Analysis finds Americans need extra $11,400 to afford the basics as GOP lawmakers blame Bidenomics

[Vambram]

Read the article.....

2025 it expires Don't blame Biden - blame Trump because that is how the law was written by republicans. You and your wife may no longer be happy.

And the Democratic Party won't do anything to extend those tax cuts.

 

[Vambram]

You should blame Trump for all the cash he gave away during the pandemic, but I doubt you will.

I blame ALL the politicians who were in favor of giving away free money during the pandemic.

 

[Vambram]

The U.S. is handling a global problem more successfully than other countries.
Thanks to competent leadership, and good decisions of the Fed.
No one can guarantee smooth sailing, and no one should blame a leader for handling problems well. That's all (s)he can do.
I remember during the Trump administration the Fed was asked to keep interest rates at zero...and why? To help him win.
Instead of dealing with an incipient problem, he put himself before the country.
Contemptible.

The Biden Administration is not giving us competent leadership. The American people know this. That is why Biden’s economic policies have high disapproval numbers from the American people.

Joe Biden and his administration are contemptible.

 

[RocksInMyHead]

How do you explain the escalating costs of living?

Global inflation, rising costs of materials, some residual effects of retaliatory tariffs during Trump's presidency, market uncertainty caused by COVID, to name a few. And it should be noted that the cost of living is always increasing - it's not really a good or bad thing, it just is. The problem that we have right now is that it's outpacing the increase in median income, which leads to financial hardship. So one important question to ask is where that extra money that we're paying for products is going, because it doesn't seem to be going towards wages for workers - is it going towards higher material and production costs, or is it lining the pockets of executives and investors?

I asked you first though - you seem to think Biden is responsible. Surely you can name some policies of his that have negatively affected the economy?

Are you happy with the rising costs of living?

Not particularly, but I don't see what that has to do with whether or not Biden's policies are responsible.

 

[Fantine]

I totally agree, Vambram. The American people have been deceived. Hoodwinked. Hypnotized by conservative and social media. It's tragic, especially since the deficiencies in Trump's character are obvious within listening to or observing him for a minute or two...

Biden has not led in easy times. He needed to rebuild the global respect and alliances we had before the Trump years. Undo his disastrous executive orders decimating departments like the EPA. Getting us through COVID after the smoke, mirrors, and evasion of the Trump years. Dealing with Putin's invasion of Ukraine and the threat to NATO. Getting us out of Afghanistan--something Trump didn't have the courage to do. Dealing with global inflation, and now, trying to get our hostages out and bring sanity to the Middle East while trying to contain Netanyahu from exercising his worst instincts (which are far worse than we can even imagine...)

All this with a polarized Congress and a House of Representatives that is getting fantasy and fiction writers to invent possible reasons to impeach him...and with a quadruply indicted poseur pretending he is a president in exile (complete with stolen documents.)

"Real" news outlets are astonished at how much he has accomplished despite all that.

 

[Vambram]

Biden’s policies include increasing the amount of regulations and taxes upon business thus raising the costs of doing business. Biden’s policies include spending trillions upon trillions of dollars that we don't have thus devaluing the dollar which means higher inflation.

 

[Vambram]

I totally agree, Vambram. The American people have been deceived. Hoodwinked. Hypnotized by conservative and social media. It's tragic, especially since the deficiencies in Trump's character are obvious within listening to or observing him for a minute or two...

Biden has not led in easy times. He needed to rebuild the global respect and alliances we had before the Trump years. Undo his disastrous executive orders decimating departments like the EPA. Getting us through COVID after the smoke, mirrors, and evasion of the Trump years. Dealing with Putin's invasion of Ukraine and the threat to NATO. Getting us out of Afghanistan--something Trump didn't have the courage to do. Dealing with global inflation, and now, trying to get our hostages out and bring sanity to the Middle East while trying to contain Netanyahu from exercising his worst instincts (which are far worse than we can even imagine...)

All this with a polarized Congress and a House of Representatives that is getting fantasy and fiction writers to invent possible reasons to impeach him...and with a quadruply indicted poseur pretending he is a president in exile (complete with stolen documents.)

