It's time we end this myth once and for all. PRESIDENTS DON'T HAVE MUCH CONTROL OVER THE ECONOMY. GET OVER IT. Have a nice day. I love you. Edit: I should have also added that Biden released oil reserves in coordination with Congress. That has likely helped inflation come back down. Early on in his presidency, Biden also signed an executive order prohibiting new drilling for fossil fuels on federal public lands. That definitely didn’t help inflation go down. Oh yeah, the sponsor stuff: To get 10 FREE meals with HelloFresh, use code MRBEAT10 at bit.ly/3XYQG3O ! Applied across 7 boxes, for new subscribers only, varies by plan.
Congress treats the economy like a political football. That's why they desperately hold the power to set the debt limit; so they can blame the President for something he has 0 control over when it's politically convenient.
Well if someone literally enacts the largest tax break ever in human history for the top 1% and all of the economic gains go back to the top, that could be a problem
@@thejquinn Yeah. Tax breaks for the wealthy never worked. The problem is never that the rich aren't rich enough. Companies spend money to expand when there is sufficient demand to do so. Good policy works on creating more consumers to increase demand which gets companies to grow to meet that demand. Companies aren't going to randomly hire people to produce more if nobody is buying, that would be stupid.
@@Woap_64 nope but cool strawman. The position is presidents can do things to impact the economy however many if not most aspects are not in the presidents control. So for covid you can’t primarily blame Biden or trump for the economic impacts bc they had 0 control over covid existing. However many inflationary policies take years to have their full effect. Deficit spending is inflationary (which trump had the highest deficit) but the money doesn’t go out the day the bill is passed. 4-8 years of bad economic policy can take a while to clean up. For many bills the spending is across years and spills into later administrations. So to simplify. Presidents can impact the economy in great ways through bills they promote and executive orders and it’s ok to give criticism/praise for those. However many things aren’t like covid or things they can’t successfully influence Congress on. You have to look at them on a case by case basis. Which Mr beat does accurately. You have to analyze the policies proposed and passed but not try to blame presidents for things like inflation from covid they didn’t cause
No one "controls" the economy. We're NOT a command economy. However, there are things the chief executive can do to influence it. Tariffs being one thing. Trade deals being another. Most economic policies are handled on the legislative level, not the executive.
The federal reserve the board of governors the treasury theres a lot of secretaries that are in the executive that help too, a president should be able to talk to those people and unite them behind what the country needs
It's almost as if we'd have a better world if people understood these basic but very important points, thus less blaming and more negotiating. Hope this video goes viral.
Wow it's almost like the issues facing any country are systemic and cannot be blamed on any one individual person but rather the collective impact of flawed institutions
Nah I don't think it's anything to do with the institution being flawed. It's the people voting for the people in the institutions. We are extremely divided. In a democracy when the voter base is very divided it's almost impossible to get anything done because they'll be voting for people that want such drastically different things that they can't even really negotiate. We have to accept that it's our fault. We don't want to come together and fix issues. We want to blame one another.
@@TheSickGman09but that’s the fault, of the institutions. the United States has a very bad way of electing representatives, via first past the post, meaning that in all cases two parties will come on top, so it becomes who’s the least worst option. that’s the issue with the American political institution, and also just radical miseducation and lack of education on civics and politics
I don’t know Mr. Beat… I met Joe Biden before he became president and he said “Guess what Jack? First thing Imma do when I get in there is hit the big inflation button that’s under the desk.” I tried to tell him not to, but he just wouldn’t listen.
This video should be shown in every classroom in America. And a 60 second condensed version played as an ad once per hour on every primetime cable news show.
@@stanm4410 Everything in this video is taught in high school. The real problem is stupid Americans who don’t respect the education they get and either never learn anything or quickly forget it.
As my AP US Government teacher told our class the first day; which stuck with me (went to a Catholic HS): "they removed home economics and civics from public schools as required classes, to keep the hoi polloi financially illiterate and politically disengaged."
Then you can easily answer this does the president create negotiations and trade deals??? And don't those directly affect the economy?? 😂😂😂 destoryed you, the president can affect the economy and a bad president can PHUCK tge economy
@@Generaloliverswanik The President CAN effect the economy but there's a lot of different factors that effect the economy and so you need to question if it was in fact the president's doing, or whether it was the doing of other private practices or even other parts of the government. Also, this destroyed rhetoric is stupid and leads to nothing but pointless screaming and no solutions being reached.
@bubblegodanimation4915 you mean like how joe biden and democrats had the majority of congress from 2021 to 2023 yet didn't do anything to address democrats issues? All the while kamala is still blaming trump for things that happened during his administration that her and biden could have changed.
@iammrbeat At the Air and Space museum in DC you see how many policies that Carter pushed for an got passed saved the airline industry yet Regan takes credit for all this deregulation.
First of all, they're not called 'little people' anymore. Secondly, they have the same mental capacity than anyone so don't be so surpri- Oh, I missread that
@@iammrbeat I think one should separate the economy into two categories and analyse them separately. Domestically, there are people more competent in managing the economy. However, I think one fails to realise how interlinked the U.S. economy, or almost all economies in the world, is with other nations. With a strong president and a smart foreign affairs strategy that maximises the well-being of the American people, it does influence the import-export sector, which is a great component of the economy. Too often it is the case that secretary of the foreign affairs just wants to look good in front of the domestic voter for future domestic elections, and not do something smart for the country. For example, Hilary Clinton during her years in Obama's term.
Ive always told people, "the president only has certain power, they are not kings, what you really need to pay attention to is your senators and congressman. Those vote REALLY matter." And yet i know ZERO people who care about voting for senators or congress.
@@Neo__The__Tv_ I think it's unfortunate that like 90% of congressmen get reelected. Maybe it's because they deserve their seat, but I think it's out of convenience.
Yeah some will leave their seats and then that seat will get appointed. Then when election season rolls around it's easy to win because they were already in power and typically have no real opponent. So in a way they weren't elected.
This stuff should be mandatory in schools. Too many times we see people who make decisions against their interest regarding the economy, the law or another political issue (realistically, everything is political). More often than not, it's simply because they don't know any better. If education actually gave everyone the tools they need to be good, independent citizens, the world might have looked like that eutopia meme that's used all the time (even on this channel once). Speaking of important issues, I think a comprehensive video about ballot measures could be a good idea. You touched the subject recently, but it's so important in this country (even for states that suck with ballot measures), that it should be talked about more extensively. And on that note, I'd love to see a video about SCOTUS decision Hollingsworth v. Perry, that had to do with a ballot measure, California Proposition 8, that's about to be repealed this November. What's more, there may several well-known people involved in the case during its lifetime, that are relevant to present day..?
I like the idea, but I don't think it would help all that much. I grew up around people who's parents told them "History is written by the Victor, so take everything the school says with a grain of salt." Just makes me wonder how many of them would actually take these lessons seriously.
@@alonkatz4633 Was taught to me in high school. 35 years later it was taught to my kids in high school. My daughter just graduated and she’s talked to me about the ridiculous economic claims the parties make.
When people complain about the economy under a candidate, I always challenge them to name the policies they think caused those issues. Unfortunately, people can rarely name anything specific.
I can! :) The president did put the Cojved measures at place and at the same time printing money. So the president is (partly) to blame for the inflation.
Or what about the ' Inflation Reduction act'? The Inflation Reduction act increased inflation according to economists. Harris was the tiebreaking vote.
But with deals and good leadership it has an effect. But calling people uneducated when and administration clearly hasn't done enough is stupid, yes the prises would of risen anyway for obvious reasons but it could of been less of an impact, if the president had nothing to do with the economy why is it expected they have an economic plan when campaigning? clearly their actions have an effect.
@@Yzke I keep seeing people comparing gas prices now to what they were four years ago. I tell them that if you want gas prices that low again, all you have to is have another pandemic restrict travel for eight months.
@ fr bro, the only way the price of gas can go down, without trashing the economy is if the entire economy pretty much was forced to slow down! Outside of that, it’s impossible to drop it without causing environmental damage, or causing deflation
If we use this argument the government has no effect on anything ever. Policies have effects on the economy, if we use the same argument people wouldn’t be crying about tariffs and there effect on the economy. Going back to gas, trade deals do have an effect on gas prices and allowing oil companies to drill in the states means an excess in oil which typically leads to lower prices. And it’s cheaper to move oil within the states instead of moving across the ocean. It’s not simple, but possible.
Honestly 'I vote on the economy ' seems like a dodge to me. It's looking for a reason to vote for whoever you already like more for other reasons. For both those on the left and right
If you look at the global inflation from 2021-2023, it’s almost a direct parallel with the US inflation. And if anything, we are currently way outpacing other G7 countries in their goal to get prices back down.
