Biden Stresses Economic Optimism, Seeking Contrast With Republicans

Oct 27, 2022 · 64 comments
Grabski (Morris County, NJ)
He had the chance to ask the key question: Are you better off now than you were two years ago. Do you want more of the same? He didn’t, because the answer is: NO!
Jay Edwards (Walden CO)
Privitize profit, socialize loss... TAX CUTS for the wealthy, and a poke in the eye with a sharp stick for us. Trinkle down Reaganomics..... I'm proud to be a BLUE COLLAR DEMOCRAT!
Ben Andrews (Phoenix, Arizona)
The inflation Trigger explanatory journalism—where is it? The Trump/GOP admin is responsible for the increased size of our current inflation? 1) Every break-away inflation has a trigger. That trigger is an outsized threshold imbalance in supply and demand. 2) The 'Trump/GOP admin' politicized all the major Covid public health measures. This made them much less effective against the pandemic. That enlarged the size of the pandemic and increased the human damage caused. (We hold a world record for Covid deaths! That and US cases and disabilities are twice what they should have been.) 3) The enlarged pandemic created EXTRA human damage. Some of this EXTRA human damage happened in the US supply-chain workforce. 4) The enlarged size of the pandemic also created EXTRA volatility in the demand-side of the US economy. 5) Part of the trigger was the EXTRA human damage to our supply-chain workforce in manufacturing, food processing, ground cargo transportation, and seaport cargo transfer to and from trucks. 6) The other part of the inflation trigger was the increased size of our pandemic. This added EXTRA volatility to the demand-side of the US economy. 7) Thus, the Trump/GOP admin loaded extra heft into the two-part US inflation trigger—extra human damage and extra fear. 8) The Trump/Biden stimulus payments ultimately revived the US economy. 9) Then the GOP-enlarged US inflation-trigger "BOTTLE-NECKED" our supply-chain and triggered our current inflation.
Dave (New Jersey)
The Republicans have no plan or solutions. Just criticism. I'm a pragmatic, moderate independent. I've voted for Republicans in the past, and was a Republican for a few days in order to vote in a primary; I've never been a registered Democrat, despite voting for them probably 75% of the time. I will never vote for a party that chose as its leader, and continues to support, an amoral, mendacious narcissist like (former Democrat) Trump.
David (Texas)
The Democrats blame game has started for their midterm nightmare. Fingers are pointing everywhere and at everyone involved but the blame usually goes to the people in charge at the top.
Rev. E. M. Camarena, PhD (Hell's Kitchen)
"Biden Stresses Economic Optimism" Herbert Hoover tried that in 1932. Plastered American roadways with billboards showing a happy family saying, "Gee, wasn't the depression awful?" Didn't work then. Won't work now. https://emcphd.wordpress.com
tazio sez (Milw.WI)
Current employment rate is the highest in my recollection and I'm old. Europe has paid much higher energy rates than we have since forever. Oh no, the price of gas went up - let's vote the Democracy Usurpers back into power! Are you kidding me? Maybe many of us are still punch drunk from the pummeling we took under the last (?)administration. Don't vote for lies and 'alternate truth'. Vote Blue.
Byron (Brooklyn)
Get ready for the GOP to shut down the government and maybe even default on the debt if they win in November. That'll make their predictions of a recession come true - bigly.
MDT (Alexandria)
Good luck with the blame game. We are about to run out of diesel. Can you say supply chain nightmare. And how expensive will it be to heat most homes this winter. Yes, by all means blame the republicans for this, since they are currently in charge of neither Congress nor the White House. And I think the midterm rout will reflect this.
Bunk McNulty (Northampton MA)
Headline from NPR yesterday: "A second railroad union votes down Biden's tentative agreement." Biden has a chance to do the right thing here, and get fast, meaningful results. But he won't. He--along with the Fed--still believes inflation is due to wage increases and better benefits. As is the case just about everywhere in the US corporate world: When in doubt, punch down on the working class.
Saints Fan (Houston, TX)
Trumps tax cuts spurred economic growth.
Wang An Shih (Savannah)
@Saints Fan It is crystal clear that the 2017 tax cuts have not remotely achieved the economic miracle that the Trump administration promised. Two years after the tax cuts were enacted, the evidence clearly shows that the critics were right. Overall, the economy did not outperform solid trends that predated implementation of the tax cuts and were inherited from the Obama administration. • GDP growth averaged 2.5 percent—exactly the same as the average in the quarters before the tax cuts, and nowhere near the 6 percent promised by the president. • Business investment, which is essential to a stronger economy, lagged substantially behind the average of the quarters that preceded the tax cuts. • Household income increased only $550 in the first year after implementation of the tax cuts—far behind the previous three years and not close to the $4,000 to $9,000 or more per household that the administration had claimed. Moreover, the Congressional Budget Office now projects that the 2017 tax cuts will increase the national debt by $1.9 trillion over 11 years.
