Biden’s economy

[Anonymous]

Aaaannnnnd look at that..

JPow now has to flip the narrative. Soft landing now not guaranteed. Prepare for a recession:

https://www.cnbc.com/2022/05/12/powell-says-he-cant-guarantee-a-soft-landing-as-the-fed-looks-to-control-inflation.html

First they all told us inflation is transitory. Then they said it was due to supply chains that'd ease. Then they tried to blame corporate greed then Russia. Then they said they'd get inflation under control with a soft landing. Now they gotta admit a crash is coming and an economic fiasco that could get very ugly.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The BBB would have mitigated inflation. Stop typing without any understanding of economics.

Not it wound not have you 🤡

When does dumping in trillions more into the economy cool inflation? It is scary how bad of an understanding of basic econ 101 you Dems have.

Hopefully this experience also puts asinine ideas, like MMT that your party subscribes to, completely on it's deathbed.

Here is some actual analysis on this issue. Please see the NON-PARTISAN analysis below:

Build Back Better would add only moderately to deficits in the short term and reduce them in the longer term. The House-passed BBB would increase the deficit by 0.6 percent of gross domestic product (GDP) in fiscal year 2022 and by diminishing percentages through 2026 before starting to reduce deficits in 2027, according to the Congressional Budget Office (CBO).[1]
The loss of fiscal stimulus as temporary relief measures enacted earlier in the pandemic have phased out will dwarf any inflationary pressure BBB would cause by increasing demand for goods and services in 2022. Many relief measures that boosted consumption — such as stimulus payments and expanded jobless benefits — have ended, creating a drag on economic growth that will be much larger than the modest stimulative impact of BBB measures in the near term.

Current inflation stems primarily from COVID-related disruptions in the global supply chain and the unique characteristics of the pandemic economy, not from an economy that is broadly overstimulated. During both the height of the pandemic and today, when infection rates are still significant, individuals and households consumed fewer services — from travel to dining out in restaurants to movies, concerts, and sports events — and shifted to consuming more of their income on goods. While this shift was largest during the early stages of the crisis, today consumption of services remains below pre-pandemic levels. The increased demand for goods put pressure on global supply chains, which were themselves disrupted by the pandemic. Factories could not always operate at full strength during the pandemic, for example, and early in the crisis, concerns that demand for goods could plummet if the crisis was not well controlled led some companies to cut back production and orders by what turned out to be too much. The result was a flare-up of inflation starting in the spring of 2021, which will likely last well into next year for reasons unrelated to Build Back Better.
Addressing inflation and meeting the nation’s investment needs are two separate tasks. The Federal Reserve has primary responsibility for addressing inflation as part of its dual mandate from Congress to promote stable prices and maximum employment, and it has the tools to do that. Current Fed policy is still “accommodative” toward further expansion, reflecting the continued need to generate job growth and to protect the economy against continued uncertainties related to the pandemic itself. (See box, “Getting Virus Under Control Remains Critical for Strong Expansion and Lower Inflation.”) But when necessary, the Fed can offset unwanted inflationary pressures by gradually tightening monetary policy, starting with reducing its holdings of Treasury and mortgage-backed securities acquired to support the economic recovery (it currently is tapering purchases and has signaled that it will likely speed up the tapering) and ultimately raising its short-term interest rate target gradually.


https://www.cbpp.org/research/economy/inflation-concerns-should-not-impede-enactment-of-build-back-better

Nice try 🤡


Your article is from late 2021. New economic data show more and more that we are now caught in a terrible wage price spiral where labor, labor demand, and productivity are grossly out of whack. BBB would have done absolutely jack all to combat a wage price spiral we are now seeing and would have done zero to address productivity and reducing the horribly inefficiencies in the labor market we have right now that are causing strong inflationary pressures.

[Anonymous]

Anonymous wrote:Aaaannnnnd look at that..

