Summary
President Joe Biden’s economic achievements—lowering inflation, reducing gas prices, creating jobs, and boosting manufacturing—are largely unrecognized by the public, despite his successes.
His tenure saw landmark legislation like the Inflation Reduction Act, CHIPS Act, and major infrastructure investments.
However, Biden’s approval ratings remain low, attributed to inflation backlash, weak communication, and a media landscape prone to misinformation.
Democrats face a “propaganda problem” rather than a policy failure, with many voters likely to credit incoming President Trump for Biden’s accomplishments due to partisan messaging and social media dynamics.
I am so God damn sick of reading articles from pundits who think they can just numbers-and-statistics away people’s financial experience. Listen to this shit:
America has recovered more quickly and more completely than almost any comparable country. As The Economist put it, “The American economy has left other rich countries in the dust.” Real wages have risen fastest for those at the bottom of the income scale. Today, inflation is at 2.4%, compared with the 9.1% peak in June 2022. The fight against rising prices has essentially been won.
But few in the electorate seem aware…
Wow, the electorate sounds like a bunch of dipshits. But just for the hell of it, let’s check their source for the wages of the bottom income scale. According to the Economic Policy Institute, real wages grew 13.2% between 2019 and 2023. Now, inflation was 19.2% during that period, but “real wage,” means, “wage adjusted for inflation,” so I guess the author is right. The lowest income earners got a raise during the Biden years. Guess the poor are a bunch of dipshits.
But which of Biden’s policies led to these increases in wages? Well, the Economic Policy Institute says:
Between 2019 and 2023, state-level minimum wage increases along with a tight labor market have translated into faster real wage growth for low-wage workers, particularly faster growth in states (and D.C.) that increased their minimum wage during this period.
So, it sounds like the wages went up because of a competitive labor market (which the Fed intentionally killed to combat inflation) and minimum wage increases at the state level, and that states that increased their minimum wages saw more of that growth than others. So, you could make an argument that Biden deserves little credit for this increase, but let’s not even worry about that. Let’s see look at the minimum wage by state.
The EPI has a handy Minimum Wage Tracker that color-codes states by their state minimum wage against the federal minimum wage. A quick glance shows you the states with the highest minimum wage are mostly states that went to Harris. But what’s really interesting is that, of the 7 key battleground states that Harris lost, 4 of them (Georgia, North Carolina, Pennsylvania, Wisconsin) have the same minimum wage as the federal minimum of $7.25, a starvation wage that hasn’t been raised since 2009. So it’s not unreasonable to assume that in more than half the key states Harris needed win saw the smallest share of that 13.2%, but did see prices increase by 19.2%.
Now, I’m not an economist, and I don’t have hours to research this shit, so it’s entirely possible that I’m missing a lot of nuance regarding cost of living and non-minimum wage increases in these states. But that’s not the point. The point is that I’ve already spent more time and energy examining why people might not feel good about the economy than the sneering chud that wrote this article. And I’ll end this tirade with one last quote from the EPI report he cited:
Wage rates remain insufficient for individuals and families working to make ends meet. Nowhere can a worker at the 10th percentile of the wage distribution earn enough to meet a basic family budget.
Young people have no hope of buying a house in my area.
In my neighborhood all the drug store shelves are bare (Rite Aid) and there’s soon to be only one grocery store to choose from (Kroger).
When I’m getting groceries the checkers are talking about how the store is going to close if the merger happens and they’ll all lose their jobs.
No ‘media’ lied to me and convinced me that the economy is wack. I see it every day.
What I’m not hearing in the media is recognition of working folks’ struggles. Failure to address this kept Dems home.
I’m really sorry to hear that. Would it help if I showed you a graph that shows the stock market is actually doing great?
paul krugman did exactly that https://www.youtube.com/watch?v=GV6kHBwT7bg
Jon Stewart just discussed some of this on The Weekly Show podcast with Heather Cox Richardson as guest. Discussing whether the metrics that define economic success are outdated and also how poorly any of Biden’s “successes” were shared by his White House and the media. It was all framed much better than this article.
I once heard some comedian or podcaster say something to the effect of, “The media keeps telling people that the economy is doing well because of the stock market, but for most of us you could replace the words, “stock market,” with, “rich people’s feelings graph,” and it would mean about the same thing.” I think that a lot. Also, I didn’t know John Stewart had a podcast for the Daily Show, thanks for the heads up on that!
The stock market is 80% owned by 10% of people… Better stock market= more profits for rich… Those profits come from our labor… The better “the economy” is doing, the worse the workers are doing. The markets went through the roof for Trump because the rich know he’s going to let them rape and pillage without constraints of any kind.
I was just watching an interview last night. Maybe it was 60 Minutes, but they were talking to a woman about this. They told basically all this same info - inflation going down, gas going down, jobs increased, wages increased. The woman said, “I didn’t see any of that. My wage didn’t go up.” No idea what she does, if her job is eligible for a wage increase, but basically she was saying none of that impacted her personally or positively, so she voted for Trump.
Exactly. Democrats think that if they just tell people positive metrics enough times, these feelings will go away. They won’t. You have to look at them and say, “You’re right, things still suck for you. Things got better for a lot of people, but people like you didn’t see much of that because of [X] and [Y]. Here’s how we’re going to fix it.” Otherwise, they’re going to listen to anyone who tells them their problem is real, even a racist xenophobe that blames migrants for everything.
