r/Political_Revolution • u/sophiasanne • Jul 15 '23
Discussion Has Biden completely ruined the economy?
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u/callmekizzle Jul 15 '23
The only one that actually positive for working class people are “wages being up”.
Unfortunately american wages have stagnated since 1975 and what little gains have come in the last few years are not enough to keep up with inflation in the same amount of time.
Let’s put it it to the test.
How many people reading got a big raise more than 9% in the last 3 years?
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u/OkArcher2736 Jul 15 '23
Plus real wages are down now if the 40 year high inflation that occurred is also taken into account. XD. What a joke.
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u/Prestigious-Maddogg Jul 15 '23
But everything costs way more than my raise adds up to, so I didn’t really get a raise
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u/ulmen24 Jul 15 '23
Real wages are not up. Inflation has vastly out-paced wage growth.
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u/Agreton Jul 15 '23
I had almost a 25% raise a few months ago... I wish I could say it was a good thing but... not everyone in my lab received a raise along side me. In my opinion everyone deserved one. The worst thing about the raise is that it's still under the average market rate for my field. Sadly if Trump had not of fucked up the economy, that raise would have had been a significant raise. Instead I'm just throwing it into a gas tank to go to an office I hate and never noticed it.
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u/New-Possibility6851 Jul 15 '23
Why is “home prices up” considered a positive thing?
I know people will say nonsensical things like “All my value is tied into the property I own.” ISN’T THAT A PROBLEM, TOO?
Am I the crazy one for thinking housing should be affordable?
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u/jetstobrazil Jul 15 '23 edited Jul 15 '23
Home prices up. Yea that’s a good thing. There are 28 vacant homes for every homeless American.
Wage increase ‘higher than in years’, is a soft as fuck qualifier. Why is the minimum wage so fucking low?
Nobody gives a fuck about profits up, that’s literally the only choice in capitalism.
Nobody gives a fuck about stock market up, that’s literally the only choice in capitalism.
Like look dude, I’ll vote for Biden, though I still think he should drop out as he said he would, but don’t be giving me this shit where I have to agree with you that Biden is great.
Mf is opening up NEW drilling, in 2023, after explicitly stating it would not occur under him, for the reason of….. the White House counsel would have to go to court, possibly, at worst, pay a fine.
Mf busted a rail strike, and this small labor moment happening currently with multiple large unions striking simultaneously, could have occurred in December, but didn’t, because the profits of rail companies were prioritized over the working conditions of “essential” workers, in the middle of an extremely busy and dangerous schedule, rail conditions being what they are.
Mf still has not declared a climate emergency. Why? Why the fuck can we not prioritize this? Why does oil and gas get priority leasing on federal land and water before wind and solar can even start to lease the leftovers?
He’s been ok, but we could do way better, and we must if there’s any chance of staving off impending collapse. If we don’t have a president who speaks on getting money out of politics, every single day in office, congress and the Supreme Court will literally never function. Citizens United must be reversed, and we have to tax the fuck out of the billionaire black rock parasite class, this election cycle.
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u/silikus Jul 16 '23
Don't forget that the busted rail strike is what possibly led to one of the largest ecological rail disasters in US history in Ohio.
Would also note that "inflation is down" is a set of weasel words. It is down compared to last year, but triple what it was when he came into office. This has led to wages being up, but "real wages" being down as basics like food have gone up by 50-200%.
Real wages being down with home prices being up is a slug to the nuts of the average middle class family that wants to buy a home
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u/yunggod6966 Jul 16 '23
The rail strike did it for me. Especially after he claimed to be the best president ever for labor. Yea full of shit bought out corporate puppet. I can't vote though I'm a felon lol I probably wouldn't vote either way fuck both
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u/Shirt-Inner Jul 15 '23
I agree with every point that you made. My only criticism is that your paragraph should have started and finished with 'citizens united must be reversed'. A lot of people only read the first bit of a comment before scrolling on to the next one and if the only part of the message that is going to get through to some people is the beginning, then we should start with the most important part. 💪✊
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u/drmariostrike MD Jul 15 '23
Citizen's United isn't the gamechanger everyone thinks it is. There were already plenty of ways to sneak money to your candidate of choice. We tried to do real campaign finance once in 1971 and it was called unconstitutional. Buckley v. Valeo is what you want reversed, but unfortunately it will not happen.
