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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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.
Proof or bullshit.
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!
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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...
Speaking of jobs, Joe created the most!
King of England and The King of Job Creators!
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.
Reality is s-o-o-o difficult.......
What's the slope?
The slope of what, cumulative inflation or annual inflation growth?
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 rate of growth has indeed declined, but a dollar today is worth less than a dollar last year.
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With disposable income going down every year he’s been President.
Details, details ….
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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....
Only 50% above the target, years after Biden predicted it was "transitory"
Heckuva Job, Joey!
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!!