This economy is so bad

[The Psychic Observer 498]

2 minutes ago, Baker Boy said:

There are fewer people working today than were working pre-Covid.

Source?

[Hardcore troubadour 15,257]

Do the newcomers count on the unemployment numbers? They should. 

[BeachGuy23 642]

1 hour ago, The Psychic Observer said:

Source?

LMFAO

There are many millions more working now than pre-covid.

Cultist suck up fake news like it's sweat from their master's brow.

SAD

[HellToupee 1,709]

We’re in a melt up. Be careful 

[Dizkneelande 1,094]

Hardship withdrawals from 401k retirement accounts hit a fresh record. Up 30% on the year and tripling the pre-pandemic rate.

1 in 7 Americans now has a loan against their 401k. Nearly half borrowed to avoid foreclosure. With medical bills coming in #2.

Good thing we’re adding millions of government jobs and the White House coming out with a 7.5 trillion budget proposal.

[Dizkneelande 1,094]

Baker is of course correct. Labor force participation rate oct 2019 was 63.3%. January 2024 62.5%
 

https://www.bls.gov/charts/employment-situation/civilian-labor-force-participation-rate.htm

[BeachGuy23 642]

45 minutes ago, Dizkneelande said:

Baker is of course correct. Labor force participation rate oct 2019 was 63.3%. January 2024 62.5%
 

https://www.bls.gov/charts/employment-situation/civilian-labor-force-participation-rate.htm

LMFAO

Under Trump no mention of LFPR when it dropped as well of course from the cultist.

And it's almost like covid and Trump sending signed checks to everyone caused millions of people to retire early.  Do cultist really not see how amazing it is that Joe has been able to recover every single job lost by Trump and add millions more?  Trump crashed the LFPR quite bigly and Joe has that almost up to pre-pandemic levels.  If all those people hadn't retired because Trump sent them checks the LFPR would be way higher than pre-pandemic.

Is it too much to ask of the cult to look at stats in context?

LOLOLOLOLOL

My bad, of course it is. 

[RLLD 4,194]

I think Biden did a decent job when addressing the economy in SOTU.   He could have easily been far more offensive to people suffering because of him, and he did not do that....give the guy credit. 

[BeachGuy23 642]

53 minutes ago, Dizkneelande said:

Hardship withdrawals from 401k retirement accounts hit a fresh record. Up 30% on the year and tripling the pre-pandemic rate.

1 in 7 Americans now has a loan against their 401k. Nearly half borrowed to avoid foreclosure. With medical bills coming in #2.

Good thing we’re adding millions of government jobs and the White House coming out with a 7.5 trillion budget proposal.

People still spent like Trump was sending them monthly checks.

Personal responsibility is a wonderful thing.

And in case you hadn't noticed, go out and you'll assume everyone has money given how crowded every place to spend money is. 

[Hardcore troubadour 15,257]

Inflation rose again last month. 

[Ron_Artest 1,330]

The US is energy independent.  2022 was the greatest year in 70 years.

https://www.forbes.com/sites/rrapier/2023/05/02/us-energy-independence-soars-to-highest-levels-in-over-70-years/

maga don't wanna hear this 

[Maximum Overkill 1,908]

5 minutes ago, Ron_Artest said:

The US is energy independent.  2022 was the greatest year in 70 years.

https://www.forbes.com/sites/rrapier/2023/05/02/us-energy-independence-soars-to-highest-levels-in-over-70-years/

maga don't wanna hear this 

 

[Dizkneelande 1,094]

Fresh CPI numbers hit an annualized 5.4% -- the 4th month in a row of climbing prices. 

[edjr 6,580]

 

OooOoOoooOOOooOOps

[RLLD 4,194]

The Fed is in a tough spot right now.  They should be raising the rate, but that is a political problem.....so the fact that they are not raising rates tells me the White House is influencing them.

The problem for the White House is now they have to lie even more to justify the influencing of the Fed to lower rates to serve their political power aspirations....while they continue to fock the lower class.....

Tough spot....

[Hardcore troubadour 15,257]

33 minutes ago, edjr said:

 

OooOoOoooOOOooOOps

28 pct interest on an an average CC balance of 6k.  We in trouble. 

[MDC 7,284]

35 minutes ago, RLLD said:

The Fed is in a tough spot right now.  They should be raising the rate, but that is a political problem.....so the fact that they are not raising rates tells me the White House is influencing them.

The problem for the White House is now they have to lie even more to justify the influencing of the Fed to lower rates to serve their political power aspirations....while they continue to fock the lower class.....

Tough spot....

Why do they have to lie? The last guy admitted to pressuring the Fed into keeping rates low.

