The results of Bidenomics

[Godboy]

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

Why are you giving Joe credit for COVID unemployment bouncing back? Did you expect those jobs to remain vacant from now until the end of time? What exactly are you under the impression he did to bring those jobs back? Furthermore, why would you give Joe credit for ANY jobs? What has Joe done to create jobs?

 

[Rambunctious]

We don't buy oil from Russian anymore. That was ended in 2022

That's actually not true... we ended new oil purchase contracts with Russia but we still bought oil that was already agreed to and we are still importing that oil today... the Ukrainian war is the craziest war we have ever been involved in...

 

[airplanemechanic]

Sucks that most of the jobs created under Biden were just Covid jobs that returned, or gov't jobs as manufacturing jobs are WAY down.

Bidenomics cost 30k Yellow employees their jobs. How many huge trucking companies failed under Trump?

It's all misleading bullshiit:

Fact Check: Biden Misleads on Job “Creation” Statistics | The U.S. House Committee on the Budget - House Budget Committee

The Official U.S. Congressional website of The Republican Budget Committee

budget.house.gov

• Recovery versus “Creation.” Nearly 72 percent of all job gains since 2021 were simply jobs that were being recovered from the pandemic, not new job creation. In fact, when looking at today’s economy compared to pre-pandemic levels, employment is up only by 3.7 million.
  • On the other hand, prior to the pandemic, job creation under President Trump was 6.7 million—3 million more jobs than the current President.

 

[task0778]

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.

View attachment 876096

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

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.

Go argue with the Labor Dept. Not many people will argue that wages have kept up with inflation under Biden's watch. If Bidenomics is so great then maybe you can tell us why is it that according to RCP polls Biden's current approval rating for Biden is 23 points lower than his disapproval rating. AND his approval rating for inflation is even worse, disapproval is more than 30 points higher than his approval rating.

Oh, and BTW you lied when you said 'Here is median real weekly wages from Jan 2021 to today', your data ends on 1 July not today.

 

[g5000]

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.

Wage growth has actually outpaced the crushing inflation over the past 2.5 years. ‘The economy appears to be doing better than a lot of people might realize’​

Per the U.S. Census Bureau, wages and salaries increased by 4.6% for the 12-month period ending in September 2023 and by 5.1% for the 12-month period ending in September 2022. Meanwhile, the Consumer Price Index for All Urban Consumers, or CPI-U, increased 3.2% from July 2022 to July 2023.

 

[g5000]

Home building surged in November as mortgage rates came down​

​

The annual pace of new home construction surged last month amid a historic shortage of housing inventory and falling mortgage rates.

Housing starts jumped by 14.8% in November compared to the previous month, rising for the third month in a row, according to data released Tuesday by the Census Bureau. The rate of starts has not been this high since May.

 

[maybelooking]

I like to use the same talking point the left always uses. You can thank the previous administration for the good, and blame the current one for the bad.

 

[DialogDiplomat]

Why are you giving Joe credit for COVID unemployment bouncing back? Did you expect those jobs to remain vacant from now until the end of time? What exactly are you under the impression he did to bring those jobs back? Furthermore, why would you give Joe credit for ANY jobs? What has Joe done to create jobs?

I already answered this back on page 1 when you originally asked me this. Copy and pasting my original response below:

I can point to something. Biden invoked the Defense Production Act which compelled the pharmaceutical industry to ramp up vaccine production such that 100 million doses could be delivered within Biden's first 100 days. That goal was acheived with time to spare, and the result was that the pandemic was brought to a halt and the economy was able to fully reopen. In fact, it reopened so quickly that we had inflationary issues to deal with.

Beyond that, we also got the historic infrastructure bill, the CHIPs act, etc...

Trump could have invoked the Defense Production Act himself and done the same, but he chose not to. Instead, Trump chose to spend his remaining months in office trying to overthrow democracy and seize power. Therein lies the difference between these two presidents and their approach to the economy. One implemented policy that would help Americans. The other used the power of the White House to try to seize power, while allowing a public health crisis to smolder.

 

[Independentthinker]

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

99% of Americans will be financially worse-off than they were pre-pandemic by mid-2024, JPMorgan says​

MSN

 

[Meister]

Why are you giving Joe credit for COVID unemployment bouncing back? Did you expect those jobs to remain vacant from now until the end of time? What exactly are you under the impression he did to bring those jobs back? Furthermore, why would you give Joe credit for ANY jobs? What has Joe done to create jobs?

The left wing nut just keeps spewing the mantra given from his masters, and ignores the actual facts.
Those are not new jobs created, those are just people going back to work at their jobs they had before
the shutdown as you stated.

 

[DialogDiplomat]

That's actually not true... we ended new oil purchase contracts with Russia but we still bought oil that was already agreed to and we are still importing that oil today... the Ukrainian war is the craziest war we have ever been involved in...

You are objectively wrong there. You're correct in that part of the EO that bans Russian oil imports also bans any new purchases or investment in Russian oil, but it also bans all imports of Russian oil. It goes deeper than that as well, but in short, you have this wrong.

