It's still insane to me how many people are in complete denial about the, objectively speaking, historic excellence of the US economy under Biden. The right-wing "up-is-down" disinformation campaign was incredibly successful at pushing the lie that the economy was somehow bad. - ThreadSky

dethveggie.bsky.social • 12 days ago

It's still insane to me how many people are in complete denial about the, objectively speaking, historic excellence of the US economy under Biden. The right-wing "up-is-down" disinformation campaign was incredibly successful at pushing the lie that the economy was somehow bad.

Reposted from ryan cooper

Biden failed at many things but he made a major break with Clintonite free trade and especially Obama's pint-sized stimulus policy and got basically no credit for it. Not Great for the prospects of future full employment

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foodstooge.bsky.social•11 days ago

Lower income Americans are the essential workers who kept the economy going throughout COVID lockdown & helped our economy come roaring back from the 2022 supply chain shocks. If the current warning signals are correct, the whole economy is in trouble

https://civicventures.substack.com/p/an-economic-slowdown-from-the-bottom?utm_source=post-email-title&publication_id=375346&post_id=165298871&utm_campaign=email-post-title&isFreemail=true&r=18v58&triedRedirect=true&utm_medium=email

aleph1.underground.org•12 days ago

Generally the economy did well, but inflation was bad, it disproportionately hits those in lower economic tiers, and the effects persists even after it slows down.

Almost everything bad that happened electorally can be explained by inflation. And not only in the US.

dethveggie.bsky.social•12 days ago

Well... a couple of points. First of all, it wasn't "inflation" in the traditional economic sense. It was price-gouging and profiteering.

But, perhaps most of all, DESPITE that price-gouging, real wages *STILL* increased above and beyond the rate of price increases. For the first time in decades.

dethveggie.bsky.social•12 days ago

https://www.americanprogress.org/article/americans-wages-are-higher-than-they-have-ever-been-and-employment-is-near-its-all-time-high/

Source:

nsqe.bsky.social•12 days ago

Yeah. Yellen's soft landing after Covid nearly crashed the world's markets was the kind of miraculous financial victory that we should have shouted from the rooftops.

But we didn't, because nothing is ever enough

shatter.bsky.social•12 days ago

It's was a repeat of the Reagan years, albeit much shorter

dethveggie.bsky.social•12 days ago

Uhhh... no. Reagan caused a flat-lining of "real wages" and double-digit unemployment for the first time since the great depression. Biden's economy had the lowest unemployment rate in a generation, and the first increase in "real wages" in decades.

shatter.bsky.social•12 days ago

Perhaps you didn't see the tongue firmly lodged in my cheek. 🤣

The only real comparison is the over all growth
(gdp) and prosperity curve is point for point the same, or better, overall.

We were also in 4 years of recovery for the previous 4 years.

Devil in the details, etc etc.

t0asty.bsky.social•12 days ago

Because 99% of Americans *felt* the economic pain day to day. Something like 2/3 live paycheck to paycheck, including 40% of those earning over $100k.

I think a more accurate description is that Democrats aided the disinformation campaign by constantly claiming everything was fine.

t0asty.bsky.social•12 days ago

The Left needs to get real honest about their failures. I blame them even more now for T2.0 than I do the right, because P2025 was right out in the open and they still fucking lost.

JD was right:

We have the lamest opposition in American history.

Dems: Absolute Losers instead of American Leaders.

tillman.bsky.social•12 days ago

That’s because Dems don’t market beliefs they market results and most people don’t buy roi, they buy on feeling.

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