this post was submitted on 23 May 2024
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People will stop believing a country is in recession when it starts to feel like they can actually afford to do the things they want to do, like live in a home and eat food once in a while. They are incorrect to believe that it's a recession causing their current dire circumstances, but they're entirely correct to believe that something is amiss when they're just barely keeping themselves alive. It appears to be due to Biden's mismanagement only insofar as Biden has opted for largely continuity neoliberalism, which is how things have been mismanaged for the last 40 years or so.
Blaming the current economic issues on Biden is wholly ignoring the shit-show that preceded him. He’s not perfect, but he didn’t directly cause this bullshit — he’s just not done much to combat it except for college debt, the Inflation Reduction Act, and a few more actions like stimulus. As an aside, I personally have lost $25000+ now solely due to Trump’s tax changes.
It’s also wholly ignoring the unfettered greed that the US seems to have a fetish for. One prime example: soda is literally 4 times as expensive now than it was just 5 years ago. It still costs pennies to make a 12-pack of soda, but $10 for that 12-pack is now the norm. The supply chain woes of the pandemic no longer apply, yet they decided to just keep the prices at that level.
It’s time to blame the real reason the 99% are fucked — corporate greed, and a spineless, useless Congress unwilling to do anything about it.
Hence why I said "it appears to be due to Biden's mismanagement only insofar as Biden has opted for largely continuity neoliberalism". He didn't create the situation and he's tried to combat it, but there is so much more he could have done, given that the underlying problem is neoliberalism.
Is there so much more he could have done without an act of Congress? We saw from Trump's presidency that most executive orders do not hold up in court and Congress controls the power of the purse.