Biden, Trump and the economy: Who did better on inflation, jobs, gasoline prices?

[GMDino]

https://www.poynter.org/fact-checking/2024/is-economy-good-better-trump-vs-biden-jobs-inflation/

Quote:No president is all-powerful on economic matters. And there’s no simple answer for who has been the better steward. But here are some numbers.


Job seekers line up for a career fair in Oak Brook, Ill., July 2, 2009. (AP Photo/M. Spencer Green, File)
By: Louis Jacobson
March 5, 2024
 [/url]  
Get ready: In the 2024 presidential race, the candidates will talk about the economy. A lot.
We know because it’s already happening.

Incumbent President Joe Biden has touted the rapid growth of jobs on his watch. His predecessor and front-runner for the Republican nomination, Donald Trump, has focused on the four-decade-high inflation that peaked in the summer of 2022.

Biden argues the economy has turned the corner on inflation. Trump, who leads former South Carolina Gov. Nikki Haley comfortably, counters that residual inflation continues to inflict economic pain.

Voters are listening.

When the [url=https://poll.qu.edu/poll-release?releaseid=3890]Quinnipiac University poll asked respondents in February for what they thought was the most urgent issue facing the country, 20% said the economy — a close second behind preserving democracy at 21%. Among Republicans, 24% chose the economy (second to immigration at 35%) while 24% of independents picked the economy, making it their top issue.

With the Super Tuesday primaries coming this week, PolitiFact decided to look at a few common economic talking points in the presidential race. We compared the nation’s economic performance not just under Biden and Trump but also under their three predecessors: Barack Obama, George W. Bush, and Bill Clinton.

No president is all-powerful on economic matters. The severe but relatively brief interruption the coronavirus pandemic caused also makes comparisons tricky. And beyond the numbers are intangibles, such as leadership qualities.

There’s no simple answer for who has been the better economic steward. On the numbers, Biden has some advantages over Trump, and vice versa. Other economic statistics show both presidents putting up impressive numbers during their first three years in office. (Looking at the first three years in office was the fairest comparison, as Trump’s fourth year was walloped by the coronavirus pandemic, and Biden’s fourth year is just 2 months old.)

Biden’s best argument: a fast rise in jobs, manufacturing growth
In January, Biden highlighted that Trump was the first president to oversee a net loss of jobs since Herbert Hoover, who was in office when the Great Depression hit — but failed to mention the 2020 pandemic caused the nosedive.

When excluding the pandemic year of 2020, we found that the economy under Biden added jobs at a faster rate than under Trump — and faster than any of Biden’s recent predecessors.

Under Biden, U.S. employment is now 10% above what it was when he was sworn in. Ranking second after three years is Clinton, with almost 8%, followed by Trump with 4.4%. Both Obama and Bush had fewer jobs filled after three years than they had on their first day in office.

Biden benefited from favorable timing. He was inaugurated January 2021, as the pandemic started receding. Although the jobs recovery began under Trump, Biden was blessed with a steady flow of Americans moving back into jobs that had been hampered during the pandemic.


Still, the simple return of workers sidetracked by the pandemic doesn’t explain all the job gains on Biden’s watch, even though Trump has tried to make that case. Employment data through Biden’s first three years in office significantly exceeds where the workforce stood before the pandemic.

Given that job creation was leveling off during Trump’s last few months in office, “it was not inevitable that we would get the huge bounceback we saw under Biden,” said Dean Baker, co-founder of the liberal Center for Economic and Policy Research. Biden’s American Rescue Plan, a pandemic recovery bill passed weeks after Biden took office, “was a huge deal here.”

Another factor in the expanding labor market — though one that’s become a political two-edged sword — has been higher immigration rates under Biden. This has helped fuel the economy, according to analyses by the nonpartisan Congressional Budget Office and others, even as it lets critics discuss chaos at the border.

Biden has emphasized the growth of manufacturing jobs when touting bills he’s signed into law, including the Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act.

