Biden questions ‘memory’ of voters in poll who say they’re better off now than 4 years ago

NightHawkeye · Oct 13, 2020

From the "Whose memory you gonna trust?" files: Biden questions ‘memory’ of voters in poll who say they’re better off now than 4 years ago

A recent Gallup poll taken Sept. 14-28 made headlines after it revealed that 56 percent of voters said they were better off now than they were four years ago. Just 32 percent of them said they were worse off.
...
"American people believe they're better off economically today than they were under our administration? Well, their memory is not very good, quite frankly," Biden told Inskeep.

A_Thinker · Oct 13, 2020

NightHawkeye said:
From the "Whose memory you gonna trust?" files: Biden questions ‘memory’ of voters in poll who say they’re better off now than 4 years ago

A recent Gallup poll taken Sept. 14-28 made headlines after it revealed that 56 percent of voters said they were better off now than they were four years ago. Just 32 percent of them said they were worse off.
...
"American people believe they're better off economically today than they were under our administration? Well, their memory is not very good, quite frankly," Biden told Inskeep.

Of course, ... 220,000 of us can't answer ...

chevyontheriver · Oct 13, 2020

NightHawkeye said:
From the "Whose memory you gonna trust?" files: Biden questions ‘memory’ of voters in poll who say they’re better off now than 4 years ago

A recent Gallup poll taken Sept. 14-28 made headlines after it revealed that 56 percent of voters said they were better off now than they were four years ago. Just 32 percent of them said they were worse off.
...
"American people believe they're better off economically today than they were under our administration? Well, their memory is not very good, quite frankly," Biden told Inskeep.

HE is questioning MY memory? Ha!

Albion · Oct 13, 2020

He seems to think the world called it "The Great Recession" because it was some sort of American Golden Age.

Fantine · Oct 13, 2020

The Dow was 19864 in January, 2017, and approximately 28,700 today. Half of those gains went to the top 1%.

Richest 1% of Americans Close to Surpassing Wealth of Middle Class

What is important to me is how strong the foundation of our current "prosperity" is. It is obviously not widespread. Some economists say that unless a new stimulus is approved very soon (as the Senate fiddles while America burns) Stimulus Hopes Are Fading. Here’s What Will Happen If It’s Not Passed Soon

Some of my concerns are the low, low interest rates the Fed is holding the line on to prevent a recession. Because of this, we are borrowing money (primarily from the Social Security Trust Fund) for very little interest.

The problem is that we have exploding deficits (partially due to the pandemic, and primarily due to Trump's tax cuts). At some point in the near future we will have to borrow from other countries (China, for example) to cover our deficits. Do you think China will lend us money at no--or under 1%--interest? Of course they won't. They will demand higher interest, and we will go more and more into the hole and more and more in hock to other countries. It's unsustainable--and the first remedy is to rescind the Trump tax cuts.

Albion · Oct 13, 2020

Fantine said:
The Dow was 19864 in January, 2017, and approximately 28,700 today. Half of those gains went to the top 1%.

Richest 1% of Americans Close to Surpassing Wealth of Middle Class

What is important to me is how strong the foundation of our current "prosperity" is. It is obviously not widespread. Some economists say that unless a new stimulus is approved very soon (as the Senate fiddles while America burns) Stimulus Hopes Are Fading. Here’s What Will Happen If It’s Not Passed Soon

Some of my concerns are the low, low interest rates the Fed is holding the line on to prevent a recession. Because of this, we are borrowing money (primarily from the Social Security Trust Fund) for very little interest.

The problem is that we have exploding deficits (partially due to the pandemic, and primarily due to Trump's tax cuts). At some point in the near future we will have to borrow from other countries (China, for example) to cover our deficits. Do you think China will lend us money at no--or under 1%--interest? Of course they won't. They will demand higher interest, and we will go more and more into the hole and more and more in hock to other countries. It's unsustainable--and the first remedy is to rescind the Trump tax cuts.

What I'm getting from that is an assessment which says although almost everyone did better under the new administration, we should still be upset because rich people were among those prospering.

Perhaps also that it would please some people to have everyone do less well, so long as the wealthier people suffered a setback.

Now, what is that called again? It's associated with the color green.

