Biden creates an economic crisis--Unemployment, Inflation, risk of STAGLFATION increasing

[John from Riverside]

51 minutes ago, Irv said:

Don’t lump me in with racists *****. 

Your words not mine

[Joe Ferguson forever]

1 hour ago, Irv said:

Don’t lump me in with racists *****. 

Divide and conquer!

[Joe Ferguson forever]

On 8/2/2023 at 6:54 PM, The Frankish Reich said:

But that kind of risk is also why Treasuries were downgraded.

My general point: far, far too many people get their one-sided view of the news from sites/feeds that exist for the sole purpose of spitting out political hot takes that get clicks. So "Fitch downgrades treasuries" is immediately spun into "Bond rating agencies to Biden: Your Economy is a Wreck." Or from the other side: "Republicans Played With Fire in the Debt Ceiling Crisis, Now We Will All Pay More to Borrow."

Too easy.

just heard Mark Zandy (renowned economist) say that the rating drop is somewhat expected as the fed tightens the money supply to slow inflation.  Banks can't lend as much, by design.  So they make less money.  The fed is trying to thread the needle and doing fairly well imo.

[B-Man]

 

 

                                             

 

 

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[Big Blitz]

The stock market is not having a good month.  
 

Responding as expected to the news we might not enter a recession.  

Credit Card debt launched to over a trillion dollars this week.  Confirming everyone is surviving on credit.  Business are surviving on price increases and shrinkflation.  
 

 

 

It’s coming.  Paying 15 dollars for your number 12 at Chick Fil A is not sustainable.  
 

It didn’t have to be this way.   

 

[Big Blitz]

On 8/2/2023 at 11:52 AM, B-Man said:

 

 

Bidenomics update! 'Credit agency sees U.S. economy likely to slip into recession'

 

The Biden White House's attempts to convince everybody the economy's doing just great -- all while many of our bank accounts, wallets, purses, investment portfolios, grocery & gas bills are telling a very different story -- continue. 

 

 

 

U.S. AAA debt rating gets a downgrade by Fitch

MarketWatch

https://www.marketwatch.com/story/u-s-aaa-debt-rating-gets-a-downgrade-by-fitch-credit-agency-sees-u-s-economy-likely-to-slip-into-recession-3bc4e22b?mod=mw_latestnews

 

 — Fitch Ratings cut its top credit ratings for the U.S. to AA+ from AAA on ... credit agency sees U.S. economy likely to slip into recession.

 

 

Sorry I missed this post B-Man.  
 

I figured the economy was something Ds didn’t think was worth discussing either.   
 

 

 

 

Jobs report: US economy creates 187,000 new jobs in July as labor slowdown continues

 

https://finance.yahoo.com/news/jobs-report-august-4-july-2023-123149729.html
 

 

 

In true North Korea fashion this isn’t discussed like it would be if a certain Orange Man were POTUS.   

[Big Blitz]

They have been hoping to hold on thru 2024

 

 

 

[BillsFanNC]

 

[BillsFanNC]

 

[TSOL]

The prices at the grocery store on individual items low key go up here and there.i do the shopping so I pay attention. 

 

Like cooking oil, for instance, seems to go up a little bit every time I go to buy it. 

[Biden is Mentally Fit]

https://x.com/cnn/status/1690475767811952641?s=46&t=m9ymghRhnmwx_2PyTkQGCw
 

The typical American household spent $709 more in July than they did two years ago to buy the same goods and services, according to Moody’s Analytics. cnn.it/3s8r5Yz
 

That’s Brandonomics!

[BillsFanNC]

2 minutes ago, JDHillFan said:

https://x.com/cnn/status/1690475767811952641?s=46&t=m9ymghRhnmwx_2PyTkQGCw
 

The typical American household spent $709 more in July than they did two years ago to buy the same goods and services, according to Moody’s Analytics. cnn.it/3s8r5Yz
 

That’s Brandonomics!

This is where useful idiots really show their dedication.  Everyone who goes to the grocery store or restaurants experiences dollars sucked out of their wallet at a faster pace.

 

But useful idiots will see it happen and deny it's happening.

[Joe Ferguson forever]

1 hour ago, JDHillFan said:

https://x.com/cnn/status/1690475767811952641?s=46&t=m9ymghRhnmwx_2PyTkQGCw
 

The typical American household spent $709 more in July than they did two years ago to buy the same goods and services, according to Moody’s Analytics. cnn.it/3s8r5Yz
 

That’s Brandonomics!

This is pretty terrible. Look like new numbers.  We don't pay rent or a mortgage but do buy groceries obviously.  have noticed those increasing but I'd estimate an extra $100/month.  seems like housing costs are big part of this.

[ALF]

Covid caused a economic disaster not just for the US but the entire world.

[Doc]

Along with price increases, I wonder how much shrinkflation (decreasing amount you get but paying the same or more) is going on?

[B-Man]

 

 

3 hours ago, ALF said:

Covid caused a economic disaster not just for the US but the entire world.

 

Agreed.

 

And some countries handled their attempts to recover better than others.

 

We have not.

 

 

 

Economic Expert: ‘Transitory’ Inflation Enters 31st Month, and It’s Not Going Away.

 

 

FTA:

 

“The Consumer Price Index came out this morning and it showed no improvement over last month,” Tucker wrote. “It is still rocking at 3.2 percent with new strength in food and medicine. The sticky index is frustratingly high too at 5.4 percent.”

 

As we face the 31st month of “transitory” inflation, we’ve also have almost that long a period in the Federal Reserve’s “war on inflation by raising rates higher and faster than in the whole history of the institution,” Tucker continued. “That said, in real terms, federal funds rates are still barely above zero. That’s because inflation is still rocking and eating away the dollar’s purchasing power.”

 

The purchasing power of the U.S. dollar is declining at a somewhat less rapid rate than it was as of a year ago, Tucker noted. But the dollar is still declining, not hitting the Fed’s target.

 

https://pjmedia.com/news-and-politics/catherinesalgado/2023/08/12/economic-expert-transitory-inflation-enters-31st-month-and-its-not-going-away-n1718725

 

 

[B-Man]

 

 

 

 

[TSOL]

The reason they have to raise interest rates is because they printed too much money. 

 

It all started with the stimulus checks at the beginning of the pandemic. Anyone with any sense could see that that action was going to put the economy in tailspin for years to come. 

 

I do hope you all enjoyed your $1600 bucks though, or whatever it was

 

[Big Blitz]

https://x.com/wallstreetsilv/status/1690919807888105472?s=46&t=XnJPB0vm-gWk34ikDvnV1g
 

 

[Doc]

Scary.