Biden's Economic policies are a plus

[BIGDADDYFROMCINCINNATI]

According to the US Bureau of Labor June economic numbers:

Unemployment is 3.6% remaining the lowest its been since the 1960s;

INFLATION is now back to a normal 3% without causing a recession;

Wage growth has increased by 1.2%;

Union Worker productivity doubles in 25 of 30 selected trades.

Biden continues to reduce our national debt.

We are starting to see the fruits of Bidenomics by propping up the middle class while having the backs of our nation's blue-collar union workers as the national infrastructure bill kicks into full gear during the spring, summer, and fall months.

Expect continued strong economic growth into 2024 with unemployment remaining low and inflation in check.

US Bureau of Labor June '23 numbers

[basballguy]

(07-12-2023, 04:49 PM)BIGDADDYFROMCINCINNATI Wrote: According to the US Bureau of Labor June economic numbers:

Unemployment is 3.6% remaining the lowest its been since the 1960s;

INFLATION is now back to a normal 3% without causing a recession;

Wage growth has increased by 1.2%;

Union Worker productivity doubles in 25 of 30 selected trades.

Biden continues to reduce our national debt.

We are starting to see the fruits of Bidenomics by propping up the middle class while having the backs of our nation's blue-collar union workers as the national infrastructure bill kicks into full gear during the spring, summer, and fall months.

Expect continued strong economic growth into 2024 with unemployment remaining low and inflation in check.

US Bureau of Labor June '23 numbers

While it's been a pleasant surprise with what we've seen this last 6 months, I wouldn't say we're in the clear.  

If inflation reverses course (which it may very well do with continued job and wage growth), then there's not much wiggle room left with increasing interest rates...which is the primary tool for combatting inflation. Powell has indicated there's still probably two more hikes by the end of the year. If The federal reserve chairman doesn't think the economy is under control, then why the heck do you?

Personal savings are completely drained and credit is increasing...just a couple months ago we were worried about banks being over leveraged and caused a mini run on banks.  People are actually moving their cash from traditional institutions to money wallets (Venmo, Cash App, things like that).  

There are a lot of indicators saying we're heading for a recession.  I hope you're right, but you're in an incredible minority with this thinking.

Separately, you seem pleased inflation is back to the pre pandemic levels.  So Biden (by your words) finally stopped the bleeding, but he can't fix all that blood we lost over the last 2 years?  

Your eggs will forever be 7 dollars.  That's not ok.  

[Truck_1_0_1_]

Our prime lending rate was raised to 5% today, highest it's been since... the 90s, I think?

Anyways, we continue to see inflation at also around 3% here in Canada and it's been falling as well.

I can get GOOD QUALITY eggs (which are better than US eggs anyways ) for $2.99 at any grocery store here, just north of Toronto.

It's your egg farmers or your grocery chains (or both) that are raising that price and I don't think it has anything to do with inflation...

[*pally*]

(07-12-2023, 05:39 PM)basballguy Wrote: While it's been a pleasant surprise with what we've seen this last 6 months, I wouldn't say we're in the clear.  

If inflation reverses course (which it may very well do with continued job and wage growth), then there's not much wiggle room left with increasing interest rates...which is the primary tool for combatting inflation.  Powell has indicated there's still probably two more hikes by the end of the year.  If The federal reserve chairman doesn't think the economy is under control, then why the heck do you?  

Personal savings are completely drained and credit is increasing...just a couple months ago we were worried about banks being over leveraged and caused a mini run on banks.  People are actually moving their cash from traditional institutions to money wallets (Venmo, Cash App, things like that).  

There are a lot of indicators saying we're heading for a recession.  I hope you're right, but you're in an incredible minority with this thinking.

Separately, you seem pleased inflation is back to the pre pandemic levels.  So Biden (by your words) finally stopped the bleeding, but he can't fix all that blood we lost over the last 2 years?  