Tristram Shandy (AZ)
@Saints Fan Worked great for Liz Truss, too!
KellyNYC (Hudson Valley)
@Saints, sure thing. Implementation of tax cuts while the economy is actually growing is awesome economic policy. Worked out great. /s
Olivia (NYC)
Too late.
Jason W (Somewhere, USA)
The contrast with republicans is already apparent. We don’t need Biden to highlight the obvious. While democrats pretends the border is secure and inflation is zero (as Biden himself used the word zero a couple of months ago), the average American doesn’t see it that way and republicans have been ready to pounce. The debate for the New York governor race was telling. The democrat incumbent is running on a platform of abortion rights and trump. Really? Abortion rights aren’t on the ballot in solidly blue state and neither is trump. However rising and very visible crime is most definitely on the ballot in New York and the city and republicans have the message that resonates while democrats are ignoring problems of their own making. The democrats deserve to lose badly this November.
David (Texas)
Just reading the posts below President Biden really has his work cut out for him. No wonder he has been laying low on the campaign trail.
jck (nj)
Who are Americans going to believe about inflation and the economy? Biden political talking points or their own eyes, ears and experiences? Americans are not stupid.
Wendy Diller (NYC)
And what do Republicans offer as a plan? Constantly Lower taxes ? That Equals bigger deficit and continued inflation - enonomists agree on This. Lower taxes pumps money into economy and creates more inflation. I’m sick of Attacks on Democrats by Republicans that are lies and don’t offer viable fixes. Also there was a reason we pumped money into economy two years ago called a pandemic- maybe it was a bit overkill but at the time people were desperate if I recall. I’m of the camp better a bit of overkill than people We have problems in this country that need level headed solutions not fear mongering and polemics.
Tacitus Anonymous (Planet Earth)
Excerpts from the President’s Syracuse speech: “I told you inflation was transitory in July 2021. “I swore that inflation was my top priority in November 2021 — and again in May 2022 — and in July 2022. “Thanks to my domestic policies, consumer prices are growing only 8.2%. “The price of home heating oil is only 192% higher, and the price of gasoline only 57% higher than when I took office. “And the price of eggs is only 98% higher — ground beef 23% higher — bread 21% higher — milk 21% higher — chicken 19% higher — and coffee 19% higher than the day I took office. “But, thanks to my policies, average hourly wages are 8.5% higher than when I took office — so Americans aren’t feeling much pain. “And I’d be remiss if I didn’t mention the progress we’ve made securing our southwest border — a record 2.4 million arrests of illegal immigrants last fiscal year — cities like New York now calling illegal immigration a crisis — that’s a record I’m proud of. “And the homicide rate — now the highest in almost 25 years — another record I’m proud of. “Folks, four words define why you should vote Blue November 8: “Inflation. Illegal Immigration. Crime. “God bless.” /s
Mary (Syracuse)
Hmmm - what speech were you listening to anyway?
Park Bench (Washington DC)
What are the prices of eggs, butter, and milk in Syracuse? How do the citizens look at Biden with straight faces?
Michael (Boston)
Inflation is a worldwide problem. It was caused by a once in a century worldwide pandemic, Covid. The pandemic shut the world economy down. To restart the economy our government pushed massive sums of money into the hand of consumers, businesses and individuals. It was done to help people to keep their houses. To help renters from being evicted. To help businesses from going out of business. To help people pay their bills. The goal was to have a V shaped recovery. Our Government achieved its goal, spectacularly. The pain and suffering was reduced or was none at all, for many Americans and businesses. The risk was it would cause inflation and it did. A depression, greater than the great depression of the 1930's was a very real possibility. The pain and suffering from a depression would have and still would be for years to come far worse. Add to this, Putin's war that has pushed oil and gas price higher and increased in inflation. Yes, this is true. Add to this, that businesses have increased price above what it costed them. This is price gouging. It has increased Inflation. Yes, this is true. President Biden didn't cause inflation. Yes, that is true. President Biden policies, the bills passed by the Democratic Congress and the Federal Reserves action on inflation are working. Inflation has been coming down for the past two months. Yes, this is true. What are the policies the other party has for reducing inflation? None. Yes, this is true.
