The uptick at line 2 is the enactment of the “American Rescue Act of 2021” in march 2021, where people were eligible to receive 1400-2800 dollars, depending on their household. And look at that, the uptick at line 2 is exactly the same size!
This is not a coincidence.
Just before, in Jan 21 when Biden was inaugurated, we see that savings had already been decreasing since the last Covid stimulus packages. They reached a low just before line 2, and were then boosted by Bidens Rescue Act. Since then, the economy has struggled to recover from Covid, and at line 3 we see that most Americans have burned through the extra savings that they got thanks to Biden. Luckily, that line has also been going down less (and it is inflation-adjusted as well), suggesting that the economy is actually slowly improving, as economic growth starts catching up with inflation.
It’s hard to overstate the impact of Covid on the global economy. To think that the effects can be magically handwaved away with some magic economic policy is just delusional. It was always going to take time.
Biden is far from perfect. But to claim these numbers show a poor performance from Bidenomics, when the numbers clearly show that his policies have allowed people to keep their heads above the water while the economy recovers, is just arguing in poor faith.
What they shows is that the majority of people are losing their savings, and that their savings is basically enough to cover a couple of emergencies, but not any other particular catastrophe. This is essentially looking the credit agencies right in the mouth here.
I mean it’s fine if you are generally ok with nobody below 85% of the population having any money, but expecting people to be happy or excited about these economic policies is simply delusional.
The wealthy 1% made more than 42 trillion dollars since 2020, nearly 2/3rds of all new wealth generated, with most food and energy corporations in the U.S. doubling their profits. The ‘economy’ isn’t struggling, it is people who are struggling, the average global and American worker, while these industries get bailouts and ‘loans’ (bailouts by another name), none of which gets shuffled down the value chain to labor, and any that does immediately gets hoovered up again by corporations testing their price/demand curve on essentials in a ‘crisis’.
Idk if it’s going to be enough to make him lose an election, but pretending people aren’t upset and don’t have a good reason to be upset is missing the forest for the trees.
If anything, it is a sign that there can be no more value given to the American proletariat in this system, we are completely stuck where we are in these ratios as an economy under this model of economic governance.
The uptick at line 2 is the enactment of the “American Rescue Act of 2021” in march 2021, where people were eligible to receive 1400-2800 dollars, depending on their household. And look at that, the uptick at line 2 is exactly the same size!
This is not a coincidence.
Just before, in Jan 21 when Biden was inaugurated, we see that savings had already been decreasing since the last Covid stimulus packages. They reached a low just before line 2, and were then boosted by Bidens Rescue Act. Since then, the economy has struggled to recover from Covid, and at line 3 we see that most Americans have burned through the extra savings that they got thanks to Biden. Luckily, that line has also been going down less (and it is inflation-adjusted as well), suggesting that the economy is actually slowly improving, as economic growth starts catching up with inflation.
It’s hard to overstate the impact of Covid on the global economy. To think that the effects can be magically handwaved away with some magic economic policy is just delusional. It was always going to take time.
Biden is far from perfect. But to claim these numbers show a poor performance from Bidenomics, when the numbers clearly show that his policies have allowed people to keep their heads above the water while the economy recovers, is just arguing in poor faith.
What they shows is that the majority of people are losing their savings, and that their savings is basically enough to cover a couple of emergencies, but not any other particular catastrophe. This is essentially looking the credit agencies right in the mouth here.
I mean it’s fine if you are generally ok with nobody below 85% of the population having any money, but expecting people to be happy or excited about these economic policies is simply delusional.
The wealthy 1% made more than 42 trillion dollars since 2020, nearly 2/3rds of all new wealth generated, with most food and energy corporations in the U.S. doubling their profits. The ‘economy’ isn’t struggling, it is people who are struggling, the average global and American worker, while these industries get bailouts and ‘loans’ (bailouts by another name), none of which gets shuffled down the value chain to labor, and any that does immediately gets hoovered up again by corporations testing their price/demand curve on essentials in a ‘crisis’.
Idk if it’s going to be enough to make him lose an election, but pretending people aren’t upset and don’t have a good reason to be upset is missing the forest for the trees.
If anything, it is a sign that there can be no more value given to the American proletariat in this system, we are completely stuck where we are in these ratios as an economy under this model of economic governance.
No it isn’t