Your eggs will forever be 7 dollars.  That's not ok.  

a dozen of Kroger grade A large eggs is $1.89

The current driver of inflation is housing costs

[BIGDADDYFROMCINCINNATI]

(07-12-2023, 05:39 PM)basballguy Wrote: While it's been a pleasant surprise with what we've seen this last 6 months, I wouldn't say we're in the clear.  

If inflation reverses course (which it may very well do with continued job and wage growth), then there's not much wiggle room left with increasing interest rates...which is the primary tool for combatting inflation.  Powell has indicated there's still probably two more hikes by the end of the year.  If The federal reserve chairman doesn't think the economy is under control, then why the heck do you?  

Personal savings are completely drained and credit is increasing...just a couple months ago we were worried about banks being over leveraged and caused a mini run on banks.  People are actually moving their cash from traditional institutions to money wallets (Venmo, Cash App, things like that).  

There are a lot of indicators saying we're heading for a recession.  I hope you're right, but you're in an incredible minority with this thinking.

Separately, you seem pleased inflation is back to the pre pandemic levels.  So Biden (by your words) finally stopped the bleeding, but he can't fix all that blood we lost over the last 2 years?  

Your eggs will forever be 7 dollars.  That's not ok.  

WTF? This is an example of GOP fearmongering in a passive-aggressive manner.   You must be reading or listening to right-wing tabloid media, b/c the economic reports I read this morning have a recession in the rearview mirror.  Yes, the Fed needs to be careful in not to raise interest rates too fast or it will spark a recession.  However, this is no longer the case as we have interests rates under control, job growth and wages are up, and there are plenty of jobs out there for people who want them.  Also, personal savings are increasing.  So if people are depleting their savings in this job market it's b/c they refuse to get off their rear end and go to work. 

The bleeding (Inflation) that Draft Dodger Don "the Conman" Trump created by printing $ Trillions back by nothing, manipulating the Federal Reserve by not allowing an interest rate increase, increasing our national debt by over $ 6.8 trillion, Trump added 40% to our debt the most of any president, and the massive tax cuts which benefited the wealthiest Americans the most. These are the main factors leading to 17% inflation that Biden inherited from tRump.

If you'd click on the link you'd see eggs, meat, fish, and poultry have negative information numbers meaning they went down.   The right-wingers just can't stand and hate that Americans are starting to turn the corner with Joe Biden's economic policies.  So logically they hate American prosperity. 

[basballguy]

(07-12-2023, 06:07 PM)BIGDADDYFROMCINCINNATI Wrote: WTF? This is an example of GOP fearmongering in a passive-aggressive manner. 

The bleeding (Inflation) that Draft Dodger Don "the Conman" Trump created by printing $ Trillions back by nothing, manipulating the Federal Reserve by not allowing an interest rate increase, increasing our national debt by over $ 6.8 trillion, Trump added 40% to our debt the most of any president, and the massive tax cuts which benefited the wealthiest Americans the most. These are the main factors leading to 17% inflation that Biden inherited from tRump.

If you'd click on the link you'd see eggs, meat, fish, and poultry have negative information numbers meaning they went down.   You just can't stand and hate that Americans are starting to turn the corner with Joe Biden's economic policies.  So logically you hate American prosperity. 

Your version of history is not aligned with reality.  You've had this explained to you many times before but you just don't get it so there's no point in trying to now.  

[BIGDADDYFROMCINCINNATI]

(07-12-2023, 06:24 PM)basballguy Wrote: Your version of history is not aligned with reality.  You've had this explained to you many times before but you just don't get it so there's no point in trying to now.  

Oh, I think its quite aligned with reality, but again this is coming from someone who thinks eggs are going to be over $7.00 forever. 

[Goalpost]

I'm quietly optimistic where we are at. Core CPI came in at .2 percent today which is why the market responded so positively. To me, the Fed should quit raising rates and develop a wait and see attitude now by month. But it sounds like they are not to that point, still wanting to be hawkish.