The data shows that manufacturing jobs have grown by about 6.5% since Biden took office. Trump ranks second at 3.4%, followed by Clinton at 2.5%. Three years into their terms, Obama and Bush had both overseen losses in manufacturing jobs.


Trump’s best case: inflation, wage growth, gasoline prices
Biden and Trump have dueling messages on inflation, which peaked north of 9% in summer 2022. Economists generally blame pandemic-era supply chain problems, with Biden’s aid package exacerbating the rise in prices.
Biden has emphasized how much inflation has dropped.

“Wages are rising. Inflation is down,” Biden said in a Feb. 12 speech in Washington, D.C., to the National Association of Counties. The following day, Biden applauded the release of new inflation statistics showing that prices had risen by 3.1% in the year ended January 2024, about one-third of the 2022 peak level. It remains a bit above the 2% that the Federal Reserve wants to see before lowering interest rates.

The biggest reasons inflation has eased, economists have told us, are factors that the administration doesn’t control: Federal Reserve rate hikes, an oil price decline and a slowdown in China’s economy.

Inflation did not hamper Trump. During his first three years in office, Trump saw wages outpace inflation — the opposite of Biden.
For Biden, the data is improving, but that picture depends heavily on the time frame used.

If you start with Biden’s first day in office, prices have risen faster than wages — never a good sign for a president seeking reelection.

“In 2021 and 2022, people went to work and fell further behind,” said Douglas Holtz-Eakin, president of the center-right American Action Forum. “They are not over it, despite the gains in 2023.”

However, wage growth on Biden’s watch is on pace to exceed price growth within a couple of months. Also, wages have outpaced inflation for more than a year now, and wages have also outpaced inflation since Jan. 2020, the final month before the pandemic.


One difference between the Biden and Trump economies is data showing that the wage increases under Biden have been especially robust for poorer people.

Trump could make plenty of accurate claims about the pain of inflation. However, he has exaggerated how much prices have risen for bacon, overall food and gasoline.

In December, Trump said gasoline prices “are now $5, $6, $7 and even $8 a gallon.” We rated that claim Mostly False, since just a few gasoline stations nationally had prices that high. The nationwide average per-gallon price at the time was $3.14.

Gasoline prices have been unusually high under Biden, although they’ve dropped from their $5-per-gallon peak. That decline has stemmed from increased production, including in the United States, and the oil market’s realignment after Russia invaded Ukraine in 2022, which drove Western nations to restrict purchases of Russian oil.

Today, gasoline prices remain about one-third higher than they were when Biden took office. That’s a bigger percentage increase after three years than under Clinton, Bush or Trump. Obama fared worse; gasoline prices were 89% higher at his three-year mark.


Where Biden and Trump have similar success stories: unemployment rates, GDP, stock market
On several key metrics, Biden and Trump both have records to celebrate.

In June 2023, Biden touted the low unemployment rate on his watch, saying that it has been “below 4% for the longest stretch in 50 years in American history.” We rated this Mostly True. Unemployment has remained low partly because companies have more jobs to fill than available applicants; that has drawn some Americans back to work.

However, Trump also oversaw low unemployment rates. During Trump’s first three years in office, the unemployment rate averaged 4%; during Biden’s first three years, which included a few months when unemployment was still settling down after pandemic job losses, the average has been 4.2%.


Meanwhile, a measure called the “misery index” adds the unemployment rate and the inflation rate.
After spiking when inflation was highest in summer 2022, the metric has fallen to a level lower than it was under Clinton, Bush and Obama at the end of year three. Trump’s misery index was lower at this point in his presidency, but Biden’s current level is lower than it was when Trump left office.


Biden has also trumpeted the growth in the most basic measurement of economic output: gross domestic product, or the collective value of all goods and services made in the U.S.. In January he called a 3.1% expansion in the economy during the fourth quarter of 2023 “good news for American families and American workers. That is three years in a row of growing the economy from the middle out and the bottom up on my watch.”

