Biden Touts 'Bidenomics in Action' as Inflation Eases - The New York Times
S E E D E D C O N T E N T
The White House has been making the case that the president's policies have kept the economy on a steady path and maintained a healthy labor market.
President Biden's political fate could rest on whether the Federal Reserve can cool the economy enough to bring down price increases without causing a recession. Credit...Julia Nikhinson for The New York Times
By Alan Rappeport
- July 12, 2023 Updated 12:34 p.m. ET
President Biden, whose re-election prospects could hinge on whether inflation moderates without the economy tipping into a recession, quickly took credit for the latest data showing a June slowdown in price increases.
"Good jobs and lower costs: That's Bidenomics in action," Mr. Biden said in a statement on Wednesday.
The White House has branded its economic agenda as "Bidenomics" in recent weeks and the president has been making the case that his policies have kept the economy on a steady path and maintained a healthy labor market.
While controlling inflation is the job of the Federal Reserve, it is Mr. Biden whose political fate rests on whether the central bank can cool the economy enough to achieve what's known as a "soft landing" by wrestling price increases under control without causing a recession.
"Today's report brings new and encouraging evidence that inflation is falling while our economy remains strong," Mr. Biden said in the statement. "Our progress creating jobs while lowering costs for families is no accident, and I will continue to fight for lower costs for families every day."
In a speech at the Economic Club of New York on Wednesday, Lael Brainard, the director of the National Economic Council, said that the United States economy was outperforming other advanced nations. She said that inflation in the U.S. was now the lowest among the Group of 7 countries while its recovery from the pandemic has been the strongest.
"The economy is defying predictions that inflation would not fall absent significant job destruction," Ms. Brainard said, according to her prepared remarks.
While the latest data showed that Mr. Biden may be able to get that gentle slowdown, the economy still faces headwinds. The Fed, which has raised interest rates above 5 percent to try and cool the economy, is expected to lift them again later this month.
Treasury Secretary Janet L. Yellen said in an interview with CBS this week that a recession is "not completely off the table." Still, she expressed optimism that while the labor market would likely soften, the United States would not experience such a downturn.
"It's my hope that, and belief, that there is a path to bring inflation down in the context of a healthy labor market and the data that I've seen suggests we're on that path," Ms. Yellen said.
Republicans argued on Wednesday that inflation remained too high and that real wages were lower than when Mr. Biden took office.
"It will take American families a long time to recover from 'Bidenomics,'" said Tommy Pigott, rapid response director for the Republican National Committee. "The main way to make sure they do is to make Biden a one-term president."
Alan Rappeport is an economic policy reporter, based in Washington. He covers the Treasury Department and writes about taxes, trade and fiscal matters. He previously worked for The Financial Times and The Economist.More about Alan Rappeport
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Will you let us know when inflation finally stops rising under Bidenomics?
Inflation FELL to lowest rate in two years!
No, the rate of INCREASE fell to the lowest in two years. Good news, but not the great news you think it is.
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Already has seemingly.............
I am not sure where you get your 'facts' from, but that is simply not true at ALL.
Donald Trump (2017-2021)
Joe Biden (2021-Present)
Bidenomics ….. you do the math.
Trump has regularly claimed that he had the greatest American economy of all time.
Looking at the "stats", there doesnt seem to be a tremendous difference Trump and Bidens economies. Does that mean Biden has the second best economy of "all time" ?
One can point to the inflation rate as a big plus for Trump, but remember, that was for a four year period, and Biden has a year and a half to go and its likely his overall inflation rate for four years will come down some.
There is also a noticeable gap in unemployment rates in favor of Biden.
A politician making exaggerated claims? Say it ain’t so Joe. Who exaggerates/lies all the time. Like his claim he graduated near the top of his class. Closer to the bottom Joe.
Possibly, if ones analysis is limited to only those two Presidents. But I’m sure your logic couldn’t be that obtuse.
Biden presided over 40 year record high inflation. When averaged out over their four years it won’t even be close.
True and there is noticeable loss of disposable income with Biden followed by higher poverty under Biden. One wonders how that happens with such low unemployment.
Record high inflation perhaps?
Anyone who pays a minimum of attention has seen the economy constantly improving for at least a year and a half. People just don't do their homework.
Yes. Today's news is good news and another sign we shouldn't see a recession any time soon.
That is really upsetting to republicans.
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Proof or bullshit.
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Yes, your comment is bullshit.
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[Deleted] Either prove your comment is true or admit your comment is bullshit. Trying to deflect gives a good hint as to the answer though.
Where the hell do you get off thinking that you can demand proof of anyone else's "opinion"? It is pretty damn easy to discern that Trump and the MAGA are in deep denial of and mad as hell about President Biden's continuing economic successes!
let us all know when Bidenomics results in inflation equal to or lower than when he took office.
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I am sorry to interfere with your blatant trolling of my seed, but the fact remains that our economy is growing and the United States is leading the world in its post-Covid economic recovery. Wages are growing, unemployment is at record lows, business is booming along with the stock market and our inflation rate is the lowest it has been in two years. Putin's War in Ukraine is going badly for Putin while President Biden leads the world and united the West against Russian hostility and expansion.
Obviously this does upset you, very much...
Just as Gsquared said it does Republicans!
He seems to be doing a bang up job all by himself no matter what your meme librarian tell you.
Do you know anything except one note?
Denial of reality isn't working anymore!
Thing are getting better. Like it, or not...
with Bidenomics going great guns, people still can't pay their bills and inflation is still a big problem.
Speaking of jobs, Joe created the most!
King of England and The King of Job Creators!
too bad wages aren't keeping up with inflation.
