Biden’s economy

[Anonymous]

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Anonymous wrote:Fun / shocking stat of the day:

$2.1 TRILLION of excess savings have been wiped out of the US economy since August 2021. From March 2020 until August 2021, $2.1 trillion in excess savings were built up after $4 trillion of stimulus.

Since then, US households have depleted these savings at a pace of ~$70 billion per month down to a -$72 billion in March 2024.

At the same time, US credit card debt has risen by $330 billion to a record $1.1 trillion.

Meanwhile, savings rates in the US declined from 3.5% in February to 3.2% in March, the lowest since November 2022.

Savings are now considered a luxury.

Maybe people should be saving more rather than spending. Bootstraps and all, right?

….as basic food and gas prices are skyrocketing. You exist in an elite little bubble, PP.

Then why aren’t people cutting back? If gas is so expensive why do you sit in your car and just idle while waiting? Why all the food waste?

People are cutting back...

How do Trump and the GOP plan to address any of this? Please enlighten what their plans to improve people's lives economically.

Biden had his turn. The inflation reduction act led to skyrocketing inflation that democrats insist isn't a problem. Am I supposed to trust the group with their heads in the sand to fix it?

The IRA kept inflation where it is. It is far worse everywhere else in the world. What would the GOP plan for inflation be? And please don't suggest fiscal restraint, because that has not been a hallmark of the GOP since the 1950's.

Yes, I shouldn't suggest restraint because neither party exercises it. I should just go along to get along and drive off a cliff because YOU don't understand basic math and economics. It's OK that we're selling future generations into slavery and hardship as long as you get yours.

Ok, look at it this way...

Biden got bills passed that provide federal dollars and a multi-x to one return in terms of taxes and GDP growth.
Trump got a tax cut passed that consolidated 1% wealth.

Both sides drive the deficit and debt.

See the problem with your both-siding this?

[Anonymous]

Anonymous wrote:Cites for inflation being much worse elsewhere in the world? Pretty please. Someone keeps saying this but while there has been inflation it's had varying levels in various countries at various times.

Inflation spiked under Biden. Hard to deny that no matter how you want to spin it. And inflation is only getting *worse* going into the election. Ouch.

Google is your friend

https://www.imf.org/external/datamapper/PCPIEPCH@WEO/ARG?year=2024

Keep in mind when looking at the different countries, what the tax rate or "how socialist" each of the countries are, as it impacts government control over components that the US President cannot control in the US

[Anonymous]

What "multi-x"?

He's spending money he doesn't have, we're getting almost NO return and you have to keep carrying the water for the party line because you have no successes. Healthy economy my butt.

[Anonymous]

Anonymous wrote:What "multi-x"?

He's spending money he doesn't have, we're getting almost NO return and you have to keep carrying the water for the party line because you have no successes. Healthy economy my butt.

"no return"????


So rebuilt highways, upgraded ports, repaired bridges, luring manufacturing back to the US, building more chip manufacturing plants - no return? If the government doesn't upgrade public resources, who will? And how benefits from those public resources? Every American. Commerce, trade, etc.

[Anonymous]

Anonymous wrote:Cites for inflation being much worse elsewhere in the world? Pretty please. Someone keeps saying this but while there has been inflation it's had varying levels in various countries at various times.

Inflation spiked under Biden. Hard to deny that no matter how you want to spin it. And inflation is only getting *worse* going into the election. Ouch.

You know, DP here - I do not care how other countries are doing. I care about me. And inflation impacts me so that's the end of story. Fix it POTUS! And I am a liberal who hates Trump. Sorry but things are not BETTER for me. Relative to the rest of the world, maybe US is doing well but for me and zillions of others, we do not care about the rest of the world from an economic perspective.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Cites for inflation being much worse elsewhere in the world? Pretty please. Someone keeps saying this but while there has been inflation it's had varying levels in various countries at various times.

Inflation spiked under Biden. Hard to deny that no matter how you want to spin it. And inflation is only getting *worse* going into the election. Ouch.

You know, DP here - I do not care how other countries are doing. I care about me. And inflation impacts me so that's the end of story. Fix it POTUS! And I am a liberal who hates Trump. Sorry but things are not BETTER for me. Relative to the rest of the world, maybe US is doing well but for me and zillions of others, we do not care about the rest of the world from an economic perspective.

