What kind of President would allow 9.1% inflation!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[Sandy Shanks]

Yup, because the media keeps stoking the fears of a recession. What is the public supposed to believe?

Because they are Trump Republicans, they are forced to be pessimistic about our country.

I, on the other hand, prefer optimism.

The media is continuing its scare tactics, trying to convince Americans that we are in the midst of a recession.

CNN reports, "The US economy shrank again in the second quarter, the Bureau of Economic Analysis said Thursday.

"Gross domestic product, a wide-ranging measure of economic activity, fell by 0.9% on an annualized basis from April through June. That decline marks a key symbolic threshold for the most commonly used — albeit unofficial — definition of a recession as two consecutive quarters of negative economic growth."

That statement requires analysis. CNN made the GDP figure look as bad as possible by annualizing it. The Times reports, "Gross domestic product fell by 0.2 percent in the second quarter, after a 0.4 percent decline in the first." The actual figure of two-tenths of one percent is insignificant in our huge economy, the largest in the world.

Far more significant is unemployment, or lack thereof. Unemployment has been at or around 3.6%, or full employment, for several months.

Another significant factor is job growth. ABC reports, "The nation's June jobs report showed that hiring has remained healthy, with employers adding 372,000 jobs last month."

Most important of all, because the American economy is based on consumer spending, consumer spending is solid. Consumer spending is healthy. although consumers are being more discretionary due to inflation.

“The general takeaway is the economy is slowing, and that’s what the [Federal Reserve] wants,” said Ryan Sweet, who leads real-time economics at Moody’s Analytics. “We’re not in a recession.”

Although Thursday’s initial estimate marked a sharp drop from the 6.7% expansion the economy underwent in the second quarter of 2021, the world’s largest economy, despite being buffeted by high inflation and a cascade of supply shocks, remains fundamentally sound.

Our President explained it best.

“There are going to be a lot of chatter today on Wall Street and among pundits about whether we are in a recession,” Biden said. “But if you look at our job market, consumer spending, business investment, we see signs of economic progress in the second quarter as well.”

“Coming off of last year’s historic economic growth – and regaining all the private sector jobs lost during the pandemic crisis – it’s no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation,” Biden said.

Thank you, Mr. President, no one could have explained it any better.

 

[kaz]

/——-/ Guns are a permanent threat to libtards, Trump is transitory.

OK, but that's a prediction. Right now, nothing makes a leftist cry like Trump

 

[kaz]

Yeah, by two-tenths of one percent.

Do you have any idea how large the American economy is? Here is a hint. It is the largest economy in the world, and Republicans like you keep complaining about it.

Irrelevant, racist Sandinista. None of this affects the discussion despite how you racists hacks completely changed your standards since Trump was President, LOL

 

[Cellblock2429]

OK, but that's a prediction. Right now, nothing makes a leftist cry like Trump

/——-/

 

[beagle9]

Consumer spending drives the American economy, and it is excellent.

For political reasons, because you are a Trump Republican and Biden is our President, you need to be pessimistic about our country.

And you are a complete liar if you are attempting to tell us that the economy isn't heading for a hard fall. It already started with gas and food prices spiraling out of control. The Democrat's running the government will probably take the government resources (working class tax revenues brought in), and use them to sustain an underclass in which they think will give them power to rule over them after everyone else falls in the heat of this thing. Democrat's have become possibly the most dangerous people in American history.

 

[kaz]

And you are a complete liar if you are attempting to tell us that the economy isn't heading for a hard fall. It already started with gas and food prices spiraling out of control. The Democrat's running the government will probably take the government resources (working class tax revenues brought in), and use them to sustain an underclass in which they think will give them power to rule over them after everyone else falls in the heat of this thing. Democrat's have become possibly the most dangerous people in American history.

LOL, isn't it idiots like Sandy Shanks who have ZERO education or experience in economics and finance who are the most condescending about their total belief in ... lawyers ... It's beyond sad since it's a choice they are that stupid, isn't it, Sandy Dumbass?

 

[basquebromance]

Inflation is the highest it’s been since 1981. To put that in perspective: MTV launched on August 1st, 1981.

Video Killed the Radio Star and Biden killed the economy.

 

[protectionist]

Trump also handed him gas at just above $3. Did you check the COVID deaths under Biden’s watch? Trump’s “negligence” brought US the vaccine that Harris-Biden refused to take then they pushed it. What impact of the $ Trillion relief package Biden and the Democrats pushed is NOT going to impact the debt?

$3! Not hardly.... it was $1.89/gallon at the Shell station near me, on Jan 21, 2021.. Some posters have reported it much less than that.

 

[toobfreak]

$3! Not hardly.... it was $1.89/gallon at the Shell station near me, on Jan 21, 2021.. Some posters have reported it much less than that.

I think for most places, gas was around $2.50 - $2.80 a gallon when Biden took office, so in effect, gasoline more than DOUBLED under Biden, an unthinkable increase, then he drained our strategic national reserves just to bring prices down a bit for a while, while spending a trillion dollars on idiots who are making 100K a year still defaulting on their student loans.

