Biden's Economy?

[K Graham]

Remember that time Trump defending shutting down the economy? Let me guess, the Democrats made him do it right?

https://www.wbap.com/2020/05/01/trump-o ... n-economy/

President Trump said if the United States had not shutdown, the death toll could have been in the millions.

The highest, he says, could have been one to two million.

“Let’s say it was a million people. So, we’re going to lose 65,000 people, which is horrendous, but way way below even the low number estimate because we shut down and we did a very good job,” Trump told WBAP’s Roberts.

President Trump explained that he had a difficult time coming around to making the decision to shut down.

“I was not easy to talk into, you know when they say close it down, and you realize throughout history it’s the one thing, you close areas down and we had to do it,” Trump said.

The president said the high death toll projections would have not been sustainable or acceptable.

Or do you remember when Trump proposed quarantining off the entire state of New York? Let me guess, the Democrats made him do it right?

[Doctor CamNC4Me]

- Doc

[Res Ipsa]

One thing to be said for the Chicago school economists is that they are consistent.

I think it would be interesting to read a monetarist analysis of how the fed was able to keep interest rates so low for so long without the economy overheating and inflation rising. I’m guessing part of the explanation would be the trade deficit, which gave American consumers lots of cheap goods to buy. But an interesting part might be the velocity of money. The country has accumulated an enormous amount of wealth since the days of Jimmy Carter. But the working and middle classes didn’t get much of a share. The spoils went to the wealthy, who spend a much lower percentage of their income. Had the working and middle classes shared in that increased wealth, more of the money would have been spent rather than accumulated, raising the velocity of money.

So, have we avoided inflation by simply making sure that the wealthy get all the increased wealth while working class folks have had their real income stagnate? And when the result of labor shortages allowing the folks at the bottom to get a piece of the pie is inflation, who will be forced to give up a share of pie?

Well I guess if you have enough to feed your family, you should not really be permitted to ask anything more from the economy. Better our children be born into perpetual debt and poverty than grandma die a year or two earlier because these selfish young people keep going to work. They have blood on their hands.

The global left trashed the world economy in the vain attempt to eradicate COVID to zero percent. The next excuse to stagnate the economy further will be the climate change crisis. And many people will vote for it because they believe the leftist lie that the government can do anything and everything for them. Whatever the problem, a government program is always the solution.

Ajax, you're still falling for the con. Let's go back to basics. Here's a pop quiz.

1) Which of the following is true? An exponential increase in real U.S. Gross Domestic Product over time is:
a) A totally reasonable expectation for the U.S. economy
b) My birthright as a natural born U.S. Citizen
c) God's reward for his favorite country
d) unsustainable absent unlimited resources and an exponentially growing population.

2) If the U.S. real GDP grows at 5% per cent per year, that growth rate would be:

a) A totally reasonable expectation for the U.S. economy.
b) My birthright as a nature born U.S. Citizen
c) God's reward for his favorite country.
d) linear
e) exponential

3) Over the last 70 years, the population of the United States has grown:

a) Exponentially
b) Less than exponentially

4) In terms of real GDP per person, the average American at the end of the 3rd quarter of 2021 is:

a) worse off than they were 10 years ago
b) worse off than they were 20 years ago
c) worse off than they were 30 years ago
d) worse off than they were 40 years ago
e) worse off than they were 50 years ago
f) worse off than they were 60 years ago
g) worse off than they were 70 years ago
h) better off than they have been at any time over the last 70 years

[K Graham]

Waiting for ajax to explain how the Dems managed to force Lord Trump to initiate his "Guidelines" which he touted from his pulpit in Mid-March of 2020:

President Donald Trump announced new nationwide guidelines for stopping the spread of the novel coronavirus, calling on Americans to avoid gatherings of more than 10 people; avoid eating and drinking in bars, restaurants, and public food courts; and encouraging schooling from home across the country.

“My administration is recommending that all Americans, including the young and healthy, work to engage in schooling from home when possible, avoid gathering in groups of more than 10 people, avoid discretionary travel and avoid eating and drinking in bars, restaurants, and public food courts," Trump said. “If everyone makes this change or these critical changes and sacrifices now, we will rally together as one nation and we will defeat the virus, and we are going to have a big celebration altogether. With several weeks of focused action, we can turn the corner and turn it quickly -- a lot of progress has been made."

Holding up a piece of paper, Trump explained that everyone needed to comply for them to slow the spread.

"It's important for the young and healthy people to understand that while they may experience milder symptoms, they can easily spread this virus and they will spread it indeed, putting countless others in harm's way," Trump said.

Asked by a reporter how long it would last, Trump replied, “people are talking about July, August, something like that."

[K Graham]

The new year brings substantial minimum wage increases for 21 states!

https://www.huffpost.com/entry/new-year ... 42ab6818ca

[K Graham]

A key unemployment measure hasn't been this low in 52 years

America's latest report on unemployment benefits is proof that the US jobs recovery is still in full-swing.

The average number of weekly jobless benefits claims over the past four weeks fell to 199,250. That's the lowest four-week moving average since October 1969, the Labor Department reported Thursday.

[Black Moclips]

Anyone actually in a business or running a business that requires workers, knows why this stat is basically useless. Hiring anyone in the $15-$25 range is ridiculously difficult. And keeping them even if you get them is harder. Many of these people are just gone, out of the work force. Living with family or parents or on the street, back in school, who knows. But there has been a permanent shift in the labor market. People assumed that once free benefits ran out a flood of people would come back to work. But they haven't, and its perplexing. So touting lower "claims" on benefits means exactly nothing in this economy.

[Doctor CamNC4Me]

Anyone actually in a business or running a business that requires workers, knows why this stat is basically useless. Hiring anyone in the $15-$25 range is ridiculously difficult. And keeping them even if you get them is harder. Many of these people are just gone, out of the work force. Living with family or parents or on the street, back in school, who knows. But there has been a permanent shift in the labor market. People assumed that once free benefits ran out a flood of people would come back to work. But they haven't, and its perplexing. So touting lower "claims" on benefits means exactly nothing in this economy.

Agreed. Also, tack on outrageous inflation and a GDP growth of 5% that isn’t keeping pace; it’s a net negative. I get the arguments that inflation somehow makes our 30+T debt manageable, but you’re talking a 5-year economic stabilization process if this goes on for much longer. Inflation will always punish the wage class even if some blue and white collar types are relatively inoculated. In other words, we can’t keep making the printers go brrrrrr for much longer without some real tax revenue mechanisms in place or we risk a complete collapse of the dollar.

- Doc

[K Graham]

Hey Ajax, remember when you were whining about jobs numbers coming in below expectations even though they were still pretty good? Yeah, well as I said before, that pendulum swings both ways.

U.S. Businesses Add 807,000 Jobs in December, Surpassing Expectations

Biden is averaging more than 600,000 new jobs per month in his first year whereas Trump's average over 48 months was in the negative.

Riding the Biden train towards prosperity. Cleaning up Trump's disaster.

[Kishkumen]

Presidents have very little impact on the economy.