Biden’s economy

[Anonymous]

Anonymous wrote:Fisker Group Inc., the EV startup founded by famed designer Henrik Fisker, filed for Chapter 11 bankruptcy protection — a capstone to months of problems with its Ocean SUV that included recalls and dozens of lemon law lawsuits.

https://techcrunch.com/2024/05/03/fisker-pear-alaska-lawsuit-engineering-class-action/

Why is this posted in the Biden Economy thread?

[Anonymous]

Anonymous wrote:“In 2021, the Biden Administration got $42.45 billion from Congress to deploy high-speed Internet to millions of Americans. Years later, it has not connected even 1 person with those funds. In fact, it now says that no construction projects will even start until 2025 at earliest,” the Federal Communications Commission (FCC) commissioner wrote.


Print! Print! Print!

The money is dedicated to the infrastructure. it takes years to get through the local public service commissions and the put the contracts out for construction. 2025 starting is actually pretty fast, all things considered.

And of course, if Trump wins, he will take credit for it and the red state idiots will believe him.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Per the St. Louis Fed, the economy has grown by approximately $1,76T since Biden took office, or a little over 8% in over three years. This is real growth that accounts for inflation. Per the US Treasury, the deficit has grown from $30.93T to 33.17T during that same time.

In short, the deficit has grown by $2.24T and the economy has grown by $1.76T. Of course, this is unsustainable, and the Democrats keep importing more takers than makers, so this imbalance will only accelerate in the near future. Biden's economy is built exclusively on debt. The truth is most voters, including here, aren't qualified to have a say in governance. Universal suffrage has been a terrible mistake.

No, Trump won't fix this either, but he will import fewer welfare beneficiaries, so that's a better choice.

The "makers" have grown exponentially under Biden with a path to restore what has been lost over the last 50 years. This has far exceeded the GOP in any capacity.

I agree that Biden wasn't the primary driver of inflation. Trump and the rest of the elected goons helicoptered money into the economy to "do something" about COVID. Biden would have done worse, of course.

However, that X post you cite doesn't contain any information but deflects by talking about inflation. I posted the real economic growth that accounted for inflation. I posted the growth in the deficit. Those are hard fact you are ignoring because Biden's economy is a disaster. Were you assertion about makers correct, the economy would be growing more than debt.

The "disaster" of an economy is currently the envy of the world.

Imagine if there was a democrat elected into office in the modern era (post NAFTA) when the economy wasn't a disaster. It hasn't happened yet because the GOP leaves economic ruin every time they are in office.

[Anonymous]

Anonymous wrote:https://www.cnbc.com/2022/07/18/most-middle-class-households-say-income-falling-behind-cost-of-living.html

Oof, 75% of middle class people say they’re falling behind.

Auto insurance rates in the US have increased by 42% over the past 2 years.

That's the biggest 2-year spike since 1977.

The US economy is headed into a corporate bankruptcy cycle that will spike unemployment, veteran forecaster says

https://www.msn.com/en-us/money/markets/the-us-economy-is-headed-into-a-corporate-bankruptcy-cycle-that-will-spike-unemployment-veteran-forecaster-says/ar-BB1onywD?ocid=BingNewsSerp

Housing is now unaffordable for half of US renters

https://www.npr.org/2024/01/25/1225957874/housing-unaffordable-for-record-half-all-u-s-renters-study-finds


Thanks to Bidenomics we have skyrocketing foreclosures

https://www.foxbusiness.com/economy/home-foreclosures-rise-again-nationwide

Lots if Americans are asking themselves are they better off than four years ago? The answer for most Americans is a resounding no. Most people are feeling the pinch of Bidenomocs and their standard of living has dropped and so Has their saving accounts.

They are upset that the free-money stimulus checks have dried up. The government should have never provided those checks. People simply banked those checks.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Per the St. Louis Fed, the economy has grown by approximately $1,76T since Biden took office, or a little over 8% in over three years. This is real growth that accounts for inflation. Per the US Treasury, the deficit has grown from $30.93T to 33.17T during that same time.

