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

[ALF]

48 minutes ago, Tiberius said:

1/2 a million new jobs added. 👍

 

 

That's what Trumpsters call a recession 🙂

[PetermansRedemption]

In what world is the cure for inflation… spending more money? 

[TH3]

29 minutes ago, All_Pro_Bills said:

An interesting report.  Over 500K jobs and wage growth of 5.2% Y/Y.  That signals the Federal Reserve is nowhere near done with rate increases.  And suggests despite negative GDP, hiring is still robust.  All of which are bringing markets down pre-open. 

What's curious is the jobs report is in conflict with almost every other indicator of the job market which all suggest hiring has already rolled over.  A huge divergence with the plummeting household survey numbers, falling job opening, increasing layoff announcements, all pointing down.     

 

 

Holy Crap - Straight from Fox Business News...literally...were you transcribing? 

 

Got any of you own observations? 

[All_Pro_Bills]

35 minutes ago, TH3 said:

Holy Crap - Straight from Fox Business News...literally...were you transcribing? 

 

Got any of you own observations? 

More worrisome is that you must be watching Fox News.  Don't let your friends know!  Sounds to me like Fox News is quoting me and not the other way around. 

 

But perhaps you can enlighten us and explain the methodology behind the production of the BLS monthly jobs numbers?  The small business birth/death model, the assumptions and variables.  The distinction between full and part-time jobs.  Adjustments and revisions to previous months.  Just the basics.

Edited August 5, 2022 by All_Pro_Bills

[Doc]

1 hour ago, ALF said:

That's what Trumpsters call a recession 🙂

 

No, 2 quarters of negative GDP growth is what EVERYONE called a recession.  Until recently. 

[ChiGoose]

Job creation is a hallmark of modern Democratic presidential administrations

[ALF]

2 hours ago, Doc said:

 

No, 2 quarters of negative GDP growth is what EVERYONE called a recession.  Until recently. 

 

Technically yes a recession. In the past a recession meant high unemployment . The covid pandemic changed that to high inflation which to retirees and renters is even worse. The broken supply chain , record number of early retirements , unfocused stimulus spending is causing a severe shortage of workers. This is a very unique situation today.

[sherpa]

Always amazing to assign monthly economic numbers to political issues.

We shut down the economy for over a year. We've spent about three trillion dollars trying to re-stimulate it.

These numbers are no sign of achievement. They are to be expected.

 

Labor participation rate is a better indicator than unemployment, but nobody pays attention to it if their focus is on political promotion.

[Gene Frenkle]

8 hours ago, ALF said:

Sen. Kyrsten Sinema said Thursday she will "move forward" with the Democrats' social spending and taxation bill, after previously holding out on deal 

 

"We have agreed to remove the carried interest tax provision, protect advanced manufacturing, and boost our clean energy economy in the Senate's budget reconciliation legislation," Sinema, D-Ariz., said. "Subject to the Parliamentarian's review, I'll move forward."

 

https://www.foxnews.com/politics/sinema-agrees-move-forward-social-spending-tax-bill-after-dems-make-changes

 

Carried interest is the percentage of profits that hedge-fund managers receive from lucrative investments.

 

But that compensation is taxed at a lower capital gains rate that maxes out at 23.8% and doesn't face a higher income tax rate like most Americans pay on wages from their job. Critics argue it amounts to a major hole in the tax code.

 

Yep Kyrsten is a DINO

 

Of course. See, not right vs left, but rich vs poor. Such bullschitt. The rich only care about the rich.

[ALF]

Sinema among top private equity cash recipients as she removed billionaire tax loophole from Manchin bill
The carried interest tax provision was removed from the Inflation Reduction Act as part of her approval of the bill

 

Sen. Kyrsten Sinema, D-Ariz., has raked in significant amounts of campaign cash from the private equity sector, which notched a victory after she lobbied to remove a billionaire tax loophole from the Inflation Reduction Act as part of her agreement to back the legislation.

 

https://www.foxnews.com/politics/sinema-top-private-equity-cash-recipients-removed-billionaire-tax-loophole-manchin-bill

[BuffaninSarasota]

36 minutes ago, ALF said:

 

Technically yes a recession. In the past a recession meant high unemployment . The covid pandemic changed that to high inflation which to retirees and renters is even worse. The broken supply chain , record number of early retirements , unfocused stimulus spending is causing a severe shortage of workers. This is a very unique situation today.

 

I guess that's one way to describe it - sounds like a euphemism for something else

[B-Man]

 

Only 12% believe Schumer/Manchin/Sinema bill will reduce inflation

ED MORRISSEY Aug 05, 2022

 

 

Alternate headline: 88% of voters are much smarter than Washington believes.  

 

A new YouGov survey gives Chuck Schumer, Joe Manchin, and now Kyrsten Sinema a vote of no confidence on their new spend-o-rama, especially as a panacea for inflation. Only 12% think the “Inflation Reduction Act” will reduce inflation, while three times as many think it will make inflation worse.

 

In fact, only one in five Democrats think the title of Schumer’s reconciliation bill is honest:

 

 

 

This “inflation reduction” pitch has utterly flopped in every demographic. That’s a bad sign in a poll where 56% of respondents say that inflation has had “a lot” of impact on their own lives, and where the only demos that say others are pluralities among Biden voters from 2020 (45/49), Democrats (45/49), and … that’s it. Every other demo has pluralities or majorities feeling a lot of impact from inflation.

 

https://hotair.com/ed-morrissey/2022/08/05/yougov-only-12-believe-schumer-manchin-sinema-bill-will-reduce-inflation-n487682

 

 

 

[BuffaninSarasota]

8 hours ago, Tiberius said:

Another win for Biden 

 

is it a win for the American people?

[Tiberius]

3 minutes ago, BuffaninSarasota said:

 

is it a win for the American people?

Of course 

[BuffaninSarasota]

3 minutes ago, Tiberius said:

Of course 

 

how so? .... 

[Tiberius]

3 minutes ago, BuffaninSarasota said:

 

how so? .... 

More jobs

[BuffaninSarasota]

12 minutes ago, Tiberius said:

More jobs

non sequitur

[TH3]

5 hours ago, All_Pro_Bills said:

More worrisome is that you must be watching Fox News.  Don't let your friends know!  Sounds to me like Fox News is quoting me and not the other way around. 

 

But perhaps you can enlighten us and explain the methodology behind the production of the BLS monthly jobs numbers?  The small business birth/death model, the assumptions and variables.  The distinction between full and part-time jobs.  Adjustments and revisions to previous months.  Just the basics.

I listen to all sorts of news…don’t think anyone has it straight. I do…however…listen to Fox when the hilarity of them spinning obvious good news into something else is so predictable. You quoted…almost verbatim…that one lady …who prior to the release…was relishing the forthcoming bad news….then they gave her 10 minutes to pull her self together to belch exactly what you posted….LOL

[Doc]

2 hours ago, Tiberius said:

More jobs

 

You think those who found jobs are happy about having to find jobs?  LOL!

[Tiberius]

47 minutes ago, Doc said:

 

You think those who found jobs are happy about having to find jobs?  LOL!

Good point! No, now they are miserable working! Biden!!!!

🤣