Biden's Economic policies are a plus

[treee]

(08-08-2023, 07:46 PM)basballguy Wrote: You've literally ignored the last page of posts that talk about how we will see the impacts of inflation over the next year.  I suggest you catch up on the posts for today as I don't feel like retyping everything I (or others) have said.   The factors you're touting as being great are the same factors we experienced right before our bout with hyper inflation.  

-Excessive wage growth is BAD for inflation and the economy (good for you and I at a smaller level) so that's not really something I'd hang my hat on.

-You are quite literally the first person I've ever encountered that uses "union productivity" as a measure of the economy...I'll just be ignorant here.  How is someone's productivity (more specifically a union workers) a measure of the economy?  Union works make up like 4% of the US workforce.  

-Unemployment is incredibly down, which is also driving wage growth.  Again...this is great for us on a smaller scale but bad for the overall picture.  

Side note: I don't know if you participate in the real world or not but the current unemployment numbers are misleading.  There are PLENTY of low to mid range jobs that are hiring....fedex delivery guys, mechanics, nurses, shit like that.  Corporate America is downsizing hardcore and people are having to get blue collar jobs instead of the white collar jobs they've trained their whole life for.  You got people that were making 150/year going down to 75/year.  That's not reflected anywhere in the BS you're peddling.

-And no, I've never studied China's economic models lol.  Have you?  Though I will read your article (which is incredibly long) when i can carve out the time....just because i'm giving you the benefit of the doubt.  

There is a balance to all of these factors which we do not have, dude.  

Pretty sure that most modern economists agree that wage-price spiral is not as significant contributor to inflation of as previously thought. That's not to say that it doesn't contribute, because it does, but that other factors like money velocity are a much larger contributor. In economies like ours where credit drives the economy, the availability of credit will do far more to spur or reduce inflation than wage growth. 

Also, productivity has outpaced wage gains for decades now. It is quite possible that what we are experiencing is the movement of the value of labor towards it's natural state when wage suppressing market factors and policy are shifted and/or removed.