I won’t pretend to know anything about economics, but it seems to me that throwing around a bunch of subsidies to favoured industries isn’t even an economic policy. It’s wishful thinking IMO.
‘The evidence can be read to support either that core inflation is falling or that it has levelled off around 4%.’
It was 1.6% when Biden won the election.
In July 2023 this year Kamala Harris proclaimed ‘Most Americans are a 400 dollar unexpected expense away from bankruptcy.’
Moody’s has just downgraded America’s credit rating, citing the huge debt.
Biden spent a huge amount of money, just like the article claims. It is easy to create jobs by pouring money into projects.
Not so easy to get the money back out again……
Agree. Focussing on inflation misses a number of points particularly around fiscal dominance. Whilst lower interest rates will help US govt debt, CRE challenges and corporate zombies (many of which are coming up for refinancing), congress is still spending like drunken sailors and the debt:gdp ratio is deemed by many macro economists to have reached doom loop levels. There are also questions being raised about the jobs numbers; these are now revised post issue with regular monotony. My undersranding is that analysts are increasing bespoke measures becase of a lack of faith in official numbers. But I’m no economist.
Last edited 6 months ago by Susan Grabston
Robbie K
6 months ago
‘Bidenomics’. Something tells me he is not the brains behind this strategy. Or any strategy.
Never watched either. I’ve seen plenty of clips of Sleepy Joe at the wheel however. Seriously – this guy seems to be high on sleeping pills or something the whole time.
Stop watching BBC and reading Salon. Try thinking for yourself.
Steven Carr
6 months ago
‘The rise in productivity would sustain economic growth, boosting tax revenues and thus allowing the debts incurred to fund the programme to be easily paid off.’
As Del Boy would say, lovely jubbly.
Just 4 days ago, CNN reported ‘Even the prospect of a US downgrade could hurt Americans’ investment portfolios, make it even more expensive for them to borrow money, and make it more costly for the government to pay off its debts.
These effects would likely be even more painful if Moody’s does eventually downgrade the US debt.’
If CNN says Biden is in deep doo-doo, you can imagine how deep the doo-doo must really be.
Peter Gray
6 months ago
Well, let’s remember that the New Deal turned recession into depression and prolonged the economic downturn all the way to WWII. Moreover, the inflation is cumulative, and as such, even the 4%, keeps on adding on.
And, I’m sorry, where is the connection between Bidenomics and the falling inflation? The inflation is falling chiefly due to the Fed limiting money supply and raising the interest rates. It has nothing to do with the avalanche of government subsidies and irresponsible industrial policy this administration is pushing.
Last edited 6 months ago by Peter Gray
starkbreath
6 months ago
More of the same elitist claptrap exemplified by Krugman and others of his ilk telling us that things are going great economically, we’re just to stupid to realize or appreciate it. ‘It’s not inflation, it’s prices’. And you wonder why we hate you.
Martin Butler
6 months ago
What’s he talking about austerity has worked a treat in the UK. We’ve never had it so good!
Seriously, why is the author carrying water for Joe Biden? His statistics be damned: every trip to the grocery store reminds me that Bidenomics is not working!
I won’t pretend to know anything about economics, but it seems to me that throwing around a bunch of subsidies to favoured industries isn’t even an economic policy. It’s wishful thinking IMO.
“I won’t pretend to know anything about economics”
Yep, I think we all knew that already.
Snide and uncalled for.
‘The evidence can be read to support either that core inflation is falling or that it has levelled off around 4%.’
It was 1.6% when Biden won the election.
In July 2023 this year Kamala Harris proclaimed ‘Most Americans are a 400 dollar unexpected expense away from bankruptcy.’
Moody’s has just downgraded America’s credit rating, citing the huge debt.
Biden spent a huge amount of money, just like the article claims. It is easy to create jobs by pouring money into projects.
Not so easy to get the money back out again……
Are you seriously suggesting that inflation is Biden’s fault. Even I, who loathe the Tories, don’t blame them for far worse inflation in the UK.
SO Biden has no influence over the rate of inflation? That rather skewers the point of the article, I would say.
According to the Guardian ‘US inflation rate rose to 6.8% in 2021, its highest since 1982’2021 was, of course, when Biden moved into the White House.
Agree. Focussing on inflation misses a number of points particularly around fiscal dominance. Whilst lower interest rates will help US govt debt, CRE challenges and corporate zombies (many of which are coming up for refinancing), congress is still spending like drunken sailors and the debt:gdp ratio is deemed by many macro economists to have reached doom loop levels. There are also questions being raised about the jobs numbers; these are now revised post issue with regular monotony. My undersranding is that analysts are increasing bespoke measures becase of a lack of faith in official numbers. But I’m no economist.
‘Bidenomics’. Something tells me he is not the brains behind this strategy. Or any strategy.
Stop watching Fox and reading Breitbart. Try thinking for yourself.
I suspect your idea of “thinking for yourself” has a lot in common with Joe Biden.
Yes, unlike the sheep who post the usual right wing talking points around here.
Sound familiar, Stevie?
It does, from the last time you posted it.
So the toady admits it.
Never watched either. I’ve seen plenty of clips of Sleepy Joe at the wheel however. Seriously – this guy seems to be high on sleeping pills or something the whole time.
Stop watching BBC and reading Salon. Try thinking for yourself.
‘The rise in productivity would sustain economic growth, boosting tax revenues and thus allowing the debts incurred to fund the programme to be easily paid off.’
As Del Boy would say, lovely jubbly.
Just 4 days ago, CNN reported ‘Even the prospect of a US downgrade could hurt Americans’ investment portfolios, make it even more expensive for them to borrow money, and make it more costly for the government to pay off its debts.
These effects would likely be even more painful if Moody’s does eventually downgrade the US debt.’
If CNN says Biden is in deep doo-doo, you can imagine how deep the doo-doo must really be.
Well, let’s remember that the New Deal turned recession into depression and prolonged the economic downturn all the way to WWII. Moreover, the inflation is cumulative, and as such, even the 4%, keeps on adding on.
And, I’m sorry, where is the connection between Bidenomics and the falling inflation? The inflation is falling chiefly due to the Fed limiting money supply and raising the interest rates. It has nothing to do with the avalanche of government subsidies and irresponsible industrial policy this administration is pushing.
More of the same elitist claptrap exemplified by Krugman and others of his ilk telling us that things are going great economically, we’re just to stupid to realize or appreciate it. ‘It’s not inflation, it’s prices’. And you wonder why we hate you.
What’s he talking about austerity has worked a treat in the UK. We’ve never had it so good!
Potholed roads, shuttered public services, wages in real terms lower than they were a decade ago, record government debt. It’s a utopia!
Seriously, why is the author carrying water for Joe Biden? His statistics be damned: every trip to the grocery store reminds me that Bidenomics is not working!