Please explain why you think Biden is doing a poor job with the economy

"very little", as I said.

 

Seems some here don’t understand how inflation works… i’ll dumb it down, your money is being devalued rapidly under bidenomics.

Trump was right all along.. he never wanted all those lockdowns.. but the bureaucrats and left happily embraced it as they wanted economy to crash so biden would win election. Without covid and subsequent econ crash, trump would’ve won in a landslide.

then all these lockdowns required stimulus which was impossible to calibrate precisely. Then biden passed more stimulus, which wasn’t needed as economy was on rebound but he wanted it for political reasons - boost economy even more. Well, all that gave us an inflationary problem. Remarkably, Biden was still wanting more massive stimulus via student loan foregiveness. Do the left understand there is no such thing as free money? It comes out of somewhere and that somewhere isn’t always a good place.

so i wonder, why celebrate your money being devalued by this high inflation? Bidenomics isn’t that glorious.. the trump economy pre-covid was much better..

 

Prices go down as production meets demand and go up if production fails to keep up with demand.
For example: The high inflation that began during Nixon and continued into Reagan was caused by Boomers hitting the job market and becoming consumers faster than producers could keep up hence inflation. The money from these new consumers allowed industry to expand producing even more consumers. Nixon tried to deal with it with federal job freezes, Ford made WIN (Wip Inflation Now) buttons and Carter just let industry take care of it through hiring and producing. By Reagan Boomers were fully incorporated in production and industry caught up and prices stabilized.
Three years ago unemployment soared and production tumbled. As producers restored jobs inflation was inevitable until production, delayed by interrupted supply and manufacturing chains, caught back up. Inflation has slowed and will continue slowing as production matches consumer demand. Take gas prices. US oil production plummeted during the last year of T****. The joke was they needed to give away gas to reduce their stock. As consumer demand increased with people returning to work prices jumped big. It is only in the last two months that domestic production has returned to pre Covid levels. Even now, despite the refilling of the reserves working prices are still plummeting.
This time next year there will be no more talk of inflation.

 

Voters don’t love Bidenomics. Markets are coming around.

President Joe Biden is telling the American people that the economy is in better shape than they think. As inflation starts to fade, some on Wall Street are starting to believe it.

Leading economists at big banks like Goldman Sachs and JPMorgan Chase have lowered their odds of an imminent recession, pointing to a resilient labor market and steady household finances as signs that the U.S. can weather the storm as the Federal Reserve continues to drive up borrowing costs.
https://www.politico.com/news/2023/07/05/wall-street-biden-economy-00104480

A resilient labor market and steady household finances. If Joe took the credit for the economy and stock market like Don did maybe he'd be polling better.

 

What is he going to take credit for? "Inflation has skyrocketed higher under my administration more than any other in 40+ years! Like higher interest rates? Well we have that too! The highest you have seen in 20 years! How about supply chain disruptions? Well we got that for you also!"

 

Because production plummeted during his predecessor's administration. I'm not blaming T**** for that I blame Covid. Had the production and supply chains not been so badly damaged there would be no inflation.
Any politician that puts inflation on Biden can go suck a rock. LIARS!

 

Private sector companies added 497,000 jobs in June, more than double expectations, ADP says
https://www.cnbc.com/2023/07/06/adp-jobs-report-private-sector-added-497000-workers-in-june.html

 

Some have tried, all have failed. But if you'd like to take a shot at making the case Biden is solely responsible for inflation, be my guest.

 

I have no idea why Biden is doing a poor job with the economy.

 

They did not add 497,000 jobs. The jobs were already there. The workers were just finally going back to work.

 

Sandy Shanks said:
Please, someone explain to me why Biden's approval rating on the economy is so low. There has been no explanation of this phenomenon on this forum. So, I'm curious as to why so many feel that way.