A large portion of Americans pay no attention to global affairs, they have no idea that Europe handled Covid fallout far worse, the UK economy shows no sign of improving anytime soon
@nicolasgirard2808 Yep. However the average worker generally believes any wage increase is because they personally earned it as an individual, untethered from larger trends, while price increases are forced upon them by the government.
It’s always funny to me when people pick and choose which sides to blame for inflation, as if both of them haven’t spent trillions of dollars contributing to it.
@@trueblade3636 that’s partially true. So is the war in Ukraine contributing to inflation and so is price gouging. All three of these points have some kernels of truth to inflation.
@@TheSignofJonah777large corporations using covid to increase prices past the cost for just inflation, essentially screwing us more just to increase profits. Several large grocery companies bragged about record profits in the past few years. Some people are adamant that this isn’t true, but look at the share buybacks that have also occurred.
@@TheSignofJonah777 price gouging is just a term used by the media so that people will not question the damage the Cojved measures have done. Price gouging happens when demand for certain products increased while supply decreased, therefore raising the prices. However, these products in short supply included surgical masks, N95 respirators, en hand sanitizer. We don't need those anymore. We still have enough basic necessities who were barely affected by thise 'price gouging'. Price gouging had barely any effect on the prices.
@@maherkamer8872 Less people should be yelling “but the economy!” And more people should be studying. To do this, we should put more funding and focus into schools and educational programs. Smart people will make smart decisions and, as an added benefit, will know how to make and save more money in the long run
@maherkamer8872 It's not. The economy is still a focus but not the primary. Imagine you're writing an essay. You have a primary thesis, and then its supporting body points. He's saying that the thesis should be education, and the economy would just be 1 point amongst others.
@@qjames0077but what would you really have people do?? I think everyone intuitively knows that the president or leader of a country does not single-handedly control the economy... But voting for a person gives someone a sense of power, and they will either express disapproval or approval with that vote.
What worries me about Tarrifs is that when President Hoover was faced with a growing recession, he decided that Tarrifs would be a good idea. The result other countries put in their own Tarrifs, and that helped us into the Great Depression.
Tariffs are somewhat unique as it is a specific case of the government putting their thumb on the scale and there's no real other way to argue it, it's direct government interference in the market.
Yeah all they do at the end of the day is raise prices on whatever product you're applying tariffs to. Sometimes they can help (Biden is hitting Chinese EVs with tarrifs right now because they are so cheap that American companies can't keep up and this keeps the prices competitive) but they can also be bad (blanket tarrifs that do nothing but raise prices in general)
That’s a good point. I’ve told friends and family that generally the president doesn’t directly control the economy, but they sure as hell can wreck it (say if they wanted to put tariffs on all goods and has threatened to prevent the fed from being independent). Conversely there is also good policy (which has a lag effect). When you’re voting part of what you’re voting for is future investments. Just stuck that people think the economy is slowly shaped by one person in 4 year cycles. The world would be a lot weirder if that were true.
No, Trump did not cause the recession. However, his rhetoric and inability to take the issue seriously did prolong the problem more than it should have.
@@iamthebiggs252 A president’s most powerful moment is leading a country through unprecedented emergency, and Trump failed that. It influenced Covid (though global) which influenced the economy. One thing to give him credit for is operation warp speed getting the vaccine quickly, but it isn’t supported by republicans and Trump wants to make RFK a health expert.
Yeah… remember when trump tried to convince the public that Covid 19 wasn’t a big deal, while tens or hundreds of thousands died from it? And then he got Covid and almost died himself? The same with the British PM. Good times
I can tell you one thing… voting Democrat isn’t going to help the inflation issue, it’s going to make it worse. I utmost guarantee that if Harris finds herself in office, gas prices and inflation go right back up. I guarantee it.
@@southernfried19did you watch the video? Or just wanted to come fight in the comments, look at the global economy vs the American economy and you’ll see they trend together. Presidents do not have that big of an effect on an economy
@@jonahclark7442 Sure. I can also guarantee that if Trump was in office NOW, you would be blaming him for it. There’s no reasoning with you Democrat boot-lickers.
@@southernfried19Maybe, but there's a very high chance that voting for Trump would make prices go up even more because of his mass deportation policy causing labor shortages and rampant tariffs. So Kamala is kinda the lesser evil here. We know that prices will increase under Trump and we know exactly how, Kamala is kinda up in the air for what would happen and it's debatable
Why are all the comments saying phases that imply the average American doesn't know any of this stuff, it is literally 10th grade knowledge. This video is just to deflect on the terrible economy Joe ran and just say its no ones fault
Being the president of a powerful institution that oversees law in America, I think they have some degree of influence over the economy. But the power of that influenced is almost always overstated for cheap political gain. That's my take on the matter.
yes, the video is branded a bit misleading. a president doesn't *literally* control really anything that's fundamentally important to American governance. but that is not to say that POTUS has an immense impact on it via executive orders. not to mention that Biden had a completely blue congress for 2 years, so he indisputably had 2 years' worth of time to spearhead the legislative changes he promised in office.
@@oneshotprestige the president has “little” effect on the economy. Meaning voting for one or the other thinking they’re gonna make a huge difference in the economy is foolish.
@@iammrbeat It's not as if presidents emit millions of tons of carbondioxide into the atmosphere, thereby indirectly warming up the oceans and providing the heat energy hurricanes draw from. Oh wait, they.... don't. All of us combined do.
@@night6724 Soooooo you prefer to believe an alternate reality than the way our government is structured? This is not a partisan issue, this is just the way it is
@MattWeser But that doesn't mean that they have most influence. Congress are the ones that have more control over the economy than the President. The reason why executive orders have increased is because congress has been ineffective in passing budgets.
@@Atrail_Mckinley4786 True, I never indicated that XO's were the most influential, but simply that we live in a world where presidents can influence events beyond just signing/vetoing legislation. Biggest area is Trump's usage of "national security" threats to change tariff rates. Congress and the Judiciary may eventually step in, but oftentimes the damage can already be done.
I tried to tell my mom that no president - Republican or Democrat - has a firm control of the economy. they have powers that can definitely influence, but they don't control housing, gas, grocery prices. All she said was that when Trump was president, things were cheaper. I just dropped the subject because no matter what I said, she would not be able to see it.
It’s crazy how things were cheaper before a global pandemic and trillions of dollars of spending. The president wasn’t responsible for Covid, but both the current and previous presidents are responsible for the trillions of dollars of spending. It’s crazy to me that people want to pick and choose sides on that issue as if neither of them contributed to it.
@@O.Reagano It's something called supply and demand. The more of an increase of a price the less people will purchase the product. Companies don't just magically get richer whenever increasing prices. They set the price to maximize profits.
@@TheSignofJonah777 Supply and demand analogies don’t work when the market as a whole just agrees to increase prices. Kroger admitted they were price gouging a few months ago due to people being used to Covid prices. Along side that if Kroger was the only one gouging, you can assume a lot of retailers are. If every food retailer is gouging the price, you can’t just not buy it. People need to eat and buy groceries, so they’re forced to still pay these prices.
Also worth noting: "the economy" is one of the least controversial answers a voter can provide when asked (especially publicly) why they voted a certain way. Generally speaking, nobody will be seen as immoral and have to worry about painting a target on their back for saying that they care about the economy.
I think one of the best ways to be a conscious voter is to remember the ways in which all elected officials actually serve us. The president is not a god, or a king, or a superhero. They wont fix everything. Your mayor wont make your town better. Your governor wont solve all the problems across their state. Having one more congressman than last cycle wont drastically change the world of politics. Each official does roughly 1-3 things, with the president doing even more. But thats it. We have to remember that they are people. And the things they do will help up, but they themselves are incapable of doing so alone.
thank you man, you made me realize people saying that the president had a bad economy is a bad argument. honestly one of my favorite teachers I’ve had of all time.
Don't let him pull wool over your eyes, he's clearly got an agenda. Biden pulling the plug on the Keystone pipeline and doing a power grab by banning new oil fracking leases for public lands, both by executive order and mere days in his presidency, and severely decreasing said new leases once a judge deemed that ban unlawful is to blame for the US energy crisis, which paired with the covid recession maimed the US economy. Unlike many other countries, the US always enjoyed lower gas prices and in these years of crisis he decided to undercut domestic oil drilling all in the name of fighting climate change.