Ben Andrews (Phoenix, Arizona)
@Michael Yeah! The inflation Trigger explanatory journalism—where is it? The Trump/GOP admin is responsible for the increased size of our current inflation? 1) Every break-away inflation has a trigger. That trigger is an outsized threshold imbalance in supply and demand. 2) The 'Trump/GOP admin' politicized all the major Covid public health measures. This made them much less effective against the pandemic. That enlarged the size of the pandemic and increased the human damage caused. (We hold a world record for Covid deaths! That and US cases and disabilities are twice what they should have been.) 3) The enlarged pandemic created EXTRA human damage. Some of this EXTRA human damage happened in the US supply-chain workforce. 4) The enlarged size of the pandemic also created EXTRA volatility in the demand-side of the US economy. 5) Part of the trigger was the EXTRA human damage to our supply-chain workforce in manufacturing, food processing, ground cargo transportation, and seaport cargo transfer to and from trucks. 6) The other part of the inflation trigger was the increased size of our pandemic. This added EXTRA volatility to the demand-side of the US economy. 7) Thus, the Trump/GOP admin loaded extra heft into the two-part US inflation trigger—extra human damage and extra fear. 8) The Trump/Biden stimulus payments ultimately revived the US economy. 9) Then the GOP-enlarged US inflation-trigger "BOTTLE-NECKED" our supply-chain and triggered our current inflation.
JG (NYC)
On one hand Biden is taking money by raising corporate tax rates and then on the other hand, he's giving it back to certain companies via subsidies and tax credits. How are these companies going to pay their "fair share" in taxes, if he keeps giving them back their money?
Javaforce (California)
American Democracy is on the line and the Democratic Party's insistence on taking the high road no matter what is very disturbing. Sometimes the best defense is a good offense. Biden or a member should in simple terms (and under 5 minutes) explain what the differences between the Democrats and Republicans are on the economy. McConnell's whole economic agenda seems to be tax cuts for the super wealthy will fix everything. Kevin McCarthy is putting out the idea that he will weaponize the debt ceiling to get what he wants.
tazio sez (Milw.WI)
When the election cycle draws near, GOPs love to shout: The Economy! The Crime! - Please explain to me when any Republican's administration solved economic fluctuations or significantly reduced crime? (Didn't happen.) Belay the Lies & Vote Blue for the future of all of us.
dabuck (lodi, nj)
Republican "trickle down" economics has failed middle America for decades. Republicans always side with low wages and services for Main St. America while supporting high profits with low taxes for corporations and the investors.
bige (Long Island NY)
there is a joke about trickle down economics, but 99 percent of us won't get it.
Me (Miami)
There’s no hiding failure, he’s wasting his time. He’s toxic to any democrat running for re-election.
Sandra (Ohio)
Too little Too late. Biden and the Dems weird idea to hitch their wagon to Dobbs is a mystery.
mkc (florida)
It's not voters he needs to win over. It's reporters
Ben Andrews (Phoenix, Arizona)
@mkc Yeah @mkc! The inflation Trigger explanatory journalism—where is it? The Trump/GOP admin is responsible for the increased size of our current inflation? 1) Every break-away inflation has a trigger. That trigger is an outsized threshold imbalance in supply and demand. 2) The 'Trump/GOP admin' politicized all the major Covid public health measures. This made them much less effective against the pandemic. That enlarged the size of the pandemic and increased the human damage caused. (We hold a world record for Covid deaths! That and US cases and disabilities are twice what they should have been.) 3) The enlarged pandemic created EXTRA human damage. Some of this EXTRA human damage happened in the US supply-chain workforce. 4) The enlarged size of the pandemic also created EXTRA volatility in the demand-side of the US economy. 5) Part of the trigger was the EXTRA human damage to our supply-chain workforce in manufacturing, food processing, ground cargo transportation, and seaport cargo transfer to and from trucks. 6) The other part of the inflation trigger was the increased size of our pandemic. This added EXTRA volatility to the demand-side of the US economy. 7) Thus, the Trump/GOP admin loaded extra heft into the two-part US inflation trigger—extra human damage and extra fear. 8) The Trump/Biden stimulus payments ultimately revived the US economy. 9) Then the GOP-enlarged US inflation-trigger "BOTTLE-NECKED" our supply-chain and triggered our current inflation.
