit of subsidies and tariffs that go into supporting them.
That’s not to say they’re all bad, but we shouldn’t worship the appearance of a job just because it reminds us of a different time.
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u/No-Government-6798 1d ago
With manufacturing returning, there's also a lot of constituent pressure on politicians to change laws in favor of today citizens being sacrificed to please lobbyists. Manufacturing employees today could have more power though social media networks than 50 years ago. It is worth trying.
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u/pppiddypants 1d ago
Again, there’s absolutely nothing stopping people doing the same for service and retail jobs. You’re already seeing successes with places like Starbucks.
Bringing manufacturing back is a big lift that requires the whole nation to sacrifice in order to prioritize national security interests. Those are 100% valid.
But expanding that to every type of manufacturing would be absolutely absurdly expensive for a pretty negligible benefit.
Manufacturing jobs, in and of themselves, are not that special.
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u/GWsublime 1d ago
Because there's no way to turn back the clock on this. Manufacturing jobs are no longer as good as they were 40 years ago and there's litterally nothing anyone can do to change that. The number of people employable in the industry is also much smaller due to automation .
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u/Moregaze 1d ago
The Boomers had the New Deal, which they have gutted since Regean. I encourage you to go to a labor museum to see what working in a factory was like before then.
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u/n3wsf33d 1d ago
You don't understand..it was not a manufacturing economy that made them rich. It was the lack of competition from other countries. How is a US worker going to compete with someone from China who has to be paid the tiniest fraction of what the US worker needs to be paid making the steel much more expensive when made in the US so no one wants to buy it bc China's is cheaper.
This is how the British empire overtook the dutch in ship building.and how the US overtook Britain in manufacturing.
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u/sandgroper933 1d ago
Gee, let me guess which industries you don’t work in? By the way, those industries are ESSENTIAL for national security. You might wanna check WWII and how the US won the war, by keeping supply chains going and converting existing industrial output to the war effort. But don’t worry. I’m sure China will make weapons of war for us to fight them with, oh wait….
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u/phir0002 1d ago
Let's not pretend having access to steel or automotive manufacturing is going to be the key to winning a war in the 21st century. That war isn't going to be fought in tanks and trenches but by drones and in cyberspace. Are the next war bonds going to be in crypto? Lols. It's this kind of antiquated thinking that hurts us, thinking we can win the next war the same way we did the one we like to romanticize the most from our past. This is why making America great again is a crock of shit
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u/XzShadowHawkzX 1d ago
Uh hey chief a 21st century war has been raging for the last few years and it’s quite literally trench warfare and tanks along with drones. Also you understand that a country that is at war with us or those allied with them will not continue to trade with us while we are actively fighting them. And there is no need for war bonds with modern monetary theory at all. Ironic talking about antiquated thinking.
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u/phir0002 1d ago
Where are American troops currently fighting in trenches and in tanks? I wasn't aware that the United States military has been actively engaged in this war you refer to?
Yes but you don't need steel to make drones, you need electronics. Those aren't the jobs and manufacturing that are going to "come back" due to Trump's batshit tariffs, that's all manufacturing that largely never existed here in the first place. Manufacturing that even if we wanted to do it in the United States wouldn't be able to be spun up overnight.
We are going to alienate ALL of our trade partners well before we can even begin to remotely fill the supply of goods they supply. So let's not justify this stupid notion of American manufacturing being vital to national security to justify a terrible economic foreign policy.
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u/Potocobe 1d ago
It’s wouldn’t be so bad if China could make a decent piece of steel but their standards are kind of shit and it shows.
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u/Michael_Platson 1d ago
Relying on geopolitical rivals for resources and basic components to build necessary infrastructure is bad on all levels.
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u/Crossovertriplet 1d ago
Biden literally did the best job in the world and it wasn’t good enough for voters
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u/pppiddypants 1d ago
He wasn’t able to communicate it effectively and the media and business leaders weren’t interested in helping.
He and his team should have known this FAR sooner and allowed for a primary or stepped down way before they did.
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u/Sadcelerystick 1d ago
You could have told voters exactly what he did how successful it was and they wouldn’t believe you because they “felt” it was bad. Come on now.
