Summary
President Joe Biden’s economic achievements—lowering inflation, reducing gas prices, creating jobs, and boosting manufacturing—are largely unrecognized by the public, despite his successes.
His tenure saw landmark legislation like the Inflation Reduction Act, CHIPS Act, and major infrastructure investments.
However, Biden’s approval ratings remain low, attributed to inflation backlash, weak communication, and a media landscape prone to misinformation.
Democrats face a “propaganda problem” rather than a policy failure, with many voters likely to credit incoming President Trump for Biden’s accomplishments due to partisan messaging and social media dynamics.
I am so God damn sick of reading articles from pundits who think they can just numbers-and-statistics away people’s financial experience. Listen to this shit:
Wow, the electorate sounds like a bunch of dipshits. But just for the hell of it, let’s check their source for the wages of the bottom income scale. According to the Economic Policy Institute, real wages grew 13.2% between 2019 and 2023. Now, inflation was 19.2% during that period, but “real wage,” means, “wage adjusted for inflation,” so I guess the author is right. The lowest income earners got a raise during the Biden years. Guess the poor are a bunch of dipshits.
But which of Biden’s policies led to these increases in wages? Well, the Economic Policy Institute says:
So, it sounds like the wages went up because of a competitive labor market (which the Fed intentionally killed to combat inflation) and minimum wage increases at the state level, and that states that increased their minimum wages saw more of that growth than others. So, you could make an argument that Biden deserves little credit for this increase, but let’s not even worry about that. Let’s see look at the minimum wage by state.
The EPI has a handy Minimum Wage Tracker that color-codes states by their state minimum wage against the federal minimum wage. A quick glance shows you the states with the highest minimum wage are mostly states that went to Harris. But what’s really interesting is that, of the 7 key battleground states that Harris lost, 4 of them (Georgia, North Carolina, Pennsylvania, Wisconsin) have the same minimum wage as the federal minimum of $7.25, a starvation wage that hasn’t been raised since 2009. So it’s not unreasonable to assume that in more than half the key states Harris needed win saw the smallest share of that 13.2%, but did see prices increase by 19.2%.
Now, I’m not an economist, and I don’t have hours to research this shit, so it’s entirely possible that I’m missing a lot of nuance regarding cost of living and non-minimum wage increases in these states. But that’s not the point. The point is that I’ve already spent more time and energy examining why people might not feel good about the economy than the sneering chud that wrote this article. And I’ll end this tirade with one last quote from the EPI report he cited:
Young people have no hope of buying a house in my area.
In my neighborhood all the drug store shelves are bare (Rite Aid) and there’s soon to be only one grocery store to choose from (Kroger).
When I’m getting groceries the checkers are talking about how the store is going to close if the merger happens and they’ll all lose their jobs.
No ‘media’ lied to me and convinced me that the economy is wack. I see it every day.
What I’m not hearing in the media is recognition of working folks’ struggles. Failure to address this kept Dems home.
I’m really sorry to hear that. Would it help if I showed you a graph that shows the stock market is actually doing great?
The DNC wants to know your location and give you a strategic voter outreach job.
paul krugman did exactly that https://www.youtube.com/watch?v=GV6kHBwT7bg
Huh. I’m generally wary of any group that has an Eye of Providence in their logo or uses the term, “New World Order,” but that was cathartic to watch.
unfortunately something like this is not posted by any other channel popular enough to come up on shitty youtube search.
the guy in the video is jose vega, he ran for congress as lrp candidate in nyd 15 and got about 2.5% vote.
here is more detailed video on a more apt channel https://www.youtube.com/watch?v=XK0FivR_B1A
Oh, haha, that’s much more reassuring. I assumed it was someone affiliated in the channel, and I was like, “Uh-oh, how long before this guy launches into an antisemitic conspiracy theory about lizard people?”
Whatever happened to Jerome, anyway?
this made me realise how depressing it is when even lunatic channels have more relevant content for working class than our msm with 24/7 peddling of gaslighting bs.
Jon Stewart just discussed some of this on The Weekly Show podcast with Heather Cox Richardson as guest. Discussing whether the metrics that define economic success are outdated and also how poorly any of Biden’s “successes” were shared by his White House and the media. It was all framed much better than this article.