[edjr 6,580]

6 minutes ago, Hardcore troubadour said:

28 pct interest on an an average CC balance of 6k.  We in trouble. 

Yup. Slow crawl to the bottom. 

[RLLD 4,194]

2 minutes ago, MDC said:

Why do they have to lie? The last guy admitted to pressuring the Fed into keeping rates low.

Because they have to pretend the other guy is somehow different from them, which he really is not, so they have to hide it....

[MDC 7,284]

Just now, RLLD said:

Because they have to pretend the other guy is somehow different from them, which he really is not, so they have to hide it....

They should pretend they’re lowering rates to help people vs helping their re-election efforts. 

[HellToupee 1,709]

58 minutes ago, edjr said:

 

OooOoOoooOOOooOOps

Seems like I picked a good time to list my house 

[BeachGuy23 642]

1 hour ago, Dizkneelande said:

Fresh CPI numbers hit an annualized 5.4% -- the 4th month in a row of climbing prices. 

Got a link to an annualized 5.4% Mr fake news? 

November 3.14%

December 3.35%

January 3.09%

February 3.15%

So your claims are BS.  And US inflation is well within historic norms.

Biden truly defeated the inflation monster Trump left for him.

Great job Joe!

[RLLD 4,194]

12 minutes ago, MDC said:

They should pretend they’re lowering rates to help people vs helping their re-election efforts. 

They should first admit their mistakes in harming people through economic mistakes and then how they will not repeat that mistake.  Then they should back off and allow the Fed to do its job.

I am not much of a fan of the Fed, but I have to admit that they have spent the last year fighting well, and I am impressed. 

[edjr 6,580]

5 minutes ago, HellToupee said:

Seems like I picked a good time to list my house 

I bought a 2 bedroom condo in 2015 for 107k. 

Zestimate range

$243,000 - $285,000

 

 

[MDC 7,284]

4 minutes ago, RLLD said:

They should first admit their mistakes in harming people through economic mistakes and then how they will not repeat that mistake.  Then they should back off and allow the Fed to do its job.

I am not much of a fan of the Fed, but I have to admit that they have spent the last year fighting well, and I am impressed. 

What economic mistakes should they apologize for? 

The WH will pressure the Fed to keep rates low to help Biden’s re-election chances, just like the last guy did. For some reason I don’t remember you complaining about it then, stunner.

[Hardcore troubadour 15,257]

2 minutes ago, MDC said:

What economic mistakes should they apologize for? 

The WH will pressure the Fed to keep rates low to help Biden’s re-election chances, just like the last guy did. For some reason I don’t remember you complaining about it then, stunner.

I did. 

[Pimpadeaux 2,405]

So in conclusion, the economy isn't bad and has myriad positive signs mixed with some bad aspects, such as inflation, which has slowed.

[Baker Boy 1,694]

On 3/11/2024 at 1:08 PM, The Psychic Observer said:

Source?

• Labor  Force Participation Was Stronger Under Trump. The labor force participation rate remains 0.7 percentage points lower under Biden than it was when President Trump was in office. When adjusting for population gains, nearly 2 million more Americans are on the sidelines today than they were during the previous Administration.

https://budget.house.gov/press-release/fact-check-biden-misleads-on-job-creation-statistics

[edjr 6,580]

 

[RLLD 4,194]

30 minutes ago, MDC said:

What economic mistakes should they apologize for? 

The WH will pressure the Fed to keep rates low to help Biden’s re-election chances, just like the last guy did. For some reason I don’t remember you complaining about it then, stunner.

Perhaps the most egregious mistake was pretending the  government can increase its annual expenditures by trillions of dollars and that the cost will be nothing. When Biden tweeted on  September 25, 2021, “My Build Back Better Agenda costs zero dollars.” Worse.....her falsely claimed that the substantial added federal spending worked to fix the rise in the inflation rate and that additional spending under his proposed agenda would have lowered inflation even more; fortunately Congress blocked that lunacy.

Biden hit people with what amounts to a hidden tax imposed by the mounting federal expenditures in his first year in office delivering empty store shelves, supply‐chain disruptions (in addition to those caused by the COVID-19 pandemic), and a startling increase in the year‐to‐year inflation rate, jumping from 1.4 percent in January 2021, the month President Biden took office, to nearly 5 percent in late 2021, and to 9.1 percent in June 2022, the highest (year‐over‐year) inflation rate since 1981.

Peoples money‐wage increase in June 2022 over the previous 12 months was 5.1 percent, but they suffered, on balance, a 3.1 percent decrease in their real/inflation adjusted average hourly wage rate and a 3.9 percent decrease in their real weekly earnings over the previous year.