If you ignore the pandemic years of 2020 and 2021, the annual GDP growth rates under the two most recent presidents have been similar, ranging from about 2% to 3%. That range was also typical under Obama’s presidency and for much of Bush’s, except for the two toughest years of the Great Recession, 2008 and 2009.


Meanwhile, Biden has recently taken to touting the stock market’s health, saying on X, “The stock market going strong is a sign of confidence in America’s economy.”

As president, Trump often trumpeted stock market gains, although he’s dismissed the gains under Biden as helping only rich people (incorrectly — more than half the public owns stocks.)

Either way, both presidents have overseen rising share prices. During Trump’s first three years, the S&P 500, a broad stock market gauge, rose by 1,050 points. In Biden’s first three years, it has risen by 988 points. (Since Jan. 20, 2024, the S&P has risen an additional 287 points.)


This fact check was originally published by PolitiFact, which is part of the Poynter Institute. See the sources for this fact check here.

The link provides the graphs for the data points.

[Luvnit2]

This is the reality less than 8 months from the election. Voters feel Bidenomics sucks and liked economic policies under Trump. Only 40% of the country like Biden's economic policies. Factor in the ratio of more Democrats than Republicans, a lot of Democrats hate his economy. Click on the link and you can also see how Obama and Trump fared with the economy.

https://www.realclearpolling.com/polls/approval/joe-biden/economy

President Biden Job Approval - Economy

President Job Approval: Biden | Trump | Obama | Bush

Biden Approval on Issues: Economy | Foreign Policy | Inflation | Crime | Immigration | Ukraine | Direction of the Country

POLLSTER DATE SAMPLE
APPROVE
DISAPPROVE
SPREAD
RCP Average
1/25 - 2/28 — 40.2 57.4
Spread
-17.2
FOX News
2/25 - 2/28 1262 RV 37 62
Spread
-25
Economist/YouGov
2/25 - 2/27 1498 RV 44 52
Spread
-8
Wall Street Journal
2/21 - 2/28 1500 RV 40 58
Spread
-18
Harvard-Harris
2/21 - 2/22 2022 RV 43 57
Spread
-14
Quinnipiac
2/15 - 2/19 1421 RV 42 55
Spread
-13
CBS News
2/13 - 2/14 1744 A 39 61
Spread
-22
Financial Times/Ross
2/2 - 2/5 1006 RV 36 60
Spread
-24
NPR/PBS/Marist
1/29 - 2/1 1441 RV 42 54
Spread
-12
NBC News
1/26 - 1/30 1000 RV 37 60
Spread
-23
Yahoo News
1/25 - 1/29 1066 RV 42 55
Spread
-13

[Luvnit2]

Here is most recent on immigration. Only 31% of voters approve of Biden's immigration policies, the number 1 issue right now for POTUS election in November, followed by the economy.

https://www.realclearpolling.com/polls/approval/joe-biden/immigration

President Biden Job Approval - Immigration

President Job Approval: Biden | Trump | Obama | Bush

Biden Approval on Issues: Economy | Foreign Policy | Inflation | Crime | Immigration | Ukraine | Direction of the Country

POLLSTER DATE SAMPLE
APPROVE
DISAPPROVE
SPREAD
RCP Average
1/25 - 2/28 — 31.0 64.1
Spread
-33.1
FOX News
2/25 - 2/28 1262 RV 31 66
Spread
-35
Wall Street Journal
2/21 - 2/28 1500 RV 29 66
Spread
-37
Harvard-Harris
2/21 - 2/22 2022 RV 35 65
Spread
-30
Economist/YouGov
2/18 - 2/20 1360 RV 35 59
Spread
-24
Monmouth
2/8 - 2/12 822 RV 26 71
Spread
-45
NPR/PBS/Marist
1/29 - 2/1 1441 RV 29 61
Spread
-32
Yahoo News
1/25 - 1/29 1067 RV 32 61
Spread
-29