When lots of countries are experiencing the same economic phenomenon at the same time, it tells you something about the cause and whether a single government official can fix it. POTUS is not some kind of all powerful czar over the economy. There is a lot that is not within his control.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Cites for inflation being much worse elsewhere in the world? Pretty please. Someone keeps saying this but while there has been inflation it's had varying levels in various countries at various times.

Inflation spiked under Biden. Hard to deny that no matter how you want to spin it. And inflation is only getting *worse* going into the election. Ouch.

You know, DP here - I do not care how other countries are doing. I care about me. And inflation impacts me so that's the end of story. Fix it POTUS! And I am a liberal who hates Trump. Sorry but things are not BETTER for me. Relative to the rest of the world, maybe US is doing well but for me and zillions of others, we do not care about the rest of the world from an economic perspective.

Well. Nixon tried that and look how it went.

[Anonymous]

Federal Reserve Chair Jerome Powell reiterated Tuesday that inflation is falling more slowly than expected and will keep the central bank on hold for an extended period.

“We did not expect this to be a smooth road. But these [inflation readings] were higher than I think anybody expected,” Powell said. “What that has told us is that we’ll need to be patient and let restrictive policy do its work.”

While he expects inflation to come down through the year, he noted that hasn’t happened so far.


“Is inflation going to be more persistent going forward? ... I don’t think we know that yet. I think we need more than a quarter’s worth of data to really make a judgement on that,” he said.

https://www.cnbc.com/2024...teady.html

the worst part: “But these [inflation readings] were higher than I think anybody expected,” Powell said.”

Inflation is very bad and the government is in denial about that fact and how inflation is impacting consumers.

[Anonymous]

Fact check: Biden again falsely claims inflation was 9% when he became president

https://amp.cnn.com/cnn/2024/05/14/politics/fact-check-biden-inflation-when-he-became-president


Washington
CNN
—
For the second time in less than a week, President Joe Biden falsely claimed Tuesday that the inflation rate was 9% when he began his presidency.

Biden was criticized by many Republicans, including former president and current presidential rival Donald Trump, for telling CNN in an interview last Wednesday: “No president’s had the run we’ve had in terms of creating jobs and bringing down inflation. It was 9% percent when I came to office, 9%.”

Biden repeated the claim about the inflation rate, albeit in slightly vaguer form, in a Tuesday interview with Yahoo Finance. This time, he said: “I think inflation has gone slightly up. It was at 9% when I came in, and it’s now down around 3%.”


Facts First: Biden’s claim that the inflation rate was 9% when he became president is not close to true. The year-over-year inflation rate in January 2021, the month of his inauguration, was about 1.4%. The Biden-era inflation rate did peak at about 9.1% – but that peak occurred in June 2022, after Biden had been president for more than 16 months. The March 2024 inflation rate, the most recent available rate at the time Biden made these comments, was about 3.5%, up from about 3.2% the month prior.

In other words, Biden’s claims make it sound like inflation is much lower today than it was when he was inaugurated – but it is actually higher, though.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Cites for inflation being much worse elsewhere in the world? Pretty please. Someone keeps saying this but while there has been inflation it's had varying levels in various countries at various times.

Inflation spiked under Biden. Hard to deny that no matter how you want to spin it. And inflation is only getting *worse* going into the election. Ouch.

You know, DP here - I do not care how other countries are doing. I care about me. And inflation impacts me so that's the end of story. Fix it POTUS! And I am a liberal who hates Trump. Sorry but things are not BETTER for me. Relative to the rest of the world, maybe US is doing well but for me and zillions of others, we do not care about the rest of the world from an economic perspective.

Inflation is a global phenomenon as a result of the global pandemic, the global economy generally shutting down and then re-opening. There was no getting around it. If you think the GOP would have done a better job, then you can look to Russia's 16% inflation as a guide as to how the policies differ, because the GOP would be doing the same thing as Putin.

