Record-Breaking Accomplishments On Jobs And Unemployment Under Biden
Record-Breaking Accomplishments On Jobs And Unemployment Under Biden
May's jobs and employment report show a record-breaking run of good economic news under President Biden
The Biden Administration’s robust and durable track record on jobs and unemployment is breaking records, putting up some of the best results we’ve seen in half a century.
Remember when Obama went his entire term just about with positive job numbers and economy? Even till the end he was trashed for the economy by republicans.
Remember when Obama went his entire term just about with positive job numbers and economy?
Obama walked into office the week that the Great Recession rebounded. And he spent his first 100 days focused on bailing out the banks, propping up private industry, and prosecuting our wars in the Middle East. Of course the on-paper first term looked stellar. We had nowhere to go but up.
And yet... his 60 vote majority Senate dithered on immigration, health care, and climate change because he was so overly invested in "bipartisan" legislation. He didn't close Gitmo, like he campaigned on. He didn't exit Iraq, like he campaigned on. He didn't prosecute any of the banksters. He didn't even route the trillions of dollars in treasure bailouts to homeowners, resulting in some of the highest foreclosure rates of the crisis happening on his watch, while banks recapitalized at record speed (and turned a ton of that cash into campaign ads against him in the following election cycle).
Republicans took advantage of his casual even-handed approach to governance by stabbing him as many times in the back as they could. They fought him in the courts. They fought him in the media. They held up every bill possible in the Senate. They gerrymandered every House seat and state legislative race at their disposal.
And when 2010 came around, they brutalized the Democratic Party, as a result. Obama showed up with a handshake to a knife fight, when he could have been packing heat.
As a liberal, I wasn’t the biggest fan of Obama for many of those reasons. But if you look at the criticism he was receiving from republicans, it was all 100% bullshit. It always is, though. They live and die by the straw man.
Because jobs numbers are meaningless stats to reflect the state of the economy. Doesn't matter if unemployment is at 0% if wages are stagnant and a person can't live off it
A positive Biden post?
Wait for it...
Well yeah, only kind allowed on politics!
Back during the last turn down, everyone's houses became worth almost nothing, but no one could pay the mortgage because there were no jobs!
This time around, there are plenty of jobs, but people still can't pay the mortgage, since house prices are through the roof and the jobs aren't paying enough.
since house prices are through the roof
Yeah turns out when the GOP gives gigantic tax cuts to the wealthy it inflates the real estate market because they buy extra houses they don't even live in.
That, and the fact that the owners of 16 million rental units have entered into a cartel to fix pricing at high rates.
I agree the $2T tax cuts for the rich and corporations was bad, and so was Biden’s choice to only rollback less than half of it despite promising to undo it all on day one. Why corporations aren’t paying at least 50% of their profits in taxes is beyond me. Still, that’s only a part of this particular problem.
Refusal or inability to invest in new home building programs to increase supply, corporations like Blackstone buying up entire neighborhoods to rent seek and price gouge, and thinly veiled money laundering via foreign nationals buying American real estate in cash, are all big contributors as well.
It’s this guy or a felon people. Make you vote!
I am glad to see this viewpoint. This is what I got yesterday at home same topic
All good and well but food, vehicle and housing prices have shot up. I'm sure someone will regale us with tales of corporate price gouging but those are the facts.
Feels like we just watched Trump peel out of the bank with a trunk full of cash, and now Biden's spent four years refilling the vault but won't close the door until we give him a second term.
Democracy is when we take a vote on whether we get robbed again. No, we can't lock the fucking bank robber up. That would be against the rules.
No one can close the door permanently because every 4 years we decide to give one guy the key. We've just never had a guy this bad before (or at least for a long time...the 1800s were wild)
Ahh yes, but i was just reading on moneywise that the recession is getting worse and we’re all going to die (I might have exaggerated that part on my own). Stock market will crash, housing will bubble. I guess it’ll be horrible for those rich million and billionaires who don’t already have 25 different ways to make money. Maybe there’s a recession in billionaire land? I mean, Elon might not get his 56billion salary and will walk away… yes, thats it, recession for billionaires.