I don't really understand all this keystone pipeline stuff idk whats going on in politics very much, higher prices admittedly suck but climate change sucks worse, so I'm sure it's not all bad if its for the environment
@@evanepic3599 the reason why their higher prices is because we rely too much on cars and too much on gas for our energy. if we had walkable cities and good public transportation we wouldn’t need that pipeline. on top of that theirs evidence it was gonna be build improperly.
I remember that part in the Constitution: "a President will be the supreme chief of the Economy of the United States, and no general can overpower their decisions."
Of course they can’t directly control these things. Just how the ceo of McDonalds doesn’t make the burgers. But they have a ton of influence in what laws get passed and what direction to push towards
@@s.s9221 it depends on whose side congress is on, if they dont like the president then congress is basically useless (current congress for example), if congress likes the president a LOT of bills get passed (good and bad). When Trump had congress they basically let trump do whatever he wanted with the tariffs, its why the tariff war cost farmers billions and put a lot of them out of business
Another great video, Mr. Beat. We have a lot of issues to work on as a country. Hopefully, decency and reason prevail. Our country is so much stronger when we're working together to make things better than when we're fighting against each other to tear things apart.
Love ya Abe but the national debt is not as a huge problem as many think. We use debt to invest in our country. The question is how are we using that money.
The debt isn't as big of a problem as long as we need in public services and infrastructure. I would also have a wealth tax to help balance the budget.
honestly the debt wouldnt be so bad if corporations actually paid taxes, most of them pay little to no taxes now because they find ways to sneak their money around
Nah man I swear the president had two big buttons on their desk, one for making green line go up and one for making red line go down. What’s the presidency for if not for that?
I wouldn’t say that they have zero influence on the economy. There our policies that presidents can put into place that can help boost or help ruin the economy. But the overall control is vastly overstated
@@michealmaloy6204 I know, what I just said is what he said in the video. I wasn’t refuting what he said, I was addressing the people who say the president has 0 influence over it
15:40 An example of this irl you could have used is when Trump during the last year of his presidency, for some reason, decided to explicitly praise Goya beans, taking a selfie with bean cans and they were sold out for like a week
While I agree with your conclusion as a whole, it's wrong to say Trump didn't have anything to do with the "Covid recession". Covid was as bad as it was because Trump fumbled around in the early stages of the pandemic; throwing out the pandemic playbook that he inherited, etc. It isn't unreasonable to say that many of the 1.2 million deaths in the US were because of his poor response early on.
Yeah that’s what I was thinking about, pandemics are more controllable than the economy I’d imagine and better handling definitely woulda lessened the economic impact
Most countries overreacted to the pandemic, with notable exceptions like Sweden. Politicizing the response was notably dishonest, with Democrats going from denouncing quarantines on China as racist to doubling down on social distancing.
The moment Trump suggested ingesting bleach, his presidency and political career was effectively over. Later, he incited a January 6th riot, so he really wanted that coda.
@@johnchedsey1306 Considering that the “ingesting bleach” was a question by a reporter, not a statement by Trump, your grasp of the riot on J6 is probably equally thin. Pelosi blocked the use of National Guard forces that day.
yeah shutting down a gas pipeline and buying all energy from foreign sources and printing tons of money to fund foreign wars definitely has no affect on the economy. the irony hf david
I love how Mr. Beat puts sources in the description stuff for further reading on the topic. This both shows his dedication to his audience and their interest in the topic, but also shows that he isn't just pulling this info out of thin air. Great guy
@TheSignofJonah777 No, that's not the issue. The problem comes from how you react in the first few weeks of an outbreak. Diseases spread at an exponential rate, so the solution is to nip the issue in the bud as fast as possible, because once it begins to spread, it cannot be reeled in. Trump should have recognized this and ordered mass quarantine immediately like China did, especially since he was briefed during his transition period about the seriousness and likelihood of a respiratory illness outbreak in the next decade by the Obama administration, even if it means shutting down the economy for a couple weeks to allow the few people who got sick time to recover and then the disease stops spreading instead of saying "we're at 15 cases right now, before you know it, it will be 0" and doing nothing to guarantee that. And then the rest of the world would have followed suit with whatever America does, because if America, the economic and transportation center of the world, shuts down it's economy for a couple weeks then everyone else will too. But if America doesn't do anything and doesn't enforce travel bans immediately, then other countries won't either because, what's the point? The disease is just going to continue to spread because the most powerful and most-traveled-to coubtry isn't doing anything about it. This is the reason why we never had a massive outbreak like this with ebola or bird flu because Obama took those seriously and even sent the military to foreign countries to fix the problem before it got to the US. And then everyone mocked him for "making a big deal out of something that turned out to be nothing" even though it was BECAUSE he made a big deal out of it that it turned out to be nothing. It's a thankless job, but someone with good moral integrity has to take responsibility for it and do it even if it causes a temporary dip in approval ratings because the populace is too ignorant to understand that they just dodged a bullet. Obviously, that isn't the kind of person Trump is.
"the poor response to the pandemic that caused the recession" I agree. But why you blame Trump? Biden and the Democrats have done a poor response to the pandemic that caused the recession. Trump was out of office
The answer to this question is as follows: If the political party you cheer for holds the executive branch then the president does not control the economy when the economy is doing poorly. If the economy is doing well then the president does control the economy. If the opposition party to the political party you cheer for holds the executive branch then the president absolutely controls the economy if the economy is doing bad, Unless the economy is doing well then the president does not have anything to do with the economy. If the Economy is doing well and the opposition to the party you cheer for holds the executive branch but your party held it prior then the good economy is the delayed result of the favorable policies put in place by the previous administration. If the Economy is doing poorly and the party you cheer for holds the executive branch but the opposition party held it prior then the bad economy was inherited and we just need to wait for the current policies to take effect. Hope this helps
longtime mr beat fan, i cant help get the feeling the most recent videos he makes are geared toward people turning from one party to another in terms of voting preferences. i dunno
@@iammrbeat again huge fan and love the channel- but with a word as big as the economy you are correct about the executives branches effect on it. its like a gigantic ship, it can't turn left or right so quickly. but there are effects that can be long lasting or effects that are felt shorter term. markets react to decisions made today and that has a ripple effect on peoples perceptions and peoples optimism or pessimism has a ripple effect back. The Inflation Reduction act has indeed affected the overall economy. making a point that the executive branch doesnt 'control' the economy is true but at the same time, it does affect it. and if people are feeling bad in terms of the economy and want to make a change that's fine. i think pointed videos like this indirectly try to diminish the real argument against one of the political candidates running now. i know youre a right of center person who doesnt care much for the current republican candidate, i agree with you his moral character is lacking. but this cuts right against one of his 'main' arguments for candidacy. i think people can watch this video and turn from the 'change' candidate to the incumbent (kind of). i think your voice has weight, and this might sway a few people to vote D over R, when the reality is- on this topic- its much more nuanced.
Yeah, this is something i learned in freshman year of college in econ 101. People judge presidential success based on the state of the economy, but the irony is that the president has very minimal control over the economy (only small control over 1 small part of the GDP calculation). Not to say that a president can't have any impact (like pushing for government spending increase during recession ala keynes), but its impact is vastly overstated.
While Trump didn’t cause nor could’ve predicted the Pandemic, he had plenty of opportunities to start acting faster and taking it more seriously. I can’t blame him for the pandemic for happening, I can and will blame him for how he handled it from the beginning.
What could he have done differently? To start, there are new diseases rising up all the time. He could have jumped the gun creating a panic, or he could have acted like he did. He introduced us to Fauci only for Fauci to stab Trump in the back and mislead the people. He created a travel ban from China and was called a racist. He gave NY a navy ship to be used as a temporary hospital only for Cuomo to demand infected patients be put back in nursing homes and then become a celebrity to write a book. No matter what Trump did he was going to be criticized. He could have done a federal lockdown and a federal mask mandate and people would have thrown down their masks and gathered in large crowds in the streets calling him a fascist.
@@1987BillyBob for 15 years or so before the pandemic, American doctors and WHO were raising alarms about how unsanitary America is. They had very strongly predicted that a new infectious disease could cause a massive societal shutdown, it's a bipartisan fault of politicians on both sides ignoring these warnings until it was too late.
Very rarely do we have presidents who directly impact the economy, and even then it’s hard to know how the extent. A good example of a president directly influencing the economy is Woodrow Wilson in ww1, and FDR in ww2. lBJ’s and Nixon’s Vietnam polices also directly hurt the economy. And Carter’s austerity movement did most likely make the stagflation worse as he gave out incorrect information on scarcity issues and made consumer fears more ..fearful!