I get it, inflation is bad, and groceries, in particular, are very expensive now. I feel it too. But you have to look beyond to see what is causing it, and what it would have been without the IRA passing - as a guidepost, look at what was done in 2008/2009. The Obama Administration learned that pumping more in would have been better. Biden's team took that lesson and as a result, the inflation in the US is lower than its peers and the US generally is doing a lot better than peer countries.

The bottom line, if the GOP had been in control, things would be a lot worse now than they are. The GOP presidents leave disasters - Bush 41 left a recession. W left an economic calamity and Trump left a dumpster fire. Clinton, Obama and now Biden are cleaning up their messes.

[Anonymous]

Anonymous wrote:Fact check: Biden again falsely claims inflation was 9% when he became president

https://amp.cnn.com/cnn/2024/05/14/politics/fact-check-biden-inflation-when-he-became-president


Washington
CNN
—
For the second time in less than a week, President Joe Biden falsely claimed Tuesday that the inflation rate was 9% when he began his presidency.

Biden was criticized by many Republicans, including former president and current presidential rival Donald Trump, for telling CNN in an interview last Wednesday: “No president’s had the run we’ve had in terms of creating jobs and bringing down inflation. It was 9% percent when I came to office, 9%.”

Biden repeated the claim about the inflation rate, albeit in slightly vaguer form, in a Tuesday interview with Yahoo Finance. This time, he said: “I think inflation has gone slightly up. It was at 9% when I came in, and it’s now down around 3%.”


Facts First: Biden’s claim that the inflation rate was 9% when he became president is not close to true. The year-over-year inflation rate in January 2021, the month of his inauguration, was about 1.4%. The Biden-era inflation rate did peak at about 9.1% – but that peak occurred in June 2022, after Biden had been president for more than 16 months. The March 2024 inflation rate, the most recent available rate at the time Biden made these comments, was about 3.5%, up from about 3.2% the month prior.

In other words, Biden’s claims make it sound like inflation is much lower today than it was when he was inaugurated – but it is actually higher, though.

That is because the US was in a recession with double digit unemployment when Biden was inaugurated. Biden had to oversee the jumpstart of the US economy which, no surprise, was going to cause inflation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Fact check: Biden again falsely claims inflation was 9% when he became president

https://amp.cnn.com/cnn/2024/05/14/politics/fact-check-biden-inflation-when-he-became-president


Washington
CNN
—
For the second time in less than a week, President Joe Biden falsely claimed Tuesday that the inflation rate was 9% when he began his presidency.

Biden was criticized by many Republicans, including former president and current presidential rival Donald Trump, for telling CNN in an interview last Wednesday: “No president’s had the run we’ve had in terms of creating jobs and bringing down inflation. It was 9% percent when I came to office, 9%.”

Biden repeated the claim about the inflation rate, albeit in slightly vaguer form, in a Tuesday interview with Yahoo Finance. This time, he said: “I think inflation has gone slightly up. It was at 9% when I came in, and it’s now down around 3%.”


Facts First: Biden’s claim that the inflation rate was 9% when he became president is not close to true. The year-over-year inflation rate in January 2021, the month of his inauguration, was about 1.4%. The Biden-era inflation rate did peak at about 9.1% – but that peak occurred in June 2022, after Biden had been president for more than 16 months. The March 2024 inflation rate, the most recent available rate at the time Biden made these comments, was about 3.5%, up from about 3.2% the month prior.

In other words, Biden’s claims make it sound like inflation is much lower today than it was when he was inaugurated – but it is actually higher, though.

That is because the US was in a recession with double digit unemployment when Biden was inaugurated. Biden had to oversee the jumpstart of the US economy which, no surprise, was going to cause inflation.

Biden is lying about inflation and the things you typed don’t make his lies about inflation ok.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Fact check: Biden again falsely claims inflation was 9% when he became president

https://amp.cnn.com/cnn/2024/05/14/politics/fact-check-biden-inflation-when-he-became-president


Washington
CNN
—
For the second time in less than a week, President Joe Biden falsely claimed Tuesday that the inflation rate was 9% when he began his presidency.

Biden was criticized by many Republicans, including former president and current presidential rival Donald Trump, for telling CNN in an interview last Wednesday: “No president’s had the run we’ve had in terms of creating jobs and bringing down inflation. It was 9% percent when I came to office, 9%.”

