Bidenomics At Work

[Jolly]

The average American voter doesn't give a fig about the global economy. They do care about their kitchen table issues. Things like the price of fuel, food, clothing, utilities and how much they'd like to get rid of their hooptie ride and buy a decent used car or a new one, but they can't afford it

[LuFins Dad]

@Doctor-Phibes said in Bidenomics At Work:

@LuFins-Dad said in Bidenomics At Work:

And all brought to us courtesy of The Trump and Biden Administrations, both administrations FED Appointees, and the last two Congresses

Not really. It's a global phenomenon.

US Dollar is the most commonly traded currency in the world, at a rate three times the Euro, the next most common. So yes, what happens to the US Dollar, and the actions of the Fed have significant global impact. When the Fed dumps $3 TRILLION into the global economy, it’s going to impact everyone. Plus, the EU and other currencies followed suit later in 2020 and 2021, which exacerbated the issues, but make no mistake… The US has the largest economy in the world. In fact, you would need to add the economies of Japan, Germany, India, the UK, France, Italy, Canada, and South Korea to match it. So when it gets sick, everyone suffers.

[Doctor Phibes]

Yes, obviously America has a big influence - the old cliche America sneezes, the world catches a cold has a lot of truth to it.

However, unaffordable housing and high oil prices, which is what were talking about, are down to a lot more than the US. Despite what some politicians might claim, American oil production isn't the primary driver behind oil price.

And a lot of what we're suffering from now is a direct consequence of the Covid epidemic.

[Jolly]

About those jobs revisions...

https://dailycallernewsfoundation.org/2023/11/03/the-biden-admin-has-overcounted-new-jobs-almost-every-single-month-this-year/

[taiwan_girl]

But would not the Biden administration want to have lower jobs reported rather than higher jobs numbers? With increased jobs, then there is a higher chance that the US interest rates will continue to be raised. I would think that the Biden administration would want the rates to be decreased.

[jon-nyc]

The Biden administration BLS has revised down previously reported jobs data for nearly every month this year, resulting in a huge disparity from the originally advertised numbers, according to the Bureau of Labor Statistics (BLS)..

The BLS have their methods, administrations come and go.

[George K]

@jon-nyc said in Bidenomics At Work:

The BLS have their methods, administrations come and go.

Which raises the question: Has BLS revised numbers in the past, and if so, how often?

[Axtremus]

@George-K said in Bidenomics At Work:

@jon-nyc said in Bidenomics At Work:

The BLS have their methods, administrations come and go.

Which raises the question: Has BLS revised numbers in the past, and if so, how often?

Yes, the BLS has been making revisions for a very long time (my memory of that goes as far back to when Clinton was President, won't surprise me if that practice stretches back even further). It's a publicly documented practice, see https://www.bls.gov/bls/empsitquickguide.htm , look for the section under "Monthly Revisions."

Srsly, one may quibble over specific methods, but having a revision practice in place is the right thing to do to balance "timelines" and "accuracy." The BLS has that and discloses it; has been that way for a very long time.

[jon-nyc]

@George-K said in Bidenomics At Work:

@jon-nyc said in Bidenomics At Work:

The BLS have their methods, administrations come and go.

Which raises the question: Has BLS revised numbers in the past, and if so, how often?

I think they literally always revise them There are things that are estimated in the first pass that can be measured in the second.

[Jolly]

Then the press does the public a mighty disservice by acting as the propaganda arm for the administration.

[jon-nyc]

There have been 7 downward revisions and 1 upward revisions through August.

In 2022 there were 7 upward revisions and 5 down.

In 2021 there were 11 upward revisions and 1 downwards.

So the majority of months since his inauguration the BLS underestimated the sheer awesomeness of Bidenomics.

[Jolly]

@jon-nyc said in Bidenomics At Work:

There have been 7 downward revisions and 1 upward revisions through August.

In 2022 there were 7 upward revisions and 5 down.

In 2021 there were 11 upward revisions and 1 downwards.

So the majority of months since his inauguration the BLS underestimated the sheer awesomeness of Bidenomics.

Therefore, lies are ok?

[jon-nyc]

First draft estimates using long standing published methodology is hardly a ‘lie’.

[Jolly]

They are not presented as first drafts. They are presented in MSM as hard numbers and rarely are the revisions reported as news, except as a blurb on page 15.

Intentional obfuscation is a lie.

[jon-nyc]

Fun to see an Always Trumper needing a fainting couch to deal with the big lie of BLS statistics.

[Jolly]

I didn't mention Trump. Other than a link, I haven't mentioned Biden in the link about job numbers.

The Bible sez the wicked flee, when no man pursueth...

Correction: I did mention The Resident on 8/28/2023 in this thread.

[jon-nyc]

[Axtremus]

Goldman Sachs seems to be more optimistic than the concensus most of the time.
What is GS seeing that the rest are not?
Or is GS trying to mislead everyone else?

[Jolly]

@Axtremus said in Bidenomics At Work:

Goldman Sachs seems to be more optimistic than the concensus most of the time.
What is GS seeing that the rest are not?
Or is GS trying to mislead everyone else?

You don't make much money preaching doom and gloom in the financial sector. At least for most investments.

[Axtremus]

@Jolly , that may be true, but the virtually all the individual inputs that are aggregated into the consensus come from the financial sector. So that doesn’t explain why Goldman Sachs appear to be more optimistic that the rest of the financial sector.