@@trueblade3636 not exactly. Trump's covid policies absolutely exacerbated the economic effect of the pandemic, in large part due to his refusal to take preventative measures and to encourage or even enforce distancing measures. This also in line with racist rhetoric which only fueled fear and violence and police actions to crack down on protestors. Biden's presidency began in the aftermath of the deadly round of the virus, and by reporters, his white house had to quickly set up a covid task force to distribute the vaccine. Even then covid has gone through numerous strains, and it is still a public health concern and it will take a while to exactly determine how much covid cost the economy through supply line disruptions, difficult choices to make regarding work placements, and various rules both federal, state, and private set up during the covid pandemic. Overall, he did fine, but simply ending a pandemic wont automatically birng back the economy.
@@trueblade3636and trump did do a similar thing, though it was too little too late. And after he told everyone not to wear a mask. It was definitely one of the goofiest decisions that caused the deaths of thousands, along with him giving turkey the thumbs up to invade Syria. Sorry for the mini-rant btw.
When I got my undergrad in economics, one of my professors told us the most frustrating thing about studying economics will be talking politics with people and she was so right. I appreciate this video so much
7:12 I’ve never seen a transition that fits so well back into the video, AND feeds into the point a UA-camr is trying to make. Mr. Beat, job well done. 👏👏👏
It's time we end this myth once and for all.
PRESIDENTS DON'T HAVE MUCH CONTROL OVER THE ECONOMY. GET OVER IT.
Have a nice day.
I love you.
Edit:
I should have also added that Biden released oil reserves in coordination with Congress. That has likely helped inflation come back down. Early on in his presidency, Biden also signed an executive order prohibiting new drilling for fossil fuels on federal public lands. That definitely didn’t help inflation go down.
Oh yeah, the sponsor stuff:
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Presidents are nothing. In usa the real power is in hands of 6 conned star
Presidents are nothing in usa,the real rulers are star people,choosen ones
Never lose your smile
Well well well well
The real power in usa is in hands of udaism
Hang on, I thought the president had a button on his desk that said "raise gas prices" and his job was just to press it until we got mad at him
lol
Actually the button is in Saudi Arabia 😂
They haven't yet installed the Lower gas prices button, that thing should have been a dial
@@warlordofbritannia good to see people know what they are talking about in a UA-cam comment section
@michaelsotomayer5001. It's always nice to see satire in the comments. 😊😀😊
Congress: I have the power of the purse
Also congress: I blame the president for all of the problems we fail to address
President have no power unlike jews
This checks out
Biden would not sign off on a single repiblican piece of legislation that came out of the house.
Congress treats the economy like a political football. That's why they desperately hold the power to set the debt limit; so they can blame the President for something he has 0 control over when it's politically convenient.
Don't tell me junior high school level social studies stuff man, we adults here!!!
This is all wrong.There's a do inflation button and a gas price slider in the oval office. Everybody knows that.
😄
There is a inflation button actually. It's the print money order and all president have it.
@jaredwhite7285 so when the President kills the Keystone XL pipeline that doesn't effect gas prices that inflate everything else?
@@xevenflux4709 That depends on how significant it was. Do you have numbers for this?
Replying in humor, when the President is out of the office, the Vice President plays with it
Economy goes well
President: Yes, that was me
Economy goes poorly:
Clearly that was my predecessor's doing, I've inherited a mess
Or they say: The president can control or INFLUENCE the economy, no no no!... Only the one's I don't like can!
Oh, wait that's just Mr.Beat
Well if someone literally enacts the largest tax break ever in human history for the top 1% and all of the economic gains go back to the top, that could be a problem
@@thejquinn Yeah. Tax breaks for the wealthy never worked. The problem is never that the rich aren't rich enough. Companies spend money to expand when there is sufficient demand to do so. Good policy works on creating more consumers to increase demand which gets companies to grow to meet that demand. Companies aren't going to randomly hire people to produce more if nobody is buying, that would be stupid.
@@Woap_64 nope but cool strawman. The position is presidents can do things to impact the economy however many if not most aspects are not in the presidents control. So for covid you can’t primarily blame Biden or trump for the economic impacts bc they had 0 control over covid existing. However many inflationary policies take years to have their full effect. Deficit spending is inflationary (which trump had the highest deficit) but the money doesn’t go out the day the bill is passed. 4-8 years of bad economic policy can take a while to clean up. For many bills the spending is across years and spills into later administrations.
So to simplify. Presidents can impact the economy in great ways through bills they promote and executive orders and it’s ok to give criticism/praise for those. However many things aren’t like covid or things they can’t successfully influence Congress on. You have to look at them on a case by case basis. Which Mr beat does accurately. You have to analyze the policies proposed and passed but not try to blame presidents for things like inflation from covid they didn’t cause
@samterrell9857 Wow. What an asshole. Also, president's can DEFINITELY impact the economy lol cope harder Mr.shit stan.
No one "controls" the economy.
We're NOT a command economy.
However, there are things the chief executive can do to influence it. Tariffs being one thing. Trade deals being another.
Most economic policies are handled on the legislative level, not the executive.
The president is not absent from the legislative level. Also the economy does have some swing on executive action as well
@@imigi2850
But not to the extent that Congress has control over.
Exactly this clown acts like the president has little to no influence
@@kevinmahaley4916 or if you're not the clown that you are, you would have seen he mentioned about that at 10 minute mark
The federal reserve the board of governors the treasury theres a lot of secretaries that are in the executive that help too, a president should be able to talk to those people and unite them behind what the country needs
It's almost as if we'd have a better world if people understood these basic but very important points, thus less blaming and more negotiating. Hope this video goes viral.
It can start with people learning about civics.
The depressing part is that many powerful people have a vested interest in keeping people *uninformed*
It can start by civilly/respectfully correcting correcting people.
why is your comment 12 hours old?
Glazing (I agree)
Wow it's almost like the issues facing any country are systemic and cannot be blamed on any one individual person but rather the collective impact of flawed institutions
That both parties took turns to run.
Nah I don't think it's anything to do with the institution being flawed. It's the people voting for the people in the institutions. We are extremely divided. In a democracy when the voter base is very divided it's almost impossible to get anything done because they'll be voting for people that want such drastically different things that they can't even really negotiate. We have to accept that it's our fault. We don't want to come together and fix issues. We want to blame one another.
And THAT'S why we need someone to clean up the swamp or something like that idk I just wanna deport some immigrants
@@TheSickGman09but that’s the fault, of the institutions. the United States has a very bad way of electing representatives, via first past the post, meaning that in all cases two parties will come on top, so it becomes who’s the least worst option. that’s the issue with the American political institution, and also just radical miseducation and lack of education on civics and politics
@@TheSickGman09 Look up "gerrymandering"
I don’t know Mr. Beat… I met Joe Biden before he became president and he said “Guess what Jack? First thing Imma do when I get in there is hit the big inflation button that’s under the desk.” I tried to tell him not to, but he just wouldn’t listen.
Dark Brandon strikes again!
did he say anything about the Job Button
@@Seinsmelled Yeah he said he wanted to hit that one as well.
Can he at least press the Peace in the Middle East button?
@@stewiegriffin12341 he also told me that he was going to make the McDonald's hash brown from 1 dollar to 3. This is fucking sickening 😢
This video should be shown in every classroom in America.
And a 60 second condensed version played as an ad once per hour on every primetime cable news show.
This video should be shown nowhere near anybody with a developing brain, because it will permanently cripple their thinking capacity.
@alkruqal9698 sounds more like the problem is that you're the one that's lacking in that department and a loathsome person on top.
@@stanm4410 Everything in this video is taught in high school. The real problem is stupid Americans who don’t respect the education they get and either never learn anything or quickly forget it.
@@alkruqal9698you have a anime pfp bro
As my AP US Government teacher told our class the first day; which stuck with me (went to a Catholic HS): "they removed home economics and civics from public schools as required classes, to keep the hoi polloi financially illiterate and politically disengaged."
Don't you mean Personal Finance and Civics? I don't see how failing to learn how to cook and sew affects people financially and politically?
@@Compucles Gen Z has little concept of debits and credits.
Hoi polloi should never be preceded by "the". Hoi literally means "the" so you're essentially saying "the the".
Pretty funny coming from a catholic high school lol
You just HAD to make sure we knew it was AP didn’t ya? You special little carpetbagger.
I'm an accountant and you would not BELIEVE how many times I have to tell people THE PRESIDENT DOESN'T DIRECTLY AFFECT THE ECONOMY
Keep telling people that. They apparently aren't learning it in school.
