The Biden Economy

[whell]

Originally Posted by Chicks

Should we believe Americans when they say the economy is bad?
In an increasingly polarised and performative society, vibes are now often trumping objective reality
https://www.ft.com/content/9c7931aa-...1-d7ebd54b0f47



Simplest explanation: The morons of Whell's World get their "reality" from Faux "News", which refuses to acknowledge just how great this economy is, and how much better off everyone is. Fools like Whell believe this nonsense, despite all evidence to the contrary.

Yeah, those shitheads over at the CBO must all be Fox News watchers.

Over the 2023–2025 period, in CBO’s latest projections:

• Economic growth slows and then picks up. The growth of real (inflation-adjusted) gross domestic product (GDP) slows to a 0.4 percent annual rate during the second half of 2023; for the year as a whole, real GDP increases by 0.9 percent. After 2023, growth accelerates as monetary policy eases. Real GDP increases by 1.5 percent in 2024 and by 2.4 percent in 2025.
• That initial slowdown in economic growth drives up unemployment. The unemployment rate reaches 4.1 percent by the end of 2023 and 4.7 percent by the end of 2024 before falling slightly, to 4.5 percent, in 2025. Payroll employment declines by an average of 10,000 jobs per month in 2024 and rises by an average of 6,000 jobs per month in 2025.
• Inflation continues to gradually decline. Growth in the price index for personal consumption expenditures (PCE) slows from 3.3 percent in 2023 to 2.6 percent in 2024 and 2.2 percent in 2025. That slowdown reflects several factors, including softening labor markets and flagging growth in home prices (and even declines in some regions), which passes through to rents.
• The Federal Reserve further increases the target range for the federal funds rate (the interest rate that financial institutions charge each other for overnight loans of their monetary reserves) in mid-2023. It begins reducing that target range in the first half of 2024, as inflation continues to cool. The federal funds rate declines from 5.4 percent in the fourth quarter of 2023 to 4.5 percent in the fourth quarter of 2024 and 3.6 percent in the fourth quarter of 2025.

The economic projections could be worse, but the above certainly doesn't paint a picture that reflects your breathless comments about "how great the economy is."

[RickeyM]

[whell]

Originally Posted by RickeyM

[RickeyM]

Originally Posted by whell

Self describing again I see.

A MAGAt's talking about "truth".

[whell]

California gov't agency states that California has been experiencing recession conditions since March 2023:

https://lao.ca.gov/LAOEconTax/articl...n%20conditions.

[Rajoo]

Originally Posted by whell

California gov't agency states that California has been experiencing recession conditions since March 2023:

[Chicks]

America has finally achieved economic nirvana
https://www.businessinsider.com/2024...-rates-2023-11

Most economists started off the year worried that the US would fall into a recession at any moment. This prediction was based on dubious evidence, and as the American economy proved resilient over the course of the year, it turned out to be wildly wrong.

All this is good news for American households, as the cost to borrow money — from credit cards to mortgages — will gradually decline alongside everyday expenses. It's also a favorable setup for financial markets. Stock prices have contracted for nearly two years as bond yields have surged. But with rates stabilizing, if not falling somewhat, stock returns are poised to boom. If 2023 was about the hard work of stabilizing the economy, then 2024 is about enjoying the fruits of that labor.

Thanks, Joe!

[Chicks]

Why Americans are more bummed out than ever
https://finance.yahoo.com/news/why-a...215326392.html

Biden is right that job growth during his term has been the strongest under any president, ever.

The disconnect between a relatively good economy and dismal consumer attitudes has puzzled economists, who point out that the same consumers who have a recessionary mindset continue to spend money, keeping the economy out of recession. Maybe inflation is so traumatic that the rising cost of rent, gas, or bacon simply freaks people out.

Here’s another theory: Americans are so overwhelmed with negative news that they’re more inclined than ever before to think things are terrible. In a new report for Moody’s Analytics, economist Matt Colyar finds that negative attitudes have intensified over the decades as the internet and digital communication have flooded people with news, much of it bad.

“Never before have subjective evaluations of the economy been so divorced from economic data,” Colyar wrote. “More people are encountering more news, and for a variety of psychological and commercial reasons, news tends to skew negative. The increase in the share of respondents saying they have heard news about changes in business conditions has been disproportionately distributed toward the unfavorable kind.”

Exactly. Faux "News" is one of the worst, never will they report anything good about Biden's great economy. Morons like Whell get their "news" from right-wingnut sources, and believe every lie, every piece of propaganda, and think the economy is a mess, which is anything but the truth. Sad.

[whell]

Originally Posted by Chicks

Why Americans are more bummed out than ever
https://finance.yahoo.com/news/why-a...215326392.html

Biden is right that job growth during his term has been the strongest under any president, ever.

Exactly. Faux "News" is one of the worst, never will they report anything good about Biden's great economy. Morons like Whell get their "news" from right-wingnut sources, and believe every lie, every piece of propaganda, and think the economy is a mess, which is anything but the truth. Sad.

I'd hope so. Name another president who was elected during a period of time when the government was paying folks to stay home and not work due to COVID. As those programs wrapped up, it would make sense that folks would decide to return to work in droves.

[Rajoo]

Originally Posted by whell

I'd hope so. Name another president who was elected during a period of time when the government was paying folks to stay home and not work due to COVID. As those programs wrapped up, it would make sense that folks would decide to return to work in droves.

Using this logic, isn't the recent economic downturn attributable to Trump tax cuts? People not working, tax revenues decline precipitously, money being doled out to the Kushners of this country, etc.

Yet you blame Biden for it, heck you started a whole thread to dump on him with fuzzy data. From history, Dubya's tax cuts also led to a serious recession and did you blame Obama for it? Of course you did, light a fire and blame the fireman without water cannons for not putting it out.

Isn't it also quite revealing that our economy revives when GOPper presidents are replaced by Dems? Clinton, Obama and Biden were all handed disastrous economies by their predecessors and all of them succeeded in repairing the damage.