While Cooling Slightly, Inflation Remains Stubbornly High

[iluvatar5150]

Can someone help translate this?

‍

 

[DaisyDay]

I responded per your comment to help rectify the topic somewhat, let someone else correct if wronged.

I didn't understand it either.

 

[Say it aint so]

Have you forgotten that Trump gave us one of the best economies in history? AND Biden gave us the highest inflation in 40 years.

No he didn't. Here is job creation in Trump's first three years ( to not have it skewed by covid ) and compared to Obama's last three years. Please point out the where this Trump miracle of one of the "best economies in history" takes place. If you averaged this out as a straight line you will find that fewer jobs were created under Trump.

 

[comana]

No he didn't. Here is job creation in Trump's first three years ( to not have it skewed by covid ) and compared to Obama's last three years. Please point out the where this Trump miracle of one of the "best economies in history" takes place. If you averaged this out as a straight line you will find that fewer jobs were created under Trump.

View attachment 329381

It’s amazing how many choose to forget how strong our economy was at the end of Obama’s term going in to Trump’s.

 

[DaisyDay]

It’s amazing how many choose to forget how strong our economy was at the end of Obama’s term going in to Trump’s.

What's even more amazing is how they forget Trump's disastrous final year.

 

[disciple Clint]

No he didn't. Here is job creation in Trump's first three years ( to not have it skewed by covid ) and compared to Obama's last three years. Please point out the where this Trump miracle of one of the "best economies in history" takes place. If you averaged this out as a straight line you will find that fewer jobs were created under Trump.

View attachment 329381

Here are 10 facts since Trump was elected that prove this is the best overall economy in more than 50 years:

Here are 10 facts since Trump was elected that prove this is the best overall economy in more than 50 years:

Employment: PBS News Hour confirmed that this is the best labor market since 1969 with low unemployment, more jobs and rising wages.
GDP: Trump is the first president to have GDP consistently higher than 3%, President Barack Obama was only the president to fail to achieve one year of 3% GDP growth.
Wages: The Washington Post even surrenders to the fact that Trump is the first president to improve wages in a generation where income is at an all-time high.
Stock Market: CNN says the stock market has roared more than 40% since Trump’s election.
Gas and Fuel Prices: Gas prices are low in most U.S. states that don't over-tax fuel with local and state taxes. Many states have $2.15 per gallon gasoline right now. Gas prices may fall this summer according to the latest news.
Ethnic Employment Success: The employment success for all ethnicities is at record high. Obama had difficulty creating jobs and many people gave up looking for work.
Manufacturing Jobs: Manufacturing jobs are back in the U.S. for the first time in a generation. Trump created 284,000 manufacturing jobs in 2018. Forbes implied that millions of manufacturing jobs were lost during Obama’s first 2 years in office. Some 1 in 6 were lost between January 2008 and March 2010 and Obama never got those jobs back.
Taxes and Regulatory: Corporate taxes were cut from 35% to 21%. America moved from worst tax system up to one of the most competitive in the world under Trump’s first 2 years in office. Lower tax rates allow U.S. companies to spend more money, buy more assets, pay more employee benefits, buy stock back to put money on Main Street and into state coffers, and even help pay better dividends to seniors who live paycheck to paycheck.
Nasdaq: The Nasdaq stock market value finally exceeded the 1999 prices under Trump. This implies that companies were stagnant for 18 years until Trump took office.
Level the Playing Field: With a mixed bag of tax-code improvements, removal of red tape, new trade agreements, and competitive tariffs, the U.S. economy is more insulated from failure. Even the Federal Reserve is willing to lower rates if other countries harm the U.S. trading environment.

https://www.newsmax.com/finance/georgementz/trump-economy-best-50/2019/06/05/id/919096/

 

[KCfromNC]

Here are 10 facts since Trump was elected that prove this is the best overall economy in more than 50 years:

Here are 10 facts since Trump was elected that prove this is the best overall economy in more than 50 years:

