Bidenomics

60,935 Views | 804 Replies | Last: 2 hrs ago by bear2034
DiabloWags
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Eastern Oregon Bear said:

Then why does every restaurant and most businesses I go to have signs up saying "Now hiring!" and "Be a part of our happy team!"

Exactly.
And benefits too.


Full-Time Benefits - In-N-Out Burger
"Cults don't end well. They really don't."
DiabloWags
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dimitrig said:


Anyone paying attention knows this is not a strong economy.

I don't fault Biden for that, though. What could he do differently?

I do think the Fed really needs to lower interest rates. If the idea is to cause a bad recession in order to stop inflation then that might work just because so many people will go bankrupt but that seems a little drastic.



Another false narrative.
Especially for people who have been paying attention.

"Cults don't end well. They really don't."
oski003
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Eastern Oregon Bear said:

oski003 said:

Eastern Oregon Bear said:

Eastern Oregon Bear said:

oski003 said:

There aren't inflationary measures in the unskilled / low wage job market outside of legally mandated minimum wage increases, such as Newsom's team raising California fast food workers to $20 an hour, except for his boy at Panera Bread.

If there were these phantom inflationary measures, why do democratic lawmakers feel so compelled to increase minimum wage?

Minimum wage rate increases in Los Angeles.

Effective Date. <25 26+
Jan. 1, 2018 $10.50 $11.00
Jan. 1, 2019 $11.00 $12.00
Jan. 1, 2020 $12.00 $13.00
Jan. 1, 2021 $13.00 $14.00
Jan. 1, 2022 $14.00 $15.00
Jan. 1, 2023 $15.50 $15.50


It is $17.04 now. We don't need an open border.
Panera's $20 per hour equals $41,600 per year while $17.04 per hour equals $35,400 per year. I don't think that's outrageous for full time employees, especially in the Los Angeles area. They probably have to live in their car to make ends meet.
I was speaking to your question about why democratic lawmakers are raising the minimum wage. The minimum wage salary is at government assistance eligible levels. Any inflation at all is devastating for people at those salary levels.

I'm ignoring your illegal immigrant comment because it's clear we don't have enough people to fill those minimum wage jobs.


That's false. If there weren't enough people who wanted to fill those minimum wage jobs, the pay would go up until people would be willing to take them. We do have enough people to fill the minimum wage jobs, and pay is going up because of legislation.
Then why does every restaurant and most businesses I go to have signs up saying "Now hiring!" and "Be a part of our happy team!"


Because they would like to hire people at the current minimum wage (or lower if they could); however, they don't need people bad enough to pay higher wages. It doesn't cost much to post and advertise a job. Btw, In & Out has offered benefits for a long time. Anything else?
DiabloWags
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In other news, the core PCE index for January rose 0.4% as expected.
The 12-month core PCE inflation rate eased to 2.8% vs 2.9% in December.

Goods prices fell 0.2%
Service prices rose 0.6%

January typically sees the hottest inflation data of the year as companies update pricing at the start of the year, but seasonal adjustment methodology doesn't fully take that into account.

For example, in January of 2023 the core PCE index rose an even hotter 0.51% on the month.
With January 2023 data dropping out of the 12-month calculation, the inflation rate still fell last month to 2.85% from 2.94%



"Cults don't end well. They really don't."
Unit2Sucks
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DiabloWags said:

In other news, the core PCE index for January rose 0.4% as expected.
The 12-month core PCE inflation rate eased to 2.8% vs 2.9% in December.

Goods prices fell 0.2%
Service prices rose 0.6%

January typically sees the hottest inflation data of the year as companies update pricing at the start of the year, but seasonal adjustment methodology doesn't fully take that into account.

For example, in January of 2023 the core PCE index rose an even hotter 0.51% on the month.
With January 2023 data dropping out of the 12-month calculation, the inflation rate still fell last month to 2.85% from 2.94%
The last time it was below 3% was March 2021. The economic data continues to indicate that our economy is growing well, with improvements for workers, and relatively low risk for a hard landing.

For whatever reason the media is underplaying this economic recovery (in contrast to how it reports on the economy during GOP administrations) but to be clear this has been an exceptional recovery and far better than the vast majority of pundits, economists and prognosticators thought would occur.

