Sunday, November 03, 2024

The Next President Inherits a Remarkable Economy

WSJ: Whoever wins the White House next week will take office with no shortage of challenges, but at least one huge asset: an economy that is putting its peers to shame. With another solid performance in the third quarter, the U.S. has grown 2.7% over the past year. It is outrunning every other major developed economy, not to mention its own historical growth rate.

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... More impressive than the rate of growth is its quality. This growth didn't come solely from using up finite supplies of labor and other resources, which could fuel inflation. Instead, it came from making people and businesses more productive.

This combination, if sustained, will be a wind at the back of the next president. Three of the past four newcomers to the White House took office in or around a recession (the exception was Donald Trump, in 2017), which consumed much of their first-term agenda. The next president should be free of that burden.

Meanwhile, higher productivity growth should make the economy a bit less prone to inflation, more capable of sustaining budget deficits, and more likely to deliver strong wages. All would be a boon to President Trump or President Kamala Harris. ...


#1 | Posted by LampLighter at 2024-11-02 12:46 PM

Trump inherited a great economy from Obama, then blew it up by mishandling Covid and adding to the Deficit with Billionaire Tax Cuts.

If he wins, he will again inherit a great economy, and again F it up bigtime, as if it was one of his Failed Casinos.

#2 | Posted by Corky at 2024-11-02 02:11 PM

If it's So Great why do so many people say it's Not?

I think it's about Income Inequality. The people doing Fine say it's Great.

The Hind Titters say it's Not.

There are More of them than the ones doing Well.

That's why Trump could Win.

There is No Representation by either Party for the Poor.

Neither party represents anyone making less an $50,000 dollars a year but the Democratic party does play some lip service to it.

The Repukes just crank up the Racism and start talking about how bad things are because of a social safety net that coddles "criminals".

Neither party Actually represents anyone but the Big Donors.

It started with Bill Clinton. But Trump is using the Disgruntlement to create a coalition.

#3 | Posted by Effeteposer at 2024-11-02 06:01 PM

@#3 ... If it's So Great why do so many people say it's Not? ...

Because we have had disinflation, not deflation. In many respects, that is god, because deflation usually means a recession.

That also means that grocery prices are still high, even though wage growth for many has outpaced inflation.

Those workers whose wages have not kept up with inflation complain about the economy, when they really should be criticizing their greedy corporations and companies for not providing wage growth, in spite of higher profits. Perhaps this is a reason why unions have been becoming more popular of late ...


#4 | Posted by LampLighter at 2024-11-02 06:07 PM

"If it's So Great why do so many people say it's Not?"

#3 | Posted by Effeteposer

Perhaps it will always be a mystery to you, Effeteposer.

I cannot imagine the mental pain it doesn't cause you.

#5 | Posted by Hans at 2024-11-02 06:10 PM

The next president will inherit a world at the brink of war, a currency at the brink of collapse and population at the brink of civil war. Neither candidate is up the job.

#6 | Posted by visitor_ at 2024-11-03 03:39 PM

Most of the people saying the economy is bad are Republicans who gwt their information from right wing propaganda sources and just repeat what they hear from them; also most of them mostly associate with others who share their political views and treat the rest of us like we're just not as intelligent as they think they are. I havence them that they are wrong. relatives like that ans I've learned not to discuss anyrging with them because they get furious when you you facts to try to convince them of basic facts. For the most part I just stopped talking to them.

#7 | Posted by danni at 2024-11-03 04:59 PM

Strong economy but not for everyone. Working class people are still getting the short end of the stick. Tim Walz had a great conversation with some of them in PA:

NEW: We organized a sit down with Tim Walz and undecided working class voters in Erie, PA.

3 voted for Trump in 2020. 1 has never voted before.

After the conversation, their minds were changed.

x.com

If Harris/Walz win the election, I hope they will continue to listen to folks like this and to on deliver the policies that they need.

#8 | Posted by Gal_Tuesday at 2024-11-03 05:31 PM

"Remarkable Economy"

LMAO...

In addition to #6, an economy so remarkable that it has to borrow a trillion dollars each quarter just to stay afloat.

#9 | Posted by lfthndthrds at 2024-11-04 08:36 AM

How long after Trump takes office will it be before MAGA is shouting from the rooftops how amazing the economy is and how Trump is such an astute businessman to make such a great economy?

#10 | Posted by jpw at 2024-11-04 09:18 AM

In addition to #6, an economy so remarkable that it has to borrow a trillion dollars each quarter just to stay afloat.

#9 | Posted by lfthndthrds

Not quite.

In any case, take a look at the total debt by year and who was POTUS during those years.

