This economy is so bad

[Sean Mooney 1,938]

13 hours ago, thegeneral said:

The economy was doing ok under Trump’s run. Not amazing but def not bad either. Then Covid happened and things went to shet.

When Biden took over things were shet and we are getting it back together. It hasn’t been perfect by any means but has been very good. Better than pretty much all other rich nations. 

Exactly this- both things are true here. The economy was fine under Trump. It is really good under Biden. COVID messed things up in the middle there.

But that doesn't bring the stupid tribalism. 

[Hardcore troubadour 14,941]

Inflation is lower. The prices remain. 

[5-Points 3,391]

5 minutes ago, Sean Mooney said:

Exactly this- both things are true here. The economy was fine under Trump. It is really good under Biden. COVID messed things up in the middle there.

But that doesn't bring the stupid tribalism. 

 

[Ron_Artest 1,061]

14 minutes ago, Hardcore troubadour said:

Inflation is lower. The prices remain. 

Prices only go down when we have deflation.  We do not want deflation.

[Hardcore troubadour 14,941]

4 minutes ago, Ron_Artest said:

Prices only go down when we have deflation.  We do not want deflation.

Energy and gas prices often fluctuate.  We want them to go down. Discuss. 

[Baker Boy 1,688]

20 minutes ago, Sean Mooney said:

Exactly this- both things are true here. The economy was fine under Trump. It is really good under Biden. COVID messed things up in the middle there.

But that doesn't bring the stupid tribalism. 

Living is easy with eyes closed, misunderstanding all you see.

[Sean Mooney 1,938]

15 minutes ago, 5-Points said:

 

 

3 minutes ago, Baker Boy said:

Living is easy with eyes closed, misunderstanding all you see.

Huge yawns from you guys. No evidence to what you want to believe. It's just feelings. And people rooting for deflation. Quality. Very American. 

[Hardcore troubadour 14,941]

Interest rates could use some “deflating”. Lol. 

[5-Points 3,391]

Yep, the economy is really good under Biden

Over 305,000 Laid Off In Major U.S. Cuts This Year—Here Are The Biggest

More than 305,000 employees in the U.S. lost their jobs in a torrent of major layoffs at U.S. companies throughout the year, according to Forbes’ layoff tracker, starting with a parade of cuts at tech giants in January, and persisting stubbornly throughout the summer and fall even as recession fears tapered off and as unemployment rates remain low.

 

After cutting 10,000 employees late last year, Amazon announced plans in January to cut another 8,000 in what CEO Andy Jassy called an “uncertain economy,” while in March, the tech giant cut 9,000 positions, and in November, it laid out plans to slash “several hundred” more employees in a cost-cutting initiative to “better align with [its] business priorities.”

Google parent company Alphabet cut roughly 12,000 jobs in January, which CEO Sundar Pichai referred to as “tough choices” to capture “the huge opportunity in front of us, including from the company’s investments in AI.

January also saw a major layoff at Microsoft affecting 10,000 employees (just under 5% of the Washington-based tech company’s 180,000 employees), with another 1,000 employees in sales and customer service reportedly losing their jobs in July.

Meta, which cut 10,000 employees in January, let go of another 6,000 in May, bringing its total layoffs since fall 2022 to 21,000—CEO Mark Zuckerberg said in March the company is in a “year of efficiency” that, in part, will “improve [its] financial performance in a difficult environment so we can execute our long term vision.”

Also in January, software company Salesforce announced plans to cut 7,900 employees (10% of the company’s workforce) amid a “challenging” economic environment, according to CEO Marc Benioff, though the San Francisco-based company hired another 3,300 employees in September.

In February, Dell Technologies, the owner of PC-maker Dell, cut more than 6,600, which it attributed to “uncertain” market conditions, Bloomberg reported, while software company IBM said it would cut roughly 3,900 employees (1.5% of its workforce).

In August, CVS Health cut 5,000 of its more than 300,000 employees, though the company told Forbes at the time those layoffs will not affect “customer-facing” positions at its pharmacy and clinic locations.

CONTRA

Despite painful cuts at big tech companies, the overall unemployment rate remains very low. The U.S. labor market added 199,000 jobs in November, outpacing economists’ expectations and bringing the unemployment rate to 3.7%, well below the Covid-era all-time high of 14.7% in April, 2020. The unemployment rate has remained below 4% since January 2022, while annual hourly wages have inched up, climbing 12 cents—a 0.4% increase—in November, according to data released earlier this month from the Labor Department. According to data from the Bureau of Labor Statistics, layoffs by non-farm employers have remained roughly flat in the wake of the pandemic, and have returned to pre-pandemic levels following a massive surge in 2020.