I'm still waiting for interest rates to drop back down and ideally back to zero because that's better for me personally lol but regardless gotta give the Fed its props for managing this crisis well and the Biden administration for having a steady hand. I can't even imagine where we would be with the clown show GOP in charge.
DiabloWags
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Unit2Sucks said:



For whatever reason the media is underplaying this economic recovery (in contrast to how it reports on the economy during GOP administrations) but to be clear this has been an exceptional recovery and far better than the vast majority of pundits, economists and prognosticators thought would occur.



From Roge Karma of The Atlantic, January 12, 2024

Is Economic Pessimism the Media's Fault? - The Atlantic

And Lora Kelley, Feb. 27th, 2024

Two theories for Americans' dire economic outlook - The Atlantic

"Cults don't end well. They really don't."
DiabloWags
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NEW ALL-TIME HIGHS AGAIN.




"Cults don't end well. They really don't."
OsoDorado
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DiabloWags said:

NEW ALL-TIME HIGHS AGAIN.





TRUMP: (paraphrasing) "The reason the stock market is reaching all-time highs is because investors think I'm going to be re-elected."
DiabloWags
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"Cults don't end well. They really don't."
Unit2Sucks
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Just one reason the deplorables are so unhinged right now. As bad as Trump was, and he was one of the worst presidents in history, if not for the disastrous response to COVID and the fact that it tanked our economy, he would have been re-elected despite being the most unpopular president ever. Absent a similar black swan event, Biden is going to win in November and the deplorables, as dense as they are, all can recognize that. So they are doing their best to distract people from the fundamentals of Biden's re-election campaign which remain incredibly strong.

bear2034
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The Democrats are the party of the college credentialed elites and the dependent poor. So all of their policies are either about flattering the vanity of the rich or sustaining the poor. That won't work. And meanwhile, everybody in the middle, the hardworking people were not represented by either party until Trump came along. And Trump showed up and said, wait a minute. Why is no one standing up for the hardworking American? Working class Americans, whether they vote for Democrat or Republican, whether they're liberal or conservative, they all have the same views. Like, neither party is really speaking to them. They all agree by and large about the most important issues. Polarization is a totally elite phenomenon…

…So the elites are very, very polarized. If you talk to someone who's been to college, conservative or liberal, somebody who works in the media elites, somebody who works in the political elites, they look at the party platform, whether it's the GOP platform or the democratic platform, and they're like, check, check. Whatever the party tells them is the good and the right they agree with. So there's no natural connection between supporting abortion on demand and believing in climate change and supporting an open border. Those things were cobbled together because they are all in the interests of the leftist elites. And so if you're in those leftist elite circles, you're like, oh, these are all my priorities. If you are a hardworking American, those are not your priorities. You go issue by issue and say, well, I'm a Christian, so I would never get an abortion, but I know somebody who was raped, so I don't want it to be banned. You say, well, I have a family member who's gay, and I want them to be treated with dignity, but I have a child in school and I'm terrified of the trans agenda. You have this because the American working class is deeply tolerant, and so that is how they approach the world…

…97% of donations coming out of Silicon Valley go to Democrats. The majority of Americans making over $500,000 a year are Democrats. Nine of the ten richest counties in this country now vote for Democrats. And the majority of donations coming out of Wall Street went to Joe Biden and not to Donald Trump because these elites hate Trump because he represents the return of the middle class, the rise of the working class, and the pride of the working class. That's what they hate and why they write this stuff, this drivel. They cannot stand the idea that people who work with their hands for a living should have dignity.

- Batya Ungar-Sargon
Eastern Oregon Bear
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bear2034 said:

The Democrats are the party of the college credentialed elites and the dependent poor. So all of their policies are either about flattering the vanity of the rich or sustaining the poor. That won't work. And meanwhile, everybody in the middle, the hardworking people were not represented by either party until Trump came along. And Trump showed up and said, wait a minute. Why is no one standing up for the hardworking American? Working class Americans, whether they vote for Democrat or Republican, whether they're liberal or conservative, they all have the same views. Like, neither party is really speaking to them. They all agree by and large about the most important issues. Polarization is a totally elite phenomenon…