I once heard some comedian or podcaster say something to the effect of, “The media keeps telling people that the economy is doing well because of the stock market, but for most of us you could replace the words, “stock market,” with, “rich people’s feelings graph,” and it would mean about the same thing.” I think that a lot. Also, I didn’t know John Stewart had a podcast for the Daily Show, thanks for the heads up on that!
The stock market is 80% owned by 10% of people… Better stock market= more profits for rich… Those profits come from our labor… The better “the economy” is doing, the worse the workers are doing. The markets went through the roof for Trump because the rich know he’s going to let them rape and pillage without constraints of any kind.
Yeah, and here’s the trick no one talks about; since the 80s, businesses (with the help of the government) started killing off pensions in favor of 401Ks. That effectively meant the middle and lower class, who are by far minority holders in the stock market, still need it to perform well, otherwise their retirement savings will be wiped out. So they’ve basically created a system where an entire generation is incentivized to allow the 1% to be as opportunistic and greedy as they like, because the crumbs they’re going to retire on are directly tied to the success of the wealthiest Americans.
Well said
401k is superior in almost every way though. The big downside is there isn’t a mandatory contribution. Pensions forced an employee to work in the same company for 20-30 years and hope they never got acquired or went bankrupt. Then they could retire and still hope the company never went bankrupt, because the pension funds were universally underfunded. Lots of people faced their pension being reduced by a significant amount after they’ve been retired for a decade or so.
A 401k gives the worker the power to move without jeopardizing their retirement. It allows the default death benefit to be 100% transferable to another. It’s not a surprise when a 401k runs out of money. All you have to do is fill out a form when you start a job to put a reasonable percentage into it.
Huh, I didn’t think about how the 401K is transferable, but it makes sense that it’s a plus; it’s how everyone wishes health insurance worked. But does it matter if you move companies if your next employer offers a similar pension? Wouldn’t that mean you just had two smaller monthly payments vs. one larger one? And weren’t pensions protected from bankruptcy by Employee Retirement Income Security Act? I thought it was because of that Act that companies justified phasing out their pensions for 401Ks.
Sorry for all the questions. Pensions are sort of an artifact of a lost time for folks my age, but most folks that I know that are my parents’ age seem to prefer the stability of their pensions to 401Ks.
Pensions are protected from bankruptcy, but they aren’t guaranteed the same payment. There are maximum payments and it’s complicated to give an accurate number, because it depends on the type of pension plan, the age of retirement, years of service, and generally doesn’t honor bonuses like early buyouts.
Pensions have a number of multipliers that make job hopping less ideal. The formula is roughly percentVested x accrualRate x yearsOfService x maxSalary. Vesting hits 100% at 5-7 years, accrual is roughly 1.5% depending on employer. By leaving early you take big hits on the vesting and max salary multipliers that cause it to be a lot less money. One job for 30 year with 100k mak salary would be a 45k pension. 3 jobs, 10 years each with 50k, 75k, and 100k max salaries is only a 33,750 pension.
…OK, I’m fairly sure I understood…most of that. Thanks for the alternative perspective. I’ve generally only heard the negatives from people who’ve had their pensions replaced by 401Ks, so I guess it’s good to know what people see as the positives.
As soon as something is adopted as a metric it’s divorced from the reality of the market. It’s the nature of the modern soothsaying we call economics.
I don’t want to listen to what a union buster has to say about people’s economic situation
I was just watching an interview last night. Maybe it was 60 Minutes, but they were talking to a woman about this. They told basically all this same info - inflation going down, gas going down, jobs increased, wages increased. The woman said, “I didn’t see any of that. My wage didn’t go up.” No idea what she does, if her job is eligible for a wage increase, but basically she was saying none of that impacted her personally or positively, so she voted for Trump.
Exactly. Democrats think that if they just tell people positive metrics enough times, these feelings will go away. They won’t. You have to look at them and say, “You’re right, things still suck for you. Things got better for a lot of people, but people like you didn’t see much of that because of [X] and [Y]. Here’s how we’re going to fix it.” Otherwise, they’re going to listen to anyone who tells them their problem is real, even a racist xenophobe that blames migrants for everything.
