Why Bidenomics Was Such a Bust
A large majority of voters gave the Biden administration a failing grade on the economy. For the sake of future policy battles, it is worthwhile to try to understand their reasons. James K. Galbraith
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If voters are unhappy with the good readings on standard indicators—unemployment, the monthly inflation rate, economic growth—it must be because those indicators no longer connect to their sense of well-being. I have written on this before. In particular, low unemployment rates may reflect widespread disaffection with bad jobs; a low inflation rate does not reverse past price increases; and the incomes from growth may flow to profits and capital gains. These indicators are not useless—if they were bad, the situation would be even worse—but a good showing on them is insufficient.....
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