it's the economy

[IDBillzFan]

1 hour ago, Cinga said:

 

I don't get how it's still only 34 trillion considering we have been running 1 1/2 to 3 trillion deficits under Biden

 

Let me explain Bidenomics to you.

 

You see, we’re in Italy. The guy on the top bunk has got to make the guy on the bottom bunk, he’s gotta make his bed all the time. It’s in the regulations. If we were in Germany, I would have to make yours. But we’re in Italy, so you’ve gotta make mine. It’s regulations.

 

That's why it's still only 34 trillion.

[devnull]

42 minutes ago, IDBillzFan said:

You see, we’re in Italy. The guy on the top bunk has got to make the guy on the bottom bunk, he’s gotta make his bed all the time. It’s in the regulations. If we were in Germany, I would have to make yours. But we’re in Italy, so you’ve gotta make mine. It’s regulations.

 

What are the regulations in Greece?

[RochesterRob]

6 minutes ago, devnull said:

 

What are the regulations in Greece?

  The front guy wears chaps but no pants.  

[Foxx]

34 minutes ago, RochesterRob said:

  The front guy wears chaps but no pants.  

And if you're in Cyprus, you get a haircut and no vaseline...

[Ann]

 

Hmmm "impact of years of inflation is finally catching up with consumers."  Inflation has harmed the middle class for three years now! Holy smokes, they only care about rates (to be fair a rate cut would help with mortgages) and the stock market.

From the WSJ:
 

The Fed Might Soon Have to Worry About More Than Just Inflation
As evidence mounts that the economy is slowing, pressure to lower rates could build

 

The U.S. economy continues to lose momentum. Growth hasn’t yet slowed to the point that it would be a concern to policymakers, but it might soon if current trends continue. 

Investors’ attention on Friday was initially focused on the personal-consumption expenditures price index, part of a package of data released by the Commerce Department. That makes sense since it is the Federal Reserve’s preferred measure of inflation and will help them decide whether or not to cut rates before November’s U.S. presidential election. But accompanying data on underlying economic activity turned out to be more significant. 

The PCE price index rose 2.7% from a year earlier in April, in line with economists’ expectations and unchanged from the prior month. The core PCE price index that strips out food and energy, which the Fed favors, was up 2.8%, a tad more than expected.

More noteworthy were the figures for personal income and consumption. Incomes rose 0.3% from the preceding month, in line with expectations and down from 0.5% growth in March. Personal spending rose just 0.2%, below expectations and slowing from 0.7% in March. In real, inflation-adjusted terms consumption and disposable incomes both fell 0.1%. 

 

It seems that the cumulative impact of years of inflation is finally catching up with consumers and eroding their savings cushion—something that companies selling discretionary goods from Starbucks to Kohl’s are saying in their public reports. BMO Capital Markets Chief Economist Scott Anderson noted that April’s savings rate of 3.6%, while unchanged from March, was well below the 12-month average of 5.2%.

</snip>

[Ann]

I just got a lesson from Hubby that this is probably about first look options. 

 

BlackRock, Citadel Securities-backed TXSE Group to start Texas Stock Exchange

 

TXSE Group, backed by BlackRock (BLK.N), opens new tab and Citadel Securities, plans to launch Texas Stock Exchange based in Dallas, the company said on Wednesday.

 

The exchange, which has raised about $120 million, plans to file registration documents with the U.S. Securities and Exchange Commission to start operating as a national securities exchange later this year, the company said.

 

A rebound in capital markets has sent a plethora of companies from within and outside the United States scrambling to list their stocks, especially on major U.S. indices such as the New York Stock Exchange and the Nasdaq.

 

</snip>

 

 

[Ann]

Booming? 

 

65% OF MIDDLE-CLASS AMERICANS CAN'T MAKE ENDS MEET

 

A National True Cost of Living Coalition poll found that 65% of middle-class Americans making at least $60,000 for a family of four face economic hardship. 

 

Even 25% of those earning $150,000 worry about bills.

 

Jennifer Jones Austin of the Federation of Protestant Welfare Agencies:

 

"The economy is booming, yet many Americans are still gasping for air financially."