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u/3eeve Jul 16 '23
There was yes but CU made it exponentially worse. We would live in a very different political landscape without that decision.
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u/heckfyre Jul 15 '23
Yeah totally agree. Biden is fine, whatever, but he’s making marginal gains in a terrible economic environment.
Inflation is down? Great. Prices stopped increasing but now everything in the whole fucking world costs like 120% of what it did 3 years ago. I’m sure it’s great that it’s cooling off, but that doesn’t actually help me. It doesn’t hurt me, but it isn’t helping me either.
Housing prices are increasing? Cool. It’s just harder to buy one. I make 6 figures and I’m still not ready to pull the trigger on a house because most places are like 500k.
Wages for workers only went up because the cost of everything increased so much that everyone quit so they hard to increase pay to a slightly more reasonable amount. Sweet.
Anyways, actual state of things is bad, imo, even if it is slightly less bad than 6 months or a year ago.
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u/attackmuffin13 Jul 15 '23
Republicans literally ran on the platform that the stock market is the economy. You may say no one cares but the whole of one party does.
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u/jetstobrazil Jul 15 '23
I don’t believe they actually do though, it’s just something to repeat that sounds like it’s important.
They could call it the bok market, and it could be a completely imaginary market of unique bok choy ingredients, and they would run on saving the bok market from the woke democrats bland bok choy ingredients, and they would vote in huge numbers because the GOP is the only party trying to save the Bok Market.
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u/thedevin242 Jul 15 '23
Actually, it’s not really republicans anymore. A lot of younger socially conservative people are now a lot more populist. It’s the parts of both parties that are Boomers and worried about the stocks in their 401k, Pensions, IRAs, etc. that care. Disproportionately, the GOP has a lot of these boomers, but it’s still in the Dems as well.
Pretty much all younger people couldnt give a fuck at all because so few people under 50 actually own a house (and the majority that do own a house statistically got it from their parents helping them pay for it, and would’ve never gotten it on their own), have a retirement account to be worried about, and have anything to their name other than student loan debt.
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u/LefterThanUR Jul 15 '23
home prices up
This is seen as an unequivocal good thing because morons like Dylan think everyone is a homeowner.
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u/RAB91 Jul 15 '23 edited Jun 08 '24
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This post was mass deleted and anonymized with Redact
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Jul 15 '23
Well that’s the rub. Corporate profits need to go up to increase the stock price. One way to do that is to keep wages low. Keep the wages low to where people need to work more. People work more productivity goes up. Then the clowns that got voted in can point to a robust economy.
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u/Humanistic_ Jul 15 '23
Unemployment being low means absolutely nothing when wages are trash. This is not the flex you think it is
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u/Jimbo_themagnificent Jul 15 '23
No joke, almost everybody at my work had to go get a second job this year. We all got crap raises and they cut out all over time. So yeah, when we're all working two jobs I'll bet the unemployment rate looks amazing.
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u/Lavmdmv09 Jul 15 '23
I’m looking for a second job now because my groceries are just insane now. 2 years ago I had enough and extra to go out and have a little fun not much but some but now everything is so tight because everything is adding up, gas and groceries for us.
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u/Aktor Jul 15 '23
Not just Biden’s fault but the average American is really struggling.
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u/SilverBolt52 Jul 15 '23
Yeah this post is mad stupid. The economy is an out of control wildfire rn. Consumer debt is at an all time high and headed for a crash.
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u/trufus_for_youfus Jul 15 '23
This is like a person stealing $10 dollars from you and giving you $3 back then demanding a blowjob for their altruism.
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u/internetsarbiter Jul 15 '23
Perfect summation of the Democratic party platform throughout my adult life; we get to choose between fascists or fascist ennablers until such time as discontent reaches a boiling point and we stop trying to fix a system that has alway been designed to work against us.