@@iammrbeat could not agree more
Then you can easily answer this does the president create negotiations and trade deals??? And don't those directly affect the economy?? 😂😂😂 destoryed you, the president can affect the economy and a bad president can PHUCK tge economy
@@Generaloliverswanik The President CAN effect the economy but there's a lot of different factors that effect the economy and so you need to question if it was in fact the president's doing, or whether it was the doing of other private practices or even other parts of the government.
Also, this destroyed rhetoric is stupid and leads to nothing but pointless screaming and no solutions being reached.
@@ineednochannelyoutube2651 🤣🤣🤣 so what is it do they or do they not
The amount of times a president has control but another president is at fault is crazy as well.
@bubblegodanimation4915 you mean like how joe biden and democrats had the majority of congress from 2021 to 2023 yet didn't do anything to address democrats issues? All the while kamala is still blaming trump for things that happened during his administration that her and biden could have changed.
Absolutely
i tried to explain this not to long ago to a coworker but lord almighty its like talking to a wall
@iammrbeat At the Air and Space museum in DC you see how many policies that Carter pushed for an got passed saved the airline industry yet Regan takes credit for all this deregulation.
Poor Jimmy Carter
It's amazing how little people understand how the economy works
It's amazing and...frankly...really sad.
First of all, they're not called 'little people' anymore. Secondly, they have the same mental capacity than anyone so don't be so surpri- Oh, I missread that
@@iammrbeat and that’s why your here to keep us up to date
@@iammrbeat I think one should separate the economy into two categories and analyse them separately. Domestically, there are people more competent in managing the economy. However, I think one fails to realise how interlinked the U.S. economy, or almost all economies in the world, is with other nations. With a strong president and a smart foreign affairs strategy that maximises the well-being of the American people, it does influence the import-export sector, which is a great component of the economy. Too often it is the case that secretary of the foreign affairs just wants to look good in front of the domestic voter for future domestic elections, and not do something smart for the country. For example, Hilary Clinton during her years in Obama's term.
@@iammrbeatI don’t think we learn enough about it in High School
Thanks for teaching us what we deserve to have been taught in school. You’re the best, and I hope this video reaches millions!
Thank you so much!
Ive always told people, "the president only has certain power, they are not kings, what you really need to pay attention to is your senators and congressman. Those vote REALLY matter." And yet i know ZERO people who care about voting for senators or congress.
This is why we should have a parlamentary system.
@@Neo__The__Tv_ I think it's unfortunate that like 90% of congressmen get reelected. Maybe it's because they deserve their seat, but I think it's out of convenience.
Yeah some will leave their seats and then that seat will get appointed. Then when election season rolls around it's easy to win because they were already in power and typically have no real opponent. So in a way they weren't elected.
@@NotFine Incumbents are favored.
@@Neo__The__Tv_ I'm not like that but I'm in the minority as of now
This stuff should be mandatory in schools. Too many times we see people who make decisions against their interest regarding the economy, the law or another political issue (realistically, everything is political). More often than not, it's simply because they don't know any better. If education actually gave everyone the tools they need to be good, independent citizens, the world might have looked like that eutopia meme that's used all the time (even on this channel once).
Speaking of important issues, I think a comprehensive video about ballot measures could be a good idea. You touched the subject recently, but it's so important in this country (even for states that suck with ballot measures), that it should be talked about more extensively. And on that note, I'd love to see a video about SCOTUS decision Hollingsworth v. Perry, that had to do with a ballot measure, California Proposition 8, that's about to be repealed this November. What's more, there may several well-known people involved in the case during its lifetime, that are relevant to present day..?
I have other plans that I think will have more of an impact, but I appreciate your comment and suggestion. I hope you are doing well, Alon.
@@iammrbeat Then I'm sure you're right about what you have in mind.
I'm great, thank you for asking! I hope you and your family are the same way.
I like the idea, but I don't think it would help all that much. I grew up around people who's parents told them "History is written by the Victor, so take everything the school says with a grain of salt." Just makes me wonder how many of them would actually take these lessons seriously.
@@alonkatz4633 Was taught to me in high school. 35 years later it was taught to my kids in high school. My daughter just graduated and she’s talked to me about the ridiculous economic claims the parties make.
I’ve been slacking as mr Beat’s no1 fan (I’ve been living my life) but I’m back now, and probably stronger than ever so be aware everyone.
JUST IN TIME FOR THE ELECTION, BABY. LET US DO THIS.
@iammrbeat, we would elect you as a president.
@@BrandonHanson as mr beat’s no1 fan i don’t think he would be a good president 🫡
Ok
@@idkanymore_yeahBecause he would take too much time off to make videos?
When people complain about the economy under a candidate, I always challenge them to name the policies they think caused those issues. Unfortunately, people can rarely name anything specific.
I can! :) The president did put the Cojved measures at place and at the same time printing money. So the president is (partly) to blame for the inflation.
Or what about the ' Inflation Reduction act'?
The Inflation Reduction act increased inflation according to economists. Harris was the tiebreaking vote.
@@trueblade3636 no, most economists say it had no effect on inflation.
@@trueblade3636 Correlation does not equal causation. That being said, who you wanna blame for inflation being 2.5% now? Trump? Biden?
@@trueblade3636if that’s true why’s the rate down
I genuinely realized when I was 9 that the president wasn't controlling gas prices. It's amazing how people just repeat things with no thought.
But with deals and good leadership it has an effect. But calling people uneducated when and administration clearly hasn't done enough is stupid, yes the prises would of risen anyway for obvious reasons but it could of been less of an impact, if the president had nothing to do with the economy why is it expected they have an economic plan when campaigning? clearly their actions have an effect.
@@MrBurnsExcellent how could the president push for good economic policies if they don’t make it past congress?
@@Yzke I keep seeing people comparing gas prices now to what they were four years ago. I tell them that if you want gas prices that low again, all you have to is have another pandemic restrict travel for eight months.
@ fr bro, the only way the price of gas can go down, without trashing the economy is if the entire economy pretty much was forced to slow down! Outside of that, it’s impossible to drop it without causing environmental damage, or causing deflation
If we use this argument the government has no effect on anything ever. Policies have effects on the economy, if we use the same argument people wouldn’t be crying about tariffs and there effect on the economy. Going back to gas, trade deals do have an effect on gas prices and allowing oil companies to drill in the states means an excess in oil which typically leads to lower prices. And it’s cheaper to move oil within the states instead of moving across the ocean. It’s not simple, but possible.
I learned this 54 years ago as a senior in high school government class. Thanks Mrs Hamilton!
Honestly 'I vote on the economy ' seems like a dodge to me. It's looking for a reason to vote for whoever you already like more for other reasons. For both those on the left and right
You’re very special
EXACTLY
Honestly I disagree in most cases. People are just uneducated and actually believe presidents change the economy as drastically as they claim
If you look at the global inflation from 2021-2023, it’s almost a direct parallel with the US inflation. And if anything, we are currently way outpacing other G7 countries in their goal to get prices back down.
A large portion of Americans pay no attention to global affairs, they have no idea that Europe handled Covid fallout far worse, the UK economy shows no sign of improving anytime soon
That's too sophisticated for the American people to understand
(Too) many Americans think that the U.S. is the only country out there or that matters.
@nicolasgirard2808 Yep. However the average worker generally believes any wage increase is because they personally earned it as an individual, untethered from larger trends, while price increases are forced upon them by the government.
@@harrisonbarr7239 THIS!
It’s always funny to me when people pick and choose which sides to blame for inflation, as if both of them haven’t spent trillions of dollars contributing to it.
The Cojved measures raised this huge inflation.
@@trueblade3636 that’s partially true. So is the war in Ukraine contributing to inflation and so is price gouging. All three of these points have some kernels of truth to inflation.
@@Smellanie4121 What even is price gouging?
@@TheSignofJonah777large corporations using covid to increase prices past the cost for just inflation, essentially screwing us more just to increase profits. Several large grocery companies bragged about record profits in the past few years. Some people are adamant that this isn’t true, but look at the share buybacks that have also occurred.
@@TheSignofJonah777 price gouging is just a term used by the media so that people will not question the damage the Cojved measures have done.
Price gouging happens when demand for certain products increased while supply decreased, therefore raising the prices. However, these products in short supply included surgical masks, N95 respirators, en hand sanitizer. We don't need those anymore. We still have enough basic necessities who were barely affected by thise 'price gouging'.
Price gouging had barely any effect on the prices.
Unpopular opinion: education is more important than the economy
@@MissBliss818 what does that even mean.
@@maherkamer8872 Less people should be yelling “but the economy!” And more people should be studying. To do this, we should put more funding and focus into schools and educational programs. Smart people will make smart decisions and, as an added benefit, will know how to make and save more money in the long run
@@leroyjenkins9597 it benefits the economy in long run which benefits the economy. You’re putting the economy first still.