JPow now has to flip the narrative. Soft landing now not guaranteed. Prepare for a recession:

https://www.cnbc.com/2022/05/12/powell-says-he-cant-guarantee-a-soft-landing-as-the-fed-looks-to-control-inflation.html

First they all told us inflation is transitory. Then they said it was due to supply chains that'd ease. Then they tried to blame corporate greed then Russia. Then they said they'd get inflation under control with a soft landing. Now they gotta admit a crash is coming and an economic fiasco that could get very ugly.

I get so mad when people don’t use their crystal balls!!!!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The BBB would have mitigated inflation. Stop typing without any understanding of economics.

Not it wound not have you 🤡

When does dumping in trillions more into the economy cool inflation? It is scary how bad of an understanding of basic econ 101 you Dems have.

Hopefully this experience also puts asinine ideas, like MMT that your party subscribes to, completely on it's deathbed.

Here is some actual analysis on this issue. Please see the NON-PARTISAN analysis below:

Build Back Better would add only moderately to deficits in the short term and reduce them in the longer term. The House-passed BBB would increase the deficit by 0.6 percent of gross domestic product (GDP) in fiscal year 2022 and by diminishing percentages through 2026 before starting to reduce deficits in 2027, according to the Congressional Budget Office (CBO).[1]
The loss of fiscal stimulus as temporary relief measures enacted earlier in the pandemic have phased out will dwarf any inflationary pressure BBB would cause by increasing demand for goods and services in 2022. Many relief measures that boosted consumption — such as stimulus payments and expanded jobless benefits — have ended, creating a drag on economic growth that will be much larger than the modest stimulative impact of BBB measures in the near term.

Current inflation stems primarily from COVID-related disruptions in the global supply chain and the unique characteristics of the pandemic economy, not from an economy that is broadly overstimulated. During both the height of the pandemic and today, when infection rates are still significant, individuals and households consumed fewer services — from travel to dining out in restaurants to movies, concerts, and sports events — and shifted to consuming more of their income on goods. While this shift was largest during the early stages of the crisis, today consumption of services remains below pre-pandemic levels. The increased demand for goods put pressure on global supply chains, which were themselves disrupted by the pandemic. Factories could not always operate at full strength during the pandemic, for example, and early in the crisis, concerns that demand for goods could plummet if the crisis was not well controlled led some companies to cut back production and orders by what turned out to be too much. The result was a flare-up of inflation starting in the spring of 2021, which will likely last well into next year for reasons unrelated to Build Back Better.
Addressing inflation and meeting the nation’s investment needs are two separate tasks. The Federal Reserve has primary responsibility for addressing inflation as part of its dual mandate from Congress to promote stable prices and maximum employment, and it has the tools to do that. Current Fed policy is still “accommodative” toward further expansion, reflecting the continued need to generate job growth and to protect the economy against continued uncertainties related to the pandemic itself. (See box, “Getting Virus Under Control Remains Critical for Strong Expansion and Lower Inflation.”) But when necessary, the Fed can offset unwanted inflationary pressures by gradually tightening monetary policy, starting with reducing its holdings of Treasury and mortgage-backed securities acquired to support the economic recovery (it currently is tapering purchases and has signaled that it will likely speed up the tapering) and ultimately raising its short-term interest rate target gradually.


https://www.cbpp.org/research/economy/inflation-concerns-should-not-impede-enactment-of-build-back-better

Nice try 🤡


Your article is from late 2021. New economic data show more and more that we are now caught in a terrible wage price spiral where labor, labor demand, and productivity are grossly out of whack. BBB would have done absolutely jack all to combat a wage price spiral we are now seeing and would have done zero to address productivity and reducing the horribly inefficiencies in the labor market we have right now that are causing strong inflationary pressures.

Dp- right. Analysis before Russia invaded Ukraine.

[Anonymous]

Biden is just so bad at public speaking and messaging. His advisors are not helping at all.
Between his "ultra-MAGA" moniker and his lies about Republicans, it is hard to take anything he says seriously.

The Washington Post reaffirmed a fact check from the end of April on Thursday that gave President Biden "Three Pinocchios" for his assertion that Republicans want to raise taxes.