…So the elites are very, very polarized. If you talk to someone who's been to college, conservative or liberal, somebody who works in the media elites, somebody who works in the political elites, they look at the party platform, whether it's the GOP platform or the democratic platform, and they're like, check, check. Whatever the party tells them is the good and the right they agree with. So there's no natural connection between supporting abortion on demand and believing in climate change and supporting an open border. Those things were cobbled together because they are all in the interests of the leftist elites. And so if you're in those leftist elite circles, you're like, oh, these are all my priorities. If you are a hardworking American, those are not your priorities. You go issue by issue and say, well, I'm a Christian, so I would never get an abortion, but I know somebody who was raped, so I don't want it to be banned. You say, well, I have a family member who's gay, and I want them to be treated with dignity, but I have a child in school and I'm terrified of the trans agenda. You have this because the American working class is deeply tolerant, and so that is how they approach the world…

…97% of donations coming out of Silicon Valley go to Democrats. The majority of Americans making over $500,000 a year are Democrats. Nine of the ten richest counties in this country now vote for Democrats. And the majority of donations coming out of Wall Street went to Joe Biden and not to Donald Trump because these elites hate Trump because he represents the return of the middle class, the rise of the working class, and the pride of the working class. That's what they hate and why they write this stuff, this drivel. They cannot stand the idea that people who work with their hands for a living should have dignity.

- Batya Ungar-Sargon

Does the guy you cribbed this from explain exactly what Trump has done or will do to help the working class or middle class?

Also, nice insinuation that hardworking Americans are Trump supporters and therefore by inference, those that aren't supporting Trump aren't hardworking.
DiabloWags
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Yup.

Never mind that the Trump tax cuts favored the Top 1% and Corporations. Not the middle class.

https://www.americanprogress.org/article/tcja-2-years-later-corporations-not-workers-big-winners/

"Cults don't end well. They really don't."
AunBear89
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bear2034 said:


Something about liars and hypocrites duping morons like me into believing that the liars and hypocrites are looking out for the morons' best interests, so the morons like me should vote for the liars and hypocrites.

"There are three kinds of lies: lies, damned lies, and statistics." -- (maybe) Benjamin Disraeli, popularized by Mark Twain
concordtom
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OsoDorado said:

DiabloWags said:

NEW ALL-TIME HIGHS AGAIN.





TRUMP: (paraphrasing) "The reason the stock market is reaching all-time highs is because investors think I'm going to be re-elected."

Gosh, and I thought it was because he's
one day closer to jail,
one day closer to death,
one day closer to turning into worm food,
one day closer to people getting to defecate on his grave.

The long line of willing payers for the privilege could pay off his debts!
concordtom
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Eastern Oregon Bear said:

bear2034 said:

The Democrats are the party of the college credentialed elites and the dependent poor. So all of their policies are either about flattering the vanity of the rich or sustaining the poor. That won't work. And meanwhile, everybody in the middle, the hardworking people were not represented by either party until Trump came along. And Trump showed up and said, wait a minute. Why is no one standing up for the hardworking American? Working class Americans, whether they vote for Democrat or Republican, whether they're liberal or conservative, they all have the same views. Like, neither party is really speaking to them. They all agree by and large about the most important issues. Polarization is a totally elite phenomenon…

…So the elites are very, very polarized. If you talk to someone who's been to college, conservative or liberal, somebody who works in the media elites, somebody who works in the political elites, they look at the party platform, whether it's the GOP platform or the democratic platform, and they're like, check, check. Whatever the party tells them is the good and the right they agree with. So there's no natural connection between supporting abortion on demand and believing in climate change and supporting an open border. Those things were cobbled together because they are all in the interests of the leftist elites. And so if you're in those leftist elite circles, you're like, oh, these are all my priorities. If you are a hardworking American, those are not your priorities. You go issue by issue and say, well, I'm a Christian, so I would never get an abortion, but I know somebody who was raped, so I don't want it to be banned. You say, well, I have a family member who's gay, and I want them to be treated with dignity, but I have a child in school and I'm terrified of the trans agenda. You have this because the American working class is deeply tolerant, and so that is how they approach the world…

…97% of donations coming out of Silicon Valley go to Democrats. The majority of Americans making over $500,000 a year are Democrats. Nine of the ten richest counties in this country now vote for Democrats. And the majority of donations coming out of Wall Street went to Joe Biden and not to Donald Trump because these elites hate Trump because he represents the return of the middle class, the rise of the working class, and the pride of the working class. That's what they hate and why they write this stuff, this drivel. They cannot stand the idea that people who work with their hands for a living should have dignity.