Employment: PBS News Hour confirmed that this is the best labor market since 1969 with low unemployment, more jobs and rising wages.
GDP: Trump is the first president to have GDP consistently higher than 3%, President Barack Obama was only the president to fail to achieve one year of 3% GDP growth.
Wages: The Washington Post even surrenders to the fact that Trump is the first president to improve wages in a generation where income is at an all-time high.
Stock Market: CNN says the stock market has roared more than 40% since Trump’s election.
Gas and Fuel Prices: Gas prices are low in most U.S. states that don't over-tax fuel with local and state taxes. Many states have $2.15 per gallon gasoline right now. Gas prices may fall this summer according to the latest news.
Ethnic Employment Success: The employment success for all ethnicities is at record high. Obama had difficulty creating jobs and many people gave up looking for work.
Manufacturing Jobs: Manufacturing jobs are back in the U.S. for the first time in a generation. Trump created 284,000 manufacturing jobs in 2018. Forbes implied that millions of manufacturing jobs were lost during Obama’s first 2 years in office. Some 1 in 6 were lost between January 2008 and March 2010 and Obama never got those jobs back.
Taxes and Regulatory: Corporate taxes were cut from 35% to 21%. America moved from worst tax system up to one of the most competitive in the world under Trump’s first 2 years in office. Lower tax rates allow U.S. companies to spend more money, buy more assets, pay more employee benefits, buy stock back to put money on Main Street and into state coffers, and even help pay better dividends to seniors who live paycheck to paycheck.
Nasdaq: The Nasdaq stock market value finally exceeded the 1999 prices under Trump. This implies that companies were stagnant for 18 years until Trump took office.
Level the Playing Field: With a mixed bag of tax-code improvements, removal of red tape, new trade agreements, and competitive tariffs, the U.S. economy is more insulated from failure. Even the Federal Reserve is willing to lower rates if other countries harm the U.S. trading environment.

https://www.newsmax.com/finance/georgementz/trump-economy-best-50/2019/06/05/id/919096/

I think most people are going to remember some minor hiccups in the US towards the end of Donald's term, after this article from 2019 was written.

 

[iluvatar5150]

Here are 10 facts since Trump was elected that prove this is the best overall economy in more than 50 years:

I've seen loads of copypasta posts like this and every one strikes me as a blindly impulsive reaction suggesting that the person doing the copypasta doesn't understand the topic. Did you even read what you posted? Do you know what's happened since it was written nearly 3 years ago how that compares to today?

Here are 10 facts since Trump was elected that prove this is the best overall economy in more than 50 years:

Employment: PBS News Hour confirmed that this is the best labor market since 1969 with low unemployment, more jobs and rising wages.

In June 2019, when the article was written, the unemployment rate was 3.6%. In Feb 2023, it's 3.6%

Unemployment Rate

View data of the unemployment rate, or the number of people 16 and over actively searching for a job as a percentage of the total labor force.

fred.stlouisfed.org

Real wages are higher now than they were when that piece was written:

Employed full time: Median usual weekly real earnings: Wage and salary workers: 16 years and over

Graph and download economic data for Employed full time: Median usual weekly real earnings: Wage and salary workers: 16 years and over (LES1252881600Q) from Q1 1979 to Q4 2023 about full-time, salaries, workers, earnings, 16 years +, wages, median, real, employment, and USA.

fred.stlouisfed.org

Much of those gains have been concentrated at the bottom of the wage ladder:

Lowest-income workers see accelerated earnings growth during pandemic

In many respects, the pandemic has disproportionately harmed low-income workers. Earnings growth, triggered by labor shortages and high turnover rates, could be a rare exception.

www.dallasfed.org

GDP: Trump is the first president to have GDP consistently higher than 3%, President Barack Obama was only the president to fail to achieve one year of 3% GDP growth.

lol, you counted those chickens before they hatched. Trump had a couple of quarters of >3% annualized growth, but never had a full year of it. And then 2020 wiped out a full year's worth of growth:

Real Gross Domestic Product

View the annual rate of economic output, or the inflation-adjusted value of all new goods and services produced by labor and property located in the U.S.

fred.stlouisfed.org

Wages: The Washington Post even surrenders to the fact that Trump is the first president to improve wages in a generation where income is at an all-time high.

I don't know what he's talking about, because real wages had been rising since 2014:

Employed full time: Median usual weekly real earnings: Wage and salary workers: 16 years and over

Graph and download economic data for Employed full time: Median usual weekly real earnings: Wage and salary workers: 16 years and over (LES1252881600Q) from Q1 1979 to Q4 2023 about full-time, salaries, workers, earnings, 16 years +, wages, median, real, employment, and USA.

fred.stlouisfed.org

Manufacturing Jobs: Manufacturing jobs are back in the U.S. for the first time in a generation. Trump created 284,000 manufacturing jobs in 2018. Forbes implied that millions of manufacturing jobs were lost during Obama’s first 2 years in office. Some 1 in 6 were lost between January 2008 and March 2010 and Obama never got those jobs back.

That's a really dishonest way of spinning things. Here's the chart showing total manufacturing employment. You can point out for us where Trump changed things from how they'd been proceeding since 2010:

All Employees, Manufacturing

Graph and download economic data for All Employees, Manufacturing (MANEMP) from Jan 1939 to Jan 2024 about headline figure, establishment survey, manufacturing, employment, and USA.

fred.stlouisfed.org

Nasdaq: The Nasdaq stock market value finally exceeded the 1999 prices under Trump. This implies that companies were stagnant for 18 years until Trump took office.

