Bidenomics At Work
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@LuFins-Dad said in Bidenomics At Work:
Home sales are down between 15% to 20%, and that’s from last year, which was down from 2021… It’s a snowball
https://www.wsj.com/economy/housing/october-2023-home-sales-fall-ec6b3164?mod=djemwhatsnews
Home sales fell in October to a fresh 13-year low as high interest rates and home prices continued to pummel the housing market.
Home-buying affordability sits near its lowest level in decades, pushing many buyers out of the market. Existing-home sales for the full year in 2023 are on track to be the lowest since at least 2011, according to economist forecasts.
Existing-home sales, which make up most of the housing market, decreased 4.1% in October from the prior month to a seasonally adjusted annual rate of 3.79 million, the lowest rate since August 2010, the National Association of Realtors said Tuesday. October sales fell 14.6% from a year earlier. Sales have been near 2010 levels in recent months.
Even as home-buying demand has slumped, the inventory of homes for sale has stayed low. High rates are making homeowners unwilling to sell and move, because they don’t want to give up their existing low interest rates. The limited supply is a major reason that home prices are rising in much of the U.S.
@George-K said in Bidenomics At Work:
Even as home-buying demand has slumped, the inventory of homes for sale has stayed low. High rates are making homeowners unwilling to sell and move, because they don’t want to give up their existing low interest rates. The limited supply is a major reason that home prices are rising in much of the U.S.
Yeah so the feds are doing the part where they are causing more people to not buy homes... but the price of homes (as noted above) aren't falling, and I'd imagine when rates do start to trickle back down to 5 or 4% you're just going to see further and further jumps in home prices making ownership even harder than it is now.
Side note. I have a friend who has been on the fence regarding purchasing a home for many years. They just pulled the trigger and their mortgage that would've been $2,500 in 2021 is now $4,500. That's hard to stomach.
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Another side note, am I the only one that still expects this menu when I go to McDonalds? So many options are now gone (Snack wraps, salads, bagel steak and cheese breakfast sandwich), and what's worse... the dollar menu. Oh many the other day I bought a McDouble and it was like $3.89 instead of $1.00.
https://www.reddit.com/media?url=https%3A%2F%2Fi.redd.it%2Fr7bftxy58s2c1.jpg
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Ah yes, gas is SO MUCH cheaper.
Also, pretty sure groceries, toys, and basically EVERYTHING has not gone down in price. Vendors are leaving prices as-is or increasing them, at least it seems to me. They need to keep up with the CPI, inflation, whatever... and they also know customers will pay higher prices if need be. Not much incentive to lower prices.
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I love how they try to say Trump has the worst employment record in history when comparing employment at the beginning of his term and at the end…
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A viral $16 McDonald’s meal won’t go away, and that’s a problem for Democrats
Take the $16 McDonald’s meal that struck a nerve on TikTok late last year. If you missed it, the gist is there’s a guy in Idaho who paid $16.10 for a burger, large fries and a drink.
https://www.cnn.com/2023/11/27/business/mcdonalds-burger-economy-nightcap/index.html
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I love how they try to say Trump has the worst employment record in history when comparing employment at the beginning of his term and at the end…
@LuFins-Dad said in Bidenomics At Work:
I love how they try to say Trump has the worst employment record in history when comparing employment at the beginning of his term and at the end…
Yeah Trump was great on that front. COVID screwed him on the job numbers, but it would've done that to anyone. Trump continued Obama's unemployment trend quite consistently from 2009 to 2020.
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Had street food from a food truck last night. A Mediterranean style "platter" with lamb and felafel over rice with a bit of salad and a soda ran $10. Used to be $8 just before COVID, $7 around 2010.
A certain Chinatown "dinner box" with four condiments plus one starch and one soup is now $7.50. Used to be $4.50 around 2010.
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Had street food from a food truck last night. A Mediterranean style "platter" with lamb and felafel over rice with a bit of salad and a soda ran $10. Used to be $8 just before COVID, $7 around 2010.
A certain Chinatown "dinner box" with four condiments plus one starch and one soup is now $7.50. Used to be $4.50 around 2010.
@Axtremus said in Bidenomics At Work:
Had street food from a food truck last night. A Mediterranean style "platter" with lamb and felafel over rice with a bit of salad and a soda ran $10. Used to be $8 just before COVID, $7 around 2010.
A certain Chinatown "dinner box" with four condiments plus one starch and one soup is now $7.50. Used to be $4.50 around 2010.
Probably could get the same meals for a lot less in 1965...
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From the RWEC: CBS.
The typical American household must spend an additional $11,434 annually just to maintain the same standard of living they enjoyed in January of 2021, right before inflation soared to 40-year highs, according to a recent analysis of government data.
Such figures underscore the financial squeeze many families continue to face even as the the rate of U.S. inflation recedes and the economy by many measures remains strong, with the jobless rate at a two-decade low. The analysis, from Republican members of the U.S. Senate Joint Economic Committee, taps government data such as the Consumer Price Index and Consumer Expenditure Survey to examine the impact of inflation state by state.
