With red lights flashing nearly everywhere, the economy’s prospects look grim. Soaring inflation, crashing home sales, plunging GDP, falling real incomes. No question, the economy is a mess. So why is the Biden administration saying things are going better? It’s not just this week’s “unexpected” 8.3% inflation jump. Or the scary plunge in stock prices, destroying trillions of dollars in household wealth in just days. It’s that the ruling party, the Democratic Party, seems utterly oblivious to the damage it’s done.… …In July, the Democrat-media axis simply denied a recession existed, despite the well-established rule that two quarters of GDP decline equals a recession. And it took its cue from the Biden administration itself. https://issuesinsights.com/2022/09/16/the-bidenomics-sham-is-collapsing/ The democrats and the media yet I repeat myself are in total denial of the condition of our economy. We are in a recession. There are many warning signs that with Biden policies in place, the economy will only get worse. The tax and spend inflation inducing situation is destroying those on fixed incomes.
Some may be - but there is a lot of truth in what he says for this one. Biden and his team are clueless
Which one? Which of his policies are creating our current situation and why? The vast majority of our problems occurred to just about everyone in the free world. There was a pandemic that sort of threw a monkey wrench into our entire global economy and supply chains. And Biden's policies sure seem to be working to bring about some degree of normalcy. So if all you've got is vague generalities and more partisan grandstanding, show me who can do better, because all I see is right-wingers imitating the Orange Butt Plug, and that ain't gonna fly with the vast majority of the voting public.
The second unneeded stimulus package poured gasoline on the fire. Creating more labor and supply chain issues with attempted vaccine mandates The US has a lot of influence on the world economy as you know - so problems in the US effect the world and vice versa
Not certain which one that was. I certainly don't recall getting it, but if it went to all of us, then why is that bad considering recent history?
The Stimulus 1Q21 increased money supply - economy was recovering, was not needed with the inflation risk As did the one during the Trump admin
And what precisely is your macro-economic education or experience to be able to judge what is needed or not?
LOL....Actually, you were right, but in the wrong quarter. There is a final stimulus check that will be making the rounds this fall, but that IIRC was to offset the costs of rising gas prices from earlier this year. Gee, government is slow, that is for sure.
My education was in finance/economics and my 30+ years of work is in finance/accounting. However this is a message board, so I could say that I was the King of England.. There was debate on both sides in 2021 about it. Hopefully this is not blocked for you Will Stimulus Spark Inflation? Two Theories You Should Know (forbes.com)
Well, if you have a degree in economics, then you should know that the effects of policy (1/2021 stimulus) on inflation are not immediate, but occur with a 1 to 1 1/2 year lag.
The causes are multiple. Inflation was going to happen regardless due to the pandemic and other factors, it just has made it worse
Joe Biden has a Versailles problem. “Last week, President Joe Biden showed what it looks like when the ruling class loses all connection with the realities of the pain and stress of the people it serves.” OUT OF TOUCH ''Joe Biden celebrated his own economic 'accomplishments' in an orgy of self-back-patting and bragging over the Inflation Reduction Act. Experts agree that it won't reduce inflation, and it was ironic that stocks plunged (and with them many ordinary people's retirement savings) over terrible inflation news even as Biden was speaking.' 'The new inflation data showed a deeply troubling increase : Core inflation was 6.3% in August, up from 5.9% in July; the Dow plunged a staggering 1,200 points on the news that inflation was had only barely slowed down to 8.3%. “The future of America's bright and the promise of America is real. It is real!” Biden shouted, counting on the strength of his own assertion to overpower the reality.' A GUY THIS DELUDED HOLDS THE NUCLEAR CODES, AND HIS BACK-UP, KAMALA, IS EVEN DUMBER FOLKS AREN'T FOOLED, JUST DISGUSTED Eggs are 40% more expensive than a year ago, coffee 18%, groceries generally 11%. NO NORMAL PERSON IS OK WITH THAT. 'Biden's tone-deafness continued the following day, in Michigan, lecturing people whose median income is $36,842 that they ought to buy an electric car to save money. In much of the Detroit area, the $62,900 Cadillac Lyriq EV that Biden drove as a stunt at his publicity event costs more than a three-bedroom, two-bath home with a detached garage.' 'Hours later, Biden traveled to Delaware to vote in his home state’s primary, using a taxpayer-funded jet and motorcade to vote in person rather than casting an absentee ballot, as Presidents Barack Obama and Donald Trump had done when they were in office. It costs over $2,500 per minute to transport a sitting U.S. president.' 'All of this happened just two weeks after Biden had announced college loan forgiveness — a transfer of funds to the most privileged people in the nation with the brightest prospects at the expense of everyone else. He followed that up a week later by standing outside Independence Hall in Philadelphia, draped in sinister red lighting, and delivering one of the most odious speeches a president has ever given, expressing his loathing for half of the people living in this country.' Even Abraham Lincoln, who was at war with the South, never denounced his political enemies as moral inferiors. 'Biden's answer to $5 gas is for you to buy a $60,000 vehicle. That alone explains just how out of touch he is.'
