Summary
President Joe Biden’s economic achievements—lowering inflation, reducing gas prices, creating jobs, and boosting manufacturing—are largely unrecognized by the public, despite his successes.
His tenure saw landmark legislation like the Inflation Reduction Act, CHIPS Act, and major infrastructure investments.
However, Biden’s approval ratings remain low, attributed to inflation backlash, weak communication, and a media landscape prone to misinformation.
Democrats face a “propaganda problem” rather than a policy failure, with many voters likely to credit incoming President Trump for Biden’s accomplishments due to partisan messaging and social media dynamics.
I’m not an economist, but your point on slow deflation seems to make sense. I wonder what deflation to prepandemic prices would do to the economy if it occurred over a couple years.
Very slow deflation actually makes the rich less rich over time because they would receive less and less money coming in because people would want to hold the money rather than their products. Sure, at some point, somebody is going to say, you know what? I want this flat screen TV more than I want the money, even though the money is getting more valuable over time. I will get more use out of the big screen TV so I will go ahead and buy it.