Yeah, let me know when they stop having to revise it down every single time they publish them after a month and nobody pays attention to that revision downwards and when inflation isn’t 10% plus.
Sure, inflation is 3% before they factor in food and energy costs and then it spikes to 10 at minimum. My electricity bill can attest to that. I don’t have enough data to say whether the jobs numbers have been revised up or down more commonly recently, but I have seen a lot of down revisions.
Part of inflation factor is the price of food and energy cost. No one is saying you can’t be upset about the state of the economy, or the financial pressure you are feeling, but lest not go around spouting nonsense.
Since the trough of the COVID-19 recession in the second quarter of 2020, overall prices in the NFC [non-financial corporate] sector have risen at an annualized rate of 6.1%—a pronounced acceleration over the 1.8% price growth that characterized the pre-pandemic business cycle of 2007–2019. Strikingly, over half of this increase (53.9%) can be attributed to fatter profit margins, with labor costs contributing less than 8% of this increase. This is not normal. From 1979 to 2019, profits only contributed about 11% to price growth and labor costs over 60%
Corporations are making record profits while they jack up prices on everything, but sure, blame Biden.
Not American, but please keep in mind that the national inflation rate is not necessary someone’s personal inflation rate.
For example when inflation was in the 10%+ here my personal rate was almost 30%. My dad for example buys his bread in his local bakery it was €3 for a 1 loaf and didn’t go up. The bread I buy was €1,02 then it went up to €1,96. That’s 80%+ inflation will my dad had zero. This still is the case(luckily not as bad anymore some prices went down again) with the cheapest stuff. For me personally it doesn’t matter if already to expensive tomatoes only went 5% up. What’s matters is the cheapest.
For another example new cars didn’t go up much, but I couldn’t buy a new car anyway. (And how the fuck buys a new car every year?) It’s a meaning less number.
You don’t know if someone’s rent went up %20 or there stable food supply. Personal inflation especially if you are already struggling is a removed.
That’s being said the price hikes are do to higher prices of materieels and most important record profits for companies. You can blame (in the USA) Biden for keeping the system in places which profits on the basic needs of humans, but not necessary the current inflation numbers.
Same with jobs the numbers go’s up you can credit Biden for that, you again can blame him (and his colleagues on both sides(and the not Biden side is much worse)) that you can barely scrap by on a single job.
Back during the last turn down, everyone’s houses became worth almost nothing, but no one could pay the mortgage because there were no jobs!
This time around, there are plenty of jobs, but people still can’t pay the mortgage, since house prices are through the roof and the jobs aren’t paying enough.
Yeah turns out when the GOP gives gigantic tax cuts to the wealthy it inflates the real estate market because they buy extra houses they don’t even live in.
I agree the $2T tax cuts for the rich and corporations was bad, and so was Biden’s choice to only rollback less than half of it despite promising to undo it all on day one. Why corporations aren’t paying at least 50% of their profits in taxes is beyond me. Still, that’s only a part of this particular problem.
Refusal or inability to invest in new home building programs to increase supply, corporations like Blackstone buying up entire neighborhoods to rent seek and price gouge, and thinly veiled money laundering via foreign nationals buying American real estate in cash, are all big contributors as well.
If he literally cured cancer and instituted world peace, that would be a great thing to shout from the rooftops to drum up excitement and votes.
Shouting “The economy is great” to a bunch of Americans who are living paycheck to paycheck after seeing their costs of living dramatically increase in the last five years is not a winning strategy. It reeks of someone who is out of touch.
Useful idiots: he didn’t cure cancer! Fuck the data, listen to what everyday people are telling you! My mom’s best friend’s cousin’s roommate got cancer! Biden is so out of touch!
Isn’t low unemployment a “despite the Biden administration” thing? Wasn’t that the whole point of the interest rate hikes to “cool off” the economy (I.E. increase unemployment). Am I missing something?
What specifically is he doing that is creating jobs? As of February new jobs are being driven by healthcare jobs. There are several other types of work before you get to construction, which could plausably be linked to infrastructure spending. And again, that’s held to against the interest rate hikes that are designed to lower inflation by increasing unemployment, or the more appropriate euphomism of softening the labor market.
I like how when you asked that question in another comment, and I gave you a quick list of things Biden specifically, personally did to improve the economy, you went all quiet and then came over here to ask the same question.
Yeah, I read the list and fair enough. I mean to go further I’d have to argue each thing and say if I agree that it helps the economy directly or not, who the fuck cares what I think. The Biden admin has been good on anti trust, those are filtering through the courts now right, so no concrete effect yet right? Biden is good on labor too, being like the first president to visit a picket line. That may have legitimately helped the broader economy if that factored into their decision to concede to the UAW and those wage increases filtered out to non Union shops in the south. Almost invariably when people cite “Bidenomics” they mention infrastructure and green spending, which I don’t think nearly accounts for what’s been happening in terms of unemployment. I wanted concrete examples, you gave me a bunch. That’s something to think about, and I appreciate it.
Agreed, presidents can apply pressure but the Fed is technically independent. That probably wasn’t fair of me to link Biden to the Fed, sorry. Dems are quick to attribute this gain to the Biden administration. I’ve heard broad statements about how Biden is good for the economy, but they don’t really go into specifics. I’m curious what they’re specifically saying he’s done to boost the economy to the point that it invalidates Fed interest/employment/inflation models.
Just a quick sampling of stuff that is Biden’s actions alone. The infrastructure spending that he helped negotiate with Senate Democrats was also huge, but I think Congress gets the lion’s share of the credit for that one.
All good and well but food, vehicle and housing prices have shot up. I’m sure someone will regale us with tales of corporate price gouging but those are the facts.
Feels like we just watched Trump peel out of the bank with a trunk full of cash, and now Biden’s spent four years refilling the vault but won’t close the door until we give him a second term.
Democracy is when we take a vote on whether we get robbed again. No, we can’t lock the fucking bank robber up. That would be against the rules.
No one can close the door permanently because every 4 years we decide to give one guy the key. We’ve just never had a guy this bad before (or at least for a long time…the 1800s were wild)
Probably because it rarely worked in real life! It was especially harder if your party was travelling in the spring. River currents are strong as shit and there’s no way even oxen could stand strong enough to keep it from running away during strong spring snowmelt flows.
The Russians rallied. The equivalent of at least two battalions with hundreds of infantry stormed the PJSC Volchansky chemical plant, on the Vovcha River’s right bank. Factories and other industrial facilities are often the locus of the fighting in Ukraine, as their big sturdy buildings can shelter troops and protect them from artillery and drones.
On the one hand, okay, I can buy that the building provides some level of protection.
On the other hand, this isn’t a steel mill. It’s a chemical plant. Assuming that it’s been in operation recently, it’s probably got, well, significant amounts of chemicals stored there. A lot of chemicals aren’t really the sort of things that you want to be right next to if you expect to have explosions going off nearby. Might not be great to breathe, or might be flammable or explosive.
forbes.com
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