The Biden Economy

[whell]

Originally Posted by bobabode

You've never met an obtuse, bad faith or false equivalence argument that you didn't like Michael. You must've had a wretched childhood is all I can assume.

Unlike some, I don't spend any time making assumptions about the quality of someone else's childhood just because they happen to disagree with me.

[Chicks]

Companies That Get ‘Woke’ Aren’t Going Broke — They’re More Profitable Than Ever
https://www.rollingstone.com/culture...ts-1234710724/

Oops. Sorry, MAGAMorons!

[Dondilion]

Public pessimism on the economy hits a new high.

https://cnbc.com/2023/04/18/public-p...vey-shows.html

[finnbow]

The economy during Biden’s 27 months in the White House witnessed the greatest and fastest recovery of gross domestic product in modern times, an experience unmatched by any administration in at least half a century, according to data compiled by Bloomberg. That the U.S. has outperformed every major developed economy in recovering from a pandemic that claimed more than 1 million American lives should dispel any notion the 46th president inherited a situation that was anything remotely like his 12 post-World War II predecessors.

Growth in gross domestic product exceeding 3% is three times the average under Donald Trump, paving the way for record corporate earnings, the lowest corporate debt ratios, rising real incomes, surging homeowners’ equity in real estate to go along with the lowest mortgage delinquency rate on record, and household checking accounts flush with some $5 trillion of cash. And, no, your 401K has not suffered under Biden; the benchmark S&P 500 Index is up 23% since the November 2020 election.

https://www.phillytrib.com/commentar...6253027da.html

[Chicks]

House GOP Whip Tom Emmer declines to outright guarantee U.S. will not default on its debts
https://www.usatoday.com/story/news/...n/11771770002/

Whell's World. Why do you vote for these clowns, Whell?

[whell]

Originally Posted by Chicks

House GOP Whip Tom Emmer declines to outright guarantee U.S. will not default on its debts
https://www.usatoday.com/story/news/...n/11771770002/

Whell's World. Why do you vote for these clowns, Whell?

Well, you and others have cheered Biden for refusing to negotiate or even meet with Repubs on the budget. Biden's position definitely puts default on the table. But hey, you voted for him, so I guess that makes it OK.

In the meantime, while you were cheering, apparently Biden decided it was finally time to talk. Are you going to vent your ire on Biden for finally discussing this? Doubt it.

From the USA today article you posted:

“Can you guarantee as a leader in the United States Congress, that the United States of America will not default on its debts?” CNN host Dana Bash asked Emmer on CNN’s “State of the Union.”

“I can, assuming that our president and the Schumer senate recognize the gravity of the problem. This is no longer about politics,” Emmer responded, referring to President Joe Biden and congressional Democratic leaders’ refusal to entertain budget cuts tied to a debt ceiling proposal.


He's right. You can't keep kicking this can down the road, as both parties have done for years: https://bipartisanpolicy.org/debt-li...ugh-the-years/

[whell]

Originally Posted by finnbow

The economy during Biden’s 27 months in the White House witnessed the greatest and fastest recovery of gross domestic product in modern times, an experience unmatched by any administration in at least half a century, according to data compiled by Bloomberg. That the U.S. has outperformed every major developed economy in recovering from a pandemic that claimed more than 1 million American lives should dispel any notion the 46th president inherited a situation that was anything remotely like his 12 post-World War II predecessors.

Growth in gross domestic product exceeding 3% is three times the average under Donald Trump, paving the way for record corporate earnings, the lowest corporate debt ratios, rising real incomes, surging homeowners’ equity in real estate to go along with the lowest mortgage delinquency rate on record, and household checking accounts flush with some $5 trillion of cash. And, no, your 401K has not suffered under Biden; the benchmark S&P 500 Index is up 23% since the November 2020 election.

https://www.phillytrib.com/commentar...6253027da.html

You love to state that others don't understand economics, but this your willingness buy the bilge that the Tribute is spewing is laughable.

Just take the sophistry in the last sentence - suggesting that 401(k) plans haven't underperformed because "the benchmark S&P 500 Index is up 23% since the November 2020 election." What bullshit.

First, the S&P had already recovered from its pandemic trough by August 2020. The low was March 2020 when the S&P lost 1200 points between Feb 2020 and March 2020. The low point in March was 2451, down from 3380 in Feb 2020. By Sept 2020 the S&P was back to 3397. By January 2021 before Inauguration Day the S&P stood at 3768.

The lesson, in case you missed it, is that Biden inherited a rising S&P 500.

At the since time, the Dow stood at 29398 in Feb 2020, and fell to 19172 during the March 2020 trough. By mid-November 2020, the Dow had already recovered its pandemic-fueled losses and was back to 29497. By Inauguration Day 2021, the Dow stood at 30814.

The Dow hasn't fared as well as the S&P, which is why your article doesn't mention it. The Dow has been relatively flat since January 2021. Last I checked, folks were allowed to invest in mutual funds and securities in their 401(k) portfolio that are also traded on the Dow.

Has the NASDAQ recovered from its pre-pandemic high before Biden took office? Yep.

What about the Russell 2000? Yep.

Bottom line: Biden inherited a recovering stock market. The article implies that the kudos for this should go to Biden. To the extent that his policies haven't taken the wind out of the stock market's wind, that's fine. But he's done nothing to specifically benefit the market.

Your post also mentions nothing about the impact of inflation of retirement savings. Inflation has his the spending power of those living on their retirement incomes very hard.

What about GDP? Did it recover from its pandemic trough before the end of 2020? Yep. https://fred.stlouisfed.org/series/GDP Was it 3X the average that it was under Trump? Sure, when you factor in the effects of the effects of the pandemic. Take that out, and you've got a rising GDP that was accelerating right up to the pandemic, and subsequently shook off the effects of the pandemic pretty fast.

So, you can keep your article that cherry-picked some facts to make a point. You were also one of the folks who parrotted Biden's claim that Trump added more to the national debt than anyone else. Even CNN called that claim false.
https://www.cnn.com/2023/02/17/polit...rst/index.html

Try again, Finn.

[finnbow]

Originally Posted by whell

You love to state that others don't understand economics...

Others? No, just you.

[nailer]

Originally Posted by whell

Well, you and others have cheered Biden for refusing to negotiate or even meet with Repubs on the budget. Biden's position definitely puts default on the table.

No, it's the Republicans who are threatening default thus putting it on the table. It's something like parents beating their kids and saying, "look what you're making me do to you." BS blame shifting so to speak, and I have never cheered Biden for anything.

In addition, your point about the Dow in #427 is meaningless unless the Dow stocks are not in the S&P 500. Pretty sure they are.

[whell]

Originally Posted by finnbow

Others? No, just you.

Great. As per my post above, coming from you that's a badge of honor.