[Luvnit2]

(07-12-2023, 05:53 PM)pally Wrote: a dozen of Kroger grade A large eggs is $1.89

The current driver of inflation is housing costs

You left price of gasoline was $2.38 when Biden took office versus $3,57 now. that is a $1.19 increase or around 50%.

https://www.automotive-fleet.com/10134992/national-average-gas-prices-rise-steadily-in-2021

Housing inflation is an issue. A lot is due to high interest rates for mortgages.

Business loans are an issue due to high interest rates.

Food is up 22.4% since Biden took office. 
2021 - 6.3 %
2022 - 10.4%
2023 - 5.7%

Trump's food increase from 2017 to 2020 was 9% over 4 years.
2017 - 1.6%
2018 - 1.6%
2019 - 1.9%
2020 - 3.9%

https://www.usinflationcalculator.com/inflation/food-inflation-in-the-united-states/

This is an example of why Democrats pounding their chests and saying the economy is great under Biden is a farce. I saw today the average family lost $8,000 to $30,000 a year due to inflation since Biden took office. The middle class as those in poverty feel the inflation every day, no hiding from it but trying to put lipstick on a pig.

[Luvnit2]

(07-12-2023, 06:07 PM)BIGDADDYFROMCINCINNATI Wrote: WTF? This is an example of GOP fearmongering in a passive-aggressive manner.   You must be reading or listening to right-wing tabloid media, b/c the economic reports I read this morning have a recession in the rearview mirror.  Yes, the Fed needs to be careful in not to raise interest rates too fast or it will spark a recession.  However, this is no longer the case as we have interests rates under control, job growth and wages are up, and there are plenty of jobs out there for people who want them.  Also, personal savings are increasing.  So if people are depleting their savings in this job market it's b/c they refuse to get off their rear end and go to work. 

The bleeding (Inflation) that Draft Dodger Don "the Conman" Trump created by printing $ Trillions back by nothing, manipulating the Federal Reserve by not allowing an interest rate increase, increasing our national debt by over $ 6.8 trillion, Trump added 40% to our debt the most of any president, and the massive tax cuts which benefited the wealthiest Americans the most. These are the main factors leading to 17% inflation that Biden inherited from tRump.

If you'd click on the link you'd see eggs, meat, fish, and poultry have negative information numbers meaning they went down.   The right-wingers just can't stand and hate that Americans are starting to turn the corner with Joe Biden's economic policies.  So logically they hate American prosperity. 

I guess your argument is 66% of the public are stupid when the think the economy is doing well. It is not GOP pointing out facts, it is facts anyone can google and see why the middle class and those in poverty have gotten crushed by the Biden economy. It is good to see they put a bandaid on slowing inflation by spending over 1 trillion dollars adding to our debt, but the fact is food alone has gone up over 22% since Biden took office and gas prices almost 50%.

You can't hide from facts,  you can't market your way the economy is humming.

[Belsnickel]

JFC. Tying the economy to a POTUS is stupid. Their impact is minimal compared to the global and domestic factors that they have no control over.

[*Synric*]

(07-12-2023, 06:59 PM)Belsnickel Wrote: JFC. Tying the economy to a POTUS is stupid. Their impact is minimal compared to the global and domestic factors that they have no control over.

I don't think people understand how bad the drought is in Europe. That is a large part of the rising food prices.

[*pally*]

(07-12-2023, 06:52 PM)Luvnit2 Wrote: You left price of gasoline was $2.38 when Biden took office versus $3,57 now. that is a $1.19 increase or around 50%.

https://www.automotive-fleet.com/10134992/national-average-gas-prices-rise-steadily-in-2021

Housing inflation is an issue. A lot is due to high interest rates for mortgages.

Business loans are an issue due to high interest rates.

Food is open 22.4% since Biden took office. 
2021 - 6.3 %
2022 - 10.4%
2023 - 5.7%

Trump's food increase from 2017 to 2020 was 9% over 4 years.
2017 - 1.6%
2018 - 1.6%
2019 - 1.9%
2020 - 3.9%

https://www.usinflationcalculator.com/inflation/food-inflation-in-the-united-states/

This is an example of why Democrats pounding their chests and saying the economy is great under Biden is a farce. I saw today the average family lost $8,000 to $30,000 a year due to inflation since Biden took office. The middle class as those in poverty feel the inflation every day, no hiding from it but trying to put lipstick on a pig.

