But this is horrendous, and it is time for him to be presidential.
It is time for him to be a statesman.
It is time for him to be honest with the American people.
It is time for Joe Biden to stop smashing American industry and to channel his inner Jimmy Carter and FDR. He should put on a sweater, sit by a fire and make his message “This is going to be hard and it is going to require some tough decisions. But save your money and keep your wits and we will get through this together.”
“Worst since the Great Depression” means Jimmy Carter did it for less.
“Worst since the Great Depression” means last time it was this bad Roosevelt invented the fireside chat.
So, since unemployment is dropping
then unemployment is not part of this picture.
The fact that real disposable income dropped fastest since the great depression means
wages and nonwage income vs inflation is really really in the toilet right now.
40 years of Reaganomics. The economy is strong, but the middle class has been screwed by Neoliberal economic policies, initiated by Reagan. The wealthy class? They are doing quite well.
There are some who believe
“The economy grows from the bottom up and from the middle out.”
Okay. Let’s accept that premise.
With real disposable incomes shrinking faster than at any point in modern history, what does that say about the economy’s near term future?
If only it was so easy to blame one party. Neither side can put down the spending crack pipe, and when you ask them what they would do to solve the problem it usually goes like this, tax the wealthy then spend more.
They can’t tax their way out of the current debt crisis it’s impossible someone needs to cut spending before it’s to late the wealth gap will grow inflation is in full swing now they are seeing pressure on the usd.
A lot of things can cause “the rich to get richer”
But we know for sure that inflation DOES.
If you earn your income from STUFF
own a rental property, some timberland, shares of stock in a store a restaurant or an oil company, when inflation hits, the stuff you sell becomes more expensive.
---- More inflation = you win.
If you earn your income from WORK, & store your paltry savings as cash, bonds, savings accts, checking accts etc., when inflation hits, your savings and your income becomes worth less.
---- More inflation = you lose
If the rich are getting richer and the poorer, inflation is the first thing we should check.
“Which president do I dislike” is the last thing we should check.
If you are like me, (like most Americans) up to 80% of you take home pay goes toward “fixed” expenses. (Rent, car payment, car insurance, cell phone etc.)
so when prices rise 6.4% on a week-by-week basis you have to take the entire 6.4% out of discretionary spending.
And you are stuck with that until you can find a new place to rent, a cheaper car, a cheaper, cable bill etc… Trying to cut the entire 6.4% form the 20% you control is a very painful experience. It is no surprise most Americans perceive inflation to be a big problem.
The Left always wants to blame Regan, but the reality is that the two biggest culprits were globalization and technology. We’re not in the 1960’s anymore.