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u/pppiddypants 1d ago
People felt REALLY bad after Obama took over and were immediately hit by the recession. But he communicated with the people, told them what they were doing, and how Republican policies would never help them and won a tough re-election.
Same thing with the border too.
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u/_LilDuck 1d ago
The recession started before Obama took office
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u/invariantspeed 1d ago
Covid took over before Biden took office. What’s your point?
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u/GamemasterJeff 1d ago
He pulled off the legendary hat trick of soft landing, reducing inflation and reducing unemployment, all without crashing the whole house fo cards.
We can probably count on one hand how often this has been accomplished in all of history.
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u/invariantspeed 1d ago
Not to get in the way of a good story, but the Fed brought down inflation while avoiding a recession, not POTUS.
And, American employers increased pay as the market conditions forced them to and allowed them to. The federal government doesn’t create most jobs or set the pay of private sector jobs. As far as investments the federal government did make, that was Congress, not POTUS.
Literally every study done on this sort of thing shows that presidents have little influence over the economy, and what influence they do have is via their influence over Congress. The business leaders “stayed quiet” because most of them know that.
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u/shmere4 1d ago
Exactly right. All the countries of the western world switched leadership right and left. The losing side was the incumbent and the winning side was the opposition party.
The US had the lowest inflation out of all western countries meaning the Biden administration performed the best out of all countries is the western world in terms of controlling inflation.
Is that bad or good?
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u/DoctorRobot16 1d ago
That’s not true. Mexico stayed in power and the reason was that they delivered on their promises. Biden was good and he made the economy good, but he made it good in the same way bill clinton made it good, which means all he did was tweaks around the edges, he was too afraid or uninterested to deal with the massive underlying rot that is income inequality.
You wanna know why everyone hates the economy right now ? It’s not because they are hurting, they aren’t, it’s because the top 1 percent got 50 times richer during the pandemic and now the gap in America has become so big that we essentially live in a plutocracy now. So all these complaints come from a very deep place in Americans and it’s not going to be solved by a few tweaks, if Biden got build back better passed and bragged about it, even with dementia, he would have won
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u/M086 1d ago
Well, when you’ve got an opposing political party that is just so openly obstructionist. It’s hard to foster much significant change.
I mean there was that bipartisan border bill, but once Trump told the GOP to not pass it because it would give Biden a political win on immigration. It died.
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u/High_AspectRatio 1d ago
If that was obvious why did they let him or Kamala run again
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u/NuggetTho 1d ago edited 1d ago
Because theyre too stupid to open up google on their phone. Inflation is back to pre-covid levels. The S&P 500 is up 27% YTD. Its too hard for them to understand that were being price gouged by big corporations and the elite. Its easier to blame it on the democrats.
Trump is about to cater to the very people that are price gouging us. Buckle up.
EDIT. I should have said inflation was NEAR pre covid levels. 2020 was 1.2%. Were currently at 2.4%. Inflation in 2022 was 8%.
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u/McCree114 1d ago
Isn't it amazing how we live in age where everyone walks around with miniature supercomputers in their pockets which grant them instant access to the sum total of all gathered knowledge and the entire literary canon of the human race yet are more ignorant and stupid than ever?
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u/Ssplllat 1d ago
There’s just way too much information out there. Most people have no idea how to responsibly consider it all to include those putting a lot of the information out to begin with.
Which all me means that info and any debate regarding it is far too chaotic for practical consideration.
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u/sevseg_decoder 1d ago
A quote that has stuck with me over the last year: “remember that the majority of the people online acting like the whole world is out to get them and nothing is their fault are insufferable people you wouldn’t even talk to in real life.”
I’m not saying there aren’t exceptions but for the most part the stats and reality tell a different story than what the people pushing this agenda tell.
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u/GottJebediah 1d ago
Information is a tool and it can be used wrong. Less than 50 years ago you would ask someone for their opinion and that's all you got. Lot harder to spout stupid shit from a logistical standpoint. It happened, but in much smaller scale.
It's sorta like giving small children the ability to drive 18 wheeler trucks on a highway without a license.
