Joe Biden Has a Bidenomics Problem
President Joe Biden’s “Investing in America” agenda is pumping trillions of dollars into cities through federal investments in infrastructure, clean energy and microchip manufacturing. The Democrat is hoping those landmark legislative accomplishments will persuade middle-class and union voters to vote for him come November. Bloomberg News Reporter Akayla Gardner traveled to a bellwether county in Pennsylvania to ask officials, business leaders and voters whether they trust Biden or Donald Trump to handle the economy and boost domestic manufacturing.
#2024elections #politics #economics
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Nice that this one is about policy, not culture wars.
It’s always about culture wars
They thought Fascists could utilize multiculturalism to foster Fascists growth..
Imagine if policies could be set up like the Neocon would have hoped to moneruze from vassal Ukraine. Turned out we are not Ukraine😊
I wish we had more media coverage like that.
@@ssuwandi3240uh, bruh, you're calling the wrong side the fascists, lol. Fascism has been a leftist pastime since it's inception.
" The economy is doing great" says the state of the union speaker
The economy is doing great, it’s the distribution of that greatness we’re not experiencing.
I say its great for the rich and not the average American
by every single measurable metric the economy is doing great. thats a fact.. prices are higher but its not inflation when the corporation 't have posted the largest profits they had ever made for two year straight even after taking the rise in operating costs into account...
@@doujinflip cope
It is doing great! Its a fact
What about the housing crisis? Severely hurting Biden right now.
But only 34% of occupied housing units are occupied by renters….so if housing prices fall more will get angry. I don’t own a home so I wish prices would come down also.
@@johnl.7754 Just be patient lol
Yeah, you're not wrong. Those things in some ways go hand in hand. Housing prices increase with the economy, like a natural anchor. There's alot to be done to improve housing affordability, and the Biden administration have lagged there.
It may be, but he can't single handedly force developers to build the entry level affordable housing they haven't been building for the last 15 years, and those developers (who are themselves overwhelmingly republican and donate heavily to republicans) aren't going to change a thing. The scarcity benefits their bottom line. This would require landmark legislation that wouldn't ever see the floor in the GOP-led house.
Homeowners are more consistent voters, and it’s in their interest to make sure housing prices keep rising.
Thank you for actually going out & speaking to regular people instead of gaslighting people like a bunch of these news outlets have
Thank you so much 🙏
sarcasm right? most of these leaders they interviewed are payed with public dollars
Except they did by interviewing union leaders, and CEO.
The gaslighting was subtle in this one
Every time Biden or some media outlet INSISTS the economy is doing great, I just can’t help but feel like we’re being gaslighted. Great for who, exactly? Young people like myself with decent jobs don’t have a prayer of ever owning a home, and trips to the grocery store have become painfully expensive. I actually made less money in 2019, but it *felt* like I was making more than I do now.
Doing great for the capitalist elite class
@@gerardanderson9665 which is weird because isnt that precisely who biden should be against? I remember back when the democratic party was the party of the little guy.
@@nunyuhbusiness9016 but go a bit further and Democrats were the party for the plantation owners in southern states! All Biden want's to do is win the upcoming election and to make it look like his economic plan is working he is mortgaging the future of the young generation! Well it's not like he will be around to see the consequence of this limitless spending spree!
@@nunyuhbusiness9016he def is but he can’t do much bc of the republican house and more importantly money in politics as a whole
@@thicpancakes4673 I'm sure that if he really wanted to he could've done something.
Can we please stop pretending the Inflation Reduction Act reduced inflation? it's an insult to anyone who passed econ 101.
ehh democrat will try to convince you the sky is green and their supporters will nod in agreement.
It’s really long term inflation they’re targeting. The only real power the government has to limit price hikes within an election cycle are dictated price controls.
Pretending that it did not is an insult be looking at graphs. Inflation dropped after it's passage despite right-wing naysayers saying that inflation was casued by government spending and would get WORSE because of the Act. Being proven wrong though never changes the mind of rightwing hacks.
even b ! den said they probably shouldn't have called it that lol
Who cares? It's all about branding. Republicans have been great at it for decades, now the dems are finally catching up.
This is literally an attempt to campaign for Biden 🤣🤣🤣
Absolutely
Dont be mad cause this is the truth
@@thechads1057lol Sure.