@maherkamer8872 It's not. The economy is still a focus but not the primary. Imagine you're writing an essay. You have a primary thesis, and then its supporting body points. He's saying that the thesis should be education, and the economy would just be 1 point amongst others.
If only I could get multiple family members to sit down and watch this
id show it to my grandma but she votes with her bible and not her brain
@@gothic_ace2037she doesn’t like you either
@@gothic_ace2037old farts that won't be there in 20years voting against the interests of the next generation is the definition of selfishness
@@jesse_-What?
@jesse_- Let me guess , you missed the point of The Punisher
Nope
But they sure are held accountable for it
That about sums it up.
Yes they gotta take measures but they are not completely responsible for it.
People just want someone to blame or thank for their economic state and shortcomings
A wise man once said, "A person is smart, people are stupid."
@@qjames0077but what would you really have people do?? I think everyone intuitively knows that the president or leader of a country does not single-handedly control the economy... But voting for a person gives someone a sense of power, and they will either express disapproval or approval with that vote.
What worries me about Tarrifs is that when President Hoover was faced with a growing recession, he decided that Tarrifs would be a good idea. The result other countries put in their own Tarrifs, and that helped us into the Great Depression.
Tariffs are somewhat unique as it is a specific case of the government putting their thumb on the scale and there's no real other way to argue it, it's direct government interference in the market.
Yeah all they do at the end of the day is raise prices on whatever product you're applying tariffs to. Sometimes they can help (Biden is hitting Chinese EVs with tarrifs right now because they are so cheap that American companies can't keep up and this keeps the prices competitive) but they can also be bad (blanket tarrifs that do nothing but raise prices in general)
That’s a good point. I’ve told friends and family that generally the president doesn’t directly control the economy, but they sure as hell can wreck it (say if they wanted to put tariffs on all goods and has threatened to prevent the fed from being independent).
Conversely there is also good policy (which has a lag effect). When you’re voting part of what you’re voting for is future investments. Just stuck that people think the economy is slowly shaped by one person in 4 year cycles. The world would be a lot weirder if that were true.
Trump will decimate the economy. Just as we're finally starting to see the light at the end of the tunnel...
Tariffs don't matter as much since we don't manufacture and sell as much now. We are mostly a service economy.
"We live in a freakikg economy!"
-MrBeat AKA The Joker (Jonkler)
Fascinating new nickname I got.
Even on a political youtube channel i still can't escape that sub reddit
@@lilknox2225once you enter the aslume, you don’t leave
“It’s not about the economy, it’s about sending a message.”
No, Trump did not cause the recession. However, his rhetoric and inability to take the issue seriously did prolong the problem more than it should have.
@@iamthebiggs252 A president’s most powerful moment is leading a country through unprecedented emergency, and Trump failed that. It influenced Covid (though global) which influenced the economy. One thing to give him credit for is operation warp speed getting the vaccine quickly, but it isn’t supported by republicans and Trump wants to make RFK a health expert.
Still waiting for someone to come along and take the issue seriously...
@@iamthebiggs252 who has tho honestly
No it didn’t. It was the incompetence of the federal reserve.
Yeah… remember when trump tried to convince the public that Covid 19 wasn’t a big deal, while tens or hundreds of thousands died from it? And then he got Covid and almost died himself? The same with the British PM. Good times
No. I control the economy. 😎
Give me money!
@@andrewjones2222 As a participant, you literally do.
Please hit the lower gas price button I beg of you
@@Jlaps941I love how gas prices are the economic metric they stirs the heart of the average American. It’s very telling.
Dude, do a better job then. Where’s my flying cars!
Too bad the people that need to see this the most, won’t ever come across it or even listen.
I can tell you one thing… voting Democrat isn’t going to help the inflation issue, it’s going to make it worse. I utmost guarantee that if Harris finds herself in office, gas prices and inflation go right back up. I guarantee it.
@@southernfried19did you watch the video? Or just wanted to come fight in the comments, look at the global economy vs the American economy and you’ll see they trend together. Presidents do not have that big of an effect on an economy
@@jonahclark7442 Sure. I can also guarantee that if Trump was in office NOW, you would be blaming him for it. There’s no reasoning with you Democrat boot-lickers.
@@southernfried19Maybe, but there's a very high chance that voting for Trump would make prices go up even more because of his mass deportation policy causing labor shortages and rampant tariffs.
So Kamala is kinda the lesser evil here. We know that prices will increase under Trump and we know exactly how, Kamala is kinda up in the air for what would happen and it's debatable
Why are all the comments saying phases that imply the average American doesn't know any of this stuff, it is literally 10th grade knowledge. This video is just to deflect on the terrible economy Joe ran and just say its no ones fault
Being the president of a powerful institution that oversees law in America, I think they have some degree of influence over the economy. But the power of that influenced is almost always overstated for cheap political gain. That's my take on the matter.
Well put. I pretty much say that in this video.
That’s an excellent way to put it
Wow another video what a great start to my weekend
THE WEEKND BABY
Control, no; influence, yes.
yes, the video is branded a bit misleading. a president doesn't *literally* control really anything that's fundamentally important to American governance. but that is not to say that POTUS has an immense impact on it via executive orders. not to mention that Biden had a completely blue congress for 2 years, so he indisputably had 2 years' worth of time to spearhead the legislative changes he promised in office.
Well, it's not even that simple.
@@vxicepickxv yes it is. Saying the president has no effect on the economy is simply not true.
@@oneshotprestige We both “influence the economy” that’s not very helpful
@@oneshotprestige the president has “little” effect on the economy. Meaning voting for one or the other thinking they’re gonna make a huge difference in the economy is foolish.
15:14 You take that back, sir.
oh hello there
I know this channel is trustworthy when kings and generals is watching this 🗿
@@brick647 what do you mean by 🗿 ?
@@kennarajora6532 ngl, now that i look at it, i also don't understand lol
@@kennarajora6532 but i generally meant that the channel is good, both mr beat and kings and generals
The economy? Maybe not, tropical storms tough
And presidents obviously create tropical storms.
the hurricane machine
@@iammrbeat It's not as if presidents emit millions of tons of carbondioxide into the atmosphere, thereby indirectly warming up the oceans and providing the heat energy hurricanes draw from.
Oh wait, they.... don't. All of us combined do.
@@iammrbeatMarjorie Taylor Greene does not detect your sarcasm.
@@iammrbeat No, no, no, you both got it wrong. No one in power has any control over the weather…. James Spann does.
Hello from Denmark :D
Your videos are always so well made and informative :D
They’re garbage
Thank you. Your country is awesome. :)
@@night6724 Soooooo you prefer to believe an alternate reality than the way our government is structured? This is not a partisan issue, this is just the way it is
@@johanandaniel what? The US government structure is fine. And yes government policy not the president personally does influence the economy
@@johanandaniel if you believed that then why even vote for the president
People say they vote based on things like the economy but literally know nothing about it or what’s going on.
@@tyler3201 by “people” who “literally know nothing about it”, do you include yourself? 🤡
@@RC-qf3mp he's probably referring to you, lol
@@NHAYN80 I can’t see his message, what did he say? He and I got into it in another comment lol.
@@tyler3201 I think it's deleted. But he basically said (asked if) you were referring to yourself.
@@NHAYN80 oh lol. He's just made about the other argument we had.
Presidents do not directly control the economy, but they can make policies that can impact it. There’s a key difference.
They dont make em. They sign em.
@@siam9914 Exactly
@@siam9914 Ideally, but the use of executive orders to circumvent Congress has only increased over the last few presidents.
@MattWeser But that doesn't mean that they have most influence. Congress are the ones that have more control over the economy than the President. The reason why executive orders have increased is because congress has been ineffective in passing budgets.
@@Atrail_Mckinley4786 True, I never indicated that XO's were the most influential, but simply that we live in a world where presidents can influence events beyond just signing/vetoing legislation.
Biggest area is Trump's usage of "national security" threats to change tariff rates. Congress and the Judiciary may eventually step in, but oftentimes the damage can already be done.
Thanks Mr. Beat for adding '(turning)' in the closed captions! Now I can finally keep up with all the twists and turns.
Of course, they don't, but their policies influence economic activity.
Ah, but so too does government spending … and Congress controls the budget.
@@trevinbeattie4888 right. Our bloated government directly affects the economy, including the executive branch.
I tried to tell my mom that no president - Republican or Democrat - has a firm control of the economy. they have powers that can definitely influence, but they don't control housing, gas, grocery prices.
