WSJ: The Next President Inherits a Remarkable Economy

[Nationalist]

23 minutes ago, Hodad said:

I know you're not going to understand this, but the definition of inflation is already inclusive of an upward change in prices. That's baked in. The "inflation rate" as the name indicates, measures the RATE of that change. 

If inflation is 2% one month and 1% the next month, then inflation is falling. (This is what's been happening for quite some time.)

If inflation is is 2% one month and 2% the next month, then inflation is steady. 

If inflation is 2% one month and 3% the next month, inflation is rising. <-- this is the claim you made, and it's false. 

 

We ALWAYS want some inflation. 2% is the target and we're nearly there now. If we were to actually flip to a deflationary period in which prices are falling (which you mistake for falling inflation) then we'd be all-hands-on-deck for a real economic crisis. 

Inflation can be annoying or even painful, but we want it (at manageable levels) because a deflationary spiral is a fast track to extreme recession or depression. 

Lol...we want inflation.

What a Libbie sap.

[Hodad]

1 hour ago, Nationalist said:

Lol...we want inflation.

What a Libbie sap.

You know, I don't mind stupid people, really. That's a condition of birth. I don't mind ignorance. We're all ignorant about some things. 

But I absolutely can't stand stupid, ignorant people who PRETEND to be otherwise. Who actively reject the chance to learn something and better themselves, but instead act like know-it-alls. 

You know exactly who you are. You went to some (at least) years of school and you were never, ever the smartest kid in class. So why the fark do you come on the internet and start strutting around like a jackass? 🙄

 

Yes, we farking want inflation, a modest, predictable amount of inflation. The engineers of the economy work actively to maintain that status. We always want a dollars to lead goods slightly. Deflation is an economic nightmare and we hedge against it.  

Edited November 1, 2024 by Hodad

[Fluffypants]

21 hours ago, robosmith said:

The private economy is FAR GREATER than government spending, doofus.

 

The private sector is a larger part of the US economy than government spending, but both are important for economic growth: 

 

 

• Private sector

  In the first quarter of 2023, the private sector accounted for 88% of the US GDP, or $23.5 trillion, while the government accounted for the remaining $3 trillion. Private sector spending has continued to grow in 2023, with investments in manufacturing and durable goods expanding. 

   

   
• Government spending

  In 2024, government spending is estimated to be about $2 for every $10 of goods and services produced in the US. The government funds spending through tax collection and borrowing. 

   

   
• Public investment

  Public investment can "crowd in" private investment, which can contribute to economic growth. For example, in 2024, real business investment in manufacturing structures was near a record high. 

   

   
• Government spending and employment

  Government, healthcare, and social assistance industries have accounted for nearly 60% of the country's job growth over the last year. 

The inflation was solely due to stimulus to keep the economy from COLLAPSING.

Which would have been FAR MORE COSTLY than the TEMPORARY INFLATION.

IOW, you don't know what you're talking about.

What nonsense, Bidens stimulus was completely unnecessary and inflationary especially since we were well underway with recovery and all it did was make it harder for companies to fill jobs.

[Hodad]

1 hour ago, Michael Hardner said:

I have seen different sources and they differ - this link works but is firewalled.  I'd also wonder if the wage traction applies to the bottom 1, 2, or 3 quintiles.

I'm not looking at quintiles right now, but low-wage workers have made the biggest gains. Conversely, they also spend proportionally more of their income on inflation-affected necessities than higher earners with more disposable income. So they may not feel great about their gains. 

Here's another article that's not behind a paywall.

 

Or you can play with the data at FRED Here's "real wages" (inflation adjusted) over time.

^^Here you can see our economic story play out over the last 5 years. On the far left you see where we were in 2019. The line spikes dramatically as the Trump COVID stimulus and then the Biden COVID stimulus started pouring money directly into people's bank accounts. About midway through the timeline you see the low point (when inflation was at its highest) and then you see it climb back up. And at the end real wages are higher than they were pre-pandemic. Ergo, wage growth is has outpaced inflation. 