Inflation reduction act is a terrible name. It does exactly opposite to reducing inflation by pumping billions into the economy
Doublespeak
It does decrease inflation by creating jobs
@@NEFLAtlantic Economics MA here, inflation is often referred to as a phenomenon caused by too much money chasing too few goods; labour fluctuations are much shorter term in nature than that of capital, which is needed as a complementary input with labour in order to scale up growth equally. By pumping money into the economy (funded by debt, which will have to be repaid with interest in the future), we are producing more than is sustainable due to underlying factors like technology and population (known in economics as the steady state, long-tern level of production), causing inflation in the short term due to the buffer in capital production, so wages (from the new workers that are employed due to this exogenous government stimulus) are increasing faster than production. It's because of this that there is too much money chasing too few goods, so the IRA increases inflation, but does so with the aim of counteracting the negative growth shock caused by Covid-19 and ultimately growing out of the debt that it needs to pay back through expansion.
@@gabrielbarrettbunnageSays the guy invested in profiteering companies. I see you.
@@USA92 What does this mean USA92?
I wish voters were smarter in this country.
Who could they vote for?
@@Aiuto-vk5tq Bernie Sanders
@@djp1234It's so over
You only have 2 options, Fail Option A & Fail Option B !
It would help if our news spent any time at all covering policy instead of spewing culture war nonsense ad nauseum. This video is a welcome exception.
A car that was $30.000 in 2019 is $45.000 today
Inflation was caused by Covid and the Russian invasion in Ukraine, prices has risen everywhere in the world.
I bought a Honda CR-V in 2019 for $26k. A CR-V in the same trim from the same dealer is $35k today. A 34.6% increase. No doubt there are other models or other markets that have experienced 50% inflation (30k to 45k) in that same time though.
I was so proud to hit 6 figures. Then I realized that you need closer to 200k a year due to inflation.
Government Spending causes INFLATION!!!! This is economics 101! People don't care about jobs when they have 3! 1 for rent 1 for their bills and 1 for food.
In addition to that, they also mention moving manufacturing to the United States through protectionism which sounds amazing until you realize why they moved out in the first place. Everything is going to so much more expensive and the burden will go directly to the consumers which means more inflation
Every spending causes inflation.
@@sharpasacueball if they move back in then there will be more jobs for people to purchase consumer goods, although there might already be enough production for it to work
Unemployment rate is 9% and not 3.8%
We all have a Bidenomics problem.
Yet some people will still vote for the guy. It's maddening.
@@nunyuhbusiness9016 Unfortunately true.
Narration opens by discussing Northampton County (a purple county which has voted for the winner of all of the prev Pres elections since 2008), and then they proceed to film and interview almost exclusively in Lehigh County (solid blue Dem). 🤡
I thought using stats from 2008 was interesting. That's only Obama, Trump and Biden. I don't think that's very objective and long enough historical analysis to make a logical conclusion.
Really shows their bias.
Oh, did you notice? They were hoping you didn’t
Lehigh is narrowly blue, Allentown is the bluest at about 70%
Subtle right
"I think you have to give Biden 4 more yrs and itll show that it works." No campaign can run on that and succeed.
If they do mass mailout voting again they can 😂
Mind you, it worked wonders for Bush.
@@pritapp788 what does that have to do with Biden's campaign
@@pritapp788 crickets
The American People should file a CLASS ACTION LAWSUIT for what we've LOST
Most of the infrastructure funds went to woke causes like inclusion initiatives in foreign countries.
Yes if only voters would just vote blue for more inflation, higher prices, no border in the country they live in.
CRY HARDER🤣🤣
@@kv9016 tell that to the people who've fallen into poverty over these last nearly 4 years who can't afford rent or food. The only person who thinks Biden did well is a rich person, or a person the rich have duped into thinking it. And remember: the majority of corporations supports Biden😉
Can we stop pretending like trumpflation didn't trickle down into Biden's presidency caused by Trump's bungling of the pandemic, shutting down the economy, causing a major supply chain issue and being the first to print gobs and gobs of money to send payments out to every person in the country. Believing Trump is not to blame is an insult to anyone who passed Econ 101.
