Bidenomics Helped Keep The Economy Good (But It's Still Unfair)

Economist Paul Krugman is right. The U.S. economy is doing very well -- better than any other countries economy. And the laws passed and signed by President Biden helped. Jobs are being created and the unemployment rate is low. The growth of GDP is strong, and the stock market is at a record level. All the normally used indicators say the economy is healthy and growing.

But most Americans are still saying the economy is bad. Although the numbers have improved somewhat, it seems many still think the economy is not good. They are both wrong and right. While the economy is booming, it is still unfair. The rich are doing better than ever, while the middle class struggles to keep up and low-wage workers fall further behind each week. Why?

Prior to 1980, the rising productivity in this country was shared across all economic groups. The rich still got richer, but the middle class and working class also benefitted. But about 1980, the Republicans gained enough power to alter our economic system.

They instituted a "trickle-down" theory of economics - a system that gave more to the rich instead of sharing rising productivity among all groups. They said the once the rich had more it would trickle down and benefit everyone. It sounded good, but didn't work. Instead of letting the extra money trickle down, the rich just kept most of it and laughed all the way to the banks.

Donald Trump made it even worse by imposing tariffs on imported goods and giving the rich huge tax cuts. The effect of Trump actions and Republican policies have created the most unfair economy since before the Great Depression. And sadly, the right-wing is only offering more of the same old failed policies. They want to give more massive tax breaks to the rich, impose even more tariffs (which would raise prices on consumers), make it harder to create or join a union, keep the minimum wage at a poverty level, and take health insurance away from many Americans.

It doesn't have to be this way. We can return to a fair economy that would benefit all Americans. But it won't happen as long as Republicans have enough power to block it.

Remember this on Election Day!

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The charts above are from the Navigator Poll -- done between September 12th and 16th of a nationwide sample of 1,003 registered voters, with a 3.1 point margin of error.

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The World Has Recently Become Less Democratic

 

From ourworldindata.org:

The world has become less democratic in recent years. The chart shows that more countries have been autocratizing recently, based on the Episodes of Regime Transformation (ERT) data.

The number of countries that are autocratizing has been increasing: for 2023, ERT identifies 42 that were autocratizing — close to an all-time high.

For a long time, the number of autocratizing countries was offset by democratizing ones. But since 2013, the number of countries that are becoming more autocratic has been higher.

The countries that are becoming less democratic are both eroding democracies and hardening autocracies.

Other approaches to measuring democracy also suggest that the world has recently become less democratic — the number of democracies has declined; fewer people are living in democracies, countries and peoplehave on average fewer democratic rights, and more people live inautocratizing countries.

The world was at its democratic ‘all-time high’ in the early 2010s. But since then it has fallen, and now looks more like the 2000s, the 1990s, or even the late 1980s, depending on which democracy measure we rely on.

We have seen similar democratic declines before, and past declines were reversed. People fought previous phases of autocratization in the 1930s and 1960/70s, turned the tide, and pushed democratic rights to unprecedented heights. We can do it again.

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The charts above reflect the results of the Economist / YouGov Poll -- done between September 29th and October 1st of a nationwide sample of 1,463 registered voters, with a 3.2 point margin of error.

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Public Thinks There Is A Lot Of Corruption IN U.S. Politics

The chart above reflects the results of a YouGov Poll -- done on September 26th of a nationwide sample of  6,175 adults.

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Political Cartoon is by Jimmy Margulies at jimmymargulies.com.