- Batya Ungar-Sargon

Does the guy you cribbed this from explain exactly what Trump has done or will do to help the working class or middle class?

Also, nice insinuation that hardworking Americans are Trump supporters and therefore by inference, those that aren't supporting Trump aren't hardworking.


Trump workers might be hard working, or might be lazy. But one thing that is the same, they're all dumb as fudge!
bear2034
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DiabloWags said:

Yup.

Never mind that the Trump tax cuts favored the Top 1% and Corporations. Not the middle class.

https://www.americanprogress.org/article/tcja-2-years-later-corporations-not-workers-big-winners/
DiabloWags
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Gas prices continue to rise for a second straight week as refineries switch over to the Summer Blend and shut down for maintenance, which usually hits its peak in March. This combo has been forcing prices higher.

We're seeing prices +0.40 - 0.50 cents per gallon higher since mid-January.

Meanwhile, the U.S. producing 13.3 million barrels per day is what is pushing the Saudis, Russians, and OPEC+ to extend their own production cuts.

Last weekend saw Saudi Arabia announce an extension of their 1 milion barrel per day productiion cut and OPEC+ agreed to extend their production cuts into Q2 of 2024.

Gas prices see double-digit rise, more volatility on the way says GasBuddy | WANE 15
"Cults don't end well. They really don't."
bear2034
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Batya Ungar-Sargon, a liberal from New York, explains the MAGA philosophy.
Big C
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bear2034 said:



The Democrats are the party of the college credentialed elites and the dependent poor. So all of their policies are either about flattering the vanity of the rich or sustaining the poor. That won't work. And meanwhile, everybody in the middle, the hardworking people were not represented by either party until Trump came along. And Trump showed up and said, wait a minute. Why is no one standing up for the hardworking American? Working class Americans, whether they vote for Democrat or Republican, whether they're liberal or conservative, they all have the same views. Like, neither party is really speaking to them. They all agree by and large about the most important issues. Polarization is a totally elite phenomenon…

…So the elites are very, very polarized. If you talk to someone who's been to college, conservative or liberal, somebody who works in the media elites, somebody who works in the political elites, they look at the party platform, whether it's the GOP platform or the democratic platform, and they're like, check, check. Whatever the party tells them is the good and the right they agree with. So there's no natural connection between supporting abortion on demand and believing in climate change and supporting an open border. Those things were cobbled together because they are all in the interests of the leftist elites. And so if you're in those leftist elite circles, you're like, oh, these are all my priorities. If you are a hardworking American, those are not your priorities. You go issue by issue and say, well, I'm a Christian, so I would never get an abortion, but I know somebody who was raped, so I don't want it to be banned. You say, well, I have a family member who's gay, and I want them to be treated with dignity, but I have a child in school and I'm terrified of the trans agenda. You have this because the American working class is deeply tolerant, and so that is how they approach the world…

…97% of donations coming out of Silicon Valley go to Democrats. The majority of Americans making over $500,000 a year are Democrats. Nine of the ten richest counties in this country now vote for Democrats. And the majority of donations coming out of Wall Street went to Joe Biden and not to Donald Trump because these elites hate Trump because he represents the return of the middle class, the rise of the working class, and the pride of the working class. That's what they hate and why they write this stuff, this drivel. They cannot stand the idea that people who work with their hands for a living should have dignity.

- Batya Ungar-Sargon


Okay, I gotta admit there are a lot of humorous lines in the above -- we can see why this one gets invited to appear on a comedy show -- but for me, one line really stood out:

" ... And Trump showed up and said, wait a minute. Why is no one standing up for the hardworking American? ... "

Great line! Outrageous and absurd, yet classic at the same time.
DiabloWags
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Steve Bannon is the clown that worked at Goldman Sachs and watched his AT&T lineman Dad and retiree sell out of ALL of his AT&T shares at the BOTTOM of the market during the Great Recession.

Bannon has never been the same, since.
He's been anti-Ayn Rand's version of libertarianism ever since.

Truly ironic, given her popularity with the alt-Right and big Ayn Rand fan . . . Peter Thiel, the Trump campaign funder and venture capitalist.

Meanwhile, he's taken a page out of the Donald Trump WELCH BOOK by refusing to pay his legal bills for 2 years. $500,000 he owes his former lawyer. And the penalties are adding up!

What a LOSER.



