Biden is ruining the economy, not fixing it

[Indeependent]

Inflation soars to 31-year high as holidays

Inflation already hurting Americans, and Biden's Build Back Better will make things even worse

Inflation already hurting Americans, and Biden's Build Back Better will make things even worse

Are you better off than you were two years ago? That’s what Republicans will ask voters a year from now.

www.foxnews.com

Unfortunately, Biden’s late-breaking awareness of our inflation problem did not come packaged with a solution. Instead, tin-eared Biden continues to hype his multitrillion-dollar Build Back Better bill, which he says will help bring prices down.

No, it won’t. And in fact, Biden expressly said so in his muddled remarks. As he expressed shock about the price of gasoline, Biden claimed, "That’s why it’s so important we do everything in our power to stabilize the supply chain…"

Nancy Mace: Economy is in 'shambles' amid rampant inflation, energy concernsVideo
Just for the record, the very real supply chain bottlenecks that are keeping goods from landing in stores have absolutely zip to do with rising gasoline prices. That’s on Joe Biden, who has discouraged U.S. oil and gas investment and also insulted and alienated the most influential person in OPEC, Mohammed bin Salman. OPEC is understandably unmoved by Biden’s pleas for more oil.

Biden also claimed, "At the same time, we’re also experiencing higher demand for goods because wages are up as well as people have money in the bank. And because of the strength of our economic recovery, American families have been able to buy more products."

In other words, consumers are flush, and our recovery is strong. So … what on earth are we doing spending trillions more on Biden’s favored bill? The same could have been argued (and we did) before the $1.9 trillion American Rescue Plan passed in March. We did not need to hype government spending then, and we do not need to do so now.

Democrats would argue that Build Back Better (BBB) is not about infusing the economy with more cash, but instead will tackle long-term problems like expensive child care that is keeping women out of the workforce.

Their solution is to subsidize child care for low-earning Americans, while also boosting wages for people working in that field.

But if you’re a middle-class family that must foot the bills on your own, you’re in trouble. Matt Bruenig, left-leaning president of the People’s Policy Project think tank, says the proposal will jack up child care costs by about $13,000 a year, to almost $29,000. Why? Because BBB demands infant care workers be paid the same as elementary school teachers, increasing wages by 138%.

BBB also purports to make home care for the elderly more affordable, but it is union organizers who are especially excited about the proposal. Mary Kay Henry, International SEIU head, cheers, "We have a chance to turn home care, the fastest-growing job in America, from poverty-wage employment into a good union job." Will that drive costs down? Of course not.

Are media downplaying inflation?Video
Why should this surprise anyone? Any industry that has a heavy government footprint, including education and health care, has seen costs soar way beyond overall inflation over time. Today, over 40% of higher education costs are funded by state and federal coffers; is it any wonder that the cost of attending a four-year college has increased at twice the level of inflation since 1985?

Or take health care, where the federal government accounts for over 40% of spending, and where total spending has increased 50-fold since 1970.

Federal programs are by definition inefficient; that’s the nature of the beast. Add to that Joe Biden’s push to ensure that workers added to provide home care, pre-K and other services be unionized, thus demanding higher pay, and you can rest assured the BBB will not lower inflation. Just the opposite.

Voters rejected Big Government this past Election Day. They should do so again in 2022. I’m guessing they will.

Faun is a Java coder who thinks he understands macroeconomics.

 

[Faun]

Those are stats, not actual numbers.

Can someone explain to that putz that stats are numbers.

 

[Indeependent]

LOLOL

The Dow and S&P 500 are near all time highs, ya flamin' imbecile.

DJIA:
current: 35,629.33
High: 36,952.65

S&P 500:
Current: 4,589.38
High: 4,818.62

Where’s the money coming from and what does Wall Street have to do with Main Street.
I will laugh when the crash happens and they fire your ass.

 

[Indeependent]

Can someone explain to that putz that stats are numbers.

I have already explained that people who work with stats are wrong 99% of the time.