Robert S (Minneapolis)
Bets of Luck Mr. President. You may succeed, and pigs may fly
Alison (Ontario, Canada)
I was in Syracuse twice in the last 36 hours travelling to and from NYC to see my first broadway production (MJ the Musical - a teriffic show). Like many Canadians, I'm deeply concerned about your upcoming election and feel great sympathy for what out southern neighbours are going through. But I also returned to Canada feeling that you really have to spend time in the US with the American people to know what they are about. My niece, who lives in Rochester, NY warned me that people in NYC are rude. Honestly, everyone I talked to from bus drivers to people on the street I stopped and asked for help with directions, were very friendly and very helpful. In the musical, people to my left were 3 teenage boys and their mother from Wales. To the right were boomers from France. I wonder how many poor people in rural America have ever had the opportunity to go to NYC and see a broadway production. I wonder how much more appreciation they would have for "blue" cities if they could take in the arts in these cities, especially young people. When I was a high school teacher in northern Ontario we brought busloads of kids 7 hours south to Toronto to see the Phantom and Les Mis. There are hostels in NYC where groups of high school students could stay overnight. It would great for the US to have a program that helps fund trips to NYC for rural high school students. Hilarious how drivers honk their horns on gridlocked 8th Ave thinking that's going to get them anywhere faster.
AKJersey (New Jersey)
COVID damaged the international supply chain, creating inflation around the world. This inflation will end automatically soon, as productive capacity recovers. Due to US government actions, the US recovered quickly from the COVID recession, and now the US economy is the best in the world, as shown by the sharp rise in the dollar compared to all other currencies. Thank you, President Biden!
Walter C. Derrick (West Columbia, SC)
The GOP "plan" for ending inflation, touted by Li'l Kevin, sounds a lot like Liz Truss's approach to reviving the UK's economy. And it has about as much chance of success.
Robert Avant (Spokane, WA)
There are a few things Biden Team could do to help on the inflation front. The bad news is that Team Biden is clueless as t what those things need to be because the Fed has almost no chance at its "soft landing" goal.
JBB (Palm Desert,CA)
All what the Democrats should do is to say that the Republicans, if elected, will stop any action of the President. Do you want two more years of total inactivity?
David (Texas)
@JBB I would rather have two years of inactivity or gridlock than two more years of the same overspending that brought us this catastrophe from the Democratic house & senate.
JBB (Palm Desert,CA)
@David What catastrophe?
Tench Tilghman (Valley Forge, Pa)
President Biden's attempt to address inflation is way too little and way too late. Democrats are finding that their concentration on (obsession with?) Trump and January 6th, throughout Biden's entire term, have pleased only themselves. Both parties need independent voters to succeed, and Democrats have uniformly failed until now - just a few days before the election to address independent voters' day-to-day concerns. The price for this error in judgement will be heavy.
John (Fairport, NY)
We can return to addressing the attempted overthrow of our government and democracy after we solve the critical issue of $3.00 per gallon gas so that people can drive gigantic pickup trucks.
mkc (florida)
@Tench Tilghman An independent, by definition, is someone who can't decide between a party that believes climate change is a Chinese hoax and one that views it as an existential threat; a party that wants to expand Medicare and one that wants to voucherize it; a party that wants to support Social Security and one that wants to eliminate it. Sorry if I have more contempt for independents than Trumpsters.
Emma (Massachusetts)
@Tench Tilghman You're absolutely sure ?
John Moltzen (Minneapolis)
Unfortunately, its too little too late. Biden and democrats should have been hammering this message home for the last 6 months. Of *course* thats Republicans' plan for "fixing" the economy. They have managed to point the finger at democrats without ever saying what they would do to fix it themselves. We should have been reminding them all along, that this is all Republicans know how to do. I feel I will be weeping for democracy in very short order here.
tazio sez (Milw.WI)
@John Moltzen Weep not, Vote instead.
Olivia (NYC)
@John Moltzen I will be jumping for joy when the Red Wave saves our country.
dave (ill)
what so we return to top down economics where the top get the benefits and breaks while the rest of us pay for it. just more Reaganonmics.
Lara (Brownsville)
Biden should do well in Syracuse, SU is his alma mater. The USA must recover its semiconductor technology to stay ahead in the cybernetic economy without neglecting the nuts and bolts of the industrial age. Wealthy capitalists sold the science and technologies of Western Civilization to those countries that now want to destroy it. Western Civilization is democracy, the value of the human individual, respect for nature, freedom, justice, life.