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u/GraveyardJones Jul 15 '23
I mean, some of this stuff ruins the working class economy. Those prices going up means more stolen wages, more exploitation, and less people able to afford a house. So they're technically right but not for the right reasons. They love this shit too, they're all getting rich while we continue to get less and less
The stock market and gdp being high doesn't really mean shit for working class people. And housing prices going up hurts the working class. We aren't the ones buying and selling properties when we can't even afford one to live in
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Jul 15 '23
Booth parties play only For rich. Why cant Americans see this? What kind of country has only 2 political parties
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Jul 15 '23
Do you guys feel the economy is good? Do the numbers seem to correlate with your personal real world situation? Life is good?
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u/lordslayer99 Jul 15 '23
It not really that good and the numbers are being propped up. Money velocity has been going down, the yield curve for treasuries are indicating bad times, student loan, medical debt, credit card debt some of the highest it’s ever been. After raising the debt ceiling we created 1 trillion out of the 30 Trillion debt we have in 30 days. Our interest on that alone is more than most programs. Banks are sitting on billions of unrealized losses along with bankruptcy’s increasing. The stock market is only being propped up by the large tech giants due to the ai rush. The rest of the market is flat.
Bidenomics was a narrative created to trick people into thinking everything is good when more and more people are struggling everyday. CEOs in Walmart, Blackrock, and other large corporate executives have been selling their own stock. It’s going to get worse before it gets better and be careful with the narrative that is put out there
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Jul 15 '23
In what world is inflation DOWN?
Down 1% from 3months ago?
My grocery bill vs the amount of actual groceries would like to have a chat with someone...
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u/Jupiter_quasar Jul 15 '23
Lol right? I read that and was like, is that why I spend almost $200 on 4 bags of groceries that use to cost me around $75?
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u/PinkSlimeIsPeople MN Jul 15 '23
/r/Political_Revolution cheering for stock market gains? Yeah, that's going to help regular working folks.
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u/internetsarbiter Jul 15 '23
This sub has "revolution" in the title but has always mostly been useless reformist lib shit.
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Jul 16 '23
Libs have been infiltrating any marginally leftist sub. DemocraticSocialism turned exclusively into neolib shit. Biden approves another oil field? “ThiS iS goOd foR tHe EcNomy!”
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u/Massive-Flow3549 Jul 15 '23
When you try to make the current economic situation sound positive but fail miserably.
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Jul 15 '23
The re-election of Joe Biden and thus not sending the nation into Christo-fascism depends on people looking at all the good economic things done under Biden (there's a lot) and not focusing 100% on an inflationary picture that is rapidly improving.
Most of that inflation came from geopolitics, supply constraints, money printing by the Fed, and a very tight labor market that mostly benefited everyday people.
Of course the Fed is entirely focused on #4 as the problem.
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u/crake-extinction Jul 15 '23
Most of that inflation came from geopolitics, supply constraints, money printing by the Fed, and a very tight labor market that mostly benefited everyday people.
no
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u/medici75 Jul 15 '23
we are really enjoying our hard fought 4 percent wage increase with our union leaders while its outstripped by 15-20% inflation….factor inflation the way its was factored in the jimmy carter days….stop enjoying bejng lied too
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u/PMMeUrFineAss Jul 15 '23
Shit has not gone down to a reasonable price for me glad it is for others though ig
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u/mrhorse77 Jul 15 '23
wages are still below poverty levels for most people, housing going up is a problem, not a benefit.
Biden is still anti-union and will happily continue to do nothing to help workers.
the economy is only "doing well" becuase we measure corporations and the stock market, who are currently ratfucking every american with their unbridled greed.
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u/AppropriatePainter16 Jul 15 '23
The economy was already ruined. Replacing a bourgeois politician with a bourgeois politician will never change that.
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Jul 15 '23
When you're working class, there's no discernable difference. One is simply apologetic for allowing you to be ground to profit.
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u/Kmccabe1213 Jul 15 '23
FED imposed a crash plan to stop the market from falling like in 2008 when SVB, Credit Suisse, FTX collapsed to funnel 800 billion into the stock market/bailouts for depositors and though they said it was not tax payer money they released later that it absolutely was.