Can we stop pretending like Trumpflation caused by Trump's bungling of the pandemic, shutting down the economy, causing a major supply chain crisis and being the first to print gobs and gobs of money to send payments out to every person in the country, and expect the effects of all of that not to trickle down into Biden's administration. Believing Trump is not to blame is an insult to anyone who passed Econ 101.
@@kv9016 I don't need to. The liberals living in NY under Biden's America are doing all the crying for me. Fastest way to red pill a liberal is to give them what they ask for.
Housing and rent crisis, Housing and rent crisis, Housing and rent crisis. Food, fuel, groceries are actually not much of a problem., Yes they are expensive but compared to Rent and Housing prices they are not much of a problem. Rent is unaffordable in most of the big cities
100% Everything is expensive ! A stick of " Gum" is 5 bucks now ...
It's across the board and all ads to the cost of living. Which is unaffordable for lots of Americans... But Biden's patting himself on that back eating ice cream.
It's called corporate greed. Thank you for finally waking up.
Well everything is a reason behind that. Fuel, food, materials, labor, etc. Have all contributed to the prices of rent going up, as well houses. Yeah we had a corporate buy out in 2020 - 2023. That jacked the market around and ballooned to a point of insanity. Trying to compete in that market meant that we needed more houses and apartments. Well they now cost triple to build and thus owning and renting goes up as well. Yeah it's greed and are incompetent government doing that caused this.
@@tristanlong7 And who has been in charge the past 4 yrs ?????
You can’t have both build in America programs (lots of government spending and less lower cost imports) and low inflation
I think the notion is that inflation might be elevated, but that it won't be an issue if Bidenomic policies result in substantial wage growth as well.
People wanted less globalization, Trump actually started that trend and Biden continued it, now we have to ride out the tough part and hope for the best, if wages can grow without triggering inflation we can hopefully have an actual middle class again
Though it would take a fundamental shift against “pro-business” corporate culture, ensuring the growth of productivity they’ve been enjoying since the transistor hit the market gets shared with employees and public works instead of to shareholders and C-suite packages.
@@SplyBoxride it out? We have been riding it out for the better part of two decades. We are tired, and it all got so much worse after COVID, groceries are up AT LEAST 25% since 2019, average car payments have EXPLODED to over $600/mo, rent is now $2200/mo on average and so much more. Right now is not the time to start trying ANYTHING NEW, Americans need to be given at least a decade to stabilize, we've already suffered enough, we're talking about a civil war if things don't immediately improve.
@@doujinflip An economy based on endless growth is always going to collapse
"That doesn't sound like a recession to me"- Biden
Vote Republican
Not to burst the stars & stripes bubble y'all live in but the whole world has the same problems. And sadly, in this kind of time, populists like Trump are benefiting.
Inflation was caused by Covid and the War in Ukraine, it has happened everywhere in the world, so I don't understand why so many Americans think it was Biden's fault.
Have you ever thought?
Sadly?
When I go to the supermarket I scream
Was this and ad for Biden?
You should do one on south Carolina fastest growing state in the country
South Carolina is also tending to go Republican, as most people in the state, while happy about the reinvigoration of the economy, are a bit hostile to large scale change.
Florida is the fastest growing state !
Florida hands down
@@ssuwandi3240 no South Carolina's the fastest growing state in the country since last year
@@ssuwandi3240 I lived in Florida for 7 years now I'm on the big island since 2007 I can't wait to move to Myrtle Beach
1:25 except for 2020 of course, where Trump won 18 of 19 historical bellweather counties, but lost, which has occurred 0 times since 1984
Yeah, interesting isn't it? 🤔
Shush... people can't handle the truth
But bellweather counties can lose that status due to demographic or political preference over time. Notice how it starts at 1984? The stats on how people vote don’t usually stay the same after 3 decades. People die or move. Also why would this shadow government let trump win in 2016 if they could’ve just rigged it? Please show me any source that proves the election of 2020 was rigged. Other then from overlord trump and his homies. Maybe like someone who wouldn’t benefit from that “truth” actually being real.
yeah its crazy how voting works. One side gets more votes and the other side cries about it for 3 years and tries to stop transfer of power in poor attempt.
U do know those bell weather counties change over time ? People die and move. Those stats start in 1984, the demographics have changed my conspiracy theory friend. Keep grasping for anything
yeah well,coming out of a pandemic probably isn't the best time to throw people in the poor house
I’m independent, but this looked like an add. Where is balanced coverage 😢
The economy is not working for the American worker.
