Biden's Economy?

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Hawkeye
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Re: Biden's Economy?

Post by Hawkeye »

Doctor CamNC4Me wrote:
Fri Aug 05, 2022 6:22 pm
3.5%? Wouldn’t that be the lowest in decades if not more? I wonder how they calculate that taking into account 64,000,000 Americans are receiving some form of SSA or SSI? Pretty great news, though!

- Doc
They don't count the people collecting social security dollars whether actually retired or through some other way. It's the same reason I've always argued for the labor participation rate as a better indicator or economic health.
The best part about this is waiting four years to see how all the crazy apocalyptic predictions made by the fear mongering idiots in Right Wing media turned out to be painfully wrong...Gasoline would hit $10/gallon. Hyperinflation would ensue.
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Re: Biden's Economy?

Post by Xenophon »

Hawkeye wrote:
Sat Aug 06, 2022 12:31 pm
Doctor CamNC4Me wrote:
Fri Aug 05, 2022 6:22 pm
3.5%? Wouldn’t that be the lowest in decades if not more? I wonder how they calculate that taking into account 64,000,000 Americans are receiving some form of SSA or SSI? Pretty great news, though!

- Doc
They don't count the people collecting social security dollars whether actually retired or through some other way. It's the same reason I've always argued for the labor participation rate as a better indicator or economic health.
You mean the one that has been trending quite positively since its all-time low during the Pandemic effectively right in line with all the other trends in employment?

https://www.bls.gov/charts/employment-s ... n-rate.htm
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Gadianton
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Re: Biden's Economy?

Post by Gadianton »

Ajax wrote:They don't count the people collecting social security dollars whether actually retired or through some other way. It's the same reason I've always argued for the labor participation rate as a better indicator or economic health.
Correct, Ajax. It is the same reason, and that reason is your anger attacks toward anybody you suspect is getting a free ride while you have to work.

If a country is poor with low technology but everybody is employed in some type of low-skill labor, then that's a healthy economy for you (for that five minute interval while having an anger attack about about laziness, and not thinking about inflation etc.) If a country has high value-added production and people can either afford to retire on their own or social welfare programs can allow retirement, then that country is much poorer.
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Re: Biden's Economy?

Post by Vēritās »

Hawkeye wrote:
Sat Aug 06, 2022 12:31 pm
They don't count the people collecting social security dollars whether actually retired or through some other way. It's the same reason I've always argued for the labor participation rate as a better indicator or economic health.

So you're saying Obama's economy was much "healthier" than Trump's. It averaged around 60-61% LPR in Trump's first four years but it was as high as 65.2% during Obama's tenure. The highest it has been in American history was during the Clinton administration. So you're admitting those two were the healthiest economies in US history huh? Hell, the steepest upswing in LPR happened during Carter.

Face it, you're a rube who knows nothing about the economy which is why you keep shooting yourself in the foot every time you speak. What's "most important" to you changes with the political winds. The "most important" indicator for you could be inflation, employment, wage growth, manufacturing growth, LPR, etc, it just all depends on how you can spin the current situation to attack Dems and deceptively portray the Republicans as economic geniuses.
Last edited by Vēritās on Sat Aug 06, 2022 4:06 pm, edited 2 times in total.
Vēritās
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Re: Biden's Economy?

Post by Vēritās »

Gadianton wrote:
Sat Aug 06, 2022 2:39 pm
Ajax wrote:They don't count the people collecting social security dollars whether actually retired or through some other way. It's the same reason I've always argued for the labor participation rate as a better indicator or economic health.
Correct, Ajax. It is the same reason, and that reason is your anger attacks toward anybody you suspect is getting a free ride while you have to work.

If a country is poor with low technology but everybody is employed in some type of low-skill labor, then that's a healthy economy for you (for that five minute interval while having an anger attack about about laziness, and not thinking about inflation etc.) If a country has high value-added production and people can either afford to retire on their own or social welfare programs can allow retirement, then that country is much poorer.
It amazes me how many way Republicans show their true colors about how they really feel about personal freedom. DeSantis is infringing on businesses in Florida, punishing those who don't agree with his idiotic political agenda, Republicans believe the majority of the population should turn their bodies over as effective properties of the state because some backwoods preacher tells them "babies" are created at conception, and here is ajax/Hawkeye telling us over and over again Americans should be working no matter if they have the financial freedom to retire early or not.
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Re: Biden's Economy?

