The Biden Economy

[whell]

Originally Posted by Chicks

Wall Street’s Dr. Doom is sounding downright sunny as he predicts a ‘short and shallow’ recession or even no recession at all instead of the epic collapse he saw in 2022
Nouriel Roubini saw a “variant of another Great Depression” less than a year ago, but now he’s open to a soft landing without any recession at all.
https://fortune.com/2023/09/18/dr-do...t-landing/amp/

The Biden Economy overcomes the worst efforts of Whell’s World to destroy it. Thanks Joe!

So he was wrong about 2022. What makes you want to take him at his word about 2023 - 2024?

Meanwhile:

https://www.lendingtree.com/credit-c...bt-statistics/
Americans’ total credit card balance is $1.031 trillion in the second quarter of 2023, according to the latest consumer debt data from the Federal Reserve Bank of New York. That’s up from the first quarter of 2023’s record number, leaving the balance the highest since the New York Fed began tracking in 1999.

https://www.usinflationcalculator.co...flation-rates/
The annual inflation rate for the United States was 3.7% for the 12 months ended August, according to U.S. Labor Department data published on Sept. 13, 2023. This follows a rise of 3.2% in the previous period.

https://www.statista.com/statistics/...es-since-1990/
In September 2022, the national debt of the United States had risen up to 30.93 trillion U.S. dollars. The national debt per capita had risen to 85,552 U.S. dollars in 2021. As represented by the statistic above, the public debt of the United States has been continuously rising.

[Dondilion]

Originally Posted by whell

So he was wrong about 2022. What makes you want to take him at his word about 2023 - 2024?

Meanwhile:

https://www.lendingtree.com/credit-c...bt-statistics/
Americans’ total credit card balance is $1.031 trillion in the second quarter of 2023, according to the latest consumer debt data from the Federal Reserve Bank of New York. That’s up from the first quarter of 2023’s record number, leaving the balance the highest since the New York Fed began tracking in 1999.

https://www.usinflationcalculator.co...flation-rates/
The annual inflation rate for the United States was 3.7% for the 12 months ended August, according to U.S. Labor Department data published on Sept. 13, 2023. This follows a rise of 3.2% in the previous period.

https://www.statista.com/statistics/...es-since-1990/
In September 2022, the national debt of the United States had risen up to 30.93 trillion U.S. dollars. The national debt per capita had risen to 85,552 U.S. dollars in 2021. As represented by the statistic above, the public debt of the United States has been continuously rising.

Massive debt is too pervasive. There has to be a reset.

[Rajoo]

Originally Posted by whell

https://www.statista.com/statistics/...es-since-1990/
In September 2022, the national debt of the United States had risen up to 30.93 trillion U.S. dollars. The national debt per capita had risen to 85,552 U.S. dollars in 2021. As represented by the statistic above, the public debt of the United States has been continuously rising.

By December 21, 2020, with just a few weeks left in Trump’s one-term presidency, the national debt had climbed to $27.76 trillion—a 39-percent jump from the $19.95-trillion debt the country had four years prior when this self-described “king of debt” was sworn into office.

Not a word from you then.
In fact as a percentage, debt has grown more under Bush II and Trump than Obama and Biden. Of course, unfunded tax cuts had a lot to do with it. How does it make sense to reduce taxes when running deficits, sort of counter intuitive in money management.

https://marketrealist.com/p/national-debt-under-trump/

[whell]

Originally Posted by Rajoo

Not a word from you then.
In fact as a percentage, debt has grown more under Bush II and Trump than Obama and Biden. Of course, unfunded tax cuts had a lot to do with it. How does it make sense to reduce taxes when running deficits, sort of counter intuitive in money management.

https://marketrealist.com/p/national-debt-under-trump/

This talk track about "who added the most to debt" has been responded to already. FDR and Wilson are the two kings of adding to the national debt. Obama, Reagan, Trump, Bush 1 & 2, etc, are dwarfed by comparison. Also, for Trump, much of the spending (and I'd still suggest that some of this was unnecessary) was incurred to combat the impact of the pandemic.

You can keep raising the same old, stale talking points, but repeating them doesn't make them any more accurate.

[finnbow]

Originally Posted by whell

This talk track about "who added the most to debt" has been responded to already. FDR and Wilson are the two kings of adding to the national debt. Obama, Reagan, Trump, Bush 1 & 2, etc, are dwarfed by comparison. Also, for Trump, much of the spending (and I'd still suggest that some of this was unnecessary) was incurred to combat the impact of the pandemic.

You can keep raising the same old, stale talking points, but repeating them doesn't make them any more accurate.

As for stupid, stale arguments, costs incurred by FDR financing WWII dwarfed the costs Trump incurred due to the pandemic. No matter how you slice it, historically the economy and debt have fared better under Democrats, despite GOP messaging to the contrary.

[RickeyM]

Originally Posted by finnbow

As for stupid, stale arguments, costs incurred by FDR financing WWII dwarfed the costs Trump incurred due to the pandemic. No matter how you slice it, historically the economy and debt have fared better under Democrats...

LOL

[bobabode]

Originally Posted by whell

This talk track about "who added the most to debt" has been responded to already. FDR and Wilson are the two kings of adding to the national debt. Obama, Reagan, Trump, Bush 1 & 2, etc, are dwarfed by comparison. Also, for Trump, much of the spending (and I'd still suggest that some of this was unnecessary) was incurred to combat the impact of the pandemic.

You can keep raising the same old, stale talking points, but repeating them doesn't make them any more accurate.

You're comparing the spending of two presidents who were in office during WWI & WWII. Are you really that effing ignorant, Mike Whell?

[bobabode]

Economy adds 336,000 jobs in September, in a stunning gain

https://www.washingtonpost.com/busin...-unemployment/

[RickeyM]

Originally Posted by bobabode

You're comparing the spending of two presidents who were in office during WWI & WWII. Are you really that effing ignorant, Mike Whell?

Tax cut, what tax cut??

[whell]

Originally Posted by bobabode

You're comparing the spending of two presidents who were in office during WWI & WWII. Are you really that effing ignorant, Mike Whell?

Facts are facts whether you like them or not.