Biden repeated the claim about the inflation rate, albeit in slightly vaguer form, in a Tuesday interview with Yahoo Finance. This time, he said: “I think inflation has gone slightly up. It was at 9% when I came in, and it’s now down around 3%.”


Facts First: Biden’s claim that the inflation rate was 9% when he became president is not close to true. The year-over-year inflation rate in January 2021, the month of his inauguration, was about 1.4%. The Biden-era inflation rate did peak at about 9.1% – but that peak occurred in June 2022, after Biden had been president for more than 16 months. The March 2024 inflation rate, the most recent available rate at the time Biden made these comments, was about 3.5%, up from about 3.2% the month prior.

In other words, Biden’s claims make it sound like inflation is much lower today than it was when he was inaugurated – but it is actually higher, though.

That is because the US was in a recession with double digit unemployment when Biden was inaugurated. Biden had to oversee the jumpstart of the US economy which, no surprise, was going to cause inflation.

Similar to a previous false claim

Biden’s false claims in the past week about overall inflation are similar to a false claim he made in October 2022 when talking about gas prices in particular. In both cases, he has wrongly depicted a figure from June 2022 as if it was the Biden-era starting point.

Biden is repeating lies about inflation and gas prices and CNN is calling him out publicly and correcting his lies.


https://amp.cnn.com/cnn/2024/05/14/politics/fact-check-biden-inflation-when-he-became-president



Biden said: "Gas prices -- I know I got criticized for going into the stockpile. But guess what? Gas prices are down, $1.30 a gallon. And in 41 states plus the District of Columbia, the average gasoline price is less than $2.99."

Facts First: Biden's claim about average gasoline prices was false, as the White House acknowledged by correcting the official transcript after CNN inquired about the claim on Friday afternoon. In fact, zero states have an average price under $2.99 per gallon, figures from GasBuddy and the American Automobile Association show. As the correction notes, Biden got a key digit wrong: 41 states and the District of Columbia have an average price under $3.99, not $2.99.

Biden said: "We have a 3.7% unemployment rate, the lowest in 50 -- more than 50 years."

Facts First: The 3.7% unemployment rate is low by historical standards, but it's not the lowest in 50 years or in more than 50 years. In fact, the monthly rate was lower than 3.7% -- either 3.6% or 3.5% -- nine times in 2019 and early 2020, during former President Donald Trump's tenure.

So the question is: does Biden really believe what he’s saying? If he does, he doesn’t know what is actually happening in America.

Or, Biden could be lying to Americans. Either way he’s wrong.

[Anonymous]

US consumer price increases cooled during the month of April, according to the latest data from the Bureau of Labor Statistics released Wednesday morning.

The Consumer Price Index (CPI) rose 0.3% over the previous month and 3.4% over the prior year in April, a slight deceleration from March's 3.5% annual gain in prices and 0.4% month-over-month increase.

April's monthly increase came in lower than economist forecasts of a 0.4% uptick. The annual rise in prices matched estimates, according to data from Bloomberg.

On a "core" basis, which strips out the more volatile costs of food and gas, prices in April climbed 0.3% over the prior month and 3.6% over last year — cooler than March's data. Both measures met economist expectations.

Investors now anticipate two 25 basis point cuts this year, down from the six cuts expected at the start of the year, according to updated Bloomberg data.

[Anonymous]

Anonymous wrote:US consumer price increases cooled during the month of April, according to the latest data from the Bureau of Labor Statistics released Wednesday morning.

The Consumer Price Index (CPI) rose 0.3% over the previous month and 3.4% over the prior year in April, a slight deceleration from March's 3.5% annual gain in prices and 0.4% month-over-month increase.

April's monthly increase came in lower than economist forecasts of a 0.4% uptick. The annual rise in prices matched estimates, according to data from Bloomberg.

On a "core" basis, which strips out the more volatile costs of food and gas, prices in April climbed 0.3% over the prior month and 3.6% over last year — cooler than March's data. Both measures met economist expectations.

Investors now anticipate two 25 basis point cuts this year, down from the six cuts expected at the start of the year, according to updated Bloomberg data.

More positive economic news for the US and Americans. MAGAs are very upset.