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The Duran Podcast

Bidenomics, accelerating the economy over the cliff

The Duran Podcast

The Duran

News

4.4650 Ratings

🗓️ 13 December 2023

⏱️ 13 minutes

🧾️ Download transcript

Summary

Bidenomics, accelerating the economy over the cliff

Transcript

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0:00.0

All right, Alexander, let's talk about the U.S. economy, Bidenomics.

0:06.9

Biden says that Bidenomics is working wonders for the U.S. economy.

0:12.5

What do you think?

0:14.2

Well, this is the, it's not just a question of what I think.

0:17.5

It's what a question of what most Americans think.

0:21.4

And most Americans, according to the polling data, are not impressed by Bidonomics.

0:27.5

And this is actually in some ways remarkable, because if you take the numbers seriously,

0:36.0

the numbers are looking remarkably good. A 5.2% growth in the last

0:42.7

quarter, GDP growth, in the last quarter, this is scorching growth and rising real wages,

0:52.3

something we haven't seen in the United States, except by the way, under Donald

0:57.9

Trump briefly. But I mean, all of these things suggesting that, you know, things in the US economy

1:05.8

are good. But what I suspect most people who actually live in the United States and work and turn

1:14.7

up at work and, you know, are having to get by in the United States are probably aware of

1:23.6

is first of all that the figures aren't telling us the real story and that for most people,

1:34.3

many people, prices, costs remain very high, higher interest rates, higher mortgage payments

1:41.9

in many cases.

1:42.9

I do understand that in the United States, many people

1:45.9

are protected by the fact that in the United States you have fixed rate mortgages to a much

1:52.2

greater extent that you do say in the UK. So in the United States, fixed rate mortgages means

1:57.9

fixed rate for 30 years. In the UK, it's typically just three. But anyway,

2:03.9

I understand that, but nonetheless, the interest rates must be hurting people in their credit

2:09.2

card payments, in their bank loans, even in some cases in their mortgages. So I, I, one can understand why people feel that they've gone through a very high

...

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