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Bidenomics after 41 Months: Six Charts the Media Don’t Want You to See

Hammster

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Liberal media are declaring Bidenomics a success – but, after three and a half years, hard numbers tell a much different story, regardless of whether the measure is how much Americans are paying, earning or saving.
 
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Liberal media are declaring Bidenomics a success – but, after three and a half years, hard numbers tell a much different story, regardless of whether the measure is how much Americans are paying, earning or saving.
None of this information is being suppressed, but only the CPI chart is relevant. The last chart on inflation (which was temporarily high world-wide after the Trump Recession) is false, since it assumes a linear graph for the rate of growth, which it is not. Inflation is back to normal levels.

I'm sure some of those charts are making the rounds in right-wing circles, but they are either false or irrelevant to "Bidenomics", however you define it.

[Edit, fixed a typo]
 
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Hammster

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None of this information is being suppressed, but only the CPI chart is relevant. The last chart on inflation (which was temporarily high world-wide after the Trump Recession) is false, since it assumes a linear graph for the taste of growth, which it is not. Inflation is back to normal levels.

I'm sure some of those charts are making the rounds in right-wing circles, but they are either false or irrelevant to "Bidenomics", however you define it.
Sure.
 
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iluvatar5150

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Liberal media are declaring Bidenomics a success – but, after three and a half years, hard numbers tell a much different story, regardless of whether the measure is how much Americans are paying, earning or saving.

First off, nobody in the mainstream media is trying to hide this stuff from anybody. Heck, I've posted most of this data here several times, and by and large, it's the conservative posters who act like they've never seen it before.

But into the details:
Covid throws a lot of these comparisons out of whack because Biden took office right as things were rebounding, so some things look a lot worse for him, while others, like the unemployment rate (which your article conveniently ignored), look a lot better.

Gas prices, for example, cratered in the first half of 2020. That makes Trump's "gas prices" number looks good, but when you look at the cause, i.e. a large-scale shutdown of the economy, that's obviously a bad thing and nothing to brag about. The rebound in prices started during the last two months of the Trump administration, but Biden caught most of it. The line shows where Biden took office:

1723600508455.png




Real wages is another one that suffered from covid. There was a huge spike in median wages during covid, but that's not because people got paid a lot more. This chart only shows data from people who are employed full-time and when a lot of predominantly low-wage workers lost their jobs, the median skewed upwards.

1723600675819.png


Here are the employment numbers at the same scale:
1723600886888.png



Personal savings rate was also fluctuating wildly when Biden took office:
1723601070680.png


When people were sitting at home, getting unemployment and stimulus checks with nothing to spend it on, yes, they saved a bunch of money. That pent up savings is part of what led to the inflation spike when things re-opened, which is what prompted the Fed to raise interest rates, which caused the mortgage rates to go up.

None of these charts show any long-term trends for which either Biden or Trump can reasonably take credit. Using the start and end of their terms and ignoring what was happening at the time is asinine.
 

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Hammster

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First off, nobody in the mainstream media is trying to hide this stuff from anybody. Heck, I've posted most of this data here several times, and by and large, it's the conservative posters who act like they've never seen it before.

But into the details:
Covid throws a lot of these comparisons out of whack because Biden took office right as things were rebounding, so some things look a lot worse for him, while others, like the unemployment rate (which your article conveniently ignored), look a lot better.

Gas prices, for example, cratered in the first half of 2020. That makes Trump's "gas prices" number looks good, but when you look at the cause, i.e. a large-scale shutdown of the economy, that's obviously a bad thing and nothing to brag about. The rebound in prices started during the last two months of the Trump administration, but Biden caught most of it. The line shows where Biden took office:

View attachment 353236



Real wages is another one that suffered from covid. There was a huge spike in median wages during covid, but that's not because people got paid a lot more. This chart only shows data from people who are employed full-time and when a lot of predominantly low-wage workers lost their jobs, the median skewed upwards.

View attachment 353238

Here are the employment numbers at the same scale:
View attachment 353241


Personal savings rate was also fluctuating wildly when Biden took office:
View attachment 353242

When people were sitting at home, getting unemployment and stimulus checks with nothing to spend it on, yes, they saved a bunch of money. That pent up savings is part of what led to the inflation spike when things re-opened, which is what prompted the Fed to raise interest rates, which caused the mortgage rates to go up.

None of these charts show any long-term trends for which either Biden or Trump can reasonably take credit. Using the start and end of their terms and ignoring what was happening at the time is asinine.
Sure.
 
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