I have to add to this great overview that Democrats do a terrible job of pointing out the underlying factors Trump established for the initial inflation shock. The foundation for the supply chain lockup happened under Trump. We often hear the counter argument to that being, "Well, people have short memories," or they can't understand complex explanations. But the honest fact is that Republicans are much better at dredging up old, often false memories than Democrats are of protecting the truth. Republicans find ways to simplify complexities (often by lying, of course).
Obscene rents were also a vestige of Trumpism — private equity firms snapped up thousands of properties in every city while Trump was in office. I believe some Democrats have filed or proposed a bill to severely limit the activities of private equity companies, but it will go nowhere until we find a way to get that blue tsunami we've been so close to achieving.
Republican thought police are assisted by a 24/7 propaganda machine that makes stuff up without recrimination, even after getting hammered by Dominion. Let's hope the truth lawsuits continue.
In addition to these excellent points, I’d like to point out that healthcare costs seem to be rising relentlessly. Even those with some health insurance may find they are still socked with big bills. Is this also because of consolidation and purchases by private equity firms? (I suspect so.) What will reverse this trend?
Thank you for this friendly reminder that our current healthcare system (aka Obamacare) that the Republicans hate so much was crafted by Republicans via the Heritage Foundation (before they became nutso like they are today) and tested out as Romneycare. It offers up a big ole healthcare market bourse paid for by the government.
So the government said, hey, we will give y'all a website where you can sell your wares! Whatchya think, Humana? Humana: We love this. We get to continue controlling how doctors serve their patients AND we get to run up the price every year.
Once again, Republicans outplayed Dems in the world of public opinion. Obama conceded to this so he could get something passed (or past?) Congress. We need a new healthcare system built from the ground up. Even Nixon, who proposed a nationalized healthcare plan, recognized this in the 1970s. It's all part of the rightward lurch of this country that has happened since Reagan. I don't think a lot of people truly understand what a right wing, conservative nation the U.S. has become, because they weren't alive in the 1970s to see what something else looks like. We have made progress on things like gay rights since then, but even there, we are suffering from a serious backlash.
Retired English/US History teacher here. You are right about middle school. We could do so much if only the English/Arts Departments and the Social Studies Departments were joined to write a curriculum where the literature and art and music supports an in depth examination of the growth of our political parties and what they stand for, and how they affect our lives. It needs to be a 6-12 grade program. 5 of us were able to do this once (in three languages) under a great principal and everyone loved it. One student wrote us a note "Thank you for teaching me more than you were supposed to." Then Bush2 became president and that ended it.
That's a hefty piece of writing for a "light" day and I would expect nothing else from you. Your points are clear and I believe we will always have "the economy" to fuss about. We will no longer have the economy to bicker about if democracy ends and extremists take everything for themselves.
When the economy is ordinary, Republicans tout it as being wonderful because it is good for some.
When the economy is wonderful, Democrats don’t tout it because it is not good for some.
I see that behavior in this article. I even understand it, because key Democratic constituencies are relatively poor no matter the state of the economy.
But I am not sure the political messaging is right or helpful.
To add to Charles Bastille’s excellent points, the sharp rise in rents leads to another factor that influences how the public (especially in more urban areas) views the state of the economy: the persistence of homelessness and sprawling camps lead many to think “how is this possible if the economy is actually good?” The sharp inequality in income recovery at the top compared to the relative ability to meet basic needs at the bottom is stark.
And these are issues that those on the far left (like me) and centrist Dems (like others) could huddle together and solve, but we're on our heels so much trying to grapple with this national emergency that is Donald Trump and his followers that we can't shoot straight.
My thought is that there is deliberate price gouging going on by Republican donors, look at Koch companies as example, still at double pre Covid-19 prices for many of their products like Bounty and Dixie, but down from triple so I'll give them credit for restraint, but please look at other options to buy that don't help them. 💙
Does no one remember the economic meltdown in 2008? That took 5 years to recover from. The pandemic recovery has proved much shorter. The 2008 debacle was largely due to greedy mortgage lenders (self imposed if you will), while the pandemic was a once in a lifetime crisis.
"Inflation" doesn't happen in an instant, it takes time for factors that drive inflation to percolate. I firmly believe that key causes of the inflation the U.S. has been experiencing the past two-three years were: a) the tax cuts that (Fraud) Trump signed into law in 2017, b) (Fraud) Trump's inept, incompetent, arrogant handling of the Covid Pandemic, and c) the greed of businesses - they've raised prices because they can, not because they've had to, taking advantage of inflation instead of trying to keep inflation in check. I would not be surprised to find that corporate profits are at an all-time high.
