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

[BillsFanNC]

 

[Irv]

35 minutes ago, BillsFanNC said:

 

You know things are in the toilet when CNN reports this.  What a mess.  

[Tiberius]

 

https://www.washingtonpost.com/business/2024/06/11/world-bank-us-economy/

 

 

The global economy is in better shape than it was at the start of the year, thanks largely to the performance of the United States, the World Bank said in its latest forecast Tuesday. But the sunnier outlook could cloud over if major central banks — including the Federal Reserve — keep interest rates at elevated levels.

 

Global growth is expected to reach an annual rate of 2.6 percent this year, up from a January forecast of 2.4 percent, the bank said. The global economy is drawing closer to a “soft landing” after recent price spikes, with average inflation dropping to a three-year low amid continuing growth, bank economists said.

While Americans’ unhappiness with high prices remains a key vulnerability for President Biden’s reelection bid, the World Bank now expects the U.S. economy to grow at an annual rate of 2.5 percent, nearly a full percentage point higher than it predicted in January. The United States is the only advanced economy growing significantly faster than the bank anticipated at the start of the year.

“Globally, overall things are better today than they were just four or five months ago,” said Indermit Gill, the World Bank’s chief economist. “A big part of this has to do with the resilience of the U.S. economy.”

[Tommy Callahan]

The US based Biden omics is failing most.  The soft landing in the US is discredited narrative.

 

So now it's off to the global GDP growth?

 

Does that include the Global Debt thats 305Trillion dollars?

 

Inflation is still double the goal.  

https://tradingeconomics.com/country-list/gdp-growth-rate?continent=world

 

India is touching 9% GDP growth

 

China is 5.3

 

https://www.statista.com/chart/31587/real-gdp-growth-top-6-economies/

 

DEMS are trying to champion EU style stagflation.

 

 

 

[Tiberius]

57 minutes ago, Tommy Callahan said:

The US based Biden omics is failing most.  The soft landing in the US is discredited narrative.

 

So now it's off to the global GDP growth?

 

Does that include the Global Debt thats 305Trillion dollars?

 

Inflation is still double the goal.  

https://tradingeconomics.com/country-list/gdp-growth-rate?continent=world

 

India is touching 9% GDP growth

 

China is 5.3

 

https://www.statista.com/chart/31587/real-gdp-growth-top-6-economies/

 

DEMS are trying to champion EU style stagflation.

 

 

 

Super low unemployment, rising stock market, rising property values, oh ya baby!

[Tommy Callahan]

3 minutes ago, Tiberius said:

Super low unemployment, rising stock market, rising property values, oh ya baby!

Inflation double target.  Partially due to the housing bubble you mentioned. 

 

Unemployment is ok and mostly driven by part time positions. 

 

[Tommy Callahan]

The Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in May on a seasonally adjusted basis, after rising 0.3 percent in April, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.3 percent before seasonal adjustment. More than offsetting a decline in gasoline, the index for shelter rose in May, up 0.4 percent for the fourth consecutive month. The index for food increased 0.1 percent in May. The food away from home index rose 0.4 percent over the month, while the food at home index was unchanged. The energy index fell 2.0 percent over the month, led by a 3.6-percent decrease in the gasoline index. The index for all items less food and energy rose 0.2 percent in May, after rising 0.3 percent the preceding month. Indexes which increased in May include shelter, medical care, used cars and trucks, and education. The indexes for airline fares, new vehicles, communication, recreation, and apparel were among those that decreased over the month. The all items index rose 3.3 percent for the 12 months ending May, a smaller increase than the 3.4-percent increase for the 12 months ending April. The all items less food and energy index rose 3.4 percent over the last 12 months. The energy index increased 3.7 percent for the 12 months ending May. The food index increased 2.1 percent over the last year.

 

 

https://www.bls.gov/news.release/cpi.nr0.htm

 

 

[Tiberius]

Inflation report trending in a good direction. Let's see if stock market reacts positively here in about five minutes

[BillsFanNC]

And marxists like Finding either continue to lie or have us believe they haven't been to a grocery store or restaurant or paid a utility bill the past three years.

 

It goes beyond useful idiocy or being an avowed marxist. It's pure evil.