I think to some extent, Kamala said exactly how she planned on making things better. Trump didn’t say anything, and as usual had no plans. He still got elected. I saw an article last week about Trump saying not saying what his plans were helped him. What sense does that make, when a guy like Trump, who’s never had a plan or a rational suggestion to anything (“let’s nuke the hurricanes!”), can not say a damn thing about what his policies would be and still get elected? That tells me the Dems were drastically out of touch.
Dem technocrats are drastically out of touch and don’t realize how much aggrivement towards the status quo and desire for change there really is. Trump doesn’t do policy and it doesn’t matter because the people don’t care about policy either. We live in turbulent times, and there’s a groundswell of support for a nebulous ‘change’. Trump positioned himself as anti-establishment, persecuted, and radical in a way that was appealing enough to retain his voter base. Meanwhile, Harris’ institutionalism, focus on incrementalist policy, and boring rhetoric failed to galvanize support.
Spot on. When times are bad (whether actually true, or simply perceived that way) it should come as no surprise that the people voted for a change. Trump is the embodiment of “anti-establishment”. Progressives must take back the party from Neoliberals.
To some extent, yes, but it wasn’t the forefront of her campaign. She talked about greedflation and had a plan for price-capping groceries, but they should have been attacking this point from 2022, not the tail end of the campaign. She was far more focused on middle-class issues and an, “opportunity economy,” than the dire financial conditions of the working class.
As you rightfully note the relationship between federal economic policy and economic outcomes is complex and it’s not easy to tease apart cause and effect. Having said that Democrats have through history presided over MUCH better economic outcomes than Republicans, and Biden is no exception. Yet, voters consistently believe that (generic) Republicans are better for the economy than generic Democrats.
Democrats are broadly better, but they’ve created a lot of the conditions that are killing the working class now. Bill Clinton was the one who passed NAFTA, which was the biggest blow to manufacturing jobs in American history. Obama had a similar trade deal, the TPP, which most likely would have been equally devastating had Trump not killed it (which probably had more to do with his obsession with tearing down the achievements of the first black President than helping workers, but I doubt that mattered to the TPP’s opponents).
Even when Democrats aren’t directly the result of harm, their solutions are no longer the grand, ambitious plans from their New Deal glory days. Take Obama’s promises to create a foreclosure prevention fund, which got whittled down to HAMP, a mostly impotent refinance scheme that seems to have been designed more for banks than borrowers (despite large Democratic majorities). I’m sure it was better than whatever the Republicans would have come up with, but I doubt that mattered to people who were two months behind on an underwater mortgage.
Biden and Harris started with a strong vision, but they couldn’t get it through Congress and instead pivoted to telling people that actually, they were doing great, and the economy was good again. That will always be a losing message with people who aren’t doing well. The Democrats need to double down on a progressive message that does not compromise, with bold plans like a $20 minimum wage indexed to inflation, Medicare for All, and UBI. If they keep tinkering around the margins and giving people statistics when they say they’re doing poorly financially they will never be relevant again.
I agree with you that the Biden/Harris approach to economics is dead. There are virtually no voters left in the middle, so shifting to the right doesn’t help the Democrats like it used to. I also think the policies you propose will help a significant share of voters.
The bigger issue is communication. If these policies aid a significant part of voters, how can we convince them of this in the face of the right wing propaganda machine? That battle is as important as the policy platform, and it’s a very tricky challenge to overcome.
Another worry I have is that the Trump government will be more evil and less like a shitshow than his previous stint. Unfortunately, I think many voters will get behind evil stuff like rounding up migrants if it’s done in an organised manner.
I think you’re right about Trump. I think he was a shit-show last time because he didn’t expect to (or, in my opinion, want to) win, and now he has an apparatus that is set up to enable him. I’m very afraid of what a competent fascist movement looks like.
Communication is certainly a problem for Democrats; Trump was able to talk for 3 hours on Rogan, while Harris went on Call Her Daddy for less than s full episode and told a well rehearsed anecdote I’d heard twice before. They’re too obsessed with legacy media and polish to sound authentic. But the platform has to come first. If they fix every problem with this campaign’s communication in 2028 but run another middle-class opportunity platform with Mark Cuban, they will lose.