"Real" news outlets are astonished at how much he has accomplished despite all that.

I strongly disagree with your entire post.

 

[RocksInMyHead]

Biden’s policies include increasing the amount of regulations and taxes upon business thus raising the costs of doing business. Biden’s policies include spending trillions upon trillions of dollars that we don't have thus devaluing the dollar which means higher inflation.

Again with the sweeping assertions. Which policies? How much did those policies contribute to the cost of doing business?

If you look at economic analysis of the past few years, you can see that, yes, the non-labor costs (this would encompass regulatory costs, material costs, rent, etc) of doing business have gone up a bit, but labor costs have dropped precipitously thanks to flat wages and increased productivity (fewer people doing more work for less money) and corporate profits have consequently gone through the roof.

Corporate profits have contributed disproportionately to inflation. How should policymakers respond?

The inflation spike of 2021 and 2022 has presented real policy challenges. In order to better understand this policy debate, it is imperative to look at prices and how they are being affected. The price of just about everything in the U.S. economy can be broken down into the three main...

www.epi.org

 

[iluvatar5150]

What Biden policies have led to these increases in costs? Please show your work.

The article just makes the categorical statement that this is Biden's fault. The only specific policies mentioned are those just announced, which cannot have had an effect yet, since they have not yet been implemented, and there's no discussion of how "Bidenomics" has increased the prices of basic goods, just assertions that it is responsible.

If it's so obvious, you should be able to point to specific changes that have been implemented since January of 2021 and find economic analysis on how those changes have negatively affected the economy.

Practically every "change" or economic policy from the Biden Administration has had a negative effect on the national economy.

However, perhaps the people who don't have a problem with all of the escalating inflationary prices and costs of living are unable to recognize and/or agree that the cost of living is far too high for most Americans.

Why is it that virtually every time a conservative on this board is asked to name an economic policy they don't like and explain its effects, they don't (or can't)? This exchange between you and @RocksInMyHead, I've had the same conversation with numerous other members over the years and it pretty consistently shakes out the same way. Assertions are abundant, while specifics and sources are rare.

In 2017, everyone got significant tax cuts. As someone in the middle class, my wife and I really appreciated those tax cuts.

You know that tax cuts are inflationary, right? Lower taxes means more money sloshing around means more demand means higher prices.

And the Democratic Party won't do anything to extend those tax cuts.

I kind of hope they don't - at least for my own personal finances. I itemize my deductions, so I had bigger refunds with the personal exemption and the lower standard deduction; I pay more than the $10k deduction cap in SALT; and I work from home now in a home office that I've spent a lot of money building, so I'd be able to take advantage of the deduction for unreimbursed employee expenses that the bill eliminated.

Biden’s policies include increasing the amount of regulations and taxes upon business thus raising the costs of doing business.

Examples?

Biden’s policies include spending trillions upon trillions of dollars that we don't have thus devaluing the dollar which means higher inflation.

The dollar is worth more now than when he took office.

DXY | U.S. Dollar Index (DXY) Advanced Charts | MarketWatch

U.S. Dollar Index (DXY) advanced index charts by MarketWatch. View real-time DXY index data and compare to other exchanges and stocks.

www.marketwatch.com

 

[wing2000]

Biden’s policies include increasing the amount of regulations and taxes upon business thus raising the costs of doing business.

Specifically?

Biden’s policies include spending trillions upon trillions of dollars that we don't have thus devaluing the dollar which means higher inflation.

...not according to Fidelity:

The value of the US dollar has risen sharply in the second half of 2023, compared to currencies of many other countries including the British pound, the Japanese yen, and the euro.

Why is the dollar so strong and what does it mean? | Fidelity

A strong dollar means the US's currency is doing well compared to other countries' money. Here's what that means for you.

www.fidelity.com

 

[USincognito]

Practically every "change" or economic policy from the Biden Administration has had a negative effect on the national economy.

How?