Wow, that is dumb.

Nasdaq is heavily weighted towards tech stocks and there was a tech bubble in 1999 that burst in early 2000. A quick look at the chart shows you that it had been growing virtually the entire time:

Nasdaq Composite Price, Real-time Quote & News - Google Finance

Get the latest Nasdaq Composite (.IXIC) value, historical performance, charts, and other financial information to help you make more informed trading and investment decisions.

www.google.com

Level the Playing Field: With a mixed bag of tax-code improvements, removal of red tape, new trade agreements, and competitive tariffs, the U.S. economy is more insulated from failure.

lol

Do you remember about a week ago when I was criticizing your garbage sources? This is another one. Please do a little research before posting nonsense like this.

 

[Say it aint so]

Here are 10 facts since Trump was elected that prove this is the best overall economy in more than 50 years:

Here are 10 facts since Trump was elected that prove this is the best overall economy in more than 50 years:

Employment: PBS News Hour confirmed that this is the best labor market since 1969 with low unemployment, more jobs and rising wages.
GDP: Trump is the first president to have GDP consistently higher than 3%, President Barack Obama was only the president to fail to achieve one year of 3% GDP growth.
Wages: The Washington Post even surrenders to the fact that Trump is the first president to improve wages in a generation where income is at an all-time high.
Stock Market: CNN says the stock market has roared more than 40% since Trump’s election.
Gas and Fuel Prices: Gas prices are low in most U.S. states that don't over-tax fuel with local and state taxes. Many states have $2.15 per gallon gasoline right now. Gas prices may fall this summer according to the latest news.
Ethnic Employment Success: The employment success for all ethnicities is at record high. Obama had difficulty creating jobs and many people gave up looking for work.
Manufacturing Jobs: Manufacturing jobs are back in the U.S. for the first time in a generation. Trump created 284,000 manufacturing jobs in 2018. Forbes implied that millions of manufacturing jobs were lost during Obama’s first 2 years in office. Some 1 in 6 were lost between January 2008 and March 2010 and Obama never got those jobs back.
Taxes and Regulatory: Corporate taxes were cut from 35% to 21%. America moved from worst tax system up to one of the most competitive in the world under Trump’s first 2 years in office. Lower tax rates allow U.S. companies to spend more money, buy more assets, pay more employee benefits, buy stock back to put money on Main Street and into state coffers, and even help pay better dividends to seniors who live paycheck to paycheck.
Nasdaq: The Nasdaq stock market value finally exceeded the 1999 prices under Trump. This implies that companies were stagnant for 18 years until Trump took office.
Level the Playing Field: With a mixed bag of tax-code improvements, removal of red tape, new trade agreements, and competitive tariffs, the U.S. economy is more insulated from failure. Even the Federal Reserve is willing to lower rates if other countries harm the U.S. trading environment.

https://www.newsmax.com/finance/georgementz/trump-economy-best-50/2019/06/05/id/919096/

Never mind what PBS says, what do the numbers say? I already gave you a chart where Trump's job creation was weaker than Obama's even with the covid year removed. Your newsmax statement of this, "GDP: Trump is the first president to have GDP consistently higher than 3%, President Barack Obama was only the president to fail to achieve one year of 3% GDP growth, uses a bait and switch. Trump's GDP was never "consistently higher than 3%. Not one of his annual GDPs were 3%. HERE and below.

 

[iluvatar5150]

Never mind what PBS says, what do the numbers say? I already gave you a chart where Trump's job creation was weaker than Obama's even with the covid year removed. Your newsmax statement of this, "GDP: Trump is the first president to have GDP consistently higher than 3%, President Barack Obama was only the president to fail to achieve one year of 3% GDP growth, uses a bait and switch. Trump's GDP was never "consistently higher than 3%. Not one of his annual GDPs were 3%. HERE and below.


View attachment 329450

This guy's (the author's) notion of consistency is laughable. Assuming for a minute that, at the time he wrote the piece, the 2018 numbers were still reading above 3% and hadn't yet been revised downwards (I don't know if/when that happened, but it's not uncommon, so I'll give him the benefit of the doubt), he's basing that statement on two whole data points, one of which doesn't remotely support his premise.

 

[disciple Clint]

I think most people are going to remember some minor hiccups in the US towards the end of Donald's term, after this article from 2019 was written.

Yes it was called Covid, did you want to blame Trump for that?