I think to some extent, Kamala said exactly how she planned on making things better. Trump didn’t say anything, and as usual had no plans. He still got elected. I saw an article last week about Trump saying not saying what his plans were helped him. What sense does that make, when a guy like Trump, who’s never had a plan or a rational suggestion to anything (“let’s nuke the hurricanes!”), can not say a damn thing about what his policies would be and still get elected? That tells me the Dems were drastically out of touch.
As you rightfully note the relationship between federal economic policy and economic outcomes is complex and it’s not easy to tease apart cause and effect. Having said that Democrats have through history presided over MUCH better economic outcomes than Republicans, and Biden is no exception. Yet, voters consistently believe that (generic) Republicans are better for the economy than generic Democrats.
Democrats are broadly better, but they’ve created a lot of the conditions that are killing the working class now. Bill Clinton was the one who passed NAFTA, which was the biggest blow to manufacturing jobs in American history. Obama had a similar trade deal, the TPP, which most likely would have been equally devastating had Trump not killed it (which probably had more to do with his obsession with tearing down the achievements of the first black President than helping workers, but I doubt that mattered to the TPP’s opponents).
Even when Democrats aren’t directly the result of harm, their solutions are no longer the grand, ambitious plans from their New Deal glory days. Take Obama’s promises to create a foreclosure prevention fund, which got whittled down to HAMP, a mostly impotent refinance scheme that seems to have been designed more for banks than borrowers (despite large Democratic majorities). I’m sure it was better than whatever the Republicans would have come up with, but I doubt that mattered to people who were two months behind on an underwater mortgage.
Biden and Harris started with a strong vision, but they couldn’t get it through Congress and instead pivoted to telling people that actually, they were doing great, and the economy was good again. That will always be a losing message with people who aren’t doing well. The Democrats need to double down on a progressive message that does not compromise, with bold plans like a $20 minimum wage indexed to inflation, Medicare for All, and UBI. If they keep tinkering around the margins and giving people statistics when they say they’re doing poorly financially they will never be relevant again.
I agree with you that the Biden/Harris approach to economics is dead. There are virtually no voters left in the middle, so shifting to the right doesn’t help the Democrats like it used to. I also think the policies you propose will help a significant share of voters.
The bigger issue is communication. If these policies aid a significant part of voters, how can we convince them of this in the face of the right wing propaganda machine? That battle is as important as the policy platform, and it’s a very tricky challenge to overcome.
Another worry I have is that the Trump government will be more evil and less like a shitshow than his previous stint. Unfortunately, I think many voters will get behind evil stuff like rounding up migrants if it’s done in an organised manner.
Why did you bother mentioning the 19.2% inflation statistic if we’re talking about real wages?
Your point is taken that Biden is not primarily responsible for the wage increases during his time in office, but he doesn’t have the power as president to unilaterally increase the federal minimum wage. He did sign an executive order increasing the minimum wage for federal employees and contractors which, while not having a significant impact on the wage growth nationally, is a step in the right direction.
I realize your point is more that the author of this piece is a prick and he didn’t spend enough time trying to understand the bad economic vibes coming from the working class, but it seems like the Biden administration did a relatively good job guiding the economy through post COVID turmoil, which he (… And Harris by proxy) did not get any credit for. Would you agree with that?
I’m a huge fan of “sneering chud” by the way. Will be forcing that into a conversation soon.
Why did you bother mentioning the 19.2% inflation statistic if we’re talking about real wages?
Mostly so I could point out in the second to last paragraph that if you weren’t on the receiving end of that 13% wage increase (as I strongly suspect is the case for many people in GA, PA, WI and NC), then you took a 20% price increase to the face.
I think the Biden administration did its best to push through the progressive platform that he ran on, and I think that they probably don’t get enough credit for that. I think Biden should have been more aggressive with Congress, especially in calling for the abolition of the filibuster early on, but I appreciate how much he did (or tried to do) through executive action. He was especially good on student loans, I honestly expected him to give up on that, but he didn’t.
However, I think both Harris and Biden lost sight of the left-wing populist message that won them the White House in 2020. Harris especially pivoted towards a centrist, “economic opportunity,” platform instead of a, “here’s how government will help you,” message. I think small business tax credits and first-time homebuyer’s assistance are pretty out of touch when you’re trying to win over people who can’t afford groceries. She had some policies that were more targeted at the working class, but they were not the centerpiece of the campaign like these middle-class focused proposals.
That being said, yeah, most of my rage here is being directed at the author of this piece. Glad you liked, “sneering chud,” I’m a little proud of that one.
Biden tells the sad paid for truth, Trump sells paid for lies.
Both won’t change that most American wages aren’t going up, prices are. Certainly won’t with tariff going to 60%.
Biden didn’t really do much for the average American. He could demanded higher wages, pushed for healthcare coverage, and investigated price hiking. And arrested Trump. He did some, but for a man who is currently a sitting duck who is above the law, he’s choosing the safest/“easiest for the rich” option as a presidential RBG.
Trump won’t do much, but will loudly shit out that he did, and his followers will eat it up and ask for more.
I will give Biden credit for trying. I expect him to pull an Obama and pivot to centrist policy the second he got into office, but he really tried to pass all the progressive things he ran it. He was just incredibly ineffective at it and basically wound up with a pretty standard (though very large) infrastructure bill that he wanted everyone to pretend was a huge progressive victory.
