Bidenomics

60,956 Views | 804 Replies | Last: 2 hrs ago by bear2034
dajo9
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to dimitrig • 6:53p, 9/2/23
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.



I guess I'm not paying attention

To the overflowing restaurants in my area
To the tight job market making it hard to hire
To the big wage increases companies are being forced to give out
To the leverage employees have allowing many of us to keep working from home much of the time

If this economy isn't working for you, I feel bad for you

Things could change. They always do. But this economy has been booming.
Happy Roevember
Reply Quote
2
dajo9
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Lets Go Brandon 15 • 6:59p, 9/2/23
10% For The Big Guy said:



Please provide more information about this bogus Fed confessional.
Happy Roevember
Reply Quote
3
1 edit
Lets Go Brandon 15
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to dajo9 • 1:01p, 9/3/23
dajo9 said:
10% For The Big Guy said:
Please provide more information about this bogus Fed confessional.
https://www.cnn.com/2023/08/23/economy/us-jobs-data-annual-revisions/index.html

Then when you add in that all these jobs they're counting are largely part-time jobs with no benefits and that many people are working 2-3 jobs to get by, it's easy to see how jobs numbers and cooked unemployment figures from the government are not a good measure of economic strength.
Reply Quote
5
dajo9
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Lets Go Brandon 15 • 1:43p, 9/3/23
10% For The Big Guy said:
dajo9 said:
10% For The Big Guy said:
Please provide more information about this bogus Fed confessional.
https://www.cnn.com/2023/08/23/economy/us-jobs-data-annual-revisions/index.html

Then when you add in that all these jobs they're counting are largely part-time jobs with no benefits and that many people are working 2-3 jobs to get by, it's easy to see how jobs numbers and cooked unemployment figures from the government are not a good measure of economic strength.


Can't support your previous post, huh?
Happy Roevember
Reply Quote
5
dajo9
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to 25 • 5:43a, 9/5/23
10% For The Big Guy said:
dajo9 said:
10% For The Big Guy said:
dajo9 said:
10% For The Big Guy said:
Please provide more information about this bogus Fed confessional.
https://www.cnn.com/2023/08/23/economy/us-jobs-data-annual-revisions/index.html

Then when you add in that all these jobs they're counting are largely part-time jobs with no benefits and that many people are working 2-3 jobs to get by, it's easy to see how jobs numbers and cooked unemployment figures from the government are not a good measure of economic strength.
Can't support your previous post, huh?
Someone apparently is having trouble clicking on links.
The link says they revised jobs down by 306,000. Over 4 million jobs were created in 2022. I'm still waiting for a link that supports your post.
Happy Roevember
Reply Quote
3
calbear93
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
4:05p, 9/5/23
It's funny reading the arguments debated by the experts here since it reflects none of the things I hear at Board meetings and in discussion with actual leaders.

Not a single discussion here on China and the coming repercussion from its slowing economy, artificial growth that had been generated by construction of now empty buildings, and nationalism that excludes foreign participation starting with the medical devices. Not a single comment about the deceleration in bookings that are embedded in MD&A and financial statements with the sugar high of burning through the backlog from prior supply chain constraints coming to an end. Nothing about PMI being below 50 for almost all of 2023 other than one month in April. Nothing about indications of consumer spending slowing down with impact of higher interest on debt incurred to fund higher cost creating a slowing demand intended by the Fed.

I would expect experts to see around the corner and understand where the trend is instead of arguing about who read what on twitter. But carry on.
Reply Quote
1
1 edit
Lets Go Brandon 16
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to calbear93 • 7:10p, 9/5/23
calbear93 said:
It's funny reading the arguments debated by the experts here since it reflects none of the things I hear at Board meetings and in discussion with actual leaders.