[GMDino]

https://x.com/atrupar/status/1766099154948800835?s=20

[Sociopathicsteelerfan]

(03-08-2024, 07:44 PM)GMDino Wrote:

https://x.com/atrupar/status/1766099154948800835?s=20

The economy doing well isn't really felt when people are paying insane prices due to inflation.  People believe what they see every day, not what a partisan hack like Rupar spouts on TwitterX.  I took my nephews to Disney Land this week, buying food was actually cheaper than eating at a fast food place.  If you know, you know.

[GMDino]

(03-08-2024, 07:53 PM)Sociopathicsteelerfan Wrote: The economy doing well isn't really felt when people are paying insane prices due to inflation.  People believe what they see every day, not what a partisan hack like Rupar spouts on TwitterX.  I took my nephews to Disney Land this week, buying food was actually cheaper than eating at a fast food place.  If you know, you know.

Steve Moore is a partisan hack? For Biden?

Weird!

[Sociopathicsteelerfan]

(03-08-2024, 08:15 PM)GMDino Wrote: Steve Moore is a partisan hack? For Biden?

Weird!

No, Aaron Rupar is.  His reporting someone else's words doesn't change that.  Oh wait, I get the confusion.  If you like them they can't possibly be a partisan hack.

[GMDino]

(03-08-2024, 08:52 PM)Sociopathicsteelerfan Wrote: No, Aaron Rupar is.  His reporting someone else's words doesn't change that.  Oh wait, I get the confusion.  If you like them they can't possibly be a partisan hack.

So a clip from FOX with a former Trump administration member isn't real because Rupar is a "hack" in your view?

If I just shared the clip from FOX and NOT the same clip from Rupar does that change anything sir?

[SunsetBengal]

(03-08-2024, 09:04 PM)GMDino Wrote: So a clip from FOX with a former Trump administration member isn't real because Rupar is a "hack" in your view?

If I just shared the clip from FOX and NOT the same clip from Rupar does that change anything sir?

Without being able to hear what Moore says after that quoted sentence, it's all just out of context, anyway.  Just more shitty journalism..

[Sociopathicsteelerfan]

(03-08-2024, 09:04 PM)GMDino Wrote: So a clip from FOX with a former Trump administration member isn't real because Rupar is a "hack" in your view?

If I just shared the clip from FOX and NOT the same clip from Rupar does that change anything sir?

First, you share tweets from that hack on a regular basis.  Second, if you posted the entire clip from Fox, then yes. 

[SunsetBengal]

(03-08-2024, 09:21 PM)Sociopathicsteelerfan Wrote: First, you share tweets from that hack on a regular basis.  Second, if you posted the entire clip from Fox, then yes. 

If he did that, the "gotcha" moment would likely lose steam...

[NATI BENGALS]

(03-08-2024, 07:53 PM)Sociopathicsteelerfan Wrote: The economy doing well isn't really felt when people are paying insane prices due to inflation.  People believe what they see every day, not what a partisan hack like Rupar spouts on TwitterX.  I took my nephews to Disney Land this week, buying food was actually cheaper than eating at a fast food place.  If you know, you know.

I have a hard time with that. Because I equate it to the typical American consumer who is terrible with finances and racks up credit card debt and makes impulse buys. Takes out $400,000 student loans for a $100,000 degree. Etc

I can go to McDonald’s and get two double cheeseburgers and two small fries for $7.

Taco Bell and get 5 soft tacos for 8 bucks.

Chipotle and get a giant burrito for a little over 9 bucks.

I can go to the grocery store and spend $200 and eat great healthy food and throw out a bunch of leftovers for two weeks straight.

Businesses listen when we talk with our wallets. I’m not a beer drinker but I thought about becoming one when the bud light cases were down to $5, what was that last year.

