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

[Precision]

28 minutes ago, Tiberius said:

Too bad the GOP is in such disarray in the House, a deal doing that might have been possible with divided governmnet 

Both parties that are responsible for the 33 trillion in debt that has accrued over the past 40+ years.

 

 

[BillStime]

17 minutes ago, Precision said:

Both parties that are responsible for the 33 trillion in debt that has accrued over the past 40+ years.

 

 

 

So, you're saying we couldn't afford those tax cuts for the rich after all, correct?

 

Yup.

 

 

 

 

[Tommy Callahan]

2 hours ago, BillStime said:

So, you're saying we couldn't afford those tax cuts for the rich after all, correct?

See that part of the graph where the line goes vertical in 2020.

 

The only bad thing about those cuts, where the fact the lower and middle quintiles expired.

 

 

 

 

Edited November 14, 2023 by Tommy Callahan

[BillStime]

2 minutes ago, Tommy Callahan said:

See that part of the graph where the line goes horizontal in 2020.

 

The only bad thing about those cuts, where the fact the lower and middle quintiles expired.

 

 

 

 

 

Baloney. Imagine our national debt without the tax cuts implemented by Bush and Trump.

[Tommy Callahan]

08-10 and 2020 are where the line goes vertical.

 

it is what it is.

 

its the difference between top-down economy driven by stimulus, vs a consumer driven economy that tends to make less bubbles.

 

Supply side doesn't really work without the fed flooding the economy with liquidity and low interest rates.

 

 

 

[Tommy Callahan]

Following two months of hotter than expected prints (driven by surging energy prices and healthcare methodology changes), the October CPI print was expected to slow materially from the previous month (from 3.7% to 3.3% on headline) even if core was expected to remain unchanged at 4.1%. What we got, however, was a whopper, with CPI missing across the board with both headline and core prints coming in below expectations on both a sequential and annual basis.

Starting with the headline CPI, it came in at 3.2%, below the 3.3% expected, while MoM CPI also missed expectations, printing unchanged (0.0%), below the consensus of a 0.1% print, and sharply below last month's 0.4% print.

 

A similar picture emerged on core CPI, where the October MoM print was 0.2%, below the 0.3% consensus estimate and down from the 0.3% increase in Sept, while YoY managed to drop from 4.1% to 4.0% missing expectations of an unchanged print, and the lowest since Sept 2021!

 

According to the BLS, the index for shelter continued to rise in October (more below) offsetting a decline in the gasoline index and resulting in the seasonally adjusted index being unchanged over the month. The energy index fell 2.5 percent over the month as a 5.0-percent decline in the gasoline index more than offset increases in other energy component indexes. The food index increased 0.3 percent in October, after rising 0.2 percent in September. The index for food at home increased 0.3 percent over the month while the index for food away from home rose 0.4 percent.

As noted above, the core CPI index rose 0.2% in October, after rising 0.3% in September, with the increase driven by rent, owners’ equivalent rent, motor vehicle insurance, medical care, recreation, and personal care. The indexes for lodging away from home, used cars and trucks, communication, and airline fares were among those that decreased over the month.

 

The shelter index increased 0.3% in October, after rising 0.6% the previous month. The index for rent rose 0.5% in October, and the index for owners’ equivalent rent increased 0.4% over the month.

The lodging away from home index decreased 2.5% in October

The shelter index was the largest factor in the monthly increase in the index for all items less food and energy.

 

Of the above, lodging away from home was perhaps the most notable one: it was a key driver of inflation in Sep, today it mean-reverted and was a big catalyst for the core CPI miss.

Among the other indexes that rose in October was the index for motor vehicle insurance, which increased 1.9 percent after rising 1.3 percent the preceding month. The indexes for recreation, personal care, and apparel also increased in October.

The medical care index rose 0.3 percent in October, after rising 0.2 percent in September.

The index for hospital services increased 1.1 percent over the month, and the index for prescription drugs rose 0.8 percent.

In contrast, the physicians’ services index fell 1.0 percent in October.

The index for used cars and trucks fell 0.8 percent in October, after decreasing 2.5 percent in September.

The communication index fell 0.3 percent over the month, and the index for airline fares declined 0.9 percent.

The index for household furnishings and operations and the index for new vehicles both declined 0.1 percent over the month.

Taking a closer look at housing prices we find that the shelter index increased 6.7% over the last year, accounting for over 70% of the total increase in the all items less food and energy index.

