Do you ever know what you are talking about. Job market is up; inflation is cooling; we have the best economy in the world. On the other hand, we also have the possibility, however remote, of a Trump administration on the doorstep and what that would mean:
The US economy is pulling off something historic
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T. A. Gardner
Thread Killer
Leftist revolutions universally upend society creating two classes, the haves--about 1% of the population--and the have nots, the other 99%.
NiftyNiblick
1960s Chick Magnet
Another piece of evidence that our boy TAG has everything backwards.
He must have studied economics with Earl and TDAK.
T. A. Gardner
Thread Killer
No, the job market is flat. Many companies are laying off, while others are going bankrupt. Inflation is still more than 50% higher than it was when Biden took office. We do not have the "best economy in the world." We do have the largest, but not the "best." The US by most measures ranks 7th to 10th in terms of "best."
In other words, Biden initially fucked the economy up thoroughly and now it is trying to recover despite the Democrat's best efforts to kill it off.
GDP per capita, by country 2023 | Statista
The statistic shows the 20 countries with the largest gross domestic product (GDP) per capita in 2023.
www.statista.com
Per capita GDP is a far better measure of "best" than simply who has the largest GDP because countries vary in size and population. Higher per capita GDP means each person in a nation's economy is more productive, thus that nation is doing better than some other with a lower per capita GDP.
Your Bloomberg article argues that higher taxes on the middle class would benefit the economy more than keeping them low. That's a bunch of bullshit if I ever read it. Actually, cutting government spending and the cost of government would be of far more benefit to the economy.
Certainly progressing in the right direction, if Trump were in the White House we’d be heading daily “tremendous,” “best in history,” “unbelievable,” etc.
Interesting how pretty much throughout the Biden tenure we haven’t heard Biden boasting about the Market even though it has also been continuously progressing upward, where as with Trump, and Fox, it was a nearly a daily occurrence, says a lot
Four years ago, Trump practically guaranteed that if Americans dared to elect Biden there would be an unprecedented economic depression of apocalyptic proportions
T. A. Gardner
Thread Killer
Really? Show me a Leftist society where the middle class grew, and the disparity between the top 1 to 2% and the bottom 20% narrowed in wealth.
The Soviet Union?
How about Cuba?
North Korea?
Hell, Mexico or Greece.
Where does pushing a nation hard Left and moving the economy to Leftist economic theory produce a more productive and better off set of people?
Biden's economy is very good. Most economic indicators prove this.
Problem with cherry picking economic indicators is that if you look long enough one can find one that will support their viewNo, the job market is flat. Many companies are laying off, while others are going bankrupt. Inflation is still more than 50% higher than it was when Biden took office. We do not have the "best economy in the world." We do have the largest, but not the "best." The US by most measures ranks 7th to 10th in terms of "best."
In other words, Biden initially fucked the economy up thoroughly and now it is trying to recover despite the Democrat's best efforts to kill it off.
GDP per capita, by country 2023 | Statista
The statistic shows the 20 countries with the largest gross domestic product (GDP) per capita in 2023.
Per capita GDP is a far better measure of "best" than simply who has the largest GDP because countries vary in size and population. Higher per capita GDP means each person in a nation's economy is more productive, thus that nation is doing better than some other with a lower per capita GDP.
Your Bloomberg article argues that higher taxes on the middle class would benefit the economy more than keeping them low. That's a bunch of bullshit if I ever read it. Actually, cutting government spending and the cost of government would be of far more benefit to the economy.
Tough to argue that Biden “fucked up” the economy if you measure his against what Trump left the day he exited DC
And if you compare the U.S.’s standing in any economy indicator worldwide including low inflation the U.S. is going to come out in thre top ten in every measurement
T. A. Gardner
Thread Killer
No, Biden's economy sucks and using some cherry-picked economic indicators isn't going to change that.
For example, Biden's Minions of Ignorance will tell you how many jobs were created last month, but they omit how many were lost.
Monthly job losses U.S. 2024 | Statista
More than three million Americans lost their jobs in the last month in the United States.
www.statista.com
Employers added 206,000 jobs in June as sturdy labor market gradually cools
The June job gains came in slightly higher than expected, but May and April hiring levels were revised sharply lower and unemployment cracked 4% for the first time since November 2021.
www.nbcnews.com
Losses in June = 3.6 million
New jobs in June = 206,000
The labor participation rate remains pretty flat at about 62%, much lower than with Trump and previous presidents.
Since Biden's been in office real wages--that is the buying power someone has with what they get paid--has fallen, and fallen rather dramatically.
That is, wage increases haven't kept up with inflation.
More lies from the peaceful protest guy.No, Biden's economy sucks and using some cherry-picked economic indicators isn't going to change that.
For example, Biden's Minions of Ignorance will tell you how many jobs were created last month, but they omit how many were lost.
Monthly job losses U.S. 2024 | Statista
More than three million Americans lost their jobs in the last month in the United States.
Employers added 206,000 jobs in June as sturdy labor market gradually cools
The June job gains came in slightly higher than expected, but May and April hiring levels were revised sharply lower and unemployment cracked 4% for the first time since November 2021.
Losses in June = 3.6 million
New jobs in June = 206,000
The labor participation rate remains pretty flat at about 62%, much lower than with Trump and previous presidents.
Since Biden's been in office real wages--that is the buying power someone has with what they get paid--has fallen, and fallen rather dramatically.
That is, wage increases haven't kept up with inflation.
Not sure what a “leftist society” is suppose to mean, but would you include those European nations above that your source sited as having the best economies in the world per capita as “leftist societies?”
cawacko
Well-known member
Biden was on the campaign trail for awhile touting Bidenomics and the response wasn’t all that positive so he cut back on it.
A lot has been written about why the economy gets such low approval ratings (outside the subset of people who will say that based on strictly not liking the President).
cawacko
Well-known member
For the sake of discussion, what exactly are you referring to when you say the job market is up?
Do you mean in the literal sense that we’ve had positive job growth each month and therefore, by definition, the market is up.
Or are you comparing periods of time? Because over the last year the job market has still been positive but clearly has slowed. (Which is one of the big points cited by those who think the Fed should cut rates - the cooling job market)
T. A. Gardner
Thread Killer
If you take the rather extraordinary Chinese Disease lockdown out of it, what you get is Trump's economy was doing pretty damn good. What wrecked Biden's first two years and the economy was a combination of Trump spending during the pandemic (sending out checks to everybody because of the lockdown) and then Biden compounding that with immediately borrowing and spending nearly a trillion dollars on his Build Back Better and infrastructure bills. Between all of that spending, the ecomony took an absolute beating. Worse, that spending had nearly ZERO ROI.
So, the pandemic lockdown hurt, Trump didn't help things with more spending, then Biden came along and doubled down on spending making things worse.
As I said before, the economy always gets low ratings because Americans, especially in last ten years, have become more cynical. You should know from attending live sporting events which are sold out with expensive ticket and concession prices but guarantee if you surveyed the audience as the exited the majority would say the economy sucks
Not what the economy is, but how it is portrayed, and when done in melodramatic terms, someone one is always going to blamed
T. A. Gardner
Thread Killer
Most European nations have pulled back from the Leftist economic policies they had in the 50's to 70's. Those were absolutely crippling their economies. In Sweden in the 70's the top income tax rate overall was about 110% for example. Nationalized industries in that period collapsed into ruin and were eventually abandoned and returned to the private sector.
T. A. Gardner
Thread Killer
With the NFL, for example, about 25% of all ticket sales are corporate and gifted as work incentives...