What propaganda outlet is "moneywise"? There is no recession despite the clueless media predicting one every day for the last 4 years. Jobs keep getting blowout numbers month after month after month. Wages rose a 3% annual rate last month. Stock market is all time high despite Biden increasing minimum tax rate on corporations to reduce the national debt. Inflation adjusted wages for low wage workers increased by 12% under Biden. The inflation rate under Biden has been consistently lower than the OECD average.
Oh, I agree. That site is trash and used in total sarcasm jest.
despite the clueless media predicting one every day for the last 4 years.
GOD I got so fucking sick of that after the first year. It was obvious it wasn't gonna happen but every damn media outlet, even the ones I previously thought were relatively unbiased, were just shouting "recession, recession, recession" like a chant to the Econ Gods. It was such obvious propaganda.
Good for Biden.
Good still costs way too fucking much though.
Oh, I agree. That site is trash and used in total sarcasm jest.
Just don't ask him how many white collar jobs we lost over the last year.
This just isnt the winning metric Bidens campaign hopes it is.
Biden: literally cures cancer and institutes world peace
Tankies: "here's how this is bad for Biden"
If he literally cured cancer and instituted world peace, that would be a great thing to shout from the rooftops to drum up excitement and votes.
Shouting "The economy is great" to a bunch of Americans who are living paycheck to paycheck after seeing their costs of living dramatically increase in the last five years is not a winning strategy. It reeks of someone who is out of touch.
I got downvoted for saying id support Biden if he cured cancer. You folks are deranged.
Maybe if he got 35 felonies it would help, what do you think?
Trump being shit doesnt mean no one else can also be shit.
More jobs aren't great when people need two or three each to survive. Fix wages yesterday already.
Blame Congress
Best we'll ever be willing to do is a thumbs down and a curtsy.
But he's old.
Isn't low unemployment a "despite the Biden administration" thing? Wasn't that the whole point of the interest rate hikes to "cool off" the economy (I.E. increase unemployment). Am I missing something?
The President has no power over the interest rate. The interest rate is set by the Federal Reserve.
Agreed, presidents can apply pressure but the Fed is technically independent. That probably wasn't fair of me to link Biden to the Fed, sorry. Dems are quick to attribute this gain to the Biden administration. I've heard broad statements about how Biden is good for the economy, but they don't really go into specifics. I'm curious what they're specifically saying he's done to boost the economy to the point that it invalidates Fed interest/employment/inflation models.
Yes you are missing the fact that the president's policies have a major effect on the economy.
What specifically is he doing that is creating jobs? As of February new jobs are being driven by healthcare jobs. There are several other types of work before you get to construction, which could plausably be linked to infrastructure spending. And again, that's held to against the interest rate hikes that are designed to lower inflation by increasing unemployment, or the more appropriate euphomism of softening the labor market.
Yeah, let me know when they stop having to revise it down every single time they publish them after a month and nobody pays attention to that revision downwards and when inflation isn't 10% plus.
Okay. I am letting you know. The inflation rate is 3%. And the jobs numbers have been revised upwards more often than downwards in the last 2 years.
Not American, but please keep in mind that the national inflation rate is not necessary someone's personal inflation rate.
For example when inflation was in the 10%+ here my personal rate was almost 30%. My dad for example buys his bread in his local bakery it was €3 for a 1 loaf and didn't go up. The bread I buy was €1,02 then it went up to €1,96. That's 80%+ inflation will my dad had zero. This still is the case(luckily not as bad anymore some prices went down again) with the cheapest stuff. For me personally it doesn't matter if already to expensive tomatoes only went 5% up. What's matters is the cheapest.
For another example new cars didn't go up much, but I couldn't buy a new car anyway. (And how the fuck buys a new car every year?) It's a meaning less number.
You don't know if someone's rent went up %20 or there stable food supply. Personal inflation especially if you are already struggling is a removed.
That's being said the price hikes are do to higher prices of materieels and most important record profits for companies. You can blame (in the USA) Biden for keeping the system in places which profits on the basic needs of humans, but not necessary the current inflation numbers.
Same with jobs the numbers go's up you can credit Biden for that, you again can blame him (and his colleagues on both sides(and the not Biden side is much worse)) that you can barely scrap by on a single job.
Simple said personal experience is not numbers.
