𝙲𝚑𝚊𝚒𝚛𝚖𝚊𝚗 𝙼𝚎𝚘𝚠

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Joined 1 year ago
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Cake day: August 16th, 2023

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  • The uptick at line 2 is the enactment of the "American Rescue Act of 2021" in march 2021, where people were eligible to receive 1400-2800 dollars, depending on their household. And look at that, the uptick at line 2 is exactly the same size!

    This is not a coincidence.

    Just before, in Jan 21 when Biden was inaugurated, we see that savings had already been decreasing since the last Covid stimulus packages. They reached a low just before line 2, and were then boosted by Bidens Rescue Act. Since then, the economy has struggled to recover from Covid, and at line 3 we see that most Americans have burned through the extra savings that they got thanks to Biden. Luckily, that line has also been going down less (and it is inflation-adjusted as well), suggesting that the economy is actually slowly improving, as economic growth starts catching up with inflation.

    It's hard to overstate the impact of Covid on the global economy. To think that the effects can be magically handwaved away with some magic economic policy is just delusional. It was always going to take time.

    Biden is far from perfect. But to claim these numbers show a poor performance from Bidenomics, when the numbers clearly show that his policies have allowed people to keep their heads above the water while the economy recovers, is just arguing in poor faith.