 

 

[The Frankish Reich]

12 minutes ago, Tommy Callahan said:

The Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in May on a seasonally adjusted basis, after rising 0.3 percent in April, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.3 percent before seasonal adjustment. More than offsetting a decline in gasoline, the index for shelter rose in May, up 0.4 percent for the fourth consecutive month. The index for food increased 0.1 percent in May. The food away from home index rose 0.4 percent over the month, while the food at home index was unchanged. The energy index fell 2.0 percent over the month, led by a 3.6-percent decrease in the gasoline index. The index for all items less food and energy rose 0.2 percent in May, after rising 0.3 percent the preceding month. Indexes which increased in May include shelter, medical care, used cars and trucks, and education. The indexes for airline fares, new vehicles, communication, recreation, and apparel were among those that decreased over the month. The all items index rose 3.3 percent for the 12 months ending May, a smaller increase than the 3.4-percent increase for the 12 months ending April. The all items less food and energy index rose 3.4 percent over the last 12 months. The energy index increased 3.7 percent for the 12 months ending May. The food index increased 2.1 percent over the last year.

 

 

https://www.bls.gov/news.release/cpi.nr0.htm

 

 

tl;dr

The economy is doing great!

[Tommy Callahan]

17 minutes ago, The Frankish Reich said:

tl;dr

The economy is doing great!

Thats still double the feds mandate for inflation. Wall street is acting like they are going to follow suit with the EU and cut rates.? Pretty much giving the middle finger to the poor, fixed and working classes (and main street). 

 

 

And doesn't include energy or Food.  you know, things that take up a large portion of peoples incomes.

 

 

[Tiberius]

JFC, the stock market ❤️

[Tommy Callahan]

The rising homeless population cannot eat the stock market.

 

The investor class and wall street are the only ones prospering in this economy.

 

 

[The Frankish Reich]

6 minutes ago, Tommy Callahan said:

The investor class

a/k/a everyone with a 401k

[Tommy Callahan]

 

[The Frankish Reich]

22 hours ago, Tommy Callahan said:

Inflation double target.

3.4% YOY now. The Fed decided some time ago, based on really nothing, that it would target 2 percent.

 

Inflation rates during some notable boom times:

 

Reagan years:

1983: 3.8

1984 (the famous landslide Reagan win): 3.9

 

Clinton years:

1994: 2.7

1995: 2.5

1996 (Clinton easily reelected): 3.3

 

[The Frankish Reich]

In other words, people were spoiled by the COVID money giveaways, the work-from-home schedules, etc.

As economist Scott Sumner put it:

 

There’s always a price to pay for unsustainable good times, and thus I expect the public’s mood to turn sour in the fall and winter, even as employment recovers—indeed because employment recovers.  Someone has to do all those crappy jobs.

 

That's the best explanation I've seen so far for why the economy is very strong by any objective measure, yet people say it's bad. It's been the shocking zap back into the ordinary sucky work world.

Edited June 12 by The Frankish Reich

[The Frankish Reich]

Markets up sharply on news of Hunter Biden conviction.

[All_Pro_Bills]

34 minutes ago, The Frankish Reich said:

3.4% YOY now. The Fed decided some time ago, based on really nothing, that it would target 2 percent.

 

Inflation rates during some notable boom times:

 

Reagan years:

1983: 3.8

1984 (the famous landslide Reagan win): 3.9

 

Clinton years:

1994: 2.7

1995: 2.5

1996 (Clinton easily reelected): 3.3

 

A fun fact here is a $1 of purchasing power in 1960 is equivalent to $10.59 of purchasing power in 2024. For what its worth this is the link to the calculator.

 

https://www.in2013dollars.com/us/inflation/1960?amount=1

 

I read a compelling argument last week, I can't recall where, but the authors argued that given all the productivity and technological improvements we've experienced over the past several decades one should have expected we'd be experiencing price deflation. This is true as newly adopted advances are typically more expensive per unit at the beginning of the adoption curve but become less costly as the roll out of the new advances accelerates. But as a result of massive government spending on mostly very low "money velocity" programs we have inflation as public debt and borrowing pile up along with the Fed flooding the banking system with essentially "free" money to their commercial bank constituents. Many people think the Fed is some government agency but its actually a private collective of banks that were "contracted" through a legislative outsourcing arrangement to handle the system. Guess who they work for? 

 

 

[The Frankish Reich]

8 minutes ago, All_Pro_Bills said:

A fun fact here is a $1 of purchasing power in 1960 is equivalent to $10.59 of purchasing power in 2024

I do find these things interesting, just in (as you said) a fun fact kind of way.

But I also know that the nominal price of something really tells me nothing.

I do agree that huge deficits are a problem. I think we started on the right path in the Clinton years, then quickly abandoned all common sense thereafter.