Here's Clintons Treasury Sec pointing out how he is doing the best economically for decades that incluses the Cinton period
Biden’s economic policies are the most successful in the US in decades. That puts the Democrats on a strong political footing
www.theguardian.com
Right, this is a long, dull one so anyone reading this make sure they’re sitting comfortably.
Id read the above article earlier today and assumed everyone else had when commenting on Bidens economic performance, however, I follow the U.S. economy quite closely and I personally think its way too early to tell. There’s good and bad but the article only focusses on the good. This isn’t an anti Biden rant, more to play devils advocate to highlight the not so good….
He hasn’t created the 13m jobs he stated, most are just pre pandemic jobs returning. The true figure is comparable to trumps first couple of years in office. They have the same tightness in labour market as us. Same unemployment rate as us
Policies helped to drive inflation (see covid cheques from him and Trump during what was a supply side crisis for starters). - It was the Feds aggressive rate rises that have helped cool it. The aggressive rate rises exported a lot of inflation abroad due to strong dollar last year (oil etc bought in dollars) as well as the excess demand on limited numbers of products/materials available post pandemic
Their 30 year mortgage rates are now currently around 7% so hardly anyone can move or afford to buy a new house. Bond rates pretty similar to ours
There is no doubt that significant government spending has boosted US gdp and is far better spent on infrastructure than some of Trumps tax cuts for richest, however, their debt to gdp ratio is now 130%, his policies have been inflationary so pushed rates up which means servicing debt has increased. if rates don’t go down quickly they’d have lost total control of debt - I personally think they already have (not just Bidens fault). Their debt service cost is now $1 tn a year !!! Yep, $1 trn just to service gov debt.
I like some of Bidens green initiatives and hopefully they’ll finally help turn America more green, although he’s got a long way to go. Has he put up taxes on oil ? Nope he bled their oil reserves dry to keep oil cheaper during last years price surge
Current approval rating of Bidens handling of the economy is around 35% in USA. This just feels low if everything’s going as well as the article suggests, especially considering the amount government spending. Maybe this will improve once benefits filter through. I saw today that productivity/output per employee hour had risen significantly which is a massive positive if it’s driven my economic policy
I personally think without world leading tech companies, endless supply of oil/fracked gas and having world reserve currency theyd be well and truly fucked by now.
Ps would I prefer Biden over Trump, any day, do I think he’s some kind of economic policy genius…I’ll wait before passing judgment. Should he get another term at his age, no way.