Other indexes with notable increases over the last year include motor vehicle insurance (+19.2 percent), recreation (+3.2 percent), personal care (+6.0 percent), and household furnishings and operations (+1.7 percent).

So what does this drop in inflation mean for US Consumers? Well, it means that in real terms average hourly earnings were... unchanged in October as YoY inflation effectively destroyed all wage gains over the past year.

 

https://www.zerohedge.com/markets/cpi-unexpected-misses-across-board-core-inflation-lowest-over-2-years

 

[Precision]

5 hours ago, Tommy Callahan said:

See that part of the graph where the line goes vertical in 2020.

 

The only bad thing about those cuts, where the fact the lower and middle quintiles expired.

 

 

 

 

Your "it is what it is" comment is spot on.  The pandemic (2020), housing crisis (2008) and 9/11 (2001) required the government to dramatically increase spending.  The problem was that once we were past these emergencies the government never paid for the required stimulus or even returned to a balanced budget.  

[Tiberius]

Wholesale prices in October posted their biggest decline in 3½ years, providing another indication that the worst of the inflation surge may have passed.

The producer price index, which measures final-demand costs for businesses, declined 0.5% for the month, against expectations for a 0.1% increase from the Dow Jones consensus, the Labor Department reported Wednesday. The department said that was the biggest monthly decline since April 2020.

On a yearly basis, headline PPI posted a 1.3% increase, down from 2.2% in September.

 

https://www.cnbc.com/2023/11/15/wholesale-prices-fell-0point5percent-in-october-for-biggest-monthly-drop-since-april-2020.html

[B-Man]

 

 

Bidenomics 2023 --- Inflation down, prices up

By Byron York

Nov. 15, 2023

 

The government announced Tuesday that the consumer price index rose 3.2% in October from the same time last year. That is less than the 3.7% prices rose in September, leading to a lot of commentary about "good news" on inflation.

 

{snip}

 

This is the most important thing to remember about inflation and politics right now: (and what the usual suspects here ignore)

 

Inflation is going down, but prices are still going up. "Yes, inflation has fallen sharply this year, but most prices have not fallen," the New York Times's David Leonhardt wrote recently. "Only their rate of increase has." When prices shot up to insane levels at the grocery store back in 2021 and 2022 — well, they're still at insane levels today and they're still going up. They're just going up more slowly than back then.

 

Look at the new Commerce Department report. At the grocery store, cereals and bakery products were up 4.2% in October

 

 

https://www.nytimes.com/2023/11/06/briefing/biden-trump-2024-election.html

 

 

https://www.bls.gov/cpi/

 

 

https://jewishworldreview.com/1123/york111523.php

 

 

 

 

[Tommy Callahan]

 Debt To GPT ration of 132.8 isn't attainable in the long run. 

 

https://www.macrotrends.net/countries/USA/united-states/debt-to-gdp-ratio

 

it didn't jump over a hundred till the pandemic.   100& was the line in the sand for years.

 

And they forecast Debt to GDP ratio to stay at the same 20% into 2033.

 

https://www.statista.com/statistics/217407/state-revenue-and-forecast-as-a-percentage-of-the-gdp/

 

Debt to GDP Ratio

help

129%

Ranked in the World

#11

 

The top 10 countries with the highest debt to GDP ratio are:

1. Japan – 262%
2. Venezuela – 241%
3. Greece – 193%
4. Sudan – 182%
5. Lebanon – 172%
6. Eritrea – 165%
7. Singapore – 160%
8. Libya – 155%
9. Italy – 151%
10. Bhutan – 135%

 

 

 

 

 

[Tommy Callahan]

 

[B-Man]

 

[Tommy Callahan]

 

[Tiberius]

 

[Tommy Callahan]

 

 

[B-Man]

58 minutes ago, Tommy Callahan said:

 

 

 

Didn't you hear Tom ?

 

This isn't Biden and the democrats fault.

 

IT'S GREED by American business.

 

😆

 

 

[Tommy Callahan]

 

[B-Man]

 

 

BIDENOMICS IS WORKING: 

 

Average American’s retirement balance falls 4% as more and more savers dip into their later life savings to make ends meet

 

https://www.dailymail.co.uk/yourmoney/401k/article-12771113/401k-account-balance-falls-quarter.html

 

 

 

.

[Tommy Callahan]

Lol.  Had to 

 

 

[TH3]

On 11/15/2023 at 1:29 PM, Tommy Callahan said:

 

Ya…well it looks like half of America thinks that a psychopathic traitor is a good idea for President….so those polls offer real good ideas don’t they