Biden’s economy

[Anonymous]

Corporate profits are at an all-time high as a share of GDP. Capitalists being capitalists. This is what a boom after a bust looks like.

[Anonymous]

Anonymous wrote:

Benefits? That's another argument for universal healthcare. Why should things like that be tied to the employer?

+1 Every small business owner I know is DYING to get out of the health insurance market and actually focus on their business.
And every union rep who’s been fighting for better health benefits would rather be fighting for higher wages.

I'm from a country that has universal healthcare. Although I agree that healthcare should not be tied to an employer, I don't think it would work in the US with the high rates of obesity and other health issues. It would basically bankrupt the country unless people start to take care of their own health and wellness. Of course, that would be difficult where a significant proportion of the population is working minimum wage jobs with irregular working hours. Other issues are the high cost of fresh produce, cheap processed foods, drive-thrus/fast food, lack of sidewalks and public transportation, and so on and so on. Produce prices have been high for as long as I've lived here (since 2005). I remember paying $5 for two bell peppers in Harris Teeter in North Carolina in 2007 (no other grocery store near where I lived). There are so many other aspects of life we'd have to change before implementing a universal healthcare model. Where would be even start?

[Anonymous]

You can put lipstick on a pig, yet it's still a pig. Finding a silver lining and desperation of the left is amusing. Reminds me the dead brain comment last week... the person is still dead. Meanwhile the wholesale numbers (PPI) of 9.7% hasn't yet been felt in society AND weekly jobless numbers released this morning shows an unexpected higher claims.

[Anonymous]

Anonymous wrote:You can put lipstick on a pig, yet it's still a pig. Finding a silver lining and desperation of the left is amusing. Reminds me the dead brain comment last week... the person is still dead. Meanwhile the wholesale numbers (PPI) of 9.7% hasn't yet been felt in society AND weekly jobless numbers released this morning shows an unexpected higher claims.

Since you are so smart, how would you have proposed to get over 6 million people back to work, with related demand without an inflationary spike?

[Anonymous]

Simple PP, first I wouldn't of shut down the economy so long. Focusing on the aged and those with co-morbilities worked in several states, however the one sized fits all didn't work. Adding fiscal stimulus in the ARA (March 21) was wrong or should I say over stimulus. Second the Federal Reserve was too slow to announce rate increases and pushed a transitory tone way too long. We will be dealing with inflation for years to come and point you to the 1979/80 inflation fiasco. It took the Fed and Milton Friedman until 1986 to tame imflation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You can put lipstick on a pig, yet it's still a pig. Finding a silver lining and desperation of the left is amusing. Reminds me the dead brain comment last week... the person is still dead. Meanwhile the wholesale numbers (PPI) of 9.7% hasn't yet been felt in society AND weekly jobless numbers released this morning shows an unexpected higher claims.

Since you are so smart, how would you have proposed to get over 6 million people back to work, with related demand without an inflationary spike?

Not pumping $2T of borrowed money into an already expanding and re-opening economy would have helped. Not paying people bonus UI to remain unemployed would have helped. Not leaning on your Fed chair to continue expansionary monetary policy would have helped.

Not going around saying inflation is not real and then inflation is transitory would have at least kept you from looking like an idiot and losing credibility. Not trying to claim every social program you were already for would reduce inflation would also help maintain your credibility.

Keeping it real, any good or bad economic performance can only be partially attributable to a President and they almost always end up taking too much credit or getting too much blame.

That said - Biden richly deserves what he is getting. He willfully leaned into all the wrong policies and statements on inflation and had multiple credible Democratic advisors from outside his administration who tried to warn him.

[Anonymous]

Since I'm in my 60s, I've lived through several bad economies.

This isn't one of them. Solid stock market, lots of jobs.

[Anonymous]

Anonymous wrote:Since I'm in my 60s, I've lived through several bad economies.

This isn't one of them. Solid stock market, lots of jobs.

You live in DC — solid jobs here are not indicative of the economic condition of the 300 million plus people in this country. Plus, the greatest equity and debt bubbles of all time driven by the steady march towards zero % of interest rates over the last 20+ years isn’t indicative of the real economy — we have not just companies but multiple entire sectors trading at absolutely absurd valuations.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Since I'm in my 60s, I've lived through several bad economies.

This isn't one of them. Solid stock market, lots of jobs.

You live in DC — solid jobs here are not indicative of the economic condition of the 300 million plus people in this country. Plus, the greatest equity and debt bubbles of all time driven by the steady march towards zero % of interest rates over the last 20+ years isn’t indicative of the real economy — we have not just companies but multiple entire sectors trading at absolutely absurd valuations.

No I live now in the Midwest. A bad economy is when people don't have jobs. What I see around me in the Midwest is people spending like drunken sailors. They aren't feeling pinched by inflation.

[Anonymous]

[Anonymous]

Anonymous wrote:

This another example of an exaggerated seasonal adjustment based on pre-pandemic travel, spending, employment, etc. In-store sales, holiday travel, & other in-person transactions were not going to match prepandemic patterns.