 

[LeftofLeft]

$3! Not hardly.... it was $1.89/gallon at the Shell station near me, on Jan 21, 2021.. Some posters have reported it much less than that.

Average price was $3 nationally under Trump.

 

[fncceo]

So, nationalize the oil companies? Sounds good to me!

So the Post Office is in charge of getting us gas?

 

[Godboy]

Inflation is a global phenomenon, dipshit.

Next stupid question.

Then why does Biden keep claiming that he has tackled the inflation problem?

 

[Godboy]

So, nationalize the oil companies? Sounds good to me!

The Venezualan socialist nightmare scenario? THATS your plan?

 

[JGalt]

Then why does Biden keep claiming that he has tackled the inflation problem?

g5000 is full of shit. Switzerland currently has a 2.5% inflation rate. South Korea's inflation rate is 4.8%, Japan's is 2.5%, Malaysia is at 2.2%, Hong Kong is at 1.7%, China is at 2.1%, Bolivia is at 0.87%, the United Arab Emigrates is at 2.5%.

Worldwide Inflation by Country

Inflation 2022 – Overview CPI inflation by country in 2022

 

[Chillicothe]

Video Killed the Radio Star and Biden killed the economy.

Then why does Biden keep claiming that he has tackled the inflation problem?

Switzerland currently has a 2.5% inflation rate. South Korea's inflation rate is 4.8%, Japan's is 2.5%, Malaysia is at 2.2%, Hong Kong is at 1.7%, China is at 2.1%, Bolivia is at 0.87%, the United Arab Emigrates is at 2.5%.

--------------------------------------------------------------------
Some observations on the above:
"Killed the economy"??
I demur.
Dead economies don't do this: Wages are up, housing price are up, companies reporting record profits, unemployment at historic lows, record job openings are being advertised. "The number of job openings in the US rose by 199,000 from a month earlier to 11.2 million in July of 2022".

I'm old enough, experienced enough in U.S. commerce to recognize if this is a dead economy it is far far different than the other 'downturns', or 'recessions'......that I've lived through in my businesses career, let alone being a 'killed economy'. I most definitely demur.
-----------------------------------------
As far as 'tackled-inflaiton'..... I would demur on that also. Rather, the messaging is, I believe, tackling.
Inflation is a long struggle. One month's actions for or against it.....gasoline prices up or down, the BigMac index, etc. ..... take time to determine trends.
----------------------------------------------------

And then, poster JGalt's listing of the inflation rate of countries: I found similar numbers as he did. However, if one selectively chooses only those countries with the lowest inflation you sidestep a wider more comprehensive picture.

It is true that Asian countries do report lower inflation but the bigger more industrialized economies of, say the EU, report individual inflation rates higher than in the recent past. The UK = 9%; Spain = 8.3%; Poland = 12.4%.
And the EU itself reports 7.4% as the average of it's individual components.
That 7.4% compares to the EU's rate in 2020 of 3.18%.

Look, I ain't gonna criticize JGalt for a 'cherry pick' of individual countries. Inflation is a multi-headed issue. And where you stand on it depends on where you sit. Meaning, if you are paying $3.25 for gas yesterday vs. $2.25 two years ago....well, then inflation is terrible. At least for your transportation costs.

But there is more to it than that. And the picture is bigger, wider, and more complex.
Suffice it to say, on average, worldwide, inflation is up. Likely still due to the impacts of the 2020 Covid disaster that befell most of the nations of this world.

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ps....a note on the text above and it's 'bolding'. That is unintentional on my part. Once I 'bolded' a phrase early in my response.....the USMB program would not allow my laptop to go back to regular text. So don't read too much into the motives behined 'bolding' the last half of this message.

 

[bripat9643]

Average price was $3 nationally under Trump

No it wasn't.

 

[bripat9643]

I think for most places, gas was around $2.50 - $2.80 a gallon when Biden took office, so in effect, gasoline more than DOUBLED under Biden, an unthinkable increase, then he drained our strategic national reserves just to bring prices down a bit for a while, while spending a trillion dollars on idiots who are making 100K a year still defaulting on their student loans.

 

[JGalt]

No it wasn't.

If I'm reading this right, the average price of gasoline never went any higher than $2.22 under Trump.

Gasoline - 2022 Data - 2005-2021 Historical - 2023 Forecast - Price - Quote - Chart

 

[Billiejeens]

It is when a major producers country’s leader decides to get out of that business all together. It gets even worse when that country’s currency is the global standard for oil trade. It’s not shocking it’s world wide or how it’s the worst here.

Bless you, but you are trying to explain macro-economics to a total fucking retard.

 

[protectionist]

Average price was $3 nationally under Trump.

I dont believe the "reports" that float around us, any more than I believe the ludicrous "reports" of inflation being at 8 something %, when millions of people have been forced out of their Apartments, by rents inflating 100-200%, and gas and food prices have more than doubled.