this post was submitted on 12 Dec 2024
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politics

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Summary

President Joe Biden touted his administration’s economic recovery efforts, citing job growth, reduced inflation, and infrastructure investments, as he prepares to hand off a strong economy to Donald Trump.

Biden criticized Trump’s proposed steep tariffs on imports, warning they could harm the economy and reintroduce inflation.

Trump plans tariffs against China, Mexico, and Canada, raising concerns about trade disruptions similar to those seen during his first term.

Economists caution that such policies could quickly reverse recent economic gains and weaken the U.S. economy.

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[–] TheObviousSolution@lemm.ee 21 points 5 days ago (1 children)

And we have several pandemic vectors on the rise - again. Well, with one major change, we now have a vaccine denialist in charge of core agencies. Prospects look good for the vulture industries.

[–] finitebanjo@lemmy.world 5 points 5 days ago

And one of the new viruses has a fatality rate above 50% in livestock, probably doesn't bode well for humans.

If there is a god maybe the covid was just a booster virus to get the smart portion of humanity prepped for the real plague, lol.

[–] Maggoty@lemmy.world 12 points 5 days ago

Lmao, he rebuilt the stock market.

That is not the economy.

[–] thatKamGuy@sh.itjust.works 28 points 6 days ago (1 children)

It basically happens every cycle, easy to go back all the way to George Bush Sr -> Clinton ( if not earlier).

But the problem is, the current economic boom is even more K-shaped than any other in recent history; half of the population are struggling worse than before, but their plight is masked by an incredible boom for the other half.

I can’t blame the working class for thinking back to ~2016, and remembering things fondly.

Trump will only make the current situation worse, but I can at least understand how the US ended up in its current predicament.

[–] Lightsong@lemmy.world 4 points 5 days ago (2 children)

What is K shape? Like V but added flat? Or just direction where right side of K goes both up and down?

[–] thatKamGuy@sh.itjust.works 6 points 5 days ago

Chart taken from Investopedia’s article on K-shaped Recovery; but the underlying principle is the same: Some parts of the economy are performing so well that it masks the other sectors which are struggling.

i.e. the rich are getting so much wealthier, that when looking at the overall average the number is trending positively and not showing that the rest of society is getting poorer. This is one of the reasons when using aggregate measures, the median value is significantly more valuable than the average.

[–] halowpeano@lemmy.world 5 points 5 days ago

The rich got richer (top of K) the poor got poorer (bottom of K).

[–] Allonzee@lemmy.world 16 points 6 days ago* (last edited 6 days ago) (1 children)

I see it more as speed of descent.

I'm of the opinion this country is sold, and died about half a century ago as a democracy, and this is just leftover momentum. All but waned momemtum.

Our vote isn't on whether to reorient the economy to reflect the priorities of its citizens, merely how, and if at all, to manage some of the social issue symptoms of our crumbling commons, the ruins of public education, as the owners search for new vectors of exploitation.

I see voting blue as akin to requesting we leave the water pumps turned on for this sinking ship to buy time(D), and voting red a vote turn them off because some passengers have been deluded into hating other passengers and really, really want to watch them drown(R) despite being in the same boat with them.

The holes are our economic policy, but ask either party about patching them and you'll get something akin to "What holes? This ship is unsinkable! If you think there's holes, you're the problem."

Dont worry though, there are lifeboats, just enough for the politicians and their donors. Wealth means not having any national allegience.

[–] PugJesus@lemmy.world 4 points 6 days ago (1 children)

The poor man really has a stake in the country. The rich man hasn't; he can go away to New Guinea in a yacht.

GK Chesterton, The Man Who Was Thursday, 1908

[–] Allonzee@lemmy.world 4 points 6 days ago* (last edited 6 days ago)

Exactly, multinational oligarchs live in their own reality, with their own infrastructure all over the world.

We are a piggy bank to rape for private profit, not their society.

That's what happens when you let people accumulate society warping levels of capital to begin with. Beyond material desires, that's what capital is: power. Power to propagandize entire nations with for profit media, power to capture entire state and world governments, power to live above the Commons you destroy.

No one should be allowed to gather more power in a society than their single vote allows. This is why civilized nations have publicly funded campaigns, and trying to buy votes is still a crime. Other people live here. Thre should be a 100% wealth tax somewhere in the high double digit millions where you get a cake and a medal and a senator comes and shakes your hand for all future money going to repair and improve the commons like roads and education and HEALTHCARE that facilitated their rise to such astronomical success to begin with.

Citizens of the Nordic nations, the happiest people's on Earth, largely have no problem being taxed for success because they're educated to understand that their success is society's success, and they live in society so everyone wins. Hard work yields bigger homes and toys, but not sociopaths trying to buy half of Hawaii's beaches to lock their fellow citizens away from that lived there first away from them for example.

They chose live together, we choose die alone. Most people suffer under die alone. I wish Americans weren't so successfully propagandized into being hostile towards the very idea of society on the basis of "well you might be rich one day, and you don't want filthy poor people making you less rich when that happens, do you, you fucking sucker?"

[–] Pacattack57@lemmy.world 4 points 5 days ago (4 children)

Why does he look like Kim Jong Un in this picture 😂

[–] Linktank@lemmy.today 5 points 5 days ago

He's a fat fuck?

[–] jaggedrobotpubes@lemmy.world 2 points 5 days ago

Just a small boy too scared to do anything but try and act tough.

[–] 4lan@lemmy.world 1 points 5 days ago

He kind of looks like that sad cat meme

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