The US Economy: What the Public Sees That the Biden Administration Does Not

Radhika Desai and Michael Hudson discuss the state of the economy and the upcoming US elections in 2024. They note that the Democratic party is cheerleading the economy under Biden, despite his low approval ratings.

The pair then delve into the different economic issues that the US is facing, including employment, investment, trade, inflation, financial stability, and the budget. They highlight the disparity between the booming stock market and the struggling economy, which has led to increasing economic polarization. They also discuss the rising costs of living, housing, and healthcare, and the decreasing wages, which are not in line with the increasing productivity of workers.

They then analyze the unemployment figures and how the Biden administration is making much of the report from the Bureau of Labor Statistics that 350,000 new jobs were created in the previous month. They conclude that the economy is causing a lot of disapprobation from the public and that the administration is in denial about the true state of the economy.

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