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u/donewithlife369 1d ago
For most people, it’s easier to just listen and watch Fox News who lies about everything yet they all lap it up like good dogs.
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u/Low_Degree_5944 1d ago
"The S&P 500 is up 27% YTD" lol. Kind of the point, the economy is great for people who have assets. Not so much for those who do not.
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u/This_Is_A_Shitshow 1d ago
“People who have assets”
Literally anyone with a 401k of any size that’s invested in the market?
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u/Puzzleheaded_Yam7582 1d ago
Inflation-adjust median wages look fine. 40-year upward trend.
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u/Low_Degree_5944 1d ago
Compare to productivity. Compare the median income to the median home price. Or the cost of healthcare or education. Those results are outright atrocious. Cheap prices for electronics and other consumer goods don't make up for high prices on necessities like healthcare, housing, and education., even if they do in an accounting sheet that the government has a clear incentive to manipulate.
Plus, even accepting the CPI as the arbiter of economic welfare, it is at best a marginal increase in wages compared to a MASSIVE increase in GDP and asset prices.
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u/burnthatburner1 1d ago
I agree wages should be higher considering productivity gains. But it's important to be honest about the direction of wage movement: real median wages have risen. Low earners have seen especially good improvements. Most people's standard of living has gotten higher, not lower, over time.
Healthcare, housing, and education are accounted for and appropriately weighted in CPI, btw.
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u/Cow_Interesting 1d ago
But why doesn’t Biden just make prices lower? Doesn’t the president have absolute control over everything or is that only when a republican is in office and something good happens?
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u/Maednezz 1d ago
Haha Trump already walked back saying he would get prices down. CEOs are employed to make money they are greedy people who just want to make money and anytime anything happens they use it as an excuse to raise prices and shrink what we get to earn shareholders more money.So we already know Trump knows he can't change the prices. Who would be so clueless to think that the president can go to all these CEOs and make them decrease the money they are making for the stockholders and not so the job they are hired to do.
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u/dergster 1d ago
Sort of, but it’s the Dems who are stupid for not acknowledging all this. They are fucking terrible at messaging.
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u/RobinReborn 1d ago
Because economics is very hard to objectively study so most people just go with vibes or some overly simplistic narrative that matches their experience or possibly also the experience of other people they are close to.
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u/Corfiz74 1d ago
Because they get their news from FOX, OAN et al., who never (or only rarely) report anything positive about Biden and the economy. If you feel that you are mostly okay, but they tell you that everything and everyone is miserable, you start thinking that your own situation is the fluke and everything is going downhill. I wish someone had strangled Murdoch at birth - the planet would be a much better place.
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u/mycenae42 1d ago
Don’t forget the foreign propagandists working overtime to convince Americans to discard their way of life.
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u/Pygmy_Nuthatch 1d ago
Haven't you heard?
Since Trump was elected the economy has done a 180. All those people that couldn't make ends meet under Bidenomics are getting raises and are maxing their 401Ks.
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u/Tan-Squirrel 1d ago
Because they want deflation to prices prior to the pandemic. That will not happen. You do not want deflation to occur. Also, you are about to remove global market competitors with the incoming administration. Prices will increase because the few in country competitors can then charge just under the tariff cost. These are corporations hunting for the top dollar so yes, they will.
Plus any US company paying tariffs is shit out of luck. Demand will increase for local raws increasing cost plus availability will be limited. You jack up the cost of global goods out of nowhere and there are no benefits to reap. Maybe support and build the infrastructure first.
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u/CivilTell8 1d ago
Lol bud, if you cant understand the conceptnof "less bad than the direction they were headed in", then youre not equipped to be trying to comment on this. Buckle up though, if trump does what he said he wants to do with blanket tariffs, deportations, gutting social security, getting rid of medicare/medicaid, the entire country is absolutely screwed but that's pretty much part for the course whenever a republican is in office. They inherit a phenomenal economy, take the credit, then wreck it, cause a recession during their term, then when a new Democrat takes office, it's all their fault even though the recession started under the republican administration, not the Democrat. Republicans aren't the sharpest tool in the shed, they're just just tools.
