How much does the president actually affect the economy?

The president usually feels the heat for a down economy in the U.S., but should they? Patrick Egan wrote the book "Partisan Priorities: How Issue Ownership Drives and Distorts American Politics." He joined CBS News to discuss how much credit or blame American presidents should be getting for the state of the economy.

#news #economy #biden

[ThinkerThunker]

The President DOES NOT control the price of groceries, rent, gas, the stock market, etc .... The President IS NOT the CEO of the country. The President has more influence over laws. Educate yourself.

[HAMMERHEAD-gh]

Anytime people mention gas prices relating to the president, that just lets me know they know nothing about economics. No point in continuing a discussion after that.

[ronaldcole]

Executive policies can effect jobs creation. But the executive branch doesn't make laws, Congress does. Taxes? Congress. Immigration? Congress. Inflation? Global markets. Commodity prices? Global markets. Etc, etc, etc. Those that don't know this, clearly have no market investments.

[dusk]

The answer: Not Much.
But as you answered in the opening, that doesn't matter. The Executive Brach does influence taxation and regulation (at the direction of Congress), and it has direct impact on interest rates. It also has indirect influence in areas like federal spending, such as where the US military or Agencies like USDA or DOJ spend money or buy supplies. Finally, they can influence long-term macroeconomic trends like incentivizing certain sectors or depressing others (like using strategic oil reserves or issuing executive orders) though sweeping efforts still largely requires congress.
It's actually not the President who most effect the market, it's Congress. But, Presidents none the less run on how effective they've been on the economy. Americans vote largely (though not exclusively) on economic issues. And when Presidents make claims like: 'Bidenomics'... They owned the issue, so they inherit any failures.
They did it largely to themselves, as every President for a generation has run on the economy. So their ability to credibly effect it, is irrelevant.

[bretfisher]

Not much.
The President gets all the credit for a good economy, and all the blame for a bad economy.
And he has practically nothing to do with it.
The economy is a perceptual composite, largely, and the product of our cumulative ethics in the moment, plus certain classical factors coming from economic theory.

Mostly, the economy is an animal that does what it wants, and it gets better, then worse, exactly like the weather.

When people refuse to see this and perceive themselves as suffering in injustice, they leap into blame.

Of course the president will be the biggest target.

And, again, he has almost no control over the economy, overall.

[bullwinkle]

The money supply didn't increase itself.

[bullwinkle]

How about Biden's effect on energy prices?

[SarahStuff-pu]

Fed has done well, Biden's policies have done well, economy is doing well....more Americans working than ever in the History of this nation....I just see no issue here at all...Pappa Biden 2024

[tomekpisula]

Only when it helps your campaigns.... DUH

[adamheck]

Hahaha wow! The blame-deflection is too obvious now that we're a year out from election.

[steveanderson]

This is a master class example of hiding a campaign commercial inside a news story. Brilliant work CBS.

[SarahStuff-pu]

The House playing politics right now is the only thing that can cause a recession right now, and they seem hell bent on making that happen....whatever it does to this nation.

[ophelia]

US is better off than any G7 countries I live in Switzerland everything is expensive my healthcare premium is skyrocketing Americans should be thankful you have a good and decent leader. It takes time to recover from the pandemic.🙄

[PlantationPierre]

Well when Trump was president...
EVERYTHING WAS HIS FAULT.

Ohhhh but nowwww.... 😮

[thomasschlund]

Nice video and I thank you for breaking it down!! Even with the current crypto dip, I'm still glad 😊 I can smile back at my portfolio of $53, 700 made from my weekly trade within a short period of time

[Firme_Gee]

Presidential policies have an effect on many things

[huntingthedragon]

How does this factor into how people “perceive” why news shows talk about political items leading up to an election?

[danr]

If you learn the game you never loose money .. just have to play

[StalinTheManfSteel]

Here comes the gaslighting! LOL! Just like the border catastrophe, it's not Biden's fault! 😂

[viscountslappy]

Because people can't be bothered to read or watch actual deep dives on economic dynamics and macroeconomic trends, but "number green, go up" stands in as a nice proxy for "the economy." That and taxes, of course....