Jenny (New York, NY)
Why does nobody seem to be telling voters that no government controls prices, that they are set by various forces and people? Ours is not a communist country; we don't have price controls in almost any sector – and certainly, not at places like the supermarket, the pump, the drugstore (though, thanks to recent rulings, there will ultimately be relief for seniors on certain few drugs under Medicare). Yet I hear nothing of the sort that would inform Americans of that fact, and it not only would help them to understand the way our system of government works, but could limit the damage to elections caused by omissions and lies, and to the functioning of government. Some people won't be persuaded by the truth, but others who don't really know about how our government works might be open to hearing such explanations and to alter their views about how such matters as inflation occur and what can and cannot be done. Notably, people who proclaim themselves to be opposed to "socialism" (as they think they know it might be glad to know that few prices and other economic factors in our economy are governed by what a government like ours does, and most of the time, they cannot even be altered. Widespread restriction of private business is not our way of governing. I wish that at least, every candidate would tell that simple fact to voters and let them then make their own decisions about who is to blame for inflation, recession and such.
David (Florida)
@Jenny The US government controls prices on many products in the US, especially food and various imports/exports. Food production is highly controlled. It starts with payments to farmers to encourage them not to plant excessive amounts of grains/pulses. This is to prevent fluctuations and boom/bust cycles. If it were not done large grain/pulse farmers would tend to plant as much of whatever the most valuable crop was. Unfortunately so would every other farmer and then at the end of the season the price would drop dramatically due to over production. So then no one would plant it the next year and availability would drop raising the price again and leading to a repeat of the cycle. This is also done via crop subsidies and guaranteed prices etc. Milk is treated much the same way. But it also includes payments for things like biofuels (ethanol production), if ethanol subsidies go up corn production increases. If fuel is too expensive theoretically grain production can be encouraged thus eventually increasing ethanol production while lowering prices which an be used to dilute more expensive gasoline. Much the same can be done with soy. If heating oil is high soy could be converted to biodiesel to dilute the fuel oil and lower price. As all food prices are high and Ukraine is at war we should be planting fence line to fence line come the spring. Excess grain will lower food prices and could lower fuel price. Much better then just pumping oil reserves to lower price temporarily
Emma (Massachusetts)
@Jenny Thank you for correcting Republican errors in believing that the economy in a democratic country can be managed ...by the President.
SJ (KCMO)
@David, so you're saying we have socialism for the affluent to wealthy, but the rest must deal with laissez-faire capitalism?
Larry (NY/NJ)
Too late, Joe. Bought any heating oil lately? Gas? Groceries? Stop trying to convince us that it isn’t as bad as we already know it is. My only hope is that the Republicans can restore the economy as quickly as you wrecked it. The social experiment - wealth redistribution masquerading as economics - is over.
JBB (Palm Desert,CA)
@Larry And how do you imagine that Republicans are going to restore the economy?
D. (CNY)
@Larry We can only wish there had been any real wealth redistribution that is not directed upward! Then ordinary people (presumably you included, if you do have to worry about the price of the basics you have listed) wouldn't be as strapped as they are. Not sure what you mean by that phrase...
SJ (KCMO)
@Larry, you should read Thomas Friedman's op-ed from yesterday, Putin Is On to Us.
csleigh (Bakersfield)
Why on earth would he highlight a $50 billion corporate giveaway as a way to show he's fighting inflation? Here's an idea that will never happen: how about expanding food stamps to help the most vulnerable Americans? You'll never see that happen though, because helping the poorest people is too unpopular with wealthy Democratic donors. So instead we get taxpayer subsidized corporate welfare.
Tristram Shandy (AZ)
Helpng the poor is wildly popular with Republins, though. It is known.
Dave (New Jersey)
Biden does not have bragging rights on the economy. An economic plan must consist of more than gratuitous giveaways. The 2021 welfare payments were unnecessary and greatly contributed to the worst inflation in over 40 years. Inflation is a worldwide issue, however, by early 2021 the US was recovering quite nicely. Student loan forgiveness is inflationary and another insult to all the hard working families who chose responsibly and paid their debts.
D. (CNY)
@Dave Unnecessary? The child poverty rate -- the most shameful in my opinion in a wealthy country -- halved from 10% to a historic low of 5% thanks to the child credit specifically.
Brody (NYC)
@D. Yet the Democrats bungled any attempt at making the enhanced child tax credit permanent despite holding the House, Senate, and Presidency. They have nobody to blame for that but themselves after they overheated the economy and doomed the original Build Back Better.
Earth Mamacita (Earth)
@ D - republicans only care about the fetus in the womb and not a fully developed child. I’ve always been one of those people who has always looked for the best in people and had no room in my heart for hate. In the past 6 years I’ve found myself hating nearly half of this country’s racist, ignorant and moronic population. Heaven help us all.
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