Today another bad day for the Bidenomics

[Luvnit2]

The GDP continues to slide and does the stock market. The GDP last month was only 1.6% falling well below estimates. Also, it appears the price of gasoline (not included in inflation numbers) is headed over $7.00 a gallon in California.

The economy is getting worse by the day and Bidenomics is to blame.

[SunsetBengal]

All the while his support group has been pissing down our legs and telling us that it's raining. They can use whatever distorted data, eliminating items that make their position look bad all that they want, but the truth is if the populace is struggling to buy groceries, pay the rent/mortgage, and keep fuel in the tank, the economy isn't doing well at all...

Why? Because the base of consumers cannot afford to buy anything other than what is necessary to survive.

[Luvnit2]

Bidenomics economy created high inflation, high inflation created higher mortgage and auto rates and no end in sight. It advises to pay off high interest loans if you are struggling. I would offer credit card debt is the highest it has ever been in our history due to being used to buy groceries and then can't pay it off at the endo of the month resulting in the debt rising faster.

https://www.foxbusiness.com/personal-finance/q1-gdp-slows-inflation-rises

US first quarter GDP slows more than expected, but inflation keeps rising
Federal Reserve in no hurry to cut rates


U.S. gross domestic product (GDP) dropped faster than expected in the first quarter, but a key metric used by the Federal Reserve to measure inflation kept rising, according to the Bureau of Economic Analysis (BEA).


Real GDP increased at an annual rate of 1.6% for the January-through-March period after rising 3.4% in the fourth quarter of 2023, according to the Bureau of Economic Analysis (BEA) advance estimate released Thursday. Economic forecasts had called for a deceleration of growth over the previous month, with the expectation that the economy would expand by 2.4%, according to a Reuters report.

Compared to the fourth quarter, the deceleration in real GDP in the first quarter primarily reflected decelerations in consumer spending, exports and state and local government spending and a downturn in federal government spending. This slowdown was partly offset by an acceleration in residential fixed investment.

"We knew the economy was weaning itself off government support, we just didn't figure that would cause GDP to drop this quickly," said Robert Frick, Navy Federal Credit Union corporate economist. "With government spending down and consumer spending moderating as Covid-era supports disappear, GDP fell below all estimates.

"But consumers continue to spend at a healthy rate, especially as evidenced by big spending on imports, which drove down the topline GDP number," Fick continued. "First quarter GDP is often squirrelly and heavily revised – just look at last year's – so all-in-all, this shouldn't be taken as a fundamental downshift in the economy."

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[*pally*]

so what is the Republican plan to curb inflation?

[SunsetBengal]

(04-25-2024, 08:52 PM)pally Wrote: so what is the Republican plan to curb inflation?

Republican does not currently hold the office. So, what is Joe Biden administration going to do to combat inflation?

[NATI BENGALS]

(04-25-2024, 08:52 PM)pally Wrote: so what is the Republican plan to curb inflation?

You are going to be stunned to learn his genius solution.

https://www.foxnews.com/video/6331424344112

Hint: it’s the border and drill baby drill.

And the crowd goes wild. Even though it was a pandemic that shut the border down and we are dealing with high inflation even though we are producing gas and oil at record levels…


Nothing….
You will find better solutions coming out of a high school economics class.

[Luvnit2]

(04-25-2024, 08:52 PM)pally Wrote: so what is the Republican plan to curb inflation?

I have answered tis question over and over for you.

Go to their website, the plan includes remove regulations on all energy resources. Drill on federal land. Deport illegal immigrants who have taken jobs from citizens and also taken benefits from lower income. 

Become energy independent. Put sanctions on Iran and stop them from selling oil. 

Gasoline prices are the main reason inflation went out of control. It caused the spike in food prices because high gasoline and diesel prices impact every aspect of the supply chain. 

So, now back to you. Joe said Bidenomics is great. He also said the border was secure for 3 years, then it became the #1 issue for voters, and he finally admitted it was an issue as he attempted (and lost) to place the blame on Trump.

Do you know under Biden job growth for US citizens is nada? The jobs were given to illegal immigrants, asylum seekers and big companies love it. They pay less and are able to eliminate full time jobs. 

You refuse to accept facts, look back at the Trump inflation. He had combined inflation for 4 years of a little over 5%. Biden is closer to 22% over 3.5 years and rising. Real wage growth under Trump rose (wages rose higher than inflation). 

There is a reason Trump wins on the economy, voters remember how they did financially under Trump and yearn to get back. to Trump's policies so they can get their finances back in order. 

Biden has had 3.5 years. What are Democrats plan to fix the economy? 

[Luvnit2]

(04-25-2024, 09:18 PM)NATI BENGALS Wrote: You are going to be stunned to learn his genius solution.

https://www.foxnews.com/video/6331424344112

Hint: it’s the border and drill baby drill.

