The US economy is better than the public thinks

Inflation is a real problem but overall the economy is doing well.

The latest explanation for bad vibes about a good economy by normal criteria is that it’s about the level of prices, not the rate of change. So, how much have U.S. prices risen compared with other countries? Answer: almost identical. Clearly Biden’s fault. pic.twitter.com/RY2JKm0414
— Paul Krugman (@paulkrugman) October 18, 2023

Just incredible how the US economy is outperforming the rest of the world, how Biden’s COVID response is directly credited as a key reason, and voters seem impervious to this information. One has to think eventually that will change. pic.twitter.com/WtAZ2yeVvT
— Ian Bassin 🇺🇦 (@ianbassin) October 26, 2023

Wow. +4.9% GDP growth in Q3

Americans were on a spending spree.
This was the strongest consumer spending since the Q4 2021. Americans were spending on BOTH goods and services (thank you Beyonce and Taylor Swift).

~Half of GDP growth came from consumer spending pic.twitter.com/V4gRJiV6ee
— Heather Long (@byHeatherLong) October 26, 2023

JUST IN: US GDP soared to a blockbuster 4.9% in Q3. That’s the highest since the end of 2021 and a big uptick from 2.1% in Q2.

Strong consumer spending and gov’t spending drove the growth.

Bottom line: No recession in sight. pic.twitter.com/xRmOFfqIBF
— Heather Long (@byHeatherLong) October 26, 2023

Not good: 50% of American adults say prices increases have been "very stressful" in the past 2 months.

~60% of households earning under $50k are stressed
~50% of households earning $50k to $100k are stressed
~40% of households earning $100k to $150k are stressed

**Data from… pic.twitter.com/wtnWgtp2sy
— Heather Long (@byHeatherLong) October 25, 2023

In 2022, American households had a median net worth of $226K — the highest on record, even after adjusting for inflation.

(That's $192K in constant 2019 dollars, as shown in the graph below.) pic.twitter.com/yjqw61eOOc
— Steven Rattner (@SteveRattner) October 18, 2023

"American families saw the largest jump in their [inflation-adjusted] wealth on record between 2019 and 2022, according to Federal Reserve data released on Wednesday." https://t.co/LYWPU3xPfl pic.twitter.com/2uijPN1zde
— Justin Wolfers (@JustinWolfers) October 18, 2023

News media coverage on Biden’s positive impact on the economy has been bad

The GOP will pay a price for its extremism. But its merciless attacks on Biden poison the political atmosphere & foster cynicism—a tough combo for a president with a good story to tell about the economy & government’s achievements.
Free link to my column https://t.co/uGK26dpfEg
— EJ Dionne (@EJDionne) July 30, 2023

The news media’s job as related to economy is not to report how some voters “feel” about the economy but what are the facts related to the economy and what decisions were made to improve economy. The news media should inform voters, not reflect voters feelings.
— Matthew Dowd (@matthewjdowd) July 29, 2023

This. If Biden is not getting credit for actively leading the remarkable economic recovery in the US, it is a clear indictment of the failure of the media to adequately cover that recovery. https://t.co/L9JlEQMosp
— David Rothkopf (@djrothkopf) July 29, 2023

The economy is improving

Lots of good news.

Adjusted for age, a larger share of our population (16 or older) was working at a job last month than anytime in the last 45 years, or likely ever. pic.twitter.com/Dfb25eCWDV
— Arin Dube (@arindube) July 27, 2023

Increasingly, be it the labor market (e.g., median real wages) or the economy as a whole, we are performing at levels that would be expected had the pandemic never happened.

This is a remarkable feat, and speaks well of our policies. https://t.co/hjrxt4wdji
— Arin Dube (@arindube) July 27, 2023

With the new GDP number, private (nonresidential) investment is now above the CBO's pre-pandemic forecast.

