Bidenomics

62,993 Views | 803 Replies | Last: 16 days ago by bear2034
dajo9
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10% For The Big Guy said:

dajo9 said:

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
Quote:

Indeed, the SCF shows that the pandemic era has seen a rather significant drop in US wealth inequality in contrast to the rising multi-decade trend of rising inequality (although these figures don't include the very richest Americans like Elon Musk or Jeff Bezos).
That's like analyzing the distribution of wins in Pac 12 football without including Washington and Oregon to try and tell you how Stanford is doing better than ever.



The survey includes 21 billionaires but because it doesn't include the most well known celebrity billionaires you use that to try to attack it. The obvious reality is that the survey is fine, you just don't like the outcome.
dimitrig
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dajo9 said:

10% For The Big Guy said:

dajo9 said:

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
Quote:

Indeed, the SCF shows that the pandemic era has seen a rather significant drop in US wealth inequality in contrast to the rising multi-decade trend of rising inequality (although these figures don't include the very richest Americans like Elon Musk or Jeff Bezos).
That's like analyzing the distribution of wins in Pac 12 football without including Washington and Oregon to try and tell you how Stanford is doing better than ever.



The survey includes 21 billionaires but because it doesn't include the most well known celebrity billionaires you use that to try to attack it. The obvious reality is that the survey is fine, you just don't like the outcome.


Billionaire loses $20M and now has a net worth of $980M and pauper gains $20 and now has a net worth of $40 and the headline is "Wealth inequity narrows as poorest Americans double net worth!"

True, but hardly reason to celebrate.
10% For The Big Guy
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Paul Krugman is so dumb that he actually fell for this and tried to blame Qanon for it.




dajo9
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10% is so dumb he doesn't know the difference between a verb and a pronoun.
wifeisafurd
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FWIW, most of the Wall Street Econ pros are now predicting a much softer landing for the economy post-C-19 and FED inflation control. That is not true for all sectors such as commercial real estate, which approximately is headed down for awhile.
Eastern Oregon Bear
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dajo9 said:

10% is so dumb he doesn't know the difference between a verb and a pronoun.

He also thinks opinion polls refute facts and stuff like that.
dajo9
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So, my 90 year old mother in law announced this afternoon she'd like to go out for a nice steak. That put me on the spot. It is not easy to get day-of reservations at a nice steakhouse in this booming economy, even at $50 / steak and even in the suburbs.
smh
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dajo9 said:

So, my 90 year old mother in law announced this afternoon she'd like to go out for a nice steak. That put me on the spot. It is not easy to get day-of reservations at a nice steakhouse in this booming economy, even at $50 / steak and even in the suburbs.
got tivo? works great here.
dimitrig
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dajo9 said:

So, my 90 year old mother in law announced this afternoon she'd like to go out for a nice steak. That put me on the spot. It is not easy to get day-of reservations at a nice steakhouse in this booming economy, even at $50 / steak and even in the suburbs.


Make it at home and pocket the money. Even I can make a good steak.


dajo9
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dimitrig said:

dajo9 said:

So, my 90 year old mother in law announced this afternoon she'd like to go out for a nice steak. That put me on the spot. It is not easy to get day-of reservations at a nice steakhouse in this booming economy, even at $50 / steak and even in the suburbs.


Make it at home and pocket the money. Even I can make a good steak.





$64 bone-in 14 oz filet mignon was fantastic. Better than i could dream of making myself, but im not much of a cook. My old fashioned was very nice also. Cost to me - zero. Restaurant was packed.
oski003
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dajo9 said:

dimitrig said:

dajo9 said:

So, my 90 year old mother in law announced this afternoon she'd like to go out for a nice steak. That put me on the spot. It is not easy to get day-of reservations at a nice steakhouse in this booming economy, even at $50 / steak and even in the suburbs.


Make it at home and pocket the money. Even I can make a good steak.





$64 bone-in 14 oz filet mignon was fantastic. Better than i could dream of making myself, but im not much of a cook. My old fashioned was very nice also. Cost to me - zero. Restaurant was packed.


Great news that you were able to make a same day afternoon reservation and go to a steakhouse for dinner on a Saturday evening, the absolute busiest time of the week. Good to know that is now possible in this economy.
dajo9
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oski003 said:

dajo9 said:

dimitrig said:

dajo9 said:

So, my 90 year old mother in law announced this afternoon she'd like to go out for a nice steak. That put me on the spot. It is not easy to get day-of reservations at a nice steakhouse in this booming economy, even at $50 / steak and even in the suburbs.


Make it at home and pocket the money. Even I can make a good steak.





$64 bone-in 14 oz filet mignon was fantastic. Better than i could dream of making myself, but im not much of a cook. My old fashioned was very nice also. Cost to me - zero. Restaurant was packed.