TANGENT

Other major layoffs this year took place at Detroit’s Big Three automakers—Ford, General Motors and Chrysler parent Stellantis—which all cut thousands of employees this fall, with the companies attributing those cuts to downstream effects of the United Auto Workers strike. Many of those workers were rehired after the strike. During the strike, which lasted six weeks and targeted specific manufacturing plants, Ford laid off more than 3,100 employees, while Stellantis—the maker of Jeep, Dodge and Ram—cut more than 2,000 and GM let go of roughly 2,300. Ford had reportedly cut another 1,000 employees in June, while GM slashed another 940 in July and Stellantis earlier this month let go of 1,225 employees.

KEY BACKGROUND

Big U.S. tech companies, banks, manufacturers and health care providers increasingly started cutting costs through the summer of 2022, leading to major job cuts at HP, Amazon, Morgan Stanley, Goldman Sachs and Meta. The layoffs were fueled partly by recession fears, which were amplified as the Federal Reserve hiked interest rates in a bid to curb sky-high inflation. Nearly 125,000 employees were hit by major U.S. layoffs between June and December, 2022, according to Forbes’ 2022 tracker. Those layoffs continued in the first six months of 2023, with 194,000 people losing their jobs in major U.S. cuts, and into the fall, even as inflation started to taper off and the Fed paused its campaign of hiking interest rates—though rates have remained above pre-pandemic levels. Interest rate hikes, which have the effect of curbing inflation, also reduce demand for goods and services, often prompting companies to slow down hiring or lay off employees. Those market changes can affect sectors from banking to construction—Bank of America economist Michael Gapen told CNBC in August that slowed demand means “you’re likely slowing hiring, and there may be layoffs.”

BIG NUMBER

More than 74,000. That’s how many employees were cut in a series of major layoffs at U.S. companies in January, the biggest month for large-scale layoffs this year, according to Forbes’ layoff tracker. The number of employees hit by layoffs in January more than doubled the second-biggest month, March, when nearly 35,000 employees were cut, followed by July (just over 34,000) and April (roughly 28,000).

 

 

Companies always do mass layoffs when the economy is "doing really good." 

[Sean Mooney 1,938]

Yeah companies never lay people off...super rare in the world. Also, numbers indicate a net positive. 

[5-Points 3,391]

15 minutes ago, Sean Mooney said:

 

Huge yawns from you guys. No evidence to what you want to believe. It's just feelings. And people rooting for deflation. Quality. Very American. 

Says the guy who claims "the economy was 'fine' under Trump" and "really good under Biden." When all the evidence says otherwise. 

[5-Points 3,391]

Just now, Sean Mooney said:

Yeah companies never lay people off...super rare in the world. Also, numbers indicate a net positive. 

Not when the economy is doing "really good." 

 

 

 

[Sean Mooney 1,938]

1 minute ago, 5-Points said:

Says the guy who claims "the economy was 'fine' under Trump" and "really good under Biden." When all the evidence says otherwise. 

 

Gee- I gave two Presidents from different political parties credit for good economies.....How dare I give credit to both sides for something.

Again- the tribalism about politics is idiotic. 

But people just love moving goalposts for some reason I guess

[Baker Boy 1,688]

51 minutes ago, Sean Mooney said:

Exactly this- both things are true here. The economy was fine under Trump. It is really good under Biden. COVID messed things up in the middle there.

But that doesn't bring the stupid tribalism. 

War is always a big boost to the economy.

I miss the piece. We enjoyed under President Trump.

[5-Points 3,391]

5 minutes ago, Sean Mooney said:

 

Gee- I gave two Presidents from different political parties credit for good economies.....How dare I give credit to both sides for something.

Again- the tribalism about politics is idiotic. 

But people just love moving goalposts for some reason I guess

The correct phrasing should've been "the economy was booming under Trump and struggling to recover under Biden."

It isn't tribalism when it's the truth. 

