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Diane Rehm: On My Mind

Paul Krugman Takes The Temperature Of "Bidenomics" And The U.S. Economy

Diane Rehm: On My Mind

WAMU 88.5

Artists And Thinkers Right Here As Diane Transitions This Podcast To Weekly Episodes That We’ll Be Calling “On My Mind.”, News, Writers, Fans Of The Diane Rehm Show Can Continue To Listen To Its Trademark Conversations With Newsmakers

4.72.2K Ratings

🗓️ 18 January 2024

⏱️ 42 minutes

🧾️ Download transcript

Summary

In poll after poll, voters around the country say their number one issue is the economy. Which should be good news for President Biden as we approach the November election. The job market is strong, the stock market is up, and inflation is down.

And yet, more than 70 percent of Americans rate economic conditions in the country as poor, with percent calling them very poor. Meanwhile, voters in swing states say they trust Donald Trump more than Joe Biden as an economic leader.

“There are a bunch of things that have conspired to perpetuate the narrative of a bad economy even as the reality is kind of a miracle,” says Paul Krugman, New York Times columnist and Nobel laureate in economics.

Krugman joins Diane to offer his perspective on just how healthy the U.S. economy is under Biden, was under Trump, and whether either man should actually get credit for it.

Transcript

Click on a timestamp to play from that location

0:00.0

Hi, it's Diane, on my mind, by dynamics in poll after poll. Voters around the country say their number one issue is the economy.

0:18.0

That should be good news for President Biden.

0:22.0

The job market is strong, inflation is down, and the stock market is up.

0:28.9

And yet, some voters say they trust Donald Trump more than Joe Biden as an economic leader.

0:39.4

Yeah, there's a bunch of things that have conspired to perpetuate the narrative of a bad economy

0:45.8

even as the reality is, like I said, it's kind of a miracle.

0:50.6

Paul is a New York Times columnist and a no-bell laureate in economics.

0:58.0

You join me Thursday morning to help explain exactly how healthy our economy is under Biden and was under Trump

1:08.8

and whether either man should actually get credit for it.

1:16.4

Paul in broad brush strokes, how do you think President Biden has handled our economy thus far.

1:27.0

I think it's a basically a very good performance.

1:33.0

I mean, he took a bit of a gamble by spending a lot of money early on,

1:40.0

which was a kind of insurance against the possibility that we might get stuck in a kind of

1:46.4

low-level trap after the pandemic, but did run some risk of entrenching some inflation in the economy, but it paid off. The inflation went away. We never

1:57.3

suffered mass economic distress. We have very full employment. So, so you know where we are right now is actually an

2:05.9

excellent place economically and we we weathered a very severe storm with

2:11.7

minimal harm.

2:13.0

Tell me how you and other economists measure how well the economy is doing.

2:23.5

Yeah, so I mean, there's no one number.

2:26.2

We'll tell it.

2:26.7

There's always a story.

2:28.1

So in some ways, the most important question

...

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