Biden’s economy

[Anonymous]

Basic expenses are taking a much larger slice today for those without upper-level incomes.

Since 2019, electricity, gas, and gasoline are up 28% - 36% or more. Home prices are up 54% (hurting those yet to purchase the most), and food prices are up about 20%. Car and home insurance are up about 23% from a year ago. Credit card debt and delinquency rates are up. And mortgage rates are considered unlikely to hit 5.5% until next year.

Meanwhile, while the median US income increased in 2023 for the first time since 2019 ("4% last year to $80,610, according to the Census Bureau’s annual report on income, poverty and health insurance coverage"), it is still lower than four years earlier. Wages haven't caught up to inflation.

So, it's understandable that so many Americans in the middle and lower economic echelons are concerned about and greatly affected by inflation, despite what appears to be a still-strong economy.

Sources: The Washington Post, CBS News, The New York Times, Forbes, CNBC, Bloomberg Law, USA Today, Bankrate

[Anonymous]

Anonymous wrote:Basic expenses are taking a much larger slice today for those without upper-level incomes.

Since 2019, electricity, gas, and gasoline are up 28% - 36% or more. Home prices are up 54% (hurting those yet to purchase the most), and food prices are up about 20%. Car and home insurance are up about 23% from a year ago. Credit card debt and delinquency rates are up. And mortgage rates are considered unlikely to hit 5.5% until next year.

Meanwhile, while the median US income increased in 2023 for the first time since 2019 ("4% last year to $80,610, according to the Census Bureau’s annual report on income, poverty and health insurance coverage"), it is still lower than four years earlier. Wages haven't caught up to inflation.

So, it's understandable that so many Americans in the middle and lower economic echelons are concerned about and greatly affected by inflation, despite what appears to be a still-strong economy.

Sources: The Washington Post, CBS News, The New York Times, Forbes, CNBC, Bloomberg Law, USA Today, Bankrate

In 2019 there was actually a glut of crude oil. The small royalty checks I got, got smaller. But also, in April 2020 my job was abruptly changed to fulfill a contract my company made with Oklahoma's unemployment insurance agency. Interestingly enough, there was a very large number of Oklahoma oil and gas extraction workers who had already been laid off for months, starting mostly in the second half of 2019--they were exhausting or had exhausting their normal UI benefits. I don't recall exactly when the pandemic extended UI kicked in, but that's what they were contending with.

As of 2023, US gasoline prices were equal to those in 2012--in ACTUAL dollars, not adjusted. Electricity has gone up--BUT--there is a huge need for grid upgrades and maintenance, especially as electricity supplies have become more vulnerable to weather-related disasters (aka climate change).

I retired this year, and my retirement income is modest, partly because I am choosing so far to wait before tapping 401k and IRA money and am now much more conscious of my spending--although I have always been a budget shopper. It's also interesting that every time people talk about the cost of basics, in everything except healthcare US residents enjoy much lower costs for these things than many, many other countries, including highly developed economies with strong social safety nets. When I panick at the price of a dozen eggs I try to remember those facts.

[Anonymous]

Anonymous wrote:Basic expenses are taking a much larger slice today for those without upper-level incomes.

Since 2019, electricity, gas, and gasoline are up 28% - 36% or more. Home prices are up 54% (hurting those yet to purchase the most), and food prices are up about 20%. Car and home insurance are up about 23% from a year ago. Credit card debt and delinquency rates are up. And mortgage rates are considered unlikely to hit 5.5% until next year.

Meanwhile, while the median US income increased in 2023 for the first time since 2019 ("4% last year to $80,610, according to the Census Bureau’s annual report on income, poverty and health insurance coverage"), it is still lower than four years earlier. Wages haven't caught up to inflation.

So, it's understandable that so many Americans in the middle and lower economic echelons are concerned about and greatly affected by inflation, despite what appears to be a still-strong economy.

Sources: The Washington Post, CBS News, The New York Times, Forbes, CNBC, Bloomberg Law, USA Today, Bankrate

Electricity is a regulated commodity by the local public service commission. A president has less than zero to do with that.
Someone else already address the gas/gasoline issue.