Not a single discussion here on China and the coming repercussion from its slowing economy, artificial growth that had been generated by construction of now empty buildings, and nationalism that excludes foreign participation starting with the medical devices. Not a single comment about the deceleration in bookings that are embedded in MD&A and financial statements with the sugar high of burning through the backlog from prior supply chain constraints coming to an end. Nothing about PMI being below 50 for almost all of 2023 other than one month in April. Nothing about indications of consumer spending slowing down with impact of higher interest on debt incurred to fund higher cost creating a slowing demand intended by the Fed.

I would expect experts to see around the corner and understand where the trend is instead of arguing about who read what on twitter. But carry on.
When I discuss the economy, I discuss it as a regular person experiences it, not as a person on a corporate board would experience it. When the costs of goods and services double in a short time-frame outpacing minimal gains in wages, when people report working 2 or 3 jobs to stay barely afloat, and when rent and housing prices skyrocket, all that other stuff is not really on my radar. But then, I never said I was an expert.

I just don't live with people like dumbo9 here.

https://i.pinimg.com/originals/26/2f/aa/262faae2dd8d309fa01dd29313be1479.gif
Reply Quote
5
calbear93
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Lets Go Brandon 16 • 7:29p, 9/5/23
Biden Sucks said:
calbear93 said:
It's funny reading the arguments debated by the experts here since it reflects none of the things I hear at Board meetings and in discussion with actual leaders.

Not a single discussion here on China and the coming repercussion from its slowing economy, artificial growth that had been generated by construction of now empty buildings, and nationalism that excludes foreign participation starting with the medical devices. Not a single comment about the deceleration in bookings that are embedded in MD&A and financial statements with the sugar high of burning through the backlog from prior supply chain constraints coming to an end. Nothing about PMI being below 50 for almost all of 2023 other than one month in April. Nothing about indications of consumer spending slowing down with impact of higher interest on debt incurred to fund higher cost creating a slowing demand intended by the Fed.

I would expect experts to see around the corner and understand where the trend is instead of arguing about who read what on twitter. But carry on.
When I discuss the economy, I discuss it as a regular person experiences it, not as a person on a corporate board would experience it. When the costs of goods and services double in a short time-frame outpacing minimal gains in wages, when people report working 2 or 3 jobs to stay barely afloat, and when rent and housing prices skyrocket, all that other stuff is not really on my radar. But then, I never said I was an expert.

I just don't live with people like dumbo9 here.

I agree with you completely. And this election, like most other election, will come down to how people feel about the economy. And my sense is that people feel as if their economic prospects were better four years ago before COVID than they are now. And it's funny how when the economy was doing well during Trump's early part of the presidency, folks here were saying it's not the president - the president has very little control. Same when inflation and economy was choppy during Biden's first years. Now that it's starting to look good, it's all Biden. Now, the president is solely responsible for the potential soft landing (still in the air, so a bit early). When I read things like that and people talking out of both sides of their mouth, it's hard to see them as anything more than universally disliked, inauthentic shills.
Reply Quote
5
Eastern Oregon Bear
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Lets Go Brandon 16 • 11:33p, 9/5/23
Biden Sucks said:
calbear93 said:
It's funny reading the arguments debated by the experts here since it reflects none of the things I hear at Board meetings and in discussion with actual leaders.

Not a single discussion here on China and the coming repercussion from its slowing economy, artificial growth that had been generated by construction of now empty buildings, and nationalism that excludes foreign participation starting with the medical devices. Not a single comment about the deceleration in bookings that are embedded in MD&A and financial statements with the sugar high of burning through the backlog from prior supply chain constraints coming to an end. Nothing about PMI being below 50 for almost all of 2023 other than one month in April. Nothing about indications of consumer spending slowing down with impact of higher interest on debt incurred to fund higher cost creating a slowing demand intended by the Fed.

I would expect experts to see around the corner and understand where the trend is instead of arguing about who read what on twitter. But carry on.
When I discuss the economy, I discuss it as a regular person experiences it, not as a person on a corporate board would experience it. When the costs of goods and services double in a short time-frame outpacing minimal gains in wages, when people report working 2 or 3 jobs to stay barely afloat, and when rent and housing prices skyrocket, all that other stuff is not really on my radar. But then, I never said I was an expert.
It's cute to see a new account, registered today with only 5 posts, talking about his past discussions on the economy.
Reply Quote
5
calbear93
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Eastern Oregon Bear • 10:29a, 9/6/23
Eastern Oregon Bear said:
Biden Sucks said:
calbear93 said:
It's funny reading the arguments debated by the experts here since it reflects none of the things I hear at Board meetings and in discussion with actual leaders.

