The results of Bidenomics

[Dekster]

GDP growth is currently at 5.2% - historically high. Unemployment (U3) is currently at 3.7% - historically low. The stock market is currently at an all time high - historically...record breaking. Pandemic-related (supply shock) inflation is now getting under control as a result of interest rate hikes from the central bank. Economists are now saying we will get a soft landing out of inflation as opposed to a recession. Here in FL where I live, there are 176 infrastructure projects queued up and backed by $8.1B in funding from Biden's historic infrastructure bill to build and repair roads, bridges, public transport, ports, airports, clean water, etc. This will ensure economic prosperity for the next several years during the building phase at the very least.

And yet if I talk to any of my republican voter friends, most tend to disregard all of the economic data mentioned above and instead declare - without any supporting facts or data - that we're actually in the worst economy in 50 years. So with that, I'm curious what republican/libertarian voters here on this board think about the economy?

Here are the facts one more time. 5.2% GDP. 3.7% unemployment. Record high stock market. Solid growth in output. Solid stability in the labor market. Solid value in investment. And as things like the Infrastructure bill and the CHIPs Act play out, there are solid economic prospects for the future for years to come.

I'm going to add in some historical jobs numbers as well, since Joe Biden was also VP in the Obama administration. Quite literally all private sector job growth in the 21st century happened under democratic presidents. The numbers below are from BLS databases (B tables on seasonally adjusted private sector jobs).

Clinton - 2000 to 2001: 1.4M jobs created
W Bush - 2001 to 2009: 373k jobs lost
Obama - 2019 to 2017: 11.8M jobs created
Trump - 2017 to 2021: 2.1M jobs lost
Biden - 2021 to 2023: 12.8M jobs created

GDP expansion and the labor market are some of the most commonly cited data points used by economists to explain the economy. So there is the data for the 21st century.

Putting all of this together, what do republican/libertarian voters of this site make of all of this and Bidenomics? I'm interested in hearing about how you think the economy is doing today, and what data it is you're looking at that leads you to that conclusion. Also curious in what you have to say about the current state of GDP, the labor market, and the stock market. Also curious about what you think about jobs results in the 21st century.

GDP data: https://www.bea.gov/news/2023/gross...-corporate-profits-preliminary-estimate-third
Unemployment rate data: Employment Situation Summary - 2023 M11 Results
Historical jobs data: Establishment data series from the monthly B Tables : U.S. Bureau of Labor Statistics

Most of Biden's "records" are little more than the economy recovering what was ripped out from it by all the democratic party heavy-handed shutdowns and "relief" in Trump's last year.

Neither President really had anything significant to contribute. Even the so-called infrastructure spending was stuff that was already going to be spent anyway. It isn't like roads and bridges suddenly wore out. They need repairs somewhere 24/7/365.

 

[BluesLegend]

I pray that Democrats run on Bidenomics

 

[WTH_Progs?]

GDP growth is currently at 5.2% - historically high. Unemployment (U3) is currently at 3.7% - historically low. The stock market is currently at an all time high - historically...record breaking. Pandemic-related (supply shock) inflation is now getting under control as a result of interest rate hikes from the central bank. Economists are now saying we will get a soft landing out of inflation as opposed to a recession. Here in FL where I live, there are 176 infrastructure projects queued up and backed by $8.1B in funding from Biden's historic infrastructure bill to build and repair roads, bridges, public transport, ports, airports, clean water, etc. This will ensure economic prosperity for the next several years during the building phase at the very least.

And yet if I talk to any of my republican voter friends, most tend to disregard all of the economic data mentioned above and instead declare - without any supporting facts or data - that we're actually in the worst economy in 50 years. So with that, I'm curious what republican/libertarian voters here on this board think about the economy?

Here are the facts one more time. 5.2% GDP. 3.7% unemployment. Record high stock market. Solid growth in output. Solid stability in the labor market. Solid value in investment. And as things like the Infrastructure bill and the CHIPs Act play out, there are solid economic prospects for the future for years to come.

I'm going to add in some historical jobs numbers as well, since Joe Biden was also VP in the Obama administration. Quite literally all private sector job growth in the 21st century happened under democratic presidents. The numbers below are from BLS databases (B tables on seasonally adjusted private sector jobs).

Clinton - 2000 to 2001: 1.4M jobs created
W Bush - 2001 to 2009: 373k jobs lost
Obama - 2019 to 2017: 11.8M jobs created
Trump - 2017 to 2021: 2.1M jobs lost
Biden - 2021 to 2023: 12.8M jobs created

GDP expansion and the labor market are some of the most commonly cited data points used by economists to explain the economy. So there is the data for the 21st century.

