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This is the indicator from planof money
I'm made dreen ma and i'm jaran woods this election season
When posters have asked voters
What the most important issue is again and again
They've said the economomy asked how they feel about that economy
The answer for a lot of them is bad
That is despite some positive economic trends
The vives are just off for example in a recent gudii in poll
Half of those surveys said the stock market is down this year
Even though it's actually way up half also think unemployment is at fifty year hihighs
Even though it's been near fifty year
Loll and a lot of people think we're in a recession
Even though were not 是是
And what's more many voters blame presidents den for this people have a fairly bleak outlook despite
You know strong growth
Strong unemployment numbers
Strong job numbers
People are blaming binden for things like increased prices
Or they blame binden for the fact that they can't buy home home sns senior political editor and corresponded the medical mtanaro
He says
At the same time
Many voters are diinging bdden for the economy under his watch
Many fafeel the opposite way about form a president trump
People have a bit of nostalgia for the trump presidency and the trump economy precovin
The economy goes up
It goes down
Sometimes it goes sideways and in circles and twirlling and toilling towards freedom
But
But how much of that is actually because of presidents
Today in the show
Why the economy is like a ship with no captain
And how a tribalism increasingly shapes how we feel about the direction
It's headed on this week episode of wildcard actted dancing n says
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The symbol of the cowy has been writing high for a few years now
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Sometimes i'll actually prefsh the question with if it makes you to uncomfortable to talk about
If it's too personal just tell me
Here's the question for behind the scenes
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So
How much credit or blame should a president get for the state of economy history shows presidents get more credit
Then they deserve when things go well
And more blame
Than they deserve when things don't go well
Alen blinder is an economist that prince in once upupon time time long time ago
I was vice chairman of the federal reserve
And you also did some work during the clint administration is alright
Yes before that i was on president clinton 's eginal council of economic advisors right of the start of clinent administration
Why do you emphasize original all there because that's the best time to be hit
Before before the burecracy has a chance to acsify
You know in my lolowly position is just a member of the cea
I was in dozens and dozens of meetings with the president face to face alan blinder and og presidential eaomic advisor original
But you know somewhat ironically he says the president doesn't have much direct control over the economy
If you look at what power does the us president actually have over the economy
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It's fairly limited
I don't want to say it's zero
But it's fairly limited
That the chairman of the feed reserve has more power over the us economy than the president united states
Because the federal reserve can of just interest rates
Which has all kinds of ripple affects in the economy
That's exactly can and does and doesn't ask for permission from congress
Or when it does that the fed is independent of congress in the president
Though it is with mentioning back in april
The wall street jittle reported that close trutrumped allies have drafted a plan to bring the fed under more presidential control
If trump is elected as if now though that is not the case
The president's ability to affect the economy is indirect a president can have for instance direct federal agencies to do certain things
That's the bian administration has the federal trade commission which has gone after so called junk fees and sued big companies for allegedly anti competitive tive conduct
The federal department has tried to affct give student loans and the labor department has expanded eligibility for overtime pay
But these sorts of actions are unlikely to have a huge effect on the overall economy
Especially
When presidents and their priorities change every few years
I have iimage my mind ind the economy is like like giant ant
Anker ship
Where the captain changes every hour
I would tweak a couple ple things
First of all
You ii think your analogy is fine
It is like a giant tankership
That genermove slowly
That says the really move it you have to do big big seconthing is um um re's not one captain is of this
Of this ship
Business decisions are really more important than government decisions
And even within the government decisions
The federal erve is more important than the white house congress
If it acts which of course
Likely it doesn't can be more affeimportant than the president
Because the congress has the power of the perse
The president ts champion legislation that gives a boost to set in industries or communities
Bby
And to that with the inflation reduction act and the infstrustructure bill and the chips and science act
But he could not do that without congress so back to our analogy rather than one captain controlling the ship
It's more like the fed has the handle on the throttle
And the president maybe has a hand on the wheel
And businesses are in the engine room
I don't know daring how me out the bugoses
Ses black light jaz in the dining room
You've elevated our status on this ship
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Now even though the president doesn't have much direct control of the economy
That doesn't mean a president's accan can't eeconomicconsequenshow eleen in his colleague
Mak watson published a study that looked at economic growth under twtwelve different sidents for president tremen in the nineteen thousand
Forty ties
President obama in the two thousand and tenth
And after they
They found was that uring uring democratic administrations
Real gdp grew almost four and a half percent on average
While only grew two and half percent under republican presidents
It's a pretty big difference
So if
If a president has relatively little control over the economy
How does that square with what you found in your study
That the economies seems to do better during democratic administrations
Well that's t's a very good question
That's why the paper was forty pages not two pages
We spend most of the paper trying to figure that out
So what they found partly it was just chance
But after eliminating bunch of other explanations
He concluded that big big factor was that undcercertain republicprepresident like the presidents bushes the country began two wars in the middle east
Which caused a shock in the oil supply
Which hurt economic growth
And so while i said is not that much in the economic omain a president can do with congress
There's a lot of president can do in the foreign policy and defence domain
Even
So this is another example of how the president's influence on the economy is in direct
Even if many votos believe otherwise either way deometico montanaro from mps
Politicdesk says
There's another important piece of this
We've seen people over the past year feel a little bit better about the economy
But mostly have to understand this through politics and the idea that people view everything nowades through their own partisan party identification through just look at the numbers
I mean feelings about the economy
Have become far more partisan hasn't always been the case
But to extent
Yes
But this is a relatively new phenomenon
And in at least
In the last twenty years
Where before that you generally saw feelings of through poconomy
Mostly track with how things were going economically not simply be based so sharply on the party of the person in office
When a democrtic s an office dedecratic tic voters tend to say eeomy is doing ing
Datbut dededtico says
With republicans it's way more prconomiced right the tail and of the obama administration eighteen percent of republicans had a positive view of the economy
That the economy was excellent are good
According to the few research center
During the trump administtion tion eighty one percent of publicicsaid
That the economy was excellent or good
Sixty three point swing the economy wasn't that much better right
And you know things were 're ticking up
But i think not not to kind sswitch
I heard this describe as republicans boot louder
When it comes to economics is then they're understands
And they are going at it against the opposing team dead sounds like going to act description
But i think we should acknowleddge at this point
That in the presidential race there re's been a lot of talk about biden
Whether he will stay in it or not
But whoever tops the ticket this fall
Dominico says
The economy will continue to be a top issue
And people's political loyalties will continue to swagh
Whether they see the economy through red or blue color glasses
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