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October 06, 2023 02:32 PM UTC

Bidenomics is Working, Whether Republicans Like it Or Not

  • 7 Comments
  • by: Colorado Pols
Via The Washington Post (10/6/23)

The numbers don’t lie, as The New York Times reports:

In a sign of continued economic stamina, American payrolls grew by 336,000 in September on a seasonally adjusted basis, the Labor Department said on Friday.

The increase, almost double what economists had forecast, confirmed the labor market’s vitality and the overall hardiness of an economy facing challenges from a variety of forces.

It was the 33rd consecutive month of job growth, and the increase was the biggest since January. [Pols emphasis]

The unemployment rate, based on a survey of households, was steady at 3.8 percent. It has been below 4 percent for nearly two years, a stretch not achieved since the late 1960s.

“This is an economy on fire,” said Samuel Rines, an economist and the managing director at Corbu, a financial research firm.

Some Democrats have voiced concerns of late that the “Bidenomics” message pushed by the White House isn’t working. Those critics point to polling data showing that Americans are feeling pessimistic about the economy, but they ignore the fact that people are feeling much more confident about the economy than they were two years ago.

Therein lies an interesting conundrum. The “Bidenomics” messaging may not be sinking in with Americans (yet), but it’s tough to argue that the policies aren’t effective. Unemployment has been below 4% for almost two years; as the Times notes above, this hasn’t happened since the late 1960s.

President Biden argues that the “media” is largely to blame for negative opinions about the economy. While the broadly-termed “media” is a convenient foil for many politicians, in this case Biden might be correct. Check out this headline from CNN today:

Via CNN (10/6/23)

The arguments made in this CNN story from David Goldman center around inflation rates of 3% (economists think 2% is better, which means we’re pretty close to that ideal) and the possibility that interest rates could be on the rise in the near future. Goldman even undercuts his own arguments in his final paragraph:

We should never cheer a bad job market. But a job market that has remained this healthy for this long really isn’t excellent news for average Americans struggling to pay their bills. Meanwhile, we remain in a “good news is bad news” conundrum that makes most people feel like the US economy is in a bad spot.

“We should never cheer a bad job market,” except…that’s what I’m doing!

Americans may not be feeling great about the state of the economy, but it’s also important to note that this is not particularly unusual. Gallup has been tracking economic confidence for decades; Americans rarely voice much optimism about economic matters:

Via Gallup

As Pew Research noted in April, it is generally Republicans who express dismay with the economy, which almost certainly has a lot to do with partisan politics:

Economic ratings are particularly low among Republicans and Republican-leaning independents: Just 10% say economic conditions are excellent or good. By comparison, 28% of Democrats and Democratic leaners rate them positively.

The economy is always a top issue for voters in every public survey, in part because it’s the most obvious thing to mention whenever someone receives a call from a polling outfit. The Biden administration’s messaging on the economy could probably stand to improve, but the good news for Democrats is that the numbers are there to support a better narrative.

It’s always easier to change the words than the numbers.

Comments

7 thoughts on “Bidenomics is Working, Whether Republicans Like it Or Not

  1. "center around inflation rates of 3% (economists think 2% is better,"

    Bullshit. 'Economists' do not think 2% is better. The 2% number was pulled out a hat by the New Zealand central bank a number of years ago.

    Ask Paul Krugman what he thinks of the magic of 2%.

  2. Can you imagine off the chain the media would go if these numbers were you know actually bad. The best they can do is scream about how it isn't as good as it seems. Seesh!

    1. Welcome to the World of MAGA. Where up is down and down is up. Where good is bad and bad is good. Where young women of child bearing age are not allowed to have bodily autonomy. Where there are unreliable alternative facts that "are always better" than actual true facts…….

      Did see a new definition today for TDS: "Trump Did Stormy."

  3. Call me cynical but voters won't care coming heading to the 2024 election even if the media was actually covering it appropriately. Here's the messed up part, if Trump wins in 2024 and the economy actually improves at least to an extent, Trump will get all the credit even though most of the actual work was laid down during the Biden administration. That happened when Trump won in 2016 and everyone gave him the credit for the improving economy despite the Obama administration being the foundation of that. People know who Trump is and how awful he is. They know how much of a crook he is. They know how much damage he can do. Yet they may will vote for him. Even people who don't like him. Even people who voted for Biden. It's clear that more people than ever never really had an issue with Trump. They just disliked the optics.

      1. All I can say is God help us if somehow Trump is elected. It will be chaos on the level this country has never seen before. We just can't afford it. 

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