Bidenomics

60,929 Views | 804 Replies | Last: 2 hrs ago by bear2034
Unit2Sucks
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dajo9 said:

Real wages in the middle quintile are above pre-covid and above 2019 trendlines
https://www.threads.net/@paulkrugman7/post/C3Fuf8LOqer/?igshid=NTc4MTIwNjQ2YQ==
But right wing media tells me that I should feel differently!

I've been thinking about this for a while and my conclusion is that people just can't internalize inflation. It's corrosive and it's one of the reasons old people are grumpy. My grandmother thought it was outrageous when I would pay $1 for a bagel. In her mind they were worth a nickel which is what she paid in the 1950's.

When people receive wage increases they attribute it to their industrious efforts. When prices rise, they shake their fists at the sky in protest. People are victims of price increases and over time the effects compound.

So you could argue that gas is cheaper in nominal dollars now than it was 10 years ago (because it's true) or the same as it was in May 2019 (also true) but a lot of people still think gas should be $1 per gallon because that's what it was in 1993. I paid $4.25 this week and feel pretty good about it because I remember when it was $7+ a few years ago.

Fortunately, inflation has come back down to normal and real wages continue to rise. This rate adjustment cycle will go down in history as one of the most effective central bank interventions of all time (perhaps the most). It's a massive win for US financial market regulators and yet another example of why we have the strongest, most stable financial system and economy. China and other economies are struggling now and it's not clear how they will be able to intervene. Meanwhile, thanks to the steady hand of the Fed and the Biden administration (which deserves credit for not f(cking it up the way Trump would have), we are now pretty much past the bad times and into the next expansion cycle.

Imagine the sort of pressure TFG would have put on J Powell last year during the interest rate hikes. I have no doubt that Powell would have been ousted and replaced with some jagoff like Larry Kudrow who would have reduced interest rates (bec they were bad for TFG's business) and we would be in deep sheeit right now. Instead, Biden's admin showed a steady hand and provided enough stability and support for the Fed's policies to do their job.



dajo9
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Yes, posting facts and data triggers a lot of people around here. People like their "feels" so much more.
oski003
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dajo9 said:

Yes, posting facts and data triggers a lot of people around here. People like their "feels" so much more.


The big boys have bought small businesses who have been crippled by covid and inflation. The big boys got bigger. Also, $$$ isn't worth as much now as it did 2 years ago, before massive inflation. Hence, my comment about subs costing almost twice as much. Yw.
dajo9
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oski003 said:

dajo9 said:

Yes, posting facts and data triggers a lot of people around here. People like their "feels" so much more.


The big boys have bought small businesses who have been crippled by covid and inflation. The big boys got bigger. Also, $$$ isn't worth as much now as it did 2 years ago, before massive inflation. Hence, my comment about subs costing almost twice as much. Yw.


Do you not know what "real wages" means or are you just pretending to be movielover?

Three year small business boom is unprecedented.
https://www.forbes.com/sites/rhettbuttle/2024/01/12/three-year-small-business-boom-is-unprecedented/?sh=50cb0bdf3af9
DiabloWags
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dajo9 said:

oski003 said:

dajo9 said:

Yes, posting facts and data triggers a lot of people around here. People like their "feels" so much more.


The big boys have bought small businesses who have been crippled by covid and inflation. The big boys got bigger. Also, $$$ isn't worth as much now as it did 2 years ago, before massive inflation. Hence, my comment about subs costing almost twice as much. Yw.


Do you not know what "real wages" means or are you just pretending to be movielover?



What's the difference?
Theyre both pretty dumb.
"Cults don't end well. They really don't."
Eastern Oregon Bear
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oski003 said:

dajo9 said:

S&P 500 breaking records and crashing through 5,000 for the first time. A rising tide is lifting all boats. Best economy we've had since the 1990's. Joe Biden and the Democrats did this.

https://www.cnbc.com/2024/02/08/stock-market-today-live-updates.html


That's because my $7 subway meal now costs $12
There's probably a surcharge for tying up the bathroom for 15 minutes while you eat your Subway meal on the porcelain throne.
oski003
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Eastern Oregon Bear said:

oski003 said:

dajo9 said:

S&P 500 breaking records and crashing through 5,000 for the first time. A rising tide is lifting all boats. Best economy we've had since the 1990's. Joe Biden and the Democrats did this.

https://www.cnbc.com/2024/02/08/stock-market-today-live-updates.html


That's because my $7 subway meal now costs $12
There's probably a surcharge for tying up the bathroom for 15 minutes while you eat your Subway meal on the porcelain throne.


