The Triumph of Bidenomics!

[The Barbarian]

So as long as we don't look at the prices of food and energy (because who really needs food and electricity or gas?) prices are dropping?

April 2023
Grocery prices finally dipped in March, falling for the first time since September 2020, according to data released Wednesday by the Bureau of Labor Statistics.
Of six major grocery food group indexes, three fell from February to March. The meats, poultry, fish and eggs index fell 1.4%, pulled down by another month of large decreases in egg prices.

https://www.cnn.com/2023/04/12/business/grocery-prices-march/index.html

Ironically, while global food prices have soared, U.S. prices are moderating and even declining.

And here's why it's not harming consumers:

Good news for America; bad new for Trump.

 

[The Barbarian]

Core inflation - which excludes energy prices and food exactly because of their volatility - has been a standard economic measure since at least the 1970.

This is Econ 101 level stuff.

Even when you include the items - know as headline inflation - US inflation is dropping and is closing in on the long-run average of 3.6, and is forecast to reach the Fed's target of about 2% by mid to late 2025.

Headline inflation was SUBSTANTIALLY LOWER than core inflation in January. 2.7% vs 3.9% (12 month running average) or 2.6% vs 3.1 % (year on year change).

This is mostly because of the fall in oil prices (down roughly 4.5% to 5%) and slower growth in food prices (up about 2.5 to 2.7%).

Did you notice trolls are starting to quote themselves to avoid facing the reality?

 

[Ana the Ist]

April 2023
Grocery prices finally dipped in March, falling for the first time since September 2020, according to data released Wednesday by the Bureau of Labor Statistics.
Of six major grocery food group indexes, three fell from February to March. The meats, poultry, fish and eggs index fell 1.4%, pulled down by another month of large decreases in egg prices.

So basically, everything is more expensive than it was under Trump.

I mean...that's cute if you think people will think a one month dip of 1.4% is a strong indicator of a "better economy" than the previous president...but I doubt the average voter sees it that way.

They look at prices, remember that they were much lower under Trump, and that's why people aren't convinced of the success of "Bidenomics".

Ironically, while global food prices have soared, U.S. prices are moderating and even declining.

Nobody compares their prices to global averages. Again, if we're comparing one president to another (and in an election, we typically are) everything costs more under Biden.

 

[Ana the Ist]

Core inflation - which excludes energy prices and food exactly because of their volatility - has been a standard economic measure since at least the 1970.

For who and of what?

1973 oil crisis - Wikipedia

en.m.wikipedia.org

The oil crisis of 1979 would follow....and Presidents who needed to convince people that prices were dropping instead of rising may have come up with this nonsense....but no investor or financial expert cares anything about this index lol.

It doesn't help them understand anything....it's just for pushing political narratives.

This is Econ 101 level stuff.

You must have taken a different macroeconomics course than me. Trying to factor energy costs out of price cost or inflation rates doesn't make any sense....unless you need to tell a big lie.

 

[Ana the Ist]

He promised us the number of Covid cases were going to be near zero, and clearly failed in that promise.

Pure gaslighting. We all remember small businesses protesting to stay open...and the people who called them nazis for doing so.


We also remember when Biden's lockdowns and mandates finally ending and the worker shortage that threatened to raise wages significantly across the board...

We also know that Biden flooded the labor market with cheap illegal labor and a record number of trafficked children...keeping wages down for US citizens who were struggling the hardest.

 

[QvQ]

The problem I have with Biden is, he is economically illiterate.
He shouts about taxing Billionaires but Billionaire is Assets not Income.
If a person has assets of $500,000, in Bidens weird economic world, that person would be liable for the $400,000 income bracket 20%.

Maybe that is why most of Biden actual tax increases the IRS has implemented are for waitresses tips and over $600 on online garage sales.
The rules for independent contractors as employees is make it easier to collect taxes.
He is shaking down the country for spare change while shouting campaign slogans "Tax the Rich."

 

[Gene2memE]

For who and of what?

Who: Private and public sector economists, economic planners, policy makers, central banks, various government agencies (in the US, the Bureau of Economic Analysis and Bureau of Labor Statistics for instance).

I know the US, UK, Australia and Canada all use exclusionary core inflation measures.

For instance, the Bank of Canada's core inflation measure excludes "fruits, vegetables, gasoline, fuel oil, natural gas, mortgage interest, intercity transportation and tobacco products." The UK Office of National Statistics excludes "food, energy, alcohol and tobacco". The Reserve Bank of Australia excludes "fruit, vegetables and fuel".

What: Economic analysis of inflation, consumer price indexes and purchasing power indexes.

Economists factor out index volatilities all the time. Hence why a lot of measures are seasonally adjusted, or inflation is typically given as a 12 month trailing metric.


In the industry I work in, there are unit cost metrics which specifically factor out fuel costs, in order to give a better underlying cost picture.

RBA has an explainer on their core inflation measuring policy:

Measuring Core Inflation | RDP 9810: The Distribution and Measurement of Inflation

www.rba.gov.au

 

[The Barbarian]

So basically, everything is more expensive than it was under Trump.

Which is the way inflation has always worked, including under Trump. Here's the key:

In the U.S., real wages are rising faster than inflation. And that's why the republicans don't want to talk about the economy any more.

How's it going in Russia?

 

[QvQ]

And that's why the republicans don't want to talk about the economy any more.

No one wants to talk about it.

