President Biden thread

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Wow.  No one has started such a thread yet?

After promising that most K-8 students would be in schools in the first 100 days,  apparently Joe is afraid to lead on this and has drastically scaled back that goal.

Instead, we're shooting for about half to go to school at least one day a week,  by the end of April.

https://www.usnews.com/news/education-news/articles/2021-02-09/bidens-goal-for-school-reopenings-suddenly-became-more-attainable

 

Specializes in Med-Surg.
Beerman said:

Wonder no more...

3.2 is better news.  But, of course the Administration and supporters are focusing on that one number, not wanting the masses to realize that 3.2 is just the most recent number.  It's like compound interest.   At one point this Summer, overall inflation was up 14% in the past two years.  It would be slightly higher now.

That being said, I don't put all of the blame at Biden's feet.  There was going to be some inflation coming out of the pandemic.  But, his actions have prolonged it.

I actually wasn't wondering because you voiced exactly what I expected.

I don't blame each side for presenting it it the most advantageous way.  There's always a spin to good news.  We endured it when the great recession ended under Obama  and during the good times when Trump was president.

Me?  I'm the pessimistic lately.  I expect good news never to last long.  The unemployment rate for example ticked up.  Inflation will not necessarily stabilize based on this one month.  The stock market will continue to be rocky.

Trump remains popular.  Kennedy has a sizable chunk of voters actually considering him.  The President needs to retire. The SOTH hates my kind and we are a country that has losts it's mind and soul.  

 

 

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toomuchbaloney said:

 Isn't reducing the inflation rate the opposite of prolonging post pandemic inflation?

Biden hasn't done anything to reduce inflation.

"While price increases have cooled over the past year — the inflation rate has dropped from 9% to 3.2% — most economists say little to none of the drop came from the law.

"I can't think of any mechanism by which it would have brought down inflation to date,” said Harvard University economist Jason Furman, who added that the law could eventually help to lower electricity bills.

Alex Arnon, an economic and budget analyst for the University of Pennsylvania's Penn Wharton Budget Model, offers a similar assessment."We can say with pretty strong confidence that it was mostly other factors that have brought inflation down,’’ he said. "The IRA has just not been a significant factor.’’

 

 

That shouldn't come as a surprise.

When the Inflation Reduction Act was proposed, the Congressional Budget Office said its impact on inflation would be "negligible.”"

https://apnews.com/article/biden-inflation-reduction-climate-anniversary-9950f7e814ac71e89eee3f452ab17f71

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Specializes in Med-Surg.
toomuchbaloney said:

 Isn't reducing the inflation rate the opposite of prolonging post pandemic inflation?

The suggestion is that perhaps the reduction would have happened sooner because Biden prolonged it and added to it.

I'm okay with the inflation rate but it should be lower.  I am very happy the month to month rate was that prices only rose 0.01%. Be nice if ths was sustained for a long period of months.  But I'm not holding my breath.

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Specializes in CRNA, Finally retired.
Beerman said:

Biden hasn't done anything to reduce inflation.

"While price increases have cooled over the past year — the inflation rate has dropped from 9% to 3.2% — most economists say little to none of the drop came from the law.

"I can't think of any mechanism by which it would have brought down inflation to date,” said Harvard University economist Jason Furman, who added that the law could eventually help to lower electricity bills.

Alex Arnon, an economic and budget analyst for the University of Pennsylvania's Penn Wharton Budget Model, offers a similar assessment."We can say with pretty strong confidence that it was mostly other factors that have brought inflation down,’’ he said. "The IRA has just not been a significant factor.’’

 

 

That shouldn't come as a surprise.

When the Inflation Reduction Act was proposed, the Congressional Budget Office said its impact on inflation would be "negligible.”"

https://apnews.com/article/biden-inflation-reduction-climate-anniversary-9950f7e814ac71e89eee3f452ab17f71

Opinion piece.  Never meant to be factual.  When I see qualifiying words like "maybe" 

 

Beerman said:

Biden hasn't done anything to reduce inflation.

"While price increases have cooled over the past year — the inflation rate has dropped from 9% to 3.2% — most economists say little to none of the drop came from the law.

"I can't think of any mechanism by which it would have brought down inflation to date,” said Harvard University economist Jason Furman, who added that the law could eventually help to lower electricity bills.

