White House says Americans feel better about their personal finances because of Biden's policies

These are all related to COVID once we decided to let people out of the house we were going to return to pre pandemic unemployment levels if the government was run by a pack of braying jackasses.

We did not need to balloon inflation, note if we still figure inflation the way we did in the nineties it would be closer to 12 to 15%

 

Dude solve problems? Most of the problems we have are because of what he is doing.

 

Mine definitely got worse. Doesn’t mean everyone’s did but mine for surely got worse. In fact I think the only people he helped were likely those who don’t want to pay their personal obligations for school, or those who had low low income jobs that are less effected by inflation, or those who made out like a bandit on COVID relief funds.

 

Oh my god… you don’t even consider that this would have happened naturally to anyone who took office. As COVID fear dissipated all those would be natural. Policy had zero effect on that. Unemployment may have gone down but so has job participants. You are giving him way too much credit.

there were times that inflation on necessities like food, houses, and cars were all in double digits. Some still are. The overall inflation rate was 6 ish or so but necessities were far higher. You know this and you’re just playing democrat lap dog for some reason.

 

That would mean that the inflation problem was also related to covid wouldn't it. People went out of their houses, began buying things and demand went up. There were/are not enough things available so prices went up.
If you wish to argue the way you have saying all good things are due to covid then one must assume that the bad things could also be due to covid.

 

That would mean that the inflation problem was also related to covid wouldn't it. People went out of their houses, began buying things and demand went up. There were/are not enough things available so prices went up.
If you wish to argue the way you have saying all good things are due to covid then one must assume that the bad things could also be due to covid.

 

This whole argument of when trump left office kills me lmao. You all act as if COVID wasn’t the blame. Governors across the states were forcing people out of work. Democrats I’m particular slowed the recovery and the supply chains down the most with their policies of stopping people from working.

 

Inflation was because of COVID and largely government policies of free money and no work. What happens to the supply of goods when you give free money to increase demand and stop workers from working on creating supply? It was stupid on both presidents behalf. Absolutely moronic. Even stop people from paying rent, stop people from paying their college debt to free up money flow even more to buy stuff that isnt being made anymore. The COVID policies were a joke. Remind me again which party wanted to keep lockdowns going longer and further destabilize the supply chains?

 

Inflation is almost always related to excessive government spending. COVID became the excuse du jour for that spending.

 

Was there excessive spending in the three years before covid?

 

Moronic? +1 million dead in two years, and you call that "moronic"? How many dead would we have had without slowing down the spread? How many dead would it take for you to agree to government countermeasures? 2 million? 3 million?

Of course, the Monday morning quaterbacks are out in full force. The fact is that it wasn't just government lockdowns, people were actually scared going out and to work. Many people welcomed the government lockdowns, so they weren't forced to go to work and get sick, possibly go to the hospital or die. It was perfectly rational to slow down the spread so hospitals would not become overloaded and people would die at home because there was no health care capacity left. Pretty much EVERY country in the world did the same thing, and that's why they ALL grapple with inflation, some much worse than the US. But, of course, you pretend like it was all Dems' fault, who supposedly wanted to economy to crash so they could control people. it's a nice anti-government, RW narrative, but it's not the truth.

BTW: More good economic numbers posted today. That must REALLY irk the Biden haters, who pray for the economy to tank so they can say: I told you so.

 

EVERY President has had to deal with economic problems. Obama took over during the Great Recession. Reagan took over after
a very nasty round of inflation. Bush II had to deal with the 9/11 fall out. Yet none of them gets to pretend a whole year they were in
office didn't exist - but that's what you are trying to claim for Trump. I call BS on that.

 

Think Inflation Is Bad in the US? See What Other Countries are Dealing With

A map of global inflation shows inflation is under better control in the U.S. than in most large economies

https://www.investopedia.com/inflation-rates-us-and-the-world-7369986

 

Inflation is caused when demand exceeds supply.

