The US Economy
Re: The US Economy
It’s like people are way too dumb to see the big picture. They want their taxes lowered and they either have absolutely no idea how taxes relate to our deficit or they just don’t give a rats ass.
Re: The US Economy
It looks like they have reached a deal to avoid a debt ceiling default. Still learning more about it.
Re: The US Economy
Another strong jobs report comes in this month.
Re: The US Economy
FOX’s job is to attack Dems, especially Joe Biden and promote Conservatives. It’s their job. MSNBC’s job is to attack Conservatives and promote Dems, especially Biden. It just is what it is at this point.
Re: The US Economy
Seems like more good US economic data came out today. Inflation is slowing. Maybe the Fed doesn't need to push rates up and risk a recession after all?
Re: The US Economy
The U.S. is pumping oil faster than ever. Republicans don’t care.
https://www.politico.com/news/2023/08/2 ... n-00111626
The late-summer surge in gasoline prices is heightening the risks that inflation poses for President Joe Biden, and offering Republicans a new chance to pin the blame on his green agenda.
The GOP narrative has a major hole: U.S. oil production — already the highest in the world — is on track to set a new record this year, and will probably rise even more in 2024. But the ever-increasing flow of U.S. crude has failed to keep a lid on gasoline prices, showing once again that a global market drives the fuel prices that shape presidents’ political futures.
U.S. oil production is forecast to average an all-time high of 12.8 million barrels a day this year and keep growing to 13.1 million in 2024, the federal Energy Information Administration said in its latest forecast. That’s up from the most recent trough of 5 million barrels a day in 2008, and probably enough to help the U.S. to keep its title as the No. 1 global crude oil producer.
In one campaign ad, former Vice President Mike Pence pretends to fill his pickup truck and blames Biden’s energy policy for “causing real hardship” for Americans, while ex-South Carolina Gov. Nikki Haley has vowed to bring oil production back to the United States.
And Sen. Tim Scott (R.-S.C.) railed last month on the Biden administration, which he asserted “has shut down energy production in America.”
“Why won’t this President tap into our abundant energy resources here at home and bring down prices at the pump?” he asked.
In fact, though, oil production from federal lands and waters has risen on Biden’s watch, reaching past 3 million barrels per day last year. The high mark during President Donald Trump’s term was 2.75 million barrels a day.
The moral of the story? Republicans have no problem whatsoever lying to their base.
https://www.politico.com/news/2023/08/2 ... n-00111626
The late-summer surge in gasoline prices is heightening the risks that inflation poses for President Joe Biden, and offering Republicans a new chance to pin the blame on his green agenda.
The GOP narrative has a major hole: U.S. oil production — already the highest in the world — is on track to set a new record this year, and will probably rise even more in 2024. But the ever-increasing flow of U.S. crude has failed to keep a lid on gasoline prices, showing once again that a global market drives the fuel prices that shape presidents’ political futures.
U.S. oil production is forecast to average an all-time high of 12.8 million barrels a day this year and keep growing to 13.1 million in 2024, the federal Energy Information Administration said in its latest forecast. That’s up from the most recent trough of 5 million barrels a day in 2008, and probably enough to help the U.S. to keep its title as the No. 1 global crude oil producer.
In one campaign ad, former Vice President Mike Pence pretends to fill his pickup truck and blames Biden’s energy policy for “causing real hardship” for Americans, while ex-South Carolina Gov. Nikki Haley has vowed to bring oil production back to the United States.
And Sen. Tim Scott (R.-S.C.) railed last month on the Biden administration, which he asserted “has shut down energy production in America.”
“Why won’t this President tap into our abundant energy resources here at home and bring down prices at the pump?” he asked.
In fact, though, oil production from federal lands and waters has risen on Biden’s watch, reaching past 3 million barrels per day last year. The high mark during President Donald Trump’s term was 2.75 million barrels a day.
The moral of the story? Republicans have no problem whatsoever lying to their base.