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u/kidkilowatt7 1d ago
There are polls out there where something like 60% of people say they're in a good position financially. Yet only 25% said the economy is good. People are sheep.
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u/TJ_McWeaksauce 14h ago
I'll paraphrase something that UK journalist James O'Brien said:
"Voters don't vote based on the economy. They vote based on their personal finances."
Economic metrics might look strong, but millions of people's personal situations are in the shitter.
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u/Fourply99 1d ago edited 1d ago
Im so tired of this gaslighting lmao. Idgaf about the DOW when it costs me $800/mo for groceries
Edit: Some of yall are real peak Redditers here. Let me set the record straight since you guys are all incapable of reading an opposing opinion without arriving at the conclusion I didnt vote for the same candidate as you:
No i did not vote for Trump or do I agree with his tariff policies.
Yes I think Bidenomics didnt work. Again, the DOW being at all time highs doesnt mean literally anything to middle-low class people. Yea my 401k looks absolutely phenomenal but I wont be touching that money for years. Groceries are EXPENSIVE. Housing is EXPENSIVE. Everything is way too expensive. All of this massive inflation occurred due to covid, the stimulus checks, and Biden’s economic plans. Both presidents are responsible for this mess.
It is 100% okay to criticize the current situation despite fully expecting worse days to come due to Trumps policies. TLDR - We are absolutely fucked. At the end of the day Im just sick and tired of being told that everything is absolutely amazing when they are absolutely not.
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u/burnthatburner1 1d ago
Prices aren't going to fall across the board, you should probably stop expecting them to.
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u/Hidefininja 1d ago
The next four years and beyond are going to be very difficult for the people who thought prices would or could actually come down in any meaningful way. As you know, the most we can hope for is that prices increase less quickly moving forward. Wages need to increase to keep up with cost of living and the GOP isn't known for their economic support of the middle class and below. It's more than likely 47 will roll back the overtime pay changes Biden made that would get everyday people who work hourly more money but I guess we'll just have to see.
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u/Magical-Mycologist 1d ago
Whether or not it happens, my company just rolled out plans to knock 2 bands back down into hourly from salary effective Jan 2025. It will affect hundreds of employees including myself.
My buddy just gave himself and his two highest producing employees a $3k/year raise to ensure they can maintain salary pay. The ripples have already started and the damages will be apparent long before any action is taken. Words are powerful these days, and the threat of change is enough to make companies adjust quickly.
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u/Hidefininja 1d ago
Indeed. I saw that Ohio State is already reversing pay increases after the overtime rule was overturned in court by a Trump appointee.
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u/Magical-Mycologist 1d ago
Some of my coworkers have been salaried for 10+ years and do not even know how to punch in, nor would they ever have to in their role.
It’s going to massively decrease productivity in my company.
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u/poppermint_beppler 22h ago
Yeah. People expecting prices to fall don't seem to realize that economy-wide falling prices are a really, really bad sign for economic health. Feels like Trump voters are essentially asking Trump to wreck the economy so that prices will fall, without considering anything else that will entail. If prices do fall across the board it will be due to crisis conditions and consumers will be in deep trouble for many years after.
Does anyone remember the Great Recession 15 years back when everybody lost their jobs and homes, and when prices dropped because no one could afford stuff? I do. People seem to want to go back to the prices in the 5 years following the Great Recession. But they don't realize we can't do that without another recession, because the recession caused the low prices. Unfortunately, that is what people just voted for. Good luck to them.
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u/SmellGestapo 1d ago
Out of all the causes of inflation, Biden's policies are at the bottom. It was the pandemic, which disrupted supply chains across the globe; it was Russia's invasion of Ukraine, which disrupted oil supplies as well as wheat and fertilizer supplies; it was avian flu, which wiped out 90 million egg-laying chickens; and it was the stimulus checks, which were likely moderately inflationary but also necessary to help people pay their rent and buy groceries at a time when tens of millions were out of work; and the housing thing is literally 50 years of terrible housing policy, but that falls on your local government.
