RKMBs Forums .::Important::. Politics and Current Events Bidenomics is working

U.S. winning the global economic war
The United States economy grew faster than any other large advanced economy last year — by a wide margin — and is on track to do so again in 2024.

Why it matters: America's outperformance is rooted in its distinctive structural strengths, policy choices, and some luck. It reflects a fundamental resilience in the world's largest economy that is easy to overlook amid the nation's problems.

By the numbers: U.S. GDP looks to have grown 2.5% in 2023, according to the IMF's hot-off-the-presses World Economic Outlook, the highest among the G7 economies (Japan was second at 1.9%).

IMF economists forecast similarly best-in-class growth this year, with 2.1% U.S. growth (second place: Canada at 1.4%).
State of play: All countries were dealing with the same problems of post-pandemic inflation and high interest rates meant to combat it. But the U.S. managed to achieve solid growth in spite of those headwinds.

Strong growth in the U.S. labor force was one factor — both due to more Americans choosing to enter the workforce and a surge in immigration.
The U.S. also experienced strong productivity growth fueled by an innovative corporate sector and, Biden administration officials argue, big federal investments in infrastructure and manufacturing capacity.
What they're saying: Adam Posen, president of the Peterson Institute for International Economics, argues that an important part of the story is a U.S. pandemic response that led to more Americans shifting toward higher-productivity work.

"The enormous labor market churn of COVID in 2020-21 had the unintended benefit of moving millions of lower income workers to better jobs, more income security, and/or running their own businesses," Posen tells Axios.
"We are reaping the benefits of it now in labor force participation, wage growth, and improved productivity," which was "very different from Europe and Japan where most workers remained tied to their pre-COVID jobs."
Yes, but: It's not just that the U.S. is doing well — it's that other major economies have distinctive problems holding back growth.

Japan, for example, has a shrinking population and low immigration rates, which means even when its economy is doing well, growth is lower than the U.S.
The United Kingdom is still working through the supply disruptions triggered by Brexit.
Major European economies have been reliant on Russian oil and natural gas, so the war with Ukraine and elevated energy costs are hammering manufacturers in Germany and beyond. Attacks in Red Sea shipping lanes could add further disruption to European industry.
White House economic adviser Lael Brainard, speaking to reporters last week, cited "strong policy actions that were designed to lead to a strong and broad-based recovery faster than we have seen previously in the U.S. — and faster than we saw in other countries."

Bidenomics is Working in Battleground States
“ President Joe Biden has grappled with an economy that saw inflation soar to its highest level in 40 years. But data shows that his often-touted Bidenomics might be working to his advantage, particularly in six states that could go to either Biden or his Republican rival in November.

Although Biden's presidency has been plagued by high inflation, leading some analysts to anticipate a recession, the economy has proved resilient. Inflation has slowed. The unemployment rate at 3.7 percent has dropped to its lowest level in decades and last year the economy grew by 2.5 percent.

On Wednesday, the private sector added more than 100,000 jobs while wages also went up, according to research institute ADP, both slower than in previous months but a signal that the economy was achieving a soft landing. This is the scenario where the Federal Reserve's hiking of rates helped cool inflation without doing too much damage to the economy.

"This economy has softly landed and is relaxing at its destination, with two things happening—slowdown in hiring, but still solid, and wage pressures [are] easing, which also helps the case to keeping inflation under control," ADP's chief economist Nela Richardson told reporters.

The state of the economy has the Biden administration saying that his policies—dubbed Bidenomics—are working. And in those six battleground states, low unemployment, below-average gas prices, and economic growth indicate he might be right.

"The U.S. economy grew 3.1 percent over the past year while adding another 2.7 million jobs, and with core inflation moving back down towards the pre-pandemic benchmark," Biden said last week, referring to growth in the fourth quarter of 2023 to the same time the previous year. "Wages, wealth and employment are higher now than they were before the pandemic. That's good news for American families and American workers. That is three years in a row of growing the economy from the middle out and the bottom up on my watch."
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The article goes on to each battle ground state. Bad news for maga world where hating the other side seems to be its biggest principle and a good economy is a threat to the thing they worship.

https://www.foxnews.com/politics/bidenomics-falls-flat-with-voters-trump-take-huge-lead-new-poll

Not everyone likes Bidennomics.

Trump,who is probably going to jail, is preferred over a sitting president. Trump could win this while sitting in a jail cell.

You can't sell the dog food, if the dogs won't eat it.


And they're not :

• 
  https://www.realclearpolitics.com/epolls/2024/president/2024GeneralElection.html#!\
  
  https://fivethirtyeight.com/feature...t-especially-independents-and-hispanics/
  
  https://www.msn.com/en-us/news/poli...aphics-especially-concerning/ar-BB1hVPNg
  
  https://www.pewresearch.org/politics/2022/01/25/views-of-joe-biden/

Even among traditionally Democrat groups, among blacks, hispanics, women, millenials, you name it, Biden has the lowest support of any president in polling history.
EVEN THEY know the dog food is bad, and they're not eating it.
Or at least far less of them are. No matter how hard you try to sell it.

Trump is currently telling his doggies that the economy is doing so well because the stock market is anticipating his return.
“ On Monday, he claimed on Truth Social that voters were already enjoying a “TRUMP STOCK MARKET” because the economy was anticipating his eventual victory. For now, Trump said, “EVERYTHING ELSE IS TERRIBLE (WATCH THE MIDDLE EAST!)”

But economists quickly dismissed the claim, and the theory that Trump should get credit for an economy overseen by Biden has proved too far of a stretch for many Republicans as well.

“I wouldn’t make that my principal argument,” said Charlie Gerow, a Pennsylvania-based GOP strategist. “‘The economy is good because of some future occurrence’ is not typically the best argument.”

Former Trump White House economic adviser Larry Kudlow, who initially floated the idea that Trump deserved credit for the current stock gains, has also since walked back the idea. It was a remarkable concession given Kudlow’s record as one of the most reliably pro-Trump economic commentators.

“I’m an honest broker,” he said on Fox News following better-than-expected GDP numbers. “If I were [Biden], I would be bragging about it, too.”

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Larry Kudlow is one of the most loyal Trump officials, and makes some of the best factual arguments in defense of Trump.
I don't see that he is "walking back" any arguments made in Trump's defense. I saw him earlier today making a vigorous (while never losing his cool) defense of Trump on a Democrat panelist's arguments against Trump regarding today's U S Supreme Court case, about Colorado trying to exclude Trump from being a candidate in the Nov 2024 election (despite that Trump was never accused / indicted for that, never tried in court, and never convicted for "insurrection" or any similar charge.
Nor have any of the 1,300 or so protesters arrested for being in or near the Capitol on January 6th, by the fanatical Democrat-weaponized DOJ and FBI.

There was a similar surge in the stock market in late 2016 immediately after Trump's election as president in Nov 2016.
Can that be proven o be what caused the stock market to surge, either in 2016, or now in 2024 ?
No, I guess not. But it is certainly a valid speculation.

I find it hard to get too worked up about what is essentially just an opinion, and I think obviously stated by Trump as a speculated opinion.
The reaction of yourself and the liberal media to that speculation by Trump, is laughably similar to CNN doing a "factcheck" a few years ago, of a Saturday Night Live sketch that made fun of Obama.

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