Bidenomics

[George K]

[LuFins Dad]

[Axtremus]

Biden is a net tax cutter:

https://www.nytimes.com/2024/03/25/us/politics/biden-taxes-cuts.html?unlocked_article_code=1.fU0.c7hh.FFPYcLlWzOLM

President Biden has called for $5 trillion in new taxes on corporations and high earners. But his record so far is as a net tax cutter.

The math is straightforward. ... the tax cuts Mr. Biden has signed for individuals and corporations are larger than the tax increases he has imposed on big corporations and their shareholders.

[George K]

The cost of making popcorn:

[LuFins Dad]

[George K]

In January 2021, butter was $3.66 a pound. He was paying $1.80/lb.

Now, butter is $4.63/lb - and that's what he's paying.

For sugar, in Jan 2021, the cost was 68¢/lb. He was paying 46¢/lb.

Sugar now is 98¢/lb. He's paying $1.01.

[Jolly]

These guys don't shop at Piggly Wiggly.

[LuFins Dad]

@Jolly said in Bidenomics:

These guys don't shop at Piggly Wiggly.

Right. But he’s manipulating the numbers. He’s showing his wholesale cost in 21, and retail in 24. That’s not just fudging the numbers, that’s outright fraud. Letitia James would like to have a conversation with him…

[Jolly]

I'll take your word for it. I don't know enough to accurately quote those costs.

[Axtremus]

[LuFins Dad]

The bitch of it is, it’s an unforced error and unneeded lie to make his point. It’s a 27% increase in butter. For the sake of this argument, let’s say that’s a universal increase on all materials. That doesn’t translate into only a 27% increase in his product price. With inflation, he’s also having to raise his wages, and to match that inflation, he has needed to raise his wages by the 20% per hour. Now I have no idea his volume and the labor costs involved per unit for his product, but you could easily see that being another 5%-7%. In addition, and this gets missed by most, if the company’s output volume stays the same and the costs have all increased dramatically, then the company must increase their profit margin to simply maintain.

[Axtremus]

Krugman:

Bidenomics Is Making China Angry. That’s OK.

https://www.nytimes.com/2024/03/28/opinion/biden-trump-china.html

Trump made a big show of taking on China, but he was ineffective when in office and appears to have folded on TikTok when donor money was at stake. Biden talks more softly but is wielding a really big stick. Or to put it another way, Trump isn’t actually a tough guy on China; he just plays one on TV. Biden is the real deal.

[George K]

Why people don't feel good about the economy, from the WSJ:

Link to video

[Aqua Letifer]

I watched most of it but didn't hear any mention about the job market.

[LuFins Dad]

@Axtremus said in Bidenomics:

Krugman:

Bidenomics Is Making China Angry. That’s OK.

https://www.nytimes.com/2024/03/28/opinion/biden-trump-china.html

Trump made a big show of taking on China, but he was ineffective when in office and appears to have folded on TikTok when donor money was at stake. Biden talks more softly but is wielding a really big stick. Or to put it another way, Trump isn’t actually a tough guy on China; he just plays one on TV. Biden is the real deal.

Snort. He should get a job writing for SNL.

[George K]

Remember the article by Summers et al?

[Aqua Letifer]

[George K]

[Copper]

You're not a man until you pay 16.5% interest.

[George K]

@Copper said in Bidenomics:

You're not a man until you pay 16.5% interest.

Yeah, that's true. My 1986 adjustable had that - actually 17.4% irrc.