From the link:

Today’s Executive Order bans:

• The importation into the United States of Russian crude oil and certain petroleum products, liquefied natural gas, and coal. Last year, the U.S. imported nearly 700,000 barrels per day of crude oil and refined petroleum products from Russia and this step will deprive Russia of billions of dollars in revenues from U.S. drivers and consumers annually.
  
• New U.S. investment in Russia’s energy sector, which will ensure that American companies and American investors are not underwriting Vladimir Putin’s efforts to expand energy production inside Russia.
  
• Americans will also be prohibited from financing or enabling foreign companies that are making investment to produce energy in Russia.

FACT SHEET: United States Bans Imports of Russian Oil, Liquefied Natural Gas, and Coal | The White House

Today, President Biden will sign an Executive Order (E.O.) to ban the import of Russian oil, liquefied natural gas, and coal to the United States – a significant action with widespread bipartisan support that will further deprive President Putin of the economic resources he uses to continue his...

www.whitehouse.gov

 

[DialogDiplomat]

The left wing nut just keeps spewing the mantra given from his masters, and ignores the actual facts.
Those are not new jobs created, those are just people going back to work at their jobs they had before
the shutdown as you stated.

I'm not repeating the mantra of any masters. I'm instead just providing objective economic data directly from the primary sources. No spin. The facts are that we're at 5.2% GDP growth - which is strong. We're at 3.7% unemployment - which is historically low. Inflation has nearly returned to pre-pandemic levels. Biden's infrastructure package will continue to drive economic growth across the country for years to come as we repair existing infrastructure and build out new. The CHIPs Act as well as the Inflation Reduction Act will do the same. These are objective facts here.

If you read back through this thread, what you will find is that it is actually the members on the right who are merely repeating talking points from republican dogma, and avoiding directly grappling with the data I provided. It's mostly just hand waiving and pretending like Trump didn't mismanage COVID and then completely abandon his duties in the lead up to and after the election. I'm, on the other hand, providing real-world data here to back up what I'm saying.

 

[HikerGuy83]

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.

https://www.cnbc.com/2023/04/11/70percent-of-americans-feel-financially-stressed-new-cnbc-survey-finds.html

Yes, when it is all said and done, Biden had nothing to do with low unemployment. Covid and the continued departure of boomers from the workforce are more the reason.

Many companies and whole industries are now paying for their lack of forsight.

Biden hits the economy with his recovery act at a time when labor is already tight. Smart.

Inflation took off and many things (like groceries) are 20% more now than 3 years ago. Now, the left says "inflation is down". Yes the rate is down (but still higher than normal). The damage is done.

 

[HikerGuy83]

the result was that the pandemic was brought to a halt and the economy was able to fully reopen.

B.S. claim.

Pandemic continued under Biden for quite some time.

 

[DialogDiplomat]

B.S. claim.

Pandemic continued under Biden for quite some time.

Not in a way that prevented private sector jobs from coming back. The reason the jobs came back is because vaccination rates spiked and things began to return to a sense of normalcy for the first time in a year. And the reason vaccination rates spiked is because Biden invoked the Defense Production Act to ramp up vaccine production. And as I mentioned before, Trump could have done the same and the jobs would have came back earlier, but he instead chose to waste his remaining months in office by abandoning his duties in favor of trying to fraudulently overturn the results of an election.

 

[LAUGHatLEFTISTS]

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

Your numbers are nonsense useful idiot.

 

[DialogDiplomat]

Your numbers are nonsense useful idiot.

OK, but why? Care to elaborate?

 

[CrusaderFrank]

...at what cost??!

Biden will have added over $7 TRILLION to the national debt. He normalized the Covid emergency spending -- then added to it!

This is like saying the Titanic would make a great submarine because look how deep it can go!

 

[DialogDiplomat]

...at what cost??!

Biden will have added over $7 TRILLION to the national debt. He normalized the Covid emergency spending -- then added to it!

This is like saying the Titanic would make a great submarine because look how deep it can go!

The deficit will be significantly lower when Biden leaves office compared to what he inherited. I actually just created a separate thread highlighting this fact.

When Biden took office, our federal budget deficit was at $2.4 trillion. The deficit for 2023 is projected at around $930 billion, so that is a deficit reduction of $1.4 trillion within a single term. That is the fastest rate of deficit reduction post WW2. That's what the objective data says about Biden and the budget under his tenure. I'm not sure how anyone could possibly look at the Biden administration and come away with the idea that his management of the budget is a failure based on the real world results.

Linking you to the other thread in case you want to talk more about fiscal policy: Which party is better at managing the budget?

 

[CrusaderFrank]

The deficit will be significantly lower when Biden leaves office compared to what he inherited. I actually just created a separate thread highlighting this fact.

When Biden took office, our federal budget deficit was at $2.4 trillion. The deficit for 2023 is projected at around $930 billion, so that is a deficit reduction of $1.4 trillion within a single term. That is the fastest rate of deficit reduction post WW2. That's what the objective data says about Biden and the budget under his tenure. I'm not sure how anyone could possibly look at the Biden administration and come away with the idea that his management of the budget is a failure based on the real world results.

Linking you to the other thread in case you want to talk more about fiscal policy: Which party is better at managing the budget?

$33 TRILLION in debt and you think one Party is better than the other? Seriously? Biden alone will have added $7 TRILLION to the debt in one term