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Economy Update Bidenomics - Luvnit2 - 11-16-2023 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. RE: Economy Update Bidenomics - GMDino - 11-16-2023 https://www.bankrate.com/mortgages/historical-mortgage-rates/#current-rates Not even close. Quote:1970s mortgage rate trends 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. RE: Economy Update Bidenomics - GMDino - 11-22-2023 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) It took this long to get a verdict in this case...what do you think they are doing NOW? RE: Economy Update Bidenomics - Luvnit2 - 11-22-2023 (11-22-2023, 10:12 AM)GMDino Wrote: US largest egg producers were illegally rigging prices. 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. RE: Economy Update Bidenomics - GMDino - 11-22-2023 (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. 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. RE: Economy Update Bidenomics - pally - 11-22-2023 (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/ RE: Economy Update Bidenomics - SunsetBengal - 12-19-2023 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. RE: Economy Update Bidenomics - pally - 12-19-2023 (12-19-2023, 09:16 AM)SunsetBengal Wrote: Now even getting outed by the State run media 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 RE: Economy Update Bidenomics - BIGDADDYFROMCINCINNATI - 12-19-2023 (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. RE: Economy Update Bidenomics - NATI BENGALS - 12-19-2023 (12-19-2023, 09:16 AM)SunsetBengal Wrote: Now even getting outed by the State run media 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. RE: Economy Update Bidenomics - BIGDADDYFROMCINCINNATI - 12-20-2023 (12-19-2023, 08:24 PM)NATI BENGALS Wrote: I would guess that is probably one of the goals of raising the interest rates? 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 RE: Economy Update Bidenomics - pally - 12-20-2023 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>— Patrick De Haan ⛽️? (@GasBuddyGuy) <a href="https://twitter.com/GasBuddyGuy/status/1737495939852410985?ref_src=twsrc%5Etfw">December 20, 2023</a></blockquote> RE: Economy Update Bidenomics - Luvnit2 - 12-26-2023 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. RE: Economy Update Bidenomics - Stewy - 12-26-2023 (12-20-2023, 03:57 PM)pally Wrote: but I thought Joe destroyed the oil and gas industry Destroyed? No. Tried? Yes. I've discussed all this before.....not going over it again. RE: Economy Update Bidenomics - Luvnit2 - 01-25-2024 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." RE: Economy Update Bidenomics - SunsetBengal - 01-25-2024 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.". RE: Economy Update Bidenomics - KillerGoose - 01-25-2024 (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. RE: Economy Update Bidenomics - Goalpost - 01-25-2024 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. RE: Economy Update Bidenomics - Dill - 01-25-2024 (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." 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 RE: Economy Update Bidenomics - NATI BENGALS - 01-25-2024 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. |