Netflix is a good example. They just keep jacking up the price, and people just keep paying. So they just keep jacking. Take a look at how much money they are making.

You know why the fed has held rates steady since last July? Because they are happy with how the fight against inflation is going.

Look at these rate hikes. During Biden’s term as we came out of a pandemic to go into the great resignation where a bunch of people wanted a better job and more money and that caused businesses to react and over hire and offer wage increases. Guess where that cost got passed down to?
https://en.wikipedia.org/wiki/History_of_Federal_Open_Market_Committee_actions
All that adds up and absolutely squeezes the lower and middle class who is borrowing money at higher rates. But the rate hikes have also helped bring the level of inflation way down. Which is why we haven’t had a rate hike since last July, and with the uptick in the unemployment rate today. Rate cuts became more likely in the near future.

[GMDino]

(03-08-2024, 09:12 PM)SunsetBengal Wrote: Without being able to hear what Moore says after that quoted sentence, it's all just out of context, anyway.  Just more shitty journalism..

You guys are a great team. 

Don't worry though, I'll do the heavy lifting for y'all.

https://thehill.com/business/4518770-former-trump-adviser-no-question-us-has-strongest-economy/

Quote:Former Trump adviser: ‘No question’ US has strongest economy
BY [/url]TAYLOR GIORNO - 03/08/24 10:11 AM ET

[url=https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fthehill.com%2Fbusiness%2F4518770-former-trump-adviser-no-question-us-has-strongest-economy%2F&picture=https%3A%2F%2Fthehill.com%2Fwp-content%2Fuploads%2Fsites%2F2%2F2024%2F03%2FGettyImages-1140769774-e1709910681891.jpg%3Fw%3D900&title=Former%20Trump%20adviser%3A%20%26%238216%3BNo%20question%26%238217%3B%20US%20has%20strongest%20economy&description=A%20former%20Trump%20economic%20adviser%20said%20Friday%20there%20is%20%26ldquo%3Bno%20question%26rdquo%3B%20the%20U.S.%20has%20the%20strongest%20economy%20in%20the%20world%20after%20a%20strong%20February%20jobs%20report%20followed%20President%20Biden%26rsquo%3Bs%20State%20of%20the%20Union%20address.%20%26ldquo%3BOne%20thing%20that%20Biden%20said%20last%20night%20that%20was%20true%3A%20It%20is%20true%20that%20the%20United%20States%20today%20has%20the%20strongest%26hellip%3B]SHAREPOST




Stephen Moore, visiting fellow at the Heritage Foundation, speaks during a Bloomberg Television interview in Washington, D.C., U.S., on Thursday, May 2, 2019. President Donald Trump’s selection for the Federal Reserve Board of Governors, Stephen Moore, said he is “all in” for the central bank despite growing objections to his potential nomination among Senate Republicans. Photographer: Andrew Harrer/Bloomberg via Getty Images

A former Trump economic adviser said Friday there is “no question” the U.S. has the strongest economy in the world after a strong February jobs report followed President Biden’s State of the Union address.

“One thing that Biden said last night that was true: It is true that the United States today has the strongest economy. There’s no question about it,” said Stephen Moore, a former Trump campaign economic adviser, on Fox Business Network.

Moore, a former opinion contributor to The Hill, was also floated by Trump to serve on the Federal Reserve Board, but he pulled out of consideration before he was formally nominated. Several GOP senators expressed reservations about supporting Moore amid growing backlash to his controversial remarks about women.

Moore’s comments come after a year of remarkable resilience for the U.S. economy.

Silicon Valley Bank and Signature Bank failed in March 2023, sparking fears of a wider banking crisis. Many economists were predicting a recession as the Federal Reserve continued to hike interest rates to their highest levels in more than two decades in an effort to curb high inflation, which peaked at 9 percent in 2022.

Since then, however, inflation has come down to around 3 percent, the jobless rate remains at historic lows and economic growth is strong as the country and the world regain their economic footing following the disruptions of the pandemic.

