Somebody did a piece yesterday about the economy being ‘Good’….
It isn’t…
Not most Americans who see the prices of things climbing and CLIMBING….
It doesn’t really matter to them what the ‘experts’ say….
Joe Biden and Democrats know this….
Their pollsters reinforce this every time they mail in their polling data….
Weather it’s his fault or not….
President Biden political future lies in dealing , or giving the perception that he’s working on slowing the inflation spiral down ….
A failure to convince Americans that he can do this?
Will have the voters turning to the Republicans next year and maybe even in 2024….
Consumer inflation surged in October as fuel costs picked up, supply chains remained under pressure and rents moved higher — bad news for economic policymakers at the Federal Reserve and for the Biden White House, which had been emphasizing a recent slowdown in price gains.
Overall prices have climbed by 6.2 percent over the past 12 months, the fastest pace since 1990, and inflation accelerated on a monthly basis after cooling in recent months.
Inflation picked up to 0.9 percent last month from September, a Labor Department report showed, faster than the prior month’s increase of 0.4 percent and well above economists’ expectations. So-called core price gains, which strip out products like food and fuel, also climbed more quickly.
Those heady data scupper a White House talking point. Officials had regularly pointed out that while price gains were faster than usual, at least they were slowing down from rapid summertime readings….
inflation is up, but so are wages. Inflation is not just happening in the US. In China, the Producer Price Index is up more than 16%, which is enormously higher than the US numbers. Due to the Great Resignation, Some people have been seeing huge wage increases in the US recently. Meanwhile the unemployment rate in the US is at its lowest level since March 2020. And the stock market is performing well.
The economy is doing fine.
For U maybe Z….
But polling is “SCREAMING’ Americans discontent LOUD and CLEAR…..
Ask around…
Might surprise ya….
Inflation is outstripping wage increases.
People see inflation daily and every time they go grocery shopping.
It’s the major economic issue presently.Unfortunately there is little Biden can do about it .
Until this pandemic subsides and the Supply issues abate,it will likely continue .As I have stated many times and will repeat…
If these problems still exist next November?The Democrats are going to lose both houses of Congress and maybe fairly substantially.
My economics is weak (I got a C in Macro at community college 50 years ago), but monetary policy probably has as much to do with the current inflation as fiscal policy.
I.e., insofar as anything can be done, Jerome Powell and the Federal Reserve Board of Governors (who control most of monetary policy in the U.S.) can probably have more of an effect (if anyone can) on inflation—by adjusting the money supply, interest rates and banks’ reserve requirements— as Congress and the President can through their control over federal (not state) spending, taxes and regulation.
Since the pandemic struck in mid-March 2020, the Fed has had a very broad consensus from left (e.g. Janet Yellen) to right (Jerome Powell) that the most important thing was to soften the blows that lockdown would wreak on economic activity. Now the Fed’s consensus is that it should do more to control inflation (through increasing interest rates and making money dearer).
Not bad at all DSD….
The latest rise in inflation helps to explain why investors are increasingly asking not whether the Federal Reserve will raise interest rates next year but rather how much and how quickly it may do so….
More…
BTW?
Powell is up for renewal….
But reports Biden maybe shopping around for a replacement…
Wage increases are growing faster that Jack thinks.
https://tradingeconomics.com/united-states/wage-growth
While Biden may not get credit for that, and while Republicans may blame Biden for large price increases from China, it is helpful to look at the big picture sometimes.
Despite what James and Jack and what most Republicans have been steadily preaching, the economy is doing just fine. And Goldman Sachs is predicting inflation reductions next year.
I’m gonna REPEAT
The issue IS NOW
The future talk here is just conjecture
Yes the shut down of the pandemic IS the principal reason for the problems with the ‘economy’
But ‘the economy’ IS fine is just cheerleading for something the MAJORITY of Americans do NOT believe
Now we got people here who want more taxes and think everything is peachy dandy….
But they ARE NOT representative on most Americans
Of course EVERYONE IS entitled to their own views
THAT should be respected , even ya don’t agree with that point of view….
Biden and Democrats issue NOW and going into the midterms will be the ECONOMY
THEIR FAILURE at the ‘perceptions’ or actual actions?….will doom them for next years elections
The extra money Biden sent out helped people
But also allowed them to see what it was to have a good amount of money and some of those people appear to holding out for better paying jobs
But a lot of them did not vote on Nov2
Or still voted GOP…..
Comparing my income year to date 2021 over 2020 I am seeing about a 20-25% increase from last year. However as part of my income is based on commission and I am able to work overtime when we are busy (which we are this year) that changes things.
Guy’s ?
I have more money in the bank….
Remember?
I and you guys did NOT spend money for a year
Now?
As business owners try to claw back profits?
Gas IS a $1.00 MORE a gallon….
Grocery Food costs MORE….