Not a single discussion here on China and the coming repercussion from its slowing economy, artificial growth that had been generated by construction of now empty buildings, and nationalism that excludes foreign participation starting with the medical devices. Not a single comment about the deceleration in bookings that are embedded in MD&A and financial statements with the sugar high of burning through the backlog from prior supply chain constraints coming to an end. Nothing about PMI being below 50 for almost all of 2023 other than one month in April. Nothing about indications of consumer spending slowing down with impact of higher interest on debt incurred to fund higher cost creating a slowing demand intended by the Fed.

I would expect experts to see around the corner and understand where the trend is instead of arguing about who read what on twitter. But carry on.
When I discuss the economy, I discuss it as a regular person experiences it, not as a person on a corporate board would experience it. When the costs of goods and services double in a short time-frame outpacing minimal gains in wages, when people report working 2 or 3 jobs to stay barely afloat, and when rent and housing prices skyrocket, all that other stuff is not really on my radar. But then, I never said I was an expert.
It's cute to see a new account, registered today with only 5 posts, talking about his past discussions on the economy.
I am sure you know that the poster is Yogi. So, yes, his past discussions on the economy is pertinent.
Reply Quote
1
Lets Go Brandon 16
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to dajo9 • 9:15p, 9/7/23
dajo9 said:
10% For The Big Guy said:
dajo9 said:
10% For The Big Guy said:
dajo9 said:
10% For The Big Guy said:
Please provide more information about this bogus Fed confessional.
https://www.cnn.com/2023/08/23/economy/us-jobs-data-annual-revisions/index.html

Then when you add in that all these jobs they're counting are largely part-time jobs with no benefits and that many people are working 2-3 jobs to get by, it's easy to see how jobs numbers and cooked unemployment figures from the government are not a good measure of economic strength.
Can't support your previous post, huh?
Someone apparently is having trouble clicking on links.
The link says they revised jobs down by 306,000. Over 4 million jobs were created in 2022. I'm still waiting for a link that supports your post.
Here's some more links for you to pretend don't make you look like the joke you are on any economic topic.

https://www.bls.gov/web/empsit/cesnaicsrev.htm

Reply Quote
5
dajo9
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Lets Go Brandon 16 • 4:53a, 9/8/23
Still waiting
Happy Roevember
Reply Quote
2
BearHunter
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
3:45p, 9/8/23


White House assures inflation is only affecting people who need to buy things.
Reply Quote
5
dajo9
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
6:11p, 9/21/23
Everybody has their own story to tell. Including millionaire elite conservatives who get whiskey drunk at the airport.
https://www.threads.net/@pattonoswalt/post/CxdFuF3LA94/?igshid=NTc4MTIwNjQ2YQ==
Happy Roevember
Reply Quote
1
1 edit
dajo9
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to dajo9 • 4:00p, 9/22/23
New Jersey Governor Phil Murphy having a great day, calling on Menendez to resign and showing the world what $78 really gets you at the Newark airport, if you aren't a conservative elitist drunk.
https://www.threads.net/@gtconway3dg/post/CxgQrfwJUvm/?igshid=NTc4MTIwNjQ2YQ==
Happy Roevember
Reply Quote
1
BearHunter
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to dajo9 • 4:11p, 9/22/23
Maybe Phil didn't get a cut?
Reply Quote
2
dajo9
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
6:07a, 10/7/23
Another gangbuster jobs report yesterday with 336,000 new jobs added to payrolls. The forecast was about 70,000 jobs so this was a fun jobs report in that you could see the anti-Biden corporate news switch in real time from this will be a bad jobs report because the number of jobs will be low to this was a bad jobs report because the number of jobs was so high the Fed will have to raise rates. You can't win with the economy when you are a Democratic President. Corporate news wants to keep taxes on the rich low.
Happy Roevember
Reply Quote
1
oski003
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to dajo9 • 6:58a, 10/7/23
dajo9 said:
New Jersey Governor Phil Murphy having a great day, calling on Menendez to resign and showing the world what $78 really gets you at the Newark airport, if you aren't a conservative elitist drunk.
https://www.threads.net/@gtconway3dg/post/CxgQrfwJUvm/?igshid=NTc4MTIwNjQ2YQ==


