Biden-era economic growth leaves Republicans literally speechless

[LetMyPeopleVote]

Bidenomics work. The performance of the US economy under President Biden has taken away one of TFG's planned lines of attack and has silenced the GOP in Congress

Link to tweet

https://www.msnbc.com/rachel-maddow-show/maddowblog/biden-era-economic-growth-leaves-republicans-literally-speechless-rcna135896

Over the last couple of years, a reliable pattern has taken shape. On the first Friday of the month, new job numbers are released, and lately, the data has looked great. Despite the importance of the issue, Republican leaders inevitably respond to the developments by pretending not to notice them.

But as it turns out, it’s not just low unemployment that leaves GOP leaders literally speechless.

Americans learned this week that economic growth in the final three months of 2023 easily outpaced modest expectations, and GDP growth across the entire year was quite good — despite overwhelming chatter a year ago about a looming recession.

The New York Times’ Paul Krugman, taking stock of the data, concluded that President Joe Biden “couldn’t have asked for better numbers.” Diane Swonk, chief economist at KPMG, told the Times the economic news was “stunning and spectacular.”.....

There’s no great mystery here. Party leaders have almost certainly concluded that if they were to comment on the good news, more Americans might hear about it — and that’s the last thing the GOP wants. There’s political utility in simply looking the other way.

But the Republicans’ silence doesn’t change the fact that the latest economic data is worth celebrating, even if some political partisans hope the public doesn’t notice.

[bucolic_frolic]

1. It's a complex picture, Biden did all the right things, and other things worked his way too

See, Biden doesn't make mistakes because he has so much experience and the best staff and contacts of anyone who's ever been in the Oval Office. It's partly a function of age. And his backstopping Obama. But also he inherited the 3rd wave of the digital economy - the fruition of cellular technology, the gig economy, remote work and its lower operating costs for workers.

Then there is the intangible. Fear. The Trump years were terrifying. You didn't spend. The pandemic hit. You didn't go out. Some held their jobs and had more cash, some went downhill, many had inheritances. So when Trump left, sane people relaxed, and they had more resources to rebuild their lives. Republicans can't figure it out, but people are confident and spending.

I think if we make voters afraid of Trump it will work to our advantage. He is terrifying everyone with his endless psychological abuse of the people - illogic, grandiose brain farts, arrogance, stupidity. It never ends.

[GreenWave]

2. GOP wrecks good economies. It should be no surprise.

[B.See]

9. 10 of the last 11 recessions occurred

under REPUBLICAN "leadership."

[niyad]

3. One wishes that it left them actually speechless. I, for one, am sick of

their lying, blathering, and posturing. Party-wide laryngitis, and fingers that don't work , would be a welcome relief, even if only temporary.

[betsuni]

4. K&R

[Stuart G]

5. K & R THANK YOU FOR POSTING THIS ARTICLE..

[LetMyPeopleVote]

8. Last year every economist was predicting a recession and instead we appear headed to a soft landing

President Biden inherited a horrible economy from TFG. The COVID pandemic was still going and TFG had made no effective plans to distribute the needed vaccines. There was inflation due to disruptions of the supply chain and shortages of chips and key materials. Unemployment was high in part due to the pandemic and supply side issues.

President Biden is on track to pull off a miracle of bringing inflation under control without a recession (i.e., a "soft landing&quot . Remember, until even six months back, most economists were of the view that a "soft landing" seemed unlikely.

Link to tweet

President Biden has pulled off a miracle of a true "soft landing."

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https://www.axios.com/2023/12/15/us-economy-avoid-recession-inflation-cbo-projections

The U.S. economy is on track to avoid a recession next year as inflation returns to normal, according to new economic projections released by the Congressional Budget Office.

Why it matters: The nonpartisan agency expects more moderate economic conditions in 2024 — including slower growth and higher jobless rates — than previously anticipated. But its projections suggest America will skirt an all-out contraction in growth.

Joe Biden nailed the soft landing, bringing down the pandemic-caused inflation without causing a recession- something economists said would be impossible.

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I have seen some speculation that the Fed may be able to cut interest rates next year which will help the economy and the Democrats' chances in the 2024 election. If President Biden pulls this off, it will indeed be an economic miracle.

[Xolodno]

6. Lets no celebrate just yet.

It's a long way to November and in a capitalist system, things can change on a dime. And usually it hits you where you least expect it.

[LetMyPeopleVote]

7. Inside the White House, confidence grows that a strong economy will sell itself to Americans

This makes me smile

Link to tweet

https://www.nbcnews.com/politics/2024-election/white-house-hopes-rise-strong-economy-will-sell-rcna135765

After a year of recession doomsaying, an unexpectedly resilient economy is boosting the White House as it ramps up selling its record to Americans who’ve just started shaking off their “vibecession.”

At the same time, senior administration officials say they’re increasingly confident the situation on the ground can largely speak for itself. The economy grew at a strong 3.1% pace between the fourth quarter of 2022 and the same period last year, every inflation measure is cooling, the job market remains strong and the stock market has hit record highs.

“Extraordinary” is how Lael Brainard, director of the National Economic Council, described the economy to reporters at the White House on Friday.....

The White House insists “Bidenomics” hasn’t been retired as a buzzword. Biden and Yellen both used the term at least once in their public appearances this week. But administration officials emphasize that they’re more focused on keeping the trend lines moving upward and say the public mood will follow — reducing the need for a branding exercise.....

With Trump still commanding strong support among working-class voters, Biden officials know the work isn’t done making their pitch in the roughly nine-month sprint to Election Day.

Brainard said Friday that median-income households now “have $3,500 more to spend this year after accounting for inflation than they did” when Biden took office. A day earlier in Chicago, Yellen noted that a job gap that had left unemployment 20% higher in rural areas than in urban ones “has been eliminated.”

[B.See]

10. Wish I were as confident. In any NORMAL world

Joe Biden would be a "shoe in" while Trump wouldn't get elected dogcatcher. He'd have been run out of town on a frkn rail.

But this is not a normal world. This is Trump's MAGA Bizarro world where good is bad and beauty, ugly.

To Trump's MAGAS, a good economy is horrible news.

Because they "love America" so much, you see.

[LetMyPeopleVote]

11. Joe Biden has done an excellent job as President. Our economy is remarkably strong, inflation falling, rising growth.

Link to tweet

[LetMyPeopleVote]

12. ABC: "The American economy is once again defying expectations."

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[LetMyPeopleVote]

13. This is a good economy

Link to tweet