 

[disciple Clint]

I've seen loads of copypasta posts like this and every one strikes me as a blindly impulsive reaction suggesting that the person doing the copypasta doesn't understand the topic. Did you even read what you posted? Do you know what's happened since it was written nearly 3 years ago how that compares to today?




In June 2019, when the article was written, the unemployment rate was 3.6%. In Feb 2023, it's 3.6%

Unemployment Rate

View data of the unemployment rate, or the number of people 16 and over actively searching for a job as a percentage of the total labor force.

fred.stlouisfed.org

Real wages are higher now than they were when that piece was written:

Employed full time: Median usual weekly real earnings: Wage and salary workers: 16 years and over

Graph and download economic data for Employed full time: Median usual weekly real earnings: Wage and salary workers: 16 years and over (LES1252881600Q) from Q1 1979 to Q4 2023 about full-time, salaries, workers, earnings, 16 years +, wages, median, real, employment, and USA.

fred.stlouisfed.org

Much of those gains have been concentrated at the bottom of the wage ladder:

Lowest-income workers see accelerated earnings growth during pandemic

In many respects, the pandemic has disproportionately harmed low-income workers. Earnings growth, triggered by labor shortages and high turnover rates, could be a rare exception.

www.dallasfed.org

lol, you counted those chickens before they hatched. Trump had a couple of quarters of >3% annualized growth, but never had a full year of it. And then 2020 wiped out a full year's worth of growth:

Real Gross Domestic Product

View the annual rate of economic output, or the inflation-adjusted value of all new goods and services produced by labor and property located in the U.S.

fred.stlouisfed.org

I don't know what he's talking about, because real wages had been rising since 2014:

Employed full time: Median usual weekly real earnings: Wage and salary workers: 16 years and over

Graph and download economic data for Employed full time: Median usual weekly real earnings: Wage and salary workers: 16 years and over (LES1252881600Q) from Q1 1979 to Q4 2023 about full-time, salaries, workers, earnings, 16 years +, wages, median, real, employment, and USA.

fred.stlouisfed.org

That's a really dishonest way of spinning things. Here's the chart showing total manufacturing employment. You can point out for us where Trump changed things from how they'd been proceeding since 2010:

All Employees, Manufacturing

Graph and download economic data for All Employees, Manufacturing (MANEMP) from Jan 1939 to Jan 2024 about headline figure, establishment survey, manufacturing, employment, and USA.

fred.stlouisfed.org

Wow, that is dumb.

Nasdaq is heavily weighted towards tech stocks and there was a tech bubble in 1999 that burst in early 2000. A quick look at the chart shows you that it had been growing virtually the entire time:

Nasdaq Composite Price, Real-time Quote & News - Google Finance

Get the latest Nasdaq Composite (.IXIC) value, historical performance, charts, and other financial information to help you make more informed trading and investment decisions.

www.google.com

lol

Do you remember about a week ago when I was criticizing your garbage sources? This is another one. Please do a little research before posting nonsense like this.

Oh yes if you do not like the message attack the messenger, some people simply need to grow up and learn how to accept facts that do not conform to their biased beliefs. Had it not been for Covid Trump would have been reelected and our economy would be far, far better than what we have now.

 

[iluvatar5150]

Oh yes if you do not like the message attack the messenger, some people simply need to grow up and learn how to accept facts that do not conform to their biased beliefs. Had it not been for Covid Trump would have been reelected and our economy would be far, far better than what we have now.

lol, what are you talking about? Did you just not read the first 90% of that post you quoted? I only said your source was garbage after I showed how it was garbage. If you don’t want folks pointing out how your sources are garbage, put a little effort into finding ones that aren’t garbage. Maybe read a little, study a little, and exercise a little discernment instead of grabbing the first thing with a headline that confirms your pre-existing beliefs. I mean, if nothing else, that NASDAQ comment ought to have thrown up some red flags that that guy was full of it.

 

[disciple Clint]

lol, what are you talking about? Did you just not read the first 90% of that post you quoted? I only said your source was garbage after I showed how it was garbage. If you don’t want folks pointing out how your sources are garbage, put a little effort into finding ones that aren’t garbage. Maybe read a little, study a little, and exercise a little discernment instead of grabbing the first thing with a headline that confirms your pre-existing beliefs. I mean, if nothing else, that NASDAQ comment ought to have thrown up some red flags that that guy was full of it.

Perhaps with your grasp of our economy you explain how "Real wages are higher now than they were when that piece was written:" Please remember to factor in the highest inflation in the last 40 years. I do not know anyone who thinks they are better off now than they were pre Covid under Trump.