Even so, many Americans say they aren't feeling those gains, and this fall more people reported struggling financially than they did prior to the pandemic, according to CBS News polling. Inflation is the main reason Americans express pessimism about economy despite its bright points, which also include stronger wage gains in recent years.
To be sure, economists point to a number of pandemic-related issues as the cause of high inflation, rather than decisions from any one political party. For instance, spending bills were signed by both Presidents Donald Trump and Joe Biden that put stimulus money into the hands of millions of Americans, while global supply-chain snarls and labor shortages drove up the cost of goods and services.
But even as inflation is now cooling rapidly, many consumers say they aren't feeling it, with a new Bankrate survey finding 60% of working Americans say their income has lagged inflation has over the past 12 months.
"Now look here, you Baltic gas passer... " - Mik, 6/14/08
The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.
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From the RWEC: CBS.
The typical American household must spend an additional $11,434 annually just to maintain the same standard of living they enjoyed in January of 2021, right before inflation soared to 40-year highs, according to a recent analysis of government data.
Such figures underscore the financial squeeze many families continue to face even as the the rate of U.S. inflation recedes and the economy by many measures remains strong, with the jobless rate at a two-decade low. The analysis, from Republican members of the U.S. Senate Joint Economic Committee, taps government data such as the Consumer Price Index and Consumer Expenditure Survey to examine the impact of inflation state by state.
Even so, many Americans say they aren't feeling those gains, and this fall more people reported struggling financially than they did prior to the pandemic, according to CBS News polling. Inflation is the main reason Americans express pessimism about economy despite its bright points, which also include stronger wage gains in recent years.
To be sure, economists point to a number of pandemic-related issues as the cause of high inflation, rather than decisions from any one political party. For instance, spending bills were signed by both Presidents Donald Trump and Joe Biden that put stimulus money into the hands of millions of Americans, while global supply-chain snarls and labor shortages drove up the cost of goods and services.
But even as inflation is now cooling rapidly, many consumers say they aren't feeling it, with a new Bankrate survey finding 60% of working Americans say their income has lagged inflation has over the past 12 months.
To be sure, economists point to ... decisions from ... one political party. For instance, ... Joe Biden ... put stimulus money into the hands of millions of Americans ... and ... drove up the cost of goods and services.
Welcome to Joe Biden's America.
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To be sure, economists point to ... decisions from ... one political party. For instance, ... Joe Biden ... put stimulus money into the hands of millions of Americans ... and ... drove up the cost of goods and services.
Welcome to Joe Biden's America.
@Horace said in Bidenomics At Work:
To be sure, economists point to ... decisions from ... one political party. For instance, ... Joe Biden ... put stimulus money into the hands of millions of Americans ... and ... drove up the cost of goods and services.
Welcome to Joe Biden's America.
Interesting use of ellipses...
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@Horace said in Bidenomics At Work:
To be sure, economists point to ... decisions from ... one political party. For instance, ... Joe Biden ... put stimulus money into the hands of millions of Americans ... and ... drove up the cost of goods and services.
Welcome to Joe Biden's America.
Interesting use of ellipses...
@George-K said in Bidenomics At Work:
@Horace said in Bidenomics At Work:
To be sure, economists point to ... decisions from ... one political party. For instance, ... Joe Biden ... put stimulus money into the hands of millions of Americans ... and ... drove up the cost of goods and services.
Welcome to Joe Biden's America.
Interesting use of ellipses...
I'm studying to be a journalist.
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From the RWEC: CBS.
The typical American household must spend an additional $11,434 annually just to maintain the same standard of living they enjoyed in January of 2021, right before inflation soared to 40-year highs, according to a recent analysis of government data.
Such figures underscore the financial squeeze many families continue to face even as the the rate of U.S. inflation recedes and the economy by many measures remains strong, with the jobless rate at a two-decade low. The analysis, from Republican members of the U.S. Senate Joint Economic Committee, taps government data such as the Consumer Price Index and Consumer Expenditure Survey to examine the impact of inflation state by state.
Even so, many Americans say they aren't feeling those gains, and this fall more people reported struggling financially than they did prior to the pandemic, according to CBS News polling. Inflation is the main reason Americans express pessimism about economy despite its bright points, which also include stronger wage gains in recent years.
To be sure, economists point to a number of pandemic-related issues as the cause of high inflation, rather than decisions from any one political party. For instance, spending bills were signed by both Presidents Donald Trump and Joe Biden that put stimulus money into the hands of millions of Americans, while global supply-chain snarls and labor shortages drove up the cost of goods and services.
But even as inflation is now cooling rapidly, many consumers say they aren't feeling it, with a new Bankrate survey finding 60% of working Americans say their income has lagged inflation has over the past 12 months.
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