[thegeneral 2,913]

21 minutes ago, 5-Points said:

Yep, the economy is really good under Biden

Over 305,000 Laid Off In Major U.S. Cuts This Year—Here Are The Biggest

More than 305,000 employees in the U.S. lost their jobs in a torrent of major layoffs at U.S. companies throughout the year, according to Forbes’ layoff tracker, starting with a parade of cuts at tech giants in January, and persisting stubbornly throughout the summer and fall even as recession fears tapered off and as unemployment rates remain low.

 

After cutting 10,000 employees late last year, Amazon announced plans in January to cut another 8,000 in what CEO Andy Jassy called an “uncertain economy,” while in March, the tech giant cut 9,000 positions, and in November, it laid out plans to slash “several hundred” more employees in a cost-cutting initiative to “better align with [its] business priorities.”

Google parent company Alphabet cut roughly 12,000 jobs in January, which CEO Sundar Pichai referred to as “tough choices” to capture “the huge opportunity in front of us, including from the company’s investments in AI.

January also saw a major layoff at Microsoft affecting 10,000 employees (just under 5% of the Washington-based tech company’s 180,000 employees), with another 1,000 employees in sales and customer service reportedly losing their jobs in July.

Meta, which cut 10,000 employees in January, let go of another 6,000 in May, bringing its total layoffs since fall 2022 to 21,000—CEO Mark Zuckerberg said in March the company is in a “year of efficiency” that, in part, will “improve [its] financial performance in a difficult environment so we can execute our long term vision.”

Also in January, software company Salesforce announced plans to cut 7,900 employees (10% of the company’s workforce) amid a “challenging” economic environment, according to CEO Marc Benioff, though the San Francisco-based company hired another 3,300 employees in September.

In February, Dell Technologies, the owner of PC-maker Dell, cut more than 6,600, which it attributed to “uncertain” market conditions, Bloomberg reported, while software company IBM said it would cut roughly 3,900 employees (1.5% of its workforce).

In August, CVS Health cut 5,000 of its more than 300,000 employees, though the company told Forbes at the time those layoffs will not affect “customer-facing” positions at its pharmacy and clinic locations.

CONTRA

Despite painful cuts at big tech companies, the overall unemployment rate remains very low. The U.S. labor market added 199,000 jobs in November, outpacing economists’ expectations and bringing the unemployment rate to 3.7%, well below the Covid-era all-time high of 14.7% in April, 2020. The unemployment rate has remained below 4% since January 2022, while annual hourly wages have inched up, climbing 12 cents—a 0.4% increase—in November, according to data released earlier this month from the Labor Department. According to data from the Bureau of Labor Statistics, layoffs by non-farm employers have remained roughly flat in the wake of the pandemic, and have returned to pre-pandemic levels following a massive surge in 2020.

TANGENT

Other major layoffs this year took place at Detroit’s Big Three automakers—Ford, General Motors and Chrysler parent Stellantis—which all cut thousands of employees this fall, with the companies attributing those cuts to downstream effects of the United Auto Workers strike. Many of those workers were rehired after the strike. During the strike, which lasted six weeks and targeted specific manufacturing plants, Ford laid off more than 3,100 employees, while Stellantis—the maker of Jeep, Dodge and Ram—cut more than 2,000 and GM let go of roughly 2,300. Ford had reportedly cut another 1,000 employees in June, while GM slashed another 940 in July and Stellantis earlier this month let go of 1,225 employees.

KEY BACKGROUND

Big U.S. tech companies, banks, manufacturers and health care providers increasingly started cutting costs through the summer of 2022, leading to major job cuts at HP, Amazon, Morgan Stanley, Goldman Sachs and Meta. The layoffs were fueled partly by recession fears, which were amplified as the Federal Reserve hiked interest rates in a bid to curb sky-high inflation. Nearly 125,000 employees were hit by major U.S. layoffs between June and December, 2022, according to Forbes’ 2022 tracker. Those layoffs continued in the first six months of 2023, with 194,000 people losing their jobs in major U.S. cuts, and into the fall, even as inflation started to taper off and the Fed paused its campaign of hiking interest rates—though rates have remained above pre-pandemic levels. Interest rate hikes, which have the effect of curbing inflation, also reduce demand for goods and services, often prompting companies to slow down hiring or lay off employees. Those market changes can affect sectors from banking to construction—Bank of America economist Michael Gapen told CNBC in August that slowed demand means “you’re likely slowing hiring, and there may be layoffs.”

