Economy Update Bidenomics

[Luvnit2]

https://www.foxnews.com/opinion/proof-bidenomics-really-isnt-working-americans

I have shown the inflation numbers under Biden and how they are killing lower and middle income citizens. This article highlights year over year inflation. Biden and his team want to take a victory lap and said they reduced inflation by 4% since last year. The problem is 2022 was over 7% and addi n 2023 inflation and it is ver 11% over 2 years. He has killed the economy and saying the economy is great shows a very out of touch Biden team.

Here's the proof Bidenomics really isn't working for Americans
Bidenomics isn't resonating with voters
The American economy continues to stumble along, doing better than expected at the macro level, while hurting working Americans at the micro level.

Inflation continues to loom large, despite October’s numbers beating Wall Street’s expectations; interest rates are at near record high levels, the housing market is a trainwreck, and credit card debt is at all-time highs.

Yet, for some reason, the Biden administration continues to give speeches touting the strength of the economy, touting Bidenomics. However, it isn’t resonating with voters.


A recent poll shows that just two percent of voters in "six battleground states said the economy was excellent. More than half of voters under 30, Hispanics, women, and people in every income bracket say they trust former President Trump to handle the economy more than Biden."

Inflation continues to remain higher than the Fed’s goal of 2.0 percent.

According to the Bureau of Labor Statistics, the Consumer Price Index (CPI), the most common measure of inflation, increased 3.2% in October 2023, versus September 2022. While the CORE CPI, which excludes more volatile variables such as fuel and food, was 4% higher.[b] What is lost on the majority of talking heads on financial television is that the CPI in October 2022 was 7.7%, meaning that prices today are nearly 11% higher than they were in 2021. While this is lost on the talking heads, it isn’t lost on working Americans who are trying to put food on the table and gas in their trucks.
[/b]

Why is Biden losing voters in his base, it is simple the answer to the question for lower and middle income voters of are you better off today under Biden than you were under Trump is a resounding no, not even close.

Biden has 11.5 months to fix the economy or lie like he did in 2020 and say he would eliminate student debt. He lied because he knew he needed Congress to eliminate student debt. Biden had full control of Congress in 2021 and 2022, yet his Democratic House and Senate refused to take up his campaign promise.

[GMDino]

https://www.bankrate.com/mortgages/historical-mortgage-rates/#current-rates

Not even close.

Quote:1970s mortgage rate trends
The 30-year fixed-rate mortgage — now the most popular type of home loan — started off the decade at about 7.3 percent in 1971, according to Freddie Mac’s survey. By the end of 1979, the 30-year rate was at 12.9 percent. During this era, the Federal Reserve’s expansionary policy and other factors helped drive inflation and borrowing costs way up.


1980s mortgage rate trends
At the beginning of 1980, homes in the U.S. cost a median $63,700, according to the Commerce Department. By 1990, that median had risen to $123,900. Spurred by the Great Inflation, the 30-year fixed mortgage rate reached a pinnacle of 18.4 percent in October 1981, according to Freddie Mac. Once the Fed reined in inflation, the 30-year rate seesawed down to the 9 percent range, closing the decade at 9.78 percent.




...


2020s mortgage rate trends

2020 saw new lows for mortgage rates, with the 30-year fixed rate diving to just under 3 percent, according to Bankrate data, and averaging 3.38 percent for the year. Amid the pandemic, fearful investors were attracted to safer products such as Treasury and mortgage bonds, pushing yields — and rates — lower.



Rates began to creep back up in 2021, but the ongoing pandemic ultimately tempered their rise.




Then came 2022 and 2023. In October 2022, the 30-year rate breached 7 percent, but settled back into the 6 percent range for the first half of 2023. In July 2023, rates reversed course, and the 30-year has since steadily tracked toward 8 percent.

I'll add the usual question:  When have prices ever gone down?  Many businesses are making record profits and claiming that inflation is causing their prices to rise and rise.


It's been bad for the middle class since about 1981.  You should be old enough to know even if you don't remember.

[GMDino]

US largest egg producers were illegally rigging prices.

Now, we only know this and they were only brought to court because they were screwing BUSINESSES and not because you paid more for eggs every week.