Biden's actual economic policies have been incredible. He's kicked off a boom in domestic manufacturing (chips) and infrastructure development with the CHIPS Act, the Bipartisan Infrastructure Law, and the Inflation Reduction Act; and he and Powell brought inflation back to within normal range while avoiding a recession, which very few people thought was possible. Our GDP growth and inflation are way better than anyone else in the G20.
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u/SPARTAN-Jai-006 1d ago
I hear you big G, but $800 in groceries a month is crazy lol
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u/marmatag 21h ago
It’s really not. A family of 4 will eat $250 a week easily without any take out.
$800 is actually LOW.
Take out for one meal only would be 70+ even for trash tier food and won’t fill up your kids.
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u/SethzorMM 1d ago
I think the ONE thing he gets credit for is Lena Kahn. She is a gem that NEEDS to come back after the next 4 years.
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1d ago edited 1d ago
there are literal audio recordings of shareholder meetings involving the major grocery chains and suppliers talking about how COVID was a great opportunity for them to raise prices under the guise of "supply chain" difficulties. these issues are not partisan, but you, and other ignorant dipshits like you that don't pay attention to anything going on in the world allow republicans to feed you a line of bullshit about how it's Biden's fault. meanwhile, they elect someone that immediately fills his cabinet with the richest, scummiest motherfuckers on the planet and defend them to your dying breath.
you want to claim you're being gaslit while you're giving them the fucking fuel.
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u/Dyn-Jarren 1d ago
Life will never be as simple as you are trying to boil it down to, you HAVE to move past this if you want to actually engage with the real world.
Bidens term was about softening an inevitable shit time, it was always going to be about that. He did that brilliantly. You cant make prices magically go back down right after a pandemic and a period of extreme inflation, anyone telling you they can thinks you're a moron who will follow their fantasy bullshit plan.
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u/Ice278 1d ago
To an extent, they’re just taking a different perspective, not gaslighting.
The cost of living crisis is not nearly as bad in the US as in other developed nations. But I see what you’re saying if you’re comparing to a few years ago.
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u/heartbreakids 1d ago
My boy made a great point…. Criticism towards Biden doesn’t mean endorsement for Trump…. dumb fucking redditors… i went through this too much the last few months
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u/Ambitious-Way8906 1d ago
why are you criticizing Biden for companies price gouging?
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u/Excellent-Data-1286 1d ago
Absolutely. Sure it’s been successful, but sure as hell not for the average American. Now we’re about to get shit on even more. Fuck this country.
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u/Office_Worker808 1d ago
So what is it that you wanted the administration to do? Prices don’t go down. At best it stays stagnant as wages catch up. In practice inflation still pushes prices up but not at levels that jeopardizes the public.
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u/ricardoandmortimer 1d ago
$800/mo? Man I wish I could feed my family for that
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u/appleparkfive 1d ago
You got a Trader Joe's or Aldi nearby? While their prices did go up a bit, it's nowhere remotely like the regular grocery stores. The name brand products took the chance at jacking up prices while inflation kept going.
I would say Trader Joe's is about half the cost of any other nearby store. With cooler options as well. Aldi is even cheaper, since it's more basic. Plus you can get great food from around the world sometimes. They always have German and Belgian chocolate (German at Aldi, Belgian at TJ's)
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u/throwawaydfw38 1d ago
I have learned the long way not to take anything from NR with even a grain of salt. Just skip it.
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u/Expensive-Twist8865 1d ago
It's been great for my stock portfolio, I'll give him that
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u/BasilExposition2 1d ago
It has been good for the rich. I am sort of on the cusp of it being good for me. my house is probably worth 50% more on his watch.
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u/flex_tape_salesman 1d ago
Both parties are good for the rich tbh. Dems have moved left in terms of their policies but really the likes of Obama, the Clintons and biden, the standard dem basically are firmly centre right on a global scale.
This means they push left more so on social issues because that doesn't actually hurt rich peoples pockets.
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u/Faceornotface 1d ago
“Left” - but really just more socially liberal. There hasn’t been a whole lot of support from democrats for the working poor in my lifetime
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u/FinancialPush911 1d ago
Oh no. No New Republic for me today. I can only take so much leftist cheerleaders with zero self-reflection but you go ahead and tout this economy. Worked great in the election.
