Blog Credo

The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary.

H.L. Mencken

Sunday, December 24, 2023

Smart People

 It's "too soon to tell" about everything that hasn't actually happened yet. However, at the risk of jinxing things, it looks like the Biden Team has made a really savvy gamble. A few months ago, they began touting Bidenomics. This came amid his support for the UAW strike and generally touting gains made for working class people.

The reason this was a gamble was that you can't talk about a great economy when people think the economy is shitty. You look "out of touch" which is bad. What they were banking on was continued good economic news, which takes a long time to sink into public consciousness when you are in a long recovery from an economic shock. This is especially true of financial panics which have a long tail. 

Inflation - if properly handled - can be brief. Since the root causes of inflation were the pandemic, the massive stimulus we used to alleviate that crisis and the Ukraine War are partially transient, wise monetary policy can tamp it down. By all estimations we are looking at a robust economy in 2024.

If that is true - if people finally synch their estimations of the overall economy with their personal optimism about their own financial status - then Biden will continue to see improvements in his polling. 

Now all we need is for Jack Smith to get his conviction before June and we can start working on holding the Senate.

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