And this was about prices over a decade ago.

https://news.bloomberglaw.com/antitrust/kellogg-kraft-win-in-price-fixing-suit-against-egg-companies

Quote:[color=var(--color-headline-text)]Kellogg, Kraft Win Price-Fixing Suit Against Egg Companies (2)
Katie Arcieri
Senior Reporter

Stephen Joyce
Senior Correspondent
[/color]

• Food companies sued in 2011 with conspiracy claims
• Past attempts failed to convince juries of price-fixing
  

General Mills Inc., a Kraft Heinz Co. unit, Kellogg Co., and Nestle SA for years likely overpaid for eggs because the nation’s largest producers and two trade groups conspired to restrict the supply, an Illinois federal jury decided on Tuesday.



A US District Court for the Northern District of Illinois jury of nine men and three women said the two largest US egg producers, Cal-Maine Foods Inc. and Rose Acre Farms Inc., along with two egg-industry trade groups, will have to pay damages to the food companies.


The same jury will decide the amount of damages in a trial scheduled to begin Nov. 29 that is expected to last two days. By law, whatever damages the jury awards will be trebled, though the jury will not be told about that statutory requirement.


The case outcome in favor of the food companies could embolden other plaintiffs who are seeking to go after food producers for anticompetitive behavior.


“We are incredibly pleased by the jury’s decision,” said Brandon Fox, a Jenner & Block LLP partner representing the food companies. “For the first time, the defendants have been held liable for their antitrust violations. We are now going to turn our attention to the damages phase.”

King & Spalding LLP partners Patrick Collins and Patrick Otlewski, who helped lead the defense effort for Cal-Main Foods, appeared stunned by the verdict. Sitting at the defense table, the two lawyers’ heads dropped toward their chests and stayed there. Otleski didn’t speak after the verdict was read by US Judge Steven Seeger.

When asked by the judge if he had anything to say, Collins only uttered he had to confer with his client before rushing out of courtroom at the verdict hearing’s end. The lawyers didn’t immediately respond to a request for comment.

Plaintiff Victory
In 2011, the food producers sued the egg producers and trade groups United Egg Producers and United States Egg Marketers, alleging they engaged in a conspiracy to reduce supply in an attempt to increase the price of eggs. The jury found the food companies were injured by the conspiracy from October 2004 to December 2008.

Egg buyer plaintiffs—grocery stores and another group of direct purchasers—in two other cases were previously unable to convince a jury that the producers fixed the price of eggs. But on Tuesday, the jury delivered a fulsome verdict in favor of the plaintiffs.

It agreed with the food companies that the conspiracy existed and that it was effectuated through distinct actions such as reducing the nation’s hen population and boosting egg exports to limit the US egg supply. The jury also concluded those practices unreasonably restrained trade in the egg market in violation of federal antitrust laws.

The jury didn’t conclude, however, that every egg producer aligned with the industry trade groups participated in the conspiracy. The jury also found the companies weren’t injured between 2009 to 2012, as they alleged.

Before he read the verdict, Seeger commended lawyers from both sides for what he said was some of the finest advocacy he’s seen in his time on the bench. The day arguments ended he passed out trays of egg-containing brownies to them.

“I told you at the outset of the case that I wanted to see Major League Baseball, and you all delivered an All-Star game,” he told the lawyers.

The food company plaintiffs are represented by Jenner & Block LLP. Rose Acre Farms is represented by Porter Wright Morris and Arthur LLP. Cal Maine Foods is represented by King and Spalding LLP and Brown Fox PLLC. United Egg Producers Inc. and US Egg Marketers Inc. are represented by Troutman Pepper Hamilton Sanders LLP.

The case is Kraft Foods Global, Inc. v. United Egg Producers, Inc., N.D. Ill., No. 1:11-cv-08808, 11/21/23.
(Story updated throughout with more details and comments.)

It took this long to get a verdict in this case...what do you think they are doing NOW?

[Luvnit2]

(11-22-2023, 10:12 AM)GMDino Wrote: US largest egg producers were illegally rigging prices.

Now, we only know this and they were only brought to court because they were screwing BUSINESSES and not because you paid more for eggs every week.

