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this post was submitted on 01 Dec 2023
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Just going to address this specifically. what you mean to say is 'didn't crash yet. we're not out of this by a long shot; and there's still enough economic stressors on Americans that it might just collapse anyhow.
One of the major sources for inflation has been all that aid floating around. most of the covid relief was paid for with increased debt. (though taxation on certain types did increase,) I'm not saying they shouldn't have, but all that aid is a direct cause of inflation. I want to be clear on that. A lot of the aid- especially the aid that went to actual humans and not corporations- was vital and necessary. But then, there was a lot of it that was just straight up not- for example the PPP loans, of which the 1 million or so worth that remains unforgiven is almost entirely held by single-proprietor small businesses; aka the exact people who were supposed to be helped by it.
Also, Biden kept Powell on as the chairman of the fed- so Powell's shit flows up hill to land at his desk. (this was about the only influence biden has on what follows, mind you.) Which means that Biden is responsible for the inflation that was caused by Powell dropping the interest rates to zero and keeping them for 2 years Certainly didn't help inflation... Neither did his literally printing cash to
Nor did his blaming the wages of workers rising for inflation (which, yes, normally accounts for some of it. but not nearly as much as he seemed to believe.) we all know it's corporate greed that's largely to blame for the bulk of it.
Legislative acts rammed through by democrats who had control of both parties. Biden doesn't get to take sole credit here, and since this entire discussion is about who should be the DNC's nominee.... well, you see how that goes, right? there's a lot of people who worked on getting this done. Most of them not in the executive branch. Biden may have thrown his hat in to support them. He may even have contributed to them. but most of the ideas didn't originate with him. (that's just not how politics works. To be fair, it didn't originate with the senators and representatives, eiher. probably got handed to all three at the same time by the lobbyists.)
All of Biden's legislative agenda has stalled since the 118th congress was seated, because the way of doing things- the way he's always done things- no longer works with a party as inherently obstructionist as the republicans. especially the freedom caucus.
It was "easy" when democrats held both houses of congress and could (or should have been able to) ram through whatever they wanted. So much for all of that much-vaunted experience working across the aisle. welcome to a new era... we've been here for a while, and it sucks.