Great news that you were able to make a same day afternoon reservation and go to a steakhouse for dinner on a Saturday evening, the absolute busiest time of the week. Good to know that is now possible in this economy.


Yep. 2nd place I called and only if we could arrive by 5pm and promise to be out by 7pm.

It's Morning In America. Let's not go back to the Dark Ages.
oski003
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dajo9 said:

oski003 said:

dajo9 said:

dimitrig said:

dajo9 said:

So, my 90 year old mother in law announced this afternoon she'd like to go out for a nice steak. That put me on the spot. It is not easy to get day-of reservations at a nice steakhouse in this booming economy, even at $50 / steak and even in the suburbs.


Make it at home and pocket the money. Even I can make a good steak.





$64 bone-in 14 oz filet mignon was fantastic. Better than i could dream of making myself, but im not much of a cook. My old fashioned was very nice also. Cost to me - zero. Restaurant was packed.


Great news that you were able to make a same day afternoon reservation and go to a steakhouse for dinner on a Saturday evening, the absolute busiest time of the week. Good to know that is now possible in this economy.


Yep. 2nd place I called and only if we could arrive by 5pm and promise to be out by 7pm.


Yeah, busiest time is that 6-8pm. Good that your two person party agreed to not stay past the two hour dining window.
dajo9
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oski003 said:

dajo9 said:

oski003 said:

dajo9 said:

dimitrig said:

dajo9 said:

So, my 90 year old mother in law announced this afternoon she'd like to go out for a nice steak. That put me on the spot. It is not easy to get day-of reservations at a nice steakhouse in this booming economy, even at $50 / steak and even in the suburbs.


Make it at home and pocket the money. Even I can make a good steak.





$64 bone-in 14 oz filet mignon was fantastic. Better than i could dream of making myself, but im not much of a cook. My old fashioned was very nice also. Cost to me - zero. Restaurant was packed.


Great news that you were able to make a same day afternoon reservation and go to a steakhouse for dinner on a Saturday evening, the absolute busiest time of the week. Good to know that is now possible in this economy.


Yep. 2nd place I called and only if we could arrive by 5pm and promise to be out by 7pm.


Yeah, busiest time is that 6-8pm. Good that your two person party agreed to not stay past the two hour dining window.


5 people. And my wife and I had a good laugh at the idea we would be a 2+ hour dining problem. I just found it interesting that restaurants are so busy they can tell you up front when you'll have to leave.
oski003
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dajo9 said:

oski003 said:

dajo9 said:

oski003 said:

dajo9 said:

dimitrig said:

dajo9 said:

So, my 90 year old mother in law announced this afternoon she'd like to go out for a nice steak. That put me on the spot. It is not easy to get day-of reservations at a nice steakhouse in this booming economy, even at $50 / steak and even in the suburbs.


Make it at home and pocket the money. Even I can make a good steak.





$64 bone-in 14 oz filet mignon was fantastic. Better than i could dream of making myself, but im not much of a cook. My old fashioned was very nice also. Cost to me - zero. Restaurant was packed.


Great news that you were able to make a same day afternoon reservation and go to a steakhouse for dinner on a Saturday evening, the absolute busiest time of the week. Good to know that is now possible in this economy.


Yep. 2nd place I called and only if we could arrive by 5pm and promise to be out by 7pm.


Yeah, busiest time is that 6-8pm. Good that your two person party agreed to not stay past the two hour dining window.


5 people. And my wife and I had a good laugh at the idea we would be a 2+ hour dining problem. I just found it interesting that restaurants are so busy they can tell you up front when you'll have to leave.


Well alrighty then. Economy must be booming.
tequila4kapp
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Or maybe restaurants are busy not because the economy is great but because there are fewer of them:
https://pos.toasttab.com/blog/on-the-line/number-of-restaurants-in-san-francisco-shrinking
dajo9
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Inflation down to a normal 3.2%.

Republicans still pretending to be hysterical.

https://www.cnbc.com/2023/11/14/cpi-inflation-report-october-2023.html
Eastern Oregon Bear
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dajo9 said:

Inflation down to a normal 3.2%.

Republicans still pretending to be hysterical.

https://www.cnbc.com/2023/11/14/cpi-inflation-report-october-2023.html
Deflection incoming!
Unit2Sucks
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dajo9 said:

Inflation down to a normal 3.2%.

Republicans still pretending to be hysterical.

https://www.cnbc.com/2023/11/14/cpi-inflation-report-october-2023.html
It means that they won't be able to pretend there is any reason to vote for Trump beyond his grievance.