MorkandMindy · Oct 13, 2020

In reality there's just bad and bad and worse, but some individuals collected a lot of loot

US CAB deficit to 2018 wi Presidents.png

Skewpoint · Oct 13, 2020

Questioning their memory is about the nicest thing we can ask about Trumpers.

iluvatar5150 · Oct 13, 2020

NightHawkeye said:
From the "Whose memory you gonna trust?" files: Biden questions ‘memory’ of voters in poll who say they’re better off now than 4 years ago

A recent Gallup poll taken Sept. 14-28 made headlines after it revealed that 56 percent of voters said they were better off now than they were four years ago. Just 32 percent of them said they were worse off.
...
"American people believe they're better off economically today than they were under our administration? Well, their memory is not very good, quite frankly," Biden told Inskeep.

Shut up, Joe. You're wrong.

Albion said:
He seems to think the world called it "The Great Recession" because it was some sort of American Golden Age.

You're also wrong. The Great Recession ended in 2009.

Albion · Oct 13, 2020

iluvatar5150 said:
You're also wrong. The Great Recession ended in 2009.

As I recall, you often just say "you made that up."

Well, then....

cow451 · Oct 13, 2020

Debt collectors are doing really well this year. Winning!

Debt Collectors Have Made a Fortune This Year. Now They’re Coming for More. — ProPublica

wing2000 · Oct 13, 2020

Mourning In America

iluvatar5150 · Oct 13, 2020

Albion said:
As I recall, you often just say "you made that up."

Well, then....

No, I didn't.
Great Recession - Wikipedia

Two senses of the word "recession" exist: one sense referring broadly to "a period of reduced economic activity"[6] and ongoing hardship; and the more precise sense used in economics, which is defined operationally, referring specifically to the contraction phase of a business cycle, with two or more consecutive quarters of GDP contraction (negative GDP growth rate). Under the academic definition, the recession ended in the United States in June or July 2009.

Real GDP (vs just GDP growth rate) had rebounded to pre-recession levels by Q2 2011:
Real Gross Domestic Product

Real median income started climbing again in 2013 and by 2016 had rebounded past 2007 levels:
Real Median Household Income in the United States

By what metric was the recession still ongoing in 2016?

KCfromNC · Oct 13, 2020

Albion said:
He seems to think the world called it "The Great Recession" because it was some sort of American Golden Age.

Yeah, weird how GOP presidents seem to have a pattern where they end their terms with recessions.

KCfromNC · Oct 13, 2020

Albion said:
What I'm getting from that is an assessment which says although almost everyone did better under the new administration, we should still be upset because rich people were among those prospering.

Ignoring the 215,000 dead and ~10 million newly unemployed under the incumbent's leadership, I see.

Pommer · Oct 13, 2020

KCfromNC said:
Yeah, weird how GOP presidents seem to have a pattern where they end their terms with recessions.

Speaking of which...when’s the 3rd quarter GDP results due to come out?

durangodawood · Oct 13, 2020

I'm better off, financially, than 4 years ago.

But the country is a stinking mess because of Trump and the attitudes that propelled him.... and thats going to catch up to me sooner or later. Not to mention the slow motion catastrophe of climate change, and the slow dying of a once thriving world.

iluvatar5150 · Oct 13, 2020

Pommer said:
Speaking of which...when’s the 3rd quarter GDP results due to come out?

Advanced estimate comes out Oct 29, just in time for election day:
Release Schedule | U.S. Bureau of Economic Analysis (BEA)

MorkandMindy · Oct 13, 2020

Q2 expanded to a year would be a 682 billion dollar trade deficit with the rest of the World.

"The current account deficit in the US widened by $59 billion, or 52.9%, to $170.5 billion in Q2 2020, the biggest gap since Q3 2008. It is equivalent to 3.5% of the GDP, compared to 2.1% in Q1. It mostly reflects an expanded deficit on goods and reduced surpluses on primary income and on services. All major transactions declined in part due to COVID-19, as many businesses were operating at limited capacity or ceased operations, and the movement of travelers across borders was restricted. Exports went down mainly due to petroleum and products; civilian aircraft; parts and engines and passenger cars; and services of travel and air passenger transport. Receipts of primary income also went down mostly due to equity securities and primarily earnings" (Trading Economics)

GDP doesn't mean much.

Fantine · Oct 13, 2020

Albion said:
What I'm getting from that is an assessment which says although almost everyone did better under the new administration, we should still be upset because rich people were among those prospering.

Low information voters are suggestible. Trump tells them "we have the greatest economy." They know they aren't doing better--but they don't want others to know--so they pretend, damaging their fragile self-esteem. it's the emperor has no clothes syndrome, retitled "the emperor has no morals."

Biden questions ‘memory’ of voters in poll who say they’re better off now than 4 years ago

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