This is what the numbersexuals in DC ignore. Young people can't afford to have families until much later. People's rent has increased dramatically in the past few years. Grocery shopping is literal pain. Many people are working two jobs to survive. The average house earned more than the average worker in the past few years. Sure, the wealthy are doing absolutely great right now, but everyone else is feeling the pain.
@@cherokeevolfusa2891this is one thing conservatives misinterpret and liberals just ignore People are raging against the machine they know something is wrong but they can’t point at the economy as a system yet as the problem in itself, used as an altar to sacrifice the working class. Just like China
Those are great policies but if you can't afford rent or groceries youre not interested in manufacturing growth in another state
So they just want to subsidize inefficient production? 😂
Isnt that how it goes always? Or would you want to starve to death because farming isnt profitable?
People are always moaning that everything is too expensive, that’s life y’all, you want a ham sandwich- it’s expensive, you want a fridge freezer- that’s expensive, you want a private yacht with a helipad and a satellite dish- that’s expensive too.
Great reporting, just normal people having adult conversations about important subjects, no drama
No more Biden please
4 MORE YEARS!💙
@@kingace6186sleepy joe 2024 😂😂
@@kingace6186 dude we can't afford it.
We need rfk
Trump 2024
Last 3 years "Median Household income" is actually Negative -3% St Louis Federal Reserve 4 more years
Enough is enough. Let PA and the other Yankee rust states do it on their own. The South is doing better and can do much better without this rusted albatross of the North around our necks.
Like an old friend used to say: "Lawdy Lawdy the south shall rise again!"
It costs over 1,000$ for me to provide food for my family. Under Trump, it was about 600. This is why biden is losing
Same. Under trump I could afford a home, new car, gas, groceries, and bills. Heck I was on my way to being lower middle class. Now that's all gone.
True. Everything is much more expensive now. Before Biden, I was planning on buying my first home. Unfortunately I've had to put that aside for now.. Housing has gone up so much and interest rates are still very high. Sadly, I think it's still going to be much longer before we see any sort of relief.
@@elkillerx it's crazy how bad things can get in just a few years.
Akayla on the big screen! Congratulations on a spectacular presentation. Love from High School classmate😁
Bob Dylan would disagree that people need to wait for the advertising to know which way the wind blows.
I’m getting more fit in my old age, I can now lift a $100 bag of groceries with one hand!
7:16 The narrator speaks about how "...more people working in manufacturing in the Lehigh Valley under Biden..." which is true but the same graph literally shows more growth under Trump's presidency.
Are we looking at the same graph? Under Trump it shows a peak of 40k, while under Biden 42k. Not to mention one Admin had to take control during a pandemic.
There may have been a profund difference in Trump's numbers vs Biden's numbers if the pandemic did not happen. That sharp dip in 2020 is due to the pandemic. Normalcy has returned under our current presidency, but growth here stopped happening since 2022 and there is not much more time for any significant growth to happen.
@@cyrusmorales4880 "Normalcy"
@@trulyvvlx he said growth, not peak.
@@trulyvvlx the growth under Trump went from ~36K to 40K in 3 years, despite it being stagnating at around 34K-35K under Obama for 8 years. While Biden only managed to grow the peak to 42K from 40K. Trump doubled growth compared to Biden.
Only the rich are doing well in this ''new'' economy.
Yup
the guy said “obviously the economy is doing great but not everyone feels it”. what does that even mean………..
definitely. I think its starting to hit a tipping point post covid under biden where people are struggling to afford food and housing. This trend has been happening since the 70's and covid just amplified it. I don't think it is Biden's policies that caused it though. I hope he isn't the one blamed for it. It doesn't help that the news keeps saying the economy is doing great when it only does well for top earners with assets and high incomes in "high skilled" jobs. People who can't afford groceries or find a job feel gaslighted.
@@plutodestroyer12 It means he's disconnected, he's the few rich people that benefited from Bidenomics.
"People saypeople feel that they hqve a hard time but they are wrong" With the price of gas this has to be some expensive gaslighting😂
Can someone name what the money from the Infrastructure, Clean energy, Inflation reduction or Chips Acts has been spent on? There doesn't appear to be anything being built or repaired and the cost of things is still going up.
there's tonnes of coverage on youtube of new stuff being built with that money. seriously, you people are just ignorant.