BIG NUMBER

More than 74,000. That’s how many employees were cut in a series of major layoffs at U.S. companies in January, the biggest month for large-scale layoffs this year, according to Forbes’ layoff tracker. The number of employees hit by layoffs in January more than doubled the second-biggest month, March, when nearly 35,000 employees were cut, followed by July (just over 34,000) and April (roughly 28,000).

 

 

Companies always do mass layoffs when the economy is "doing really good." 

I won’t go through all those companies but the many of the ones I am aware of all had blow out earnings. Places over hired during COVID it appears. 
 

 

[Hardcore troubadour 14,941]

Interest rates could use some “deflating”. Lol. 

[thegeneral 2,913]

LINK

Former Trump Advisor Praises Joe Biden's Economy: 'I Was Wrong“

 

[BeachGuy23 642]

10 minutes ago, 5-Points said:

The correct phrasing should've been "the economy was booming under Trump and struggling to recover under Biden."

It isn't tribalism when it's the truth. 

How exactly was the economy “booming” under Trump?  Wasn’t GDP.  Wasn’t the trade deficit.  Certainly not the increase to the debt.  Share stats of this “booming” economy please.

[BeachGuy23 642]

4 minutes ago, Hardcore troubadour said:

Interest rates could use some “deflating”. Lol. 

Had to be increased to kill the inflation Trump caused. The work is done, rates can now come down. 

[Hardcore troubadour 14,941]

1 minute ago, BeachGuy23 said:

Had to be increased to kill the inflation Trump caused. The work is done, rates can now come down. 

I’m sure they will some. Not much though. 

[5-Points 3,391]

4 minutes ago, thegeneral said:

I won’t go through all those companies but the many of the ones I am aware of all had blow out earnings. Places over hired during COVID it appears. 
 

 

 

Uh, businesses were forced to close during covid. Many were never able to reopen. Why would that lead to over hiring? 

[5-Points 3,391]

4 minutes ago, BeachGuy23 said:

How exactly was the economy “booming” under Trump?  Wasn’t GDP.  Wasn’t the trade deficit.  Certainly not the increase to the debt.  Share stats of this “booming” economy please.

My 401K says it was booming then and total shite now. 

[BeachGuy23 642]

Just now, 5-Points said:

My 401K says it was booming then and total shite now. 

No offense, then you’re a terrible investor.  The markets are miles higher now than at any time under Trump.

Anything based in facts for this “booming” economy under Trump?

[BeachGuy23 642]

3 minutes ago, Hardcore troubadour said:

I’m sure they will some. Not much though. 

You think interest rates near zero are a sign of a healthy economy?

[thegeneral 2,913]

2 minutes ago, 5-Points said:

 

Uh, businesses were forced to close during covid. Many were never able to reopen. Why would that lead to over hiring? 

Link

Salesforce - “I’ve been thinking a lot about how we came to this moment,” Benioff wrote. “As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we’re now facing, and I take responsibility for that.”

Link

Amazon - Amazon Boosted Workforce by 75% During Covid — And It’s Still Hiring

This article was from last year.  They are now cutting back work force as they over did it and are making employees return to the office.

Both these places had blow out earnings. 

[thegeneral 2,913]

8 minutes ago, 5-Points said:

My 401K says it was booming then and total shite now. 

How is this possible?

[BeachGuy23 642]

Just now, thegeneral said:

Link

Salesforce - “I’ve been thinking a lot about how we came to this moment,” Benioff wrote. “As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we’re now facing, and I take responsibility for that.”

Link

Amazon - Amazon Boosted Workforce by 75% During Covid — And It’s Still Hiring

This article was from last year.  They are now cutting back work force as they over did it and are making employees return to the office.

Both these places had blow out earnings. 

Of course.  The truth is these layoffs are a drop in the bucket and 100% due to over hiring.  I’m not sure why conservatives want to paint the economy as bad when it crushes anything under Trump by any measure.

[thegeneral 2,913]

No shtick here - If your 401k isn’t at all-time highs you should seriously take a look at what’s going on. 

If you are a set it and forget it investor it wouldn’t possible to not be at your personal best I think.

[Hardcore troubadour 14,941]

7 stocks in the s&p 500 are responsible for half of the 26 pct increase in the index last year.  You guys better leave Elon alone. 

