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

[aristocrat]

https://x.com/paulg/status/1690952107250302976?s=46&t=WfwBbfFkRiZZWCMxTdpkOw

[SoCal Deek]

55 minutes ago, aristocrat said:

https://x.com/paulg/status/1690952107250302976?s=46&t=WfwBbfFkRiZZWCMxTdpkOw

This has been my point for quite time now. On so many issues, the two traditional parties have almost completely flipped. 

[TSOL]

Man, wall street just can't catch a break lately 

[Tommy Callahan]

10 minutes ago, B-Man said:

 

 

 

500,000 jobs could disappear in dramatic revision of US government data: report.

 

Last year, the US Bureau of Labor Statistics employment reports repeatedly shocked economists with larger-than-expected payroll gains that saw over 10 million job openings for 20 straight months — a record-breaking streak that ended in January and a key reason behind the Federal Reserve’s continued interest rate hikes.

 

However, Daniel Silver, an economist at JPMorgan Chase, estimates that when the federal agency’s preliminary benchmark revision is released on Wednesday, it will be nearly half a million off from the level of total employment reported in the year through March, according to a report shared with The Post.

 

If Silver is correct, that would mean there are 40,000 fewer jobs per month over the 12-month period ended in March than the BLS originally reported.

 

https://nypost.com/2023/08/22/us-payroll-may-lose-500000-jobs-in-us-government-data-revision/

 

 

 

Bidenomics! Is there anything it can’t do?

 

 

.

Federal tax receipts point to a similar picture.

 

https://fred.stlouisfed.org/series/W006RC1Q027SBEA

 

 

 

 

[Gregg]

14 minutes ago, B-Man said:

 

 

 

500,000 jobs could disappear in dramatic revision of US government data: report.

 

Last year, the US Bureau of Labor Statistics employment reports repeatedly shocked economists with larger-than-expected payroll gains that saw over 10 million job openings for 20 straight months — a record-breaking streak that ended in January and a key reason behind the Federal Reserve’s continued interest rate hikes.

 

However, Daniel Silver, an economist at JPMorgan Chase, estimates that when the federal agency’s preliminary benchmark revision is released on Wednesday, it will be nearly half a million off from the level of total employment reported in the year through March, according to a report shared with The Post.

 

If Silver is correct, that would mean there are 40,000 fewer jobs per month over the 12-month period ended in March than the BLS originally reported.

 

https://nypost.com/2023/08/22/us-payroll-may-lose-500000-jobs-in-us-government-data-revision/

 

 

 

Bidenomics! Is there anything it can’t do?

 

 

.

 

Yes, make America a great country for Americans.

[ALF]

I thought there were still many millions of job openings

[TSOL]

3 minutes ago, ALF said:

I thought there were still many millions of job openings

There are millions of $16 dollar an hour jobs, yes 

[ALF]

5 hours ago, TSOL said:

There are millions of $16 dollar an hour jobs, yes 

 

Are you saying the US needs migrants ?

[TSOL]

19 minutes ago, ALF said:

 

Are you saying the US needs migrants ?

 

 

No

 

I am saying to US needs equality 

[The Frankish Reich]

18 minutes ago, TSOL said:

I am saying to US needs equality

What does that mean?

[The Frankish Reich]

https://www.wsj.com/articles/return-of-high-interest-rates-central-banking-federal-reserve-u-s-economy-290da4d0?mod=hp_opin_pos_1

 

In one sense the rise in rates is healthy and long overdue. The Federal Reserve sat on the long end of the yield curve for years after the financial crisis. The goal was to stimulate growth, which didn’t work, but a side effect was to distort signals from the bond market. The Fed is now selling off its bond portfolio at a rate of $900 billion a year, and the market can better navigate its own way.

It’s no tragedy if the bond market is sending truer economic signals. Higher rates force investors and businesses to screen potential investments more carefully. Non-economic choices, like cryptocurrency and many SPACs, go by the wayside.

The result will be fewer investment duds and in the long run faster growth. Some market sages think faster growth now helps to explain the higher long-term rates, with the Atlanta Fed’s GDPNow estimate that third quarter GDP will be 5.8%.

 

I'm glad to see the return of a more normal interest rate environment. Yes, high mortgage and credit card rates and auto loan rates hurt borrowers. But I've watched older Americans who've saved prudently get driven into investments that I consider too risky since they couldn't live with savings account returns of 0.1 percent. They can now supplement social security and (for those that have it) pension income with a decent return on savings. My mother is in this situation, and I just helped her ladder CDs and treasuries to ensure a good, steady 5 percent return - enough to maintain her standard of living without risking loss, which makes a lot of sense at her age. And as I approach retirement age I'm starting to do the same thing for myself.