And the crowd goes wild. Even though it was a pandemic that shut the border down and we are dealing with high inflation even though we are producing gas and oil at record levels…


Nothing….
You will find better solutions coming out of a high school economics class.

Simple solutions work. Sorry, but the climate far left crowd is leaving due to not being able to put food on their table. 

Biden chose climate change over the economy. He will pay for it in November as he has no plan to fix the economy. 

[NATI BENGALS]

(04-26-2024, 02:04 PM)Luvnit2 Wrote: Simple solutions work. Sorry, but the climate far left crowd is leaving due to not being able to put food on their table. 

Biden chose climate change over the economy. He will pay for it in November as he has no plan to fix the economy. 

Do you understand the fact we are producing oil and gas at record levels?

Do you understand the fact we have had high inflation with that record production?

[SunsetBengal]

(04-26-2024, 05:07 PM)NATI BENGALS Wrote: Do you understand the fact we are producing oil and gas at record levels?

Do you understand the fact we have had high inflation with that record production?

Do you understand that States that are artificially raising the minimum wage are also adding to the current inflation problems? People with no marketable skills are losing jobs because consumers can't/won't absorb the higher prices and now minimum wage places of employment are closing as a result. Those very people are now having to depend upon upon the Government programs to survive even more that previously.

[*pally*]

Oil and gas companies are making record profits, refineries are at capacity. It is a worldwide commodity where the worldwide market sets the price. Removing regulations here in the States will only prove to cause pollution and damage and will not affect price but will increase profits for the donor class.

Deportation of all undocumented workers will cost the country billions of dollars in revenue as well be an extremely expensive undertaking. And again we remind you that people in the country waiting for an asylum hearing are in the country legally. The current US unemployment numbers are less than 4%. Good luck in finding enough American workers to fill the jobs so many undocumented workers take.

Inflation went out of control because the American economy...the economy that drives the world....was shut down in 2020. Because manufacturing essentially stopped throughout the world when the consumer demand came back the suppliers couldn't keep up. The supply chain couldn't keep up with demand In the meantime, the corporate overlords saw a chance to recoup the losses of 2020 and jacked up their prices even higher than inflation.

If so much of inflation is controlled by oil and gas prices wjy are so many reluctant to explore and incentivize options other than fossil fuels? Wouldn't it be better for the economy in the long run to minimize our dependence on such an economically volatile commodity?

[NATI BENGALS]

(04-26-2024, 07:09 PM)SunsetBengal Wrote: Do you understand that States that are artificially raising the minimum wage are also adding to the current inflation problems? People with no marketable skills are losing jobs because consumers can't/won't absorb the higher prices and now minimum wage places of employment are closing as a result. Those very people are now having to depend upon upon the Government programs to survive even more that previously.

It will be a major problem going forward as technology takes away more jobs. When fast food restaurants have Ai taking your order and robots making the food. That’s a lot of jobs for unskilled labor disappearing.

When presidential candidate Andrew Yang was talking about universal basic income back in 2016 I don’t think he knew the Ai revolution was coming so soon. And we are still not having the UBI discussion. But without it in my lifetime, and with big business like Arrived backed by Bezos and investors buying up housing, it’s going to be ugly. We need to think bigger than minimum wage jobs.

Do you understand it is more expensive to manufacture in the USA compared to places like China and Mexico?

I’m willing to pay more for made in USA. Are you?

[SunsetBengal]

(04-26-2024, 07:39 PM)NATI BENGALS Wrote: It will be a major problem going forward as technology takes away more jobs. When fast food restaurants have Ai taking your order and robots making the food. That’s a lot of jobs for unskilled labor disappearing.

When presidential candidate Andrew Yang was talking about universal basic income back in 2016 I don’t think he knew the Ai revolution was coming so soon. And we are still not having the UBI discussion. But without it in my lifetime, and with big business like Arrived backed by Bezos and investors buying up housing, it’s going to be ugly. We need to think bigger than minimum wage jobs.

Do you understand it is more expensive to manufacture in the USA compared to places like China and Mexico?

I’m willing to pay more for made in USA. Are you?

I do when I can. However, I refuse to pay full price for merchandise produced in China being sold under the face of an American label.

[SunsetBengal]

(04-26-2024, 07:29 PM)pally Wrote: Oil and gas companies are making record profits, refineries are at capacity.  It is a worldwide commodity where the worldwide market sets the price. Removing regulations here in the States will only prove to cause pollution and damage and will not affect price but will increase profits for the donor class.

Deportation of all undocumented workers will cost the country billions of dollars in revenue as well be an extremely expensive undertaking.  And again we remind you that people in the country waiting for an asylum hearing are in the country legally.  The current US unemployment numbers are less than 4%.  Good luck in finding enough American workers to fill the jobs so many undocumented workers take.  