I think a big part of this comes down to the messenger here. The Democrats need a charismatic individual who is credible to voters. Unfortunately, they’ve only got Bernie to fit the bill for someone who had half a chance at being electable, and the DNC did everything they could to sideline him whenever they had the chance. Instead, they trot out establishment, corporatist party members and policy wonks to get the messaging out, or do absolutely baffling stuff, like sending Ritchie Torres to campaign for them in Michigan. It’s bad enough to send out bland candidates who may have a less than stellar recording for really fighting for the working class and holding the line to get them what they need, but for a key swing state with a huge Muslim population that has signalled many times they may not vote for Harris because she hasn’t indicated any shift in her policy on Gaza, you send the most rabidly Zionist, anti-Palestinian Rep you could pull from the Democratic bench? That’s an absolute own goal. It’s like sending a rep named Che Castro that tweets constantly on ending the embargo on Cuba to stump for you in Miami, then wondering why Cuban voters went to the other guy.
Unfortunately, I think it will really take a while for the Democrats to dig themselves out of this hole and have someone with a record long enough for people to find them credible when they say they’re going to fight for the working class as the rule, rather than the pleasantly surprising exception.
Why did you bother mentioning the 19.2% inflation statistic if we’re talking about real wages?
Your point is taken that Biden is not primarily responsible for the wage increases during his time in office, but he doesn’t have the power as president to unilaterally increase the federal minimum wage. He did sign an executive order increasing the minimum wage for federal employees and contractors which, while not having a significant impact on the wage growth nationally, is a step in the right direction.
I realize your point is more that the author of this piece is a prick and he didn’t spend enough time trying to understand the bad economic vibes coming from the working class, but it seems like the Biden administration did a relatively good job guiding the economy through post COVID turmoil, which he (… And Harris by proxy) did not get any credit for. Would you agree with that?
I’m a huge fan of “sneering chud” by the way. Will be forcing that into a conversation soon.
Mostly so I could point out in the second to last paragraph that if you weren’t on the receiving end of that 13% wage increase (as I strongly suspect is the case for many people in GA, PA, WI and NC), then you took a 20% price increase to the face.
I think the Biden administration did its best to push through the progressive platform that he ran on, and I think that they probably don’t get enough credit for that. I think Biden should have been more aggressive with Congress, especially in calling for the abolition of the filibuster early on, but I appreciate how much he did (or tried to do) through executive action. He was especially good on student loans, I honestly expected him to give up on that, but he didn’t.
However, I think both Harris and Biden lost sight of the left-wing populist message that won them the White House in 2020. Harris especially pivoted towards a centrist, “economic opportunity,” platform instead of a, “here’s how government will help you,” message. I think small business tax credits and first-time homebuyer’s assistance are pretty out of touch when you’re trying to win over people who can’t afford groceries. She had some policies that were more targeted at the working class, but they were not the centerpiece of the campaign like these middle-class focused proposals.
That being said, yeah, most of my rage here is being directed at the author of this piece. Glad you liked, “sneering chud,” I’m a little proud of that one.
Newspaper and politicians are never going to challenge capitalism.
Biden tells the sad paid for truth, Trump sells paid for lies.
Both won’t change that most American wages aren’t going up, prices are. Certainly won’t with tariff going to 60%.
Biden didn’t really do much for the average American. He could demanded higher wages, pushed for healthcare coverage, and investigated price hiking. And arrested Trump. He did some, but for a man who is currently a sitting duck who is above the law, he’s choosing the safest/“easiest for the rich” option as a presidential RBG.
Trump won’t do much, but will loudly shit out that he did, and his followers will eat it up and ask for more.
I will give Biden credit for trying. I expect him to pull an Obama and pivot to centrist policy the second he got into office, but he really tried to pass all the progressive things he ran it. He was just incredibly ineffective at it and basically wound up with a pretty standard (though very large) infrastructure bill that he wanted everyone to pretend was a huge progressive victory.