Column: The big contributors to inflation you’re not hearing about: profiteering corporations


...The bigger story is that the expansion of corporate profit margins has far outpaced wage gains over the last two years, including the period of surging inflation. From the first quarter of 2020 through the end of 2021, corporate labor costs increased by about 7%, but corporate after-tax profits by nearly 14%, according to the Bureau of Economic Analysis.

Konczal and Lusiani found that whereas average corporate markups, a fair proxy for profits, averaged about 26% above marginal costs from 1960 through 1980 and about 56% during the 2010s, they shot up to 72% in 2021.

“In other words,” they wrote, “in 2021, we see a sharp increase in ... firms in the aggregate decoupling their prices from their underlying costs.”

Higher markups “don’t necessarily have to translate to higher profits,” they added, “but they did in 2021.” Net profit margins, or profits divided by revenues, averaged 6% during the 2010s; in 2021 the figure jumped to 9.5%, “its highest value on record.”

https://www.latimes.com/business/story/2022-06-29/how-corporations-contribute-to-inflation


The global inflation rate is forecast to reach 6.9% in 2023 and moderate to 4.4% in 2024.

https://www.euromonitor.com/article... inflation rate is,to the slower price growth.


According to common inflation definitions, U.S. inflation generally peaked earlier and is now lower than the rest of the G7.
https://www.whitehouse.gov/briefing...s-to-apfel-recent-inflation-trends-in-the-g7/


Global pressures are causing rising prices
https://www.investmentmonitor.ai/in...-have-the-highest-level-of-inflation-in-2023/


Economic Experts Survey: Inflation Remains High Worldwide (Q1 2023)

https://www.ifo.de/en/facts/2023-04...rvey-inflation-remains-high-worldwide-q1-2023

 

You are basing you thread's hypothesis, on your own, anecdotal evidence, which is meaningless, in the overall scheme of things. Though I frequently differ with his opinion, here is a very good opinion article, by Republican columnist, David Brooks

https://www.nytimes.com/2023/06/29/opinion/biden-economy-inflation-plan.html

<Snip>
The misery index is a crude but effective way to measure the health of the economy. You add up the inflation rate and the unemployment rate. If you’re a president running for re-election, you want that number to be as low as possible.

When Ronald Reagan won re-election, it was about 11.4, when George W. Bush did so it was 9, for Barack Obama it was 9.5, and today, as Joe Biden runs for re-election, it’s only 7.7.

Biden should be cruising to an easy re-election victory. And that misery index number doesn’t even begin to capture the strength of the American economy at the moment. There are a zillion positive indicators right now, as the folks in the administration will be quick to tell you. The economy has created 13 million jobs since Biden’s Inauguration Day. According to the Conference Board, a business research firm, Americans’ job satisfaction is at its highest level in 36 years. Household net worth is surging.

We learned Thursday that the U.S. economy grew at an annualized 2 percent rate in the first quarter of this year, well above the economists’ expectations of around 1.4 percent. The best part of it is that the new prosperity is helping those who have long been left behind. In the four years of Donald Trump’s administration, spending on manufacturing facilities grew by 5 percent. During the first two years of Biden’s administration, such investment more than doubled and about 800,000 manufacturing jobs were created.

This is not just coincidence. It’s a direct outcome of Biden policies: the Inflation Reduction Act, with its green technology provisions, the infrastructure bill, the CHIPS Act.

Biden’s stimulative spending did boost the inflation rate, but inflation is now lower than in many other developed nations and our economy is stronger.

So Americans should be celebrating. But they are not. According to an NBC News survey conducted this month, at least 74 percent of Americans say the country is on the wrong track. The Gallup economic confidence index over the past year has been starkly negative; people haven’t felt this bad about the economy since the throes of the global financial crisis in 2008 and 2009. The University of Michigan’s Consumer Sentiment Index is also tremendously downbeat. Joe Biden’s approval numbers have been stuck around a perilously low 43 percent for a year.