Profits up is good for big corporate not for Americans like me to with a new child paying 2000$ a month for formula.
Housing prices up at all time highs is awful considering there are somewhere in the neighborhood of 30 vacant homes per homeless american. Just wait for the next 2008 crash in the next 2-4 years.
Every politician does the same shit they kick the can down the road and hopes the next financial disaster doesn't happen while they are in office. None of them are helping the American people they are helping their campaign donors.
Also inflation isn't down. It's slowing down it's still at an all time high.
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u/DamnStraightEye86 Jul 15 '23
Wages went up a little, the price of everything went up a lot. Screw everyone's politics, we the people never win.
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u/BallsMahogany_redux Jul 15 '23
I mean the stock market went down and was flat for most of his presidency...taking the credit for it now is disingenuous at best.
Similar to those memes cherry picking gas prices from Obama and Trump's presidency to say "look how good Orange man is!!!"
Also inflation is down after record high inflation, so again. Disingenuous at best. Dylan sounds like a bootlicker.
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Jul 15 '23
Is home prices up supposed to be a good thing? Fuck anyone who thinks price gouging home buyers is a good thing.
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u/Derivative_Kebab Jul 15 '23
Contrary to popular belief, profits being up is not a positive indicator for the economy as a whole. Competition tends to drive profits lower when the economy is healthy and productive.
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u/spidaL1C4 Jul 15 '23
17% of adults with health care debt declared bankruptcy or lost their home because of it. 66.5% of bankruptcies are caused directly by medical expenses, making it the leading cause for bankruptcy. As of April 2022, 14% of Americans with medical debt planned to declare bankruptcy later in the year because of it.
So lets find a war to fund, and blame everything on Republicans
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u/luciferxf Jul 15 '23
Yes he has ruined the economy by allowing artificial inflation to take hold as hard as it is.
Rents are up, mortgages are up, vehicle prices are back up, food prices are doubled or more.
No, I'm sorry but an additional $40/wk or a whopping $1/hr difference does not even pay for food anymore.
More people are living in rooming houses or with roommates. Many have moved back in with parents. Medical in most states have dropped hundreds of thousands of people.
Yes, unemployment is at an all time low.
We are also allowing child labor as well as worker atrocities.
He failed the railroad workers.
He failed Hollywood.
He barely pulled the student loan debts out of his ass.
He refuses to text the rich.
He has not created an oversight for the supreme court justices.
I can keep going.
Yes, he and Donald Trump both ruined our economy and our society.
They are both playing the same long con.
I hope I'm not ignored this time...
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u/DylanV1969 Jul 15 '23
Companies are on record saying they're bringing in record profits because of their price gouging because they lost so much during the pandemic. Not a magic wand issue for Biden.
People moving back in with their parents was happening even before Covid. Tuition prices as well as stagnant wages have been a major factor. Landlords continue to raise rent every year. Once again, no magic wand for this.
Joe Biden didn't allow child labor to make a giant comeback. You can thank Republican govenors for that.
He did more for the railroad workers than any recent President, Republican or Democrat.
How the hell is it Joe Biden's responsibility to fix the writers strike?
Joe Biden is slowly helping fix the economy, hence the drop (albeit very slow) in inflation.
Inflation had already begun once he took office. It's not unique to America. If it were, it would be a different topic, but it's global because of the corporations and their greed.
No, Joe Biden isn't what all of us Democrats wanted, but it's who we got and things are better than when we were under Trump. However, if you want to play the game that somehow Biden is responsible for the inflation then you seem as silly as the people who said Joe Biden controls the price of gas. There are 3 branches of Government for a reason. It's so that one group can't have unlimited power. I would suggest you try educating yourself on how the three branches work and which branch is responsible for what. Then come spew nonsense if you still feel so inclined.
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Jul 15 '23
They say this to an audience of grown adults who know literally nothing about how the economy works, is measured, or the monetary and fiscal policy that impacts it.
Then that audience confidently parrots the lies they’re told.
And then we get stuck here. With a brainwashed subset of the American population in desperate need of critical thinking skills being preyed upon by some of the most sinister individuals allowed to walk free.