I ate inside today at the table closest to the cash register. I didn't poop until about 30 minutes later. I was at the tennis park.
oski003
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DiabloWags said:

dajo9 said:

oski003 said:

dajo9 said:

Yes, posting facts and data triggers a lot of people around here. People like their "feels" so much more.


The big boys have bought small businesses who have been crippled by covid and inflation. The big boys got bigger. Also, $$$ isn't worth as much now as it did 2 years ago, before massive inflation. Hence, my comment about subs costing almost twice as much. Yw.


Do you not know what "real wages" means or are you just pretending to be movielover?



What's the difference?
Theyre both pretty dumb.



I know you love Biden because you are both crusty, lying senile old dudes who love dogs who bite people; however, that isn't a reason to attack me for simply saying a dollar today doesn't go as far as it did a year or two ago. A $100 stock is worth less than a stock that was worth $100 a year or two ago. Thanks.
Eastern Oregon Bear
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oski003 said:

Eastern Oregon Bear said:

oski003 said:

dajo9 said:

S&P 500 breaking records and crashing through 5,000 for the first time. A rising tide is lifting all boats. Best economy we've had since the 1990's. Joe Biden and the Democrats did this.

https://www.cnbc.com/2024/02/08/stock-market-today-live-updates.html


That's because my $7 subway meal now costs $12
There's probably a surcharge for tying up the bathroom for 15 minutes while you eat your Subway meal on the porcelain throne.


I ate inside today at the table closest to the cash register. I didn't poop until about 30 minutes later. I was at the tennis park.
That's not what you're supposed to do when the game is at deuce.
oski003
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Eastern Oregon Bear said:

oski003 said:

Eastern Oregon Bear said:

oski003 said:

dajo9 said:

S&P 500 breaking records and crashing through 5,000 for the first time. A rising tide is lifting all boats. Best economy we've had since the 1990's. Joe Biden and the Democrats did this.

https://www.cnbc.com/2024/02/08/stock-market-today-live-updates.html


That's because my $7 subway meal now costs $12
There's probably a surcharge for tying up the bathroom for 15 minutes while you eat your Subway meal on the porcelain throne.


I ate inside today at the table closest to the cash register. I didn't poop until about 30 minutes later. I was at the tennis park.
That's not what you're supposed to do when the game is at deuce.


Why are tennis players bad in relationships?


.


Because love is nothing to them.
bearister
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What is the title of Renee Richards' autobiography?
Cancel my subscription to the Resurrection
Send my credentials to the House of Detention
I got some friends inside
AunBear89
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dajo9 said:

oski003 said:

dajo9 said:

Yes, posting facts and data triggers a lot of people around here. People like their "feels" so much more.


The big boys have bought small businesses who have been crippled by covid and inflation. The big boys got bigger. Also, $$$ isn't worth as much now as it did 2 years ago, before massive inflation. Hence, my comment about subs costing almost twice as much. Yw.


Do you not know what "real wages" means or are you just pretending to be movielover?

Three year small business boom is unprecedented.
https://www.forbes.com/sites/rhettbuttle/2024/01/12/three-year-small-business-boom-is-unprecedented/?sh=50cb0bdf3af9


I'm not sure we can count on karen003 to know much of anything at all. Choosing to eat - regularly- at Subway is reason enough to question anyone's intelligence and decision making skills.

Not that this comes as a surprise, but the Subway information confirms and proves all suspicions.
"There are three kinds of lies: lies, damned lies, and statistics." -- (maybe) Benjamin Disraeli, popularized by Mark Twain
oski003
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AunBear89 said:

dajo9 said:

oski003 said:

dajo9 said:

Yes, posting facts and data triggers a lot of people around here. People like their "feels" so much more.


The big boys have bought small businesses who have been crippled by covid and inflation. The big boys got bigger. Also, $$$ isn't worth as much now as it did 2 years ago, before massive inflation. Hence, my comment about subs costing almost twice as much. Yw.


Do you not know what "real wages" means or are you just pretending to be movielover?