As the maestro political analyst Charlie Cook noted in 2020, on average, presidents tend to lose their re-election bids when about 70 percent of Americans think the country is on the wrong track, and they tend to win when fewer than half of Americans think that.

Why are Americans feeling so bad about an economy that’s so good? Partly, it’s inflation. Things have stabilized recently as inflation has dropped, but for a while there, real wages really were falling. Prices on things like gas and food are now significantly higher than they were three years ago.

The Biden folks are hoping that as inflation continues to decline and as they get the word out, Americans will begin to feel better about things. But it’s not that simple.

Part of it is the media. A recent study found that over the past couple of decades headlines have grown starkly more negative, conveying anger and fear. That’s bound to spread bad vibes through the populace.

But the main problem is national psychology. Americans’ satisfaction with their personal lives is nearly four times as high as their satisfaction with the state of the nation. That’s likely because during the Trump era we have suffered a collective moral injury, a collective loss of confidence, a loss of faith in ourselves as a nation.

America has suffered two recent periods of national demoralization. In the 1970s, during Vietnam and Watergate, Americans lost faith in their institutions. During the Trump era, Americans also lost faith in one another. Those who supported Trump were converted to the gospel of American Carnage, the idea that elite Americans seek to destroy other Americans, that we are on the precipice of disaster. Those who opposed Trump were appalled that their countrymen could support him, disgusted by his rampant immorality, alarmed that their democracy was suddenly in peril.

The anthropologist Raoul Naroll argued that every society has a “moral net,” a cultural infrastructure that exists, mostly unconsciously, in the minds of its members. America’s is in tatters. This manifests a loss of national self-esteem. People begin to assume national incompetence. Fearful and anxiety-ridden people are quick to perceive the negative aspects of any situation, hypersensitive to threat, prone to pessimism.

You can’t argue people out of that psychological and moral state with statistics and fact sheets. Biden is going to have to serve as a national guide, not just an administrator. He has to get outside the protective walls that have been built around him and make himself the center of the nation’s attention, not Trump. He’ll have to come up with a 21st-century national story that gives people a sense of coherence and belonging — that we are marching in a clear direction toward some concrete set of goals.

Good jobs numbers alone don’t heal a brutalized national psyche, and that’s our main problem right now.

 

I think it will all depend on what happens with inflation in the next year, and whether the interest-raising strategy of the Fed will lead to a soft landing or a recession. If inflation goes back to 3-3.5% before the election, and there is no recession, I think Biden has a good chance to win. If there is a recession, Biden will lose. Right now, it looks like the soft landing might be a possibility. Or, maybe people really still have that much cash stashed away from the covid time that they can keep spending, despite high interest rates. This effect might push the recession to after the election next year.

Of course, the Fox watchers will NEVER vote for Biden, no matter what. Equally on the other side, there is a good chunk that will NEVER vote Republican. It all depends on those in the middle, who are not addicted to their daily dose of political "news" from their hyper-partisan media outlet of choice.

 

Well said!

In this country, the DOERS and GO-GETTERS have long been the real MAGA’s, and regardless who sat in the Oval Office.

 

Which is why we shouldn't be doing the same stupid crap the are. But that's what Biden wants.

 

Or when excessive money shoved into the economy willy nilly by government trying to play the hero drive demand skyward.

That is greatly aggravated by a regulatory regime that seems hellbent on idiot proofing the world at any and all expense.

 

Yes, but it didn't matter then.

 

ONCE MORE

"A map of global inflation shows inflation is under better control in the U.S. than in most large economies"

Kinda think it might've been an issue outside of Cheeto and Joes policies that drove inflation!

 

Joes policies are the same as there policies. He's just not had as free a hand to implement them.

 

Yeah, don't accept WORLD WIDE inflation, or Corp profiteering, blame Gov't as right wingers love to do, lol

 

Mine got better.

 

Inflation is not only a world wide phenomenon it's better here than most other places.

Reality.