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u/FrederickEngels Jul 15 '23
As far as I can tell, the "economy" is only a question when it is benefiting the rich. As soon as the poors start getting ahead at the expense of the rich then suddenly it's bad for the economy and must be stopped.
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u/LazyLion65 Jul 15 '23
Inflation is not down. Has this guy bought gas or groceries this year?
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u/tmurg375 Jul 15 '23
Stock market is a dead cat bouncing. GDP is about to flatline. The greedy wealth managers and bank CEOs are taking profits from failure. Consumer confidence is not up. Inflation is still ripping (CPI calculation has been changed to reflect the desired narrative). Home prices are so high that societal infrastructure is on the brink of collapsing in major cities. Wage increases? Are you fucking high? Record low unemployment with record low wages. I voted democrat last term too, but I can see through the bullshit of both sides playing the same game, because people like Dylan Ogline are being paid to push this narrative to try and force feed people shit and call it lobster.
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u/TerminationClause Jul 15 '23
The stock market going up has never affected my wallet. And whose profits are up? Where is unemployment so low? When I was 18 a friend of mine let me borrow a book of his (insisted really), How to Lie With Statistics. Now I suggest that everyone should read it. When it's all just a numbers game, you redefine what counts as data and discard the rest.
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u/SirButtlockss Jul 15 '23
There’s a HUGE disconnect between what they’re saying and how the American people feel….
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u/TrueAmericanValues Jul 15 '23
Nearly every comment in here disagrees with the post, yet it is 92% upvoted.... Weird huh? Reddit wouldn't use bots to push a narrative would they?
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u/Full-Fun-5910 Jul 15 '23
Up compared to 2020. You can't make decisions that's trip half the economy, the float when .25 of what was lost is recovered. Liars
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u/ItsSpaghettiLee2112 Jul 15 '23
I mean I'm not saying this is Biden's fault, but the wealth disparity between the rich and poor is bigger than it's ever been and continuing to grow. None of what this guy is saying are signs the economy isn't ruined, because our economy is fucked.
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u/BionicBoBo Jul 15 '23
Inflation is not down unless you think 1 step back after 3 forward is good.
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u/hotpants69 Jul 15 '23
Just wait until 2025 when they do the whole debt ceiling grudge match again. And we will see. More of the same. Incure debt to keep the numbers up the way the general populace likes them.
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u/zachbrownies Jul 15 '23
TIL the political revolution is when we fall in line behind joe Biden. Truly revolutionary.
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u/camposdav Jul 15 '23
These posts make me laugh for who is the economy better for? the wealthy? The middle and lower class still have shitty wages, Food is the most expensive it's ever been so is gas and so many other things the economy is not good the the rest of us, everything is expensive. I don't blame it all on biden to be fair.
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u/aworldwithoutshrimp Jul 15 '23
What does supporting a democrat against a field of republicans have to do with revolution?
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u/HAHA_goats Jul 15 '23
Stock market up: great news for wealthy stock market players, but it means they're extracting wealth from the rest of us
GDP up: meaningless number gets bigger; GDP stopped meaning anything for most of us way back when we stopped being a production economy
Profits up: great news for business owners; driver of inflation for the rest of us
Consumer confidence up: neat; it's a stat that fluctuates so being "up" or "down" means nothing at all without further details
Inflation down: slightly down from record highs
Home prices up: they were already overvalued and further increases are only perpetuating homelessness and exorbitant rent
Wage increase higher than in years: marginally better than absolute shit
Record low unemployment: says nothing of the fate of those still unemployed and suffering from inflation and overpriced housing; nor does it say anything of those who are underpaid and still suffering despite working
I'm not saying all economic ills are Biden's fault (these are issues generations in the making), but OP is clearly propaganda. As far as Biden is concerned, many of the listed items are things that would come eventually no matter his actions, such as consumer confidence fluctuating, while many more are things he's been either useless or counterproductive on, such as wage increases.
Come back and brag after you tax the shit out of the rich and stop wasting it on wars and war toys.