[Nationalist]

29 minutes ago, Hodad said:

You know, I don't mind stupid people, really. That's a condition of birth. I don't mind ignorance. We're all ignorant about some things. 

But I absolutely can't stand stupid, ignorant people who PRETEND to be otherwise. Who actively reject the chance to learn something and better themselves, but instead act like know-it-alls. 

You know exactly who you are. You went to some (at least) years of school and you were never, ever the smartest kid in class. So why the fark do you come on the internet and start strutting around like a jackass? 🙄

 

Yes, we farking want inflation, a modest, predictable amount of inflation. The engineers of the economy work actively to maintain that status. We always want a dollars to lead goods slightly. Deflation is an economic nightmare and we hedge against it.  

No. YOU want inflation. Just more proof that Libbies hate people. 

[Michael Hardner]

27 minutes ago, Hodad said:

I'm not looking at quintiles right now, but low-wage workers have made the biggest gains. Conversely, they also spend proportionally more of their income on inflation-affected necessities than higher earners with more disposable income. So they may not feel great about their gains. 

Here's another article that's not behind a paywall.

 

Or you can play with the data at FRED Here's "real wages" (inflation adjusted) over time.

^^Here you can see our economic story play out over the last 5 years. On the far left you see where we were in 2019. The line spikes dramatically as the Trump COVID stimulus and then the Biden COVID stimulus started pouring money directly into people's bank accounts. About midway through the timeline you see the low point (when inflation was at its highest) and then you see it climb back up. And at the end real wages are higher than they were pre-pandemic. Ergo, wage growth is has outpaced inflation. 

This makes sense, however we're also seeing visible signs of increased poverty.  Hard to resolve those things.

[Michael Hardner]

And to address the inflation thing - every jurisdiction in the west, whether run by conservatives or not, saw inflation due to supply change and they're all seeing it come down whether run by conservatives or not.

Please don't pollute good discussions people...

[robosmith]

4 hours ago, Nationalist said:

I didn't admit squat...Sally.

Then you're IGNORANT about REALITY.

3 hours ago, Nationalist said:

No. The fact that as of Thursday, inflation is still rising at over 2%.

You either don't know how to read, or you're lying...again.

Which is it?

The Fed TARGET is 2%, and the data shows it's very CLOSE TO TARGET. AKA, DOWN, NOT "RISING."

Edited November 1, 2024 by robosmith

[robosmith]

2 hours ago, Deluge said:

He might be an alien. 

You might be AS = artificial stupid.

2 hours ago, Nationalist said:

Lol...we want inflation.

What a Libbie sap.

The economists say WHY they want inflation, but since you dropped out, you obviously haven't studied ECONOMICS. 

But still PRETEND to be an expert. 🤮

[robosmith]

1 hour ago, Fluffypants said:

What nonsense, Bidens stimulus was completely unnecessary and inflationary especially since we were well underway with recovery and all it did was make it harder for companies to fill jobs.

Biden LEARNED from Obama's mistakes and went big on recovery. And it WORKED cause it didn't take the economy a decade to recover. Duh

1 hour ago, Nationalist said:

No. YOU want inflation. Just more proof that Libbies hate people. 

You don't know what you're talking about. Economists are the experts and all YOU have is ^BULLSHIT.

[robosmith]

1 hour ago, Michael Hardner said:

This makes sense, however we're also seeing visible signs of increased poverty.  Hard to resolve those things.

The UE rate is  4.1%. AKA "full employment."

Anyone facing poverty doesn't want to work.

[ironstone]

Democrat presidents are always responsible for strong economies, but blameless when the economy is weak. 

When a Republican president has a strong economy, it's only because he inherited it from a Democrat. And if the economy is weak, then that same Republican president is entirely to blame.

Have I got that right?

[Nationalist]

56 minutes ago, robosmith said:

Biden LEARNED from Obama's mistakes and went big on recovery. And it WORKED cause it didn't take the economy a decade to recover. Duh

You don't know what you're talking about. Economists are the experts and all YOU have is ^BULLSHIT.