Three year small business boom is unprecedented.
https://www.forbes.com/sites/rhettbuttle/2024/01/12/three-year-small-business-boom-is-unprecedented/?sh=50cb0bdf3af9


I'm not sure we can count on karen003 to know much of anything at all. Choosing to eat - regularly- at Subway is reason enough to question anyone's intelligence and decision making skills.

Not that this comes as a surprise, but the Subway information confirms and proves all suspicions.


I don't recall saying I regularly eat at subway. My wife isn't a fan of subway and says it is terrible "fake" meat. Regardless, I hope you have a nice weekend and make steps to do better. Mental health is very serious. Get some rest and make a decision to forgive yourself and others.
tequila4kapp
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I paid $3.059 per gallon this morning to fill up my car. That is the least I've paid in years.
oski003
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tequila4kapp said:

I paid $3.059 per gallon this morning to fill up my car. That is the least I've paid in years.


I paid 4.899. still high, but it is always nice when the party in power takes actions to make gas prices lower during election season.
Unit2Sucks
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tequila4kapp said:

I paid $3.059 per gallon this morning to fill up my car. That is the least I've paid in years.


Obviously not your claim, but many Americans think there is a lever in the oval office for exactly this situation.

bear2034
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Biden sold off half of our Strategic Oil Reserves. Was he able to replenish the supply?
dajo9
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bear2034 said:

Biden sold off half of our Strategic Oil Reserves. Was he able to replenish the supply?


He sold high and is buying it back low, making a ton of money for the U.S. Treasury
bear2034
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When the Democrats dump Biden, do the financial markets take a downturn or will institutions buy on the news?
Lets Go Brandon 3
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dajo9 said:

S&P 500 breaking records and crashing through 5,000 for the first time. A rising tide is lifting all boats. Best economy we've had since the 1990's. Joe Biden and the Democrats did this.

https://www.cnbc.com/2024/02/08/stock-market-today-live-updates.html
In 2020 under a Republican President:
https://bearinsider.com/forums/6/topics/97442/replies/1792313

Quote:

I don't know about the stock market, but that's not the economy anyway.
People who are intellectually dishonest always end up clowning themselves.
DiabloWags
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bear2034 said:

Biden sold off half of our Strategic Oil Reserves. Was he able to replenish the supply?

The US sold 180 million of barrels of crude oil at an average price of $95.
There was also another 38 million barrels sold in 2022 by the Energy Dept as mandated in laws passed by Congress.
- - - To date, we have only bought back 20 million barrels.

The SPR currently holds 358 million barrels.
The U.S. is currently producing a record amount of domestic crude oil.
13.3 million barrels per day.

The March futures contract closed at $76.60 on Friday which was near the highs for the week after trading as low as $71 a week ago.


Chart of SPR:

U.S. Ending Stocks of Crude Oil in SPR (Thousand Barrels) (eia.gov)

U.S. Crude Oil Production Chart:

U.S. Field Production of Crude Oil (Thousand Barrels per Day) (eia.gov)

Reuters article:

Biden administration slowly replenishes emergency oil stash | Reuters



"Cults don't end well. They really don't."
DiabloWags
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I always laugh when the Trumpanzee's and Faux News pundits talk about how crude oil production under the Biden Administration has collapsed because of his Green Agenda.

The REALITY is that the U.S. is producing more oil than any country in history!

Some people are just plain born stupid.


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



Some people are just plain born stupid.



Yet others, like Yogi Sock Puppet, aren't satisfied with being born stupid. He works daily at making sure he remains as stupid as he was the day he was born.
"There are three kinds of lies: lies, damned lies, and statistics." -- (maybe) Benjamin Disraeli, popularized by Mark Twain
dajo9
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Genocide Joe said:

dajo9 said:

S&P 500 breaking records and crashing through 5,000 for the first time. A rising tide is lifting all boats. Best economy we've had since the 1990's. Joe Biden and the Democrats did this.

https://www.cnbc.com/2024/02/08/stock-market-today-live-updates.html
In 2020 under a Republican President:
https://bearinsider.com/forums/6/topics/97442/replies/1792313

Quote:

I don't know about the stock market, but that's not the economy anyway.
People who are intellectually dishonest always end up clowning themselves.



