Biden's Economy?

[K Graham]

Yeah, who would ever predicted that if you pay people to stay home and not go to work that they won't go? Surely printing stimulus money and handing it out to people while forbidding them to return to work wasn't the cause of inflation.

Most folks did not get to sit on the sidelines while earning more than their pre-pandemic salaries through stimulus. And when stimulus payments were at max deployment, inflation wasn’t a problem anyway. Inflation kicked into gear well after those checks were spent. You need to factor in supply-chain difficulties as well, and then ask yourself who or what ‘forces’ retailers to raise prices. ; )

Are you ready to take back your comment about the predictions of the "idiots" in the right wing media? Hyperinflation and outrageous gasoline prices seems to have proven true.

You mean, this quote from Icarus, in your signature -

“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.”

Why would he take it back? Gas prices haven’t hit $10 a gallon; they’re not much greater now than the level they hit back in 2014. And 6% inflation is a looonnngg way from hyperinflation.

Anyway, you should ask the oil producers why gas prices are high. They’ll tell you why, and it won’t match what you want to believe the reason is.

Like most people on the Right, Ajax doesn't understand the very words they throw around. Hyperinflation usually refers to a sustained inflationary level of 50% over a long period of time. We're nowhere close to that.

[K Graham]

US jobless claims plunge to the lowest level since 1969

Applications for U.S. state unemployment benefits plunged last week to a level not seen since 1969, which if sustained would mark the next milestone in the labor market’s uneven recovery.

Initial unemployment claims in regular state programs fell by 71,000 to a seasonally adjusted 199,000 in the week ended Nov. 20, Labor Department data showed Wednesday. The median estimate in a Bloomberg survey of economists called for 260,000 applications.

[Hawkeye]

Most political debates never really get resolved. Even something as stupid and obviously false as the Russia Hoax somehow manages to hang around in the minds of its advocates or gets brushed into a memory hole to fester. More important questions of public debate just remain open questions until they are forgotten.

That's not the case with what we have come to call Bidenflation. There's no longer any doubt that inflation has become the hallmark of the first year of the Biden administration. On Friday, the Department of Labor reported that the Consumer Price Index has risen 6.8 percent over the past 12-months, the highest year-over-year inflation rate since 1982. Instead of fading as we move toward 2022, inflation has picked up pace and broadened into every category of consumer goods and services.

Inflation is running at multi-decade highs in many corners of the economy. Food inflation is particularly hot. Restaurant prices rose at the fastest pace since the mid-seventies. Fast food prices are up 7.9 percent, the biggest annual jump ever recorded. Used cars are up a mind-boggling 31 percent; and new cars up 11.1 percent, the most since 1975.

In a kind of gallows humor, Americans have begun cracking jokes about inflation. On Friday, we heard someone say they were going to buy a new car, hoping to flip it in a few weeks for a profit as a used car. But the truth is that inflation is hurting Americans by erasing their wage gains and diminishing their savings. Kids around the country will find fewer gifts under the Christmas tree because mom and dad just could not afford as much this year.

Bob Hope supposedly once said that inflation got so bad that the grocery store down the street from him started renting meat. That seems a bit less ridiculous in an era where meat prices are up 16 percent annually, steaks are up nearly 24 percent, and a rack of ribs is up 22 percent.

Now that inflation is undeniable, the Biden administration has taken to pointing out that inflation is hitting all around the globe. This is an almost childish attempt to deflect the blame. And inflation is much higher in the U.S. than in Europe, despite the fact that Europeans are suffering from many of the same supply chain problems that have afflicted the U.S. Sure, it's worse in Russia, Brazil, and Turkey, but that's hardly reassuring.
For our part, we'll admit that it has been fun to be right about inflation when so many of the good and the great were wrong. We just wish it weren't so damn expensive.

– Alex Marlow & John Carney
Breitbart News Network

[K Graham]

Most political debates never really get resolved. Even something as stupid and obviously false as the Russia Hoax somehow manages to hang around in the minds of its advocates or gets brushed into a memory hole to fester. More important questions of public debate just remain open questions until they are forgotten.

