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this post was submitted on 11 Nov 2024
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I am so God damn sick of reading articles from pundits who think they can just numbers-and-statistics away people's financial experience. Listen to this shit:
Wow, the electorate sounds like a bunch of dipshits. But just for the hell of it, let's check their source for the wages of the bottom income scale. According to the Economic Policy Institute, real wages grew 13.2% between 2019 and 2023. Now, inflation was 19.2% during that period, but "real wage," means, "wage adjusted for inflation," so I guess the author is right. The lowest income earners got a raise during the Biden years. Guess the poor are a bunch of dipshits.
But which of Biden's policies led to these increases in wages? Well, the Economic Policy Institute says:
So, it sounds like the wages went up because of a competitive labor market (which the Fed intentionally killed to combat inflation) and minimum wage increases at the state level, and that states that increased their minimum wages saw more of that growth than others. So, you could make an argument that Biden deserves little credit for this increase, but let's not even worry about that. Let's see look at the minimum wage by state.
The EPI has a handy Minimum Wage Tracker that color-codes states by their state minimum wage against the federal minimum wage. A quick glance shows you the states with the highest minimum wage are mostly states that went to Harris. But what's really interesting is that, of the 7 key battleground states that Harris lost, 4 of them (Georgia, North Carolina, Pennsylvania, Wisconsin) have the same minimum wage as the federal minimum of $7.25, a starvation wage that hasn't been raised since 2009. So it's not unreasonable to assume that in more than half the key states Harris needed win saw the smallest share of that 13.2%, but did see prices increase by 19.2%.
Now, I'm not an economist, and I don't have hours to research this shit, so it's entirely possible that I'm missing a lot of nuance regarding cost of living and non-minimum wage increases in these states. But that's not the point. The point is that I've already spent more time and energy examining why people might not feel good about the economy than the sneering chud that wrote this article. And I'll end this tirade with one last quote from the EPI report he cited:
Young people have no hope of buying a house in my area.
In my neighborhood all the drug store shelves are bare (Rite Aid) and there's soon to be only one grocery store to choose from (Kroger).
When I'm getting groceries the checkers are talking about how the store is going to close if the merger happens and they'll all lose their jobs.
No 'media' lied to me and convinced me that the economy is wack. I see it every day.
What I'm not hearing in the media is recognition of working folks' struggles. Failure to address this kept Dems home.
I'm really sorry to hear that. Would it help if I showed you a graph that shows the stock market is actually doing great?
The DNC wants to know your location and give you a strategic voter outreach job.
As you rightfully note the relationship between federal economic policy and economic outcomes is complex and it’s not easy to tease apart cause and effect. Having said that Democrats have through history presided over MUCH better economic outcomes than Republicans, and Biden is no exception. Yet, voters consistently believe that (generic) Republicans are better for the economy than generic Democrats.
Democrats are broadly better, but they've created a lot of the conditions that are killing the working class now. Bill Clinton was the one who passed NAFTA, which was the biggest blow to manufacturing jobs in American history. Obama had a similar trade deal, the TPP, which most likely would have been equally devastating had Trump not killed it (which probably had more to do with his obsession with tearing down the achievements of the first black President than helping workers, but I doubt that mattered to the TPP's opponents).
Even when Democrats aren't directly the result of harm, their solutions are no longer the grand, ambitious plans from their New Deal glory days. Take Obama's promises to create a foreclosure prevention fund, which got whittled down to HAMP, a mostly impotent refinance scheme that seems to have been designed more for banks than borrowers (despite large Democratic majorities). I'm sure it was better than whatever the Republicans would have come up with, but I doubt that mattered to people who were two months behind on an underwater mortgage.
Biden and Harris started with a strong vision, but they couldn't get it through Congress and instead pivoted to telling people that actually, they were doing great, and the economy was good again. That will always be a losing message with people who aren't doing well. The Democrats need to double down on a progressive message that does not compromise, with bold plans like a $20 minimum wage indexed to inflation, Medicare for All, and UBI. If they keep tinkering around the margins and giving people statistics when they say they're doing poorly financially they will never be relevant again.
Newspaper and politicians are never going to challenge capitalism.
Jon Stewart just discussed some of this on The Weekly Show podcast with Heather Cox Richardson as guest. Discussing whether the metrics that define economic success are outdated and also how poorly any of Biden's "successes" were shared by his White House and the media. It was all framed much better than this article.
I once heard some comedian or podcaster say something to the effect of, "The media keeps telling people that the economy is doing well because of the stock market, but for most of us you could replace the words, "stock market," with, "rich people's feelings graph," and it would mean about the same thing." I think that a lot. Also, I didn't know John Stewart had a podcast for the Daily Show, thanks for the heads up on that!