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Trump Says Biden Plunging U.S. Into Depression. The Stock Market Hit a Record High
(www.rollingstone.com)
this post was submitted on 14 Dec 2023
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politics
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The active president doesn't really have as much control over the economy as people think, Trump's tariffs are still in place and wholly supported by Biden as well to the chagrin of the WTO. People's perception of the economy absolutely changes with the active president, to the point that people will feel more financially secure the day after the president they support wins the election and isn't even sworn in to office yet. The overarching neoliberal capitalist economy is consented to by both major parties and is "right" leaning if we're talking pure economic political spectrum. Democrats just believe in more tax incentives and inclusion, Republicans are more ruthless. I guess the main point I'm making is the "Trump" or "Biden" economy isn't real, what they effectively have are dials that fine tune secondary parameters of the economy.
World events out of their control or financial sector behaviors (like mortgage-backed securities and collateralized debt obligations) are the "real" drivers and the government under either party is generally reactive. Biden is basically doing "good" things under this system that don't upset it but have small noticeable improvements. So while it's good to point this out it's also important to realize these aren't unprecedented or majorly new things and likely won't alter our default economic arrangement and social contract, which is still being degraded as the neoliberal capitalist system degrades.