Bidenomics
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Congressional Budget Office's new report:
https://www.cbo.gov/publication/60166?mod=ANLink
A new report from the Congressional Budget Office released this week shows that inflation may have had less of an impact on households’ bottom lines than months of sticker shock on everything from Big Macs to daycare might suggest.
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The agency’s analysis took a look at a typical household’s 2019 “consumption bundle”: the goods and services representing a year’s worth of purchases pre-pandemic.
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Then, researchers analyzed how much households would pay for that same consumption bundle in 2023 prices, and how much their income rose or fell over the same period.
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On average, purchasing power for households increased over that period, the agency found.
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“By CBO’s estimate, aggregate income grew more than prices did between 2019 and 2023,” the report states.
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The portion of household income required to purchase the same bundle of goods and services decreased by 2% for the lowest-earning quintile of households, and by 6.3% for those in the top group.wrote on 18 May 2024, 14:20 last edited by@Axtremus said in Bidenomics:
The portion of household income required to purchase the same bundle of goods and services decreased by 2% for the lowest-earning quintile of households, and by 6.3% for those in the top group.
Family of four. Now, this is Doordash, so the prices might be higher than at the store, but...
Two Big Macs
Two Medium Fries
Two Happy Meals
Two Medium Cokes
$36.12
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wrote on 18 May 2024, 14:30 last edited by
I’m going to have to dig through the CBO “package” of consumer goods.
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wrote on 18 May 2024, 21:48 last edited by LuFins Dad
Households in the top income quintile had the largest decline, on average, in the share of income required to pay for their 2019 consumption bundle over that four-year period.
So the rich got richer under Biden?
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wrote on 18 May 2024, 21:54 last edited by
Nowhere in the report does it detail what goods and services were in the packages. An iPhone 11 sold for $750 in 19, and are sold new for $225. It wouldn’t be hard for government agency to game these kind of numbers…
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wrote on 18 May 2024, 22:02 last edited by
Average Rent in 2019 was $1465. https://www.rentcafe.com/blog/rental-market/2019-mid-year-rent-report-national-average-rent-ends-first-half-year-1465/
Average rent today is $1716. That’s $3,000 per year. Weekly Real Earnings are up $7 to $365 over 2019’s $358. That’s $364 dollars per year increase.
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@Axtremus said in Bidenomics:
https://amp.cnn.com/cnn/2024/05/17/markets/dow-closes-above-40-000
The Dow Jones Industrial Average index closed above 40,000.
Joe still has 8 months to catch the red man's gains.
wrote on 19 May 2024, 01:13 last edited by@George-K said in Bidenomics:
Joe still has 8 months to catch the red man's gains.
But at the same moment in their President, President Biden has higher returns than President Trump.
But it will be difficult to have increases like the last months of President Trump term.
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@George-K said in Bidenomics:
Joe still has 8 months to catch the red man's gains.
But at the same moment in their President, President Biden has higher returns than President Trump.
But it will be difficult to have increases like the last months of President Trump term.
wrote on 19 May 2024, 01:16 last edited by@taiwan_girl said in Bidenomics:
the last months of President Trump term
Which were mostly a recovery from the COVID dip.
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@taiwan_girl said in Bidenomics:
the last months of President Trump term
Which were mostly a recovery from the COVID dip.
wrote on 19 May 2024, 01:30 last edited by@George-K said in Bidenomics:
@taiwan_girl said in Bidenomics:
the last months of President Trump term
Which were mostly a recovery from the COVID dip.
Agree. But both of them are behind Obama, (who maybe is behind Clinton, etc.). To me, it just reinforce my thought that the president gets too much credit/too much blame for the economy.
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@taiwan_girl said in Bidenomics:
the last months of President Trump term
Which were mostly a recovery from the COVID dip.
wrote on 19 May 2024, 01:47 last edited by@George-K said in Bidenomics:
@taiwan_girl said in Bidenomics:
the last months of President Trump term
Which were mostly a recovery from the COVID dip.
Or optimism buoyed by the expectation of the coming Biden Presidency!
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@George-K said in Bidenomics:
@taiwan_girl said in Bidenomics:
the last months of President Trump term
Which were mostly a recovery from the COVID dip.