The manufacturing boom we are experiencing isn't just shifting around a given level of investment. It's crowding-in more investment than forecasters thought there could be. pic.twitter.com/yiUcg08tVf
— Mike Konczal (@mtkonczal) July 27, 2023

Just In: The US economy grew 2.4% in the second quarter – that’s BETTER than expected and an acceleration from +2% in Q1.

Consumer spending and business investment helped keep the economy humming. pic.twitter.com/pwnujS69r8
— Heather Long (@byHeatherLong) July 27, 2023

As of Q2, the US economy is over 6% larger than it was before COVID (after adjusting for inflation).

At this point in the recovery from the Great Recession, 2011, the economy was just 0.7% larger than it had been in 2007. https://t.co/myT6zG1QkJ pic.twitter.com/WU7Rih2H1n
— Steven Rattner (@SteveRattner) July 27, 2023

71% of US GDP is in blue counties

Newsom: 71% of the GDP in America are blue counties. Progressive policies. Seven of the top ten dependent states are your states. We’re subsidizing your states because of your policies pic.twitter.com/f1XFDuPLIV
— Acyn (@Acyn) June 17, 2023

The 50 most productive metros increased their share of total ntl output from 62-64% from 2010-20 & held that share thru 21 even amid COVID. Says @MarkMuro1 "it is hard to imagine a massive unrolling” of the digital era concentration of economic opp'ty into the biggest blue places https://t.co/xcm6axDTVz
— Ronald Brownstein (@RonBrownstein) May 4, 2023

Striking, exclusive new data from @BrookingsMetro underscores the solidifying D dominance of the most productive metro areas-even in red states. Metros Biden won generated more of state GDP than Trump metros in 35 states. More here. @amy_liuw @MarkMuro1 https://t.co/YvJZLjkFfD
— Ronald Brownstein (@RonBrownstein) May 4, 2023

I think this might be the chart that most triggers Republicans. pic.twitter.com/KgQMgYZMcd
— Hunter📈🌈📊 (@StatisticUrban) August 20, 2024

If there are makers and takers in the American economy, one thing is for sure: blue states are the makers. pic.twitter.com/TuOgzG2kdn
— Steven Rattner (@SteveRattner) September 6, 2024

Dear @kevinrobertstx: 👇👇👇 https://t.co/gn9NxPLzsh
— jennycohn@toad.social ✍🏻 📢 (@jennycohn1) October 5, 2024

More tweets on inequality

Racism doing its ugly work

This is one thing that people mean when they talk about structural racism in US society: pic.twitter.com/HMIRtiOEZJ
— Benjamin Ryan (@benryanwriter) May 14, 2023

The wealthiest 10% of Americans own a record 89% of all U.S. stocks https://t.co/szcocl10x1
— CNBC (@CNBC) October 18, 2021

This is what the “it’s class not race” argument fails to account for. Economic class in America is overwhelmingly structured by race, and the wealth gap has continued to grow. Closing this gap will require the government to make massive new investments in Black communities. https://t.co/N2kHnivhgn pic.twitter.com/InMN7aRfcN
— Samuel Sinyangwe (@samswey) August 8, 2021

The median net worth for Black households with college graduates in their 30s has fallen to $8,200 from about $50,400 three decades ago, a WSJ analysis found.

Over the same period, their white peers saw their median net worth grow 17% to $138,000. https://t.co/exgUFkGeNl
— philip lewis (@Phil_Lewis_) August 8, 2021

An incredible graphic. Our country is almost literally off the chart. https://t.co/qS8CKSybnA pic.twitter.com/twt9JgeAow
— Alec MacGillis (@AlecMacGillis) July 18, 2021

New: The Fed’s low-interest-rate policies have stabilized the economy and turbocharged the stock market. But those who don’t own lots of stocks haven’t benefited anywhere near as much as those who do. https://t.co/HNvQJnfce4
— ProPublica (@propublica) April 27, 2021

A hospital janitor paid so little he can't afford rent worked extra hard in the pandemic and won employee of the month. He was awarded a $6 coupon to the hospital cafeteria.