@@user-iy3gx9qg4y I don't need new things built when the roads around where I live are so bad I'm scared to drive on them. Every day I worry about hitting a pothole wrong and damaging my car which means I have to take time off from work to get it fixed. I don't live anywhere near public transportation so that isn't an option.
Ignorant commnt. Just do a very basic search and you'll find a bunch of infrastructure projects funded by Biden plan.
Did you just crawl out under a rock?
You blind? Or willfully ignorant. Even Bloomberg has done a video on that execution of the IRA.
Prices up, wages down, I used to smile, but now I frown....who you gonna blame? JOE BIDEN!! Who you gonna blame? JOE BIDEN!!
Sure, just leave out the two main facts that jobs are returning from the response to COVID and government spending has extended the length of the level of inflation we have.
American manufacturing renaissance = massive inflation
People are working harder than ever, and can't afford to buy a house; rent takes 40% of income, shopping for food cleans out their wallets. That's the current economic situation.
yeah its wild what can happen when regulations dont exist and big corporations can be as greedy as they want.
@@valtonen77 What does that have to do with the price of tea in China?
@@samuelross9884 What does that have to do with anything you said originally?
Traditional raw materials and commodities are not America's future. value added manufacturing on the German model--that's the ticket.
I thought this would be honest, but typical. Have a great day.
"Bidenomic's Buffet"? Dinner from the 'food bank', again.
The Feds aggressive campaign against inflation has harmed exports since the USD is strong compared to other currencies. At the same time, it has hampered domestic demand for items due to higher borrowing costs. We have consumer goods and grocery chains keeping prices high. Homeowners are reluctant to trade homes for a higher mortgage rate which increases home prices, motivating builders to increase new construction. It will likely be another 6 years until the benefits of CHIPS and IRA Acts is broadly felt. At that time, some other administration will receive the tail winds and of it and try to claim responsibility.
🤓🤓When governments invest in infrastructure it allows businesses to create jobs... Yah no sh... It also increases GDP 😂😂BECAUSE IT INCLUDES GOVERNMENT SPENDING... Sad that something can have Bloomberg in its name and have 0 knowledge about economics
" The economy is doing great" - Right there. That's it right there. This guy is why we feel this way. Your numbers mean nothing when we cant keep the lights on or food in the kitchen. The more you lie and say things are great, the angrier we get. So please, continue talking.
I love how you’re conflating Biden’s policies with the manufacturing worker trend in Lehigh and ignoring how that was the projection pre-COVID which severely increases since Trump came in. (Not a Trump supporter btw…)
If only everything we warned you would happen in the last election hadn’t all happened. Oh but it did. And you voted for it. Enjoy never being able to afford a house. Thanks, Joe!
Down with Bidenomics.
Hey Bloomberg, I really like how you put this segment together. Thanks for sharing a little about the Lehigh Valley!
Whats to say those cities will not misuse the funds like they do so many times. Is there an overseer for those funds. Guess it doesn't matter because they will just get a cut too to ignore any wrong doing
I've never seen inflation this bad.
Thank goodness this is objective, hard-hitting journalism and not just, you know, like an ad for Biden and how great things are. Otherwise, we'd be in real trouble. Thanks, Bloom!, for this hard-hitting, tough reporting full of facts and opposing opinions on Biden. Restores my faith in journalism!
For real. It's very difficult to learn anything about the economy when things are so politicized. Fox news says immigration hurts the economy, MSNBC says immigration helps it. Maybe the truth is somewhere in between, maybe one side is right, or maybe everyone is wrong.
Don Cunningham seemed like a cool guy. Would love to hear his full interview with his experience and perspective.
Why only focus in one area and conclude that Bidenomics is problematic
can anyone help me with this query ??? will the steel produced in US be less expensive, than that which is being imported into USA??
I am a senoir living on social security i am am not getting enough money ..why is social security not raised to keep up with inflation ..my social security is lower than the poverty level .this is outrageous
Because congressional Reprubl9cans block adequate increases.
Do you really think trump would do anything to improve social security?
@@yourmother211That's not what they asked.