However, perhaps the people who don't have a problem with all of the escalating inflationary prices and costs of living are unable to recognize and/or agree that the cost of living is far too high for most Americans.

The U.S.has the lowest inflation of any industrialized nation and the steepest rise in the cost of living for working class folks has been rent. I shouldn't gave to say this, but Presidents have no control over rent.

 

[Vambram]

Oh well, apparently the liberals believe that we have a great economy in the USA. So what do y'all say to over 55% of Americans in most of the polling this year who disapprove of Biden’s and the Democratic Party handling of economic issues?

 

[A2SG]

Oh well, apparently the liberals believe that we have a great economy in the USA. So what do y'all say to over 55% of Americans in most of the polling this year who disapprove of Biden’s and the Democratic Party handling of economic issues?

I'd say they're entitled to their opinion. But that's all it is, an opinion. By all objective measures, the economy is improving, even if some don't see it.

But, if you want to claim that Biden's policies specifically contributed to any economic problems, you need to provide evidence. Specifically, exactly which policies impacted the economy in what specific way to directly cause the adverse outcome.

Otherwise, it's entirely possible the reason for the problem (whatever it may be) is something else entirely. Like repercussions of the pandemic, for example, or corporate profits increasing due to higher prices that don't come down when the costs do. Or Trump. Or space pixies. Who knows?

Without facts to back them up, any number of conclusions can be assumed.

-- A2SG, pick your favorite.....

 

[FireDragon76]

America has deep structural problems and inequities that long predate Biden.

Republicans are just being cynical opportunists. Their gleeful support for deregulation over the years, and their incessant pushing of divisive political wedge issue, is part of the reason we are in such a state today.

 

[Vambram]

I'd say they're entitled to their opinion. But that's all it is, an opinion. By all objective measures, the economy is improving, even if some don't see it.

But, if you want to claim that Biden's policies specifically contributed to any economic problems, you need to provide evidence. Specifically, exactly which policies impacted the economy in what specific way to directly cause the adverse outcome.

Otherwise, it's entirely possible the reason for the problem (whatever it may be) is something else entirely. Like repercussions of the pandemic, for example, or corporate profits increasing due to higher prices that don't come down when the costs do. Or Trump. Or space pixies. Who knows?

Without facts to back them up, any number of conclusions can be assumed.

-- A2SG, pick your favorite.....

The link you provided from a CNN article back in September shows why Americans disapprove of Bidenomics.

Thank you.

 

[A2SG]

The link you provided from a CNN article back in September shows why Americans disapprove of Bidenomics.

Thank you.

Yeah, and it also stated that the economy is in excellent shape, despite the disapproval.

So, why the disapproval? It doesn't seem to come from any objective data on the economy, because "By almost any objective measure, Americans are doing much better economically than they were nearly three years ago, when President Joe Biden took office."

So the disapproval doesn't seem to come from any specific Biden or democratic policies, does it? Maybe it's the right wing echo chamber, constantly claiming the economy is terrible despite facts to the contrary? Maybe it's people who believe all the lies Trump has spouted.

Or maybe it really is space pixies.

Without evidence, we can guess whatever we like.

-- A2SG, one wild guess is just as good as another.....

 

[Vambram]

I've got a bridge to moon I'm willing to try to sell to anyone who believes that the American economy is in excellent shape.

 

[A2SG]

I've got a bridge to moon I'm willing to try to sell to anyone who believes that the American economy is in excellent shape.

"By almost any objective measure, Americans are doing much better economically than they were nearly three years ago, when President Joe Biden took office."

-- A2SG, keep your bridge, the space pixies say they'll give me a lift.....

 

[Vambram]

"By almost any objective measure, Americans are doing much better economically than they were nearly three years ago, when President Joe Biden took office."

-- A2SG, keep your bridge, the space pixies say they'll give me a lift.....

Whoever said your quote is completely and totally incorrect.

 

[A2SG]

Whoever said your quote is completely and totally incorrect.

And the objective evidence to support that opinion is....?

-- A2SG, we all know the correlation between opinions and hemorrhoids, don't we.....