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More of the “Economy Is Bad” Under Biden Series

Summary:
I guess if it is said enough times it has to be true or does it have to be? The Biden rescue since he took office is far better than what we experienced in 2008 onward. Yet Another in the Economy Is Bad Under Biden by Dean Baker CEPR Like other major news outlets, the Washington Post is perfectly happy to ignore the data to tell you the economy is bad under Biden. Past entries in this series included the many pieces telling us young people have given up ever being able to own a home, even though the number of young people who are homeowners is considerably higher  than before the pandemic, the CNN classic telling us about the retirement crisis even though the net worth of near retirees is up almost 50 percent from 2019, and the

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 I guess if it is said enough times it has to be true or does it have to be? The Biden rescue since he took office is far better than what we experienced in 2008 onward.

Yet Another in the Economy Is Bad Under Biden

by Dean Baker

CEPR

Anyhow, the punch line in the piece is a graph that purportedly shows an increase in the ratio of the wages of older workers to younger workers. The problem is the graph actually doesn’t show a continual increase in the ratio of the pay of older workers to younger workers.

It does show a rise from the 1970s until around 2010. It then levels off and then has trended down slightly from 2012 until 2018, which is the last year in graph. At that point, it was roughly back to its 2000 level.

There may have been a story in these data, but that was a decade ago when the ratio was peaking. It is more than a bit bizarre that the Washington Post would choose to highlight this trend now. But when you have an economy that is doing great by almost every standard measure, I guess it’s necessary to dig deep to tell the bad economy story. The Washington Post deserves a big hand MAGA for this one!  

More of the “Economy Is Bad” Under Biden Series

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