And this was about prices over a decade ago.

https://news.bloomberglaw.com/antitrust/kellogg-kraft-win-in-price-fixing-suit-against-egg-companies



It took this long to get a verdict in this case...what do you think they are doing NOW?

What does any of this have to do with how voters perceive Bidenomics? Below, from my original post you fail to address. 

Here's the proof Bidenomics really isn't working for Americans

Bidenomics isn't resonating with voters

The American economy continues to stumble along, doing better than expected at the macro level, while hurting working Americans at the micro level.

[GMDino]

(11-22-2023, 11:53 AM)Luvnit2 Wrote: What does any of this have to do with how voters perceive Bidenomics? Below, from my original post you fail to address. 

Here's the proof Bidenomics really isn't working for Americans

Bidenomics isn't resonating with voters

The American economy continues to stumble along, doing better than expected at the macro level, while hurting working Americans at the micro level.

Voters (and you) need to realize Biden doesn't control the pricing on the things we pay for.  And there is a lot of underhanded business going on.

[*pally*]

(11-22-2023, 01:11 PM)GMDino Wrote: Voters (and you) need to realize Biden doesn't control the pricing on the things we pay for.  And there is a lot of underhanded business going on.

Egg producers found guilty of price fixing

https://www.specialtyfood.com/news/article/big-brands-win-egg-price-fixing-suit/

[SunsetBengal]

Now even getting outed by the State run media

https://www.msn.com/en-us/news/politics/cnn-goes-off-script-says-biden-s-economic-numbers-are-depressing-live-on-air/ar-AA1lHRj1?ocid=msedgntp&cvid=a64031823a104619ad9eabb70b8d902f&ei=47

Quote:CNN’s Data Reporter Harry Enten expressed concern about the current economic situation, highlighting a decline in disposable income and stagnant wages during President Joe Biden’s term.

While there have been positive economic metrics, Enten emphasized the negative growth in disposable income and minimal wage increases.

Additionally, despite stock market gains and job additions, the Federal Reserve Bank of San Francisco reports a historic low in labor participation rates. (Trending: Devastating News For Hunter Biden After Defying Subpoena)

Economic indicators also show high prices for essential goods and a decrease in wages since Biden took office.

“From the first year of a president’s term to now in a term, look at this. We’ve actually had negative growth,” Enten said.
“We have actually decreased the amount of disposable income we’ve had, 2.7% for the Biden administration. Look at that.”

“The average for the president since JFK, is plus 4.5 percent.”

Enten added, “And even in the last few months, the last six months, the growth that we’ve had — just 0.2 percent. The average six months since 1960 [is] 1.1 percent, so we’re even behind on that metric.”

“It is kind of depressing,” Enten said.

“And the one last thing I’ll note — even wages here [are] not going up. Median wage: minus one [percent] since pre-pandemic, minus one [percent] since Biden’s first year.”

“Since last quarter? Zero percent. Wages have been stagnant for a long time and it’s continuing to be so.”

“I mean, if you were to look basically at disposable income, the change in disposable income, that is probably the weakest economic measure there is out there,” Enten said

[*pally*]

(12-19-2023, 09:16 AM)SunsetBengal Wrote: Now even getting outed by the State run media

https://www.msn.com/en-us/news/politics/cnn-goes-off-script-says-biden-s-economic-numbers-are-depressing-live-on-air/ar-AA1lHRj1?ocid=msedgntp&cvid=a64031823a104619ad9eabb70b8d902f&ei=47

The whole story seems to ignore the fact that the large baby boomer generation is retiring. The fact that these folks would retire with no one to replace them used to be discussed fairly often. It is one of the reason we need immigration because American birth rates aren’t keeping up with the retirees

[BIGDADDYFROMCINCINNATI]

(12-19-2023, 09:59 AM)pally Wrote: The whole story seems to ignore the fact that the large baby boomer generation is retiring. The fact that these folks would retire with no one to replace them used to be discussed fairly often. It is one of the reason we need immigration because American birth rates aren’t keeping up with the retirees

Another reason why we need immigrants is b/c there are many unfilled agricultural jobs, things as simple as working the fields being a fruit/produce picker that many Americans refuse to get off their rear-ends and do.  The consumer watchdog groups are uncovering price gouging schemes and just last week egg producers had to pay $53 Million in fines for price fixing.