Given how badly they want to abuse his presidency for themselves (knowing that he would be an absentee POTUS, just like the last time) means that the GOP establishment is even more desperate than last time to get him elected. The problem they are facing is that beyond his personal grievance, they can't articulate anything that he would actually do to help Americans, aside from his donors.
Biden Sucks 2
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dajo9 said:

Inflation down to a normal 3.2%.

Republicans still pretending to be hysterical.

https://www.cnbc.com/2023/11/14/cpi-inflation-report-october-2023.html
When inflation decreases, prices don't. They stay at the same high inflated price.

Learn economics, boy, instead of pretending to be an expert on them.
dajo9
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Genocide Joe said:

dajo9 said:

Inflation down to a normal 3.2%.

Republicans still pretending to be hysterical.

https://www.cnbc.com/2023/11/14/cpi-inflation-report-october-2023.html
When inflation decreases, prices don't. They stay at the same high inflated price.

Learn economics, boy, instead of pretending to be an expert on them.


Real wages are up, boy. You want wages to come down.
tequila4kapp
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Genocide Joe said:

dajo9 said:

Inflation down to a normal 3.2%.

Republicans still pretending to be hysterical.

https://www.cnbc.com/2023/11/14/cpi-inflation-report-october-2023.html
When inflation decreases, prices don't. They stay at the same high inflated price.

Learn economics, boy, instead of pretending to be an expert on them.
Are you really going with the Hitler picture?
Cal88
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dajo9
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Cal88 said:




The idea that U.S. debt is the focus of U.S. talks with China is a fantasy of those who want to spread an image of American weakness due to ulterior motives
bearister
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Is Janet Yellin gellin' like a felon?

Cancel my subscription to the Resurrection
Send my credentials to the House of Detention
I got some friends inside
dajo9
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dajo9 said:

Cal88 said:




The idea that U.S. debt is the focus of U.S. talks with China is a fantasy of those who want to spread an image of American weakness due to ulterior motives



The reality is that $124 billion out of China's $175 billion dollar property bonds are in default. China is struggling right now. Biden is cleaning their clock.
oski003
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dajo9 said:

dajo9 said:

Cal88 said:




The idea that U.S. debt is the focus of U.S. talks with China is a fantasy of those who want to spread an image of American weakness due to ulterior motives



The reality is that $124 billion out of China's $175 billion dollar property bonds are in default. China is struggling right now. Biden is cleaning their clock.


Why are 124 billion out of chinas 175 billion in property bonds in default? What exactly does that mean? Does China have any recourse for that?
Cal88
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dajo9 said:

dajo9 said:

Cal88 said:




The idea that U.S. debt is the focus of U.S. talks with China is a fantasy of those who want to spread an image of American weakness due to ulterior motives



The reality is that $124 billion out of China's $175 billion dollar property bonds are in default. China is struggling right now. Biden is cleaning their clock.

FYI - the outstanding commercial real estate debt in the US is 50 times larger. And about $1.5 trillion of the ~$6 trillion total commercial RE debt is up for refinancing in the next 2 years.

That's a lot of steak dinners.
Biden Sucks 2
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tequila4kapp said:

Genocide Joe said:

dajo9 said:

Inflation down to a normal 3.2%.

Republicans still pretending to be hysterical.

https://www.cnbc.com/2023/11/14/cpi-inflation-report-october-2023.html
When inflation decreases, prices don't. They stay at the same high inflated price.

Learn economics, boy, instead of pretending to be an expert on them.
Are you really going with the Hitler picture?
https://bearinsider.com/forums/6/topics/117959/replies/2259635
dajo9
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oski003 said:

dajo9 said:

dajo9 said:

Cal88 said:




The idea that U.S. debt is the focus of U.S. talks with China is a fantasy of those who want to spread an image of American weakness due to ulterior motives



The reality is that $124 billion out of China's $175 billion dollar property bonds are in default. China is struggling right now. Biden is cleaning their clock.


Why are 124 billion out of chinas 175 billion in property bonds in default? What exactly does that mean? Does China have any recourse for that?


China has a huge property collapse and economic slowdown unfolding. Everything is changing for them.
Cal88
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China's growth forecasts upgraded
Quote:

IMF upgrades China's growth forecasts

The International Monetary Fund (IMF) has upgraded its GDP growth forecasts for China in 2023 and 2024. It now expects China's economy to grow by 5.4% this year, up from its previous forecast of 5%.
However, the IMF also warns of slower growth next year, projecting that China's GDP will expand by 4.6% in 2024 up from a 4.2% forecast in October due to weakness in the property sector and subdued export demand.

The upward revision to growth forecasts is attributed to China's approval of a 1 trillion yuan ($137 billion) sovereign bond issue and measures to support the economy.

