Recession is upon us - disastrous economic data

[Biden is Mentally Fit]

Whaaaat the ffff?

[TH3]

2 hours ago, The Frankish Reich said:

I would be willing to wager that in 20 years these Haitian families and their children will be better educated and have higher earnings than their native Springfield OH counterparts. 

You know who used to understand this? The JD Vance of Hillbilly Elegy days. The white trash cukture is far more of a problem than the Haitian immigrant culture. 

Well said and completely accurate

[Tommy Callahan]

 

[Tommy Callahan]

“The US economy is in a good place and our decision today is designed to keep it there,” said Fed Chair Pay Powell during the press conference.

 

Logical

 

The old mandates of 2% inflation and full employment are out the window.

 

 

[All_Pro_Bills]

16 hours ago, Roundybout said:

He tripled the national deficit my guy 

There's the national debt and the annual budget deficit.

 

Trump did not triple the national debt. In 2016 it was $19.5T, in 2020 it was $26.9T, in 2023 it was $32.2T. In 2024 its been reported to have exceeded $35T.

 

https://www.nytimes.com/2024/07/29/us/politics/national-debt-35-trillion.html#:~:text=America’s gross national debt topped %2435 trillion for,its daily report detailing the nation’s balance sheet.

 

2016 to 2020 up $7.4T

2020 to 2024 up $8.1T  (final numbers projected higher)

 

Trump's administration did a poor job managing the country's finances but the COVID outbreak and lock downs were contributing factors.

Biden's administration is doing worse during what we're constantly told is a wonderful economy. But looking under the covers its what economists have call bifurcated. Two layers. People owning assets like stocks and real estate are fairing well while those without such assets or too young to have begun to accumulate sizable savings and investment funds are feeling the consequences of a poorly performing consumer along with inflation.

 

Both candidates have said next to nothing about getting the national debt under control. They offer tax cuts without explaining the source of funds (they will borrow) for increased spending. The ever popular more taxes on the rich will not bring the debt or annual deficits under control. They're just going to spend more.

 

A Trump administration would add to the national debt but Harris will be worse. Already under Biden they're adding almost a trillion every 100 days. Extrapolating that rate, which I expect will be higher under Harris, out 4 years its over $14 trillion in new debt. So it goes from $35 in 2024 to almost (and probably over) $50 trillion in 2028.

 

The annual interest will be something like $2 trillion (its over $1 trillion now) and what do you think is going to happen to the purchasing power of all those dollars you hold in your 401K? If people think the increase in prices under Biden's inflation was bad just wait. They ain't seen nothing yet. You're going to need $50 to buy a "value" meal at McDonald's.

 

Please don't pretend Trump will be ruinous and Harris will be hearts and flowers with constant sunshine.

 

Edited 4 hours ago by All_Pro_Bills

[mjd1001]

2 hours ago, Tommy Callahan said:

“The US economy is in a good place and our decision today is designed to keep it there,” said Fed Chair Pay Powell during the press conference.

 

Logical

 

The old mandates of 2% inflation and full employment are out the window.

 

 

I posted this in another thread here but it might be appropriate to post it here:

 

 

"Interest rates slashed to help economy

Fed's dramatic action lowers target on key short-term rate for the first time in 4 years - to 4.75% - and signals more cuts could be coming.

By Paul R. La Monica, CNNMoney.com editor at large

September 18  5:03 PM EDT

 

NEW YORK (CNNMoney.com) -- The Federal Reserve cut the target on a key short-term interest rate by half of a percentage point Tuesday to 4.75%"

 

 

That article is not from yesterday, it is from 2007. https://money.cnn.com/2007/09/18/news/economy/fed_rates/index.htm

 

Seem famaliar?

[All_Pro_Bills]

33 minutes ago, mjd1001 said:

I posted this in another thread here but it might be appropriate to post it here:

 

 

"Interest rates slashed to help economy

Fed's dramatic action lowers target on key short-term rate for the first time in 4 years - to 4.75% - and signals more cuts could be coming.

By Paul R. La Monica, CNNMoney.com editor at large

September 18  5:03 PM EDT

 

NEW YORK (CNNMoney.com) -- The Federal Reserve cut the target on a key short-term interest rate by half of a percentage point Tuesday to 4.75%"

 

 

That article is not from yesterday, it is from 2007. https://money.cnn.com/2007/09/18/news/economy/fed_rates/index.htm

 

Seem famaliar?

How about "Fed lowers rates fifty basis points as housing prices and stock market indexes reach all time highs fueled by speculation of future rate cut decisions. Inflation to re-accelerate later this year".