this post was submitted on 15 Sep 2023
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While I don’t necessarily disagree with you, it’s important to note that a centerpiece of Biden’s reelection campaign is “Bidenomics”. HE’S the one trying to link the current/future economic trajectory to his presidency here, not us.
That’s just one of the many reasons this message feels so tone-deaf. It reminds me of those ridiculous “I did that!” stickers that people were putting on gas pumps. Only now, it’s the Biden campaign that’s basically saying “yup, we really did do that” but for the entire economy.
And to add to this it's not only the strength of the economy, but also the effect that the strong economy is having on workers as a plank of his campaign is my biggest gripe. For a good number of people in my region gross wages rose over the last year or two, but nowhere near enough to meet inflation. The base rent alone on non-subsidized units have more than doubled since the pandemic with an anemic response in wages or public assistance. In fact, the wage increases a lot of service sector jobs are seeing has had an unintended consequence of driving people off of public assistance because they're now over the federal guidelines despite below AMI.
Do you know what's in the "Inflation Reduction Act" that Biden and the Democrats passed? This dude kicked pharma companies in the nuts and it sounds like you have no idea.
Did they now? When will the Pharma part take effect? Are court cases heading to the Supreme Court to overturn that function?
Personally, I don’t think the IRA means anything for Pharma companies. SCOTUS will get their backs and block anything that cuts their profits as unconstitutional. It’s 6-3 and they love love love Pharma companies.
Do you know anything about the act? Are you "just asking questions"?
Why don't you look up the answers so you can contribute informed opinions.
Ah yes, as everyone knows, the economy is made up entirely of our interactions with pharma companies.
US Census data definitely hasn't recorded a yet another year of decline for real median household income. Supplemental Poverty definitely didn’t see its first overall rise in the last year in over a decade.. Child Supplemental Poverty definitely didn’t double last year after maintaining a historic low due to the expiration of child tax credits. The Gini Index certainly isn’t maintaining its 50 year high.. Personal savings as a percentage of disposable income definitely didn’t decrease by 13% in three years. And in conjunction with all this, the ticking time bomb of the household debt service ratio is certainly not recently tending upwards and is projected to continue due to high interest rates
But yeah, totally, us stupid ungrateful American workers who went a couple years without wage growth and are further squeezed out of the possibility of homeownership probably just haven’t read the IRA. Otherwise we’d join all you very well-read geniuses celebrating an inflation-locked price increase specifically for a portion of Medicare Part B and D biologics which lack generics and which doesn’t limit launch prices at all. Oh, and whose non-interference exceptions don’t take effect for another two years and are contingent on a good-faith agreement from a presidential cabinet position which has a very real chance of falling into Republican control. Specifically, the Republican who has already made overtures towards getting rid of drug rebates.
Crazy that some of us are not more excited about the economy. Probably just in our imagination, huh?