 

[Faun]

Inflation soars to 31-year high as holidays

Inflation already hurting Americans, and Biden's Build Back Better will make things even worse

Inflation already hurting Americans, and Biden's Build Back Better will make things even worse

Are you better off than you were two years ago? That’s what Republicans will ask voters a year from now.

www.foxnews.com

Unfortunately, Biden’s late-breaking awareness of our inflation problem did not come packaged with a solution. Instead, tin-eared Biden continues to hype his multitrillion-dollar Build Back Better bill, which he says will help bring prices down.

No, it won’t. And in fact, Biden expressly said so in his muddled remarks. As he expressed shock about the price of gasoline, Biden claimed, "That’s why it’s so important we do everything in our power to stabilize the supply chain…"

Nancy Mace: Economy is in 'shambles' amid rampant inflation, energy concernsVideo
Just for the record, the very real supply chain bottlenecks that are keeping goods from landing in stores have absolutely zip to do with rising gasoline prices. That’s on Joe Biden, who has discouraged U.S. oil and gas investment and also insulted and alienated the most influential person in OPEC, Mohammed bin Salman. OPEC is understandably unmoved by Biden’s pleas for more oil.

Biden also claimed, "At the same time, we’re also experiencing higher demand for goods because wages are up as well as people have money in the bank. And because of the strength of our economic recovery, American families have been able to buy more products."

In other words, consumers are flush, and our recovery is strong. So … what on earth are we doing spending trillions more on Biden’s favored bill? The same could have been argued (and we did) before the $1.9 trillion American Rescue Plan passed in March. We did not need to hype government spending then, and we do not need to do so now.

Democrats would argue that Build Back Better (BBB) is not about infusing the economy with more cash, but instead will tackle long-term problems like expensive child care that is keeping women out of the workforce.

Their solution is to subsidize child care for low-earning Americans, while also boosting wages for people working in that field.

But if you’re a middle-class family that must foot the bills on your own, you’re in trouble. Matt Bruenig, left-leaning president of the People’s Policy Project think tank, says the proposal will jack up child care costs by about $13,000 a year, to almost $29,000. Why? Because BBB demands infant care workers be paid the same as elementary school teachers, increasing wages by 138%.

BBB also purports to make home care for the elderly more affordable, but it is union organizers who are especially excited about the proposal. Mary Kay Henry, International SEIU head, cheers, "We have a chance to turn home care, the fastest-growing job in America, from poverty-wage employment into a good union job." Will that drive costs down? Of course not.

Are media downplaying inflation?Video
Why should this surprise anyone? Any industry that has a heavy government footprint, including education and health care, has seen costs soar way beyond overall inflation over time. Today, over 40% of higher education costs are funded by state and federal coffers; is it any wonder that the cost of attending a four-year college has increased at twice the level of inflation since 1985?

Or take health care, where the federal government accounts for over 40% of spending, and where total spending has increased 50-fold since 1970.

Federal programs are by definition inefficient; that’s the nature of the beast. Add to that Joe Biden’s push to ensure that workers added to provide home care, pre-K and other services be unionized, thus demanding higher pay, and you can rest assured the BBB will not lower inflation. Just the opposite.

Voters rejected Big Government this past Election Day. They should do so again in 2022. I’m guessing they will.

And despite inflation, we still had 6.9% real GDP growth last quarter and the highest GDP growth last year than we had in nearly 4 decades.

Trump once bashed Obama for never having a year north of 3% and predicted he would do better, having a year with 4% or 5%, maybe even 6%. Turned out, he too never reach 3%. Biden accomplished that though with 5.7% growth.

 

[Not a Monkeys Uncle]

Can someone explain to that putz that stats are numbers.

Listen you little bitch, the topic is

Biden is ruining the economy, not fixing it​

and that is a proven fact.

 

[Not a Monkeys Uncle]

Don't believe the White House hype: Biden is ruining the economy, not fixing it​

Don’t believe the White House hype: Biden is ruining the economy, not fixing it

Biden’s reckless spending programs have the potential to push the country toward another financial catastrophe, perhaps within the next year or two.

thehill.com

Following the release of jobs data indicating nonfarm payrolls increased by 943,000 in July, the Biden administration has repeatedly claimed the better-than-expected jobs increase is a sign that the “Biden plan” to fix the economy is working.