In an April 18 tweet, the president said that "congressional Republicans now want to raise taxes on middle class families," adding he would not let that happen. The root of Biden's assertion is a plan outlined by Sen. Rick Scott, R-Fla.

Biden and his administration have repeatedly suggested that Republicans back the plan and White House Press secretary Jen Psaki reiterated the claims Tuesday during a press conference.

"Psaki’s comments only reaffirmed why our original analysis was correct. We will concentrate on her explanation of why Biden claimed that a ‘majority’ of Republicans back Scott’s plan," The Washington Post reported in another piece addressing the April fact check.

Psaki quoted multiple senators, including Sen. Ron Johnson, R-Wis., Sen. Mike Braun, R-Ind., Rep. Matt Gaetz, R-Fla., and Sen. Tommy Tuberville, R-Ala., who offered vague praise of Scott's delivery of the plan, according to the Washington Post.

The Washington Post reported that none of those senators endorsed the proposal in question and have instead voiced "generic words of support for the idea of releasing a plan."

"We reaffirm our rating of Three — nearly Four — Pinocchios," the fact check said.

[Anonymous]

Anonymous wrote:Biden is just so bad at public speaking and messaging. His advisors are not helping at all.
Between his "ultra-MAGA" moniker and his lies about Republicans, it is hard to take anything he says seriously.

[[…]

That piece was from three weeks ago and while Kessler kept the three pinocchios rating, it’s hard to see why. It goes through and explains how Ronna McDaniel spoke out in favor of Scott’s plan, how Senator Ron Johnson (spent the Fourth of July in Moscow) supported it, how Senator Mike Braun is “glad Rick did it. Nothing is going to be perfect” but “we’ve got to be for something,” how Tommy Tuberville is “on board” with it, how Matt Gaetz is “proud of Scott for producing” this. In short how the idea of raising taxes on the poor and middle class is an idea embraced by Republicans - until they got slightly too much pushback and tried to walk it back. It’s not lies. The GOP will raise taxes on the poor and the middle class. You know, so they - and I’m quoting Republicans on this board - “have some skin in the game.” https://www.washingtonpost.com/politics/2022/05/12/dissecting-white-houses-spin-that-most-republicans-want-raise-taxes/

[Anonymous]

Inflation is headed down to about 4% by the end of the year, it’s already baked in. Even the conservative WSJ thinks so https://www.wsj.com/amp/articles/inflation-is-headed-lowerbut-maybe-not-low-enough-11652347800#

[Anonymous]

Imagining socializing the crypto losses like they did with the 2008 recession.

[Anonymous]

This week Jobless claims remain near historic lows around 200k. Company profits, jobs, and wages still going strong.

[Anonymous]

Nothing to see here...

[Anonymous]

Anonymous wrote:Nothing to see here...

Lol….overlay GDP growth on that chart and you will quickly realize how meaningless it is. A decline in GDP is a recession, manufacturing is like 10-15% of the economy.

[Anonymous]

Anonymous wrote:Imagining socializing the crypto losses like they did with the 2008 recession.

Crypto is and was a money laundering scam. Sad that investors in publicly traded companies got caught up in it, but, ya tulipmania times a billion.

[Anonymous]

Anonymous wrote:Imagining socializing the crypto losses like they did with the 2008 recession.

Did banks buy crypto on margin or something? I'm not seeing the link between crypto and a recession.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Imagining socializing the crypto losses like they did with the 2008 recession.

Did banks buy crypto on margin or something? I'm not seeing the link between crypto and a recession.

Can’t see this as a trigger either. Also that 1.7T was a global loss, not US specific and I think it bounced back some. Crypto is a house of cards, who will be left holding the bag when the smart money gets out? I believe India is huge into crypto.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Imagining socializing the crypto losses like they did with the 2008 recession.

Did banks buy crypto on margin or something? I'm not seeing the link between crypto and a recession.

Banks do not have permission to hold crypto. A few do crypto derivatives on CFTC regulated exchanges for customer facilitation.