 

Income investing. What a quaint, old-fashioned notion.

Edited August 23, 2023 by The Frankish Reich

[TSOL]

Just now, The Frankish Reich said:

What does that mean?

 

When they put put a jobs report that says 500,000 jobs have been created, and they are all minimum wage jobs, That's not  cause for celebration in a society where the average home price is $350,000.

 

And I he average car price is $48,000 

 

 

[The Frankish Reich]

Just now, TSOL said:

 

When they put put a jobs report that says 500,000 jobs have been created, and they are all minimum wage jobs, That's not  cause for celebration in a society where the average home price is $350,000.

 

And I he average car price is $48,000 

 

 

The jobs created are certainly not all minimum wage jobs. Many that are minimum wage - or higher - go unfilled for long periods of time. Revision or not, we still have a surplus of job openings to available workers. 

[TSOL]

5 minutes ago, The Frankish Reich said:

The jobs created are certainly not all minimum wage jobs. Many that are minimum wage - or higher - go unfilled for long periods of time. Revision or not, we still have a surplus of job openings to available workers. 

 

 

Do you think the current state of our economy is balanced and equitable? 

[The Frankish Reich]

Just now, TSOL said:

 

 

Do you think the current state of our economy is balanced and equitable? 

I'm not sure what those terms mean. "Balanced and equitable" sounds vaguely ... redistributive? As in economic equity?

 

Many economists have noted that we have moved toward much more of a winner-takes-all society. And yes, I agree that this, in a vacuum, is not a good thing. I find something disturbing and probably unsustainable in those stats that compare CEO compensation to average worker in the CEO's company's compensation.

Bernie Sanders and Elizabeth Warren would tax the hell out of those big compensation packages (and accumulated wealth) and redistribute it. I'm skeptical that that would have the desired effect. I have mentioned that I think unions played an important role in the building of the American middle class and that this is one of the big changes in the last 4 decades or so -- the decline of unions. So that may play a part in evening things out a bit. Other than that, I have to admit I don't have any great ideas since the proposed cure (huge redistributive taxes, creation of massive tariff protections) is usually worse than the disease.

[TSOL]

10 minutes ago, The Frankish Reich said:

I'm not sure what those terms mean. "Balanced and equitable" sounds vaguely ... redistributive? As in economic equity?

 

Many economists have noted that we have moved toward much more of a winner-takes-all society. And yes, I agree that this, in a vacuum, is not a good thing. I find something disturbing and probably unsustainable in those stats that compare CEO compensation to average worker in the CEO's company's compensation.

Bernie Sanders and Elizabeth Warren would tax the hell out of those big compensation packages (and accumulated wealth) and redistribute it. I'm skeptical that that would have the desired effect. I have mentioned that I think unions played an important role in the building of the American middle class and that this is one of the big changes in the last 4 decades or so -- the decline of unions. So that may play a part in evening things out a bit. Other than that, I have to admit I don't have any great ideas since the proposed cure (huge redistributive taxes, creation of massive tariff protections) is usually worse than the disease.

 

 

I wholly support capitalism, and democracy. Sanders and Warren have alot of socialist principals and I oppose those principals 

 

Capitalism in a pure form is ideal but our country has gotten to a point of criminally corrupt  capitalism, where the most wealthy write the laws to perpetuate their wealth at the expense of the rest of us. 

 

The forefathers knew what they were doing when they wrote the constitution, they wrote in safeguards against that, We have just lost the spirit and meaning behind it. 

 

[Irv]

Gas prices going towards $5/gallon....again!  Interest rates out of this world.  Food prices 2X what they were before Demented Joke Biden.  What a mess.  What a mess.  

[SoCal Deek]

2 hours ago, Irv said:

Gas prices going towards $5/gallon....again!  Interest rates out of this world.  Food prices 2X what they were before Demented Joke Biden.  What a mess.  What a mess.  

We passed $5.00 per gallon a few weeks ago. We’re approaching $6.00

[Big Blitz]

2 hours ago, Irv said:

Gas prices going towards $5/gallon....again!  Interest rates out of this world.  Food prices 2X what they were before Demented Joke Biden.  What a mess.  What a mess.  

 

This is why Covid is coming to a blue state ***t hole near you very soon.  Should last till about January 2025.  

[ALF]

Taxing excessive wealth not to redistribute but to re-enforce the safety net and start reducing the budget deficit. If that does not go over with the very rich it proves they are greedy and want the country to fail.