For example, in a press statement on Aug. 6, President Biden said it is now “indisputable” that “the Biden plan is working,” as well as that, “The Biden plan produces results, and the Biden plan is moving the country forward.”

On Wednesday, Biden continued his victory lap, claiming, “Economic growth is up to the fastest in 40 years, and unemployment is coming down.”

“This isn’t accidental,” Biden later added. “It is the result of our strategy to get shots in arms, grow the economy from the bottom up and the middle out. And it’s the rest of the — the result of the American Rescue Plan and everything else that we’ve done.”

Although the creation of 943,000 new jobs in July is undoubtedly good news, the Biden administration deserves very little credit for these gains. And even more importantly, when put into proper context, the recent jobs figures are, at best, a huge disappointment.

At the end of 2019, just prior to the outbreak of the coronavirus pandemic, the U.S. economy was still roaring. Fueled by Republicans’ 2017 tax reform law and the Trump administration’s commitment to reducing unnecessary government regulations, unemployment in numerous categories had reached historic or near-historic lows, including for African Americans, women, workers without a college degree and Hispanics.

After state and federal officials began locking down economic and social activities across the United States in early 2020, the economy faced an unprecedented collapse. From Feb. 2020 to April 2020, more than 16.35 million full-time jobs were destroyed.

From May 2020 to Jan. 2021, the final month of the Trump administration, many of the full-time jobs that had been lost during the government-imposed lockdowns returned as states started to reopen increasingly larger parts of their economies.

According to data from the Bureau of Labor Statistics (BLS), by the end of Jan. 2021, 10.66 million of the 16.35 million full-time jobs destroyed during the pandemic had been recovered, an average of 1.18 million jobs recovered per month.

Since Biden entered the White House, 2.47 million full-time jobs have been added, an average of just 412,666 jobs per month.

The rate of improvement for full-time workers did increase in July 2021, after three months of very little growth in the number of full-time jobs. But almost all of the gains were related to the further loosening of economic restrictions imposed during the pandemic, regulatory changes at the state and local levels only made possible because of the creation of a few important COVID-19 vaccines — none of which had anything to do with Biden, who wasn’t in the White House when they were developed.

Some have claimed that the Biden administration still deserves credit for the recent economic gains, because it is his administration that has overseen the vaccine rollout in 2021. But even the New York Times, a longtime critic of President Trump, has acknowledged, “Mr. Biden benefited hugely from the waves of vaccine production that the Trump administration had set in motion.”

The Times further acknowledged, “Mr. Biden had been in office less than a month when Moderna announced that it could deliver 200 million doses by the end of May, a month earlier than scheduled, simply because it had become faster at production. Pfizer was able to shave off even more time, moving up the timetable to deliver its 200 million doses by a full two months, partly because of newfound efficiencies and partly because it was given credit for six doses per vial instead of five.”

Most importantly, although the economy has managed to recover about eight in 10 of the full-time jobs lost, there are still four million fewer full-time workers today than there were in Dec. 2019 and 1.71 million fewer part-time workers.

There are also 4.52 million more people who are not in the labor force, despite millions of open jobs, trillions upon trillions of dollars of additional debt and a growing inflation problem.

According to BLS, the “all items” Consumer Price Index “rose 5.4 percent for the 12 months ending July, the same increase as the period ending June,” and wage growth has been unable to keep up. That means inflation is effectively making millions of American families poorer every month.

Meanwhile, wealthy Wall Street investors and corporations have become increasingly wealthier, thanks almost entirely to the Federal Reserve’s reckless money-printing policies, and housing has become more unaffordable than ever. The median sales price of a home sold in the second quarter of 2021 was more than $50,000 higher than it was just one year prior.

The Biden administration and congressional Democrats aren’t done spending money, either. They are on the verge of pushing trillions of dollars in new infrastructure spending and government programs, policies that will continue to cause inflation and may pose a serious risk to the stability of the economy. In the past, rapid inflation and skyrocketing home prices have been strongly associated with economic downturns and/or a stock market crash.

President Biden hasn’t saved the economy from disaster. The modest progress we’ve seen under his administration is due mostly to the work of state lawmakers and vaccine makers. His reckless spending programs have the potential to push the country toward another financial catastrophe, perhaps as soon as within the next year or two.

