Bidenomics

60,779 Views | 803 Replies | Last: 14 hrs ago by DiabloWags
dajo9
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Thanks to the Democratic Party, America is investing in itself again. Jobs are up, inflation is down. It's Morning In America.

"The rules were that you were not going to fact check"
MAGA
dajo9
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Blue collar workers are better off than before covid
"The rules were that you were not going to fact check"
MAGA
dajo9
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"The rules were that you were not going to fact check"
MAGA
AunBear89
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More Yogi Sock Puppet nonsense.
"There are three kinds of lies: lies, damned lies, and statistics." -- (maybe) Benjamin Disraeli, popularized by Mark Twain
DiabloWags
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AunBear89 said:

More Yogi Sock Puppet nonsense.


3 new accounts in the same day.
McKeever, Wyking Jones, and U and an actual Crane.

Dude is mental.
DiabloWags
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Dajo sure knows how to cherry-pick.
So does Sleepy Joe.

In 1982-1984 dollars, which takes account of inflation, avg hourly earnings for all private workers were $11.39 when Biden took office. As of May, they were at $11.03

That's a 3.16% decline in real earnings for the average worker across the 29 months of the Biden presidency.

These are official Labor Department statistics.
dimitrig
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I would hope inflation is down given how much more expensive everything is now. Many things I buy cost 50% more now than they did before COVID.

There's only so much blood that can squeezed out of the turnip that is the pocketbook of working Americans. I am shocked that there is still any inflation at all. I think we are all ready to see a little deflation even, although we know that won't ever happen.

dajo9
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dimitrig said:


I would hope inflation is down given how much more expensive everything is now. Many things I buy cost 50% more now than they did before COVID



Like what?
"The rules were that you were not going to fact check"
MAGA
dimitrig
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dajo9 said:

dimitrig said:


I would hope inflation is down given how much more expensive everything is now. Many things I buy cost 50% more now than they did before COVID



Like what?


Are you implying this is not true?

I am sure you can make up your own list but how about gasoline for starters?

https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=EMM_EPMR_PTE_Y05LA_DPG&f=W



dajo9
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dimitrig said:

dajo9 said:

dimitrig said:


I would hope inflation is down given how much more expensive everything is now. Many things I buy cost 50% more now than they did before COVID



Like what?


Are you implying this is not true?

I am sure you can make up your own list but how about gasoline for starters?

https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=EMM_EPMR_PTE_Y05LA_DPG&f=W






Gas is up 37% since before Covid. Gas is very volatile. It's up 12% from a decade ago.
"The rules were that you were not going to fact check"
MAGA
dajo9
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La Resistance said:

dajo9 said:

dimitrig said:


I would hope inflation is down given how much more expensive everything is now. Many things I buy cost 50% more now than they did before COVID

Like what?



It's hard to argue with stupidity
"The rules were that you were not going to fact check"
MAGA
DiabloWags
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dajo9 said:



Gas is up 37% since before Covid. Gas is very volatile. It's up 12% from a decade ago.


You're CHERRY PICKING again to promote your political bias.

It makes your MBA worthless.

Shocker.
DiabloWags
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dimitrig said:


I would hope inflation is down given how much more expensive everything is now. Many things I buy cost 50% more now than they did before COVID.




Core PCE for May was +4.6%
Still elevated.

https://m.investing.com/economic-calendar/core-pce-price-index-905
dajo9
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Also, gas companies are gouging you. ExxonMobil Q4 2019 net income was $15 billion. Q4 2022 it was $27 billion.
"The rules were that you were not going to fact check"
MAGA
dajo9
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DiabloWags said:

dimitrig said:


I would hope inflation is down given how much more expensive everything is now. Many things I buy cost 50% more now than they did before COVID.




Core PCE for May was +4.6%
Still elevated.

https://m.investing.com/economic-calendar/core-pce-price-index-905



Cherrypicking would be reporting out regular or core inflation depending on which is higher, as you do.
"The rules were that you were not going to fact check"
MAGA
dajo9
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DiabloWags said:

Dajo sure knows how to cherry-pick.
So does Sleepy Joe.

In 1982-1984 dollars, which takes account of inflation, avg hourly earnings for all private workers were $11.39 when Biden took office. As of May, they were at $11.03

That's a 3.16% decline in real earnings for the average worker across the 29 months of the Biden presidency.

These are official Labor Department statistics.



If inflation was caused by covid (and the supply chain disruptions and the govt response etc.) then the appropriate measure for impact is pre-covid vs. now. That's what Krugman does above in reporting blue collar workers are better off. That's the question coming from dimitrig. That's the economics question.

The measure you are using of just looking at Biden's time in office sounds good for politics but is flawed for economics because of what Krugman called "composition effects". Wages spiked in 2020. Why? Because so many jobs were lost at the bottom that the average wage went up. During Biden's Presidency those low paying jobs have been restored, bringing the average wage back down. Composition effects.

From pre-covid through low paying job losses under Trump through low paying job gains under Biden, and all the government handouts making sure people didn't starve (plus Trump's PPP grift machine), the data shows blue collar workers are better off than before covid.

