The Geopolitical Economy Hour: Is the US Economy Really Doing Well?

Radhika Desai and Michael Hudson examine the state of the economy and the upcoming 2024 US elections. They discuss the declining approval rating of President Biden and the increasing economic polarization as wealth is concentrated at the top. They address the rising crime rate, housing costs, and food and medical costs, highlighting the financial pressures facing many Americans. They also examine the apparent contradiction of booming stock markets amid economic downturns and the impact of economic polarization on the upcoming elections.

The discussion then turns to the details of the US economy under Biden. They analyze the claim that Biden's economic policies have led to a soft landing and slayed the inflation dragon. They expose the flaws in the employment data, acknowledging that the job market is not as strong as claimed. They note the decline in lifespans, especially among marginalized communities, and the increasing financial pressures on individuals. They discuss the limitations of monetary policy in addressing these issues and the need for fiscal measures to strengthen the economy.

They also examine the shift towards financialization and neoliberal policies, which has led to a decoupling of economic growth from employment and increased economic instability. They suggest that the public's disaffection with the economy and disapproval of Biden's policies may lead to a change in government in the next elections.

Overall, the episode provides a comprehensive analysis of the US economy under Biden and the challenges facing the country ahead of the 2024 elections.