Honeymoon Over: Biden Economic Plan ‘Too Risky,’ Americans Reckon

Honeymoon Over: Biden Economic Plan ‘Too Risky,’ Americans Reckon

Consumer sentiment deteriorated anew in October, the preliminary read on the University of Michigan's gauge for this month showed. After ticking higher from the decade nadir hit in August amid the Delta wave, the headline index fell to 71.4, short of consensus, which expected a modest uptick to 73.1. Although not a disaster, the lackluster read on consumer psychology served as an unwelcome reminder that all is far from well in the world's largest economy, despite blockbuster bank earnings, an
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7 thoughts on “Honeymoon Over: Biden Economic Plan ‘Too Risky,’ Americans Reckon

  1. What part of Biden’s plan do people think is risky, I wonder, the part where we try to fix the 60,000 bridges in this country we know are unsafe? The part where we try to fix the tens of thousands of miles of bad pipes we depend on so our taps work when we turn them on or the generally perilous condition of electrical grid so the US is taking on the conditions in underdeveloped countries where we have rolling blackouts in two of our most populous states. If we think current supply chain shortages are bad consider that the large transformers that manage transmission in our power grids are custom made and can’t be stocked so they would be available when needed. Replacing one of these key transformers can easily take two years and we don’t build most of them in the US. And of course, those bad pipes have to have water to fill them, something we have much less of than we did, especially in the west. What’s wrong with people? You can’t have society without public goods: roads, bridges, utilities, defense, postal service. It requires sacrifice from everyone to be part of a functioning society. Right now 65% of all households pay no income tax. Can’t do much for everyone if two-thirds of us are “free riders.”

  2. This is terribly ideological material to be sure. Issues involved have been in the can being kicked down the road for decades ( by both parties ) and it may be that the collective wisdom of the Electorate is that structural changes to this flawed political system are necessary before we venture forth with anything as contentious Biden’s agenda.. Geopolitics rules over Hubris and a three party system may be part of the solution to rectify some really bad attitudes among Elected officials from both parties. That’s the ‘virus’ more dangerous even than Covid.

  3. Its the virus and the lack of any kind of consensus coming out of Washington. Americans feel the political system is broken. Who can blame them? For that matter there is a microphone of outlets, traditional and other media too pushing lies and misleading the public- and not just Fox or OneAmerica- but social media which is a conglomeration of ourselves. As Pogo said- we have met the enemy and it is us. Until or unless ideas become policy debates and not a way of stirring up hate in your tribe, we will be stuck in this zone. That is unless our nation breaks apart under the weight of lies and poor governance. Trump was/is a pestilence unleashed on us. It will take the better part of a decade to clear out the wreckage. That is if that is successful.

  4. Jobs are unfilled despite wage increases, all over the economy. Anecdote: a teacher friend is warning that in our local school district, an acute shortage of regular and substitute teachers, school bus drivers, custodians, administrators has class sizes growing and principals/vice-principals teaching classes, and she thinks our district is nearing a crisis.

    With the unemployed not taking the jobs on offer, it is politically not as good a time to sell the public on a large increase in social spending, as it would have been six months ago. The large majority of people are working, and their sympathy for the unemployed will erode rapidly as the latter (soon to be renamed “lazy bums”) get blamed for every shortage, closure, and inconvenience.

    The left-most wing of the Democratic party overestimated both their leverage and their window of opportunity. I think the odds of the Democrats passing anything but the bipartisan “physical infrastructure” bill and a very watered-down version of the “social infrastructure” bill – not $3.5TR, more likely <$1.0TR – are fading fast. Manchin and Simena are becoming heroes to the right and even right-center, and no doubt being richly rewarded for it.

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