[Anonymous]

Anonymous wrote:Simple PP, first I wouldn't of shut down the economy so long. Focusing on the aged and those with co-morbilities worked in several states, however the one sized fits all didn't work. Adding fiscal stimulus in the ARA (March 21) was wrong or should I say over stimulus. Second the Federal Reserve was too slow to announce rate increases and pushed a transitory tone way too long. We will be dealing with inflation for years to come and point you to the 1979/80 inflation fiasco. It took the Fed and Milton Friedman until 1986 to tame imflation.

For so long? We never really shut down the way it needed to, and once there were a few days of it, Trump started agitating to get it all re-opened, before there was any contact tracing or other protcols put in place. If his administration was never going to take the defensive measures necessary, then they never should have done the partial shut down. Instead, he inflicted the worst of both worlds on the country.

[Anonymous]

Anonymous wrote:Since I'm in my 60s, I've lived through several bad economies.

This isn't one of them. Solid stock market, lots of jobs.

This.

the PP above this post doesn't understand the actual pain working class and small businesses faced during 2020. The money put into people's pockets, the small PPP monies were critical to avoiding a mass economic calamity.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Simple PP, first I wouldn't of shut down the economy so long. Focusing on the aged and those with co-morbilities worked in several states, however the one sized fits all didn't work. Adding fiscal stimulus in the ARA (March 21) was wrong or should I say over stimulus. Second the Federal Reserve was too slow to announce rate increases and pushed a transitory tone way too long. We will be dealing with inflation for years to come and point you to the 1979/80 inflation fiasco. It took the Fed and Milton Friedman until 1986 to tame imflation.

For so long? We never really shut down the way it needed to, and once there were a few days of it, Trump started agitating to get it all re-opened, before there was any contact tracing or other protcols put in place. If his administration was never going to take the defensive measures necessary, then they never should have done the partial shut down. Instead, he inflicted the worst of both worlds on the country.

It doesn't even matter what politicians did. People vote with their feet and their wallets. So many Americans were afraid of the virus and pulled their kids from schools, started working from home, etc. The marketplace was speaking.

Until the virus is under reasonable control and my toddler is vaccinated, I'm not really interested in eating in restaurants or going to indoor concerts. You can proclaim all you want - "the economy is open!" - and I won't open my wallet until I feel safe. Neither will my mother with some serious health issues - they are avoiding a lot of stuff until the virus is endemic.

That said, I am traveling on airplanes this year. We flew for the holidays. I'm traveling next month. I'm also wearing an N95 on the plane. So I'm not a complete shut-in.

But this idea that any politician can "shut down" or "open up" the economy is laughable and naïve. We are all making our own individual decisions based on the factors in household, plus the latest statistics on spread in our areas. We won't be back to feeling like it's pre-COVID for a while with 35% of this country is unvaccinated plus a huge contingent of the world unvaccinated.

We need a new Marshall Plan for vaccination to get back to normal.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Simple PP, first I wouldn't of shut down the economy so long. Focusing on the aged and those with co-morbilities worked in several states, however the one sized fits all didn't work. Adding fiscal stimulus in the ARA (March 21) was wrong or should I say over stimulus. Second the Federal Reserve was too slow to announce rate increases and pushed a transitory tone way too long. We will be dealing with inflation for years to come and point you to the 1979/80 inflation fiasco. It took the Fed and Milton Friedman until 1986 to tame imflation.

For so long? We never really shut down the way it needed to, and once there were a few days of it, Trump started agitating to get it all re-opened, before there was any contact tracing or other protcols put in place. If his administration was never going to take the defensive measures necessary, then they never should have done the partial shut down. Instead, he inflicted the worst of both worlds on the country.

It doesn't even matter what politicians did. People vote with their feet and their wallets. So many Americans were afraid of the virus and pulled their kids from schools, started working from home, etc. The marketplace was speaking.

Until the virus is under reasonable control and my toddler is vaccinated, I'm not really interested in eating in restaurants or going to indoor concerts. You can proclaim all you want - "the economy is open!" - and I won't open my wallet until I feel safe. Neither will my mother with some serious health issues - they are avoiding a lot of stuff until the virus is endemic.

That said, I am traveling on airplanes this year. We flew for the holidays. I'm traveling next month. I'm also wearing an N95 on the plane. So I'm not a complete shut-in.

But this idea that any politician can "shut down" or "open up" the economy is laughable and naïve. We are all making our own individual decisions based on the factors in household, plus the latest statistics on spread in our areas. We won't be back to feeling like it's pre-COVID for a while with 35% of this country is unvaccinated plus a huge contingent of the world unvaccinated.

We need a new Marshall Plan for vaccination to get back to normal.

The vaccine is free and easy and accessible to anyone who wants it. We don't need a new plan. We need the anti-vaxxers to step up, or have insurance companies deny coverage for COVID related treatment to those who eschew the vaccine.