Inflation went out of control because the American economy...the economy that drives the world....was shut down in 2020.  Because manufacturing essentially stopped throughout the world when the consumer demand came back the suppliers couldn't keep up.  The supply chain couldn't keep up with demand  In the meantime, the corporate overlords saw a chance to recoup the losses of 2020 and jacked up their prices even higher than inflation.

If so much of inflation is controlled by oil and gas prices wjy are so many reluctant to explore and incentivize options other than fossil fuels?  Wouldn't it be better for the economy in the long run to minimize our dependence on such an economically volatile commodity?

We (the Nation) have been exploring and incentivizing green energy options for quite some time. The problem lies in that even though the Biden admin. pledged huge dollars for e-car recharging stations, very few have even been built. Solar takes up so much farmable land that now some States are requiring that the sites be dual purpose and allow grazing between the rows of solar panels. Wind energy seems like a pipe dream, as the materials that they are created from aren't biodegradable. 

Sure, it's fun to say "Let's move everyone to green energy!", but the truth is that it just isn't viable to sustain life as we currently enjoy it at this time. Energy industry needs to keep working in conjunction with product manufacturers until they can get it right.

[HarleyDog]

(04-26-2024, 07:29 PM)pally Wrote: Deportation of all undocumented workers will cost the country billions of dollars in revenue as well be an extremely expensive undertaking.  And again we remind you that people in the country waiting for an asylum hearing are in the country legally.  The current US unemployment numbers are less than 4%.  Good luck in finding enough American workers to fill the jobs so many undocumented workers take.  

I see your point on deportation. The bigger question would be how much is it going to cost to keep them here, and keep letting them in?

I struggle with the second highlighted. Many are working under the table for cash, while we pay people to sit on the couch because they refuse to take those jobs. That shouldn't be an option.

Quote:Inflation went out of control because the American economy...the economy that drives the world....was shut down in 2020.  Because manufacturing essentially stopped throughout the world when the consumer demand came back the suppliers couldn't keep up.  The supply chain couldn't keep up with demand  In the meantime, the corporate overlords saw a chance to recoup the losses of 2020 and jacked up their prices even higher than inflation.

Yes, your correct that the world screeched to a halt for the most part. However, we were, and still are fighting a driver shortage. The demand was so strong that the rates went up do to supply and demand. Companies were forced to raise prices because shipping costs were through the roof.

Quote:If so much of inflation is controlled by oil and gas prices wjy are so many reluctant to explore and incentivize options other than fossil fuels?  Wouldn't it be better for the economy in the long run to minimize our dependence on such an economically volatile commodity?

A couple of variables in this is the dependability of the alternate energy. Also, when it fails, the cost is unaffordable. We are starting to see (especially around here) a large failure in wind farms. I had 1 big ass annoying eyesore of a windmill about 300 yds from our house. It was torn down because it was costing more money to maintain than it was saving the city. I was pretty happy, along with others, to see it gone. Another town next to us has shut down several recently and now they just sit there polluting the scenery of the city.

I'm not against renewable energy at all. But after the issues EV's had in sub zero temps this past winter, coupled with the long lines and lack of infrastructure, it's a no for most people right now. When we have the hustle of the world the way it is, people don't have the patience to accept it until it's fully ready. Just my opinion.

[*pally*]

(04-26-2024, 08:17 PM)HarleyDog Wrote: I see your point on deportation. The bigger question would be how much is it going to cost to keep them here, and keep letting them in?

I struggle with the second highlighted. Many are working under the table for cash, while we pay people to sit on the couch because they refuse to take those jobs. That shouldn't be an option.


Yes, your correct that the world screeched to a halt for the most part. However, we were, and still are fighting a driver shortage. The demand was so strong that the rates went up do to supply and demand. Companies were forced to raise prices because shipping costs were through the roof.


A couple of variables in this is the dependability of the alternate energy. Also, when it fails, the cost is unaffordable. We are starting to see (especially around here) a large failure in wind farms. I had 1 big ass annoying eyesore of a windmill about 300 yds from our house. It was torn down because it was costing more money to maintain than it was saving the city. I was pretty happy, along with others, to see it gone. Another town next to us has shut down several recently and now they just sit there polluting the scenery of the city.

I'm not against renewable energy at all. But after the issues EV's had in sub zero temps this past winter, coupled with the long lines and lack of infrastructure, it's a no for most people right now. When we have the hustle of the world the way it is, people don't have the patience to accept it until it's fully ready. Just my opinion.

That is why, at this time, a mix of energy sources is our best be. However, if we don’t invest in things like battery technology and energy storage, the needed development will just get pushed down the line. Of course, that’s what the fossil fuel industry but continuing our reliance on that is not the best thing for our kids futures.

I think my biggest frustration about threads like this is the whole idea that one person controls the world’s economy. The economy is extremely complex and so interconnected worldwide that inflation cannot be boiled down to only a single factor. The president, regardless of who he is, cannot fix inflation unilaterally. And it will take more than drilling to fix it. Removing worker, even if undocumented, will only add to inflation