FT-Michigan Ross poll underlines president’s struggle to overcome impact of inflation on voters’ economic outlook
  • PeepinGoodArgs@reddthat.com
    63·
    10 months ago

    The new poll results showed that inflation continues to cloud the Biden campaign’s efforts to convince voters of “Bidenomics”, the president’s strategy to rejuvenate the country’s industrial sector and reverse years of middle-class wage stagnation.

    Yeah, that’s Biden’s fault.

    The president doesn’t really have any appreciable effect on the economy. Every economist knows this. Industrial policy like Bidenomics, which includes the Inflation Reduction Act, among other things, takes years to have any impact, has so many moving parts that the implementation is out of his hands, and it will necessarily be both good and bad depending on your point of view. Less fossil fuel production looks bad even as renewable energy declines in prices to be more economical, for example.

    For the president to have encouraged people to look at the economy as his success was a failure from the beginning in principle. Now, it’s even more of a failure in practice. But it would have been equally foolish to praise him for the state of the economy. It’s not the president’s to control.

      • PizzaMan@lemm.ee
        31·
        10 months ago

        Biden has directly influenced the cost of fuel.

        No he doesn’t. At best the president has an indirect and minimal effect on fuel prices.

        https://www.youtube.com/watch?v=QnBqAzJXVGo

        Stopping drilling on federal land lowered supply and increased cost.

        We should have stopped in the 70s, but here we are.

        But regardless, he didn’t stop the current wells from extracting, he increased the cost of new ones.

        https://www.nytimes.com/2023/07/20/climate/biden-drilling-federal-lands.html

        https://usafacts.org/articles/how-much-oil-and-gas-comes-from-federal-territory/

        Believe me I wish he actually put a stop to it.

        Spending Biden called for and. approved has increased inflation.

        Inflation takes a while to hit, so much of what we are experiencing is from Trump’s administration. And in addition to that, the president doesn’t set the budget, congress does. Republicans are just as responsible for calls for spending and approval of inflation increasing policy.

        And that’s all before acknowledging that it’s corporate greed disguised as inflation for the most part. Corporate earnings are at record breaking highs. That’s not a coincidence.

          • PizzaMan@lemm.ee
            2·
            10 months ago

            Biden stopped exploration of new drill sites, that will decrease supply, which it did, less supply increases cost to the consumer.

            Which is why I said “indirect and minimal”. The other causes are much stronger.

              • PizzaMan@lemm.ee
                4·
                10 months ago

                When Biden opened up leases guess what happened, the price went down.

                Cool. Doesn’t change the fact that the president has a minimal effect.

                Government spending has a direct correlation to inflation.

                I am aware.

          • PeepinGoodArgs@reddthat.com
            2·
            10 months ago

            Biden stopped exploration of new drill sites, that will decrease supply, which it did, less supply increases cost to the consumer.

            Specifically, fossil fuel costs. Renewable energy costs continue to decline and are cheaper than fossil fuels.

            Also, higher consumer costs aren’t necessarily a bad thing. A higher fossil fuel costs force consumers to be more judicious about their choices that involve fossil fuels. How is that a bad thing? A price-sensitive consumer will reduce their use of fossil fuels, and have more money to spend on other areas of their life. In contrast, gas guzzling pavement princesses will eat into their owner’s pockets more than ever before.

            Between the two, I’d prefer to be the former so I can eat more steaks and potatoes.

  • PizzaMan@lemm.ee
    12·
    10 months ago

    I’d rather have “meh” over Trump, who is fond of using what is essentially Hitler quotes.