Re: The US Economy
The WSJ (reluctantly?) concedes that the economy is actually doing pretty well under Joe Biden. Not sure why folks think the economy is a weak part of his record. We've had some inflation, to be sure, but overall a lot of the numbers look strong.
Re: The US Economy
I have been preaching this somewhat. They have been announcing the major recession about to hit us any day for a year and a half. It’s like the boy who cried wolf.
Re: The US Economy
Inflation is the number thing people have on their minds most I think. During Covid inflation was pretty much nonexistent. Then Covid subsided and people started returning to normal life. Demand increased dramatically. Supply was F’ed from Covid and couldn’t keep up. It still isn’t back to normal quite yet but getting there. Unemployment was and is low. Not enough people to fill the jobs we had/have somehow. The stock market stayed high.
Inflation was at a low of .1 during the peak of Covid May 2020 and hit a high of 9.1 in June 2022. Since hitting that high inflation has steadily gone down every month to what it is now around 3.
https://www.usinflationcalculator.com/i ... ion-rates/
Inflation was at a low of .1 during the peak of Covid May 2020 and hit a high of 9.1 in June 2022. Since hitting that high inflation has steadily gone down every month to what it is now around 3.
https://www.usinflationcalculator.com/i ... ion-rates/
Re: The US Economy
The whole inflation issue is a bit murky to me. I know prices on many items have gone up. But it seems to be coming at a time when many of the related companies are making all-time high profits. Are prices up because costs are up, because it is just not possible to sell at the lower price? Or are companies gouging customers and blaming it on inflation?
I think the stupidest economic indicator is the gas price. Gas is going to go up and up and up for the rest of time, until it's gone. It is a rare and finite natural resource that we are rapidly consuming. Even if the current President has sound policy, we can't stop gas from going up. Why attach blame for it to Biden or Trump?
I think the stupidest economic indicator is the gas price. Gas is going to go up and up and up for the rest of time, until it's gone. It is a rare and finite natural resource that we are rapidly consuming. Even if the current President has sound policy, we can't stop gas from going up. Why attach blame for it to Biden or Trump?
Re: The US Economy
As far as inflation, I’m not an expert. I believe Covid hit and pretty much shut down the entire planet and its supply chain. It wasn’t a huge deal since demand was low at that point with nobody going anywhere or doing anything. Covid subsided and demand went way up. Supply couldn’t keep up with the supply chain in tatters. Supply and demand. Demand was high and supply was low. Hello inflation.
As the theory goes, if it's more expensive to borrow money or carry a balance on a credit card, consumers will spend less. When spending declines, demand will fall and, eventually, so will the price of everyday goods.
The higher the inflation the more they raise rates to slow demand.
When consumers pay less in interest, this gives them more money to spend, which can create a ripple effect of increased spending throughout the economy. Businesses and farmers also benefit from lower interest rates, as it encourages them to make large equipment purchases due to the low cost of borrowing.
Fiscal policy is enacted by a country's government through spending and taxes to influence a nation's economic conditions. To help fight a recession, fiscal policy may aim to lower taxes and increase federal spending to increase aggregate demand.
It seems like a careful balance they have to keep with an economy. It would seem on the surface to me that demand is so high for goods and services that prices went up or inflation. They have been worried about a recession, which seems to be the opposite of inflation where nobody is buying anything and demand is low. They were real worried about a recession and now they are saying maybe there will be no recession and we have accomplished a “soft landing” from the Covid fiasco. That seems to me like a good thing.
As the theory goes, if it's more expensive to borrow money or carry a balance on a credit card, consumers will spend less. When spending declines, demand will fall and, eventually, so will the price of everyday goods.
The higher the inflation the more they raise rates to slow demand.
When consumers pay less in interest, this gives them more money to spend, which can create a ripple effect of increased spending throughout the economy. Businesses and farmers also benefit from lower interest rates, as it encourages them to make large equipment purchases due to the low cost of borrowing.