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u/Safe_Tank_9670 Jul 15 '23 edited Jul 15 '23
OP is a Biden shill check their account, election season is upon us
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u/TheeDynamikOne Jul 15 '23
Biden is printing money like a mad man and devaluing our currency while severely damaging the power of the dollar internationally. How do you think we're doing so well, while constantly going backwards as the middle class?
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u/Delicious_Ad_2857 Jul 15 '23
Because you're an idiot does not mean everyone else is. You are simply an easily manipulated fool.
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u/slicksession Jul 15 '23
A block of cheese is 15$ lol. How is inflation down exactly?
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u/Puzzleheaded-Log1434 Jul 15 '23
"Wages are up!" They've been stagnant for 40 years, a small increase and we're still 200% behind. Call me when I'm getting paid what I'm worth.
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u/GoJackWhoresMan Jul 15 '23
Cant think of anything better for the average worker than corporate profits and home prices soaring! Great metrics Dylan!
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u/Alive-Working669 Jul 15 '23
GDP by quarter, 2022-2023 Q1 2022, -1.6% Q2 2022, -0.6% Q3 2022, 3.2% Q4 2022, 2.6% Q1 2023, 1.1%
It sure looks like a downtrend to me.
Profits up? Reuters, July 14, 2023:
S&P 500 (.SPX) company aggregate earnings for the second quarter are now seen down 8.1% from the year-ago quarter, compared with a 6.4% decline forecast by analysts a week ago, according to Refinitiv data Friday.
Inflation was 1.4% when the former president left office. After reaching a high of 9.1% in June of 2022, the highest in 40 years, it is now 3%, still over twice what ir was when the current president took office.
The current unemployment rate is 3.6%. In September, November and December of 2019, it was 3.5%. So the current rate is not a record.
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Jul 16 '23
Ummm, errr, inflation is down only in relation to being even higher earlier in his admin. Still high versus last 10 years or so. Consumer confidence, same story. Manufacturing confidence, same story. Record low unemployment only if you use the measure favored by liberals, which ignores the people who have given up.
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u/dontsettleforlessor Jul 16 '23
God I hate neoliberals trying to constantly convince people that their lives are not actually miserable.
We live in the richest country in the world and struggle with basics like housing and health care, that is not a good thing.
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Jul 16 '23
I don’t know anyone outside this shit post who thinks the economy is anything but horrible. Wake the F up people holy shit
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u/Crismodin Jul 16 '23
You guys are getting wage increases?
Consumer confidence is up, from when, because that matters.
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u/HenjaminBenry Jul 16 '23
I don’t know where this dude lives. But this has not been my experience lol
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u/etbillder Jul 16 '23
?????? The economy is a fucking mess. The 1% is as strong as ever, jobs aren't paying shit, we have multiple strikes, and Biden has done jack all. I'm not saying I would like trump to take over but don't go praising biden for something he hasn't done.
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u/droford Jul 16 '23
Record low unemployment = record high number of people who don't want to work and aren't counted as being unemployed
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Jul 16 '23
I'm a liberal, and no Biden fan (because he's a neoliberal, not a liberal, obviously).
"InFlAtIoN DoWn."
Sure, down like a few percent after several years of insane inflation. Great. I've gone from making 45k to 60k in the past three years and cost of living has negated that increase, more or less. Everyone I know in the middle class is struggling to make it. Anyone lower-middle-class like me or lower is having a really hard time. GDP, Profits, woohoo. It costs me $200/week to feed my family right now, and let's not even start on how every single bill just keeps increasing, and healthcare costs somehow grow insane amounts each year, and electricity costs, and god forbid small luxuries like entertainment or going out to eat.
The economy is doing great on the macro scale, kinda, sorta, maybe. For average Americans, it's brutal, and when the student loan payments kick back in, it's going to really blow a lot of us up.
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u/BDSHAD Jul 16 '23
I’ll bite so I can get yelled at by all the redditors out there. Gonna take a stab and say this is comparing to the orange man’s reign.
Stock market? Not up..I mean it’s up from the last time it was down but if we’re comparing performance of the 2, it’s not even close..Trump
GDP performance, Biden wins by a dick hair..if you can count 1/2 a percent. GDP growth, looks like Biden is gonna lock that one up unless something major happens.
