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I mean, there's more than one dimension to "the economy". Unemployment rate and GDP recovery is good, inflation curtailed, wages are growing - but obviously not

I mean, there's more than one dimension to "the economy". Unemployment rate and GDP recovery is good, inflation curtailed, wages are growing - but obviously not enough. Then Harris proposed a decent policy to improve housing affordability, but that would only beg the question "why didn't Biden do this?". Basically, too little too late. They fucked up that, and fucked up on the border, when there was no excuse to fuck up. I believe the Harris' policies would have been better for the economy than tariffs and deportations, but it's a moot point in voters' minds.

pc86 2y ago
Your first paragraph should be printed, framed, and put in a museum as a perfect example of why the Biden-Harris messaging around the economy fell flat. Nobody gives a shit if unemployment is down and GDP is up when a pizza that was $10 3 years ago is $15 now. The answer to someone saying that they can't afford as much as they could a few years ago is not to tell them that they're wrong. Her housing credit suggestion a) was less than the amount the median home price increased by under Biden, and b) would have only served to increase the price of housing further by increasing the supply of money available, exactly the same thing ZIRP did.
- slothtrop 2y ago
  I'm not referring to the credit. She had proposals to boost supply. Tax incentives for builders that build starter homes sold to first-time buyers An expansion of a tax incentive for building affordable rental housing. A new $40 billion innovation fund to spur innovative housing construction. To repurpose some federal land for affordable housing. To remove tax benefits for investors who buy large numbers of single-family rental homes. as per - https://www.noahpinion.blog/p/harris-has-the-right-idea-on-housing https://www.noahpinion.blog/p/harris-has-the-right-idea-on-h...
  - SV_BubbleTime 2y ago
    > I'm not referring to the credit. She had [all these things] … that people didn’t believe. She ran for her first 50 days claiming Bidenomics was working. That term was so stupid I thought it was a joke that conservatives made up. Surely they weren’t trying to say the economy was good right? Well, no surprises on my end last night.
    - slothtrop 2y ago
      They plainly had no awareness of them, nevermind believe, but even if they did it probably would not have sufficed for the aforementioned reasons. Like you said, no surprises.
frmersdog 2y ago
No one is talking about the real source of a lot of these problems: there was supposed to be a minor collapse/major correction of the economy around this time in 2022. Essentially, there were signs that people were preparing for a major recession that was going to be precipitated by a collapse in one or more major markets (probably real estate, either American CRE or Chinese residential); inflation necessitating rapid FFR hikes would have played a part in this. Instead, everything was backstopped by various means, and the Fed went for a "soft landing". This didn't solve the problem, it just shifted the burden onto people who didn't own the assets that were backstopped. A number of other actions (breaking the rail strike, a number of actions taken to prevent turmoil in securities markets) also forestalled the correction. The result is that, instead of taking a big blow early in his presidency, leaving us currently in the recovery period, Biden disrupted every "attempt" by the market to correct. This allowed for common economic metrics to read as healthy, even while the portions of the economy that most effect the average American were distorted.

pc86 2y ago

Your first paragraph should be printed, framed, and put in a museum as a perfect example of why the Biden-Harris messaging around the economy fell flat. Nobody gives a shit if unemployment is down and GDP is up when a pizza that was $10 3 years ago is $15 now. The answer to someone saying that they can't afford as much as they could a few years ago is not to tell them that they're wrong. Her housing credit suggestion a) was less than the amount the median home price increased by under Biden, and b) would have only served to increase the price of housing further by increasing the supply of money available, exactly the same thing ZIRP did.

slothtrop 2y ago
I'm not referring to the credit. She had proposals to boost supply. Tax incentives for builders that build starter homes sold to first-time buyers An expansion of a tax incentive for building affordable rental housing. A new $40 billion innovation fund to spur innovative housing construction. To repurpose some federal land for affordable housing. To remove tax benefits for investors who buy large numbers of single-family rental homes. as per - https://www.noahpinion.blog/p/harris-has-the-right-idea-on-housing https://www.noahpinion.blog/p/harris-has-the-right-idea-on-h...
- SV_BubbleTime 2y ago
  > I'm not referring to the credit. She had [all these things] … that people didn’t believe. She ran for her first 50 days claiming Bidenomics was working. That term was so stupid I thought it was a joke that conservatives made up. Surely they weren’t trying to say the economy was good right? Well, no surprises on my end last night.
  - slothtrop 2y ago
    They plainly had no awareness of them, nevermind believe, but even if they did it probably would not have sufficed for the aforementioned reasons. Like you said, no surprises.

frmersdog 2y ago

No one is talking about the real source of a lot of these problems: there was supposed to be a minor collapse/major correction of the economy around this time in 2022. Essentially, there were signs that people were preparing for a major recession that was going to be precipitated by a collapse in one or more major markets (probably real estate, either American CRE or Chinese residential); inflation necessitating rapid FFR hikes would have played a part in this. Instead, everything was backstopped by various means, and the Fed went for a "soft landing". This didn't solve the problem, it just shifted the burden onto people who didn't own the assets that were backstopped. A number of other actions (breaking the rail strike, a number of actions taken to prevent turmoil in securities markets) also forestalled the correction. The result is that, instead of taking a big blow early in his presidency, leaving us currently in the recovery period, Biden disrupted every "attempt" by the market to correct. This allowed for common economic metrics to read as healthy, even while the portions of the economy that most effect the average American were distorted.