Fiscal policy is enacted by a country's government through spending and taxes to influence a nation's economic conditions. To help fight a recession, fiscal policy may aim to lower taxes and increase federal spending to increase aggregate demand.
It seems like a careful balance they have to keep with an economy. It would seem on the surface to me that demand is so high for goods and services that prices went up or inflation. They have been worried about a recession, which seems to be the opposite of inflation where nobody is buying anything and demand is low. They were real worried about a recession and now they are saying maybe there will be no recession and we have accomplished a “soft landing” from the Covid fiasco. That seems to me like a good thing.
Re: The US Economy
Dollar Set for Longest Rally in Years With US Defying Global Gloom
https://finance.yahoo.com/news/dollar-s ... 38083.html
The rally reflects the fissures that are opening in the global economy, with reports signaling that the US economy is accelerating even as growth cools in Europe and China and markets anticipate rate cuts in the developing world.
The gap was underscored on Wednesday, when the ISM service-sector index for August rose to a six-month high, bolstered by a pickup in new orders and hiring. On Thursday, initial claims for unemployment benefits unexpectedly fell to the lowest since February.
“Right now, the US economy is so resilient and the European data are so soft, it’s a recipe for dollar-strength overshoot,” Societe Generale strategist Kit Juckes said.
A widely-followed estimate produced by the Atlanta Fed shows the US economy is expanding 5.6% on an annualized basis this quarter. That’s leading economists to expect that central bank officials will double their growth projection for 2023 when they publish an updated outlook later this month and scale back estimates for interest-rate cuts next year.
As a result of the growth, markets are pricing in that interest rates in the US will remain above those in the euro-zone and many other major economies.
“We definitely have a combination of global growth weakening, particularly in Europe, followed by China — and then we’ve got what appears to be resilience in the US economy,” Matthew Hornbach, global head of macro strategy at Morgan Stanley, said on Bloomberg Television. “The rate differential story does benefit the US dollar.”
https://finance.yahoo.com/news/dollar-s ... 38083.html
The rally reflects the fissures that are opening in the global economy, with reports signaling that the US economy is accelerating even as growth cools in Europe and China and markets anticipate rate cuts in the developing world.
The gap was underscored on Wednesday, when the ISM service-sector index for August rose to a six-month high, bolstered by a pickup in new orders and hiring. On Thursday, initial claims for unemployment benefits unexpectedly fell to the lowest since February.
“Right now, the US economy is so resilient and the European data are so soft, it’s a recipe for dollar-strength overshoot,” Societe Generale strategist Kit Juckes said.
A widely-followed estimate produced by the Atlanta Fed shows the US economy is expanding 5.6% on an annualized basis this quarter. That’s leading economists to expect that central bank officials will double their growth projection for 2023 when they publish an updated outlook later this month and scale back estimates for interest-rate cuts next year.
As a result of the growth, markets are pricing in that interest rates in the US will remain above those in the euro-zone and many other major economies.
“We definitely have a combination of global growth weakening, particularly in Europe, followed by China — and then we’ve got what appears to be resilience in the US economy,” Matthew Hornbach, global head of macro strategy at Morgan Stanley, said on Bloomberg Television. “The rate differential story does benefit the US dollar.”
Re: The US Economy
Americans have never been wealthier
https://www.cnn.com/2023/09/11/economy/ ... index.html
Fueled by a resurgent stock market and rising home values, US household wealth hit a record $154.3 trillion during the second quarter of this year, according to federal data.
Household wealth now stands about $2 trillion above the prior record of $152 trillion set in early 2022 — which should give consumers a cushion to weather future economic storms and a potential uptick in unemployment.
The stock market has rebounded in tandem with the US economy. Goldman Sachs recently cut its view on the probability of a US recession over the next 12 months to just 15%, down from 35% earlier this year. There are rising hopes of a soft landing, where inflation is tamed but a recession is avoided.