It is sad how both the initial tweet isn't accurate because the booze is likely half the cost and the rebuttal is misleading because it is at a much lower priced location. Sad all around.
Reply Quote
2
dajo9
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to oski003 • 7:29a, 10/7/23
oski003 said:
dajo9 said:
New Jersey Governor Phil Murphy having a great day, calling on Menendez to resign and showing the world what $78 really gets you at the Newark airport, if you aren't a conservative elitist drunk.
https://www.threads.net/@gtconway3dg/post/CxgQrfwJUvm/?igshid=NTc4MTIwNjQ2YQ==


It is sad how both the initial tweet isn't accurate because the booze is likely half the cost and the rebuttal is misleading because it is at a much lower priced location. Sad all around.


Sad you didn't read the whole tweet saying "ordered using airport menu and pricing".

So eager to say something bad about a Democrat you didn't read the assignment.
Happy Roevember
Reply Quote
2
oski003
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to dajo9 • 9:09a, 10/7/23
dajo9 said:
oski003 said:
dajo9 said:
New Jersey Governor Phil Murphy having a great day, calling on Menendez to resign and showing the world what $78 really gets you at the Newark airport, if you aren't a conservative elitist drunk.
https://www.threads.net/@gtconway3dg/post/CxgQrfwJUvm/?igshid=NTc4MTIwNjQ2YQ==


It is sad how both the initial tweet isn't accurate because the booze is likely half the cost and the rebuttal is misleading because it is at a much lower priced location. Sad all around.


Sad you didn't read the whole tweet saying "ordered using airport menu and pricing".

So eager to say something bad about a Democrat you didn't read the assignment.


Can you post the airport receipt please? Or at least break down the price of the items and tax etc...? I guarantee you if you ordered this and added up the total cost at the airport it would be false. Again, misleading.
Reply Quote
3
1 edit
dajo9
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to oski003 • 9:14a, 10/7/23
You're a funny guy
Happy Roevember
Reply Quote
2
dajo9
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
6:45p, 10/18/23
MEDIAN wealth up 37% from 2019-2022 AFTER adjusting for inflation. Biggest increase on record.

https://www.threads.net/@justinwolfers/post/Cyi_0ALuZGH/?igshid=NTc4MTIwNjQ2YQ==

https://www.threads.net/@bidenharrishq/post/CyitjaFr59o/?igshid=NTc4MTIwNjQ2YQ==
Happy Roevember
Reply Quote
2 edits
dimitrig
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to dajo9 • 7:56p, 10/18/23
dajo9 said:
MEDIAN wealth up 37% from 2019-2022 AFTER adjusting for inflation. Biggest increase on record.

https://www.threads.net/@justinwolfers/post/Cyi_0ALuZGH/?igshid=NTc4MTIwNjQ2YQ==

https://www.threads.net/@bidenharrishq/post/CyitjaFr59o/?igshid=NTc4MTIwNjQ2YQ==


If you believe that I have a bridge to sell you.

Reply Quote
3
dajo9
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to dimitrig • 12:20a, 10/19/23
dimitrig said:
dajo9 said:
MEDIAN wealth up 37% from 2019-2022 AFTER adjusting for inflation. Biggest increase on record.

https://www.threads.net/@justinwolfers/post/Cyi_0ALuZGH/?igshid=NTc4MTIwNjQ2YQ==

https://www.threads.net/@bidenharrishq/post/CyitjaFr59o/?igshid=NTc4MTIwNjQ2YQ==


If you believe that I have a bridge to sell you.



