"Start reporting it the right way"

[Killjoy]

Seems poor old Joe Biden feels he's getting short shrift from the media concerning his deft handling of the US economy and the spiffy state of affairs currently prevailing...

https://thehill.com/homenews/administration/4375922-biden-rips-media-for-economy-coverage-start-reporting-it-the-right-way/

President Biden criticized news coverage of the U.S. economy as he faces growing backlash from voters over his handling of inflation.

In brief remarks Saturday before boarding the presidential helicopter, Biden expressed confidence in the economy and ripped the reporters for the way it has been portrayed.

“All good. Take a look. Start reporting it the right way,” Biden said when asked about his economic outlook for 2024, according to a transcript released Sunday by the White House.

Biden’s criticism is the latest flash of frustration from the president over how Americans view the U.S. economy.

One supposes he'd like them to say something like -

The economy has roared back from the COVID-19 recession under Biden, who enacted legislation for trillions of dollars of economic relief and investments shortly after taking office in 2021.

The U.S. unemployment rate was just 3.7 percent in November — barely above the pre-pandemic level of 3.5 percent, which was a five-decade low. Annual inflation has also fallen sharply from a peak of 9.1 percent in June 2022 to 3.1 percent in November, and the economy has defied widespread predictions of a recession.

Ahhh... ...That's better... ...except...

...economic experts have warned that Biden and his team must also be sensitive to the myriad ways Americans are still suffering from the economic scars of the pandemic.

Inflation, while much slower now, is continuing to boost the cost of goods and services that already skyrocketed in price over the three years. Pandemic stimulus and restrictions also fueled a surge in home prices and rents, deepening an affordable housing crisis that began long before COVID-19.

Yeah - be sensitive, Joe, ya big Palooka !



For myself - I have to say that he rosy numbers & data do indeed seem to be describing some other reality than that which is reflected by how much more I'm paying for necessities. Wouldn't mind seeing some of this alleged deflation that's been written about possibly being just beyond the horizon - never mind that it evidently means a new type of trouble is afoot...

 

[Neddy Bate]

Seems poor old Joe Biden feels he's getting short shrift from the media concerning his deft handling...

The inverse is also not even wrong.

Seems rich young Donald Trump does not feel he's not getting long shrift from the non-media concerning his non-deft handling either!

 

[Seattle]

Biden is probably miffed that he can't just give everyone a house, free groceries and free gas. That would fix it...

 

[Neddy Bate]

Yeah, good points all around. Especially mine, but of course we all agree on that per functorium, even though the point was that there was no point. Also, the motorcycle cannot bypass the squid in question as effectively in these cases, as you all well know.

 

[TheVat]

Takes a look at how public perception and objective measures can diverge....

https://www.theatlantic.com/ideas/archive/2023/11/us-economy-polling-biden-presidency/676081/

Earlier this month, a Financial Times poll of about 1,000 registered voters found that most Americans believe their financial situation has gotten worse since Joe Biden became president. The economist Claudia Sahm tweeted that the results were “impossible,” adding, “The vast majority of Americans are better off financially. Full stop”—before receiving so much pushback for her statement that she deleted the post. This online drama was part of a larger debate among economists, policy makers, and commentators who have different explanations for why Americans report negative assessments of the economy despite some objective positive measures....

(here is a PW free screenshot of the full article)

https://archive.is/DowD4

 

[Killjoy]

Yeah, good points all around. Especially mine, but of course we all agree on that per functorium, even though the point was that there was no point. Also, the motorcycle cannot bypass the squid in question as effectively in these cases, as you all well know.

Quit getting the proverbial lumber up, buddy... ...there was a tornado on the Sun this year, and we know full well what that means.

 

[Killjoy]

Takes a look at how public perception and objective measures can diverge....

https://www.theatlantic.com/ideas/archive/2023/11/us-economy-polling-biden-presidency/676081/

Earlier this month, a Financial Times poll of about 1,000 registered voters found that most Americans believe their financial situation has gotten worse since Joe Biden became president. The economist Claudia Sahm tweeted that the results were “impossible,” adding, “The vast majority of Americans are better off financially. Full stop”—before receiving so much pushback for her statement that she deleted the post. This online drama was part of a larger debate among economists, policy makers, and commentators who have different explanations for why Americans report negative assessments of the economy despite some objective positive measures....

(here is a PW free screenshot of the full article)

https://archive.is/DowD4

The question is - is it merely perception if you're spending more than you were before just to "stand still" - or even fall behind despite doing so - regardless of what the numbers say ?
In the very article stating that Biden's miffed at the media for "reporting it wrong", they also state that on paper it's all sunshine and lollipops.

This doesn't sound as though people are simply just not getting the message:

Persistent inflation has put many households under financial pressure — more cardholders are carrying debt from month to month or falling behind on payments.

Credit card delinquency rates rose across the board, the New York Fed and TransUnion found.

“These are consumers who are struggling to afford their everyday expenses,” said Charlie Wise, senior vice president of global research and consulting at TransUnion. “They’re trying to keep the house of cards from collapsing.”

https://www.cnbc.com/2023/11/09/average-credit-card-balances-top-6000-a-10-year-high.html