That's not the case with what we have come to call Bidenflation. There's no longer any doubt that inflation has become the hallmark of the first year of the Biden administration. On Friday, the Department of Labor reported that the Consumer Price Index has risen 6.8 percent over the past 12-months, the highest year-over-year inflation rate since 1982. Instead of fading as we move toward 2022, inflation has picked up pace and broadened into every category of consumer goods and services.

Inflation is running at multi-decade highs in many corners of the economy. Food inflation is particularly hot. Restaurant prices rose at the fastest pace since the mid-seventies. Fast food prices are up 7.9 percent, the biggest annual jump ever recorded. Used cars are up a mind-boggling 31 percent; and new cars up 11.1 percent, the most since 1975.

In a kind of gallows humor, Americans have begun cracking jokes about inflation. On Friday, we heard someone say they were going to buy a new car, hoping to flip it in a few weeks for a profit as a used car. But the truth is that inflation is hurting Americans by erasing their wage gains and diminishing their savings. Kids around the country will find fewer gifts under the Christmas tree because mom and dad just could not afford as much this year.

Bob Hope supposedly once said that inflation got so bad that the grocery store down the street from him started renting meat. That seems a bit less ridiculous in an era where meat prices are up 16 percent annually, steaks are up nearly 24 percent, and a rack of ribs is up 22 percent.

Now that inflation is undeniable, the Biden administration has taken to pointing out that inflation is hitting all around the globe. This is an almost childish attempt to deflect the blame. And inflation is much higher in the U.S. than in Europe, despite the fact that Europeans are suffering from many of the same supply chain problems that have afflicted the U.S. Sure, it's worse in Russia, Brazil, and Turkey, but that's hardly reassuring.
For our part, we'll admit that it has been fun to be right about inflation when so many of the good and the great were wrong. We just wish it weren't so damn expensive.

– Alex Marlow & John Carney
Breitbart News Network

Ajax relying on Brietbart for economic reality is par, but also telling. Ajax is still having fits over the fact that we're in the greatest economic expansion this country has seen this century. Six million jobs created in Biden's first 10 months is a record. GDP that was promised to be over 6% during Trump never surpassed 3% ... until Biden. The CPI refers to overall inflation that includes many things most Americans aren't buying this year but once you break it down by item, you quickly realize the increase in wages means this affects only some Americans, not all. Something Brietbart won't tell you.

In 2022, companies plan to give biggest raises in more than a decade

Also: Across the country, Americans may see lower gas prices at the pump in 2022.

On Tuesday, the U.S. Energy and Information Administration projected that retail gasoline prices would average $3.13 per gallon in December before falling to $3.01 per gallon in January.

The EIA expects prices to continue to drop, forecasting the annual, national average to be $2.88 per gallon in 2022. https://www.usatoday.com/story/money/20 ... 430657001/

[ajax18]

The EIA expects prices to continue to drop, forecasting the annual, national average to be $2.88 per gallon in 2022.

I suspect that would really perturb an environmentalist like Gunnar.

[Chap]

The EIA expects prices to continue to drop, forecasting the annual, national average to be $2.88 per gallon in 2022.

I suspect that would really perturb an environmentalist like Gunnar.

But you'll be pleased, right? Right.

So quit bitching.

[K Graham]

264794225_296966175808722_6008413078963910005_n.jpg

[K Graham]

Inflation Is Good for You

Don’t panic over milk prices. Inflation is bad for the 1 percent but helps out almost everyone else.

[ajax18]

Bidenflation: Producer Price Index Rises by Record 9.6%, Worse Than Expected

Prices charged by businesses for goods and services purchased in the U.S. rose 9.6 from a year ago in November, their highest annual pace in records going back nearly 11 years, the Labor Department said Tuesday.

The final demand goods component of the Producer Price Index rose 1.2 percent compared with October. Compared with 12-months earlier, prices are up 14.9 percent. Prices on the services side rose 0.7 percent during the month for a 7.1 percent 12-month increase.

The Producer Price Index, or PPI, measures the average movements of prices received by domestic producers for goods and services sold both in the U.S. and exported. The Consumer Price Index measures prices paid by U.S. households, excluding exports and including imports. Goods and services sold to households and businesses that are their expected end-users are known as “final demand.”