Alex Arnon, an economic and budget analyst for the University of Pennsylvania's Penn Wharton Budget Model, offers a similar assessment."We can say with pretty strong confidence that it was mostly other factors that have brought inflation down,’’ he said. "The IRA has just not been a significant factor.’’

 

 

That shouldn't come as a surprise.

When the Inflation Reduction Act was proposed, the Congressional Budget Office said its impact on inflation would be "negligible.”"

https://apnews.com/article/biden-inflation-reduction-climate-anniversary-9950f7e814ac71e89eee3f452ab17f71

This is an opinion piece.  It's filled with words like "appears to", "maybe", "possibly, "might", etc.  We don't have a handle on the science of economics or even if it is a pure science that we can control.  It just happens when someone throws an action plan into effect.  I'm surprised this came from the AP because they have definately taken a more left stance in the past decade.  

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Specializes in Public Health, TB.

I think many experts agree that the Inflation Reduction Act was poorly named. There have been bills passed and actions taken to ease inflation, such as addressing supply chain issues. Oil leases have been issued, and the US is drilling and exporting petroleum. For our household, reducing the price of insulin has been a huge help. 

Senator Bob Casey has issued a report on how major corporations are keeping prices high, despite the easing of inflation. I don't know that there's much Biden can do about corporate greed. Americans and the media are placing all the blame on the president and ignoring the reporting of record profits. 

https://www.bing.com/news/search?q=Seanator+Bob+Casey+Greedlflation&qpvt=Seanator+Bob+Casey+greedlflation&FORM=EWRE

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Specializes in NICU, PICU, Transport, L&D, Hospice.
Beerman said:

Biden hasn't done anything to reduce inflation.

"While price increases have cooled over the past year — the inflation rate has dropped from 9% to 3.2% — most economists say little to none of the drop came from the law.

"I can't think of any mechanism by which it would have brought down inflation to date,” said Harvard University economist Jason Furman, who added that the law could eventually help to lower electricity bills.

Alex Arnon, an economic and budget analyst for the University of Pennsylvania's Penn Wharton Budget Model, offers a similar assessment."We can say with pretty strong confidence that it was mostly other factors that have brought inflation down,’’ he said. "The IRA has just not been a significant factor.’’

 

 

That shouldn't come as a surprise.

When the Inflation Reduction Act was proposed, the Congressional Budget Office said its impact on inflation would be "negligible.”"

https://apnews.com/article/biden-inflation-reduction-climate-anniversary-9950f7e814ac71e89eee3f452ab17f71

Yes, we know there are negative opinions about Biden's capacity and abilities. Thanks for keeping us abreast of them. 

We also know that the CPI is dropping, that employment and wages are up, manufacturing has increased and supply chains are reestablished.  All during Biden's administration.  

Of course, in my view is important to also mention that while consumer prices continue to trouble the American working class, executive compensation and corporate profits are at historic highs and have contributed significantly to the economic series of we the people.  

https://www.reuters.com/business/top-us-ceo-pay-rose-77-last-year-outpacing-inflation-study-finds-2023-05-03/

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Specializes in oncology.
Tweety said:

The suggestion is that perhaps the reduction would have happened sooner because Biden prolonged it and added to it.

UUUM what?

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Specializes in Vents, Telemetry, Home Care, Home infusion.

Philadelphia Inquirer/ AP  11/15/23

What's pushing inflation down? More goods, workers and housing

Tuesday's report from the Labor Department showed that prices either fell or rose only slowly across a broad range of goods and services.

...

Quote

...A major factor has been a big improvement in the supply of many things — workers, housing and components for manufactured goods.

Millions of Americans have come off the sidelines in the past year and flooded back into the workforce, seeking and (mostly) finding jobs. Immigration has increased, too, and with it more people looking for work. With more hires available, businesses haven't had to raise wages as much to fill jobs, thereby easing the pressure on those businesses to raise their prices.

At the same time, the largest number of new apartment buildings nationwide in decades are being completed, a trend that is helping slow rent increases. Rental costs, after a spike in September, rose at a much more gradual pace last month.

Rents and other housing costs are likely to keep coming down, economists say, as the cost of new leases continues to fall, according to real-time data providers such as Zillow. Those lower prices show up in the government's data with a lag.

And the supply chains that were badly snarled during the pandemic have pretty much unwound. An ample availability of products, parts and components help keep a lid on their prices. Automakers, for example, are having a much easier time finding semiconductors.