“I am feeling very good about that prediction,” Treasury Secretary Janet Yellen told Bloomberg News on Sunday when asked about the prospects of a soft landing. “I think you’d have to say we’re on a path that looks exactly like that.”
Despite the economy’s improving fortunes, the public is not giving the White House credit.
A staggering 58% of the public says President Joe Biden’s policies have made economic conditions in the United States worse, according to a CNN poll released last week. That’s up from 50% last fall.
Similarly, 63% of voters don’t like how the president has handled inflation, according to a Wall Street Journal poll published Monday.
And there are signs that some Americans are struggling to get by.
Just as wealth hit a record high during the second quarter, credit card debt surpassed $1 trillion for the first time ever, the New York Federal Reserve found.
New credit card and car loan delinquencies have exceeded pre-Covid levels, with Macy’s sounding the alarm on a spike in customers who are failing to make credit card payments.
JCPenney CEO Marc Rosen recently told CNN that his company’s core customers — working-class families — are increasingly relying on credit cards, falling behind on bills and shifting to cheaper private label brands.
“Our customers are America’s working families. They’re the teachers teaching our kids in schools, the construction workers building our homes and medical workers taking care of us,” Rosen said. “And that customer is facing a tougher economic environment.”
https://www.cnn.com/2023/09/11/economy/ ... index.html
Fueled by a resurgent stock market and rising home values, US household wealth hit a record $154.3 trillion during the second quarter of this year, according to federal data.
Household wealth now stands about $2 trillion above the prior record of $152 trillion set in early 2022 — which should give consumers a cushion to weather future economic storms and a potential uptick in unemployment.
The stock market has rebounded in tandem with the US economy. Goldman Sachs recently cut its view on the probability of a US recession over the next 12 months to just 15%, down from 35% earlier this year. There are rising hopes of a soft landing, where inflation is tamed but a recession is avoided.
“I am feeling very good about that prediction,” Treasury Secretary Janet Yellen told Bloomberg News on Sunday when asked about the prospects of a soft landing. “I think you’d have to say we’re on a path that looks exactly like that.”
Despite the economy’s improving fortunes, the public is not giving the White House credit.
A staggering 58% of the public says President Joe Biden’s policies have made economic conditions in the United States worse, according to a CNN poll released last week. That’s up from 50% last fall.
Similarly, 63% of voters don’t like how the president has handled inflation, according to a Wall Street Journal poll published Monday.
And there are signs that some Americans are struggling to get by.
Just as wealth hit a record high during the second quarter, credit card debt surpassed $1 trillion for the first time ever, the New York Federal Reserve found.
New credit card and car loan delinquencies have exceeded pre-Covid levels, with Macy’s sounding the alarm on a spike in customers who are failing to make credit card payments.
JCPenney CEO Marc Rosen recently told CNN that his company’s core customers — working-class families — are increasingly relying on credit cards, falling behind on bills and shifting to cheaper private label brands.
“Our customers are America’s working families. They’re the teachers teaching our kids in schools, the construction workers building our homes and medical workers taking care of us,” Rosen said. “And that customer is facing a tougher economic environment.”
Re: The US Economy
Strong September jobs numbers. The idea that Biden has not managed the economy well is a myth.
Re: The US Economy
It’s the opposite of the Trump effect.
It doesn’t matter how many criminal acts Trump does. His base will see him as a Savior.
It doesn’t matter how well the economy is doing. Biden is failing at the economy.
It doesn’t matter how many criminal acts Trump does. His base will see him as a Savior.
It doesn’t matter how well the economy is doing. Biden is failing at the economy.
Re: The US Economy
More good news on the economy. Inflation is the big topic. A year ago it was 9%. Today it’s 3.2%.
Wall Street rally builds momentum, Dow rallies 500 points: Live updates
https://www.cnbc.com/2023/11/13/stock-m ... dates.html
Stocks rallied Tuesday, building on their strong November gains, as Wall Street cheered new U.S. inflation data that raised hope of the Federal Reserve wrapping up its rate-hiking campaign.