Now think really really hard and maybe you can come up with a reason that gas prices were so low when Biden took office.  

And while transportation costs have contributed to food cost increases....the climate and natural disaster impact on food crops over the last 3 years have been monumental. Presidents can do a lot...but much of what hit the agricultural economy is out of their or anyone's control.

[BIGDADDYFROMCINCINNATI]

(07-12-2023, 06:57 PM)Luvnit2 Wrote: I guess your argument is 66% of the public are stupid when the think the economy is doing well. It is not GOP pointing out facts, it is facts anyone can google and see why the middle class and those in poverty have gotten crushed by the Biden economy. It is good to see they put a bandaid on slowing inflation by spending over 1 trillion dollars adding to our debt, but the fact is food alone has gone up over 22% since Biden took office and gas prices almost 50%.

You can't hide from facts,  you can't market your way the economy is humming.

Buddy, you are so outta touch it's pathetic.  You're only correct in saying you can't hide from the facts. The Beaure of Labor spells them out pretty darn clearly and President Joe Biden has our economy humming along, notwithstanding.  
Your gas prices argument is entirely laughable and not even worth addressing;
66% of Americans do not think our economy is doing poorly;
Union trade workers are more productive, and middle-class families are back to work and saving money;
Food prices are back in check, FYI eggs are below $1.99;
I posted a link to the US Bureau of labor statistics for unemployment, job growth, savings, and inflation but something tells me you'd rather get your information from right-wing tabloid news sources rather than from US Gov't agencies.  Go ahead and keep on hating on American prosperity, but DO YOUR RESEARCH before posting such nonsense! 
*Also, I hear Kroger has a sale on non-stick tin foil.

[Sociopathicsteelerfan]

(07-12-2023, 06:59 PM)Belsnickel Wrote: JFC. Tying the economy to a POTUS is stupid. Their impact is minimal compared to the global and domestic factors that they have no control over.

I was going to point this out earlier, but it would have been ignored.  Glad you pointed it out.

(07-12-2023, 07:14 PM)Synric Wrote: I don't think people understand how bad the drought is in Europe. That is a large part of the rising food prices.

Does the US get much food imported from Europe?

I googled it and found this.

https://www.statista.com/statistics/1071288/value-of-us-food-manufactures-imports-from-europe/

I'm curious as to what we'd actually need to import from Europe.  

[BIGDADDYFROMCINCINNATI]

(07-12-2023, 06:52 PM)Luvnit2 Wrote: You left price of gasoline was $2.38 when Biden took office versus $3,57 now. that is a $1.19 increase or around 50%.

https://www.automotive-fleet.com/10134992/national-average-gas-prices-rise-steadily-in-2021

Housing inflation is an issue. A lot is due to high interest rates for mortgages.

Business loans are an issue due to high interest rates.

Food is open 22.4% since Biden took office. 
2021 - 6.3 %
2022 - 10.4%
2023 - 5.7%

Trump's food increase from 2017 to 2020 was 9% over 4 years.
2017 - 1.6%
2018 - 1.6%
2019 - 1.9%
2020 - 3.9%

https://www.usinflationcalculator.com/inflation/food-inflation-in-the-united-states/

This is an example of why Democrats pounding their chests and saying the economy is great under Biden is a farce. I saw today the average family lost $8,000 to $30,000 a year due to inflation since Biden took office. The middle class as those in poverty feel the inflation every day, no hiding from it but trying to put lipstick on a pig.

You seem to think inflation happens overnight, and NEWS FLASH it doesn't! So no lipstick on a pig here, but go ahead and keep on hating American prosperity.  Americans will start to see more and more of Biden's plans making their lives more secure as his policies continue to blossom. 