(Fraud) Trump and Republicans caused the inflation, and President Joe Biden, Jr. is the one who has had to deal with it, the one who has had to deal wrestle it down, and, on that matter, he's done a body-slam of a job. President Biden's work to bring inflation in-check has benefited the majority of Americans. Supply-side economic policies have always failed the majority of Americans, demand-side economic policies have always done just the opposite.
In my view, President Joe Biden, Jr. has done an awesome job with our economy! Unemployment is very low, gas prices have come down, and inflation is receding!
Thanks for a great article. I was feeling depressed looking at articles saying Trump is ahead in the polls, and I feel frustrated with the misconceptions about the economy. How can we counter this negativity and support the truth? I share your articles in the hope that others will read them!❤️
The thing that strikes me about inflation complaints is that people somehow think that prices should be what they were pre-pandemic, not just lower than at the height of the post-pandemic inflation. That's just not how economies work. There has ALWAYS been inflation: even at 3% a year, after 5 years prices are going to be higher. More people working means more people chasing after goods and services. It takes a while for production to ramp up to meet that demand. It has always been thus: that's why there is inflation at all, even at a moderate rate.
One thing I have noted, and I may have mentioned here. There are some places where small price increases are actually way higher than general inflation, but no one fusses. For example, an Apple subscription I had at 9.99 went up to 10.99. That's TEN percent. But who is going to complain about a service you like going up a buck? Would Apple have bothered to send out notices to its billions of subscribers that prices are going up 37 cents? How much of this small change high inflation is going into the overall inflation picture?
But I agree that the main reason for the disconnect between "I'm doing fine, but the economy sucks" is the constant barrage of gloom and doom stories. All we can do is keep complaining to the gloom-and-doomer outlets in MSM that those are misleading and not up to their vaunted journalistic standards. And recent stories such as you mentioned are showing the effects of that.
"After all, if consumers expect prices for things like cars and big ticket items to come down significantly, they are likely to delay their purchases and wait it out, causing the economy to shrink. "
This may be out of an economic text book but reality is different. The US consumer will not delay purchases, heck, most consumer go in debt on purchases they cannot afford and pay 15% interest on such purchases. Additionally, many purchases cannot be delayed, most of us need food, heat, electricity, water and transportation at a minimum. If your car breaks down, you need a new one right now, or need to get it repaired, you cannot wait until prices in 6 months may be lower.
Two scary but realistic scenarios that could lead to Trump winning in 2024. (1) Biden dies prior to the election. The closer his death to Election Day the more problematic. What happens if he dies after the convention but before the election? (2) Republicans and/or their allies cheat, rig, hack the election. They are convinced that Democrats cheated in 2020 so they will believe they are justified to cheat to win. What will happen if there is a scenario in 2024 like occurred in 2020 but their IS evidence of fraud by Republicans that is upheld by the courts? I think Biden will win under any normal scenario. It’s the unexpected that may lead to a Trump win.
If by law enforcement you mean career prosecutors of white collar crime then I'm with you. Because it will not be a ragtag team (or even a crack team) of public-servant-targeting mass murderers who will determine the outcome in 2024. It'll all play out in judges' chambers, high finance and other corporate boardrooms and their back-pocketed media outlets.
Fascism is and always has been about the wingtips, not the jackboots.
I do not believe that Republican operatives nor their allies believe the 2020 election was stolen. Republican voters might, but the party mechanics know better. They do not care, tho. Their lies are their only tools. They long ago ran out of anything else.
Your average working class American are being left behind, as Glenna points out. Corporate greed is a major reason for the current decline of the working middle class, and desperate people believe Trump is going to be the hero. He plays them like a cheap fiddle.
Hey there, fellow Kuotidian community members who read this routinely pretty much every day - Have you settled in and embraced MA IN ALL CAPS yet? It's such a lovely, good, smart, intimate read. I even snort laughed. The power of MA!
I probably (well do...) have some MA energy. My grown sons would likely confirm.
Just a little nudge if you are MA-curious.
PS - I am not an influencer, just encouraging our kids to keep doing their best. In case they need another reminder.
I have to add to this great overview that Democrats do a terrible job of pointing out the underlying factors Trump established for the initial inflation shock. The foundation for the supply chain lockup happened under Trump. We often hear the counter argument to that being, "Well, people have short memories," or they can't understand complex explanations. But the honest fact is that Republicans are much better at dredging up old, often false memories than Democrats are of protecting the truth. Republicans find ways to simplify complexities (often by lying, of course).
Obscene rents were also a vestige of Trumpism — private equity firms snapped up thousands of properties in every city while Trump was in office. I believe some Democrats have filed or proposed a bill to severely limit the activities of private equity companies, but it will go nowhere until we find a way to get that blue tsunami we've been so close to achieving.