[Anonymous]

Inflation is totally out of control! Even cheap Chinese watches cost $100,000 now!

https://www.cnn.com/2024/09/26/politics/trump-watches/index.html

I blame Biden.

[Anonymous]

Can someone explain to me how it is that nobody can afford groceries but airports and other sources keep reporting record travel?

[Anonymous]

Anonymous wrote:Can someone explain to me how it is that nobody can afford groceries but airports and other sources keep reporting record travel?

Because the economy is doing pretty well since Biden Harris pulled us out of the spiral Rump put us into. That doesn’t solve every systematic problem we have with capitalism but those are the facts.

[Anonymous]

“I’ve hesitated to say this at the risk of sounding hyperbolic, but with last week’s big GDP revisions, there is no denying it: This is among the best performing economies in my 35+ years as an economist. Economic growth is rip-roaring, with real GDP up 3% over the past year. Unemployment is low at near 4%, consistent with full employment. Inflation is fast closing in on Fed’s 2% target - grocery prices, rents and gas prices are flat to down over the past more than a year. Households’ financial obligations are light, and set to get lighter with the Fed cutting rates. House prices have never been higher, and most homeowners have more equity in their homes than ever. Corporate profits are robust, and the stock market is hitting a record high on a seemingly daily basis. Of course there are blemishes, as lower-income households are struggling financially, there is a severe shortage of affordable homes, and the government is running large budget deficits. And things could change quickly. There are plenty of threats. But in my time as an economist, the economy has rarely looked better.”
- Mark Zandi, chief economist, Moody’s
https://x.com/markzandi/status/1840488882405614037?s=46&t=kf1qYlCXQnKgUhJWEIu2vg

[Anonymous]

Yup.

Groceries are still expensive, but that is more price gouging than "inflation"

The Biden economy and recovery from the dumpster fire left by Trump has been nothing short of a miracle. and to get back on track without a recession is extraordinary.

[Anonymous]

Anonymous wrote:“I’ve hesitated to say this at the risk of sounding hyperbolic, but with last week’s big GDP revisions, there is no denying it: This is among the best performing economies in my 35+ years as an economist. Economic growth is rip-roaring, with real GDP up 3% over the past year. Unemployment is low at near 4%, consistent with full employment. Inflation is fast closing in on Fed’s 2% target - grocery prices, rents and gas prices are flat to down over the past more than a year. Households’ financial obligations are light, and set to get lighter with the Fed cutting rates. House prices have never been higher, and most homeowners have more equity in their homes than ever. Corporate profits are robust, and the stock market is hitting a record high on a seemingly daily basis. Of course there are blemishes, as lower-income households are struggling financially, there is a severe shortage of affordable homes, and the government is running large budget deficits. And things could change quickly. There are plenty of threats. But in my time as an economist, the economy has rarely looked better.”
- Mark Zandi, chief economist, Moody’s
https://x.com/markzandi/status/1840488882405614037?s=46&t=kf1qYlCXQnKgUhJWEIu2vg

It’s the best economy ever for the 1%.

[Anonymous]

Anonymous wrote:

Anonymous wrote:“I’ve hesitated to say this at the risk of sounding hyperbolic, but with last week’s big GDP revisions, there is no denying it: This is among the best performing economies in my 35+ years as an economist. Economic growth is rip-roaring, with real GDP up 3% over the past year. Unemployment is low at near 4%, consistent with full employment. Inflation is fast closing in on Fed’s 2% target - grocery prices, rents and gas prices are flat to down over the past more than a year. Households’ financial obligations are light, and set to get lighter with the Fed cutting rates. House prices have never been higher, and most homeowners have more equity in their homes than ever. Corporate profits are robust, and the stock market is hitting a record high on a seemingly daily basis. Of course there are blemishes, as lower-income households are struggling financially, there is a severe shortage of affordable homes, and the government is running large budget deficits. And things could change quickly. There are plenty of threats. But in my time as an economist, the economy has rarely looked better.”
- Mark Zandi, chief economist, Moody’s
https://x.com/markzandi/status/1840488882405614037?s=46&t=kf1qYlCXQnKgUhJWEIu2vg

It’s the best economy ever for the 1%.