Biden inherited the record high inflation from the Benedict Donald the Traitor Trump administration's policies.  Trump increased our national debt by $6.8 Trillion and he wouldn't allow the Fed to raise interest rates, just how in the hell is that conservative?  

I'll be a good sport and humor you here, Why don't you please enlighten us as to how these practices alone didn't lead to any of the hyperinflation that President Joe Biden inherited from Benedict Donald the Traitor Trump?   

Get your popcorn and hot sauce ready for this one. 

[KillerGoose]

This has been pointed out in several threads at this point but Biden isn't directly making the economy better, just like he didn't make it worse and like Trump didn't make it worse, or better etc. An economy is a machine and a very complex one at that. They can have minimal impact but their abilities are greatly overstated. It is simply an optics play - the Biden admin will talk it up and pat themselves on the back because the majority of voters in the U.S. are uninformed and will vote based off gas prices/price of goods with a smattering of social issues. The economy would have recovered regardless most likely.

[Belsnickel]

(07-12-2023, 07:42 PM)Sociopathicsteelerfan Wrote: I was going to point this out earlier, but it would have been ignored.  Glad you pointed it out.

I have been trying to sing this song for years.

(07-12-2023, 07:42 PM)Sociopathicsteelerfan Wrote: Does the US get much food imported from Europe?

I googled it and found this.

https://www.statista.com/statistics/1071288/value-of-us-food-manufactures-imports-from-europe/

I'm curious as to what we'd actually need to import from Europe.  

I found this: https://ustr.gov/countries-regions/europe-middle-east/europe/european-union#:~:text=U.S.%20total%20imports%20(general)%20of,vegetable%20oils%20(%241.3%20billion).

Now, we also have to keep in mind that even if we don't import the goods ourselves, a global shortage in supply will affect the price worldwide. Even if, for example, grain from Ukraine isn't making it to Europe, that doesn't make our supplies domestically short. However, it puts pressure on our supplies because there is a global demand and that will result in increased prices for us, as well.

[*pally*]

(07-12-2023, 08:01 PM)Belsnickel Wrote: I found this: https://ustr.gov/countries-regions/europe-middle-east/europe/european-union#:~:text=U.S.%20total%20imports%20(general)%20of,vegetable%20oils%20(%241.3%20billion).

Beer, wine, and olive oil are considered essentials in some households!

Another example of the US economy not existing in a vacuum.  Shortages in Europe will mean they have to replace those products with imports putting extra demand on the rest of the supply of that product.  Shortages in the US mean we import more at higher prices

We saw the impact of the worldwide avian flu that decimated the domestic and international poultry/egg markets.  Wildfires in NAPA impacting the grape crops impact domestic wine prices.

A fungus destroys the advocado crops and the price goes astronomical 

A war in Ukraine impacts the wheat farmers...European prices soar which means prices in the US soar to make up for that shortage

Drought in California's central valley impacts vegetable prices

Hurricanes damage Florida's orange crop...prices go up.

[BIGDADDYFROMCINCINNATI]

(07-12-2023, 06:59 PM)Belsnickel Wrote: JFC. Tying the economy to a POTUS is stupid. Their impact is minimal compared to the global and domestic factors that they have no control over.

In general, I would agree with this statement on a macro scale; however,  when you look at what Biden's infrastructure policies alone are doing for our union workers, they're growing the US economy from the middle out.  No trickle-down economics that only makes the wealthier more wealthier. Biden does have great unemployment numbers lowest in over 50-yrs, inflation is back in check, and ppl are now saving more than they're spending.  The trade unions are flourishing with 25 out of 30 trades reporting more than doubling their worker productivity. American construction companies are mandated to purchase goods and labor provided by American workers. President Biden also is leaving the Fed alone in their decisions on how to handle interest rates and that has helped bring inflation back in check.  

The average voting American sees the Buck Stopping with Biden. They don't realize gas prices and inflation were also worsened by supply chain issues and shortages creating higher demand.  As opposed to gas prices being so low b/c we were in a COVID lockdown and there was a huge supply of oil not being used.