Take out meals cost MORE….
My taxes have risen….
You guys keep talking about INCOME….
Relating about COSTS which ARE something most Americans are complaining about…
NOW...
I an other’s ARE NOT HAPPY about NOW.…
The economy will improve if more people get vaccinated. Maybe we can agree that if the remaining people get vaccinated, the economy that James continually complains about would improve as hospital costs and other related pandemic-related costs would go down.
It is expensive for society when people have to stay in the hospitals because of Covid, and ultimately, we all have to pay more in taxes because of the unvaccinated.
James can help solve the problems that he loves to complain about (inflation, taxes, free stuff), yet he is unwilling to take ownership for the problems he and others just like him are causing.
Ur view Z……
Yes more people will
But there is a finite number for that
Biden isn’t dumb
His mandate has an escape clause
Testing
Even in the military
Tens of thousands are not gonna get shots
Ya can’t kick ALL of them out
The perception of the economy will get better when the inflation subsides
Until then?
Biden and Democrats have serious political issues
He’s doing the right thing by going out snd selling his infrastructure and social programs
NOW…..
For our Economy discussion……
CNBC: “The Labor Department reported Friday that average hourly earnings increased 0.4% in October, about in line with estimates. That was the good news.”
“However, the department reported Wednesday that top-line inflation for the month increased 0.9%, far more than what had been expected. That was the bad news – very bad news, in fact.”
“That’s because it meant that all told, real average hourly earnings when accounting for inflation, actually decreased 0.5% for the month.”
Politicalwire….
Media reports tend to make some things simple which can be misleading…….
They do NOT like complexity….
This isn’t just Zreebs’ view. It is the view of everyone who posts here – all five of them.
Any of our economic problems are still being driven by the pandemic and the pandemic is being fueled by ignorant selfish creeps who refuse to be vaccinated.
In the past we were subjected to daily numbers of how the pandemic was subsiding (I assume to make the case the vaccinations were no longer necessary), but the virus is spiking in the Northeast and Rocky Mountain States (presumably because people are being driven back inside because of the cold weather).
This would not be happening if people only got vaccinated.
Biden timetable for action on Inflation piece….
Rocketing inflation has become a headache for U.S. consumers, and President Biden has a go-to prescription. He says a key way to help relieve increasing prices is to pass a $1.85 trillion collection of spending programs and tax cuts that is currently languishing in the Senate.
A wide range of economists agree with the president — but only in part. They generally accept his argument that in the long run, the bill and his infrastructure plan could make businesses and their workers more productive, which would help to ease inflation as more goods and services are produced across the economy.
But many researchers, including a forecasting firm that Mr. Biden often cites to support the economic benefits of his proposals, say the bill is structured in a way that could add to inflation next year, before prices have had time to cool off.
Some economists and lawmakers worry about the timing, arguing that the risk of fueling more inflation when it has reached record highs outweighs the potential benefits of passing a big spending bill that could help to keep prices in check while addressing other social goals. Prices have picked up by 6.2 percent over the past year, the fastest pace in 31 years and far above the Federal Reserve’s inflation target….
More…
Once again, Zreebs is right. Inflation will ease as the supply chain improves and the economy is truly exploding, and that usually increases inflation to some degree.
My personal income, after a year of COVID savings, is on the rise. This is money we will put into environmental improvements like a system to recycle our grey water for our vegetation. Money that will help the economy and we’ll conserve water.
I am actually surprised that Jack doesn’t take a longer view of this problem. I understand why someone who is afraid of getting a shot would be short sighted. But hope that Jack is benefiting for our good economy.
I’m doing fine and have through the various economic turmoils during my lifetime.
I’m just giving my view of the present situation and ,just as importantly, the general view as highlighted in public polling.
There is a feeling that things aren’t going well,.Much of that is psychological ,due to the pandemic ,but,much of it is real as people see their grocery bill rising weekly.
None of this is Bidens fault but, as we all know , whomever is in the White House gets the blame.
The supply problem is real.I live in a port city.There are real problems in getting ships unloaded.One of the three port facilities here is operating at only 25% of capacity due to labor problems,
If you will notice ,all of my dark forebodings begin with the word”if.”A year is a long time and we have seen how quickly things can change,None of this is written in stone and the present situation very well may alleviate itself in the months ahead.
The party in the White House usually suffers losses in the mid terms.Thats no secret.So the Democrats ,with these thin margins in both houses ,are in for a tough time on that fact alone.However ,with bad economic times or even the perception thereof?Yes the midterms could go from normal losses to brutal .
I’m not predicting such,just noting the possibility,particularly if the present supply and inflation problems persist.
Agreed Jack
Perceptions tend to be reality to us
Zreebs is exactly right here, the economy is in great shape. Especially wage growth. The inflation will subside in the Spring.