Do you think it is only the 1% that is packing airports, hotels and resorts? Do you think it is only the 1% buying cars and other merchandise? There is a reason corporations are announcing record profits quarter after quarter.

Yes, groceries are more expensive. Let's revisit those corporate profits, ok?

Locally Giant: https://www.bloomberg.com/news/articles/2024-02-14/ahold-delhaize-rises-most-in-a-year-as-profit-tops-estimates
Locally Safeway: https://www.albertsonscompanies.com/newsroom/press-releases/news-details/2024/Albertsons-Companies-Inc.-Reports-Fourth-Quarter-and-Full-Year-Results/default.aspx
Lidl: https://www.marketingweek.com/lidl-record-market-share-grocery-inflation/

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:“I’ve hesitated to say this at the risk of sounding hyperbolic, but with last week’s big GDP revisions, there is no denying it: This is among the best performing economies in my 35+ years as an economist. Economic growth is rip-roaring, with real GDP up 3% over the past year. Unemployment is low at near 4%, consistent with full employment. Inflation is fast closing in on Fed’s 2% target - grocery prices, rents and gas prices are flat to down over the past more than a year. Households’ financial obligations are light, and set to get lighter with the Fed cutting rates. House prices have never been higher, and most homeowners have more equity in their homes than ever. Corporate profits are robust, and the stock market is hitting a record high on a seemingly daily basis. Of course there are blemishes, as lower-income households are struggling financially, there is a severe shortage of affordable homes, and the government is running large budget deficits. And things could change quickly. There are plenty of threats. But in my time as an economist, the economy has rarely looked better.”
- Mark Zandi, chief economist, Moody’s
https://x.com/markzandi/status/1840488882405614037?s=46&t=kf1qYlCXQnKgUhJWEIu2vg

It’s the best economy ever for the 1%.

Do you think it is only the 1% that is packing airports, hotels and resorts? Do you think it is only the 1% buying cars and other merchandise? There is a reason corporations are announcing record profits quarter after quarter.

Yes, groceries are more expensive. Let's revisit those corporate profits, ok?

Locally Giant: https://www.bloomberg.com/news/articles/2024-02-14/ahold-delhaize-rises-most-in-a-year-as-profit-tops-estimates
Locally Safeway: https://www.albertsonscompanies.com/newsroom/press-releases/news-details/2024/Albertsons-Companies-Inc.-Reports-Fourth-Quarter-and-Full-Year-Results/default.aspx
Lidl: https://www.marketingweek.com/lidl-record-market-share-grocery-inflation/

Car sales are down.

In December 2020, in the midst of the pandemic, sales were 17 million. Four years later, they were down 1.3 million, at 15.7 million. There was a post-Covid rebound in sales to 18.7 vehicles in April 2021, no doubt aided by American Rescue Act money.

This was the easiest of your statements to check, but it makes me wonder about your other ones.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:“I’ve hesitated to say this at the risk of sounding hyperbolic, but with last week’s big GDP revisions, there is no denying it: This is among the best performing economies in my 35+ years as an economist. Economic growth is rip-roaring, with real GDP up 3% over the past year. Unemployment is low at near 4%, consistent with full employment. Inflation is fast closing in on Fed’s 2% target - grocery prices, rents and gas prices are flat to down over the past more than a year. Households’ financial obligations are light, and set to get lighter with the Fed cutting rates. House prices have never been higher, and most homeowners have more equity in their homes than ever. Corporate profits are robust, and the stock market is hitting a record high on a seemingly daily basis. Of course there are blemishes, as lower-income households are struggling financially, there is a severe shortage of affordable homes, and the government is running large budget deficits. And things could change quickly. There are plenty of threats. But in my time as an economist, the economy has rarely looked better.”
- Mark Zandi, chief economist, Moody’s
https://x.com/markzandi/status/1840488882405614037?s=46&t=kf1qYlCXQnKgUhJWEIu2vg

It’s the best economy ever for the 1%.