Lol. OK then. Everything is a conspiracy. Sorry you are not better off. I am and so are most Americans.
Happy Roevember
Reply Quote
1
dimitrig
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to dajo9 • 9:41a, 10/19/23
dajo9 said:
dimitrig said:
dajo9 said:
MEDIAN wealth up 37% from 2019-2022 AFTER adjusting for inflation. Biggest increase on record.

https://www.threads.net/@justinwolfers/post/Cyi_0ALuZGH/?igshid=NTc4MTIwNjQ2YQ==

https://www.threads.net/@bidenharrishq/post/CyitjaFr59o/?igshid=NTc4MTIwNjQ2YQ==


If you believe that I have a bridge to sell you.



Lol. OK then. Everything is a conspiracy. Sorry you are not better off. I am and so are most Americans.

"Americans Hold Grim View of Economy"

Nearly 70% of US residents say the economy is getting worse, not better, in a new Suffolk University Sawyer Business School/USA TODAY poll that reveals Americans are reining in spending amid deep concerns about inflation and the cost of living.

Despite a robust job market and an inflation rate that has dropped from over 9 percent in June 2022 to 3.7 percent last month, Americans take a dim view of the economy, with large percentages using words like "horrible," "awful," "bad," and "shambles" to describe it, compared to smaller percentages that use words such as "excellent," "good," "growing," or "improving."

A stunning 84 percent of respondents say the cost of living is rising, citing the swelling price of everyday needs. Food prices are rising the most, according to nearly half (49%) of respondents, followed by housing costs (16%), utility bills (11%), and transportation, including gas (11%).

The Suffolk University Sawyer Business School/USA Today poll sought out opinions of 1,000 adults nationwideevenly split by gender, geography, and across the political spectrum.

Kitchen table financial issues were paramount in respondents' minds. Americans overwhelmingly said they are cutting back on spending. More than 71% said they are going out to eat less often. They are dialing back spending on clothing purchases (68%), groceries (53%), vacations (58%), and canceling or delaying home improvements (57%).

Nearly 60% of those polled said they disapproved of President Joe Biden's handling of the economy, and when asked whether they had more trust in Biden or Donald Trump to improve it, the respondents favored Trump by a 47%-36% margin.

"This poll shows a real disconnect between the way the Biden administration has described the economy and how a majority of Americans say they feel about the economy and the need to curtail their spending in almost all categories," said David Paleologos, director of the Suffolk University Political Research Center in Boston. "We have many Americans, especially lower income families, who are not anticipating a happy holiday season this year."


Nearly 44% of all those polled said they will cut back on holiday spending this year. Nearly 40% said their family's total debt had increased, and 30% said they were forced to cut into their savings to pay bills.
US households earning under $50,000 reported feeling most pummeled by the economy. Those respondents described an unsustainable path of declining savings, increased debt, dramatic reductions in daily spending, and general pessimism about the future.

A clear majority of those lower income households said they are cutting back on everything: food, clothing, utilities, travel, healthcare, even dialing back the home thermostat to save money. Households earning $100,000 or more reported cutting back significantly in only two categories: restaurants and retail.
Read USA Today's news coverage of the poll and Washington Bureau Chief Susan Page's analysis.


Link:
https://www.suffolk.edu/news-features/news/2023/09/14/14/51/sbs-usat-econ-poll-2023
Reply Quote
1
dimitrig
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to dajo9 • 10:00a, 10/19/23
dajo9 said:
dimitrig said:
dajo9 said:
MEDIAN wealth up 37% from 2019-2022 AFTER adjusting for inflation. Biggest increase on record.

https://www.threads.net/@justinwolfers/post/Cyi_0ALuZGH/?igshid=NTc4MTIwNjQ2YQ==

https://www.threads.net/@bidenharrishq/post/CyitjaFr59o/?igshid=NTc4MTIwNjQ2YQ==


If you believe that I have a bridge to sell you.