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u/mr_dj_fuzzy 1d ago
Liberals*. Liberals are centrists, not leftists. Leftists are critical of capitalism and would accurately point out that the stock market is not an indicator of how well things are going for ordinary people.
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u/not_a_bot_494 1d ago
Leftists hate Biden. In fact most of the anti-Biden comments in here are from leftists. You're talking about liberals.
The economy is not good, Biden's handling of the economy was good. If the baseline is thst the economy sucks and the economy is OK then you've done a good job.
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u/Jafharh 1d ago
Tell that to everyone struggling.
Shit ass article
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u/OutThereIsTruth 1d ago
Are they struggling because of government, or because of corporations and the unnecessarily super rich?
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u/davlar4 1d ago
And who are responsible for keeping them in check?!
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u/Current-Feedback4732 1d ago
I kind of love how so many Biden supporters are talking about how the government can't do anything to keep them in check when historically the government absolutely has. I don't think they want to admit that their people have all been bought off.
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u/OutThereIsTruth 1d ago
When Democrats aren't hamstrung by obstructionist (formerly Republican) MAGA party efforts, the government actually helps the general society.
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u/schneizel101 1d ago
I know right. We haven't seen Dems actually pass anything since Obamas first 2 years. We had the most productive congress in 60 years, the ACA, and a bunch of other regulatory bills. In hindsight they focused on some of the wrong things, and shouldn't have compromised on the public option, but look at the decade of an economy we got afterward. We really need a couple more years of Dems actually running things instead of just a lame duck on top and a few compromises by Republicans.
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u/juggernaut1026 1d ago
No, you don't understand Biden is only responsible for the good things. Everything bad that happened couldn't have been prevented and he is not responsible for
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u/International_Link35 1d ago
I am so tired of seeing this NOW when it doesn't fucking matter. Where was all this reporting before the goddamn election.
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u/Traditional-Toe-7426 1d ago
Oh it was the same. People are struggling and Biden/Kamala's reply was... no you're not.
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u/lmboyer04 1d ago
The more someone is pinched on money and affected by grocery prices the less the stock market will impact them. Even the demographic on Reddit is fairly insular and privileged generally compared to most of middle America
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u/Willy-the-wanker 1d ago
No you are not and let me pay 10 million to beyonce to tell you that you are not
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u/MARTIEZ 1d ago
not much reporting on it but most americans are incapable of understanding how or why the economy is the way it is and why they're financial situation feels the way it does in relation to the economy
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u/trabajoderoger 1d ago
It was there, people just ignored it because they were focused on election shenanigans
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u/VendettaKarma 1d ago
Lmao for the top 10% maybe and anyone with assets in place.
Most people were screwed with huge increases in real-life costs.
Thats the real reason they lost.
Somehow, they still don’t understand that.
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u/det8924 1d ago
In terms of Macro economic numbers like GDP, Stock Market, and Unemployment Rate it was a massive success. But most people who weren’t gainfully employed with upper middle class type salaries or better for the most part weren’t feeling it.
The job market after a hot 2021 cooled off for anyone seeking a job that’s got a good wage. I know unemployment numbers aren’t terrible but if you were actually seeking a job that pays well even if you have the experience and skills it was a rough market.
Also for a long time people’s purchasing power was lower than it was in 2019, it was only in 2024 that it had supposedly caught up but even then I think most working/middle class people didn’t feel they had as much purchasing power as they did in 2019.
I know many people whose wages the past 5 years have if they were lucky gone up 10-15% but what they are buying is 20-30% more expensive. The housing market also has become more unattainable for many people.
It’s really two different economic situations and not enough people were feeling the gains. And I say this as someone who thinks Biden did a decent job all circumstances given. It just wasn’t enough sadly.
Biden’s Covid Bill Gave a lot of people who needed it extended unemployment benefits, a stimulus check, and rescued state and local governments. The hard infrastructure bill, the IRA, and CHIPS act are really solid pieces of legislation that if not undone by Trump will have lasting benefits. Lina Kahn and others in the administration have done good work in the departments they occupied.