Do you think it is only the 1% that is packing airports, hotels and resorts? Do you think it is only the 1% buying cars and other merchandise? There is a reason corporations are announcing record profits quarter after quarter.

Yes, groceries are more expensive. Let's revisit those corporate profits, ok?

Locally Giant: https://www.bloomberg.com/news/articles/2024-02-14/ahold-delhaize-rises-most-in-a-year-as-profit-tops-estimates
Locally Safeway: https://www.albertsonscompanies.com/newsroom/press-releases/news-details/2024/Albertsons-Companies-Inc.-Reports-Fourth-Quarter-and-Full-Year-Results/default.aspx
Lidl: https://www.marketingweek.com/lidl-record-market-share-grocery-inflation/

Car sales are down.

In December 2020, in the midst of the pandemic, sales were 17 million. Four years later, they were down 1.3 million, at 15.7 million. There was a post-Covid rebound in sales to 18.7 vehicles in April 2021, no doubt aided by American Rescue Act money.

This was the easiest of your statements to check, but it makes me wonder about your other ones.

But don’t most people lease cars now?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:“I’ve hesitated to say this at the risk of sounding hyperbolic, but with last week’s big GDP revisions, there is no denying it: This is among the best performing economies in my 35+ years as an economist. Economic growth is rip-roaring, with real GDP up 3% over the past year. Unemployment is low at near 4%, consistent with full employment. Inflation is fast closing in on Fed’s 2% target - grocery prices, rents and gas prices are flat to down over the past more than a year. Households’ financial obligations are light, and set to get lighter with the Fed cutting rates. House prices have never been higher, and most homeowners have more equity in their homes than ever. Corporate profits are robust, and the stock market is hitting a record high on a seemingly daily basis. Of course there are blemishes, as lower-income households are struggling financially, there is a severe shortage of affordable homes, and the government is running large budget deficits. And things could change quickly. There are plenty of threats. But in my time as an economist, the economy has rarely looked better.”
- Mark Zandi, chief economist, Moody’s
https://x.com/markzandi/status/1840488882405614037?s=46&t=kf1qYlCXQnKgUhJWEIu2vg

It’s the best economy ever for the 1%.

Do you think it is only the 1% that is packing airports, hotels and resorts? Do you think it is only the 1% buying cars and other merchandise? There is a reason corporations are announcing record profits quarter after quarter.

Yes, groceries are more expensive. Let's revisit those corporate profits, ok?

Locally Giant: https://www.bloomberg.com/news/articles/2024-02-14/ahold-delhaize-rises-most-in-a-year-as-profit-tops-estimates
Locally Safeway: https://www.albertsonscompanies.com/newsroom/press-releases/news-details/2024/Albertsons-Companies-Inc.-Reports-Fourth-Quarter-and-Full-Year-Results/default.aspx
Lidl: https://www.marketingweek.com/lidl-record-market-share-grocery-inflation/

But let’s be real. Americans eat a lot of meat. The inputs to produce meat are becoming more expensive. That’s nothing to do with The White House. It’s simple supply and demand.

If people didn’t eat meat every day, their grocery bills would go down. As would their weight and cholesterol levels.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:“I’ve hesitated to say this at the risk of sounding hyperbolic, but with last week’s big GDP revisions, there is no denying it: This is among the best performing economies in my 35+ years as an economist. Economic growth is rip-roaring, with real GDP up 3% over the past year. Unemployment is low at near 4%, consistent with full employment. Inflation is fast closing in on Fed’s 2% target - grocery prices, rents and gas prices are flat to down over the past more than a year. Households’ financial obligations are light, and set to get lighter with the Fed cutting rates. House prices have never been higher, and most homeowners have more equity in their homes than ever. Corporate profits are robust, and the stock market is hitting a record high on a seemingly daily basis. Of course there are blemishes, as lower-income households are struggling financially, there is a severe shortage of affordable homes, and the government is running large budget deficits. And things could change quickly. There are plenty of threats. But in my time as an economist, the economy has rarely looked better.”
- Mark Zandi, chief economist, Moody’s
https://x.com/markzandi/status/1840488882405614037?s=46&t=kf1qYlCXQnKgUhJWEIu2vg

It’s the best economy ever for the 1%.