That’s hardly a record worth celebrating.

 

[Indeependent]

And despite inflation, we still had 6.9% real GDP growth last quarter and the highest GDP growth last year than we had in nearly 4 decades.

Trump once bashed Obama for never having a year north of 3% and predicted he would do better, having a year with 4% or 5%, maybe even 6%. Turned out, he too never reach 3%. Biden accomplished that though with 5.7% growth.

You are amazingly ignorant.
The Fed is pumping out money like crazy so the market, held almost 100% by corporations, is skyrocketing.
When the corporations start pulling money out of businesses that hire people to avoid the higher interest rates, people, including you, will be fired and the corporations will walk away with billions in profits.

 

[Faun]

Where’s the money coming from and what does Wall Street have to do with Main Street.

Aside from people on main street make money from Wall Street, not much else. But then, I didn't say it did. What I did say, but you're too stupid to comprehend; in response to the gloom & doom hopes from the right of a market crash, 2 of the major market indexes are not far off from their all time highs.

I will laugh when the crash happens and they fire your ass.

LOL

My job is recession proof. I've positioned myself to where a recession only helps guarantee I don't lose my job.

But keep your dreams alive.

 

[Faun]

I have already explained that people who work with stats are wrong 99% of the time.

And 92.4% of people who post stats without verifiable support made their stats up out of whole cloth.

 

[Indeependent]

Aside from people on main street make money from Wall Street, not much else. But then, I didn't say it did. What I did say, but you're too stupid to comprehend; in response to the gloom & doom hopes from the right of a market crash, 2 of the major market indexes are not far off from their all time highs.



LOL

My job is recession proof. I've positioned myself to where a recession only helps guarantee I don't lose my job.

But keep your dreams alive.

I think you’re related to someone high up because you’re dumb as dog shit.
I also believe you don’t document any of your projects so they can’t get rid of you.

 

[Indeependent]

And 92.4% of people who post stats without verifiable support made their stats up out of whole cloth.

Every economic statistics since the DOT COM crash has been a lie.
Why do you think people in slums are getting 800K loans?

 

[Not a Monkeys Uncle]

QUOTE ColonelAngus

Biden claimed he would beat the virus. He has had a year.

These jobs numbers are his, not Omicrons.

America's economic recovery is about to go into reverse

The Omicron variant put a massive speed bump in the road to America's recovery this winter. The first signs of trouble could show up in the January jobs report Friday.

www.cnn.com

 

[Indeependent]

QUOTE ColonelAngus

Biden claimed he would beat the virus. He has had a year.

These jobs numbers are his, not Omicrons.

America's economic recovery is about to go into reverse

The Omicron variant put a massive speed bump in the road to America's recovery this winter. The first signs of trouble could show up in the January jobs report Friday.

www.cnn.com

Faun is mentally I’ll and probably sucks up to his CEO 24/7.

 

[Faun]

QUOTE ColonelAngus

Biden claimed he would beat the virus. He has had a year.

These jobs numbers are his, not Omicrons.

America's economic recovery is about to go into reverse

The Omicron variant put a massive speed bump in the road to America's recovery this winter. The first signs of trouble could show up in the January jobs report Friday.

www.cnn.com

Yes, these are Biden's job numbers....

Bureau of Labor Statistics Data

data.bls.gov

+6.2 million jobs.

 

[Faun]

Faun is mentally I’ll and probably sucks up to his CEO 24/7.

A pity you can't charge me for living in your head.

 

[Indeependent]

A pity you can't charge me for living in your head.

A pity you had to marry the CEO’s daughter to remain employed.

 

[Hutch Starskey]

CNN: Stocks sink as the Fed points to a March rate hike

Stock market news today: Dow and S&P 500 updates

Here's the latest news on what stocks are doing.

www.cnn.com

Rate hikes are an indicator of economic stability, fool.

 

[Hutch Starskey]

Unemployment rate at 3.9%.

 

[Not a Monkeys Uncle]

Unemployment rate at 3.9%.

False number. Millions just stopped looking.