Lol. OK then. Everything is a conspiracy. Sorry you are not better off. I am and so are most Americans.

From your own article:

"At the same time, median family income increased 3 percent between 2018 and 2021 after price increases were subtracted out."


In three years income increased 3 percent after inflation.

That's not exactly a great statistic. Not 3 percent per year. 3 percent total.

From the same article:

"But in the three years covered by the survey, growth in wealth was actually the largest in percentage terms for poorer families. People in the bottom quarter had a net worth of $3,500 in 2022, up from $400 in 2019. Among families in the top 10 percent, median net worth climbed to $3.79 million, up from $3.01 million three years earlier."

So one quarter of Americans have a net worth of $3500 up from $400 in 2019. I guess their wealth increased almost 900% so all their problems are solved! I hope their car doesn't break down and wipe it all out!

Let's be clear here. Most increase in wealth has come because of housing prices.

"From the pre-Covid end of 2019 to the end of 2022 median prices have soared 42%, said Yun, translating into a $114,000 increase in housing wealth for the typical homeowner."

Link:
https://www.cnn.com/2023/01/20/homes/existing-home-sales-december/index.html

In fact, that 42% number tracks very closely with the 37% the New York Times cited.

The stock market has been treading water for 2 years and before that experienced COVID-related volatilty. Incomes are flat after adjusting for inflation. People's homes inflated along with the prices of everything else. If and when the housing boom ends most of those gains will disappear and even if they don't people can't take advantage of the gains without selling and buying a different house at a high price.

We're unhappy about the economy because everything has gotten so freaking expensive! Salaries are just barely keeping up with that so every increase you get just gets handed over to the grocery store, the gas station, the insurance companies, and the utilities.

I would guess the only class of people other than the elites doing really well right now are residential landlords. Rents are insane.



Reply Quote
2
dajo9
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to dimitrig • 12:05p, 10/19/23
Yes, people who own assets have seen their wealth go up more than people who don't own assets. But median wealth is up and a lot of that is due to lower debt. I'm sorry that I can't report that Biden has solved all the economic ills that have befallen America since our great conservative shift in the 1980s. However, the hard data of the economy shows that the economy is better than the media reports and better than soft data (polling) indicates. So much of the soft data is just politics - it's become close to useless to look at.
Happy Roevember
Reply Quote
2
dimitrig
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to dajo9 • 1:25p, 10/19/23
dajo9 said:
Yes, people who own assets have seen their wealth go up more than people who don't own assets. But median wealth is up and a lot of that is due to lower debt. I'm sorry that I can't report that Biden has solved all the economic ills that have befallen America since our great conservative shift in the 1980s. However, the hard data of the economy shows that the economy is better than the media reports and better than soft data (polling) indicates. So much of the soft data is just politics - it's become close to useless to look at.

Wealth is up just means housing prices are up which isn't a good thing for a lot of people.

Income is not up.

So, yeah, the economy is doing better than if we were in a recession.

Headlines that claim that the median wealth is up 37% are misleading.

Maybe I can go back and calculate how much all of my assets are worth now and I can feel better that they went up in value. My used car went up in value so I guess I am doing well! I can't afford a new one, but nevermind about that.



Reply Quote
2
1 edit
dajo9
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to dimitrig • 1:34p, 10/19/23
dimitrig said:
dajo9 said:
Yes, people who own assets have seen their wealth go up more than people who don't own assets. But median wealth is up and a lot of that is due to lower debt. I'm sorry that I can't report that Biden has solved all the economic ills that have befallen America since our great conservative shift in the 1980s. However, the hard data of the economy shows that the economy is better than the media reports and better than soft data (polling) indicates. So much of the soft data is just politics - it's become close to useless to look at.

Wealth is up just means housing prices are up which isn't a good thing for a lot of people.

Income is not up.

So, yeah, the economy is doing better than if we were in a recession.

Headlines that claim that the median wealth is up 37% are misleading.