Social security was never meant to be lived off of. It was meant to be combined with a 401k/Ira and pension.
This problem started way before pandemic when they were playing politics with tariffs for soy,corn,etc . I don’t think either one is better than the other they both only looks for themselves and their friends best interests not public interest.
Unless it's voting time 🤓 🖕
Food market is the way if even still have one in community
That first dude in the green jacket was really interesting and smart
Great video and a strong, balanced piece of journalism where real people's opinions are front-and-centre. Well done, Bloomberg.
If you like ads for Biden lol
nice journalism thank you for your service
Let’s go Brandon!
So sad US is very backward
can't just focus on the consumer and jobs economy... time to focus more on the reality we are all burdened with... being locked out of the ASSET economy. housing, housing, housing. PERIOD. until our leadership seriously addresses this... many will not be happy with our "economy" unless you somehow double everyone's wages and keep housing the same as it is. why do they never bring this up in pieces like this??? the rents are insane compared to wages in my area, and housing is something I barely even consider. are we living in crazyville? lol
Can't do everything alone and sometime its ok to ask help from our allies. Japan placed a huge offer in US Steel that not alone bring the industry back to live but also our economy with a $15 billion investment!
The economy is growing, but not all parts of society are benefitting.
Inflation is going to remain high as we onshore work. It will be around at least a decade.
Posperity for all should represent the American way, not who's President
Politicians haven't cared about American prosperity since they figured out they can make millions in bribes selling American assets to foreign countries and direct foreign aid. Everyone who makes it into congress becomes a multimillionaire on a $135k salary. We the people are just in the way of their cash cow.
Its the AMERICAN people fault.
This was known by even people from another country for ONE YEAR. Like… 🤦🏽
💙💛❤If Washington slows down attacks on Russian oil refineries and cannot be convinced otherwise, then the war will be lost by Ukraine. We need a debate with Washington with those who are slowing down attacks on Russian refineries.
It’s the beauty of democracy. In a democracy and each gets one vote. In capitalism you get one vote for every dollar. Most people aren’t captured in economic statistics, these people are recorded on Election Day.
Which is why we need to as much as possible divorce the effect of money on politics.
@@doujinflip absolutely! Money has got enough of its own power in capitalism.
ya the only people who should be allowed to vote are the rich....
“I’m still seeing poor people struggle to get food” 8:12. When has this not been the case?
Always has been. There's just more poor people now.
Propaganda
inflation just rose by 0.4%. so much for the inflation reduction act.
2:13 The inflation surge was totally unrelated. -"Economists"
Seems like propoganda for Biden
Problem with all of the bills he passed is the atrocious amount of corruptive spending and donor payoffs in these bills that are so-called helping you smh. The best way to help is to stop spending our money like drunken sailors. Like if you agree
❤
Dude put his NAME on the horrendous economy package 😂😂😂
Nothing else he can do can really make up for the fact that a mortgage for the same house in my county in 2019 cost $700 and now it cost $3,700 a month! In 2019 I got service work done in my truck it cost $330 that same work a few months ago cost $1,400. I have a much higher income that just doesn't go very far..and they you look at how much federal debt we have and what large debts do to growth and its mehh now and it will be getting worse im the future. The fed will have to slowly monitize tye debt away with many years of inflation above interest rates. Its a mechanical thing everyone in finamce knows since America will not ever not pay our debt nominally. The only possible way out of this would be if productivity significantly increased and that is quite unlikely since productivity in most sectors besides technology has been flat for the last 50 plus years and in many industries like health care and construction it's actually going backwards for a long time. So all of this investment into construction is not going to do diddly squat since we can't build anything here anymore on time or at a reasonable cost.
Government needs to change and try to improve the economy
Who needs affordable food when you can have bike lanes
Are those mutually exclusionary?
@@ImpreccablePony all i know is we cant afford food, but we have nice bike lanes
@@m.v185 Pretty sure bike lane funding cannot go to welfare. Waaaaaait a minute. But Trump is even more anti-welfare than Biden. How voting for Trump will make you afford food anyway?
This is near my hometown!
sorry
everything is too expensive right now!!!!!
the anchor is beautiful
I was surprised by her speaking English so well. I was surprised by the lack of Ebonics
7:46 thank you guys for giving us charts - non opinionated report, gracias