The economy’s strength and stability — defying many of the most optimistic predictions — represents a remarkable development after seemingly endless crises

As 2023 winds to a close, Powell and his colleagues are far from declaring victory on inflation. They routinely caution that their actions could be thwarted by any number of threats, from war in the Middle East to China’s economic slowdown. Americans are upset about high costs for rent, groceries and other basics, which aren’t going back to pre-pandemic levels. The White House, too, is quick to emphasize that much work remains.

Yet the economy is ending the year in a remarkably better position than almost anyone on Wall Street or in mainstream economics predicted, having bested just about all expectations time and again. Inflation has dropped to 3.1 percent, from a peak of 9.1. The unemployment rate is at a hot 3.7 percent, and the economy grew at a healthy clip in the most recent quarter. The Fed is probably finished hiking interest rates and is eyeing cuts next year. Financial markets are at or near all-time highs, and the S&P 500 could hit a new record this week, too.

  • Flying Squid@lemmy.world
    366·
    1 year ago

    I feel you, but there’s not much Biden can do about either thing.

    Unfortunately, he will get the blame for it anyway.

    • givesomefucks@lemmy.worldEnglish
      1128·
      1 year ago

      I feel you, but there’s not much Biden can do about either thing

      Weird the article is giving credit to Biden for inflation then…

      It’s just getting old that if something good happens, Biden gets credit. If something doesn’t get fixed, then it’s not his fault because he’s just the president.

      It’s the type of stuff I’m used to only hearing from Republicans.

      I mean. At the absolute bare minimum the White House should understand how this comes off to voters like the person your replying to.

      All it does is highlight how voters aren’t the concern, it’s the wealthy who have already made huge increases in the wealth since 2019.

      “Nothing will fundamentally change” he told the wealthy before he was elected. And credit where credit is due, Biden has kept that promise to them.

      • Franklin@lemmy.world
        242·
        1 year ago

        Within any adminstration there will be things in and outside of their sphere of influence.

        What’s often attributed to Biden himself can often more accurately be attributed to his cabinet as a whole.

        When people say it’s not their fault they often mean the issue at hand needs a Senate resolution which will never happen because it’s controlled by the Republican party who has a “do you enemy no favors” policy whenever a democrat is in office.

        • givesomefucks@lemmy.worldEnglish
          219·
          1 year ago

          So what did Biden do for this?

          The article says:

          1. Skyrocketing interest rates.

          2. Increased fossil fuels drilling

          3. And forcing ports to operate 24/7 to flood the market with imported consumer goods.

          All things that have massive negative effects on the average American, but help large corporations and the wealthy who own them.

          Which brings us back full circle to OP’s complaint that this victory lap is celebrating something that only benefits the most wealthy Americans and fucks over the rest of us.

          Is that what we’re supposed to be congratulating Biden on?

          Is this honestly going to convince voters that Biden cares about them? Because according to polls, they don’t feel like that, and that will depress turnout which is the only way Republicans can become president.

          • Blackbeard@lemmy.worldEnglish
            213·
            1 year ago

            The article says:

            No, it doesn’t. The article says:

            1. Skyrocketing interest rates.
            2. Increased fossil fuels drilling
            3. Forcing ports to operate 24/7 to flood the market with imported consumer goods.
            4. Tapped into the strategic fuel reserves
            5. Resisted calls for price controls
            6. Pursued major new federal spending programs

            It also says that 3 helped cool price shocks, 6 flooded the market with new workers who saw wage gains and helped increase demand, 1 helped keep the housing market out of recession, and the combination of 1-6 helped stave off major, economy-wide layoffs. All of these helped the average American, but somehow you filtered the entire analysis through your myopia-lens and latched onto the most damning interpretation you could muster. Wonder why you did that…

            • givesomefucks@lemmy.worldEnglish
              312·
              1 year ago

              So…

              You’re saying the article lists three more things that helped the wealthy.

              And one of your examples for how that helps the average American is it kept housing prices high?

              And you know what avoids layoffs and actually helps workers? Fixing the actual problem which is out of control wealth inequality.

              Even just trying to do something about that would pretty much guarantee Biden gets a second term.

              • Blackbeard@lemmy.worldEnglish
                123·
                1 year ago

                You’re saying the article lists three more things that helped the wealthy.

                Nope.

                And one of your examples for how that helps the average American is it kept housing prices high?

                Low inventory keeps housing prices high, numbnuts. Supply & Demand. It’s not rocket science, and the President doesn’t build houses.

                And you know what avoids layoffs and actually helps workers? Fixing the actual problem which is out of control wealth inequality.

                So we’re back to ignoring things a single American president does have control over in favor of things they don’t?

                Good talk, chad.