MSNBC's Lawrence O'Donnell is joined by Yale Professor Jeffrey Sonnenfeld to discuss the latest evidence of the successes of Biden's economic policies. Sonnenfeld says Biden is having the strongest positive effect on the economy of any president since FDR.
Can we get this neolib bullshit out of here?
The economy is not doing well for a majority of Americans. The majority of Americans live paycheck to paycheck, and are not optimistic of the future.
They dealt with inflation by raising interest rates which harms the working class. They use the stock market to justify the economy, when 80% is owned by the rich. They use job numbers to justify the economy, when more and more people need to get 2nd jobs just to be able to afford a 1 bedroom apartment.
Please stop linking to mainstream media. It’s so aggravating.
Just remember, “the economy” is just code for Rich People’s Yachts.
The UK inflation rate was 7.9% in June, 2023. The US inflation rate was 3.0% in June, 2023. Britain has been controlled by its Conservative Party for years. The point is that things would have been way worse with other people in charge.
Inflation rate in a vacuum doesn’t mean much. We lowered the inflation rate by harming workers, and our safety net is terrible. We could have dealt with the situation by using price controls and wealth taxes that affect the top rather than the bottom.
Worker are harmed more by inflation than low interest rates. The wealthy can ride out inflation with investments. Workers effectively have their salaries lowered by inflation.
High interest rates also affect the working class via mortgage increases and Rental properties increasing rent to deal with increased interest rates.
Inflation also causes rents to increase. And everything else.
That would be great, but just get that past the Republican House and DINOs Manchin and Sinema (though now an “Independent.”)
The reality is that for the vast majority of voting Americans, all they will see is “Inflation high” / “inflation low” and if Democrats don’t scrap together some way to reduce it, the worst party will use that against Dems and they will get back in, making everything 10x worse.
The calculation has been changed twice in 2 years to paint a better picture and remove some of the things!
Previous inflation rates are often recalculated. The point is that the USA has managed inflation far better than the UK and their Conservative Party, in which inflation peaked at a ridiculous 14% rate.
Can you educate me?
From my perspective the change was specifically to make inflation look lower, do you shop at a grocery store? Are you kidding me?
If you shop at a grocery store in the UK your prices would have increased 14% under Conservative Party rule. Not kidding.
Grocery prices where I live in the US have more than doubled. If the prices didn’t double, then they probably shrunk the portions of food and the size of the packaging. So how do we more than double prices and call that 3% inflation? Housing prices around here have also doubled since the start of COVID.
That’s weird. For everybody else, it was only an annualized 3% increase for the month of June 2023. Guess businesses in your city is screwing people.
It’s like that everywhere. Maybe from 2022 to 2023 it didn’t go up, but it’s still very high. The price of everything needs to go down. Claiming that inflation is low because it hasn’t gone up much more is disingenuous. It’s already high. People are struggling because the price of food, rent, houses, etc have doubled. We need an inflation rate of negative double digits or life is just going to continue to get even harder for everyone.
Seriously 😭😭 my grocery bill for two people went up from 80 dollars a week to 130 practically overnight. Houses doubled in price in like 3 years in the town I live in. They also raised the cap on rent to 14 percent here. I only bring home 27k a year with 6 years of experience in a field that nobody cares about (social services).
The politics board here is just a Xerox copy of the politics board from reddit: a DNC propaganda dispenser.
Yes and who was the president that caused it? Cuz I’m pretty sure it was the orange guy