In short, the deficit has grown by $2.24T and the economy has grown by $1.76T. Of course, this is unsustainable, and the Democrats keep importing more takers than makers, so this imbalance will only accelerate in the near future. Biden's economy is built exclusively on debt. The truth is most voters, including here, aren't qualified to have a say in governance. Universal suffrage has been a terrible mistake.

No, Trump won't fix this either, but he will import fewer welfare beneficiaries, so that's a better choice.

The "makers" have grown exponentially under Biden with a path to restore what has been lost over the last 50 years. This has far exceeded the GOP in any capacity.

I agree that Biden wasn't the primary driver of inflation. Trump and the rest of the elected goons helicoptered money into the economy to "do something" about COVID. Biden would have done worse, of course.

However, that X post you cite doesn't contain any information but deflects by talking about inflation. I posted the real economic growth that accounted for inflation. I posted the growth in the deficit. Those are hard fact you are ignoring because Biden's economy is a disaster. Were you assertion about makers correct, the economy would be growing more than debt.

The effort to induce the "maker" investment, get facilities built or retrofitted and employees trained takes years. We are already starting to see progress, but it will be 3-4 more year before the real impact is felt.

Why would anyone who understands this think a president can snap their fingers and things just change in an instant? That isn't how any of this works.

The only thing Trump has to show for his 4 years in office is tax cuts for the 1%.

Biden is leaving improved infrastructure and improved domestic production - these are lasting benefits that shape an economy for decades.

[Anonymous]

Anonymous wrote:Another day, another bad report as retail sales in May came in @ 0.1% vs concensus at 0.2%. YOY at 2.3% vs April at 2.7%.

Thanks Joe!

No. Thank Jerome Powell, he is the man who actually controls the economy. This was by design to curb runaway inflation. But I am sure you already knew that and was just being sarcastic (better than ignorant) when you posted your post PP.

[Anonymous]

Anonymous wrote:Fisker Group Inc., the EV startup founded by famed designer Henrik Fisker, filed for Chapter 11 bankruptcy protection — a capstone to months of problems with its Ocean SUV that included recalls and dozens of lemon law lawsuits.

https://techcrunch.com/2024/05/03/fisker-pear-alaska-lawsuit-engineering-class-action/

And this is Biden's fault how? Stretching PP, stretching. Fisker was an overhyped IPO that did not have enough financial backing to keep going. On top of that, the product was a POS.

[Anonymous]

Anonymous wrote:

Anonymous wrote:https://www.cnbc.com/2022/07/18/most-middle-class-households-say-income-falling-behind-cost-of-living.html

Oof, 75% of middle class people say they’re falling behind.

Auto insurance rates in the US have increased by 42% over the past 2 years.

That's the biggest 2-year spike since 1977.

The US economy is headed into a corporate bankruptcy cycle that will spike unemployment, veteran forecaster says

https://www.msn.com/en-us/money/markets/the-us-economy-is-headed-into-a-corporate-bankruptcy-cycle-that-will-spike-unemployment-veteran-forecaster-says/ar-BB1onywD?ocid=BingNewsSerp

Housing is now unaffordable for half of US renters

https://www.npr.org/2024/01/25/1225957874/housing-unaffordable-for-record-half-all-u-s-renters-study-finds


Thanks to Bidenomics we have skyrocketing foreclosures

https://www.foxbusiness.com/economy/home-foreclosures-rise-again-nationwide

Lots if Americans are asking themselves are they better off than four years ago? The answer for most Americans is a resounding no. Most people are feeling the pinch of Bidenomocs and their standard of living has dropped and so Has their saving accounts.

They are upset that the free-money stimulus checks have dried up. The government should have never provided those checks. People simply banked those checks.

So it would have been better to simply let 50-70% of the businesses in the US go under?

The issue was the lack of controls the Trump administration put on the PPP money. Doing PPP to begin with given the circumstances, was the right thing to do.

[Anonymous]

Remember building from the middle out and not the top down?