The rate of leasing went down quite steeply from about 33% in 2017 Q3 to about 18% in 2022 Q3. It rose to 22% in Q3 2023, the point at which this chart ends.

https://www.statista.com/statistics/453122/share-of-new-vehicles-on-lease-usa/#:~:text=Over%20one-fifth%20of%20new%20vehicles%20in%20the%20United%20States%20were

Do you think it is only the 1% that is packing airports, hotels and resorts? Do you think it is only the 1% buying cars and other merchandise? There is a reason corporations are announcing record profits quarter after quarter.

Yes, groceries are more expensive. Let's revisit those corporate profits, ok?

Locally Giant: https://www.bloomberg.com/news/articles/2024-02-14/ahold-delhaize-rises-most-in-a-year-as-profit-tops-estimates
Locally Safeway: https://www.albertsonscompanies.com/newsroom/press-releases/news-details/2024/Albertsons-Companies-Inc.-Reports-Fourth-Quarter-and-Full-Year-Results/default.aspx
Lidl: https://www.marketingweek.com/lidl-record-market-share-grocery-inflation/

Car sales are down.

In December 2020, in the midst of the pandemic, sales were 17 million. Four years later, they were down 1.3 million, at 15.7 million. There was a post-Covid rebound in sales to 18.7 vehicles in April 2021, no doubt aided by American Rescue Act money.

This was the easiest of your statements to check, but it makes me wonder about your other ones.

But don’t most people lease cars now?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:“I’ve hesitated to say this at the risk of sounding hyperbolic, but with last week’s big GDP revisions, there is no denying it: This is among the best performing economies in my 35+ years as an economist. Economic growth is rip-roaring, with real GDP up 3% over the past year. Unemployment is low at near 4%, consistent with full employment. Inflation is fast closing in on Fed’s 2% target - grocery prices, rents and gas prices are flat to down over the past more than a year. Households’ financial obligations are light, and set to get lighter with the Fed cutting rates. House prices have never been higher, and most homeowners have more equity in their homes than ever. Corporate profits are robust, and the stock market is hitting a record high on a seemingly daily basis. Of course there are blemishes, as lower-income households are struggling financially, there is a severe shortage of affordable homes, and the government is running large budget deficits. And things could change quickly. There are plenty of threats. But in my time as an economist, the economy has rarely looked better.”
- Mark Zandi, chief economist, Moody’s
https://x.com/markzandi/status/1840488882405614037?s=46&t=kf1qYlCXQnKgUhJWEIu2vg

It’s the best economy ever for the 1%.

Do you think it is only the 1% that is packing airports, hotels and resorts? Do you think it is only the 1% buying cars and other merchandise? There is a reason corporations are announcing record profits quarter after quarter.

Yes, groceries are more expensive. Let's revisit those corporate profits, ok?

Locally Giant: https://www.bloomberg.com/news/articles/2024-02-14/ahold-delhaize-rises-most-in-a-year-as-profit-tops-estimates
Locally Safeway: https://www.albertsonscompanies.com/newsroom/press-releases/news-details/2024/Albertsons-Companies-Inc.-Reports-Fourth-Quarter-and-Full-Year-Results/default.aspx
Lidl: https://www.marketingweek.com/lidl-record-market-share-grocery-inflation/

Car sales are down.

In December 2020, in the midst of the pandemic, sales were 17 million. Four years later, they were down 1.3 million, at 15.7 million. There was a post-Covid rebound in sales to 18.7 vehicles in April 2021, no doubt aided by American Rescue Act money.

This was the easiest of your statements to check, but it makes me wonder about your other ones.

But don’t most people lease cars now?

The percent of vehicles leased went down quite sharply from Q3 2017, when it was 33%, to about 18% in Q3 2022. It then saw an increase to about 22% in Q3 2023, the year when this chart ends.

https://www.statista.com/statistics/453122/share-of-new-vehicles-on-lease-usa/#:~:text=Over%20one-fifth%20of%20new%20vehicles%20in%20the%20United%20States%20were