Right now, the economy is doing so well that we are literally lifting the rest of the world:
A booming U.S. economy is rippling around the world, leaving global supply chains struggling to keep up and pushing up prices.
The force of the American expansion is also inducing overseas companies to invest in the U.S., betting that the growth is still accelerating and will outpace other major economies.
U.S. consumers, flush with trillions of dollars of fiscal stimulus, are snapping up manufactured goods and scarce materials.
U.S. economic output is set to expand by more than 7% annualized in the final three months of the year, up from about 2% in the previous quarter, according to early output estimates published by the Federal Reserve Bank of Atlanta. That compares with expected annualized growth of about 2% in the eurozone and 4% in China for the fourth quarter, according to JPMorgan Chase.
Major U.S. ports are processing almost one-fifth more container volume this year than they did in 2019, even as volumes at major European ports like Hamburg and Rotterdam are roughly flat or lag behind 2019 levels. The busiest U.S. container ports are leaping ahead of their counterparts in Asia and Europe in global rankings as volumes surge, according to shipping data provider Alphaliner.
President Joe Biden is struggling in the minds of the American public. While his approval rating is down on a slew of issues, his difficulties are perhaps most noticeable on the economy.
Biden now sports the lowest net economic rating of any president at this point through their first term since at least Jimmy Carter in 1977.
In the latest CNN/SSRS poll, Biden comes in with a 44% approval rating to 55% disapproval rating among registered voters on his economic performance. This makes for a -9 point net approval rating. The average of all polls taken in December is quite similar with Biden at -13 points on the economy.
In our current post-truth media environment, Republicans get no blame for the shit they break, and Democrats get no credit for the things they fix. And I don’t know what to do about it.