MicroWaveNov 19, 2023

This Is Biden’s Soft Landing, and He Deserves Some Credit

https://lemmy.world/post/8454225

This Is Biden’s Soft Landing, and He Deserves Some Credit - Lemmy.World

The last time this happened, voters didn’t credit Bill Clinton. That may be a bad omen, or a good one. If the stock market chose presidents, Joe Biden would be a shoo-in for reelection in 2024. The market rallied this month amid growing optimism about the economy, with the S&P 500 zooming 1.9 percent Tuesday on news that the consumer price index rose only 3.2 percent in October (compared to 3.7 percent in September). Stocks rallied again Wednesday on news that the producer price index fell 0.5 percent. Commentators are no longer debating whether the economy will experience a “soft landing” (i.e., a reduction in inflation without recession). The only question now is when it will arrive. The S&P 500 seems to have decided it’s already here. But the stock market doesn’t choose presidents. Voters do, and polls continue to show they think the economy is in terrible shape. A Financial Times–Michigan Ross Nationwide Survey conducted November 2–7 is absolutely brutal on this point.

Show threadTreczoksNov 19, 2023

The problem is that Wall Street Wealth is not Voters Wealth. “Economy” has become “Riches Economy” - In a good economy, the rich profit more, in a bad one, the rich profit less (but thy still profit, if they are not terminally stupid). All the rest just pays for it, regardless in what state the economy is.

For normal people, the economy is, as always, in a very bad shape.

Show threadrbesfeNov 19, 2023
This is high-schooler thinking. Yeah rich people benefit more from the stock market and are more able to weather the dips, but the overall health of the economy is still closely coupled to the average person’s quality of life and employment opportunities.
Show threads_s

This is high-schooler thinking.

This is dumbass level name calling.

The rich have continually asked the middle and working class to surrender everything over the past 40 years in the name of “economy” and continue to rob them blind.

Wake the fuck up.

Nov 19, 2023 at 2:22pmWeb
Show threadSuperorgizznismNov 19, 2023
But according to the article, there’s no evidence that this means anything is wrong with the economy…