Inflation
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wrote on 13 Jul 2023, 15:13 last edited by
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wrote on 13 Jul 2023, 15:15 last edited by
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wrote on 13 Jul 2023, 15:47 last edited by
Economy in the US is going in the right direction. Inflation is going down, no recession so far, stock market almost at record highs, hundreds of thousands of manufacturing jobs added in last 12 months, etc.
Now, of course, I do not give too much credit to President Biden. But there are others here (wink wink @Horace ) who are probably preparing their "Biden for President - 2024" lawn signs at the great job he has done.
555
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wrote on 13 Jul 2023, 16:12 last edited by
The point should be that neither high inflation nor the recovery have much to do with Biden, however if you’re going go blame him for one, then you really need to give him credit for the other, and of course vice versa. Most people will only connect one of the two for obvious reasons
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wrote on 13 Jul 2023, 16:23 last edited by
There is a great deal of virtue to be had by blaming both sides.
But that virtue pales by comparison to the courage of the man who chooses a side.
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There is a great deal of virtue to be had by blaming both sides.
But that virtue pales by comparison to the courage of the man who chooses a side.
wrote on 13 Jul 2023, 16:25 last edited by Doctor PhibesThere is a great deal of virtue to be had by blaming both sides.
But that virtue pales by comparison to the courage of the man who chooses a side.
I wasn’t blaming anybody. Inflation happened because of Covid not because of either Donald Trump or Joe Biden.
You think choosing a side is brave? Since almost everybody does it, I would humbly suggest that that is bollocks
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The point should be that neither high inflation nor the recovery have much to do with Biden, however if you’re going go blame him for one, then you really need to give him credit for the other, and of course vice versa. Most people will only connect one of the two for obvious reasons
wrote on 13 Jul 2023, 16:30 last edited by@Doctor-Phibes said in Inflation:
The point should be that neither high inflation nor the recovery have much to do with Biden, however if you’re going go blame him for one, then you really need to give him credit for the other, and of course vice versa. Most people will only connect one of the two for obvious reasons
Exactly my point as I have beat the dead horse in previous postings. LOL
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@Doctor-Phibes said in Inflation:
The point should be that neither high inflation nor the recovery have much to do with Biden, however if you’re going go blame him for one, then you really need to give him credit for the other, and of course vice versa. Most people will only connect one of the two for obvious reasons
Exactly my point as I have beat the dead horse in previous postings. LOL
wrote on 13 Jul 2023, 16:36 last edited by@taiwan_girl said in Inflation:
@Doctor-Phibes said in Inflation:
The point should be that neither high inflation nor the recovery have much to do with Biden, however if you’re going go blame him for one, then you really need to give him credit for the other, and of course vice versa. Most people will only connect one of the two for obvious reasons
Exactly my point as I have beat the dead horse in previous postings. LOL
Choosing sides is more important. Find somebody to blame, and move on.
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@taiwan_girl said in Inflation:
@Doctor-Phibes said in Inflation:
The point should be that neither high inflation nor the recovery have much to do with Biden, however if you’re going go blame him for one, then you really need to give him credit for the other, and of course vice versa. Most people will only connect one of the two for obvious reasons
Exactly my point as I have beat the dead horse in previous postings. LOL
Choosing sides is more important. Find somebody to blame, and move on.
wrote on 13 Jul 2023, 16:49 last edited by@Doctor-Phibes said in Inflation:
@taiwan_girl said in Inflation:
@Doctor-Phibes said in Inflation:
The point should be that neither high inflation nor the recovery have much to do with Biden, however if you’re going go blame him for one, then you really need to give him credit for the other, and of course vice versa. Most people will only connect one of the two for obvious reasons
Exactly my point as I have beat the dead horse in previous postings. LOL
Choosing sides is more important. Find somebody to blame, and move on.
We can all only aspire to be in the "both sides are bad" tribe. Such a high bar of careful thought required for that camp.
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@Doctor-Phibes said in Inflation:
@taiwan_girl said in Inflation:
@Doctor-Phibes said in Inflation:
The point should be that neither high inflation nor the recovery have much to do with Biden, however if you’re going go blame him for one, then you really need to give him credit for the other, and of course vice versa. Most people will only connect one of the two for obvious reasons
Exactly my point as I have beat the dead horse in previous postings. LOL
Choosing sides is more important. Find somebody to blame, and move on.
We can all only aspire to be in the "both sides are bad" tribe. Such a high bar of careful thought required for that camp.
wrote on 13 Jul 2023, 17:15 last edited by Doctor Phibes@Doctor-Phibes said in Inflation:
@taiwan_girl said in Inflation:
@Doctor-Phibes said in Inflation:
The point should be that neither high inflation nor the recovery have much to do with Biden, however if you’re going go blame him for one, then you really need to give him credit for the other, and of course vice versa. Most people will only connect one of the two for obvious reasons
Exactly my point as I have beat the dead horse in previous postings. LOL
Choosing sides is more important. Find somebody to blame, and move on.
We can all only aspire to be in the "both sides are bad" tribe. Such a high bar of careful thought required for that camp.
Oh FFS. All I said was neither President is to blame for inflation. And while I might not be as smart as you think you are, blaming one side for everything is just fucking stupid.
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Economy in the US is going in the right direction. Inflation is going down, no recession so far, stock market almost at record highs, hundreds of thousands of manufacturing jobs added in last 12 months, etc.