All she said was that when Trump was president, things were cheaper. I just dropped the subject because no matter what I said, she would not be able to see it.
It’s crazy how things were cheaper before a global pandemic and trillions of dollars of spending. The president wasn’t responsible for Covid, but both the current and previous presidents are responsible for the trillions of dollars of spending. It’s crazy to me that people want to pick and choose sides on that issue as if neither of them contributed to it.
@@streetpilot4098 Things were just as cheap after the pandemic.
@@TheSignofJonah777Nah a lot of companies took the chance to price gouge, but it isn’t TOO stark of a difference yeah
@@O.Reagano It's something called supply and demand. The more of an increase of a price the less people will purchase the product. Companies don't just magically get richer whenever increasing prices.
They set the price to maximize profits.
@@TheSignofJonah777 Supply and demand analogies don’t work when the market as a whole just agrees to increase prices. Kroger admitted they were price gouging a few months ago due to people being used to Covid prices. Along side that if Kroger was the only one gouging, you can assume a lot of retailers are. If every food retailer is gouging the price, you can’t just not buy it. People need to eat and buy groceries, so they’re forced to still pay these prices.
Also worth noting: "the economy" is one of the least controversial answers a voter can provide when asked (especially publicly) why they voted a certain way.
Generally speaking, nobody will be seen as immoral and have to worry about painting a target on their back for saying that they care about the economy.
In other words, saying "the economy" is just a weak excuse for why trump voters voted the way they did.
@@naithngr81-jh2bb nobody cares anymore about your moral posturing
I think one of the best ways to be a conscious voter is to remember the ways in which all elected officials actually serve us. The president is not a god, or a king, or a superhero. They wont fix everything. Your mayor wont make your town better. Your governor wont solve all the problems across their state. Having one more congressman than last cycle wont drastically change the world of politics. Each official does roughly 1-3 things, with the president doing even more. But thats it. We have to remember that they are people. And the things they do will help up, but they themselves are incapable of doing so alone.
super informative mate
But i want to blame the other side for everything that is wrong in my life.
Hi Matt, I’m British but love learning about American history & your content.
I have to remind people that the stock market is also not the economy 😮
Thank you so much for making this video, this is a topic so many people need further education on 🙏
thank you man, you made me realize people saying that the president had a bad economy is a bad argument. honestly one of my favorite teachers I’ve had of all time.
Don't let him pull wool over your eyes, he's clearly got an agenda. Biden pulling the plug on the Keystone pipeline and doing a power grab by banning new oil fracking leases for public lands, both by executive order and mere days in his presidency, and severely decreasing said new leases once a judge deemed that ban unlawful is to blame for the US energy crisis, which paired with the covid recession maimed the US economy. Unlike many other countries, the US always enjoyed lower gas prices and in these years of crisis he decided to undercut domestic oil drilling all in the name of fighting climate change.
I don't really understand all this keystone pipeline stuff idk whats going on in politics very much, higher prices admittedly suck but climate change sucks worse, so I'm sure it's not all bad if its for the environment
@@evanepic3599 the reason why their higher prices is because we rely too much on cars and too much on gas for our energy. if we had walkable cities and good public transportation we wouldn’t need that pipeline. on top of that theirs evidence it was gonna be build improperly.
the other guy deleted the comment lol
@@evanepic3599 their was a other guy? What he say
Wait I thought the president had a dial that can just magically decrease inflation and stop price gouging.
We're proud of our free market but we also want the president to improve our economy anytime something goes wrong
I remember that part in the Constitution: "a President will be the supreme chief of the Economy of the United States, and no general can overpower their decisions."
Obviously it’s written in invisible ink to hide it from the people!
I learned that in high school, meanwhile you still have a lot of grown adults who think otherwise. Thank you for covering this Mr Beat
It would be great if youtube promoted this before the vote
People did their research and decided Trump was the better option
Of course they can’t directly control these things. Just how the ceo of McDonalds doesn’t make the burgers. But they have a ton of influence in what laws get passed and what direction to push towards
No, congress does. Congress passes laws and as we saw with the immigration bill they dont gaf who’s in office they’ll vote however they want on bills
What influence does Biden have on Manchin and Sinema, let alone on Republicans?
@@s.s9221 the president proposes idea to congress all of the time
@@s.s9221 it depends on whose side congress is on, if they dont like the president then congress is basically useless (current congress for example), if congress likes the president a LOT of bills get passed (good and bad). When Trump had congress they basically let trump do whatever he wanted with the tariffs, its why the tariff war cost farmers billions and put a lot of them out of business
@@imigi2850 Can you give me examples because I haven't heard of that
I've watched too many of your videos, I walk around and yell COVID-19 like this 11:20
LOL then mission accomplished. I hope you and your family are safe and well after Milton
The president did put the Cojved measures at place. So the president is (partly) to blame for the inflation.
This… this is why I learned to tune out economic outcomes during political campaigns…
Another great video, Mr. Beat. We have a lot of issues to work on as a country. Hopefully, decency and reason prevail. Our country is so much stronger when we're working together to make things better than when we're fighting against each other to tear things apart.
YES!! I get so exhausted explaining this to people. And though annoyingly quirky, this video nails it.
Mr. Beat: You should do a video on the national debt of the United States and how to solve the problem.
The only problem with the debt is what it's spent on.
Love ya Abe but the national debt is not as a huge problem as many think. We use debt to invest in our country. The question is how are we using that money.
The debt isn't as big of a problem as long as we need in public services and infrastructure. I would also have a wealth tax to help balance the budget.
It's normal for companies to go into debt to fuel investment where the rate of return beats the interest rate. Governments should do the same.
honestly the debt wouldnt be so bad if corporations actually paid taxes, most of them pay little to no taxes now because they find ways to sneak their money around
Nah man I swear the president had two big buttons on their desk, one for making green line go up and one for making red line go down. What’s the presidency for if not for that?
Thank you for this video. It was sanity resorting.
This is incredibly informative, and it's worrying that most Americans don't know this information
I love this video thank you for making this video.
I wouldn’t say that they have zero influence on the economy. There our policies that presidents can put into place that can help boost or help ruin the economy. But the overall control is vastly overstated
Dude watch the video first
@@michealmaloy6204 I know, what I just said is what he said in the video. I wasn’t refuting what he said, I was addressing the people who say the president has 0 influence over it
15:40 An example of this irl you could have used is when Trump during the last year of his presidency, for some reason, decided to explicitly praise Goya beans, taking a selfie with bean cans and they were sold out for like a week
While I agree with your conclusion as a whole, it's wrong to say Trump didn't have anything to do with the "Covid recession". Covid was as bad as it was because Trump fumbled around in the early stages of the pandemic; throwing out the pandemic playbook that he inherited, etc. It isn't unreasonable to say that many of the 1.2 million deaths in the US were because of his poor response early on.
Yeah that’s what I was thinking about, pandemics are more controllable than the economy I’d imagine and better handling definitely woulda lessened the economic impact
Most countries overreacted to the pandemic, with notable exceptions like Sweden. Politicizing the response was notably dishonest, with Democrats going from denouncing quarantines on China as racist to doubling down on social distancing.
The moment Trump suggested ingesting bleach, his presidency and political career was effectively over. Later, he incited a January 6th riot, so he really wanted that coda.
@@johnchedsey1306 Considering that the “ingesting bleach” was a question by a reporter, not a statement by Trump, your grasp of the riot on J6 is probably equally thin. Pelosi blocked the use of National Guard forces that day.
@@tomhalla426 To be fair those denunciations were from the more unhinged members of the media. Vast majority of elected Dems supported the quarantine.
Mr. Beat quite possibly the best channel on UA-cam. Dare I say the world.
Thank you for educating me
Don't tell MAGA that the President doesn't control prices,their brain will explode.
yeah shutting down a gas pipeline and buying all energy from foreign sources and printing tons of money to fund foreign wars definitely has no affect on the economy. the irony hf david
@@bbrownlmaowill your cope still hit in 3 years. How about in 50? By then you will be to old to change who you are
@@bmocbruhistotle339 ah yes more irony I love it
@@bbrownlmao we will grow old, we will die. You may fear this, but your lies will grow old and die too, like all else
@@bmocbruhistotle339 ahahaha classic libtard
One month before election?! Mama mia!
Heck yeah.
@@iammrbeat Just speaking like Mario, Luigi, Wario or Waluigi
@@matthewhedrichjr.5445Here we go again!
Fantastic content, level-headed, sorely needed! Thanks for the information and funny memes.