Agree. But both of them are behind Obama, (who maybe is behind Clinton, etc.). To me, it just reinforce my thought that the president gets too much credit/too much blame for the economy.
wrote on 19 May 2024, 13:16 last edited by@taiwan_girl said in Bidenomics:
to me, it just reinforce my thought that the president gets too much credit/too much blame for the economy.
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wrote on 19 May 2024, 14:10 last edited by
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wrote on 19 May 2024, 14:32 last edited by
@George-K said in Bidenomics:
Meh, prices did go down overall by a small amount, but not even close to a “plummet”. And almost all of the drop was precipitated by eggs, where production is finally getting back on track.
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wrote on 19 May 2024, 14:49 last edited by
"According to the report, they went down 0.02% for the first time in a year. So groceries that used to cost $155 cost $250 in March but “plummeted” to $245 in April! Huge savings! Huge! $5!!!!"
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wrote on 19 May 2024, 15:39 last edited by
What bullshit.
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wrote on 19 May 2024, 16:44 last edited by
@Mik said in Bidenomics:
What bullshit.
I know they have to try, because some people are just that stupid, but just about anybody in the middle class has felt the pinch of significant inflation during Biden's term.
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@taiwan_girl said in Bidenomics:
to me, it just reinforce my thought that the president gets too much credit/too much blame for the economy.
wrote on 20 May 2024, 00:28 last edited by taiwan_girl@George-K said in Bidenomics:
@taiwan_girl said in Bidenomics:
to me, it just reinforce my thought that the president gets too much credit/too much blame for the economy.
Why does he have red laser eyes?
@Larry and I went back and forth on this. I would ask him to give me his any five indicators of the economy (GDP grow, inflation, stock market, unemployment, etc etc etc) and I would pretty much show him that there was very little to no relationship between those and which party was the president. And I would get the typical Larry response: "If you are too dumb to understand that, then I'm not going to tell you." LOL
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@George-K said in Bidenomics:
@taiwan_girl said in Bidenomics:
to me, it just reinforce my thought that the president gets too much credit/too much blame for the economy.
Why does he have red laser eyes?
@Larry and I went back and forth on this. I would ask him to give me his any five indicators of the economy (GDP grow, inflation, stock market, unemployment, etc etc etc) and I would pretty much show him that there was very little to no relationship between those and which party was the president. And I would get the typical Larry response: "If you are too dumb to understand that, then I'm not going to tell you." LOL
wrote on 20 May 2024, 00:51 last edited by@taiwan_girl said in Bidenomics:
I would ask him to give me his any five indicators of the economy (GDP grow, inflation, stock market, unemployment, etc etc etc) and I would pretty much show him that there was very little to no relationship
You may well be right. But James Carville will disagree, at least when it comes to politics.
Of course, politics might bear no relation to reality.
But in politics, perception is reality.
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@taiwan_girl said in Bidenomics:
I would ask him to give me his any five indicators of the economy (GDP grow, inflation, stock market, unemployment, etc etc etc) and I would pretty much show him that there was very little to no relationship
You may well be right. But James Carville will disagree, at least when it comes to politics.
Of course, politics might bear no relation to reality.
But in politics, perception is reality.
wrote on 20 May 2024, 14:53 last edited by@George-K Agree. For probably the majority of people (and I dont really know majority % is) vote on emotional thinking rather than rational thinking.
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wrote on 20 May 2024, 15:05 last edited by Doctor Phibes
Somewhat related: I'm currently trying to hire - we're offering 6-figures for a basic engineering position. So far we've had all of two applicants, both referrals, and both only want to work remotely, which isn't going to happen.
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Somewhat related: I'm currently trying to hire - we're offering 6-figures for a basic engineering position. So far we've had all of two applicants, both referrals, and both only want to work remotely, which isn't going to happen.
wrote on 20 May 2024, 15:07 last edited by@Doctor-Phibes said in Bidenomics:
Somewhat related: I'm currently trying to hire - we're offering 6-figures for a basic engineering position. So far we've had all of two applicants, both referrals, and both only want to work remotely, which isn't going to happen.
Have you tried offering 7-figures?