The Triumph of Bidenomics!

[iluvatar5150]

The U.S. economy created 199,000 jobs in November and the unemployment rate fell to 3.7 percent, according to data released Friday by the Bureau of Labor Statistics

Manufacturing also trended up by 28,000, reflecting the return of union auto-manufacturing workers from their strike.

 

[Nithavela]

The supposedly-left-wing media seems to be doing a great job of discussing Biden's age, but not such a great job covering the stunning success of Bidenomics. Here are some numbers grudgingly reported by the right-wing media.

Inflation is receding and even reversing!

https://www.wsj.com/economy/goods-deflation-is-back-it-could-speed-inflations-return-to-2-c782d434?st=tyypnprf9k8adhu&reflink=desktopwebshare_permalink

Prices for long-lasting items, known as durable goods, have fallen on a year-over-year basis for five straight months. In October, they were down 2.6% from their peak in September 2022, according to data released Thursday by the Commerce Department. That has helped bring down core inflation, which excludes the volatile food and energy categories, to 3.5% in October, from 5.5% in September 2022, as measured by the personal-consumption expenditures price index, the Fed’s preferred inflation gauge.

The economy is growing at the amazing pace of 5.2%!

https://www.wsj.com/livecoverage/stock-market-today-dow-jones-11-29-2023/card/economy-grew-faster-than-thought-in-q3-but-slowdown-expected-CivDqG8scwqDUnP0qZSh

The economy grew faster than previously estimated during the third quarter—at a blistering seasonally- and inflation-adjusted 5.2% annual rate—because there was more fixed investment as well as state and local government spending than initially thought, the Commerce Department said Wednesday.

Even with the UAW strike, job creation is solid. Fears of a recession are disappearing.

US labor market loosens as job gains slow, unemployment rate hits 3.9%​

• Nonfarm payrolls increase 150,000 in October
• Auto strikes reduce payrolls by 33,000 jobs
• Unemployment rate rises to 3.9% from 3.8%
• Average hourly earnings gain 0.2%; up 4.1% year-on-year

The economy added 101,000 fewer jobs in August and September than previously estimated, also suggesting slowing labor market momentum. The report strengthened financial market expectations that the Federal Reserve is done raising interest rates for the current cycle, and improved the chances of the U.S. central bank engineering a "soft-landing" for the economy rather than plunging it into recession as some economists had feared.

Manufacturing employment dropped 35,000, with the UAW strike at Ford Motor (F.N), General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI) factories as well as at Mack Trucks plants subtracting 33,000 jobs.


Seriously, there isn't much to complain about where the economy is concerned. But you have to go looking for the information.

Just in time for another republican president to be voted into office and cause another recession.

 

[NxNW]

Just in time for another republican president to be voted into office and cause another recession.

I can't remember the last Republican president who didn't cause a recession.

 

[Nithavela]

I can't remember the last Republican president who didn't cause a recession.

That's their job, isn't it? Democrats fix a recession, people get mad at democrats, people vote in republicans, republicans cause a recession, people get mad at republicans, people vote in democrats, rinse and repeat.

 

[NxNW]

 

[keith99]

I can't remember the last Republican president who didn't cause a recession.

Ike?

 

[essentialsaltes]

Dow reaches record high as Fed pivots toward rate cuts​

US markets soared higher on Wednesday afternoon following the Federal Reserve’s final policy decision of the year.

The Dow rose 1.4%, closing at 37,090.24 and blazing past its previous record high of 36,799.65

Wednesday’s stock surge sent the Dow’s year-to-date gains to 11.9%. The S&P 500 is also about 2% from a record high and is up 22.6% so far in 2023. The tech-heavy Nasdaq Composite has soared by more than 40% so far this year.

“The major takeaway from the December policy meeting is that the Federal Reserve is forecasting a soft landing, full employment

“From our vantage point that is about the best holiday gift a central banker can bestow upon the investment community, policymakers and the public,” [some economist dude] wrote.

 

[USincognito]

I can't remember the last Republican president who didn't cause a recession.

Teddy Roosevelt.

 

[USincognito]

Dow reaches record high as Fed pivots toward rate cuts​

US markets soared higher on Wednesday afternoon following the Federal Reserve’s final policy decision of the year.

The Dow rose 1.4%, closing at 37,090.24 and blazing past its previous record high of 36,799.65

Wednesday’s stock surge sent the Dow’s year-to-date gains to 11.9%. The S&P 500 is also about 2% from a record high and is up 22.6% so far in 2023. The tech-heavy Nasdaq Composite has soared by more than 40% so far this year.

“The major takeaway from the December policy meeting is that the Federal Reserve is forecasting a soft landing, full employment

“From our vantage point that is about the best holiday gift a central banker can bestow upon the investment community, policymakers and the public,” [some economist dude] wrote.

NYT headline - Dow hits new high. How is this bad news for Biden?

 

[USincognito]

Plano, Texas 8am this morning.

Thanks President Biden!