Steve Bannon's Refusal to Pay His Bills Is Costing Him Big (thedailybeast.com)

"Cults don't end well. They really don't."
Lets Go Brandon 18
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bearister
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Cancel my subscription to the Resurrection
Send my credentials to the House of Detention
I got some friends inside
dajo9
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9-0 Wipeout said:





If you want to have a meaningful discussion about this, you'll have to provide data that excludes native born retiring seniors. What is the unemployment rate for native born? Higher or lower than foreign born?
bear2034
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DiabloWags said:


Steve Bannon is the clown that worked at Goldman Sachs and watched his AT&T lineman Dad and retiree sell out of ALL of his AT&T shares at the BOTTOM of the market during the Great Recession.

Bannon has never been the same, since.

Steve Bannon is the reason why Hillary Clinton is not in her 2nd term as president right now.
bear2034
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Big C said:



Great line! Outrageous and absurd, yet classic at the same time.

It may sound outrageous and absurd because you might be stuck in the 1990's.
Big C
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bear2034 said:

Big C said:



Great line! Outrageous and absurd, yet classic at the same time.

It may sound outrageous and absurd because you might be stuck in the 1990's.

I didn't fully appreciate the 1990s when we were going through them: Cal had some great football and basketball teams... and I looked like a man in his 30s!
DiabloWags
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Labor market finally slowing for the Fed.

February NFP jobs were a higher than expected +275,000 but January was revised from 353,000 down to 229,000

Hourly earnings growth for Feb. was only 0.1%

Jan was +0.5%
"Cults don't end well. They really don't."
DiabloWags
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9-0 Wipeout said:





This is a bogus claim.

The percentage of foreign born employment increased 5.5% (or 1.5 million) to 31 million over THE LAST 12 MONTHS.

Native born Americans with a job fell 881,000 over the last 12 months thru February to 129.3 million.

Duh.
"Cults don't end well. They really don't."
AunBear89
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Irony
"There are three kinds of lies: lies, damned lies, and statistics." -- (maybe) Benjamin Disraeli, popularized by Mark Twain
calbear93
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Unskilled labor jobs as well as hospitality are probably the most in-demand roles.

We need more immigrants to fill those jobs.

What people should worry about are the easy white collar jobs most of the non-retired folks here have.

It's not here yet, but if you see the improvements made from just GPT 3.5 to GPT 4.0, it's those white collar jobs that should concern folks. It's AI and not immigrants who are taking those jobs.

Software engineers, mid-level lawyers, graphic designers, copywriters, consultants, etc. Better find tasks that AI won't make obsolete. And needlessly worrying about immigrants taking unskilled labor jobs away from Americans may also be something AI does better than humans.

GDP growth is derived primarily from debt and efficiency/innovation. We are pretty leveraged as society. White collar employers who are spending way more than they should on office workers who have too much dead weight from the great resignation / compensation spikes will look for more efficiency from their workforce. And it will come in the form of automation and AI and not from immigration. Good thing I'm retired.

DiabloWags
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With a near zero birthrate in this country, I wonder who the MAGA crowd thinks will be helping to support their social security payouts.
"Cults don't end well. They really don't."
dajo9
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DiabloWags said:

With a near zero birthrate in this country, I wonder who the MAGA crowd thinks will be helping to support their social security payouts.

The MAGA crowd now supports cuts to social security and / or Medicare. They may not know it yet, but they do. Trump came out in favor of entitlement cuts this morning.

https://www.forbes.com/sites/zacharyfolk/2024/03/11/trump-floats-cutting-spending-on-entitlements-like-social-security-and-medicare/?sh=7fb8e1975c3e
calbear93
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dajo9 said:

DiabloWags said:

With a near zero birthrate in this country, I wonder who the MAGA crowd thinks will be helping to support their social security payouts.

The MAGA crowd now supports cuts to social security and / or Medicare. They may not know it yet, but they do. Trump came out in favor of entitlement cuts this morning.

https://www.forbes.com/sites/zacharyfolk/2024/03/11/trump-floats-cutting-spending-on-entitlements-like-social-security-and-medicare/?sh=7fb8e1975c3e
I don't know what needs to be done that is passable politically, but burying our head in the sand is probably not the best solution either.
oski003
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DiabloWags said:

With a near zero birthrate in this country, I wonder who the MAGA crowd thinks will be helping to support their social security payouts.



Still 1.64 kids per woman, so kids are being born.
 
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