Galbraith: Why Bidenomics Was Such a Bust
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June Zaccone
Dec 11, 2024, 10:42:11 AM12/11/24
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Why Bidenomics Was Such a Bust
A large
majority of voters gave the Biden administration a failing grade on the
economy. For the sake of future policy battles, it is worthwhile to try
to understand their reasons. James K. Galbraith
....
If voters are unhappy with the good readings on standard indicators—unemployment, the monthly inflation rate, economic growth—it must be because those indicators no longer connect to their sense of well-being. I have written on this before. In particular, low unemployment rates may reflect widespread disaffection with bad jobs; a low inflation rate does not reverse past price increases; and the incomes from growth may flow to profits and capital gains. These indicators are not useless—if they were bad, the situation would be even worse—but a good showing on them is insufficient.....
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