He has, and announced more plans to,  to adopt long‐term policies that restrict fossil fuel production and distribution. The result of these long‐term supply restrictions have pushed up fossil fuel prices and at the same time shift demand to higher‐cost and less reliable energy sources such as solar and wind.

As oil and gasoline prices continued rising throughout 2021 and into 2022 Biden lied and declared the rising prices during the summer 2021 to be “transitory.” After eight consecutive months of claiming “transitory” price increases, liar-Biden decided it was time to blame everyone else but himself.....  In this case, he targeted Big Oil. Major oil companies were conspiring to use their market power to hike gasoline and heating oil prices and to pad their shareholders’ pockets with higher profits....so be villified the market rather than admit his own stupidity.....

When he imposed sanctions on Russia he warned oil companies not to exploit consumers by raising oil prices to boost their profits, as if he did not understand that controlled prices would result in shortages. Econ 101 starts with the concept that higher market prices in times of supply shortages serve the valuable function of encouraging consumers to conserve and thus allocate scarce resources toward their more valuable uses. Biden apparently forgot this simple concept when he pleaded with U.S. refineries to lower their gasoline prices as a matter of “patriotic duty.”

Biden and Powell don’t seem to realize that the $5 trillion increase in purchases of U.S. debt during 2021 resulted in a double‐digit increase in the country’s money stock during 2021 and would absolutely feed the inflation rate, another easy Econ 101 lesson. An increase in the money means that more dollars are chasing goods, which translates into higher prices over time  qhich is inflation. 

There are the tarriff mistakes as well, but that is a much longer discussion.

Put simply.....he has surrounded himself with pios children who have been taught but lack wisdom.... and their influence on him finds him making the dumbest of mistakes....built upon moronic notions of the world and how it works....when you fock with the system....you break it....every time

[MDC 7,284]

16 minutes ago, RLLD said:

Perhaps the most egregious mistake was pretending the  government can increase its annual expenditures by trillions of dollars and that the cost will be nothing. When Biden tweeted on  September 25, 2021, “My Build Back Better Agenda costs zero dollars.” Worse.....her falsely claimed that the substantial added federal spending worked to fix the rise in the inflation rate and that additional spending under his proposed agenda would have lowered inflation even more; fortunately Congress blocked that lunacy.

Biden hit people with what amounts to a hidden tax imposed by the mounting federal expenditures in his first year in office delivering empty store shelves, supply‐chain disruptions (in addition to those caused by the COVID-19 pandemic), and a startling increase in the year‐to‐year inflation rate, jumping from 1.4 percent in January 2021, the month President Biden took office, to nearly 5 percent in late 2021, and to 9.1 percent in June 2022, the highest (year‐over‐year) inflation rate since 1981.

Peoples money‐wage increase in June 2022 over the previous 12 months was 5.1 percent, but they suffered, on balance, a 3.1 percent decrease in their real/inflation adjusted average hourly wage rate and a 3.9 percent decrease in their real weekly earnings over the previous year.

He has, and announced more plans to,  to adopt long‐term policies that restrict fossil fuel production and distribution. The result of these long‐term supply restrictions have pushed up fossil fuel prices and at the same time shift demand to higher‐cost and less reliable energy sources such as solar and wind.

As oil and gasoline prices continued rising throughout 2021 and into 2022 Biden lied and declared the rising prices during the summer 2021 to be “transitory.” After eight consecutive months of claiming “transitory” price increases, liar-Biden decided it was time to blame everyone else but himself.....  In this case, he targeted Big Oil. Major oil companies were conspiring to use their market power to hike gasoline and heating oil prices and to pad their shareholders’ pockets with higher profits....so be villified the market rather than admit his own stupidity.....

When he imposed sanctions on Russia he warned oil companies not to exploit consumers by raising oil prices to boost their profits, as if he did not understand that controlled prices would result in shortages. Econ 101 starts with the concept that higher market prices in times of supply shortages serve the valuable function of encouraging consumers to conserve and thus allocate scarce resources toward their more valuable uses. Biden apparently forgot this simple concept when he pleaded with U.S. refineries to lower their gasoline prices as a matter of “patriotic duty.”

Biden and Powell don’t seem to realize that the $5 trillion increase in purchases of U.S. debt during 2021 resulted in a double‐digit increase in the country’s money stock during 2021 and would absolutely feed the inflation rate, another easy Econ 101 lesson. An increase in the money means that more dollars are chasing goods, which translates into higher prices over time  qhich is inflation. 

There are the tarriff mistakes as well, but that is a much longer discussion.