“There’s optimism that inflation is cooling to a level where the Federal Reserve can take its foot off the brake,” said Keith Buchanan, portfolio manager at Globalt Investments.
Wall Street rally builds momentum, Dow rallies 500 points: Live updates
https://www.cnbc.com/2023/11/13/stock-m ... dates.html
Stocks rallied Tuesday, building on their strong November gains, as Wall Street cheered new U.S. inflation data that raised hope of the Federal Reserve wrapping up its rate-hiking campaign.
“There’s optimism that inflation is cooling to a level where the Federal Reserve can take its foot off the brake,” said Keith Buchanan, portfolio manager at Globalt Investments.
Re: The US Economy
Dow hits record high. I don't put much on the rise and fall of the stock market, but interesting nonetheless.
Online
Re: The US Economy
I do. My portfolio looks SO much better. Might be time to rebalance.
"Too little, too late, too unbothered."
- Phoenix Suns 2023-2024 season motto.
"Be Legendary."
- Phoenix Suns 2023-2024 season motto.
"Be Legendary."
Re: The US Economy
US economy going strong under Biden – Americans don’t believe it
Despite a strong economy, an exclusive Guardian poll shows mistrust in media and government means disbelief in both parties
https://www.theguardian.com/us-news/202 ... dependents
The U.S. economy is doing even better than the government thought
https://www.cbsnews.com/news/economy-do ... nual-pace/
Biden goes into 2024 with the economy getting stronger, but voters feel horrible about it
https://apnews.com/article/biden-econom ... 4254208272
Surprise: Wage growth has actually outpaced the crushing inflation over the past 2.5 years. ‘The economy appears to be doing better than a lot of people might realize’
https://fortune.com/2023/12/12/wage-gro ... democrats/
The US economy is doing way better than the rest of the rich world
https://www.businessinsider.com/us-econ ... rld-2023-7
The economy is good, but that’s not what polls show. What’s going on?
https://www.latimes.com/politics/newsle ... l-politics
You know if Trump was President we would all be hearing every day how this is the best economy the US has ever seen in its entire history and we all have Trump to thank for it. FOX would be promoting the hell out of all these great numbers. Trump isn’t President so on FOX News it’s gloom and doom and the worst economy the US has ever seen and we all have Biden to thank for it.
Despite a strong economy, an exclusive Guardian poll shows mistrust in media and government means disbelief in both parties
https://www.theguardian.com/us-news/202 ... dependents
The U.S. economy is doing even better than the government thought
https://www.cbsnews.com/news/economy-do ... nual-pace/
Biden goes into 2024 with the economy getting stronger, but voters feel horrible about it
https://apnews.com/article/biden-econom ... 4254208272
Surprise: Wage growth has actually outpaced the crushing inflation over the past 2.5 years. ‘The economy appears to be doing better than a lot of people might realize’
https://fortune.com/2023/12/12/wage-gro ... democrats/
The US economy is doing way better than the rest of the rich world
https://www.businessinsider.com/us-econ ... rld-2023-7
The economy is good, but that’s not what polls show. What’s going on?
https://www.latimes.com/politics/newsle ... l-politics
You know if Trump was President we would all be hearing every day how this is the best economy the US has ever seen in its entire history and we all have Trump to thank for it. FOX would be promoting the hell out of all these great numbers. Trump isn’t President so on FOX News it’s gloom and doom and the worst economy the US has ever seen and we all have Biden to thank for it.
Online
Re: The US Economy
And I did. Nice to lock in some of those profits. Yeah, I can't complain. My net worth today is significantly more than when I retired at the end of April. Not bad with no salary coming in.
"Too little, too late, too unbothered."
- Phoenix Suns 2023-2024 season motto.
"Be Legendary."
- Phoenix Suns 2023-2024 season motto.
"Be Legendary."