The February jobs report released Friday morning surpassed expectations, showing the U.S. added 275,000 jobs and the unemployment rate rose slightly to 3.9 percent, extending the longest stretch the jobless rate has been below 4 percent since November 1969.

While a March rate cut is all but off the table for the Fed, the central bank has signaled it plans to cut rates later this year as it brings the U.S.
 economy in for a rare “soft landing,” when economic growth cools enough to bring down inflation without triggering a recession.

But Moore’s comment came with a caveat: “We are the least rotten apple in the cart.”

“If you look at what’s happening in Europe today, Germany, Britain, France, if you look at Japan and China, they’re not growing,” Moore said, tempering his comment that the U.S. had the strongest economy. 

Whole segment.

https://www.foxbusiness.com/video/6348484986112

Of course the jobs report aren't the "right kind of jobs" and only 35% of the jobs are beyond the Covid losses.  Lots of caveats...it *IS* FOX of course but not a single word of what was posted was wrong or out of context.  Even Moore has to acknowledge that the economy recovered faster and better than the rest of the world...with Biden at the helm.

[SunsetBengal]

(03-08-2024, 09:34 PM)GMDino Wrote: You guys are a great team. 

Don't worry though, I'll do the heavy lifting for y'all.

https://thehill.com/business/4518770-former-trump-adviser-no-question-us-has-strongest-economy/



Whole segment.

https://www.foxbusiness.com/video/6348484986112

Of course the jobs report aren't the "right kind of jobs" and only 35% of the jobs are beyond the Covid losses.  Lots of caveats...it *IS* FOX of course but not a single word of what was posted was wrong or out of context.  Even Moore has to acknowledge that the economy recovered faster and better than the rest of the world...with Biden at the helm.

Yeah, that part at the end where he mentions that Europe and Japan's economies aren't growing..  I knew that there was more to it.  But, you had the "gotcha" moment going for a moment.

[Sociopathicsteelerfan]

(03-08-2024, 09:34 PM)NATI BENGALS Wrote: I have a hard time with that. Because I equate it to the typical American consumer who is terrible with finances and racks up credit card debt and makes impulse buys. Takes out $400,000 student loans for a $100,000 degree. Etc

I can go to McDonald’s and get two double cheeseburgers and two small fries for $7.  

Taco Bell and get 5 soft tacos for 8 bucks.

Chipotle and get a giant burrito for a little over 9 bucks.

Not sure where you live, but two double cheeseburgers and two small fries is way more than $7 here in CA.  A small fry here is $3.79 and a double cheeseburger is $4.89.


https://www.ubereats.com/brand-city/orange-ca/mcdonalds (please note prices vary slightly by site)

Quote:I can go to the grocery store and spend $200 and eat great healthy food and throw out a bunch of leftovers for two weeks straight.

Again, not here in CA.  Zero chance a family can live like that on $100 a week.

Quote:Businesses listen when we talk with our wallets. I’m not a beer drinker but I thought about becoming one when the bud light cases were down to $5, what was that last year.

Cool?

Quote:Netflix is a good example. They just keep jacking up the price, and people just keep paying. So they just keep jacking. Take a look at how much money they are making.

So now you're arguing my point?

Quote:You know why the fed has held rates steady since last July? Because they are happy with how the fight against inflation is going.

Fascinating.  Are the Fed and the average consumer the same thing?

Quote:Look at these rate hikes. During Biden’s term as we came out of a pandemic to go into the great resignation where a bunch of people wanted a better job and more money and that caused businesses to react and over hire and offer wage increases. Guess where that cost got passed down to?
https://en.wikipedia.org/wiki/History_of_Federal_Open_Market_Committee_actions
All that adds up and absolutely squeezes the lower and middle class who is borrowing money at higher rates. But the rate hikes have also helped bring the level of inflation way down. Which is why we haven’t had a rate hike since last July, and with the uptick in the unemployment rate today. Rate cuts became more likely in the near future.