Is it ignorance of how the economy works? When replying, keep in mind that during prosperous times -- meaning full employment and robust spending -- inflation is a byproduct. Lower prices occur during a recession with high unemployment and less spending.
***********************************************************************************************************************************************************

That was written on June 29. There still are no satisfactory explanations as to why 60% of Americans think our President is doing a poor job on the economy.

Evidence to the contrary keeps piling up -- as was the case on June 29 -- leading one to believe ignorance concerning how the economy works is the reason for Biden's poor marks, not Biden.

I am willing to be convinced otherwise, assuming that is possible. Keep in mind, inflation is a byproduct of prosperous times. Inflation is caused by robust spending resulting from full employment.

CNN reports, "Stocks tumbled on Thursday after fresh data signaled that the labor market remains piping hot, heightening concerns that the Federal Reserve will raise interest rates for longer than expected.

"US private sector businesses added an estimated 497,000 jobs, according to payroll processor ADP’s latest National Employment Report released Thursday. That’s significantly higher than the 220,000 jobs economists predicted, according to Refinitiv.

"The labor market just won’t quit, but this could be another case of “good news is bad news” for the Federal Reserve.

"The US unemployment rate has been at or below 4% for the past year and a half, and the economy has gained an average of 314,000 jobs each month this year through May.

"People who need jobs are getting them, and those with jobs are getting paid more. Business and consumer sentiment remain resilient and spending and investment are also proving to be relatively robust. Gross domestic product, the broadest measure of economic output, grew by 2% in the first quarter.

"Job growth is a sign of a healthy economy."

Yet, for some unknown reason, possibly ignorance, a large majority of Americans think this is bad and blame Biden. Go figure!

One Republican blamed Biden for increasing the money supply, as if increasing the amount of money Americans have to spend is a bad think.

Go figure!

 

inflation and poor employment numbers. and adding 100s of billions to national debt......

 

I think people drastically overestimate the influence on the economy by the President, for good or bad.

 

Biden is the one who signed the third and completely unnecessary Covid bill. Everyone at the time told him it was unnecessary and even the Economist from his own administration under Obama told him so. But he didn't listen. So yeah, that is on him not Covid.

 

So people who were unemployed during Covid are going back to work now that it is over? Shocking.

 

Who said he is solely responsible for 100% of inflation? Sounds like a strawman. But he is to blame for inflation. That is without question. The third completely unnecessary Covid bill. Oh so if you start sending out $2,000 checks to everyone in the country and they have nothing to spend it on, when they finally do that will cause inflation? Shocking! His own Economic advisor under Obama called it the most irresponsible bill in 40 years and that it would cause inflation and higher interest rates. Big shock...it did. https://thehill.com/policy/finance/...east-responsible-economic-policy-in-40-years/

 

You have no clue what you are talking about, but then again, not too many people do. I'll chime in tomorrow and tell you a little bit about what's been going on in the economy since the third central bank in the U.S. essentially took over the economy in 1913. If you don't get how banking works, you can't possibly understand how the economy works.

 

Please explain why you think Biden is doing a poor job with the economy.

That's easy. Government spending money it doesn't have to spend. It is why all administrations do a poor job with the economy.

 

as good a place as any to post this.

 

Let's see.

The economy needs:

Land, Labor, Capital, and Entrepreneurship.

In what way did Biden administration policy improve Entrepreneur's access to land labor and capital? I only know of policies that restrict access to them. For instance:

https://www.bhfs.com/insights/alert...or-oil-and-gas-leasing-under-reformed-program

How does restricting access to land and natural resources improve the economy?
How does increasing the cost of a lease to access what land is available improve the economy?
Was the intent of this policy to improve the economy? Because the stated goal was to regulate greenhouse gas emissions associated with lease development. That would say to me they want to slow the development of energy necessary to increase the development of the economy.