Putting all of this together, what do republican/libertarian voters of this site make of all of this and Bidenomics? I'm interested in hearing about how you think the economy is doing today, and what data it is you're looking at that leads you to that conclusion. Also curious in what you have to say about the current state of GDP, the labor market, and the stock market. Also curious about what you think about jobs results in the 21st century.

GDP data: https://www.bea.gov/news/2023/gross...-corporate-profits-preliminary-estimate-third
Unemployment rate data: Employment Situation Summary - 2023 M11 Results
Historical jobs data: Establishment data series from the monthly B Tables : U.S. Bureau of Labor Statistics

For one you're a dumbass. Since when are 78% of the people Republican?

Most U.S. adults say the country is heading in the wrong direction, according to a recent survey from the Associated Press-NORC Research Center. The poll, released Saturday, found 78 percent of respondents saying the country is headed in the wrong direction. Only 21 percent said it is headed in the right direction.

62% of Americans are still living paycheck to paycheck. That excludes those without a job.

One in five retirees say they are likely to return to work this year; 69% of this group says they are un-retiring in order to combat rising costs of living

 

[g5000]

"The economy sucks!" says the guy who just bought a boat.

Boat Sales Are on the Rise in U.S.​

Americans are hitting the water in record numbers. A report from the National Marine Manufacturers Association (NMMA) finds that the total value of the U.S. recreational boating industry has reached more than $170 billion, or 85 percent of all U.S. recreational boat, marine engine and accessory manufacturers.

 

[g5000]

"The economy sucks!" says the guy who just bought a new car.

U.S. automakers’ sales boomed 16% over the summer despite high prices, soaring interest rates and a UAW strike​

 

[g5000]

"The economy sucks!" says the guy who just spent a record amount on Black Friday and Cyber Monday.

Black Friday weekend shopping turnout soars to a record, as consumers seek bargains​

Deal-hunters on track to spend record $12 bln in US Cyber Monday shopping spree​

Cyber Monday spending hits all-time record​

 

[g5000]

U.S. New-Vehicle Prices Down Year Over Year for Third Straight Month​

 

[g5000]

"The economy sucks!" says the guy who just bought an SUV.

New Report: SUVs, Ford F-series, Toyotas are 2023’s bestselling cars in America​

 

[TroglocratsRdumb]

The Dirty Democrats always lie.
They steal credit and shift blame on the economy.
Left Wing economics is based upon stealing from the productive people.

Democrat Economic Motto: Your paycheck is my paycheck.

 

[g5000]

"The economy sucks!" says the guy who just bought a new house.

US new home sales scale 19-month high as median price drops​

 

[g5000]

For one you're a dumbass. Since when are 78% of the people Republican?

Most U.S. adults say the country is heading in the wrong direction, according to a recent survey from the Associated Press-NORC Research Center. The poll, released Saturday, found 78 percent of respondents saying the country is headed in the wrong direction. Only 21 percent said it is headed in the right direction.

62% of Americans are still living paycheck to paycheck. That excludes those without a job.

One in five retirees say they are likely to return to work this year; 69% of this group says they are un-retiring in order to combat rising costs of living

Yes, a lot of people feel the Republicans are moving the country in the wrong direction, and a lot of other people feel the Democrats are moving the country in the wrong direction.

And?

Also, what people SAY and what they DO are two different things. See my last few posts.

 

[Orangecat]

No bots here. I'm just looking for direct engagement on facts about the economy. I'm looking to understand what sort of data republican/libertarian voters look at in order to determine how well the economy is doing. The reason for this is that there seems to be a significant gap between the republican interpretation, and actual economic data.

Biden is going to lose. Flail away.

 

[1srelluc]

This is great, but what do you have to say about 5.2% GDP growth and 3.7% unemployment? This is the question to you.

A natural recovery from a pants on head retarded dem covid policy.

 

[Godboy]

You asked me about creating jobs and I gave you three policies that directly result in creating jobs. I'm not sure how else to respond to your question than to directly answer it.

Once again, Biden invoked the Defense Production Act to compel big pharma to ramp up vaccine production. That policy is what brought the pandemic to a halt and all of the jobs that were lost as a result. I also pointed out how Trump could have done the same thing, but chose not to. I then gave you two additional job creating policies. I even highlighted the impact of the Infrastructure bill in my home state of FL in terms of job creation.

Have you no response to this?

Blowing money that we dont have is not "creating jobs". Government jobs are not the kinds of jobs that are useful when the economy is in shambles. Youre just blowing tax payer money. I mean hell, couldnt every president claim 0% unemployment by just cutting checks to every unemployed person? It would keep the unemployment numbers low, but it isnt fiscally responsible and it sure as hell wont help the economy.