Put simply.....he has surrounded himself with pios children who have been taught but lack wisdom.... and their influence on him finds him making the dumbest of mistakes....built upon moronic notions of the world and how it works....when you fock with the system....you break it....every time

Most of what you said here either isn’t a policy and/or it’s equally true of Trump, for example overspending and inflation. The spending hawks took a hiatus from 2016-2020, lol.

[RLLD 4,194]

7 minutes ago, MDC said:

Most of what you said here either isn’t a policy and/or it’s equally true of Trump, for example overspending and inflation. The spending hawks took a hiatus from 2016-2020, lol.

Everything I said was done by Joe Biden.  None of what he did needed to be done.  Had he done nothing at all, we would all be better off.

Perhaps worse.....he lied and lied and lied about it.....instead of dealing with it.  That is unforgivable.

[HellToupee 1,709]

1 hour ago, edjr said:

I bought a 2 bedroom condo in 2015 for 107k. 

Zestimate range

$243,000 - $285,000

 

 

I don’t trust Zillow . It says mine is 894,000 with a range of  849,000-939,000. We had this built in the fall of 2017 for 599. Agent wants to go into it 789 to create traffic in a bidding situation. Nervous the whole house of cards will come crashing down during this

[The Psychic Observer 498]

1 hour ago, Baker Boy said:

• Labor  Force Participation Was Stronger Under Trump. The labor force participation rate remains 0.7 percentage points lower under Biden than it was when President Trump was in office. When adjusting for population gains, nearly 2 million more Americans are on the sidelines today than they were during the previous Administration.

https://budget.house.gov/press-release/fact-check-biden-misleads-on-job-creation-statistics

This doesn't mean what you think it means.  It doesn't mean there are fewer jobs today than in 2019.  In fact you can see in your graph the number of jobs have passed 2019, which means in fact that we have more people working now than at any time in history.

[Baker Boy 1,694]

56 minutes ago, The Psychic Observer said:

This doesn't mean what you think it means.  It doesn't mean there are fewer jobs today than in 2019.  In fact you can see in your graph the number of jobs have passed 2019, which means in fact that we have more people working now than at any time in history.

No, we have more people working multiple jobs. The Number of jobs does not equal the number of people employed.

This is another fact you can dispute:
 

Quote

• Recovery versus “Creation.” Nearly 72 percent of all job gains since 2021 were simply jobs that were being recovered from the pandemic, not new job creation. In fact, when looking at today’s economy compared to pre-pandemic levels, employment is up only by 3.7 million.
  • On the other hand, prior to the pandemic, job creation under President Trump was 6.7 million—3 million more jobs than the current President.

Same link

[Hardcore troubadour 15,257]

Dollar tree to close 1 thousand stores. I guess people didn’t like paying 1.25 at the dollar store.  Bidenflation strikes again. 

[The Psychic Observer 498]

22 minutes ago, Baker Boy said:

No, we have more people working multiple jobs. The Number of jobs does not equal the number of people employed.

This is another fact you can dispute:
 

Same link

Doesn't add up.  We have over 4M more jobs now than we did in 2019.

The total multiple jobholders in 2019 was 8M.  Source: https://www.bls.gov/cps/aa2019/cpsaat36.htm 

The total multiple jobholders in 2023 was.... 8M.  Source: https://www.bls.gov/cps/cpsaat36.htm

[TheNewGirl 1,458]

5 hours ago, Dizkneelande said:

Fresh CPI numbers hit an annualized 5.4% -- the 4th month in a row of climbing prices. 

No one wants to hear about CPI, I posted about it a few pages back and it was glossed over. The economy is fine. 

So I talked to a recruiter yesterday because I will be looked for a job in a short period of time. He said, despite what you hear on the news about the economy, job markets being up and all of that, it's actually incredibly difficult to find job right now and he's a recruiter in areas of marketing and technology. He basically said to not believe what you're hearing on the news. (I talked to him because I need to really beef up my resume and all of that, etc). 

With that said, I kind of believe him, because you really do have to talk to the people who are out there living it every day. Who are struggling buying groceries, working two or three jobs, have high utility bills, have insurance that's going up, or whatever. I think if you're just listening to what you see on the news or what you're reading it's incredibly short sighted. You have to talk to people out there working in these areas, and it's just not what we are being told, IMO. 

[Dizkneelande 1,094]

- Biden Floats Price Controls
- Record 401k Hardship Withdrawals
- Inflation Rises Fifth Month in a Row
- Biden Budget Jumps by $1.2 trillion
- America's Farms are Getting Wiped Out

[Maximum Overkill 1,908]

On 3/13/2024 at 1:49 PM, The Psychic Observer said:

Doesn't add up

Stop! The economy blows right now. There's no way around it, look around.