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 threadhakaseNov 19, 2023

Exactly. Your downvotes here only prove the financial illiteracy/intentional misinformation rampant across lemmy.

Not to mention that the average person should be putting their retirement savings mostly into mutual funds, so when the market goes up it should benefit the average person directly as well as indirectly.

Show threadPoliticalAgitatorNov 19, 2023
And do you have any criticism for the rampant misinformation being spread by major politicial parties, for-profit media empires, exclusive schools and giant corporations the world over, as they promise “this time, neoliberalism is really going to work”, even as they stake their fortunes on it failing yet again?
Show threadhakaseNov 19, 2023

Do you have anything relevant to the conversation to say, or just typical whataboutism distraction tactics?

Relevant username.

Show threadPoliticalAgitator
That is completely relevant to the conversation. If you can’t even manage a token “trickle down is bullshit” then we know the “knowledge” you’re about to bless us poor idiots with is just self-serving garbage.
Nov 19, 2023 at 11:20pmWeb