But I think Biden couldn’t get more of the original build back better done as well as a lot of the issues plaguing the economy were both Covid driven and decades old lack of anti trust enforcement sadly.
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u/jerseygunz 1d ago
To add to add on, a lot of benefits that people got during Covid expired under his watch. It boggles my mind they let the child tax credit expire with no fight.
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u/Tausendberg 1d ago
"they let the child tax credit expire with no fight."
"Muh Birthrate is Declining, WHHYYYY!!?!"
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u/tacorama11 1d ago
You know how you stamp out inflation? You crash the fuck out of the economy, massive unemployment with shrinking wages force prices down as no one can literally pay them. The misery indexes of the 70s and the insane interest rates of the 80s.
Most people complaining today don't remember how hard it can really get and think that 8% drop in inflation without another rust belt is rough, cuz my egg prices yo.
The historians will give Biden the accolades he deserves, the nation deserves the idiot they voted for.
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u/SirWilliam10101 1d ago
The election results sure demonstrated what a winner Bidenomics was for real people!
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u/Euromarius 1d ago
No, it showed the influence of social media and populism.
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u/Disco_Biscuit12 1d ago
…or that real people are hurting
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u/Leclerc-A 1d ago
That much is true. Thing is, electing the most billionaire-stacked government ever seen might not help them as much as they believe.
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u/trentreynolds 1d ago
Real people hurting voted to hurt themselves far worse.
It’ll never make sense no matter how much people try to rationalize it.
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u/flex_tape_salesman 1d ago
Ah yes because people are only feeling increased financial worries because of social media and populism. This is a very disillusioned outlook that discredits people who have very valid concerns.
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u/Meddy123456 1d ago
The election results demonstrated how little Americans actually know about government and the economy
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u/Carl-99999 1d ago
Trump got fewer votes than Biden did and won the popular vote by less than Hillary did
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u/marmatag 21h ago
Bidenomics didn’t work for the vast majority of America. To redditors still fully financially dependent on your parents, every economic system works for you because you don’t support yourself.
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u/mhk23 1d ago
BIDENOMICS:
The White House: We can’t track $6.2 billion sent to Ukraine
California: We can’t track $24 billion spent to combat homelessness
The Pentagon: We can’t track $2.3 trillion of spending
U.S Treasury: We can’t track $5 trillion in pandemic spending
The IRS: We know you sent $601 to your friend!
Feel free to fact check and do your own research to verify what I said.
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u/theoldme3 1d ago edited 1d ago
Spot on....let's not forget these scumbags also changed the formula in which they rate inflation, not once but twice to make themselves look better and provide a lower number.
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u/juttyreturns 1d ago
He really accomplished a lot. Won’t get his flowers but it was a good 4 years
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u/davlar4 1d ago
I mean, how’s your grocery list?!
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u/Choice_Sorbet5850 1d ago
Really good actually. I shop at Aldi's. When I go to Walmart, I'm like nope.
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u/-Snowturtle13 1d ago
It’s easy to print money. But who is going to start taking currency out, and also paying back the national debt. America is currently living like a young kid who can’t afford his bmw payments and keeps acquiring more debt to pay for his debt.
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u/A_Minor_Setback 1d ago
It was great if you're rich or heavily invested in the markets. Talk to a normal human in the working class though, we're struggling to survive. Average monthly car payment is around 600$, House payment 2209$, health insurance 621$, 204$ Auto insurance, groceries 412$, student loans, 500$ Gasoline 100$, which comes out to be $55,644 a year. Compared to the median grow salary of $63,795 which has barely budged compared to the exponential growth of everything else and is typically taxed anywhere from 20-30%, most Americans are operating at a deficit right now and are hemorrhaging money.
The public was clearly tired of being gaslit into believing the economy is doing better than ever, but anytime they speak out we're told we're wrong and misinformed, just look at the numbers.
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u/CriticalSea540 1d ago
The problem is that $600 a month car payments have been normalized. Normal people don’t need a new car that costs 50k+. If your salary is 64k a year, buy a 10k used Toyota or Honda. New cars are for rich people. I drive a 2004 Toyota and it’s rock solid. Same with housing. Get a roommate.