What a desperate fail. I've got post after post about the economy and when the S&P 500 breaks through 5,000 and I say "a rising tide is lifting all boats" you try to jump on that. Sad. Do better.
dajo9
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bear2034 said:

When the Democrats dump Biden, do the financial markets take a downturn or will institutions buy on the news?


The Dems aren't going to dump President Biden. You can tell from the primary that Dems are unified behind him.

But if we changed out one Democratic President for another it wouldn't matter much. We aren't a cult of personality like you MAGAts. Economic policy would be even better with a President Warren. My current favorite is Gavin Newson but his economic policies would be very similar to Biden. I like the way he makes a point.
tequila4kapp
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Unit2Sucks said:

tequila4kapp said:

I paid $3.059 per gallon this morning to fill up my car. That is the least I've paid in years.


Obviously not your claim, but many Americans think there is a lever in the oval office for exactly this situation.


I appreciate you noting it wasn't my post.
I do believe policy influence economics. I *****ed about it when gas was crazy expensive and my 401k was tanking. I'm perfectly fine being honest and observing that gas is reasonable and my 401k has fully recovered.
Lets Go Brandon 3
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dajo9 said:

Genocide Joe said:

dajo9 said:

S&P 500 breaking records and crashing through 5,000 for the first time. A rising tide is lifting all boats. Best economy we've had since the 1990's. Joe Biden and the Democrats did this.

https://www.cnbc.com/2024/02/08/stock-market-today-live-updates.html
In 2020 under a Republican President:
https://bearinsider.com/forums/6/topics/97442/replies/1792313

Quote:

I don't know about the stock market, but that's not the economy anyway.
People who are intellectually dishonest always end up clowning themselves.

What a desperate fail. I've got post after post about the economy and when the S&P 500 breaks through 5,000 and I say "a rising tide is lifting all boats" you try to jump on that. Sad. Do better.
Yeah, I've been laughing at how terrible those other posts have been too.

Of course the Potato-In-Chief clowns himself as bad as you do, so it's not surprising you take your queues from him.


bear2034
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Bidenomics
dajo9
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bear2034 said:



Bidenomics


That's an interesting data point presented from our Russian propaganda friends at zerohedge, so I researched it. Did you?

Turns out twice as many part time jobs were lost to Covid than full time jobs (makes sense). Full time jobs were fully recovered in 2022. Part time jobs fully recovered in 2023.
https://economistwritingeveryday.com/2023/10/11/is-the-job-growth-driven-by-part-time-workers/
oski003
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dajo9 said:

bear2034 said:



Bidenomics


That's an interesting data point presented from our Russian propaganda friends at zerohedge, so I researched it. Did you?

Turns out twice as many part time jobs were lost to Covid than full time jobs (makes sense). Full time jobs were fully recovered in 2022. Part time jobs fully recovered in 2023.
https://economistwritingeveryday.com/2023/10/11/is-the-job-growth-driven-by-part-time-workers/


Looks like Trump and Biden have done a good job setting ourselves back on course after Covid shut down the economy. The spending worked. Should we be concerned about the increasing size of our national debt or does it not really matter much?
dajo9
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oski003 said:

dajo9 said:

bear2034 said:



Bidenomics


That's an interesting data point presented from our Russian propaganda friends at zerohedge, so I researched it. Did you?

Turns out twice as many part time jobs were lost to Covid than full time jobs (makes sense). Full time jobs were fully recovered in 2022. Part time jobs fully recovered in 2023.
https://economistwritingeveryday.com/2023/10/11/is-the-job-growth-driven-by-part-time-workers/


Looks like Trump and Biden have done a good job setting ourselves back on course after Covid shut down the economy.


Lol
Lets Go Brandon 4
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tequila4kapp
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Bad inflations numbers out today.

Another report today indicates the majority of job growth is from migrants, while the percentage of white male working age people leaving the workforce voluntarily is highest on record.
dajo9
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tequila4kapp said:

Bad inflations numbers out today.

Another report today indicates the majority of job growth is from migrants, while the percentage of white male working age people leaving the workforce voluntarily is highest on record.
What tequila and the corporate news are calling a bad inflation number is 3.1% year over year inflation. Down from 3.4% last month. Over 2/3's of the increase is from Shelter which continues its slow, lagged trend back down. Shelter was up 6.0%, down from 6.2% the prior month.

dajo9
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Genocide Joe said:



Lol at that reader context. Saved me from doing the work.
 
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