You're f&^%ing insane if you think Trump is going to fix it. He's the worst culprit of the 2000's for adding debt.

www.investopedia.com

#11 | Posted by jpw at 2024-11-04 09:41 AM

A lie becomes the truth the more it is repeated.
--Attributed to Josef Goebbels, among others

Der Dotard has been saying for three years that he (1) left office with the economy in great shape, and (2) that the Biden administration drove the economy into a ditch. Of course, the truth is that Trump badly mis-handled the Covid pandemic, and took his hands off the wheel so as to allow the economy to roll into a ditch. It took a while to get a tow truck, pull the US economy out, get the engine started again and get the vehicle back rolling down the road. Biden has done this, and done it very well IMO. The Dotard II administration and vengeance tour crash the US economy into that oak tree on the other side of the farm field, far from the road its on now...

#12 | Posted by catdog at 2024-11-04 09:42 AM

DonOLD will fk it up if he wins.

Mushole has already told the public to expect pain so he can get more tax cuts because he needs more money.

Poverty is not a result of our inability to help the poor, but rather our inability to satiate the morbidly go to space on penis rocket rich.

#13 | Posted by Nixon at 2024-11-04 11:16 AM

Remarkable economy - LOL. Tell that the average American family where their food, utilities, insurances, fuel, etc., costs much more than four years ago. I'm sure that will 'buy' your 'malarky'.

#14 | Posted by MSgt at 2024-11-04 01:21 PM

@#14 ... Tell that the average American family where their food, utilities, insurances, fuel, etc., costs much more than four years ago. ...

Even with the target 2% inflation, those items you mention will cost more in 4 years than they do now.

Maybe you should be more critical of the corporations and companies not raising the wages they pay to ~average Americans~ to keep up with inflation.

Difference between the inflation rate and growth of wages in the United States from August 2020 to August 2024
www.statista.com


#15 | Posted by LampLighter at 2024-11-04 03:42 PM

-Maybe you should be more critical of the corporations and companies not raising the wages they pay to ~average Americans~ to keep up with inflation.

Politicians turn the gun on the govt when pandering to the average Joe for their vote. Not the employers....

#16 | Posted by eberly at 2024-11-04 03:55 PM

www.epi.org

The public sector wages increased at a lower rate than private sector wages.

But it's the corporations who aren't raising wages enough?

#17 | Posted by eberly at 2024-11-04 03:57 PM

Biden inherited a disastrous economy from Shitler
Shitler inherited a booming economy from Obama
Obama inherited a disastrous economy from W
W inherited a booming economy from Clinton
Clinton inherited a sluggish economy from Bush

#18 | Posted by truthhurts at 2024-11-04 04:13 PM

Biden inherited a disastrous economy from Shitler
Shitler inherited a booming economy from Obama
Obama inherited a disastrous economy from W
W inherited a booming economy from Clinton
Clinton inherited a sluggish economy from Bush

#18 | Posted by truthhurts

I can't see the pattern because i eat lead paint.

#19 | Posted by SpeakSoftly at 2024-11-04 04:23 PM

In any case, take a look at the total debt by year and who was POTUS during those years.

You're f&^%ing insane if you think Trump is going to fix it. He's the worst culprit of the 2000's for adding debt.

www.investopedia.com

#11 | Posted by jpw at 2024-11-04 09:41 AM | Reply | Flag:

How many of those presidents had COVID hoisted onto their economies, moron?

#20 | Posted by lfthndthrds at 2024-11-04 06:13 PM

How many of those presidents had COVID hoisted onto their economies, moron?

#20 | Posted by lfthndthrds

Biden had Shitler inflation hoisted on him, he attacked it successfully.
Shitler exacerbated the covid problem with his moronic response
Obama had Bush's economic collapse hoisted on him, he turned the economy around.
Bush chose tax cuts during a war.

#21 | Posted by truthhurts at 2024-11-04 06:17 PM

How many of those presidents had COVID hoisted onto their economies, moron?

#20 | Posted by lfthndthrds

You mean the pandemic that resulted in the low gas prices you used as a sign of good leadership?

This fools sold all his stocks because trump said biden would crash the market.

#22 | Posted by SpeakSoftly at 2024-11-04 06:19 PM

@#20 ... How many of those presidents had COVID hoisted onto their economies ...

Welcome to the challenges of the Oval Office.

Each and every President who has occupied the Oval Office has faced unexpected problems.

The question is not the challenges that they have faced, but how they have reacted to and tried to assuage those challenges for the benefit of Americans.

imo, fmr Pres Trump failed miserably when he faced the COVID-19 challenge, apparently choosing to kill off hundreds of thousands of Americans.

#23 | Posted by LampLighter at 2024-11-04 07:37 PM

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