[Sean Mooney 1,938]

41 minutes ago, 5-Points said:

The correct phrasing should've been "the economy was booming under Trump and struggling to recover under Biden."

It isn't tribalism when it's the truth. 

tribalism at its finest.

Get a clue dude. 

[Sean Mooney 1,938]

26 minutes ago, 5-Points said:

My 401K says it was booming then and total shite now. 

Then you suck as an investor or you are a liar.....I'll guess the latter

17 minutes ago, thegeneral said:

How is this possible?

He's lying. It's not possible

[5-Points 3,391]

23 minutes ago, BeachGuy23 said:

No offense, then you’re a terrible investor.  The markets are miles higher now than at any time under Trump.

Anything based in facts for this “booming” economy under Trump?

While this is 100% true, it isn't reflected in my 401K. It's my SEP IRA that is proof positive that I can't invest for sh!t. 

 

[Dizkneelande 1,085]

Killer jobs report guys. Noteworthy is continued jobs growth in healthcare (government), social assistance (government), and government (government). These are total economic boosters and not drains on taxpayer dollars. 

[Baker Boy 1,688]

1 hour ago, BeachGuy23 said:

Had to be increased to kill the inflation Trump caused. The work is done, rates can now come down. 

Inflation rate:
2017 Trump – 1.7%
2018 Trump – 1.65%
2019 Trump – 1.7%
2020 Trump – 1.4%
2021 Biden – 14%
2022 Biden – 14.9%
The facts are clear.

[Pimpadeaux 2,404]

Unemployment went as high as 14.8 percent under Clownzo.

It quickly fell below 6 percent in the early months of the Biden administration and is around 3.7 percent these days.

https://www.ncsl.org/labor-and-employment/national-employment-monthly-update

 

[Baker Boy 1,688]

5 minutes ago, Pimpadeaux said:

Unemployment went as high as 14.8 percent under Clownzo.

It quickly fell below 6 percent in the early months of the Biden administration and is around 3.7 percent these days.

https://www.ncsl.org/labor-and-employment/national-employment-monthly-update

 

Inflation rate and Fed funds rate by year:

2016	2.10%	0.75%	Expansion (1.7%)
2017	2.10%	1.50%	Expansion (2.3%)
2018	1.90%	2.50%	Expansion (3.0%)
2019	2.30%	1.75%	Expansion (2.2%)
2020	1.40%	0.25%	Contraction (-3.4%)	COVID-19
2021	7.00%	0.25%	Expansion (5.9%)	COVID-19
2022	6.50%	4.50%	Contraction (-2.1%)	Russia invades Ukraine
2023	3.40%	5.50%	Expansion (+4.9% as of Q3 2023)	Fed raised rates

[Pimpadeaux 2,404]

4 minutes ago, Baker Boy said:

Inflation rate and Fed funds rate by year:

2016	2.10%	0.75%	Expansion (1.7%)
2017	2.10%	1.50%	Expansion (2.3%)
2018	1.90%	2.50%	Expansion (3.0%)
2019	2.30%	1.75%	Expansion (2.2%)
2020	1.40%	0.25%	Contraction (-3.4%)	COVID-19
2021	7.00%	0.25%	Expansion (5.9%)	COVID-19
2022	6.50%	4.50%	Contraction (-2.1%)	Russia invades Ukraine
2023	3.40%	5.50%	Expansion (+4.9% as of Q3 2023)	Fed raised rates

So?

COVID and the Ukraine war seriously impacted supply and demand.

Prices dropped during COVID due to plummiting demand but went crazy as we moved past the pandemic, with skyrocketing demand at a time of compromised supply lines. The Ukraine was caused another supply-line disruption.

Biden Administration and fed moves drastically slowed inflation.

MAGAturds will blame the high unemployment under Clownzo on COVID and turn around and blame Biden for the inflation spike.

That's just ignorant, as is saying the economy is trash while ignoring all the major indicators that say otherwise.

 

[Ron_Artest 1,061]

2 hours ago, Hardcore troubadour said:

Energy and gas prices often fluctuate.  We want them to go down. Discuss. 

Gas prices have gone down.  Anything else?

[Pimpadeaux 2,404]

1 hour ago, Sean Mooney said:

Then you suck as an investor or you are a liar.....I'll guess the latter

He's lying. It's not possible

I bought a large-cap mutual fund in mid-2020, and it's up more than 60 percent. It has out-performed the S&P 500 fund.