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Biden Has Turned the Economy Around, But Americans Remain Skeptical

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pecksniff

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Newsweek.

President Joe Biden's administration has seen a significant improvement in the U.S. economy since the Democrat took over in January, with jobless claims down and disposable incomes up.

However, Americans still appear skeptical about the nation's economic gains, reflected in a largely gloomy outlook in recent polling, while Biden's approval rating remains in negative territory.

The U.S. has suffered serious economic issues this year, with soaring inflation in October and major problems in the global supply chain leading to a backlog of cargo ships at some ports.

The Consumer Price Index (CPI) for October recorded a 6.2 percent increase year on year - its highest level in 30 years - and inflation has quickly become a major political concern as Democrats attempt to pass the $1.75 trillion Build Back Better Act.

While inflation remains a key issue and there is uncertainty about it, there are indications that the supply chain crisis began to ease in November and that these improvements will continue into 2022.

The U.S. had its lowest level of weekly jobless claims since 1969 this week, with just 43,000 new unemployment claims.

That figure came after it was announced in November that the unemployment rate has fallen to 4.2 percent - a 21-month low. Unemployment stood at 6.3 percent in January, 2020.

Wages and salaries paid by private businesses also rose between January and October, recording an increase of 2.4 percent after inflation, while disposable income grew 3 percent after inflation in the same period.

Americans are also in line for the largest pay increase in over a decade in 2022, according to a report from the Conference Board, a business membership and research group organization.
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That clown in the white house is well on his way to destroying the economy...
 
pecksniff said:
It's getting better based on the numbers.
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Facts matter so little to these people that after much of the country spent the majority of 2 years either on lockdown or working from home getting out changes increases demand faster than supply could adjust. Obviously that old lady above thinks gasoline is magic.
 
The unemployment rate is down because people have dropped out of the labor market. The "Unemployment percentage" only counts those that are actively looking for a job. In some cases those people decided that they don't need a job, in other cases, they have just given up.

The ultimate impact of the low participation rate on the economy is uncertain, but I wouldn't credit Biden (or any President) for turning around the economy.
 
Crowing about that is just another behind the curtain act to deflect from the rampant inflation.
 
JohnnySavage said:
The unemployment rate is down because people have dropped out of the labor market. The "Unemployment percentage" only counts those that are actively looking for a job. In some cases those people decided that they don't need a job, in other cases, they have just given up.

The ultimate impact of the low participation rate on the economy is uncertain, but I wouldn't credit Biden (or any President) for turning around the economy.
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I've noticed that the "labor force participation rate" is kind of an enigma. There are many reasons why people drop out of the labor force including trends toward retirement and parents choosing to become homemakers instead of workers in the workforce. Based on the politics being deployed from it, I don't think it is a good indicator of anything
 
ll74 said:
I've noticed that the "labor force participation rate" is kind of an enigma. There are many reasons why people drop out of the labor force including trends toward retirement and parents choosing to become homemakers instead of workers in the workforce. Based on the politics being deployed from it, I don't think it is a good indicator of anything
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Related is the ages old discussion about caretakers and other (unpaid) volunteers benefit to the overall economy, with is chronically undervalued. At least in theory a "homemaker" can in certain circumstances enable and support otherwise unattainable output of the related "breadwinner" so a person dropping out of formal workforce doesn't mean they stop contributing.
 
LupusDei said:
Related is the ages old discussion about caretakers and other (unpaid) volunteers benefit to the overall economy, with is chronically undervalued. At least in theory a "homemaker" can in certain circumstances enable and support otherwise unattainable output of the related "breadwinner" so a person dropping out of formal workforce doesn't mean they stop contributing.
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So many labels that do such a disservice to the individuals, community, and the nation as a whole.

I'll wait for the numbers to come in but I suspect that a great number of those work force drop outs are married women with children at home. Maybe, just maybe, they've realized that raising the next generation is the most important "job" they'll ever have. Initially it was the first wave of feminists that belittled the stay at home mom, and now it's the 'progressives' in general picking up that mantra. And that makes sense in a world where the state believes that it has dominion over your children. We can thank the Wuhan Flu for that, it lifted the fog from many parents eyes.
 
ll74 said:
I've noticed that the "labor force participation rate" is kind of an enigma. There are many reasons why people drop out of the labor force including trends toward retirement and parents choosing to become homemakers instead of workers in the workforce. Based on the politics being deployed from it, I don't think it is a good indicator of anything
Click to expand...

I think that with the shutdowns last year, a lot of people realized they don't need to work a 9-5 to survive and can have a better work-life balance doing side jobs.

Just my opinion, but it would explain why the 5 million pre-covid jobs that haven't been filled.
 
pecksniff said:
The stats are the stats.
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The stats were TOTALLY MEANINGLESS while Trump was in office and for Biden's first near year.

Why should they matter now?? Reality is the cost of food is turning suburbia RED right now.... and that's what really matters :D

Sean Renaud said:
Facts matter so little to these people
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Says the guy who ignores word meanings whenever it's convenient for him.... :rolleyes:
 
JohnnySavage said:
I think that with the shutdowns last year, a lot of people realized they don't need to work a 9-5 to survive and can have a better work-life balance doing side jobs.

Just my opinion, but it would explain why the 5 million pre-covid jobs that haven't been filled.
Click to expand...

I believe that it is much higher than 5 million.

BLS:

The number of long-term unemployed (those jobless for 27 weeks or more), at 2.2 million, changed little in November but is 1.1 million higher than in February 2020. The long-term unemployed accounted for 32.1 percent of the total unemployed in November. (See table A-12.) The labor force participation rate edged up to 61.8 percent in November ...


US Unemployed. The number of people unemployed in the US peaked in April 2020 at 23,109,000. There are now 15,690,000 fewer people unemployed in the country. US employment and jobs data (including jobs lost/gained) is also available. Unemployed Persons. October 2021. Month/Month. Year/Year. National.

https://www.deptofnumbers.com/unemployment/us/
 
I've heard a lot of numbers and can't keep track, what with all the job "creation" goin on.

It was a guess.

No cite for you!
 
The OP is right. Americans are indeed skeptical. That’s putting it nicely. Biden’s approval rating on the economy is 37% according to the latest CNBC poll released yesterday. 56% disapprove.
 
Last edited:
Team Biden Giving Media Instructions to Be Positive about the Economic Situation

https://trendingpolitics.com/team-b...-to-be-positive-about-the-economic-situation/

Probably thanks to his abysmal polling levels, Democrats in the White House have now resorted to telling the media what to say and think.


That’s right, in Banana Republic fashion, the White House is now directing reporters on what to say about the economic situation in Joe Biden’s America, as was called out on Twitter.

And it’s not sketchy, right-wing-biased sources that are reporting on this. Even CNN was calling it out, reporting that:

The White House, not happy with the news media’s coverage of the supply chain and economy, has been working behind the scenes trying to reshape coverage in its favor. Senior White House and admin officials — including NEC Deputy Directors David Kamin and Bharat Ramamurti, along with Ports Envoy John Porcari — have been briefing major newsrooms over the past week, a source tells me.

The officials have been discussing with newsrooms trends pertaining to job creation, economic growth, supply chains, and more. The basic argument that has been made: That the country’s economy is in much better shape than it was last year. I’m told the conversations have been productive, with anchors and reporters and producers getting to talk with the officials…
 
And then, obedient as always to their Democrat masters, the media shoeshine boys crank out the puff pieces on the economy.
 
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