 

[task0778]

Bidenomics is all about more gov't spending and higher taxes. Hence:

The dark reality of Bidenomics is 16.7% inflation under President Biden’s watch. When he took office, inflation was at just 1.4%. Inflation has stayed above the Federal Reserve's 2% target for 34 consecutive months since March 2021.

According to the Labor Department, average hourly earnings for all employees dropped 3.1% to $11.07 in November from $11.42 in January 2021 when Biden assumed office. Despite nominal salary increases at their fastest pace in years, American workers are now worse off than when Biden took office.

In short, the prices have increased by 16.7% under Biden’s watch, while real wages have declined by 3.1%, meaning Americans have taken a 3.1% pay cut under Biden’s watch. To put it differently, they now need 19.8% more income than they had in January 2021 to maintain their standard of living.

Inflation acts as a tax on Americans. Due to entrenched inflation without corresponding real wage growth, most Americans (60%) live paycheck to paycheck, cutting expenses to make ends meet. Further, as we showed recently, the fight to slay inflation comes with side effects worse than the disease.

Bidenflation Steady At 16.7%, With No Relief In Sight

Thanks to Bidenomics, Americans can expect to spend more-for-less this Christmas.

tippinsights.com

This is the result of Bidenomics. I am not going to say that all of the increase in inflation falls on the Biden admin, I believe it is true that Trump's spending increases to fight the pandemic did kinda lay the groundwork, BUT when inflation goes from 1.4% to a high of 9% under Biden, there's a reason for that. Which is Bidenomics. With the predictable result of high inflation, which has decreased since that high but not due to anything Biden did but rather the Fed's increase in interest rates.

And people notice these things, there's a reason why Biden's approval rating on the economy is way under water. The RCP's average for his policies are 37.1% for and 60% against. And it's worse for his handling of inflation, 33.3% for and 64% against. And you know what? Inflation is indirectly a regressive tax on the low and middle income people whose income is going up but expenses like food and rent are going up more.

 

[AveMarica]

Which kookbot were you before you became this one looneybin??

Translation = "I don't like this post pointing out the economy is going well because it isn't convenient for my politics, so I will just vomit up a random insult to feel better"

 

[AveMarica]

Blowing money that we dont have is not "creating jobs". Government jobs are not the kinds of jobs that are useful when the economy is in shambles. Youre just blowing tax payer money.

Government payrolls are currently at 22.97 million workers as of Nov 2023.
Government payrolls were at 22.88 million workers in Feb 2020.

Clearly the increase in total workforce isn't mainly government jobs.

I mean hell, couldnt every president claim 0% unemployment by just cutting checks to every unemployed person?

No, receiving a government check is not the definition of U3 unemployment.

 

[AveMarica]

In short, the prices have increased by 16.7% under Biden’s watch, while real wages have declined by 3.1%, meaning Americans have taken a 3.1% pay cut under Biden’s watch. To put it differently, they now need 19.8% more income than they had in January 2021 to maintain their standard of living.

Jesus Christ this is horrible analytical fail.

Real wages already includes the 16.7% inflation, you don't add the raw inflation number to real wages to get the change in cost of living. I don't know what is funnier the fact that you follow such poor sources of information or that you numbly swallow and regurgitate what they say without catching the obvious errors.

Here is median real weekly wages from Jan 2021 to today, from about 373 to 365, it is down about 2.1%. Yes, that includes both inflation and wages.

Source: Employed full time: Median usual weekly real earnings: Wage and salary workers: 16 years and over

 

[Godboy]

Government payrolls are currently at 22.97 million workers as of Nov 2023.
Government payrolls were at 22.88 million workers in Feb 2020.

Clearly the increase in total workforce isn't mainly government jobs.


No, receiving a government check is not the definition of U3 unemployment.

It is if your "job requirement" to earn this money is simply to click a few buttons on some website. A president could literally say that just clicking on a couple things on a website is the "job".

As for where the rest of unemployment drops came from, im pretty sure i read that 72% were people returning to work after COVID.

 

[DialogDiplomat]

It is if your "job requirement" to earn this money is simply to click a few buttons on some website. A president could literally say that just clicking on a couple things on a website is the "job".

As for where the rest of unemployment drops came from, im pretty sure i read that 72% were people returning to work after COVID.

So here are the private sector jobs numbers for the 21st century again. If creating jobs is so easy, why don’t Republican presidents ever do it?

Godboy, which time period below do you feel was best for job creation?

Clinton - 2000 to 2001: 1.4M jobs created
W Bush - 2001 to 2009: 373k jobs lost
Obama - 2019 to 2017: 11.8M jobs created
Trump - 2017 to 2021: 2.1M jobs lost
Biden - 2021 to 2023: 12.8M jobs created