As far as the state of the economy, things within the past few months have taken a real big turn for the better.  With the stock markets reaching record levels and unemployment remaining at a 50-year low the Fed will start lowering interest rates in March.  Now that we have inflation under control from the disaster Trump left by adding 35% to our paper currency backed by nothing, adding $8 Trillion to our debt, and refusing to balance our budget, etc.   Consumer confidence is on the rise, so ppl are starting to see their bank accounts and 401ks have more money than ever before and now they're out spending it.  

Blue Sky and Smooth Sailing ahead for 2024 no matter what the hate America anti-democracy MAGA crowd wants you to think.

[NATI BENGALS]

(12-19-2023, 09:16 AM)SunsetBengal Wrote: Now even getting outed by the State run media

https://www.msn.com/en-us/news/politics/cnn-goes-off-script-says-biden-s-economic-numbers-are-depressing-live-on-air/ar-AA1lHRj1?ocid=msedgntp&cvid=a64031823a104619ad9eabb70b8d902f&ei=47

I would guess that is probably one of the goals of raising the interest rates?

Less money to spend = less people buying goods and services (lower demand) = lower prices = lower inflation?

If 45-50% of the country is/was carrying credit card debt and then interest rates started going up. That is a whole bunch of money being spent on interest charges.

I’m not sure how the tax brackets can stay the same, entry level pay for most common jobs has gone up (at least that I’m aware of, you can find a job paying close to $15 all over the place), yet the book definition of disposable income is income after taxes, and that has gone down. Doesn’t make sense in my head.

[BIGDADDYFROMCINCINNATI]

(12-19-2023, 08:24 PM)NATI BENGALS Wrote: I would guess that is probably one of the goals of raising the interest rates?

Less money to spend = less people buying goods and services (lower demand) = lower prices = lower inflation?

If 45-50% of the country is/was carrying credit card debt and then interest rates started going up. That is a whole bunch of money being spent on interest charges.

I’m not sure how the tax brackets can stay the same, entry level pay for most common jobs has gone up (at least that I’m aware of, you can find a job paying close to $15 all over the place), yet the book definition of disposable income is income after taxes, and that has gone down. Doesn’t make sense in my head.

Yes, the idea behind raising interest rates is to slow consumer spending and get ppl to save more.  Raising interest rates is directly related to keeping inflation in check.  That's one of the factors behind the environment Trump created that led to hyperinflation.  The time the Fed Chair Jerome Powell did raise interest rates, Trump tried every way under the sun to fire him b/c it slowed down the stock market.  Trump didn't end up firing Powell but threatened to do so if he ever dared to raise interest rates again.

It's known as Contractionary Monetary Policy

Contractionary monetary policy is now a more popular method of controlling inflation. The goal of a contractionary policy is to reduce the money supply (Trump added 35% to our paper currency backed by nothing) within an economy by increasing interest rates (Trump refused to let the Fed raise them). This helps slow economic growth by making credit more expensive, which reduces consumer and business spending.

Congressional Research Service. "Introduction to U.S. Economy: Fiscal Policy," Read pages 1-2 of the highlighted link for a more indepth explaination.

Higher interest rates on government securities also slow growth by incentivizing banks and investors to buy Treasuries, which guarantee a set rate of return, instead of the riskier equity investments that benefit from low rates.

Why Is It Hard to Control Inflation?

There are a variety of reasons why it is hard to control inflation.  Inflation is hard to control because the methods to fight it, such as higher interest rates, take time to affect the economy.  The Fed can't do it all at once or it will cause a recession, and that's why it took 2.5 years of using these methods to bring our economy into a soft landing.

https://www.investopedia.com/ask/answers/111314/what-methods-can-government-use-control-inflation.asp

[*pally*]

but I thought Joe destroyed the oil and gas industry

https://twitter.com/GasBuddyGuy/status/1737495939852410985

Patrick De Haan ️?
@GasBuddyGuy
BREAKING: Via weekly estimates, U.S. oil production reaches new all-time high: 13.3 million barrels per day.
10:31 AM · Dec 20, 2023
·
186.8K
Views

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">BREAKING: Via weekly estimates, U.S. oil production reaches new all-time high: 13.3 million barrels per day.</p>&mdash; Patrick De Haan ️? (@GasBuddyGuy) <a href="https://twitter.com/GasBuddyGuy/status/1737495939852410985?ref_src=twsrc%5Etfw">December 20, 2023</a></blockquote>

[Luvnit2]

Democratic controlled CNN dishing on the economy and polls of Bidenomics are devastating. It is unimportant what I think, it is very important what voters think.