 

[Laodicean60]

best holiday gift a central banker can bestow upon the investment community,

And for me too!

 

[Vambram]

https://www.newsmax.com/newsmax-tv/bryan-steil-joe-biden-economy/2023/12/20/id/1146686/

Rep. Steil to Newsmax: Bidenomics Is Painful; Biden Doesn't Get It​

Rep. Bryan Steil, R-Wis., told Newsmax Wednesday that President Joe Biden doesn't "understand the negative impact" his economic policies are having on average Americans.
Biden traveled to Milwaukee Wednesday, where he pitched voters on his economic agenda and touted his achievements on job growth. He also took aim at the GOP front-runner, former President Donald Trump, over his recent comments on immigrants.
"We always believe diversity is our strength as a nation. I don't believe as ... the former president said again yesterday, that immigrants are polluting our blood," Biden raid reported the Milwaukee Journal Sentinel. "The economy in our nation is stronger when we're tapping into the full range of talents in this nation.”
Steil said on "Newsline" ahead of Biden's trip to the state, "The president's coming to Milwaukee, Wisconsin, to tell people not to believe what their own eyes are showing them."
The congressman said that if the president "really wanted to understand the negative impact Bidenomics is having on this country, you should go to the grocery store and talk to customers who are paying 20% more for groceries, 17% more for everything since President Biden took office."
He continued, "Families are struggling to afford the things that they need, directly related to the inflation that has been rocked by the Biden policies from Day 1 when he came in."
Steil went on to criticize Biden for "killing the XL pipeline, making a war on domestic energy production, passing massive spending bills, paying people not to work after the pandemic, and then he can't figure out why inflation is clobbering Americans. He should go and actually talk to regular Americans, and ... understand the pain that his administration is causing.

 

[iluvatar5150]

[
Steil went on to criticize Biden for "killing the XL pipeline, making a war on domestic energy production, passing massive spending bills, paying people not to work after the pandemic, and then he can't figure out why inflation is clobbering Americans. He should go and actually talk to regular Americans, and ... understand the pain that his administration is causing.

There are legitimate criticisms to make about preaching “bidenomics” while glossing over real struggles that people are having.

But moaning about the Keystone XL and the “war on domestic energy production” is not that. Anybody harping on those points is an idiot or a liar. We’re producing oil at record levels:
https://www.cnn.com/2023/12/19/business/us-production-oil-reserves-crude?cid=ios_app

 

[Vambram]

While it is true that American gas and oil production is at record levels, isn't also true that Biden’s executive orders in the beginning of his presidency placed regulations upon oil and gas corporations which raised their costs of doing business?

Although gasoline is less expensive at the pump than it was a year ago, I bet most of us still believe that gas prices are too high.

 

[iluvatar5150]

While it is true that American gas and oil production is at record levels, isn't also true that Biden’s executive orders in the beginning of his presidency placed regulations upon oil and gas corporations which raised their costs of doing business?

It’s one thing to disagree with it as a matter of policy, but as a practical matter, whatever “war” he’s supposedly waging is obviously not going well and obviously not making much of a dent in the oil companies’ desire to pump as much as possible or jacking up the price we’re paying.

Although gasoline is less expensive at the pump than it was a year ago, I bet most of us still believe that gas prices are too high.

You’re welcome to that opinion, but the inflation-adjusted price of gas right now is back to where it was during the Trump administration.

If you want to argue that that’s skewed by the high inflation we had for a few years, that’s fine, but we’re also almost back down to the mon-adjusted peak from the Trump years.

Gas Station Price Charts - Local & National Historical Average Trends - GasBuddy.com

Compare gas and crude oil prices over time for the US Average, Canada Average, and your hometown. View charts for the past month to 10 years.

www.gasbuddy.com

 

[NxNW]

Although gasoline is less expensive at the pump than it was a year ago, I bet most of us still believe that gas prices are too high.

I drive an EV. In the event I have to rent an ICE car, it's a miserable experience.

 

[Ana the Ist]

No, 3.5% is 1.5% greater than 2%. You can't take percents of percents and expect the percent sign to mean anything.

Is this a joke?

 

[Ana the Ist]

That's their job, isn't it? Democrats fix a recession, people get mad at democrats, people vote in republicans, republicans cause a recession, people get mad at republicans, people vote in democrats, rinse and repeat.

I'm sorry...I must be recalling it incorrectly.

What recession did Trump cause? Obviously 2020 was rough economically....but it's hard to pin that on Trump.

 

[NxNW]

What recession did Trump cause? Obviously 2020 was rough economically....but it's hard to pin that on Trump.

He caused the Trump Recession of 2020. It's named after him, so it should be easy to remember in the future.

 

[Vambram]

He caused the Trump Recession of 2020. It's named after him, so it should be easy to remember in the future.

Is someone forgetting the impact that the Covid 19 pandemic had upon the economy with all of those lockdowns which were enforced longer in blue states and blue cities than they were enforced in red states and red cities?

Please explain how Trump caused the recession in 2020.