Republican thought police are assisted by a 24/7 propaganda machine that makes stuff up without recrimination, even after getting hammered by Dominion. Let's hope the truth lawsuits continue.
In addition to these excellent points, I’d like to point out that healthcare costs seem to be rising relentlessly. Even those with some health insurance may find they are still socked with big bills. Is this also because of consolidation and purchases by private equity firms? (I suspect so.) What will reverse this trend?
Thank you for this friendly reminder that our current healthcare system (aka Obamacare) that the Republicans hate so much was crafted by Republicans via the Heritage Foundation (before they became nutso like they are today) and tested out as Romneycare. It offers up a big ole healthcare market bourse paid for by the government.
So the government said, hey, we will give y'all a website where you can sell your wares! Whatchya think, Humana? Humana: We love this. We get to continue controlling how doctors serve their patients AND we get to run up the price every year.
Once again, Republicans outplayed Dems in the world of public opinion. Obama conceded to this so he could get something passed (or past?) Congress. We need a new healthcare system built from the ground up. Even Nixon, who proposed a nationalized healthcare plan, recognized this in the 1970s. It's all part of the rightward lurch of this country that has happened since Reagan. I don't think a lot of people truly understand what a right wing, conservative nation the U.S. has become, because they weren't alive in the 1970s to see what something else looks like. We have made progress on things like gay rights since then, but even there, we are suffering from a serious backlash.
Retired English/US History teacher here. You are right about middle school. We could do so much if only the English/Arts Departments and the Social Studies Departments were joined to write a curriculum where the literature and art and music supports an in depth examination of the growth of our political parties and what they stand for, and how they affect our lives. It needs to be a 6-12 grade program. 5 of us were able to do this once (in three languages) under a great principal and everyone loved it. One student wrote us a note "Thank you for teaching me more than you were supposed to." Then Bush2 became president and that ended it.
That's a hefty piece of writing for a "light" day and I would expect nothing else from you. Your points are clear and I believe we will always have "the economy" to fuss about. We will no longer have the economy to bicker about if democracy ends and extremists take everything for themselves.
You're right. Bickering won't even be allowed.
When the economy is ordinary, Republicans tout it as being wonderful because it is good for some.
When the economy is wonderful, Democrats don’t tout it because it is not good for some.
I see that behavior in this article. I even understand it, because key Democratic constituencies are relatively poor no matter the state of the economy.
But I am not sure the political messaging is right or helpful.
That’s a keen insight.
To add to Charles Bastille’s excellent points, the sharp rise in rents leads to another factor that influences how the public (especially in more urban areas) views the state of the economy: the persistence of homelessness and sprawling camps lead many to think “how is this possible if the economy is actually good?” The sharp inequality in income recovery at the top compared to the relative ability to meet basic needs at the bottom is stark.
And these are issues that those on the far left (like me) and centrist Dems (like others) could huddle together and solve, but we're on our heels so much trying to grapple with this national emergency that is Donald Trump and his followers that we can't shoot straight.
Astonishing graph from the WaPo article is house prices, which have been modestly rising the past several years, but on fire
post-Covid, driving the "unaffordability" index. Biden's "fault"? Hardly, but coinciding with his time in office.
And the infamous "prices at the pump" story...again, nothing to do with any actions by Joe Biden, but a go-to media hook to bash Biden.
Good economy. but not a "feel-good" economy, and there you have it.
My thought is that there is deliberate price gouging going on by Republican donors, look at Koch companies as example, still at double pre Covid-19 prices for many of their products like Bounty and Dixie, but down from triple so I'll give them credit for restraint, but please look at other options to buy that don't help them. 💙
Does no one remember the economic meltdown in 2008? That took 5 years to recover from. The pandemic recovery has proved much shorter. The 2008 debacle was largely due to greedy mortgage lenders (self imposed if you will), while the pandemic was a once in a lifetime crisis.
"Inflation" doesn't happen in an instant, it takes time for factors that drive inflation to percolate. I firmly believe that key causes of the inflation the U.S. has been experiencing the past two-three years were: a) the tax cuts that (Fraud) Trump signed into law in 2017, b) (Fraud) Trump's inept, incompetent, arrogant handling of the Covid Pandemic, and c) the greed of businesses - they've raised prices because they can, not because they've had to, taking advantage of inflation instead of trying to keep inflation in check. I would not be surprised to find that corporate profits are at an all-time high.
(Fraud) Trump and Republicans caused the inflation, and President Joe Biden, Jr. is the one who has had to deal with it, the one who has had to deal wrestle it down, and, on that matter, he's done a body-slam of a job. President Biden's work to bring inflation in-check has benefited the majority of Americans. Supply-side economic policies have always failed the majority of Americans, demand-side economic policies have always done just the opposite.
