President Biden thread

https://www.axios.com/2024/02/05/wages-outpacing-inflation

Quote

Wages have been outpacing inflation since last May, but for the two years before that the situation was reversed.

"Wages still have some catching up to do," says Julia Pollak, chief economist at job site ZipRecruiter.

Yes, but: Some economists think the January wage number may be a little too rosy.

Hourly earnings might have been higher last month, in part, because of a decline in the number of hours worked, per notes from BofA Global Research and Goldman Sachs.

And, there are some other worrying signals that wage growth could be slowing, Pollak says. The pay offered in job postings has come down substantially over the past year, according to ZipRecruiter's data, she says.

The bottom line: Wages are beating inflation, but economists don't think it's a worrying sign of a brewing wage-price spiral. If anything, some are expecting wage growth to moderate a bit in the coming months.

People sure do have a very sour attitude about our postpandemic recovery. Think about how much worse it could be had we continued on the pathway that Biden inherited.  His predecessor oversaw the loss of tens of thousands of small businesses because there was no plan to mitigate the pandemic and support our economy in 2020, only lies.

Thanks Joe.

Beerman said:

Most people don't delve too deep into economic news.  What we all do have in common is that we see the results of inflation. It's that simple, imo.

Those who do pay more attention to details realize Biden's policies are destructive over the long-run regardless of intermittent small bits of good news.

Those who pay attention do not see evidence that Biden's policies are destructive, that's partisan spin.  Apparently, intermittent small bits of good news as up to positive trends. Did you catch that Biden's political opponent suggested that recent gains in the stock market were caused by optimism that he was going to beat Biden and be president in January 2025? Isn't that silly?

https://www.politifact.com/article/2023/feb/06/whats-the-economic-state-of-the-union-under-joe-bi/

Beerman said:

Indeed. 

A great example:

Google "Larry Kudlow" today, and you'll see several headlines similar to this:

" Ex-Trump official Larry Kudlow admits his prediction on Biden economy was wrong".

However, if you actually take the time to see what he said, this is what you'll find:

"President Joe Biden, once again, selling Bidenomics in Wisconsin today. He got a good 3.3% GDP number for the fourth quarter of 2023, following 4.9% in the third quarter and, if I were he, I would be bragging about it too and the inflation rate has come down. "

So, already you see the headlines are out of context.

Other things he said:

"All these attacks (from Biden on Trump) are completely wrong, as I've said hundreds of times. Just for starters, Trump's tax cuts increased average real wages by over $6,000 – while Bidenomics has seen typical family income drop over $4,000. Distinguished studies of the corporate tax cuts showed they produced more investment, higher real wages, more productivity, helped the lower incomes more than the upper incomes and paid for themselves. "

And:

"Now, Mr. Biden is also right to brag on lower inflation, but what's troubling about these GDP reports is that the biggest contributor to growth is government spending. 

In fact, in the last two quarters, government spending has grown much faster than any other major category of GDP, including consumer spending. This is unhealthy and, ultimately, it will prove to be inflationary."

 

 

 

Ludlow is a good example of the right wing perspective telling the public that things aren't as good as they should be and that Biden policy is unhealthy for our democracy.  He would rather we believe a twisted version of where our economic trends are actually headed than to remember what Trump's economic legacy is. Trump failed the most important test of any presidency, response to national emergency, and that ushered in economic recession from a deeply mismanaged pandemic.  All of that was Trump's job to manage and mitigate.  He was weak and powerless.  He had to be talked into providing economic relief to the public.  

I always love how folks like Kudlow pretend that the tax cuts for the wealthy were good for We the People or the overall economy when it pumped up the debt and deficit.  

Beerman said:

Kinda ignored the point of my post, didn't ya?

How so?

Beerman said:

Interesting article.

A few excerpts:

"But the economy has also been a big source of dissatisfaction: inflation hit a 40-year-high. Although inflation has waned over the past few months, it remains high and continues to pose risks to the broader economy"

...

"Biden has continued gains that began under his predecessor, Donald Trump.

But inflation overshadowed many of these gains. "

...

"Although high inflation began because of supply-chain challenges during the pandemic, economists say Biden's pandemic relief policies including the American Rescue Plan exacerbated matters, by giving Americans too much money to spend when goods and services supplies were too low, which drove prices higher.

It was Biden's "most profound failure and policy error," said Douglas Holtz-Eakin, president of the center-right American Action Forum."

Yes, those opinions that things would be better if we hadn't given people relief while our recovery is enviable with the relief.  

Beerman said:

Indeed. 

A great example:

Google "Larry Kudlow" today, and you'll see several headlines similar to this:

" Ex-Trump official Larry Kudlow admits his prediction on Biden economy was wrong".

However, if you actually take the time to see what he said, this is what you'll find:

"President Joe Biden, once again, selling Bidenomics in Wisconsin today. He got a good 3.3% GDP number for the fourth quarter of 2023, following 4.9% in the third quarter and, if I were he, I would be bragging about it too and the inflation rate has come down. "

So, already you see the headlines are out of context.

Other things he said:

"All these attacks (from Biden on Trump) are completely wrong, as I've said hundreds of times. Just for starters, Trump's tax cuts increased average real wages by over $6,000 – while Bidenomics has seen typical family income drop over $4,000. Distinguished studies of the corporate tax cuts showed they produced more investment, higher real wages, more productivity, helped the lower incomes more than the upper incomes and paid for themselves. "

And:

"Now, Mr. Biden is also right to brag on lower inflation, but what's troubling about these GDP reports is that the biggest contributor to growth is government spending. 

In fact, in the last two quarters, government spending has grown much faster than any other major category of GDP, including consumer spending. This is unhealthy and, ultimately, it will prove to be inflationary."

 

 

 

You lost me when you said most people don't read much a out economics.  Ma y people are just stupid bit they have a need to comment on off the top of their empty skulls.  Why would you depend on the news?  Both sides have reports from the crazy train and swallowing anything these people say is like taking.the Bible literally.  I can SEE around my city that college applications are up, flights in and out are about 30% above last year, unemployment is almost 0. It's true that we are just in the past few weeks losing tourists because there us no snow.  I don't need Larry Kudlow (go to sleep, Larry) to advise ne of anything.  Can you two nations on earth who have less inflation than us or did Biden screw it up for the rest if the world, too?  

Beerman said:

Most people don't delve too deep into economic news.  What we all do have in common is that we see the results of inflation. It's that simple, imo.

Those who do pay more attention to details realize Biden's policies are destructive over the long-run regardless of intermittent small bits of good news.

It's not even "deep into economic news".  The jobs report for January was headline news.  The records in the stock market were headline news.  It's not just "intermittent small bits of good news" is many months of good news.  

I get that people only see what's in front of them...high prices.  I see it too and it bites.

Still it's very important to get the message out there that Biden's economy is hurting America.

https://www.politico.com/news/2024/02/02/trump-and-his-allies-adjust-their-messaging-on-the-economy-as-it-steadily-improves-00139447