The best way to get inflation under control is to fix the supply chain issue. To fix that we need as many as possible to be vaccinated. If that has to be done through mandates or denying insurance claims to those who refuse vaccination that is better than losing employees for weeks or months or forever because their case of COVID was much more severe than it would have been were they vaccinated.
Yes I’ve mentioned that those who claim that “the economy” is the major issue,while downplaying the pandemic are either dumb or being purposefully disingenuous.
The inflation is directly attributable to the supply bottlenecks which are directly attributable to the pandemic.
Until the pandemic is brought under control which will cause the supply issue to fade away ,the inflation will likely continue and may worsen.
And,of course, vaccinations are the best way to bring the pandemic under control.
What about ‘now’ Keith?
NOW IS THE PROBLEM
James keeps asking “What about NOW ?”
There is no instant answer short of Wage, Price and Production Controls, plus investment controls and super-taxes — last tried in the 1970’s, in the Korean War, and during and after World War Two.
Even were this level of control politically feasible, judicially sanctioned, and successfully directed, it would not be appropriate to a 6% annual inflation that was quite common in the 1960’s, 1970’s and 1980’s.
Remember when inflation was touching 20%?
Presidents often suffer for economic events they can’t control (especially in a globalized economy); this will be no different.
And pretending that the deficit will have some immediate effect on inflation is dumb, although convenient to small-government enthusiasts like the GOP, Joe Manchin and Kyrsten Siuema.
I agree DSD…..
There IS NO immediate answer
Thus the Inflation and Supply issues will continue to grind up Biden amd Democratic lawmakers poll numbers….
THAT IS My point ….
I understand the pandemic point of view
But fir most of the country ?
Things ARE back to a good degree
And it appears Red state official’s are just gonna fight efforts bring down their case numbers
They are just ignoring things
So?
The economy/inflation REMAINS Topic Number #1
There NOW helping them gather votes and tirn out people
They are actually using the efforts to fight the virus AGAINST Democrats
Every mention of virus, masks, tests or shots COST Democrats votes JUST LIKE. The Economy and Infkation
Morning Consult Pool
Republicans have a double-digit edge over Democrats in trust in the economy, which widens among suburbanites. morningconsult.biz/3ocTSWp
‘It’s the Economy…Stupid’
All the above discussion does remind me of the inflation after total-mobilization wars like the World Wars and Korea.
Just as we’re now experiencing all kinds of shortages, misallocations, mismatches, labor market uncertainties and inflation in the wake of the still-continuing pandemic, America suffered wage and price pressure, as well as employment and disemployment mismatches, as the economy was drafted into and let back out of war mobilization. (Refrigerators to tanks; vacuum cleaners to aircraft; bakers, barbers and schoolteachers into GI’s; their wives and daughters into factory hands — and then back again.)
At its height, the pandemic lockdown froze all kinds of close-contact businesses (in hospitality and on assembly lines) while vastly increasing demands on an already-imperfect health care system and its overworked staff.
All government, of both parties and at all levels, can do is try to cushion or soften the impact as pandemic conditions mature. But no magic bullet will make the transition totally smooth, especially as many parts of the U.S. and the world are still suffering and may yet suffer very high rates of infection, illness, disability and death.
I agree also with ya DSD
No magic bullet
Biden and Dem’s have a tough one
GOPer’s will be of NO HELP….
Contrary to what you read here,things are not “almost back to normal.”
Oh people are out and about more ,going to events and so forth .Thats not the issue and,as usual, is touted by one who refuses to understand that the pandemic is DIRECTLY responsible for this inflation we are experiencing.
The supply issues that are fueling the inflation is DIRECTLY the result of the continuing pandemic.
To argue that the pandemic no longer matters, that it is all about inflation ,which is DIRECTLY caused by the pandemic Is an absurdity.
Of course to use a word that is now becoming much thrown around…
Absurdities are “endemic” to the one here who utters such nonsense.
Completely agree Jack, irresponsible people are keeping the pandemic going. AKA as Republicans.
Jack?
What can’t you do that u could do before?
What does that have to do with anything?
Typical silly obfuscation .
My point is simply that the economy and the pandemic are inextricably linked at present.The very supply snafus that are responsible for the inflation didnt just happenM but are a result of the pandemic and it’s effect on foreign and domestic suppliers.You here have made an issue out of people supposedly being more “ concerned “ about the economy than the pandemic.
Anyone saying that shows a total ignorance of what is happening in the world.
And just a note?Covid cases have risen 41% in New York over the past two weeks according to the NYT .An unvaccinated person like you may wish to consider refraining from certain “normal” activities.
I guess I ain’t the only one that does read too Good….
If ya looked Jack? (NY Times data, Right)
You’d see that DOWN State is at 10 to 20 cases per 100,000 and UpState NY is at 100 to 250…..