The PPI report also includes data on prices for intermediate demand, those goods and services sold to businesses expected to utilize them to make products for end-users. The report breaks down prices between four stages of production, with the earliest stages selling into the latter stages. Stage one is the furthest out in the production process while stage four is the last stage before goods are sold to businesses that distribute them for final demand.

Stripping out food, trade and energy prices, the final demand index increased 0.7 percent month over month. On a year-over-year basis, core producer prices increased 6.9 percent, the largest increase since August 2014.

Economists had forecast a monthly gain of 0.5 percent and a 12-month rise of 9.2 percent for the headline final demand figure. Core prices were expected to be up 0.4 percent on the month and 7.2 percent on the year.

Within intermediate demand in November, prices for processed goods moved up 1.5 percent and prices for unprocessed goods increased 4.8 percent. Prices for intermediate demand services rose 0.6 percent.

https://www.breitbart.com/economy/2021/ ... -expected/

[K Graham]

Bidenflation: Producer Price Index Rises by Record 9.6%, Worse Than Expected

Prices charged by businesses for goods and services purchased in the U.S. rose 9.6 from a year ago in November, their highest annual pace in records going back nearly 11 years, the Labor Department said Tuesday.

The final demand goods component of the Producer Price Index rose 1.2 percent compared with October. Compared with 12-months earlier, prices are up 14.9 percent. Prices on the services side rose 0.7 percent during the month for a 7.1 percent 12-month increase.

The Producer Price Index, or PPI, measures the average movements of prices received by domestic producers for goods and services sold both in the U.S. and exported. The Consumer Price Index measures prices paid by U.S. households, excluding exports and including imports. Goods and services sold to households and businesses that are their expected end-users are known as “final demand.”

The PPI report also includes data on prices for intermediate demand, those goods and services sold to businesses expected to utilize them to make products for end-users. The report breaks down prices between four stages of production, with the earliest stages selling into the latter stages. Stage one is the furthest out in the production process while stage four is the last stage before goods are sold to businesses that distribute them for final demand.

Stripping out food, trade and energy prices, the final demand index increased 0.7 percent month over month. On a year-over-year basis, core producer prices increased 6.9 percent, the largest increase since August 2014.

Economists had forecast a monthly gain of 0.5 percent and a 12-month rise of 9.2 percent for the headline final demand figure. Core prices were expected to be up 0.4 percent on the month and 7.2 percent on the year.

Within intermediate demand in November, prices for processed goods moved up 1.5 percent and prices for unprocessed goods increased 4.8 percent. Prices for intermediate demand services rose 0.6 percent.

https://www.breitbart.com/economy/2021/ ... -expected/

And this is what you call accurate and non partisan news? An article with Biden's hand over his face and a title "Bidenflation" which is something they just made up? Yeah, you have no room to whine because someone at CNN got caught expressing a political opinion behind closed doors. The gap between CNN and Brietbart is enormous. Imagine CNN saying "Trumpflation"?

Inflation and "Hyperinflation" has always been the Right Wing's go-to complaint when it suits their purposes. I remember Glenn Beck ranting over and over that we'd be seeing hyperinflation anytime soon, and what we actually say was deflation. Today [deleted, FR 2, RI] you think 7% inflation is "hyperinflation" but it isn't. The inflation we're seeing is easily understood as a consequence of COVID restrictions shutting down the supply chains and the sudden boom in demand. That's it. Blaming Biden for this makes you look like an idiot.

What your partisan hack site won't tell you is that inflation is good for most Americans. They also won't tell you that in 2022 companies are going to be giving the largest wage increases in over decade. You know, since the Obama administration.

Nor will they tell you that inflation isn't across the board, and in fact healthcare costs and college tuitions have gone down:

"Health care, for instance, was a major preoccupation in the decade before Obamacare was enacted in 2010. But over the past year, despite a terrible health emergency, medical-care prices are up just 1.7%. Prescription drug prices are down 0.3% and health-insurance prices are down 3.8% due to increased government subsidies. College tuition, which rose at a 6.7% annual rate in the 2000s and 3.4% in the 2010s, is up just 1.9% in the past year."

But yeah, gas is high but not nearly as high as it was during Bush. Gasoline is already starting to go down after Biden released 50 million barrels of oil from the emergency reserves and got commitments from other countries to do likewise.