Bottom line, the Biden jobs boom brought blue collar jobs back at higher real wages than those jobs previously existed at.

That's a remarkable success story and something we should celebrate but for political reasons people try to pretend it didnt happen. But it is what the data shows.

Corporate news will continue to fixate on inflation as long as they can but they are missing the big picture as are Biden's opponents. It will be hard for Biden to overcome the corporate news bias against Democrats, but that is always the case.

https://www.epi.org/publication/state-of-working-america-wages-in-2020/#:~:text=Wages%20grew%20largely%20because%20more,25%25%20of%20the%20wage%20distribution.
"The rules were that you were not going to fact check"
MAGA
wifeisafurd
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Typical dinner with friends: Listen to all the problems I have with Joe Biden, and why I will vote for him when he runs against Trump again...
BearHunter
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It's not really about policy or economics for them, it's about power and an affiliation with something greater than their own lives. So they will continue to complain about the Democratic Party while voting for their candidates.
dajo9
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Autocrats hate the Democratic Party
https://www.bloomberg.com/news/articles/2023-07-03/saudi-arabia-prolongs-unilateral-oil-output-cut-into-august?srnd=premium
"The rules were that you were not going to fact check"
MAGA
82gradDLSdad
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wifeisafurd said:

Typical dinner with friends: Listen to all the problems I have with Joe Biden, and why I will vote for him when he runs against Trump again...


Spending 4th of July week with both sister in laws and brother in laws. No politics...yah, right. Divided group. Doing our best to crack jokes about all of it. So far, so good.
DiabloWags
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dajo9 said:

DiabloWags said:

dimitrig said:


I would hope inflation is down given how much more expensive everything is now. Many things I buy cost 50% more now than they did before COVID.




Core PCE for May was +4.6%
Still elevated.

https://m.investing.com/economic-calendar/core-pce-price-index-905



Cherrypicking would be reporting out regular or core inflation depending on which is higher, as you do.

Did you get your MBA online from University of Phoenix?
Or was it Trump University?

Anyone with a brain knows that the PCE for May was 3.8%
But Core PCE is much more important to the FED and that's all that matters.
It was +4.6%

If you want an alternate to core, you can use the Trimmed Mean PCE Inflation Rate provided by the Dallas Federal Reserve.
It was also at +4.6% but you wouldnt know that would you?

Trimmed Mean PCE Inflation rate - Dallasfed.org

The Fed - Comparing Two Measures of Core Inflation: PCE Excluding Food & Energy vs. the Trimmed Mean PCE Index (federalreserve.gov)
dajo9
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Here is diablo reporting out regular cpi/pce because it was higher
https://bearinsider.com/forums/6/topics/108015/replies/2009752

And again
https://bearinsider.com/forums/6/topics/108015/replies/2021863

"The rules were that you were not going to fact check"
MAGA
DiabloWags
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For someone who claims to have an MBA, you're just not very bright.

The ONLY inflation index that the FEDERAL RESERVE CARES ABOUT is PCE.

Why the PCE is the Federal Reserve's preferred measure of inflation - Marketplace

The Fed uses one inflation gauge as its North Star. Here's why (cnbc.com)


DiabloWags
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And the best predictor of future inflation trends is Core PCE.
That's why I posted the Core rate and how "sticky" it has been instead of the Sunshine Pumper "Bidenomics" that you post.

Duh.




Fed-preferred PCE gauge shows lowest U.S. inflation rate since April 2021, but stickiness at core hints at persistent price pressure - MarketWatch
DiabloWags
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dajo9 said:

Here is diablo reporting out regular cpi/pce because it was higher
https://bearinsider.com/forums/6/topics/108015/replies/2009752



Here is dajo9 FAILING in Basic Reading Comprehension.
He not only "cherry-picks" data . . . but he also "cherry-picks" posts.


dajo9
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La Resistance said:



Who knew calbear93 cosplayed as Joe Biden Hates Black People on twitter?
"The rules were that you were not going to fact check"
MAGA
DiabloWags
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dajo9 said:


Who knew calbear93 cosplayed as Joe Biden Hates Black People on twitter?

Who knew that your MBA was worthless?

I did.

BearHunter
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Twitter caught Kamala spreading disinformation.
Eastern Oregon Bear
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BearHunter said:



Twitter caught Kamala spreading disinformation.
How is it disinformation if the first sentence of the added context says it's factually correct?
GoOskie
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Economy is on the upswing AND we don't have dirty traitorous rats running the Executive.
This just in: Republicans find another whistleblower who claims Hillary's emails were proven to be on Hunter's laptop while Obama spied on tRump as he sat (shat?) upon his golden toilet. Gym Jordan afraid whistle blower may be in danger of abduction by aliens in cahoots with Democrats.
BearHunter
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What in the world is going on here?
BearHunter
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bearister
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Business boom fueled by travel, events


https://www.axios.com/2023/08/29/businesses-yelp-economy-growth-concerts-travel-home-improvement

*What is Jesse Watter's spin on this?
Cancel my subscription to the Resurrection
Send my credentials to the House of Detention
I got some friends inside
Lets Go Brandon 15
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dimitrig
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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.

 
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