You’d also KNOW that the numbers dovetail top the political makeup of the regions much like the rest of the country and the MidWest…..
Soooooooo
The 41% is skewed by the UpState numbers NOT a place where this dig resides like ur trying to pin me to…..
Oh, and the Wash Post has NY State at +30%
And?
We ain’t talking about the world….
Just the good ole United States of America….
Separate….
Following what appear ‘s to be another smaller spike….
Hospital stays and Deaths have risen ….
Again…
These increases are mostly in the Midwestern states and Alaska
Furthermore?
The economy STILL remains the PRIMARY OVERIDING issue for Americans as I HAVE documented over and OVER here….. But hey..You and others here didn’t talk to the pollsters ?
By most economic metrics, American businesses are staging a remarkable rebound from the Covid-19 recession. But ask the people themselves, and Americans tell you they aren’t feeling so peachy.
Employers added more than half a million jobs in October, the unemployment rate is under 5% and spending across the economy is returned to its pre-coronavirus trend. The average hourly wage in the U.S. is up nearly 5% from a year ago, and the S&P 500 is up 39% since President Joe Biden’s election in 2020.
But for all the good news, Americans still feel like the economy is going downhill….
More…
Yes he should Jack, the unvaccinated like James are many more times likely to become infected with COVID as we all know and, of course, more likely to infect others.
So who cares how numbers in NY State might be skewed because white trash people are stupid. Stupid is as stupid does, and it’s really stupid to be unvaccinated.
Here is a look at the NY Covid numbers…
https://www.worldometers.info/coronavirus/usa/new-york/
Lots of deaths and things aren’t getting better.
Cumulative numbers Z….
If you check the LAST chart you see that the state IS actually WTF below last years high right NOW………
Yes, we are doing a lot better than where we were a year ago. Everyone knows that. No one was vaccinated a year ago. Maybe you don’t yet understand that vaccinations save lives, and NY state has done better than a lot of states on vaccinations.
The charts do NOT show the weekly improvements you have been continuously talking about these last three months. I am sorry you still don’t understand, but you should know that we have tried to explain.
He doesn’t want to understand.
All of his circumlocutions on the subject are a dumb attempt to justify his not being vaccinated
By implying that the pandemic is going away he thinks in his warped mind that it means there is no urgency to him taking the shot.
Unvaccinated is unAmerican.
‘Yes, we are doing a lot better than where we were a year ago….’
My point exactly Z…..
That’s another lie.
No they aren’t Zreebs, and the new spike is all on stupid, stupid unvaccinated people.
I readily admit the ‘virus’ is here TO STAY…..
I also agree with u it is one the the cause’s of the economic problems …..
But?
In fact on several levels we HAVE adjusted….
Things ARE moving on
Nat’l Review editor Rich Lowry agrees with Jack:
“Rising prices are being driven by a global mismatch between demand and supply as the economy recovers from the pandemic while disruptions in production persist. At the same time, bottlenecks are disrupting the U.S. supply chain.”
Of course, Rich Lowry comes to different conclusions from what Jack would:
— https://www.nationalreview.com/2021/11/inflation-is-a-dagger-aimed-at-joe-bidens-presidency/
Almost everybody who has looked at the issue agrees with me.
Hell Joe Biden does!
Only here and maybe QAnon or other such sites will you read such tripe as the implication that foreign bottlenecks have nothing to do with what is going on in ,” the good ole USA.”
How damn stupid!
And the culprit?The pandemic of course!while our resident unvaccinated Virus spreader tries to justify his selfish ignorance by goofy babbling that the cases are “only” up in his neck of New York by 30% .The raw dumbness of that statement is almost beyond comprehension.
Then he wants to tout “the polls.” The polls are irrelevant.Sure everyone is “concerned “ with the economy.He acts like he’d discovered something.The doofus refuses to admit that the pandemic is the driving force behind the economic problems.
Of course we have all grown use to his zany off the wall silliness so I guess expecting the least bit of insight from a modern day version of Gomer Pyle is asking too much!
He, he, he…..
You only like the polls that agree with ya….
You’ve always been that way….
He, he, he….
You have YOUR view on things…
The ALL of people in the poll have theirs….
Idiotic.
The polls are irrelevant to the point I am making.
Either you don’t understand that?Which makes you stupid or You are purposefully misstating my point?Which makes you a Liar.
He, he, he….
Love ya Jack….
In fact how can U KNOW what ‘EVERYBODY’ is thinking unless ya see the ‘POLL’s’?
As I HAVE pointed out….
U embrace polls that favor your positions and dismiss the others….
But as imperfect as they are?
They give trends and views of the people’s thoughts and views…
And these days?
EVERYBODY see’s and uses them…
Even if they don’t agree with them….
More obfuscation.
Par for the course complete with the misplaced laughing routine.