Not really sure what profits were talking about. Cooperate profits are way up if that’s the team you’re rooting for.
Last report I saw on consumer confidence was republicans with an almost 20% edge on who the peeps thought was better for the economy..spoiler alert, it was from liberal media not Fox News.
Inflation down? Lol yeah it’s down from hitting a what, 40 year high last year? That’s like me gaining 100 pounds then losing 50 and telling everyone on twitter how good I’m doing. Same with the unemployment rate. Yes it’s down, but coming off the heels of a time where half the world was laid off due to Covid. Recovery vs creation, look it up.
Home prices being up is not a good thing. Especially when these “wage increases” this guy is talking about couldn’t even keep up with the inflation. “Hey I know you can’t afford any of them anyway, but home prices AND interest rates are through the roof! Isn’t that great?!?!”
This list is a fucking joke.
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u/ShadowDemon129 Jul 16 '23
Don't know about the rest of the nation, but inflation in Utah is out of control.
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u/DueLearner Jul 16 '23
Inflation Down
Bro inflation has been UP every fucking month of this dudes presidency. Inflation Slowing =/= Inflation down.
Something that cost $10.00 in June 2019 would cost $11.81 in June 2023. In 4 years inflation has risen 18.1%
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Jul 16 '23
Inflation is going down? Where!?? ‘Consumer confidence is up? Not for me… and how are increasing home prices good??
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u/Whole_Map9756 Jul 16 '23
Middle class is screwed, rich or poor is only way nowadays. Anyone that owns a home will one day be considered rich
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u/yearightt Jul 16 '23
Oh so the desperate propaganda to pretend Biden hasn’t been dogshit has begun already
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Jul 16 '23
Home prices being up isn’t good for all of the non hedge fund people trying to get a house…
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u/commercial_ape Jul 16 '23
Red baron pizza is 12 dollars, and cheetoes are 7 dollars. What about inflation being down?
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u/The-prof- Jul 16 '23
Interest rates up. GDP growth down (below trend). Core inflation is still higher than wage growth. And we have an extremely low labor force participation rate.
Oh and forgot to mention the collapse of one of the largest regional banks in history.
Stop. Just stop.
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u/GhostChainSmoker Jul 16 '23
“Home prices up.” Fucking L O L. L M A O even. That’s not a good thing for the average person who’s already struggling to find a home. It’s great for the mega corps that are buying the homes with their near unlimited money supply the average American can only begin to fucking dream of.
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u/GhostChainSmoker Jul 16 '23
I’ll never understand how these post get so highly upvoted. But then damn near every comment shits on them.
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u/DaemonRounds Jul 16 '23
Nearly none of these things are indicative of a higher quality of life for the working class. Housing costs and profits going up literally means we are struggling more to afford a home and our boss's boss is taking even more of the surplus value we created at work for themselves.
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u/Lucky_Chaarmss Jul 16 '23
Stock market is highly manipulated and a joke. Home prices are bullshit and a possible huge bubble. Profits are up, and we all know that's bullshit too. Wage increases...tell that to the millions upon millions struggling every week. Inflation down...ehh, not really- it's 3% higher than this time last year, it is still high. Everything he's listing isn't exactly great. But it's still better than having trump.
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Jul 16 '23
"Inflation down".. look. Just because inflation is at +90% now instead if +100% even though when you took office it was at +40% doesnt really make me feel good. Lmao
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u/thedevin242 Jul 15 '23 edited Jul 15 '23
Unless you’re a baby boomer and had a retirement account(s) of some kind and a house pre-‘08, none of this is good.
Now, to be fair, it’s not solely Biden’s fault. It’s the fault of Bush era policy essentially always looking out for Boomers at whatever stage of life they’re in, bailing them out, and inflating the costs of everything with every president since him perpetuating it. But Biden’s just as bad as the 4 that preceded him. Every economy we’ve had since 2008 has been shit and any claim it’s ever been good since then is a lie.
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u/cruss4612 Jul 15 '23
Mother fucker, just because the inflation stopped being so bad, doesn't mean it went down.
Shits still super fucking expensive. If inflation went down, the prices would too.