In my view, President Joe Biden, Jr. has done an awesome job with our economy! Unemployment is very low, gas prices have come down, and inflation is receding!
PROTECT AND DEFEND WOMEN’S RIGHTS.
PRESERVE AND DEFEND DEMOCRACY.
VOTE ONLY FOR DEMOCRACTS IN NOV 2024.
Some US voters: Wow, this economy really sucks here in the frying pan. Time for a change. I think I'll jump into the fire.
So hopeful!
Thanks for a great article. I was feeling depressed looking at articles saying Trump is ahead in the polls, and I feel frustrated with the misconceptions about the economy. How can we counter this negativity and support the truth? I share your articles in the hope that others will read them!❤️
The thing that strikes me about inflation complaints is that people somehow think that prices should be what they were pre-pandemic, not just lower than at the height of the post-pandemic inflation. That's just not how economies work. There has ALWAYS been inflation: even at 3% a year, after 5 years prices are going to be higher. More people working means more people chasing after goods and services. It takes a while for production to ramp up to meet that demand. It has always been thus: that's why there is inflation at all, even at a moderate rate.
One thing I have noted, and I may have mentioned here. There are some places where small price increases are actually way higher than general inflation, but no one fusses. For example, an Apple subscription I had at 9.99 went up to 10.99. That's TEN percent. But who is going to complain about a service you like going up a buck? Would Apple have bothered to send out notices to its billions of subscribers that prices are going up 37 cents? How much of this small change high inflation is going into the overall inflation picture?
But I agree that the main reason for the disconnect between "I'm doing fine, but the economy sucks" is the constant barrage of gloom and doom stories. All we can do is keep complaining to the gloom-and-doomer outlets in MSM that those are misleading and not up to their vaunted journalistic standards. And recent stories such as you mentioned are showing the effects of that.
"After all, if consumers expect prices for things like cars and big ticket items to come down significantly, they are likely to delay their purchases and wait it out, causing the economy to shrink. "
This may be out of an economic text book but reality is different. The US consumer will not delay purchases, heck, most consumer go in debt on purchases they cannot afford and pay 15% interest on such purchases. Additionally, many purchases cannot be delayed, most of us need food, heat, electricity, water and transportation at a minimum. If your car breaks down, you need a new one right now, or need to get it repaired, you cannot wait until prices in 6 months may be lower.
Exactly. If the economy is so poor, why were Christmas purchases through the roof this year?
Two scary but realistic scenarios that could lead to Trump winning in 2024. (1) Biden dies prior to the election. The closer his death to Election Day the more problematic. What happens if he dies after the convention but before the election? (2) Republicans and/or their allies cheat, rig, hack the election. They are convinced that Democrats cheated in 2020 so they will believe they are justified to cheat to win. What will happen if there is a scenario in 2024 like occurred in 2020 but their IS evidence of fraud by Republicans that is upheld by the courts? I think Biden will win under any normal scenario. It’s the unexpected that may lead to a Trump win.
We can’t do much to prevent 1), but we can be vigilant about 2) and have law enforcement at the ready this time around.
If by law enforcement you mean career prosecutors of white collar crime then I'm with you. Because it will not be a ragtag team (or even a crack team) of public-servant-targeting mass murderers who will determine the outcome in 2024. It'll all play out in judges' chambers, high finance and other corporate boardrooms and their back-pocketed media outlets.
Fascism is and always has been about the wingtips, not the jackboots.
I do not believe that Republican operatives nor their allies believe the 2020 election was stolen. Republican voters might, but the party mechanics know better. They do not care, tho. Their lies are their only tools. They long ago ran out of anything else.
Kudos to Glenna Cook McKitterick,
Your average working class American are being left behind, as Glenna points out. Corporate greed is a major reason for the current decline of the working middle class, and desperate people believe Trump is going to be the hero. He plays them like a cheap fiddle.
Where I live, the Waltons/Walmart is their home state.
Walmart abounds. Every quarter this year, they've made billions.
Great Value is their signature
product line and supposed to
be the cheaper of the same
better named products.
In November I was paying $6.45 for a 6 pack of their
GV toilet paper. In December
it jumped to $7 65. And that's
not the only shenanigans
Walmart gets up to.
I can't and won't blame Joe
Biden for Walmart price gouging and others doing
the same thing.
Hey there, fellow Kuotidian community members who read this routinely pretty much every day - Have you settled in and embraced MA IN ALL CAPS yet? It's such a lovely, good, smart, intimate read. I even snort laughed. The power of MA!
I probably (well do...) have some MA energy. My grown sons would likely confirm.
Just a little nudge if you are MA-curious.
PS - I am not an influencer, just encouraging our kids to keep doing their best. In case they need another reminder.