1) The Government Debt exceeds the GDP
2) The Debt is increasing by $1 Trillion every 100 days.

Does It Matter?

As I understand Modern Monetary Theory:
Modern Economic Theory is the concept that the dollar is not hooked to any base. A dollar is a theoretical standard of value set by the government to promote the general welfare.

The Government prints and distributes money. Distribution can be done by giving block grants to Agencies, States or Social Programs.
The amount of money printed and distributed, the budget, is what is deemed necessary for the goals the government has set.

Taxes, National Debt and Deficit may be vestigial artifacts of the old system

This is uncharted territory, those first 2 enumerated items listed above.
It may work. So far, the economy has not collapsed but no one know what this modern monetary system will do.

This Modern Monetary system is Bidenomics, Social Spending and Stimulus. If this new system works like the old system, those 2 enumerated facts listed above, are bad news and way past fixable, which no one wants to talk about.

 

[The Barbarian]

This Modern Monetary system is Bidenomics, Social Spending and Stimulus.

That was Trump's thing. Biden, as you learned earlier, has ordered federal agencies to crack down on people who abused Trump's "stimulus" giveaways. This is the real reason they fear a return to accountability.

 

[QvQ]

That was Trump's thing. Biden, as you learned earlier, has ordered federal agencies to crack down on people who abused Trump's "stimulus" giveaways. This is the real reason they fear a return to accountability.

The Trump Stimulus were distributed on Biden's term. therefore the abuse is actually Biden's problem.
That is irrelevant.
Biden passed more government spending Bills for $ trillions than any President since FDR, and he compares himself to FDR
Biden's New Deal

However carpetbagging the capitalists through taxation to pay for it all is a wealth distribution scheme,

Tax the greedy corporations is a campaign slogan but it is nonsensical to anyone who has ever had a business, with operating expenses, capital expenditures and incomes disbursed.
What exactly is "corporate taxable income?"

Is Biden counting Assets as "income." Or taxing net worth as income? That has been proposed lately.

Meanwhile, there is that $1 trillion every 100 days.

 

[The IbanezerScrooge]

Tax the greedy corporations is a campaign slogan but it is nonsensical to anyone who has ever had a business, with operating expenses, capital expenditures and incomes disbursed.
What exactly is "corporate taxable income?"

Is Biden counting Assets as "income." Or taxing net worth as income? That has been proposed lately.

This:

*Please note - These are profits for just the last quarter of 2023.

Microsoft:

Amazon:

Apple:

 

[QvQ]

Please note - These are profits for just the last quarter of 2023.

Even at 21% taxation rate, the total taxes collected from corporate taxes is:
"Revenue from corporate income tax in the United States amounted to 420 billion U.S. dollars in 2023"

If Corporate taxes were 42%, the total taxes collected would be $840 billion U.S. dollars.

Biden's proposed budget for 2025 is $7.1 Trillion

If the Gross National Income is $27 trillion and the Budget is $7.1 trillion, what tax rate would generate $7.1 Trillion?

 

[essentialsaltes]

Stocks surge after Fed indicates three rate cuts still coming this year​

 

[QvQ]

Stocks surge after Fed indicates three rate cuts still coming this year​

The Stock Market is the worlds largest casino.
It has nothing to do with reality.
The reality is the price of oil is crowding $90 a barrel Again.
That means more inflation so don't expect the Fed to cut rates any time soon

 

[Always in His Presence]

And here are some of the big winmer of Bodenomics

They are all closing. God job Joe.

 

[essentialsaltes]

They are all closing. God job Joe.

I guess those would be bad stocks to own. Luckily the Biden economy is still creating net jobs at a faster rate than the previous guy.

 

[iluvatar5150]

So basically, everything is more expensive than it was under Trump.

Everything in Trump's 3rd year was more expensive than it was in Trump's 1st year. Everything in Trump's 1st year was more expensive than it was under Obama. That's how inflation works.

They look at prices, remember that they were much lower under Trump, and that's why people aren't convinced of the success of "Bidenomics".


Nobody compares their prices to global averages. Again, if we're comparing one president to another (and in an election, we typically are) everything costs more under Biden.

I can acknowledge that this is an accurate description of the psychology of the average American voter while pointing out that this is also an obvious shortcoming in the level of awareness of the average American. "Why is it so bad?" is a perfectly legitimate question to ask, but "How do we stack up against others dealing with the same thing?" is an important follow-up question to ask when trying to calibrate a response.

And here are some of the big winmer of Bodenomics

View attachment 344370

They are all closing. God job Joe.

Ah yes, a bunch of retail stores that overbuilt and have been choking on old business models for year.

Bed Bath & Beyond's collapse started in 2019. But don't let that get in the way of your propaganda.

Bed Bath & Beyond - Wikipedia

en.wikipedia.org

ETA: Oh hey, Ame's is coming back:

Ames making a comeback by opening 35 new locations nationwide

A once prominent department store chain announced plans to open more than two dozen locations in the coming years.

www.masslive.com

Thanks Biden!

 

[Always in His Presence]

And I get to spend 936.00 a year more for gas these last three years than in the previous guys

Or I have the pleasure of paying 18% more for food.

Good job Joe. Another three years of this and I can file for bankruptcy

 

[Always in His Presence]

America's housing timebomb: Home foreclosures are on the up

Americans are increasingly sturggling to pay their mortgages - with almost 33,000 homes going into foreclosure in February alone, new figures show.

www.dailymail.co.uk

Thanks Joe