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More Bidenomics

Not only is inflation dropping in the U.S. - it is finally dropping globally.

This is only possible when the U.S. has good leadership.



As hard as it is for me to give the federal reserve credit, I agree with you. Especially if they continue to hold rates steady and achieve this soft landing, which I fully expect them to do. The leadership at the federal reserve deserves a tip of the cap for getting us out of this mess they created.
 
Biden became president in 2021.
To best describe Bidenomics, we must credit him with the wage effects of 2019 and 2020?
Hot take.

I don’t have any problem with giving anybody credit for it. The poorest among us have seen their real wages increase under Trump and Biden. That’s a good thing. I’m countering the narrative that inflation is hurting the poorest among us and that the current economy is bad for them. That’s false.
 
All you gotta do is go shopping. That's where people perceive the economy. Nobody cares if the percentage of increase is less than it was a year ago. They care that a basket of groceries costs much more than it used to.
And that they are making more money now.
 
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I don’t have any problem with giving anybody credit for it. The poorest among us have seen their real wages increase under Trump and Biden. That’s a good thing. I’m countering the narrative that inflation is hurting the poorest among us and that the current economy is bad for them. That’s false.
The poorest got a boost from the stimulus payments, which went away, and now they more than pay that back in inflation that isn’t going away.

Huge government checks doled out by Trump and Congress, with Biden’s vocal support.
Temporary poverty amelioration shows up in the stats, then the handout stops, but the price resets to the expanded monetary pool are just getting underway. They don’t play out instantly, and will be aggravated by the fact our deficits remain over a trillion dollars a year for the foreseeable future.

The net result is a big increase in federal debt and debt carrying costs. Those debt carrying costs are actually a wealth transfer to the cohort that owns the federal debt. Which doesn’t happen to be the poor or middle class.
 
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The poorest got a boost from the stimulus payments, which went away, and now they more than pay that back in inflation that isn’t going away.

Huge government checks doled out by Trump and Congress, with Biden’s vocal support.
Temporary poverty amelioration shows up in the stats, then the handout stops, but the price resets to the expanded monetary pool are just getting underway. They don’t play out instantly, and will be aggravated by the fact our deficits remain over a trillion dollars a year for the foreseeable future.

The net result is a big increase in federal debt and debt carrying costs. Those debt carrying costs are actually a wealth transfer to the cohort that owns the federal debt. Which doesn’t happen to be the poor or middle class.

You clearly didn’t read the article I posted. I forgive you.
 
Here we go guys... wait for it.... we will make everything 175% more expensive, then, we will reduce that by 10% over the last 12 months, and celebrate.
Would you prefer that inflation continue growing worldwide?

Do you honestly think the issue was created on purpose?

Or maybe should we be happy that the difficult job of cooling inflation without sparking a recession should be celebrated?

I'll hang up and listen to your answers.
 
Would you prefer that inflation continue growing worldwide?

Do you honestly think the issue was created on purpose?

Or maybe should we be happy that the difficult job of cooling inflation without sparking a recession should be celebrated?

I'll hang up and listen to your answers.
We had a recession, we have just been bouncing off the collapse of another one or depression.
 
You clearly didn’t read the article I posted. I forgive you.
Of course I did, did you?

Several large spending bills were passed in the first year of the pandemic, which provided enhanced and expanded unemployment insurance, economic impact payments, aid to states and localities, child tax credits, and temporary protection from eviction, among other measures

First year of the pandemic. 2020.
That stimulus is gone, as in not occurring under Biden.
Move the reference point to the period in question, drop 2019 and 2020, and get a better picture of the consequences of the pandemic response, once the ‘sugar high’ from Uncle Sugar wears off.
 
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Would you prefer that inflation continue growing worldwide?
Not at all. Governments need to stop inflating their currencies and manage their tax collections more forthrightly.

Do you honestly think the issue was created on purpose?
I think a large number don’t understand the cause, so they are not motivated to address the factors over other concerns they have (and want to see funded).
Of the subset that understand the cause, they disagree on the costs (political, fiscal, economic and social) associated with the political solution of money printing over increasing tax collections to achieve their aims.
The net result is enough ignorance and primacy of other motivations to allow the regressive policy of inflation become the easiest path forward.
AOC can take credit for the green project funding, and Rubio can brag on the MIC spending, while they blame the evil corporations for raising prices to keep Fritos on the shelf.

Or maybe should we be happy that the difficult job of cooling inflation without sparking a recession should be celebrated?
Your faith in ivory tower price fixing is misplaced.
Their zero rate policy has fostered the degree of our federal debt nightmare.
It’s bonkers public policy to me that we have 7 trillion dollars in debt held overseas to collect interest on Americans in perpetuity.
 
We had a recession, we have just been bouncing off the collapse of another one or depression.
That is objectively false - unless you are referring to the (shortest-ever) recession directly caused by a global pandemic.

The COVID-19 recession was the shortest on record, while the Great Recession of 2007-2009 was the deepest since the downturn in 1937-1938.

 
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Only if
Which part?


2 qtrs of negative growth


Or


The residential and commercial markets being on the edge of disaster, higher than ever household debt, and an impending student loan debt coming do not "bouncing off a collapse"?
Only if you want to make up your own definition of a recession. Which I'm sure you do.
 
Incorrect
Ok. If you prefer - you are incorrect.

A recession is a significant, widespread, and prolonged downturn in economic activity. A common rule of thumb is that two consecutive quarters of negative gross domestic product (GDP) growth mean recession, although more complex formulas are also used.

Economists at the National Bureau of Economic Research (NBER) measure recessions by looking at nonfarm payrolls, industrial production, and retail sales, among other indicators, going far beyond the simpler (although not as accurate) two quarters of negative GDP measure.

However, the NBER also says there is “no fixed rule about what measures contribute information to the process or how they are weighted in our decisions.”
 
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Ok. If you prefer - you are incorrect.

A recession is a significant, widespread, and prolonged downturn in economic activity. A common rule of thumb is that two consecutive quarters of negative gross domestic product (GDP) growth mean recession, although more complex formulas are also used.

Economists at the National Bureau of Economic Research (NBER) measure recessions by looking at nonfarm payrolls, industrial production, and retail sales, among other indicators, going far beyond the simpler (although not as accurate) two quarters of negative GDP measure.

However, the NBER also says there is “no fixed rule about what measures contribute information to the process or how they are weighted in our decisions.”
I'm aware the word "recession" got a revision during this administration along with the word "vaccine". The fact that you all have to keep changing definitions is telling of your place in these "debates".
 
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I'm aware the word "recession" got a revision during this administration along with the word "vaccine". The fact that you all have to keep changing definitions is telling of your place in these "debates".
When did it change? And by whom?

It wasn't me.

You're flailing. Again.
 
Yes, and actually there was major real wage growth in the lower classes. It's the middle class that got hit unfortunately.

Did you expect there to be no economic consequences of the spending during COVID?
Covid money, tax cuts and low interest money over time has a real cost attached to them....and FOOL should have seen this coming as it was a matter of time...but then Americans are really ignorant as a whole when it comes to his money Nd finances really work in the real world. For the most part, most Americans in “financial trouble” are victims of their own mistakes and bad financial decisions.,The rich and wealthy stack the de k in their favor....middle and lower poors pay.
 
No. It's not. You are the other rubes lap up that propaganda but it's not accurate.
Riley, that has always been the working definition and with even a slight amount of integrity you could go back and remind yourself of how the Biden administration changed that as it was activily happening. It was well published. Choosing to be stupid is worse than being stupid.
 
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