He didn't create jack shit. He came in at the end of a pandemic and, just like his old boss, claims to "create" when all they were was jobs that were recovered from a downturn. Trump's numbers went down to 3.5 until covid then BOOM.
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(I'd explain, but I'd get a ticket.)
Then are you claiming the inflation report released this week shows an increase in inflation? Because inflation decreased to the lowest rate in two years. Your silly semantic game is not fooling anyone...
When prices go down that is "deflation".
Winners, like Biden, show results...
Losers, like Trump, make excuses!
The annual inflation rate for 2023 so far is 3% meaning that $100 dollars last year buys $97 worth of goods/services today.
yes exactly what I claim because I read your article AND understood it
if you would bother to read it you'll find out I am 100% correct.
Reality is s-o-o-o difficult.......
What's the slope?
yes an increase.
don't you read what you seed?????
The slope of what, cumulative inflation or annual inflation growth?
here is a direct quote from one of your seeded articles:
Thanks for the truth and facts, neither of which your detractors provide.
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If the consumer price index rose at the lowest rate since 2021 then inflation has declined. And, you do understand this.
Your lameass semantic game is trolling!
You know it. I know it. Everyone knows it.
The majority of them are.
Just like when asking for proof of something, something which they NEVER provide.
The rate of growth has indeed declined, but a dollar today is worth less than a dollar last year.
just
I guess you missed the part where YOUR SOURCE explicitly says it rose.
why are you contradicting your own seed?
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["He" is not the topic]
if you bothered to look, I provided a direct quote from his own article telling him and you that you all are wrong.
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With disposable income going down every year he’s been President.
Details, details ….
true!
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Isn’t no cattle better for the environment?
Perhaps, but a life without ribeyes isn't one I want to live.....
Absofuckinglutetly.....
All Crown No Country - The Queen Is Dead...
we have new leaders at the helm nowadays.
You’ve got me there
Unfortunately, that didn’t get her a second term.
Are you sure? They kinda look the same...
Mastering the obvious
... while GDP rises. I wonder where the money goes....
Fascist memes are never funny because they have no basis in reality.
Fascist memes are never funny because they have no basis in reality.
That’s easy. It goes to:
Inflated cost of goods and services
Higher interest rates
Personal income tax
Corporate income tax
Property tax
Business tax
Sales tax
Excise Tax
Estate tax
Inheritance tax
Fuel/energy taxes
Communication taxes
Payroll taxes …… etc, etc
That's a lot of guesses. All wrong, but you probably knew that.
Fascist memes? Please explain.
A meme should be a hijacking of reality, with a humorous twist. Fascists rarely know reality and rarely have a sense of humor. So fascist memes are never funny.
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Nope, as usual you missed the target.
Completely
Whatever
Okay.... What fascist meme are you referring to?
All of them
I see, thanks....
It has improved while inflation continues to rise.
are you laughing because you are incredulous about Bidenomics?
sorry to hear your business is suffering so badly...
as usual, spouting inanity.
I'm laughing at your post. Hilarious.
How so?
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$100 in 2020 is equivalent in purchasing power to about $121.43 in 2024, an increase of $21.43 over 4 years. The dollar had an average inflation rate of 4.97% per year between 2020 and 2024, producing a cumulative price increase of 21.43%.
This is based on the assumption that the annual inflation rate in 2023 remains at 3%.
And from this data you conclude something about inflation today?
inflation is higher now than when Biden took office.
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Yes, I conclude that over Biden's term we will have seen a cumulative price increase of 21.43%
so you are one of those who think inflation has declined.
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Most of us are, at all of them.
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Only 50% above the target, years after Biden predicted it was "transitory"
Heckuva Job, Joey!
I wish everyone could tell the difference between a decline in inflation and a decline in the rate of growth of inflation.
These two things are not the same!
Inflation and deflation are different things! Inflation is lowest it has been in two years!
Do you not know Inflation from deflation?
I really wish someone could explain to you that you are touting inflation growth rate declining, not actual inflation declining.
Inflation is significantly higher today than when Biden took office.
Numbers don't lie even if you try to manipulate them.
Inflation IS UP no matter how you try to spin it.
It's just math.
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Clearly, you cannot.
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some are beyond help.
In May, based on March figures, CBO updated its projection ff the FY23 deficit to a deficit of $1.5 trillion for 2023, which is $100 billion more than they in February. The estimate of the 2023 deficit is subject to considerable uncertainty. Since that time, CBO has learned that revenue collections through April were less than the agency expected, which could affect total revenues for the fiscal year 2023.
This expected deficit will add to the $31.3 trillion debt at the end of FY22.
Pretty soon we will be talking real money, maybe $34+ trillion at the end of Biden's ter.
Do you think the deficit is an urgent problem?
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Your priorities are.... kinda strange....
Do you think this is an urgent problem?
those are Biden Admin priorities.
do keep up!
We are spending about $2 billion a day to service our, $32,000,000,000,000 debt. If nothing changes, by 2033, we will be spending more on debt service than on research and development, infrastructure and education, combined.
If our growing, long-term debt issues continue, our economic environment weakens as confidence suffers and infrastructure weakens. That will likely reduce access to capital interest costs grow and replace investments in our future, economic opportunities for individuals and families decrease and less fiscal flexibility to respond to future US crises.
Since fixing this is hard and requires a lot of time, I think it is urgent to get started.
true
The truth of the matter is, although some items are down, groceries have not come down appreciably, and keep creeping up. Gas got as low as $3.29, but now has crept back up to $3.79. This is in Denver at King Soopers (Kroger). Obviously, Bidenomics is not working for most people.
HIT IT!!