Now, of course, I do not give too much credit to President Biden. But there are others here (wink wink @Horace ) who are probably preparing their "Biden for President - 2024" lawn signs at the great job he has done.
555
wrote on 13 Jul 2023, 17:27 last edited by@taiwan_girl said in Inflation:
Inflation is going down,
No, the rate of inflation has decreased. It's not "going down." Prices are still higher.
no recession so far,
So far. Yes.
stock market almost at record highs,
As of today, the S&P 500 is still down about 9% from its peak.
hundreds of thousands of manufacturing jobs added in last 12 months, etc.
I don't know the numbers offhand, but isn't that a reflection of things returning to where they were pre-pandemic? Are those new jobs, or are they simply a return of the workforce to jobs that were already there?
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@taiwan_girl said in Inflation:
Inflation is going down,
No, the rate of inflation has decreased. It's not "going down." Prices are still higher.
no recession so far,
So far. Yes.
stock market almost at record highs,
As of today, the S&P 500 is still down about 9% from its peak.
hundreds of thousands of manufacturing jobs added in last 12 months, etc.
I don't know the numbers offhand, but isn't that a reflection of things returning to where they were pre-pandemic? Are those new jobs, or are they simply a return of the workforce to jobs that were already there?
wrote on 13 Jul 2023, 18:09 last edited by@taiwan_girl said in Inflation:
Inflation is going down,
No, the rate of inflation has decreased. It's not "going down." Prices are still higher.
Have we ever had negative inflation?
Would we want it? Almost certainly not.
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wrote on 13 Jul 2023, 19:09 last edited by
I'm surprised Biden has embraced the term Bidenomics.
Guess everyone wants to be Reagan.
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@taiwan_girl said in Inflation:
Inflation is going down,
No, the rate of inflation has decreased. It's not "going down." Prices are still higher.
Have we ever had negative inflation?
Would we want it? Almost certainly not.
wrote on 13 Jul 2023, 20:20 last edited by@Doctor-Phibes said in Inflation:
@taiwan_girl said in Inflation:
Inflation is going down,
No, the rate of inflation has decreased. It's not "going down." Prices are still higher.
Have we ever had negative inflation?
Would we want it? Almost certainly not.
Yes.
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@taiwan_girl said in Inflation:
Inflation is going down,
No, the rate of inflation has decreased. It's not "going down." Prices are still higher.
no recession so far,
So far. Yes.
stock market almost at record highs,
As of today, the S&P 500 is still down about 9% from its peak.
hundreds of thousands of manufacturing jobs added in last 12 months, etc.
I don't know the numbers offhand, but isn't that a reflection of things returning to where they were pre-pandemic? Are those new jobs, or are they simply a return of the workforce to jobs that were already there?
wrote on 13 Jul 2023, 20:22 last edited by@taiwan_girl said in Inflation:
Inflation is going down,
No, the rate of inflation has decreased. It's not "going down." Prices are still higher.
no recession so far,
So far. Yes.
stock market almost at record highs,
As of today, the S&P 500 is still down about 9% from its peak.
hundreds of thousands of manufacturing jobs added in last 12 months, etc.
I don't know the numbers offhand, but isn't that a reflection of things returning to where they were pre-pandemic? Are those new jobs, or are they simply a return of the workforce to jobs that were already there?
I think there were more jobs, pre-pandemic. And I read the other day there are 100,000,000 Americans in the working age group that are not working or are underemployed.
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wrote on 14 Jul 2023, 01:15 last edited by
@George-K , you are correct, there is currently no deflation. Not sure if deflation is good, but 0% inflation maybe would be. LOL
But definitely, inflation is trending downward and I expect it to flatten in the coming months at 2% or less.
image url)https://graphics.axios.com/hermesv2/batches/2023-07-12-1211-annual-change-in/2023-07-12-1211-annual-change-in-chicago/fallbacks/2023-07-12-1211-annual-change-in-chicago-fallback.png(Fun fact, i read somewhere that up until about 150-200 years ago, there was (almost) no inflation. For example, things in 1600 cost the same amount as in 1200. This is based on UK where they have some records of the cost of things over time.)
Below is the manufacturing jobs graph. Looks like it is return to where it was pre pandemic. But, at least it is going in the correct direction.
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wrote on 14 Jul 2023, 01:23 last edited by
The government has, traditionally been "OK" with an inflation rate of 2-3%, iirc. However, that "OK" is predicated upon a concurrent rise in income.
That has not happened. I recall seeing a statistic that, in actual income, the average family is bringing home about $6K a year less.
Now, take that $500 a month decrease in real income, and combine it with a mortgage rate that has climbed from 3% to 7%, and a lot of folks are going to be very unhappy.
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The government has, traditionally been "OK" with an inflation rate of 2-3%, iirc. However, that "OK" is predicated upon a concurrent rise in income.
That has not happened. I recall seeing a statistic that, in actual income, the average family is bringing home about $6K a year less.
Now, take that $500 a month decrease in real income, and combine it with a mortgage rate that has climbed from 3% to 7%, and a lot of folks are going to be very unhappy.
wrote on 14 Jul 2023, 01:32 last edited by@George-K you always make me think!!!!
Unfortunately I was unable to find data that includes today.
Here is one graph that shows average income over the past 50 years
Could not get the picture to work, so a link to average hour salary
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wrote on 14 Jul 2023, 01:38 last edited by
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wrote on 14 Jul 2023, 02:26 last edited by
We need inflation to a degree. We'll never pay off the debt otherwise.