Maybe I can go back and calculate how much all of my assets are worth now and I can feel better that they went up in value. My used car went up in value so I guess I am doing well! I can't afford a new one, but nevermind about that.





Yes, your house went up in value. Are you more wealthy? Yes. If you have a fixed mortgage like much of the middle class the payment did not change. The debt lost value. It became easier to pay the debt thanks to inflation.

You can't just ignore the good and only complain about the bad. I mean you can, but then your arguments are poor.
Happy Roevember
Reply Quote
dimitrig
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to dajo9 • 4:05p, 10/19/23
dajo9 said:
dimitrig said:
dajo9 said:
Yes, people who own assets have seen their wealth go up more than people who don't own assets. But median wealth is up and a lot of that is due to lower debt. I'm sorry that I can't report that Biden has solved all the economic ills that have befallen America since our great conservative shift in the 1980s. However, the hard data of the economy shows that the economy is better than the media reports and better than soft data (polling) indicates. So much of the soft data is just politics - it's become close to useless to look at.

Wealth is up just means housing prices are up which isn't a good thing for a lot of people.

Income is not up.

So, yeah, the economy is doing better than if we were in a recession.

Headlines that claim that the median wealth is up 37% are misleading.

Maybe I can go back and calculate how much all of my assets are worth now and I can feel better that they went up in value. My used car went up in value so I guess I am doing well! I can't afford a new one, but nevermind about that.

Yes, your house went up in value. Are you more wealthy? Yes. If you have a fixed mortgage like much of the middle class the payment did not change. The debt lost value. It became easier to pay the debt thanks to inflation.

You can't just ignore the good and only complain about the bad. I mean you can, but then your arguments are poor.

A house going up in value is useless unless you plan on selling it. You have to live somewhere. The price of that other somewhere also went up.

Sure, debt is easier to pay off in an inflationary environment but not really when the price of everything else also went up.





Reply Quote
2
Lets Go Brandon 17
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
3:17p, 10/20/23

Reply Quote
2
dajo9
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
4:03a, 10/21/23
Another massive President Biden success
https://www.threads.net/@oneunderscore__/post/CypNADEgfDo/?igshid=NTc4MTIwNjQ2YQ==
Happy Roevember
Reply Quote
2
dajo9
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
9:16a, 10/21/23
In 2022 the U.S. produced more energy than ever before and was more energy independent than any time since before the 1950s.
https://www.google.com/amp/s/www.forbes.com/sites/rrapier/2023/05/02/us-energy-independence-soars-to-highest-levels-in-over-70-years/amp/
Happy Roevember
Reply Quote
3
dajo9
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
6:48a, 10/26/23
Q3 2023 GDP came in at 4.9%. Through 3 quarters of the year, GDP is at 3.1%. Since the Great Recession, the only full year to reach 3.0% GDP was the Covid bounceback year of 2021 (5.95%). That strong bounceback and jobs boom also came with inflation but nobody likes to talk about the good things. An alternative would have been the slow austerity recovery after the Great Recession. I think this recovery is far superior to that recovery.

https://www.cnbc.com/2023/10/26/us-gdp-grew-at-a-4point9percent-annual-pace-in-the-third-quarter-better-than-expected.html
Happy Roevember
Reply Quote
2
1 edit
dajo9
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
3:16a, 11/5/23
A great article summarizing the once-every 3 years Survey of Consumer Finances which, according to this article, is the best measure of wealth distribution across the U.S.

Key takeaway:
Quote:
Wealth inequality, while still extremely high, fell to some of the lowest levels in the last decade, and real median net worth hit record highs for a variety of traditionally economically disadvantaged groups including single parents, under-35s, renters, Hispanic Americans, Black Americans, and more.

About half of the post Great Recession, QE assisted, surge in wealth inequality is gone.

https://www.apricitas.io/p/americas-record-wealth-boom

Happy Roevember
Reply Quote
2 edits
 
×
subscribe Verify your student status
See Subscription Benefits
Trial only available to users who have never subscribed or participated in a previous trial.