Post by Res Ipsa »

Vēritās wrote:
Fri Aug 05, 2022 10:26 pm
Res Ipsa wrote:
Fri Aug 05, 2022 7:32 pm


To be included in the unemployment statistics, you have to be trying to find a job. I can’t recall the exact definition. If you are on disability and not looking for employment, you aren’t “unemployed” — you are counted as not in the labor force. The statistic measures the extent to which people who want to work are able to find employment.
The U3 is the traditional metric used in monthly unemployment numbers but what Doc is alluding to is the U6.

https://www.bls.gov/news.release/empsit.t15.htm
I don’t think that’s quite right. Receiving SSA or SSI doesn’t automatically translate into one of the categories used for unemployment statistics. As I understand it, a person receiving those benefits could be counted as employed, unemployed U3 or U6, or not in the labor force, depending on circumstances.
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Re: Biden's Economy?

Post by Res Ipsa »

Hawkeye wrote:
Sat Aug 06, 2022 12:31 pm
Doctor CamNC4Me wrote:
Fri Aug 05, 2022 6:22 pm
3.5%? Wouldn’t that be the lowest in decades if not more? I wonder how they calculate that taking into account 64,000,000 Americans are receiving some form of SSA or SSI? Pretty great news, though!

- Doc
They don't count the people collecting social security dollars whether actually retired or through some other way. It's the same reason I've always argued for the labor participation rate as a better indicator or economic health.
That’s not correct. If you work one paid hour in a week, you are counted as “employed” in U3. If you did not but are actively looking for work, you are “unemployed” in U3. Only if you are neither are you not counted. Receipt of benefits is irrelevant to the calculation of U3.

ETA: I agree with others that your interpretation of the labor force participation rate is bass ackwards. If you and earn the same amount of money per month, but it takes me 40 hours and it takes you 200 hours, why do you think you’re better off?
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Hawkeye
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Re: Biden's Economy?

Post by Hawkeye »

Fact Check: White House Says Teenage Layabouts Drove the Labor Force Participation Rate Down

Doocy: "Why do you think people are continuing to drop out of the labor market?"

Jean-Pierre: "Participation actually ticked up."

Doocy: "It declined 0.1 percentage points to 62.1%, the lowest level of the year."

Jean-Pierre: "The tick down this month was... about teenagers."

Claim: The decline in the labor force participation rate fell in July because fewer teenagers were working.

On Friday, after the Department of Labor’s jobs numbers showed that the labor force participation rate declined from 62.2 percent to 62.1 percent despite employers taking on 528,000 new workers, White House spokesperson Karine Jean-Pierre claimed that the decline as “about teenagers.”

Verdict: False.

While the teenage participation rate did fall in July from a seasonally adjusted 36.6 to 35.8, this represented a decline in the number of teenagers in the labor for of 126,000. That contributed to the decline but it contributed less than the decline in the number of adult men in the labor force.
Men aged twenty and over saw their labor force participation rate decline from 70.1 to 69.9. While smaller in percentage terms than the teenage decline, it was larger in absolute terms because it represented a 183,000 decline in participation. As a result, grown men contributed more than teenagers to the decline in the participation rate. The data show that men aged twenty-five to thirty-four saw their labor force participation drop by 136,000, for a decline from 88.9 to 88.3.

https://www.breitbart.com/economy/2022/ ... rate-down/
The best part about this is waiting four years to see how all the crazy apocalyptic predictions made by the fear mongering idiots in Right Wing media turned out to be painfully wrong...Gasoline would hit $10/gallon. Hyperinflation would ensue.
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Re: Biden's Economy?

Post by Res Ipsa »

LOL. A .1% decline in labor force participation is within the range of measurement error, especially at this point in the process. Fox sue is desperate to avoid talking about all the stuff Biden got done while he has COVID.
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Vēritās
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Re: Biden's Economy?

Post by Vēritās »

Doocy is such a pathetic idiot. I wish they would just ban FOX News from the press briefings. I mean why are they given so much attention to ask idiotic questions wasting everyone's time when FOX isn't even really a news outlet. That's what they argue in court when they're called to the carpet for lying. They say they're just entertainment, so why is the White House constantly pandering to a network dedicated to nothing more than entertaining their idiot base and training them to hate everything about Democrats.

LPR has been "driven down" Brietbart says, falsely attributing this to the White House.

By one tenth of a percentage point! "Driven down." Holy hell it takes a special kind of stupid to make these claims.

Still waiting for ajax to credit Clinton and Obama for giving us 65% LPR, far higher than anything we saw under Trump.
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