Q4 2022: Bidenomics shows NO SIGNS of slowing down

The rate of employed people with more than one job increased from 4.9% to 5% in the last year.
Imagine writing 3 paragraphs based on a made up statistic.

All these posts pretend to be discussing economics when they are really discussing politics. We're not really discussing the economy, but who deserves credit or blame for certain aspects of the economy, and therefore, who should win the election next year. It's impossible to be objective if that's your mindset.

Here's how I see things. Covid shut down large portions of the global economy in 2020, and there have to be economic consequences for that. There was a serious risk of a big, long-lasting recession. The Fed in particular, but also Congress and the Trump and eventually Biden administrations did a FANTASTIC job mitigating this risk, primarily by pumping large amounts of money into the system so we could act like things were close to normal, economically.

But things weren't normal, and demand jumped after the lock-downs ended while the supply of many things was still suppressed, hence inflation. But the supply chains were rebuilt, demand moved past the spike, and things have settled down. It's REMARKABLE how little negative economic effect we have just three years after the peak of Covid, and there's plenty of credit to be passed around.

I don't know how much of this credit I would give individual presidents. What I do think presidents control is the long-term (economic) policy direction of the country. This is what I really like about Biden: he's emphasized worker power, onshoring industries, investing in new energy technologies, investing in microchips etc. All of these will pay dividends down the road. I *also* think that increased worker power and onshoring industries will modestly increase inflation, although that is probably a good thing since it's the result of higher wages; the super-low inflation of the 2010's was good for investors, but not so much workers. In any case, these results will be well down the line, and have nothing to do with the current economic situation. But they may just cause President MTG/AOC to win (or lose, if I'm wrong about the effects) reelection in 2036!

I am not in the mood to do the math (I can look and guess fairly accurately). Since Biden took office, 3rd week of January, 2021, S&P 500 appears to be up about 7.xx% annually plus dividends. Reminder: S&P 500 was about 4800 before U.S. involvement in Conflict in Ukraine. S&P 500 today low 43xx. Are pro-Biden-types really going to boast about the economy? His Conflict in Ukraine, that's right. Biden's Conflict in Ukraine has been bad for the global economy over all. Except for some companies.

Weapon manufacturers and others in intelligence and defense industry profit during military conflicts & war but global economy does the best during times of peace with low or zero tariffs and/or trade barriers.

Right wingers don't make "predictions" based on honest economic analysis, they make predictions based on their hard on for the libs and Biden. None of what has happened is surprising at all to anybody sincerely interested in economic analysis.

I’m actually only interested in economics.
most measures of “the economy” seem totally fine but there is a vocal population that insists doom is right around the corner. I fail to see the markers for this and enjoy calling them out.

Considering we have the lowest unemployment #s in decades and unprecedented wage growth for the lower and middle class. I doubt many except the terminally online care about Ukraine.

Public sector up, private sector gutted.

I think this is all true, actually.

Tell it to Putin.

Thanks. I'll add "terminally online" to my repertoire.

The middle class has been getting absolutely wrecked by Bidenomics. What planet do you live on? Wages have not kept up with inflation, and higher interest rates are killing people’s retirement accounts and property values (which is where most middle class families have the majority of their net worth). Bidenomics: where everything you own is worth less and everything you need costs more.

The poor ain't doing so great. Although there are a lot more of them.

patch.com

U.S. Poverty Rate Soars Amid Inflation, Pandemic Aid End, Tax Changes

The poverty measure based on the cost of essential items like food and housing shot up to 12.4 percent, the Census Bureau reported.

Link:patch.com/us/across-america/u-s-povert...

Keep your head in the sand. Biden admin. likes their supports to know nothing. Did you know the price of West Texas Intermediate traded at less than $66/barrel early December, 2021 before U.S. involvement, eastern Europe?

Are we going to debate Labor Economics? List your employment titles and formal education. Over the years, I believe I have listed many or most of my employers.

Living in NYC is just fine. What "disorder"?

I'll admit that the whole migrant/refugee/asylum situation is a big, and growing, problem. For better or worse we have laws regarding the border that this administration has to follow--I'd love to see some of those laws changed, but I don't think the GOP in Congress would agree: would look too much like a win for Biden and the Dems.

I make well under $100k/yr, by the way. And I don't vote Democratic.

Credentials mean nothing on an anonymous forum you buffoon.

No one can show me that inflation is poised to come roaring back (a common claim); mass unemployment is coming (another claim); or a recession even imminent anymore (lol)

One year ago when this thread started those were all major claims.
I see lots of hacks retreating to “unadjusted numbers” or “sector specific” drawdowns. But by large things are great for the average person.

The BIGGEST issue is mortgage rates. People in the US are obsessed with owning homes so 7.5% rates feel icky. Fair… I get it.

Joe you are the biggest offender in this thread.
The data simply do not support your claims. Inflation is back below 4%, soon to be under 3%.

The wage gap between 10th and 90th percentile shrink more in the past 3 years than ever before.

There is actually no evidence the economy is weak unless you are actively trying to spin dogma or deceive yourself.

How many millions of businesses were lost due to lockdowns?

A handful of billionaires have more wealth than hundreds of millions of Americans.

Tens of millions of Americans have no health insurance.

Poverty has soared.

Federal minimum wage is still $7.25. Unchanged in over 14 years.

A higher fraction of the workforce is employed full time now than before COVID and inflation adjusted wages are higher now than before COVID.

You’re just clueless!

Inflation adjusted wages are higher now than before Covid?

No chance.

Got some data in that?

I note you did not dispute anything I stated. Guess you don't care about those