CNN's Burnett asks Biden how he is going to turn the economy around. He said he already has.
CNN's Burnett asks Biden how he is going to turn the economy around. He said he already has.
CNN’s Erin Burnett asks President Joe Biden about how he is going to combat inflation and improve the economy before election day 2024.
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Public demand and competition drove prices down. Since Covid reset prices, and stockholders demand growth, companies will continue to price gouge until customers say it's enough.
This is just what capitalism looks like.
The problem is where things are getting the most expensive, that being food and housing, the markets are captured. You can't just say no to having food and housing.
This is where regulation is supposed to step in.
Corporate ownership of housing is a major problem that no legislator seems to be handling. The Feds should start building and selling houses to individuals themselves. I believe that is one way to lower housing costs and increasing private ownership.
Food tracks the general inflation closely, it hasn't actually gone up faster than the inflation in any meaningful way
Food tracks the general inflation closely
That's a fine bit of bit circular logic there. The price of food is used in the BLS's basket of goods for calculating the Consumer Price Index (CPI). So yes, the goods used to track inflation do, in fact, track with inflation.
That said, the US economy (at a macro level) is doing rather well considering that we weathered a global pandemic, we have a war on in Europe involving one of the world's major oil and gas suppliers and inflation has been stubbornly high. Yet somehow, wages are up and unemployment is at historic lows. Seriously, if the administration could actually do something about the housing situation and prices rising, this election would look a lot more like 2008 than 2016. But unfortunately, people vote based on how they feel, not on an analysis of macro-economics. So long as people fell like the gains they have made are being squeezed back out of them via rising prices, the incumbent president is in trouble. When you get down to it, it's still the economy, stupid.
https://www.bls.gov/news.release/cpi.nr0.htm
It's not like we don't have inflation excluding food
All items excluding food and energy: 3.8%
Food: 2.2%
most of the increases were actually before this last year. im not sure that is the best time frame. at least for me the big effects where seen in a year or two of inflation but its tapped down now comparatively.
Yeah, when Russia was blocking the Black Sea and Ukrainian farmers couldn't get the grain out. Can only blame Biden for not shipping enough weapons to Ukraine
Public demand and competition drove prices down.
Prices have never gone down.
Costs for the corporations may have, but that has never (and will never) been passed on to customers.
It's not hard to find examples of products where prices have gone down. Prices for literally all electronic goods have been decreasing for a long time, for example.
Price for performance in electronics has gone down: the end device has only gone up.
I'm not sure how you've decided to arbitrarily normalize "performance" but normal people are experiencing price drops in many categories. Here's a bunch of other stuff that has dropped in price. Lots of things have been commoditized and benefited from economies of scale, leading to lower prices over time.
https://www.aei.org/carpe-diem/chart-of-the-day-or-century-7/