Maybe he was better on labor?
Expanded paid leave, increased minimum wage, new independent contractor regulations, new union regulations. Well, from the entrepreneur's perspective, these are all policies that make it harder to access labor.

https://www.epi.org/press/president...es-the-biden-administrations-record-for-work/

Capital?
Build back broken.
https://www.forbes.com/advisor/personal-finance/build-back-better-plan-dead/

Entrepreneurship?
Yeah who wants to risk starting a new business in this environment?

https://www.oberlo.com/statistics/h...w business statistics,the same period in 2022.

I'm not sure how Biden can claim he improved the economy with any of these policies.

 

Economics 101
I'll preface this explanation by confessing that economics and finance have been kind of a hobby of mine since the 70's. There's a lot to it but let me just tell you some fundamental things [that should be taught in high school]. The economy is a complex animal but there are some basic ideas that are not difficult to understand.

1. Banking
It was Henry Ford who famously said [in 1932] that if the American people tonight found out how the banking system works, there will be revolution by morning. It's THAT bad. But first allow me to tell you how good it could be.

On January 1, 1900, prices were lower in the United States than they were on January 1, 1800. Imagine that! This is what happens when you use real money. We do not use real money and have not since the 30's. Nixon completely dissociating U.S. money from gold in the 70's allowed the current round of inflation to seriously ramp-up. This is what [in great part] has made possible the incredible wealth disparity we now see in this country. It's not because of capitalism, it is banking that allows this happen.

The first thing you need to understand is how fractional reserve banking [FRB] works. Here's a short video that explains it.



FRB allows banks to create money out of "thin air" and creates the inevitable bank crises which take place when the Ponzi scheme implodes. Under FRB, money is loaned into existence so money is debt. If money was real, it would not be debt, instead, it would represent a store of wealth [this was the case when you could exchange dollars for gold]. Today's federal reserve notes are not a store of wealth, they are demand notes. They were created by a loan and represent an outstanding debt. We use it the same as money, but it is not.

I will stop there unless anybody is interested in knowing more about banking. Let me just say this...

Although the present administration has an effect on the performance of the economy, much of it is determined by monetary policy and trade considerations. What allowed the post WWII boom/globalization to take place were the Brenton Woods Accords which basically made the USD the reserve currency with the understanding that the US Navy would patrol the oceans and allow free access globally for everybody [that s, those willing to play the game by our rules].

This agreement was significantly "enhanced" in 1971 when the gold standard was gutted which allowed the US [through the BIS (Bank of International Settlements)] to balance international trade with worthless dollars instead of using gold. It was gold that made countries be honest and kept the system balanced. The US could now run deep deficits by simply printing USD's which the world needed and was using [and still does] for trade, e.g., the oil dollar [USD had to be used to trade in oil].

What an administration can do is make the system better/worse by tampering with markets. The COVID lockdowns were a perfect example of this. Policies that affect trade also affect the economy. And then politicizing monetary policy can have a big affect, as well. But it is the creation, availability, and cost of money as well as the health of the productive economy that has the greatest effect on economic health in general.

If the central bank is debasing the currency through money printing to either artificially stimulate the economy or to allow the government to spend beyond its limits, then you are hammering regular folks and giving those who have access to cheap money and asset classes the opportunity to grow their wealth not because of production or efficiency increases, but because of monetary manipulation.

The present economy is a complete mess and has been for decades. The numbers are completely manipulated and is basically about trying to keep the biggest Ponzi scheme the world has ever seen...going. There is no way that the global debt of over USD200T is ever going to be paid back. There is no way that the US debt of over USD100T is ever going to be paid back either.

So that's a little bit. The bottom-line is that you can only run up so much debt before things implode. What the world is facing is a debt crisis on top of a demographic crisis [in much of the established economies] on top of enormous social and political instabilities.

These things happen every century or so and the outcomes are not pretty. Perhaps we'll get lucky this time but I wouldn't bet the farm on it.

 

Be careful!... you dump that much crap and you are liable to slip and fall into it.

 

What I said is true, you just don't want it to be.

 

It's booming for the one percent, not for the average Joe.

 

This is what us called blaming the victim