The Biden Economy

[finnbow]

Originally Posted by Chicks

This week in Bidenomics: It was a pretty good year
https://finance.yahoo.com/news/this-...151825001.html

... and a not so good year in Whell's World of negativity and alternative "facts".

Whell has gone silent now that Trump is imploding on all fronts and praise for Biden is coming from all quarters, including of all places Marc Thiessen.
https://www.washingtonpost.com/opini...iden-did-2022/

[Chicks]

December jobs report: Payrolls rise by 223,000, unemployment rate falls to 3.5%
https://finance.yahoo.com/news/decem...125423740.html

The unemployment rate in December fell to 3.5%, and on an unrounded basis, the unemployment rate came in at 3.468%, the lowest since 1969.

Sorry, MAGAMorons.

[finnbow]

Maybe we should start the new year with some good news: Inflation has fallen dramatically.

No, that’s not a prediction; it’s a fact. With one month remaining in 2022 (in terms of available data), inflation in the second half of the year has run vastly lower than in the first half. In fact—and this is astonishing—it’s almost back down to the Federal Reserve’s 2% target. Even more astonishing, hardly anyone seems to have noticed.

https://www.wsj.com/articles/inflati...ve-11672914903

And this is the Wall Street Journal, not a liberal outlet.

[Chicks]

Paul Krugman: House Republicans’ economics are as 'divorced from reality' as their election lies
https://www.alternet.org/msn/kevin-mccarthy-2659094838/

Krugman goes on to describe “the current state of the U.S. economy” as one in which “inflation has been coming down” and unemployment remains how.

“There wasn’t a recession in 2022,” Krugman notes. “Indeed, the U.S. economy ended the year with continuing strong job growth, and the unemployment rate all the way back down to what it was before COVID…. As usual, the GOP is insisting that the budget can and must be balanced entirely by cutting spending. And as usual, this insistence runs up against the reality that spending cuts that big would be politically impossible…. Other than military spending — only a small fraction of which, even now, goes to defending democracy in Ukraine — federal dollars mainly go to retirement and health care programs on which scores of millions of Americans, including many Republicans, depend.”

Krugman continues, “So, the new House majority is living in a fantasy world, insisting on a completely unworkable solution to a largely imaginary crisis. Unfortunately, as we learned on January 6, 2021, political fantasies can have dire real-world consequences.”

Whell’s World: Fantasy Island

[finnbow]

JUST IN: U.S. economy adds 517,000 jobs in January, compared with a consensus estimate of 185,000. The unemployment rate fell to 3.4%, a new 50-year low. The last time unemployment was this low was May 1969.

[donquixote99]

^^^^ incredible!

[whell]

Originally Posted by Chicks

Paul Krugman: House Republicans’ economics are as 'divorced from reality' as their election lies
https://www.alternet.org/msn/kevin-mccarthy-2659094838/



Whell’s World: Fantasy Island

Krugman's world - the inflation in 2022 - 2023 was a complete surprise to him. Such a brilliant economist.

[finnbow]

Originally Posted by whell

Krugman's world - the inflation in 2022 - 2023 was a complete surprise to him. Such a brilliant economist.

At least he's not stupid enough to believe that tax cuts pay for themselves.

[whell]

Originally Posted by finnbow

At least he's not stupid enough to believe that tax cuts pay for themselves.

Well at least we can agree that Krugman is stupid.

Still waiting for you to show me the $2 trillion dollar reduction in Federal revenue between 2017 - 2021.

Oh, and the job numbers: if accurate, there's no question that Biden will be crap his pants happy about it. It's great news for the job seekers who joined the labor market.

On the other hand, Jerome Powell is crap his pants concerned that those new 517K wage earners could drive inflation. I'd expect to hear more support for interest rate hikes in the coming days/weeks.

[Chicks]

So in Whell's World, an economy that's great for workers is "bad". Got it.