Checks and Balance: The Joeconomy
Checks and Balance from The Economist
The Economist
4.6 • 1.7K Ratings
🗓️ 30 June 2023
⏱️ 48 minutes
🧾️ Download transcript
Summary
Joe Biden took to the stage in Chicago this week to trumpet his economic plan. He heralded America’s post-pandemic growth and the buoyancy of the job market. “Folks, that’s no accident,” he told the crowd: “That’s Bidenomics in action.” But what actually is “Bidenomics”?
Chair of the Council of Economic Advisors Jared Bernstein sets out the administration’s economic agenda. The Economist’s Lane Greene traces the origins of “name-enomics”. And The Economist’s Simon Rabinovitch assesses if “Bidenomics” is working or not.
John Prideaux hosts with Charlotte Howard and Idrees Kahloon.
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Transcript
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| 0:52.0 | From the lines at the soup kitchens to the shanty towns and foreclosure signs, |
| 0:59.0 | it was obvious that the Great Depression had been cataclysmic for America's economy. |
| 1:04.0 | But in the early 1930s there was no statistical measure to determine exactly how bad things were, |
| 1:11.0 | or chart the hints of recovery when they arrived. |
| 1:15.0 | A young economist called Simon Kuznitz came up with a plan. |
| 1:19.0 | Calculate the value of all the goods and services produced by the economy, |
| 1:24.0 | and the result would be a single number that could for the first time easily signal the nation's wealth. |
| 1:30.0 | He called this National Income. |
| 1:33.0 | A few tweaks later, we now know it as GDP. |
| 1:38.0 | But Kuznitz would go on to say that the welfare of a nation can scarcely be inferred |
| 1:43.0 | from a measurement of national income. |
| 1:46.0 | GDP doesn't directly capture health or happiness, |
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