"We have revised up growth by 0.4 percentage points in both years relative to our October projections, reflecting stronger than expected growth in the third quarter and the new policy support that was recently announced," IMF First Deputy Managing Director Gita Gopinath said.

It came as China's consumer price index dropped 0.2% in October from a year earlier and 0.1% lower than in September. The producer price index fell 2.6% year-on-year in October, 0.1 percentage points less than economists had predicted.

https://www.weforum.org/agenda/2023/11/china-growth-forecast-economy-news/

They're only growing by 4.6% next year, down from 5.4% this year, what an economic disaster!
tequila4kapp
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Even IMF projections are based on CCP provided numbers, right?
DiabloWags
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Cal88 said:

China's growth forecasts upgraded

They're only growing by 4.6% next year, down from 5.4% this year, what an economic disaster!

Just thought I would stop by to take a "leak" on your absurd claims about China.
I've never ever seen someone talk so much, yet operate from such a ridiculously poor knowledge base.

Never mind that the Unemployment Rate for 16 - 24 year olds in CHINA was 21.3% in June and so bad that the Chinese Govt is no longer reporting it.

China Suspends Report on Youth Unemployment, Which Was at a Record High - The New York Times (nytimes.com)

You're a Legend.


Free link provided courtesy of Diablo Wags



https://www.bloomberg.com/news/articles/2023-11-09/china-slips-back-into-deflation-as-recovery-remains-fragile?accessToken=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJzb3VyY2UiOiJTdWJzY3JpYmVyR2lmdGVkQXJ0aWNsZSIsImlhdCI6MTcwMDE1MDY0NCwiZXhwIjoxNzAwNzU1NDQ0LCJhcnRpY2xlSWQiOiJTM1NNSFVUMEcxS1cwMSIsImJjb25uZWN0SWQiOiI0QTE0NjgyRTVEQjI0RDgyOEVGOTIxMzA1M0U4NzhDMiJ9.i0tA_9wex3LL8BRzcQngEyzAvwdBkW2vDYNLAFBy7OM


"Cults don't end well. They really don't."
dajo9
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Cal88 said:

China's growth forecasts upgraded
Quote:

IMF upgrades China's growth forecasts

The International Monetary Fund (IMF) has upgraded its GDP growth forecasts for China in 2023 and 2024. It now expects China's economy to grow by 5.4% this year, up from its previous forecast of 5%.
However, the IMF also warns of slower growth next year, projecting that China's GDP will expand by 4.6% in 2024 up from a 4.2% forecast in October due to weakness in the property sector and subdued export demand.

The upward revision to growth forecasts is attributed to China's approval of a 1 trillion yuan ($137 billion) sovereign bond issue and measures to support the economy.

"We have revised up growth by 0.4 percentage points in both years relative to our October projections, reflecting stronger than expected growth in the third quarter and the new policy support that was recently announced," IMF First Deputy Managing Director Gita Gopinath said.

It came as China's consumer price index dropped 0.2% in October from a year earlier and 0.1% lower than in September. The producer price index fell 2.6% year-on-year in October, 0.1 percentage points less than economists had predicted.

https://www.weforum.org/agenda/2023/11/china-growth-forecast-economy-news/

They're only growing by 4.6% next year, down from 5.4% this year, what an economic disaster!


Yes, that is a disaster for China considering they have 3x our population. 2/3s the size of our economy and appear to be approaching normalized growth patterns that put in jeopardy their ability to grow their economy larger than the U.S.
Unit2Sucks
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dajo9 said:




China has a huge property collapse and economic slowdown unfolding. Everything is changing for them.
We're seeing an increasing number of Chinese migrants at the Southern border and it's not because everything is great in China. It's called runxue and reflects some of the despair young Chinese face with the lack of opportunities, particularly for college grads.

One thing the haters of America will never want to acknowledge is that America is still a huge draw for the best and brightest in the world. We see far more migration from China than to China (6 figures per year). Ditto for India. And China has seen net migration out while America continues to see extremely strong net migration in.

Russia is even more drastic. I've known a lot of Americans who have lived in China or even moved to China but precious few who would even consider living in Russia, let alone actually doing it.

So while we see Russian shills telling us how great Russia is, none of them would ever consider moving there. The wealthiest Russians make their money from the kleptocracy off the backs of the Russian poor, but they live outside Russia and spend their money elsewhere. With the exception of many wealthy Chinese (and Indians), the wealthiest people generally want to live in the West. But make no mistake there are still plenty of wealthy Chinese who take their talents to the US (I know of several just in my kids' classes at school who made their money in China before immigrating here). The whole anchor baby thing is more evidence of the phenomenon.

The West certainly isn't perfect, but it's still a far more desirable place to be than the authoritarian countries that a lot of America haters disingenuously promote.
 
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