LEFTIST 'EXPERTS' THAT SERVE THE NARRATIVE RATHER THAN THE TRUTH CANNOT BE TRUSTED. Current inflation is a rather obvious result of the massive COVID relief and stimulus packages and the production and supply-chain disruptions caused by lockdowns and other COVID restrictions. 'High inflation is forcing people to adjust their lifestyles and consumption patterns and accept a diminished standard of living.' IT DIDN'T NEED TO BE THIS WAY. 'Many in the economics profession did see that government policies of the last couple of years would result in high inflation. But most who saw it coming chose not to inform the public or raise the alarm until it was too late.' 'Jason Furman, former chairman of President Obama’s council of economic advisors and current Harvard professor, commented recently that most academic economists have been ‘skeptical (mostly silently)’ of the stimulus packages. The high inflation we see today is partly the price of the economics profession’s self-censorship.' THEY ARE UNTRUSTWORTHY
Inflation is too many dollars chasing too few goods. Government shut down the economy creating too few goods, government spent trillions more than it taxed creating too many dollars. It's a perfect storm.
And Biden/Dems paid workers, which gave them money to consume goods and services, while paying them NOT TO PRODUCE goods and services. Of course it lit the hell fires of inflation and shame on the politicized Economists who stayed silent when speaking up could have helped prevent this unnecessary destruction that the American Family is now suffering. Pollster: Those Polls Might Be Even Better Than You Think for GOP 'ABC/WaPo poll is just a wasteland for the Democrats.' 'Biden 39 percent approval, Generic ballot at Republicans +5 (51 percent to 46 percent). The economy was the number one issue for 84 percent of the people in their decision on who to vote for Congress, with 74 percent saying the state of the economy was poor under Biden.' They favor the GOP by massive amounts on the most important issues in this race: economy (+17), inflation (+1, and crime (+22). 'Biden is underwater with everyone. He’s underwater with Blacks and Hispanics. Only 62 percent approval with black voters for a Democrat? That’s a death knell for Democrats.' But wait, there's more. The Red Speech, GOP are Fascists and Enemies of the State? It's suppressing GOP voter response to pollsters. 'Polls underreporting GOP support (again) due to social pressure.'
The Biden story started in 2014, when the Biden-Obama regime launched a project to develop more deadly virus than the swine flu, lying about ending gain-of-function research while laundering millions through EcoHealth Alliance to fund gain-of-function research in Wuhan, China. The fact that the project launch coincided with the final phase of the Obamacare go-live does not frame COVID as an insurance policy against future administrations tampering with the Obama-Biden legacy. It was a mere coincidence. At the peak, US oil production reached 13M bbls/day in 2019, crashed due to the collapse in demand attributable to COVID, and was poised to track demand recovery when Biden declared war on US energy production and transportation of US crude oil in favor of Buffett running crude on his BNSF Railway at 70 mph through high population areas. The Biden policy drove the increase in crude oil prices that funded Putin's attack on eastern Ukraine. By Biden lifting sanctions on Nordstream2, Putin's dream of bypassing Ukraine to pump gas directly to the EU ,,, was within reach ,,, leading to an expansion of Putin's aggression. Putin's war on Ukraine was top-to-bottom Biden's war. The Democratic Party is responsible for many of the problems we face today, from out of control spending causing inflation, to defunding police, Soros funded prosecutors freeing violent criminals and Biden's drug and human trafficking cartels driving crime and terrorizing our people, to lockdowns that benefited Democrats' moneyed donors destroying small business owners. Gavin Newsome owns much of the supply chain problem with his AB5 disaster for independent truckers creating a huge logistics bottleneck on the West Coast. The guy who doesn't know where he is half the time couldn't be responsible for the huge mess. He needed help. He undermined the First Amendment by using Twitter and unleashing the FBI to silence people like Alex Berenson who disagreed with his policies and were found to be correct in their dissent. If you think political disagreement should be criminalized, Biden is your man.
The dollar is as strong as it has been in decades relative to other currencies. I remember when that was important. Inflation could be much much worse if the dollar was weak.
Should call him Combover Joe. That pictures looks like Carter just made fun of Biden's combover, and Biden is just stunned into shame, and then the picture was taken, and then Carter sent it to him as a reminder of his joke about his combover. He probably sends that same picture every Christmas as reminder that he used to sport a combover.
