Bidenomics

[SamSpade]

Not an economic maven - but it always seems to me that people FEEL THE EFFECTS of an oncoming recession long before it is officially declared as on like Donkey Kong. Kinda like coming in, soaked from the rain, and wife says honey, the weather app says thunderstorms. Yeah, no chit.

I pay my bills religiously and I track my expenses. I KNOW when things cost more, when fees get tacked on, when I have to spend more and budget for gas more tightly, when interest rates rise and screw with my credit payments and when my 401k KEEPS LOSING MONEY. It doesn't matter if we're officially in a recession or not. I am, and most people I know, are in one. It feels like having a horrible case of flu and the doctor is saying I'm not only healthy but even BETTER than healthy.

I'm glad to have my job, but I'm mostly hunkering down financially until things improve. I don't need a President telling me I'm doing great. I'd much rather him say, I know it's bad but help is coming - even if it doesn't come.

 

[HemiHauler]

Not an economic maven - but it always seems to me that people FEEL THE EFFECTS of an oncoming recession long before it is officially declared as on like Donkey Kong. Kinda like coming in, soaked from the rain, and wife says honey, the weather app says thunderstorms. Yeah, no chit.

I pay my bills religiously and I track my expenses. I KNOW when things cost more, when fees get tacked on, when I have to spend more and budget for gas more tightly, when interest rates rise and screw with my credit payments and when my 401k KEEPS LOSING MONEY. It doesn't matter if we're officially in a recession or not. I am, and most people I know, are in one. It feels like having a horrible case of flu and the doctor is saying I'm not only healthy but even BETTER than healthy.

I'm glad to have my job, but I'm mostly hunkering down financially until things improve. I don't need a President telling me I'm doing great. I'd much rather him say, I know it's bad but help is coming - even if it doesn't come.

Inflation and recession are two different things. Sometimes they are related, sometimes not.

What you’re describing are the effects of inflation. Recession is a sustained contraction in GDP.

GDP is doing just fine. Of course, part of that is the fact the government spending is included in GDP calculations.

 

[Monello]

I'd much rather him say, I know it's bad but help is coming - even if it doesn't come.

For all Trumps' warts, he was good for the economy. He understood that the government is a hindrance to economic growth. So he sought to reduce the government footprint in the economy.

 

[HemiHauler]

For all Trumps' warts, he was good for the economy. He understood that the government is a hindrance to economic growth. So he sought to reduce the government footprint in the economy.

OMG! Funniest chit I’ve read all year!

You idiots are delusional.

 

[HemiHauler]

Did the rotund orange fool seek “to reduce the government footprint in the economy” before or after his $8T worth of deficit spending?

 

[WingsOfGold]

OMG! Funniest chit I’ve read all year!

You idiots are delusional.

3 dollar bacon, 2 dollar gas, self sufficient energy, 3 dollar ground round, almost free interest....... yes it was booming.

 

[HemiHauler]

3 dollar bacon, 2 dollar gas, self sufficient energy, 3 dollar ground round, almost free interest....... yes it was booming.

Yep. That’s what $8T worth of cash floating about the economy will do.

Glad you’re finally getting it.

Oh and pssssst. We’ve *never* been “energy independent”.

Interest isn’t supposed to be free. If you think you have right to cheap money in perpetuity, you’re sadly mistaken. And part of the problem.

 

[Gilligan]

OMG! Funniest chit I’ve read all year!

You idiots are delusional.

So you are a huge Biden fan then.

 

[WingsOfGold]

Yep. That’s what $8T worth of cash floating about the economy will do.

Glad you’re finally getting it.

Oh and pssssst. We’ve *never* been “energy independent”.

Interest isn’t supposed to be free. If you think you have right to cheap money in perpetuity, you’re sadly mistaken. And part of the problem.

When one is EXPORTING more than they import that's independence dummy.

 

[SamSpade]

GDP is doing just fine. Of course, part of that is the fact the government spending is included in GDP calculations.

Oh exactly, which is why I don't greatly trust all the braying about it, lately. Kind of like that comment earlier in the thread, where during the pandemic, average wage jumped sharply, but that was only because of all the low wage jobs that were actually LOST. I know that much of the time, published numbers are kind of - well they don't tell the story. I used to know the staff that published the CPI back in the day. One of them told me nobody would have any faith in it if they knew the bullchit they used to come up with it.

Does the White House publish a metric which is "GDP minus government spending"?
Whenever I hear that, I remember an old joke my buddy used to tell "I can't be broke, I still have checks left!".

 

[HemiHauler]

When one is EXPORTING more than they import that's independence dummy.

Nope. Not the definition of energy independence.

 

[Gilligan]

I used to know the staff that published the CPI back in the day. One of them told me nobody would have any faith in it if they knew the bullchit they used to come up with it.

HemiRhoid would still have the faith.

 

[SamSpade]

Nope. Not the definition of energy independence.

If you think "energy independence" means, a country that imports zero energy products - pretty sure that would yield a great big goose egg.
Even Saudi imports oil products. Refined products. Canada, Norway, Russia, Brazil - they all import crude as well as export. No one is totally energy independent.

 

[HemiHauler]

If you think "energy independence" means, a country that imports zero energy products - pretty sure that would yield a great big goose egg.
Even Saudi imports oil products. Refined products. Canada, Norway, Russia, Brazil - they all import crude as well as export. No one is totally energy independent.

No. That’s not “energy independence”.

You of all the posters here are rational enough to understand nuance. There’s not a single refinery in America that is equipped to deal with all the variants of crude we extract from our lands.

Ergo, we are and will be for a while net importers of cheaper crude that our refineries can process. We are a net exporter of our more expensive crude, which of course funds purchase of cheap crude. We also are net exporters of some refined products from crude oil, but not fuel.

This is exactly the way the industry and government wants it.

None of this adds up to “energy independence”.

The U.S. exported slightly more petroleum than it imported in the first half of 2021 - U.S. Energy Information Administration (EIA)

www.eia.gov

https://www.eia.gov/petroleum/supply/weekly/pdf/table1.pdf

 

[Gilligan]

If you think "energy independence" means, a country that imports zero energy products - pretty sure that would yield a great big goose egg.
Even Saudi imports oil products. Refined products. Canada, Norway, Russia, Brazil - they all import crude as well as export. No one is totally energy independent.

Norway comes as close as anyone...or did until recently.

 

[WingsOfGold]

Nope. Not the definition of energy independence.

World market dummy, we made all we needed AND some

 

[HemiHauler]

World market dummy, we made all we needed AND some

It’s amazing to me that someone can be as dim as you are.

 

[SamSpade]

It sure seemed better under Trump until the pandemic.

 

[HemiHauler]

It sure seemed better under Trump until the pandemic.

Unleashing $8T into the economy will tend to inflate prices.

Nothing new under the sun.

 

[Hijinx]

You mean the Democrat and Chinese plot to get rid of Trump by destroying the economy.
One of the biggest players was this pawn Dr. Faucci who got rich by foisting a useless vaccination on us, and killed many people who got the shot.