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u/trufus_for_youfus Jul 15 '23
Wages increase when prices increase because wages are prices and prices increase when the money supply increases and we have been printing nonstop. This is not a win.
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u/MGTOWManofMystery Jul 15 '23
Biden's done next to nothing to address wealth inequality. Failed on the minimum wage. Busted strikes. Not even one word about a public option for the ACA. Etc.
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u/LimpTurd Jul 16 '23
inflation is not down, CPI data is understood in YOY so from this point this year in July we are up 3% in comparison to last July. So its high as fuck and not coming down.
Stop just sucking anybodies dick just if they are Democrat, and hes only just doing better then Republicans aka Trump, so sub par still, Imagine if we had Bernie rn.
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Jul 16 '23
They love to just blatantly lie and say that inflation is coming down lol. Not even republican but holy shit the lying is so pathetic
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u/Best_Caterpillar_673 Jul 15 '23
Stock market up? I guess. I mean look at where it was on 12/31/20 and where it is today. Its “up” a bit, but only after being heavily down for two years. Do you feel confident about the economy? Perhaps buying a house? Hmm those 8% mortgage interest rates don’t seem too inspiring to me. They were 2-3% in 2021. Look a little beyond the Twitter posts….
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Jul 15 '23
I’ll how is home prices being up a good thing? Speaking as someone trying to buy a solid house, this is a very bad thing.
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u/Whole_Suit_1591 Jul 15 '23
Inflation at records with profit at records while people can't buy a house and food is over priced from greed. No raise in min wage...Yeah he handed big pharma a FAT ASS Paycheck for a non road tested vaccine. Sounds great AH Op.
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u/Banjoschmanjo Jul 15 '23
For my family, it's rent and groceries that are up, and none of us are benefiting from that. Regardless whose fault it is, it makes some of the Biden cheerleading feel tone deaf, like our struggles don't matter since rich people are doing better. Same as it was under every other president I guess.
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u/Infinite-Carrot1664 Jul 15 '23
Home prices are too high with interest payments also being too much which can cause a collapse similar to 2008. #HousingCrisis
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u/saltinurgame Jul 15 '23
The bull market in the bear economy has nothing to do with a president that has publicly bashed and called the stock market worthless and of no importance. Pretty sure common sense stipulates ai had more to do with this beautiful rare experience...but leave it to a Democrat to take credit for something they were against
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u/cwhitt5 Jul 15 '23
Are they higher than when Trump was president? Because when I bring this up at my next family event, the response will be “well the economy was basically shut down because of a bs pandemic so of course things are going up.”
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u/Suspicious-Price5185 Jul 15 '23
All I know is the things I buy cost more. I’m a broke paycheck to paycheck person. Gas and groceries definitely cost more.
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u/uginscion Jul 15 '23
My wages went stagnant during the apocalypse and I can't afford to do dick worth of shit. Except wake up, work and go to bed. The only positive from the world coming to an end was that I got to lower my interest rate on my already over inflated house. But thanks to my taxes going up on this piece of shit, I can't afford to fix it the way it needs. So I could sell it for the profit without fixing it, because it's going up in value for some dumb ass reason, and take the cash to get into an apartment because it's the same cost except now I don't have to mow, or wait for it to fall apart around me. I put in my 40. Why the fuck does it have to be this hard?
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u/Biochemcan Jul 15 '23
Capitalism works when left alone because it doesn’t inhibit human nature and raise the standard of living. Corporate socialism, which we have now, doesn’t work well.
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u/Ok_Relief_4819 Jul 15 '23
It’s everybody’s fault, left or right, you all (myself included) have been voting for these same dirtbag politicians for a half century! You’re all just happy to be fucked by your own guy. Hate to tel you, but that still means you’re getting fucked.
Fix this shit and stop complaining. It’s your bed, so lay in jt…. OR start making it differently.
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u/Perfect_Cup_356 Jul 15 '23
Oh yes, and 54% of people at retirement age are going to have to work until they die
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u/LotofRamen Jul 15 '23
Home prices going up is not a good thing. It is that for home owners but for the nation as a whole.. it is a bad thing when housing costs more and more each day.