This is a bit on the gibberish side, but essentially you're arguing my position.  I make a very nice living and I've noticed the price increases.  I can only imagine what a family on a tight budget has gone through the past two plus years.  But that takes empathy, which apparently is not a partisan value.

[Sociopathicsteelerfan]

(03-08-2024, 09:39 PM)SunsetBengal Wrote: Yeah, that part at the end where he mentions that Europe and Japan's economies aren't growing..  I knew that there was more to it.  But, you had the "gotcha" moment going for a moment.

Dude, you don't need a team.  You're doing fine solo.  

[GMDino]

(03-08-2024, 09:39 PM)SunsetBengal Wrote: Yeah, that part at the end where he mentions that Europe and Japan's economies aren't growing..  I knew that there was more to it.  But, you had the "gotcha" moment going for a moment.

Zero gotcha...and you know it. I don't post for that...but you know that too.

I share things that anyone can go check, complete with links so it's not "out of context".

The US *IS* growing.  Y'all worried about China's economy and we're doing so much better.

Morre *DID* admit it.

You could just say you were wrong about needing "context"...lol.

[SunsetBengal]

(03-08-2024, 10:03 PM)GMDino Wrote: Zero gotcha...and you know it.  I don't post for that...but you know that too.  

I share things that anyone can go check, complete with links so it's not "out of context".

The US *IS* growing.  Y'all worried about China's economy and we're doing so much better.

Morre *DID* admit it.

You could just say you were wrong about needing "context"...lol.

When the interest rates go down enough to allow people to afford buying homes and autos again, then I will be a believer.

[GMDino]

This image has been floating about FB today.




It says it was generated by Musk's AI on Twitter "Grok".  And after the 3rd or 4th friend shared it I finally looked and the numbers didn't make sense.  At least on of the totals had to be wrong and since I was working on stats anyway I threw them in to a sheet and well, they were off a bit.



The 2nd thing I took note of is how the percentages are high but the dollar amount isn't.

If this was your shopping list you'd spend an extra $20, I guess a week.

But then I wondered why only 120z of coffee was $6.99?  Maxwell House is $10.48 for a 42.5oz container.  Around 24 cents an ounce.

And that's just one example.

Anyway, I'm certainly not denying inflation exists but examples like this make their way around freely with people blaming whoever is in office at the time and they can't even get their numbers right...or provide a source for the numbers short of AI.

[*pally*]

(04-05-2024, 09:54 PM)GMDino Wrote: This image has been floating about FB today.




It says it was generated by Musk's AI on Twitter "Grok".  And after the 3rd or 4th friend shared it I finally looked and the numbers didn't make sense.  At least on of the totals had to be wrong and since I was working on stats anyway I threw them in to a sheet and well, they were off a bit.



The 2nd thing I took note of is how the percentages are high but the dollar amount isn't.

If this was your shopping list you'd spend an extra $20, I guess a week.

But then I wondered why only 120z of coffee was $6.99?  Maxwell House is $10.48 for a 42.5oz container.  Around 24 cents an ounce.

And that's just one example.

Anyway, I'm certainly not denying inflation exists but examples like this make their way around freely with people blaming whoever is in office at the time and they can't even get their numbers right...or provide a source for the numbers short of AI.

Another thing to look out when discussing food cost is something out of the control of any one person and that is the impact of climate, disease, natural events have on them. For example, over the time period of this list a worldwide avian flu decimated domesticated fowl flocks. The impact on supply drove up poultry and egg price. The trees that produce the most widely distributed bananas were stricken with a blight. It obliterated plantations in Asia, Africa, and the Middle East.
Drought n beef producing states have led ranchers to cull their herds to sizes that they can accommodate with less water. Drought followed by too much water also has hit California produce. Look for a big jump in Olive Ol prices. Spain, the world’s largest producer has been in a drought killing off their crop.