Partly as a result, new car prices declined last month, defying fears that the now-settled autoworkers' strike would reduce dealers' inventories and send prices higher. Used car prices, too, are down. They fell for a fifth straight month in October and have tumbled 7% from a year ago.

 

...Separately, consumers are widely expected to pull back on spending after a blowout Summer, with credit card debts — and delinquencies — rising and average savings falling. Cooler demand should force businesses to compete more on price.

Gas costs have kept falling this month, with the national average price at the pump averaging $3.35 Tuesday, down 42 cents from a year earlier. Those prices declines could push overall inflation, measured year-over-year, below 3% by December.

But aren't things still pretty expensive?

Yes, inflation is still painfully apparent in many areas. They include auto and health insurance and some groceries, like beef and bread.

But even as overall price increases slow, it doesn't mean inflation is reversing or that most prices are falling back to pre-pandemic levels. The consumer price index, the most widely followed measure of inflation, remains about 20% higher than it was before the pandemic.

Milk prices, which have ticked down compared with the past year, are still 23% higher than they were pre-pandemic. Ground beef prices are 31% higher. Gas prices, despite a steep decline from a year ago, are still 46% higher than before the pandemic.

Many economists say a key reason why so many Americans hold a gloomy view of the economy despite very low unemployment and steady hiring is that these prices — on items that they buy regularly — remain much higher than they were three years ago.

Are paychecks keeping up?

Barring a deep and painful recession, prices aren't going to fall to their pre-pandemic levels. Instead, economists say, Americans' wages need to rise to help pay for the higher costs.

Wages and salaries trailed inflation in 2021 and 2022, exacerbating the pain of higher prices. Yet this year, as inflation has cooled, average pay has pulled ahead of inflation. By most measures, average paychecks, adjusted for inflation, are back to where they were before the pandemic.

 

How might the Federal Reserve respond?

The Fed will likely welcome Tuesday's report as evidence of further progress toward getting inflation back to its target of 2%. Fed officials, led by Chair Jerome Powell, are considering whether their benchmark rate is high enough to quell inflation or if they need to impose another increase in coming months.....

 

White and Wheat Bread  = Strohman's national bread was .50cents a loaf at my Aldi this week, down from $1.15 2 weeks ago --- production up for Thanksgiving stuffing needs, IMHO.

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Specializes in Med-Surg.
londonflo said:

UUUM what?

We discussed this a couple of years ago when Biden's spending plan increased supply demands during the supply chain crisis thus increasing inflation or prolonging it.  It's an old topic.  So the right gets to say Biden made inflation worse, and did nothing to make it better.   TMB walked right into that one.

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Specializes in NICU, PICU, Transport, L&D, Hospice.
Tweety said:

We discussed this a couple of years ago when Biden's spending plan increased supply demands during the supply chain crisis thus increasing inflation or prolonging it.  It's an old topic.  So the right gets to say Biden made inflation worse, and did nothing to make it better.   TMB walked right into that one.

A matter of opinion.  

https://www.pewresearch.org/short-reads/2022/06/15/in-the-u-s-and-around-the-world-inflation-is-high-and-getting-higher/

I continue to maintain that the evidence doesn't really support the idea that Biden made our inflation worse or slowed our recovery.  

FT_22.06.08_GlobalInflation_2.png
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Specializes in CRNA, Finally retired.
toomuchbaloney said:

A matter of opinion.  

https://www.pewresearch.org/short-reads/2022/06/15/in-the-u-s-and-around-the-world-inflation-is-high-and-getting-higher/

I continue to maintain that the evidence doesn't really support the idea that Biden made our inflation worse or slowed our recovery.  

FT_22.06.08_GlobalInflation_2.png

Economists will be debating this topic 300 years from now because we presently don't have a handle on how all these extremely numerous variables interact to create an effect.  It's silly to throw these theories around at this point in history.  We  need more world wide pandemics to study their effects on economies.  But, don't forget that the Bush administration hired some very smart people to write the manual on the steps to be taken when the pandemic came but, of course, since it didn't come from Trump, it was ignored.  We may not even be having this conversation if in 2020 someone had opened this book.  But Noooooo, Trump couldn't take advice from anyone knowledgeable about what to do because they weren't HIS ideas.  Caligula was a sensible patriot compared to the stupidity we've had to tolerate.  

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Specializes in Med-Surg.

https://www.washingtonpost.com/us-policy/2022/10/09/inflation-economy-biden-covid

No need to rehash a discussion we already had.

 

 

 

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