The pessimism toward the economy crosses party lines. The Fox News poll showed a whopping 61% of Democrats joining the 93% of Republicans and 85% of independents who say the economy is in bad condition.

https://www.foxnews.com/media/biden-boasting-economy-appear-out-touch-mainstream-america-economist
A CNN analyst on Friday said Biden may 'lose 2024' over economic pessimism[/b]

Biden boasting about the economy makes him appear 'out of touch' with mainstream America: Economics


Over the last three years, the national debt has risen by $6 trillion. Additionally, personal credit card debt sits at $1.1 trillion.

[Stewy]

(12-20-2023, 03:57 PM)pally Wrote: but I thought Joe destroyed the oil and gas industry

https://twitter.com/GasBuddyGuy/status/1737495939852410985

Patrick De Haan ️?
@GasBuddyGuy
BREAKING: Via weekly estimates, U.S. oil production reaches new all-time high: 13.3 million barrels per day.
10:31 AM · Dec 20, 2023
·
186.8K
Views

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">BREAKING: Via weekly estimates, U.S. oil production reaches new all-time high: 13.3 million barrels per day.</p>&mdash; Patrick De Haan ️? (@GasBuddyGuy) <a href="https://twitter.com/GasBuddyGuy/status/1737495939852410985?ref_src=twsrc%5Etfw">December 20, 2023</a></blockquote>

Destroyed?  No.

Tried?  Yes.

I've discussed all this before.....not going over it again.

[Luvnit2]

https://www.foxnews.com/media/cbs-news-anchor-admits-no-one-he-talked-outside-nh-grocery-store-feeling-good-about-economy

This is not an article written by Fox News, it is actually Fox reporting on a CBS News anchor asking residents in New Hampshire outside of a grocery store how they felt about an improving Biden economy? He could not find ONE PERSON WHO THOUGHT THE BIDEN ECONOMY WAS HELPING THEM, NOT ONE!!! Is Biden trying to market his way out of a poor economy? Does the Biden team get the fact their economic plan stinks and attempting to put lip stick on a pig (poor economy) is failing miserably. Again, read the article from liberal media CBS. I give them credit, they did finally go talk to consumers.

CBS News anchor admits no one he talked to outside NH grocery store is 'feeling good about economy'
'If you’re paying more for items that you get every week, that really sticks with you, it really annoys you,' Tony Dokoupil stated.
CBS Mornings" co-host Tony Dokoupil reported how he and his team couldn’t find anybody outside a New Hampshire grocery that was "feeling good about the economy."

While previewing an upcoming CBS News segment set to air on Sunday, Dokoupil mentioned how people complained about higher food prices, despite macro signs that the economy is improving.

The co-host made the claim while President Biden continues to try and sell his economic achievements – aka "Bidenomics" – ahead of the 2024 presidential election.
The co-host made the claim while President Biden continues to try and sell his economic achievements – aka "Bidenomics" – ahead of the 2024 presidential election.

While speaking to local New Hampshire CBS anchors, Dokoupil reported, "People are really bummed out about the economy here in New Hampshire. Even if the overall big picture numbers are going in the right direction, and even if people’s own personal experiences in general are going okay, there’s a lot of gloom."

Noting why, he said, "Food prices for example, are generally going up. And we talked to a bunch of people outside of a grocery store in Derry, New Hampshire, we couldn’t find anybody feeling good about the economy."

The anchor expressed that the negative view is "just human nature," adding, "Psychologically, you go into a store, if you’re paying more for items that you get every week, that really sticks with you, it really annoys you, it gets you down. People were upset about it."