The hospital CEO got a 13% raise, to $30 millionhttps://t.co/6mWfSMUkoQ
— Dan Price (@DanPriceSeattle) April 8, 2021

Nine American billionaires, including Bezos, Musk and Zuckerberg, saw their wealth increase a cumulative $360 billion over the past year. ⁦@nitashatiku⁩ @greene https://t.co/iyy1n8WFPI
— Peter Baker (@peterbakernyt) March 14, 2021

Black Americans are hampered in saving for retirement by factors including less intergenerational wealth, more college debt, lower incomes and lower homeownership rates than white Americans.

“I’m going to be working until I am 75 at this rate.” https://t.co/A2cAviVIIg pic.twitter.com/kYSuqOcE8M
— The Wall Street Journal (@WSJ) February 28, 2021

Pretty amazing chart in The Times today matching what CBO and others have found

— Top 1% owns 31% of US wealth
— Bottom 50% owns 2.5% pic.twitter.com/L3tDdhBIBh
— Jeff Stein (@JStein_WaPo) November 16, 2023

Wow.

This video is truly eye-opening.

Take a couple minutes to watch this.

A mind-boggling visual representation of wealth inequality in America.

This sh*t ain’t workin’, folks. #TaxBillionaires #UnionsForAll pic.twitter.com/DmMVETssXY
— Nick Knudsen 🇺🇸 (@NickKnudsenUS) June 6, 2024

Tweets on profits by greedy businesses

Half of recent US inflation due to high corporate profits, report finds https://t.co/P3AwbspTnf
— Guardian news (@guardiannews) January 19, 2024

Research by economist Michael Havlin shows the profit margin on gasoline is about 77% higher than in May 2019, the first month for which government data is available. Compared with February 2020, gasoline margins are 62% higher. https://t.co/7aRSLJCgVa pic.twitter.com/6ipKXG9Jgq
— Yahoo Finance (@YahooFinance) August 5, 2023

The price of Heinz Ketchup rose 28% in the past year, according to Datasembly, which tracks grocery prices.

Meanwhile, during the same period, the price that Kraft-Heinz and other manufacturers pay for tomatoes is…down 46%.

Again, corporate profits are driving inflation. pic.twitter.com/Xbnib2llsU
— More Perfect Union (@MorePerfectUS) May 30, 2023

"Once dismissed as a fringe theory, the idea that corporate thirst for profits drives up inflation, aka "greedflation," is now being taken more seriously by economists, policymakers and the business press."https://t.co/TPXOwM50oJ
— Ben Wikler (@benwikler) May 22, 2023

New analysis from the ECB shows what we already knew: big, price-gouging corporations are driving lingering inflation. Imposing more rate hikes on hard working Americans isn’t the solution to rising prices; cracking down on corporate profiteers is.https://t.co/LTlEMP7trb
— Sheldon Whitehouse (@SenWhitehouse) May 3, 2023

Remember when Warren, Sanders & others started talking about corporate greed fuelling inflation & centrists (including some Democrats) pushed back? https://t.co/WlZUSsyyrV
— Jeet Heer (@HeerJeet) May 2, 2023

life moves pretty fast pic.twitter.com/ZgdjtUxlcc
— David Sirota (@davidsirota) May 2, 2023

Tweets on the debt limit

The Democrats should have done something when they had the House majority. The Republican extremists hate the government and are willing to do things to harm it.

House Republicans are locked in a standoff with the Biden administration over a deadline to raise the nation’s debt ceiling or risk fiscal calamity.