 

[iluvatar5150]

Perhaps with your grasp of our economy you explain how "Real wages are higher now than they were when that piece was written:" Please remember to factor in the highest inflation in the last 40 years.

Buddy…

Any time you see the word “real” applied in the context of economics to a term like wages or gdp, it means that the numbers already account for inflation.

I do not know anyone who thinks they are better off now than they were pre Covid under Trump.

Really? Because I know quite a few people who’ve job hopped for substantial raises. My base salary now is 62% higher than it was a year and a half ago. My wife’s base is about 35% higher than it was a year ago and she’s in the process of getting promoted which should push that increase to a total of about 57%. My SIL started a new job recently that has her making somewhere around 25-30% more than last year. I can think of several friends and colleagues making anywhere from 25%-100% more than a couple years ago. It’s been a pretty good time to be a white collar worker, especially if you already had some experience.

(all of these figures are nominal, i.e. not adjusted for inflation)

 

[Say it aint so]

Yes it was called Covid, did you want to blame Trump for that?

And yes, it's called pandemic induced worldwide inflation, but yet people blame Biden for that.

 

[disciple Clint]

And yes, it's called pandemic induced worldwide inflation, but yet people blame Biden for that.

View attachment 329495

Biden’s big-spending policies helped fuel inflation, says Federal Reserve Bank of San Francisco
A report released on Wednesday by the bank said the U.S. inflation rate spiked higher than other countries in March 2021, shortly after Congress passed President Biden’s $1.9 trillion COVID-19 relief package“Fiscal support measures designed to counteract the severity of the pandemic’s economic effect may have contributed to this divergence by raising inflation about 3 percentage points by the end of 2021,” analysts wrote. Biden’s big-spending policies helped fuel inflation, says Federal Reserve Bank of San Francisco

 

[Say it aint so]

Biden’s big-spending policies helped fuel inflation, says Federal Reserve Bank of San Francisco
A report released on Wednesday by the bank said the U.S. inflation rate spiked higher than other countries in March 2021, shortly after Congress passed President Biden’s $1.9 trillion COVID-19 relief package“Fiscal support measures designed to counteract the severity of the pandemic’s economic effect may have contributed to this divergence by raising inflation about 3 percentage points by the end of 2021,” analysts wrote. Biden’s big-spending policies helped fuel inflation, says Federal Reserve Bank of San Francisco

“Fiscal support measures designed to counteract the severity of the pandemic’s economic effect may have contributed to this divergence by raising inflation about 3 percentage points by the end of 2021,”

There you go with the the Moonie Paper where the links don't go to what they are sourcing, but to other articles within their paper that aren't the source they cite. FOXnews does the same.

The conclusion from the FRBSF:

​

The United States is experiencing higher rates of inflation than other advanced economies. In this Economic Letter we argue that, among other reasons explored by the literature, the sizable fiscal support measures aimed at counteracting the economic collapse due to the COVID-19 pandemic could explain about 3 percentage points of the recent rise in inflation. However, without these spending measures, the economy might have tipped into outright deflation and slower economic growth, the consequences of which would have been harder to manage.​

So the policy may have aggravated inflation, which means higher prices. Or not doing it may have slowed economic growth, which means to loss jobs. Pick your poison, but clearly Americans who take the first one.

 

[disciple Clint]

“Fiscal support measures designed to counteract the severity of the pandemic’s economic effect may have contributed to this divergence by raising inflation about 3 percentage points by the end of 2021,”

There you go with the the Moonie Paper where the links don't go to what they are sourcing, but to other articles within their paper that aren't the source they cite. FOXnews does the same.

The conclusion from the FRBSF:

​

The United States is experiencing higher rates of inflation than other advanced economies. In this Economic Letter we argue that, among other reasons explored by the literature, the sizable fiscal support measures aimed at counteracting the economic collapse due to the COVID-19 pandemic could explain about 3 percentage points of the recent rise in inflation. However, without these spending measures, the economy might have tipped into outright deflation and slower economic growth, the consequences of which would have been harder to manage.​

So the policy may have aggravated inflation, which means higher prices. Or not doing it may have slowed economic growth, which means to loss jobs. Pick your poison, but clearly Americans who take the first one.

Let me clear that up for reading comprehension, the spending DID CAUSE a 3 percent increase in inflation, if it were not for the spending there MAY have been deflation. There MAY have been many things in our world but we can only consider the things that actually exist not those things that hypothetically might exist
by the way your original post tried to excuse the inflation by declaring it was world wide and yet this article indicates it was greater in our nation, so much for excuses.

 

[KCfromNC]

Yes it was called Covid, did you want to blame Trump for that?

Makes just as much sense for giving him credit for the Obama recovery.