He did note that locals are surviving, that they are "making it" despite the higher prices, although they are annoyed.
"Yeah, they’re making it. But are they bothered by the fact that frozen OJ has gone up double digits and that steak on Friday’s up double digits? Absolutely. And that’s really driving people’s perspective on things," he declared.

Dokoupil’s comments previewed a "CBS Evening News" broadcast Monday night featuring footage of him talking to some of these locals.

In one interview, Dokoupil spoke to a local woman and tried to reassure her with the fact that the government has brought the inflation rate down. The woman laughed at the host and shook her head, replying, "I don’t know what pocketbook they’re looking at, but it ain’t mine."

She also added she had to take a second job.

Dokoupil also spoke to another family, who explained to him that almost every member works so that the family can make ends meet. A young man in the family said, "Six of us in the house. Five of us work. You know, it’s like if you go back like thirty years, two incomes would have covered all of our expenses, probably."

[SunsetBengal]

Every time I hear someone telling me that the economy is doing well and that things are actually improving; I think to myself "Improving for who? Your charts, graphs and indicators may say one thing, but cost of items essential for living is saying another.".

[KillerGoose]

(01-25-2024, 10:56 AM)SunsetBengal Wrote: Every time I hear someone telling me that the economy is doing well and that things are actually improving; I think to myself "Improving for who?  Your charts, graphs and indicators may say one thing, but cost of items essential for living is saying another.".

It's the difference between the economy and personal finances. From what I understand, the economy is doing quite well but that doesn't mean that you're going to feel it that way. It's like working for a company that announces they have had record profits for the year but you still didn't receive a raise. The company is doing great but that doesn't affect you.

Wages have been rising too slowly for decades now. 

[Goalpost]

It will take a while for wages to catch up to the effects inflation had. Inflation has come close to almost stopping..the PCE today was 2 percent. That is a good number. It's just that it is on top of a lot of bad cumulative numbers.

[Dill]

(01-25-2024, 10:33 AM)Luvnit2 Wrote: While speaking to local New Hampshire CBS anchors, Dokoupil reported, "People are really bummed out about the economy here in New Hampshire. Even if the overall big picture numbers are going in the right direction, and even if people’s own personal experiences in general are going okay, there’s a lot of gloom."

Noting why, he said, "Food prices for example, are generally going up. And we talked to a bunch of people outside of a grocery store in Derry, New Hampshire, we couldn’t find anybody feeling good about the economy."

The anchor expressed that the negative view is "just human nature," adding, "Psychologically, you go into a store, if you’re paying more for items that you get every week, that really sticks with you, it really annoys you, it gets you down. People were upset about it."

He did note that locals are surviving, that they are "making it" despite the higher prices, although they are annoyed.
"Yeah, they’re making it. But are they bothered by the fact that frozen OJ has gone up double digits and that steak on Friday’s up double digits? Absolutely. And that’s really driving people’s perspective on things," he declared.

Dokoupil’s comments previewed a "CBS Evening News" broadcast Monday night featuring footage of him talking to some of these locals.

In one interview, Dokoupil spoke to a local woman and tried to reassure her with the fact that the government has brought the inflation rate down. The woman laughed at the host and shook her head, replying, "I don’t know what pocketbook they’re looking at, but it ain’t mine."

She also added she had to take a second job.

Dokoupil also spoke to another family, who explained to him that almost every member works so that the family can make ends meet. A young man in the family said, "Six of us in the house. Five of us work. You know, it’s like if you go back like thirty years, two incomes would have covered all of our expenses, probably."

Once the next round of Trump tariffs kicks in, prices will drop drastically.  

https://www.cnbc.com/2024/01/22/trumps-proposed-10percent-tariff-plan-would-shake-up-every-asset-class-strategist.html

[NATI BENGALS]

I didn’t think it would be so hard to understand there are economic consequences for a global pandemic which was followed up by a nuclear armed aggressor going to war with a European country.

https://www.imf.org/external/datamapper/PCPIPCH@WEO/WEOWORLD/VEN

Pretending we are the only ones who were affected and blaming it all on Biden is what the maga cult wants you to think. Many of us know otherwise.