Here’s a look at what the debt ceiling is and why we’re talking about it so much lately:https://t.co/naMNcHOBpO
— The Washington Post (@washingtonpost) January 18, 2023

Donald Trump Built a National Debt So Big (Even Before the Pandemic) That It’ll Weigh Down the Economy for Years
At least 25% of our nation's debt was brought on by the tRump administration….@SpeakerMcCarthy #DebtCeiling https://t.co/yroscZXFUW
— Patti 💙 VOTEBLUE💙🇺🇦 (@olivier_patti) January 18, 2023

Former Trump OMB Director, Mick Mulvaney, to @thedispatch: "The truth of the matter is that the first two years of the Trump administration, when the Republicans had the House and the Senate, we raised spending faster than the last couple of years of the Obama administration." https://t.co/he0QDOEkSH
— Stephen Hayes (@stephenfhayes) January 18, 2023

https://t.co/6GurO2d2Do
— Jim Tankersley (@jimtankersley) January 13, 2023

One thing to remember is that bad Republican behavior is always, always, always Democrats' fault for not heading it off. https://t.co/KuHvKoatQ0
— Brian Young (@BrianYoung) January 6, 2023

The stock market thinks layoffs are cool

Before I started following the stock market, I thought layoffs would be bad for companies as well as the people who were laid off. I was wrong. Wall Street likes layoffs because it reduces company expenses. Wouldn’t it be better for the economy if people were working and could spend money?

HP layoffs could set the stage for a big profit boost: Citi analyst https://t.co/wkWjs1KRbG by @BrianSozzi
— Yahoo Finance (@YahooFinance) November 24, 2022

Layoffs – bad for employees, good for stock price. pic.twitter.com/1erQMpstX0
— Bullish ☀️🏖️🚵⛰️ (@tangle9876) November 18, 2022

META Stock Price Jumps With Layoffs https://t.co/TC91bFyeZ9
— Crypto Brothers (@LosKruptos) November 18, 2022

The layoffs usually move the stock price up, but they are not the most important parameter impacting big 5 stock prices at the moment. $TD $BMO $BNS $CM $RY pic.twitter.com/PE3XpZoT2N
— Dr_Silberschmelzer (@silberschmelzer) November 18, 2022

The Biden administration should have been prepared for the student loan court decision

You knew that Republican judges would do this.

The Biden administration should have anticipated what Republican judges would do and had something ready when the court decision was announced. This is also true of the Supreme Court abortion decision.
— Harris Levy (@HarrisL585) November 16, 2022

Greedy oil companies

High profits, giving money to shareholders instead of reducing prices

Can’t believe I have to say this but giving profits to shareholders is not the same as bringing prices down for American families. https://t.co/Q84NNK9sck
— President Biden (@POTUS) October 28, 2022

Q3 profits for Exxon: $20 billion

Q3 profits for Chevron: $11 billion

Q3 profits for Shell: $9.5 billion

Republicans who voted to stop oil companies from price gouging: 0
— Josh Schwerin (@JoshSchwerin) October 28, 2022

Shell just posted its second-highest quarterly profit ever.

$9.5 BILLION.

Like other oil companies, it’s exploiting the moment to make billions off the backs of working families.

I have the bill to hold Big Oil accountable and lower gas prices immediately. We should pass it.
— Adam Schiff (@RepAdamSchiff) October 28, 2022

Shell will buy back $4 billion worth of shares and increase its dividend by 15% after posting another gigantic quarterly profit thanks to strong oil and gas prices https://t.co/WnrDRHGFGf
— CNN (@CNN) October 27, 2022

Imagine if more of these gains went to relief at the pump, instead of corporate stock buybacks. https://t.co/L8jhtQuva9
— Secretary Pete Buttigieg (@SecretaryPete) October 27, 2022

Valero boosted profits by 500% in just one year by price gouging families at the pump. The House passed my bill to hold Big Oil companies accountable for ripping off consumers in May. The Senate needs to act.https://t.co/xssOATcHE7
— Katie Porter (@katieporteroc) October 27, 2022

ExxonMobil’s profit set a record for the second straight quarter as oil and gas prices remained high. No. 2 US oil company Chevron also posted much-better-than-expected results. https://t.co/aCDbhVdPHD
— CNN International (@cnni) October 28, 2022

Q3 profits for Exxon: $20 billion

Q3 profits for Chevron: $11 billion

Q3 profits for Shell: $9.5 billion

Republicans who voted to stop oil companies from price gouging: 0
— Josh Schwerin (@JoshSchwerin) October 28, 2022