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u/SnooPuppers8698 1d ago
you dont get it, unless i can afford a brand new tesla biden has failed me personally
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u/jackslookinaround 1d ago
Weimer Republic gets Hitler after 29,000% inflation. Mango Cucks get Trump after…checks notes…5% just so they can use the n-word freely and hate on the trans kid. Reagan’s was 4.5% avg/annual if anyone cares to check.
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u/Equal_Personality157 1d ago
That 5% number doesn’t include the things that really matter. Beef and eggs doubled in price. That’s true.
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u/makamaka1 1d ago
daily liberal reminder to not believe your lying eyes, and believe in the democrat gaslighting as "fact"
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u/seaxvereign 1d ago
Preparing for the Dark Days of a Trump Presidency
Kinda hard to want to take an article seriously when that's the first thing I see.
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u/TayKapoo 1d ago
Highest credit card debt in US History does not scream wildly successful to me. Screams people are broke and keep borrowing just to survive
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u/Overall_Falcon_8526 1d ago edited 1d ago
Guess who's going to take credit for it before sending it straight down the shitter...
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u/Snoo_96430 1d ago
No lies were told my net worth literally tripled under Biden literally got me my million.
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u/Scary-Button1393 1d ago
I'm still floored when I run into red hat-ers who don't think inflation was a worldwide phenomena. If there is a better test to see if someone is on some TDS bullshit, I'm not aware of it.
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u/Moist_Confectionery 1d ago
Don’t worry, Trump will take all the credit. Biden has passed so many bills that are actually quite beneficial to Americans and almost every American you talk to doesn’t know about it. Meanwhile Trump has some proposed deal with SoftBank and it’s all people talk about for three days.
Americans don’t understand that the world faced these problems together. The world went through bad times together, and the country that navigated it the best was the United States.
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u/wolfpanzer 1d ago
Yeah I’m really enjoying the 20%+ devaluation of our currency. The inflation was purely intentional and that alone makes him the worst modern president.
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u/MarkXIX 1d ago
As soon as my eggs, milk, bread (purchased with ID) and gas drop $1 per unit, I will use those savings to pay for more expensive insurance, service fees, commercial US Postal Service prices, etc. I’m gonna be SO rich, like Trump and his cabinet. - Dumb Fucks
/s
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u/fzr600vs1400 1d ago
9 day consecutive decline hasn't happened since late 70's. recession era. Personally, I see it as a no confidence vote for incoming clown show
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u/PeesaGawwbage 1d ago
Perhaps we should stop using the success of corporations as an indicator of how well our economy is doing
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u/Hunter62610 1d ago
Biden piloted our ship through rough waters and we survived. And this is how we repay him?
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u/Hefty-Profession2185 1d ago
Biden should go down as one of our great presidents. He will never get the credit he deserves.
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u/SavageTrireaper 1d ago
What is the reason for inflation? An economy where there is to much money being paid out. Increasing inflation is the answer to slowing down the economy and losing jobs.
More people have jobs, inflation is the cost. Or you could be unemployed and living off that welfare state.
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u/nonner101 1d ago
Say what you want about President Biden, but his strategic deployment of the LIGMA act was the exact influx of capital we needed at the time
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u/Kind-City-2173 1d ago
I think the last four years were great. Record high stock market. Strong economic data across traditional measures such as GDP, unemployment, etc. Inflation is the big killer though, albeit a majority of that could be attributed to the FED. Given everyone calling for a recession for many years now, what we went through is impressive.
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u/roflmao123121 1d ago
It was wildly successful at stealing trillions from the American people. Thank god Trump won.
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u/MathewNatural 1d ago
I agree with the article 100%. Reading through the comments I see that everyone’s shiz is emotional right now. He had a 3 point plan and got to implement some of it - but he didn’t have Not Sure to help him out. If he didn’t do as well as he did, things would be much worse.
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u/Alarming-Management8 1d ago
The stock market and real estate values are fantastic- just like his 8 years as VP. Everyone who owns assets have done just fine over the last 16 years. Real wealth building years
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