Your "experts" have a habit of lying and then being found out.

They mean nothing anymore and it's their own fault.

[Michael Hardner]

1 hour ago, robosmith said:

 Anyone facing poverty doesn't want to work.

Or can't...

[robosmith]

53 minutes ago, ironstone said:

Democrat presidents are always responsible for strong economies, but blameless when the economy is weak. 

When a Republican president has a strong economy, it's only because he inherited it from a Democrat. And if the economy is weak, then that same Republican president is entirely to blame.

Have I got that right?

RepubliCONS have a history of over stimulating the economy and it eventually CRASHES before or after they're gone.

See Karl Rove's "permanent Republican majority" and Obama inheriting "the great recession."

See Biden inheriting Trump's pandemic collapse.

It's a general rule that is NOT always true like you're implying. Duh

[robosmith]

32 minutes ago, Nationalist said:

Your "experts" have a habit of lying and then being found out.

They mean nothing anymore and it's their own fault.

Did you even take Economics before you dropped out? Probably not since that is usually not part of the freshmen curriculum.

Cause you don't even understand why minimal inflation is a GOAL.

19 minutes ago, Michael Hardner said:

Or can't...

They have SS disability. IF the RepubliCONS don't trash that program.

[Michael Hardner]

7 minutes ago, robosmith said:

 They have SS disability. IF the RepubliCONS don't trash that program.

That's the thing... Democrats are supposed to be the ones with empathy (I thought).  The homeless situation, drug dependency, etc.  You can find stats to say it's not happening, though, for sure.

[robosmith]

4 minutes ago, Michael Hardner said:

That's the thing... Democrats are supposed to be the ones with empathy (I thought).  The homeless situation, drug dependency, etc.  You can find stats to say it's not happening, though, for sure.

Democrats institute programs to deal with personal tragedy and RepublCONS dismantle them. 🤮

Like Trump/Vance are again threatening to dismantle the ACA.

[Hodad]

2 hours ago, Michael Hardner said:

This makes sense, however we're also seeing visible signs of increased poverty.  Hard to resolve those things.

I probably don't have any insight to share here. Statistically it looks like poverty rates have declined basically in line with the decline in inflation and the resurgence in wages. Basically the inverse of the real wages graph since 2022. 

But I'm not sure what you mean about signs of visible poverty. I don't see it in my area, but my area is a pretty small sample size. 

As always, statistics don't tell the tale of the individual data points. I can say this is a great economy and also acknowledge that everyone in the economy isn't faring well. The big picture and the small picture are often starkly different. 

[Nationalist]

30 minutes ago, robosmith said:

Did you even take Economics before you dropped out? Probably not since that is usually not part of the freshmen curriculum.

Cause you don't even understand why minimal inflation is a GOAL.

They have SS disability. IF the RepubliCONS don't trash that program.

Lol..."INFLATION IS GOOD!"

LOL...

[robosmith]

2 minutes ago, Nationalist said:

Lol..."INFLATION IS GOOD!"

LOL...

Like I said ^pure IGNORANCE, combined with stupid pretense of expertise. 🤮

[Nationalist]

4 minutes ago, robosmith said:

Like I said ^pure IGNORANCE, combined with stupid pretense of expertise. 🤮

"INFLATION IS GOOD!"

ROFLMAO!!!

[Hodad]

Just now, Nationalist said:

"INFLATION IS GOOD!"

ROFLMAO!!!

Keep doubling down on the dumb. 

[robosmith]

7 minutes ago, Nationalist said:

"INFLATION IS GOOD!"

ROFLMAO!!!

Like I said ^pure IGNORANCE, combined with stupid pretense of expertise. 🤮

[Nationalist]

2 minutes ago, Hodad said:

Keep doubling down on the dumb. 

"INFLATION IS GOOD!"

LOL...bye numb-nuts.

1 minute ago, robosmith said:

Like I said ^pure IGNORANCE, combined with stupid pretense of expertise. 🤮

LOL...