46% of the US's middle class workers are now slashing — or completely cutting out — contributions to their retirement funds, per Primerica.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Per the St. Louis Fed, the economy has grown by approximately $1,76T since Biden took office, or a little over 8% in over three years. This is real growth that accounts for inflation. Per the US Treasury, the deficit has grown from $30.93T to 33.17T during that same time.

In short, the deficit has grown by $2.24T and the economy has grown by $1.76T. Of course, this is unsustainable, and the Democrats keep importing more takers than makers, so this imbalance will only accelerate in the near future. Biden's economy is built exclusively on debt. The truth is most voters, including here, aren't qualified to have a say in governance. Universal suffrage has been a terrible mistake.

No, Trump won't fix this either, but he will import fewer welfare beneficiaries, so that's a better choice.

The "makers" have grown exponentially under Biden with a path to restore what has been lost over the last 50 years. This has far exceeded the GOP in any capacity.

I agree that Biden wasn't the primary driver of inflation. Trump and the rest of the elected goons helicoptered money into the economy to "do something" about COVID. Biden would have done worse, of course.

However, that X post you cite doesn't contain any information but deflects by talking about inflation. I posted the real economic growth that accounted for inflation. I posted the growth in the deficit. Those are hard fact you are ignoring because Biden's economy is a disaster. Were you assertion about makers correct, the economy would be growing more than debt.

The "disaster" of an economy is currently the envy of the world.

Imagine if there was a democrat elected into office in the modern era (post NAFTA) when the economy wasn't a disaster. It hasn't happened yet because the GOP leaves economic ruin every time they are in office.

This. And we all pay for the GOP’s constant economic mismanagement. Again and again.

Like all the idiots on these threads raving about how great the economy was the first years under Trump without any understanding whatsoever that it was due to 8 years of Obama’s policies.

[Anonymous]

[Anonymous]

How dangerous has the US debt crisis become?

In the last 4 years, the US debt has skyrocketed by $11 trillion.

This is the size of 40% of the US economy’s GDP.

By comparison, reaching the first $11 trillion of debt for the US it took 220 years.

Ferguson’s Law states that any great power that spends more on debt service (interest payments on the national debt) than on defense will not stay great for very long. True of Hapsburg Spain, true of ancien régime France, true of the Ottoman Empire, true of the British Empire.

We are close to the end of the looting and near the beginning of holding the bag.

Another sign that an empire is falling is when there is a sustained and systemic rise in anti-Semitism.

[Anonymous]

Anonymous wrote:

How dangerous has the US debt crisis become?

In the last 4 years, the US debt has skyrocketed by $11 trillion.

This is the size of 40% of the US economy’s GDP.

By comparison, reaching the first $11 trillion of debt for the US it took 220 years.

Ferguson’s Law states that any great power that spends more on debt service (interest payments on the national debt) than on defense will not stay great for very long. True of Hapsburg Spain, true of ancien régime France, true of the Ottoman Empire, true of the British Empire.

We are close to the end of the looting and near the beginning of holding the bag.

Another sign that an empire is falling is when there is a sustained and systemic rise in anti-Semitism.

Then maybe we should cut the defense budget and subsidies for agribusiness?

[Anonymous]

Anonymous wrote:The "disaster" of an economy is currently the envy of the world.

Imagine if there was a democrat elected into office in the modern era (post NAFTA) when the economy wasn't a disaster. It hasn't happened yet because the GOP leaves economic ruin every time they are in office.

More assertions without facts. The debt is growing faster than the economy. Your willful refusal to even wrestle with that fact demonstrates a dishonest approach to economics.

[Anonymous]

Anonymous wrote:This. And we all pay for the GOP’s constant economic mismanagement. Again and again.

Like all the idiots on these threads raving about how great the economy was the first years under Trump without any understanding whatsoever that it was due to 8 years of Obama’s policies.

Ah, if Trump's four years are due to Obama, then does W get credit for the rebound during Obama's first four years? Because if you look at when the economy rebounded, it was before any single Obama policy could have possibly had an effect?

Are you intellectually consistent? Let's find out.