Bidenomics
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The U.S. economy grew faster than initially thought in the second quarter amid strong consumer spending, while corporate profits rebounded, which should help to sustain the expansion.
Gross domestic product increased at a 3.0% annualized rate last quarter, the Commerce Department's Bureau of Economic Analysis said in its second estimate of second-quarter GDP on Thursday. That was an upward revision from the 2.8% rate reported last month.
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401(k) and IRA millionaires club rapidly expanded:
https://www.washingtonpost.com/business/2024/08/30/401k-millionaires-secret/
The number of 401(k) accounts with $1 million or more increased 31 percent, to 497,000 in the second quarter compared with the same period a year earlier, according to Fidelity Investments, one of the largest administrators of workplace retirement plans. The number of IRA millionaires hit a record 398,594, up 14 percent.
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Inflation.
Did you know that less than $800/month in the Weimar Republic would buy you a multi-bedroom apartment, a live-in butler/cook, all other living expenses and a full-time mistress? OTOH, you couldn't even pay the apartment rent with a wheelbarrow load of marks.
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https://www.foxbusiness.com/economy/cpi-inflation-august-2024
The Labor Department on Wednesday said the consumer price index (CPI) — a broad measure of how much everyday goods like gasoline, groceries and rent cost — rose 0.2% in August from the prior month, in line with the expectations of economists polled by LSEG.
Prices climbed 2.5% in August from the same time last year, slightly less than LSEG estimates and down from 2.9% in July.
Overall, the report indicates that inflationary pressures in the U.S. economy are continuing to ease, though prices remain above the Federal Reserve's 2% target.
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Another quarter of solid economic growth.
https://www.axios.com/2024/10/30/gdp-report-q3-release-economy-inflation
U.S. economy grew at 2.8% rate in the third quarter
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King cotton, baby!
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If there's one thing the Harris campaign has taught us all, in this precious learning moment, it's that jokes don't exist, and humor is deeply unsettling. So, I really don't know if anybody is trying to make "jokes" in this "forum", but if you are, I suggest you stop. Our democracy is on the brink. I, for one, am not laughing.
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Among [millennials with 401(k) accounts], the number of 401(k) accounts with a balance of $1 million or more rose to about 10,000 as of Sept. 30, up from around 2,000 in the third quarter of 2023, according to Fidelity, ...
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Yep, income inequality, as the poor get poorer.
I assume you know that income inequality in democracies is the harbinger of revolution and/or a descending into dictatorship?
“Cry havoc and let slip the DOGE of war!”
Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton
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Yep, income inequality, as the poor get poorer.
I assume you know that income inequality in democracies is the harbinger of revolution and/or a descending into dictatorship?
@Jolly said in Bidenomics:
Yep, income inequality, as the poor get poorer.
I assume you know that income inequality in democracies is the harbinger of revolution and/or a descending into dictatorship?
That’s not actually the case. It didn’t really come at the expense of the poor. It was mostly stock market driven and the market is thriving because of the number of the middle class moving into the upper class, not the number moving downward.
And again, trying to relate it to populist revolutions in the past is a little ridiculous. The “poor” are generally in housing with hvac, have access to transportation, often own a vehicle, have 1-2 televisions, a computer, and aren’t in danger of starvation. That’s not to say that it doesn’t suck. Speaking from experience, it sucks tremendously, and can be extraordinarily hard to break out of those things keeping you down. But what is keeping them down are personal decisions as much as external factors. Chemical dependencies, single parenthood, hand outs vs hand ups, and an education system that sells them a lie that the choices are a college degree that they can never afford or achieve or living a life in poverty.
You want to limit poverty? Limit the handouts. They can have Pell grants (in fact, increase the number of them), but the first two years HAVE to be at a Community College or Trade School. Have the school systems and counselors really promote what a trade can mean instead of a college degree. Show these kids that there are opportunities that are achievable. Also, go back to promoting family values in the schools and in entertainment.
The Brad
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Yep, income inequality, as the poor get poorer.
I assume you know that income inequality in democracies is the harbinger of revolution and/or a descending into dictatorship?
@Jolly said in Bidenomics:
as the poor get poorer.
The poor have not gotten poorer. Actual inflation-adjusted income over the last 20 years in the bottom quartile has risen about 17%.
It's not a zero-sum thing - someone should tell that to (three-house owning) Bernie (P)Sanders.
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98% of the population was poor in the French Revolution. Today, it’s 27-29% in the US depending on your sources. In France, it was only 2% that belonged to the wealthy. In the US today, it’s 21-24%. And again, the definition of poor is vastly different. @Jolly knows all of this and has stated as such before. I think he’s just not wanting to find anything positive until January 20th.
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Ok, for all of those luxuries the poor enjoy, how much is paid for with borrowed money?
What happens to the poor when no more money can be borrowed?
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Ok, for all of those luxuries the poor enjoy, how much is paid for with borrowed money?
What happens to the poor when no more money can be borrowed?
@Jolly said in Bidenomics:
Ok, for all of those luxuries the poor enjoy, how much is paid for with borrowed money?
For the poor? None. It’s called being poor. They generally don’t get credit cards…
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@Jolly said in Bidenomics:
Ok, for all of those luxuries the poor enjoy, how much is paid for with borrowed money?
For the poor? None. It’s called being poor. They generally don’t get credit cards…
@LuFins-Dad said in Bidenomics:
@Jolly said in Bidenomics:
Ok, for all of those luxuries the poor enjoy, how much is paid for with borrowed money?
For the poor? None. It’s called being poor. They generally don’t get credit cards…
That money comes from Uncle Sam. Last time I looked, Uncle Sam sure did borrow a lot of money...
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Way to move the goalposts…It’s okay to say that things went downhill drastically over the last 4 years, but there were some positives…
