Post by tnthomas on Dec 13, 2023 11:30:13 GMT -5
I'm actually glad that you started this thread, it gives us all a chance to examine "Bidenomics" more closely and get beyond the typical cable media spin. Bidenomics is:
Bidenomics, according to the White House, is a rejection of the trickle-down economic policies that defined Reaganomics. The three pillars of Bidenomics are:
Making public investments. Biden’s administration says targeted public investment can attract more private sector investment. The White House specifically points to priority investments in infrastructure, semiconductors, clean energy and climate security. Some of those critical investments were part of the Inflation Reduction Act (IRA); the CHIPS and Science Act; as well as the Infrastructure Investment and Jobs Act.
Empowering and educating workers to grow the middle class. Biden’s administration has pointed to a strong recovery in employment defined by low unemployment and high labor force participation as one of its victories. It asserts a commitment to education at all levels including free universal pre-K, free community college, as well as investment in registered apprenticeships and career technical education programs. The administration also says it supports empowering workers by easing barriers to joining a union.
Promoting competition to lower costs and help entrepreneurs and small businesses to thrive. The administration has been committed to antitrust laws to promote competition and says its efforts have paid off. It is also committed to lowering costs for consumers, fighting junk fees and making it easier for new products to enter the market.
Making public investments. Biden’s administration says targeted public investment can attract more private sector investment. The White House specifically points to priority investments in infrastructure, semiconductors, clean energy and climate security. Some of those critical investments were part of the Inflation Reduction Act (IRA); the CHIPS and Science Act; as well as the Infrastructure Investment and Jobs Act.
Empowering and educating workers to grow the middle class. Biden’s administration has pointed to a strong recovery in employment defined by low unemployment and high labor force participation as one of its victories. It asserts a commitment to education at all levels including free universal pre-K, free community college, as well as investment in registered apprenticeships and career technical education programs. The administration also says it supports empowering workers by easing barriers to joining a union.
Promoting competition to lower costs and help entrepreneurs and small businesses to thrive. The administration has been committed to antitrust laws to promote competition and says its efforts have paid off. It is also committed to lowering costs for consumers, fighting junk fees and making it easier for new products to enter the market.
The U.S. economy is now pulling off what all these experts said was impossible: strong growth and record employment amidst plummeting inflation. And just as importantly, thanks to Bidenomics, the fruits of economic prosperity are inclusive and broad-based, amidst a renaissance in American manufacturing, investment, and productivity.
Consider some of the headline economic statistics released the last few days, on top of the GDP release. At 3%, inflation is now at its lowest since the pandemic, down from its peak of nearly 10% of last year. Commodity prices have plummeted by at least 50% across the board, ranging from energy, food, agriculture, and metals. Some such as lumber are down a stunning 95% in a year. Even gasoline prices, which have ticked up slightly in the last few weeks, are now lower than pre-Ukraine conflict levels.
Meanwhile, the unemployment rate of 3.7% is at a 54-year low, and the unemployment rate has stayed below 4% for the longest stretch in the last 50 years despite the Fed raising interest rates from 0 to 5.5% in a year. The last time this nation saw such good employment news, LBJ was the President and Bonanza was the top show on TV. In almost every major sector, real wages are now growing faster than pre-pandemic with record workforce participation, amidst millions of new and returning workers–partially thanks to the workforce training, education, and childcare policies that are core pillars of Bidenomics. Fortune.com
Consider some of the headline economic statistics released the last few days, on top of the GDP release. At 3%, inflation is now at its lowest since the pandemic, down from its peak of nearly 10% of last year. Commodity prices have plummeted by at least 50% across the board, ranging from energy, food, agriculture, and metals. Some such as lumber are down a stunning 95% in a year. Even gasoline prices, which have ticked up slightly in the last few weeks, are now lower than pre-Ukraine conflict levels.
Meanwhile, the unemployment rate of 3.7% is at a 54-year low, and the unemployment rate has stayed below 4% for the longest stretch in the last 50 years despite the Fed raising interest rates from 0 to 5.5% in a year. The last time this nation saw such good employment news, LBJ was the President and Bonanza was the top show on TV. In almost every major sector, real wages are now growing faster than pre-pandemic with record workforce participation, amidst millions of new and returning workers–partially thanks to the workforce training, education, and childcare policies that are core pillars of Bidenomics. Fortune.com