Including Napoleon Dynamite
I love how Mr. Beat puts sources in the description stuff for further reading on the topic. This both shows his dedication to his audience and their interest in the topic, but also shows that he isn't just pulling this info out of thin air. Great guy
I don't blame Donald Trump for the 2020 recession, I blame Donald Trump for the poor response to the pandemic that caused the recession
With what we know know. Eating healthier would have helped more against the disease than not. We are the country that got the first vaccine out.
@@TheSignofJonah777 LOL. Good joke.
How?
@TheSignofJonah777 No, that's not the issue. The problem comes from how you react in the first few weeks of an outbreak. Diseases spread at an exponential rate, so the solution is to nip the issue in the bud as fast as possible, because once it begins to spread, it cannot be reeled in. Trump should have recognized this and ordered mass quarantine immediately like China did, especially since he was briefed during his transition period about the seriousness and likelihood of a respiratory illness outbreak in the next decade by the Obama administration, even if it means shutting down the economy for a couple weeks to allow the few people who got sick time to recover and then the disease stops spreading instead of saying "we're at 15 cases right now, before you know it, it will be 0" and doing nothing to guarantee that.
And then the rest of the world would have followed suit with whatever America does, because if America, the economic and transportation center of the world, shuts down it's economy for a couple weeks then everyone else will too. But if America doesn't do anything and doesn't enforce travel bans immediately, then other countries won't either because, what's the point? The disease is just going to continue to spread because the most powerful and most-traveled-to coubtry isn't doing anything about it.
This is the reason why we never had a massive outbreak like this with ebola or bird flu because Obama took those seriously and even sent the military to foreign countries to fix the problem before it got to the US. And then everyone mocked him for "making a big deal out of something that turned out to be nothing" even though it was BECAUSE he made a big deal out of it that it turned out to be nothing.
It's a thankless job, but someone with good moral integrity has to take responsibility for it and do it even if it causes a temporary dip in approval ratings because the populace is too ignorant to understand that they just dodged a bullet. Obviously, that isn't the kind of person Trump is.
"the poor response to the pandemic that caused the recession"
I agree. But why you blame Trump? Biden and the Democrats have done a poor response to the pandemic that caused the recession. Trump was out of office
Their policies affect it.
You don't say
Mr beat video just dropped amazing day
:)
@@iammrbeat😁🫶
Please do a video on excessive wealth owned by a small minority of people and whether or not it affects the economy negatively.
I like that Mr beat is fair and presents us with facts
4:05 yeah they should blame the one who disbanded the federal pandemic response team and cut all their funding. Who was that again?
economist were saying 1/2 year before Covid that we were headed into a recession.
Economists have correctly predicted 9 out of the last 3 recessions !
This video should be a required watch before voting
The answer to this question is as follows:
If the political party you cheer for holds the executive branch then the president does not control the economy when the economy is doing poorly. If the economy is doing well then the president does control the economy.
If the opposition party to the political party you cheer for holds the executive branch then the president absolutely controls the economy if the economy is doing bad, Unless the economy is doing well then the president does not have anything to do with the economy.
If the Economy is doing well and the opposition to the party you cheer for holds the executive branch but your party held it prior then the good economy is the delayed result of the favorable policies put in place by the previous administration.
If the Economy is doing poorly and the party you cheer for holds the executive branch but the opposition party held it prior then the bad economy was inherited and we just need to wait for the current policies to take effect.
Hope this helps
By far, one of the best Mr. Beat videos in recent memory. Thank you so very much for the clarification.
longtime mr beat fan, i cant help get the feeling the most recent videos he makes are geared toward people turning from one party to another in terms of voting preferences. i dunno
How do you mean?
@@iammrbeat again huge fan and love the channel- but with a word as big as the economy you are correct about the executives branches effect on it. its like a gigantic ship, it can't turn left or right so quickly. but there are effects that can be long lasting or effects that are felt shorter term. markets react to decisions made today and that has a ripple effect on peoples perceptions and peoples optimism or pessimism has a ripple effect back. The Inflation Reduction act has indeed affected the overall economy. making a point that the executive branch doesnt 'control' the economy is true but at the same time, it does affect it. and if people are feeling bad in terms of the economy and want to make a change that's fine. i think pointed videos like this indirectly try to diminish the real argument against one of the political candidates running now. i know youre a right of center person who doesnt care much for the current republican candidate, i agree with you his moral character is lacking. but this cuts right against one of his 'main' arguments for candidacy. i think people can watch this video and turn from the 'change' candidate to the incumbent (kind of). i think your voice has weight, and this might sway a few people to vote D over R, when the reality is- on this topic- its much more nuanced.
@@iammrbeat sorry for the book
@@maynardyorke What book?
@@red31sorceress86 my gigantic response lol
No but presidents and parties impact the economy by the policies they chose and tax cuts or add taxes and etc..
Are you sure you're not like Bill Nye the "political guy"?
Finally! I keep trying to explain this to people. Thank you for this resource!
Yeah, this is something i learned in freshman year of college in econ 101. People judge presidential success based on the state of the economy, but the irony is that the president has very minimal control over the economy (only small control over 1 small part of the GDP calculation). Not to say that a president can't have any impact (like pushing for government spending increase during recession ala keynes), but its impact is vastly overstated.
The double gasp at 5:20☠️☠️😭
That joke you made at 9:48 was quite disrespectful to those women, and we’re not gonna take it anymore
Lmao you gotta be trolling
@@jonkazmaier5099 I didnt get it at first but look at the last part of their comment lol
Dude I literally saw a trump supporter bragging that gas prices dropped in their area… like yk trump hasn’t become president again yet… right ?
Very glad to know Mr. Beat keeps his workspace at a comfortable 72 F.
This is a good one Matt. Keep ‘em coming.
While Trump didn’t cause nor could’ve predicted the Pandemic, he had plenty of opportunities to start acting faster and taking it more seriously. I can’t blame him for the pandemic for happening, I can and will blame him for how he handled it from the beginning.
What could he have done differently? To start, there are new diseases rising up all the time. He could have jumped the gun creating a panic, or he could have acted like he did. He introduced us to Fauci only for Fauci to stab Trump in the back and mislead the people. He created a travel ban from China and was called a racist. He gave NY a navy ship to be used as a temporary hospital only for Cuomo to demand infected patients be put back in nursing homes and then become a celebrity to write a book. No matter what Trump did he was going to be criticized. He could have done a federal lockdown and a federal mask mandate and people would have thrown down their masks and gathered in large crowds in the streets calling him a fascist.
I remember when democrats claimed that trump was xenophobic for closing borders with china early in the pandemic.
@@1987BillyBob for 15 years or so before the pandemic, American doctors and WHO were raising alarms about how unsanitary America is. They had very strongly predicted that a new infectious disease could cause a massive societal shutdown, it's a bipartisan fault of politicians on both sides ignoring these warnings until it was too late.
21:09 and yet only ONE candidate has decided to make this his policy! President Jimble 2024! He's gonna be the money president!
Very rarely do we have presidents who directly impact the economy, and even then it’s hard to know how the extent.
A good example of a president directly influencing the economy is Woodrow Wilson in ww1, and FDR in ww2.
lBJ’s and Nixon’s Vietnam polices also directly hurt the economy.
And Carter’s austerity movement did most likely make the stagflation worse as he gave out incorrect information on scarcity issues and made consumer fears more ..fearful!
And Joe Biden with the Covjd measures (not that Trump would not have done the same thing)
@@trueblade3636 not exactly. Trump's covid policies absolutely exacerbated the economic effect of the pandemic, in large part due to his refusal to take preventative measures and to encourage or even enforce distancing measures. This also in line with racist rhetoric which only fueled fear and violence and police actions to crack down on protestors. Biden's presidency began in the aftermath of the deadly round of the virus, and by reporters, his white house had to quickly set up a covid task force to distribute the vaccine. Even then covid has gone through numerous strains, and it is still a public health concern and it will take a while to exactly determine how much covid cost the economy through supply line disruptions, difficult choices to make regarding work placements, and various rules both federal, state, and private set up during the covid pandemic. Overall, he did fine, but simply ending a pandemic wont automatically birng back the economy.
@@trueblade3636and trump did do a similar thing, though it was too little too late. And after he told everyone not to wear a mask. It was definitely one of the goofiest decisions that caused the deaths of thousands, along with him giving turkey the thumbs up to invade Syria.
Sorry for the mini-rant btw.
When I got my undergrad in economics, one of my professors told us the most frustrating thing about studying economics will be talking politics with people and she was so right. I appreciate this video so much
7:12 I’ve never seen a transition that fits so well back into the video, AND feeds into the point a UA-camr is trying to make.
Mr. Beat, job well done. 👏👏👏