 

The poll revealed that nearly half of them have less than $500 saved, 40% can't plan beyond their next paycheck, and 28% have no savings at all. 

 

Only 1 in 5 has $10,000 saved.

Source: Newsmax
 

 

[Crap Throwing Clavin]

12 minutes ago, Ann said:

Booming? 

 

65% OF MIDDLE-CLASS AMERICANS CAN'T MAKE ENDS MEET

 

A National True Cost of Living Coalition poll found that 65% of middle-class Americans making at least $60,000 for a family of four face economic hardship. 

 

Even 25% of those earning $150,000 worry about bills.

 

Jennifer Jones Austin of the Federation of Protestant Welfare Agencies:

 

"The economy is booming, yet many Americans are still gasping for air financially."

 

The poll revealed that nearly half of them have less than $500 saved, 40% can't plan beyond their next paycheck, and 28% have no savings at all. 

 

Only 1 in 5 has $10,000 saved.

Source: Newsmax
 

 

 

I used to worry about paying bills.  

 

Then I paid off all the consumer debt.  All I have now is a mortgage (at 1.5%).  

 

Now I no longer worry about paying bills.

 

I'm pretty comfortable suggesting that these people worry about bills because they owe so much to Visa, Mastercard, and Discover.

[Nanker]

 

 

 

[Nanker]

 

 

 

[Deranged Rhino]

 

[Nouseforaname]

3 hours ago, Deranged Rhino said:

 

Joe might actually be hoping for a bad jobs report because it pushes the fed into dropping rates.  

[Fansince88]

On 6/5/2024 at 11:09 AM, Crap Throwing Clavin said:

 

I used to worry about paying bills.  

 

Then I paid off all the consumer debt.  All I have now is a mortgage (at 1.5%).  

 

Now I no longer worry about paying bills.

 

I'm pretty comfortable suggesting that these people worry about bills because they owe so much to Visa, Mastercard, and Discover.

I was going to mention the same thing. My son that works for the local electric company as a lineman pulling in 160k a year at 26 and already has a handsome net worth and no debt was talking with his much older near retirement aged coworker that said he cant afford to retire. Meanwhile he bought a 110k$ Vette and put 30k down and financed 80k for 10 years. Poor guy cant afford to retire. Honestly, most people I know that "cant afford to live", in 10 minutes I can turn their lives around if they would let me sell their stuff and pay theri debt off. Makes me cringe to hear, I dont make enough. NO, YOU SPEND TOO MUCH! 

[Ann]

How Democrats Faked a Jobs Boom
The government is creating jobs. Literally.

 

“Today’s report marks a milestone in America’s comeback,” Joe Biden bragged in March. “With today’s report of 303,000 new jobs in March, we have passed the milestone of 15 million jobs created since I took office.” Milestone or a millstone though might be a matter of opinion.

 

Politicians like to brag about “creating jobs” and for once it was literally true.

 

Of those 300,000 jobs, 71,000 or 1 in 4 were government jobs. Another 72,000 jobs came out of the healthcare industry which is heavily government funded. And 9,000 came from “employment in social assistance” or welfare. About 1 in 2 of Biden’s jobs were funded by taxpayers in one form or another. The only non-government industry showing significant job growth was the hospitality industry which was prepping temporary employment for vacation season.

 

</snip>

[IDBillzFan]

1 hour ago, Ann said:

How Democrats Faked a Jobs Boom
The government is creating jobs. Literally.

 

“Today’s report marks a milestone in America’s comeback,” Joe Biden bragged in March. “With today’s report of 303,000 new jobs in March, we have passed the milestone of 15 million jobs created since I took office.” Milestone or a millstone though might be a matter of opinion.

 

Politicians like to brag about “creating jobs” and for once it was literally true.

 

Of those 300,000 jobs, 71,000 or 1 in 4 were government jobs. Another 72,000 jobs came out of the healthcare industry which is heavily government funded. And 9,000 came from “employment in social assistance” or welfare. About 1 in 2 of Biden’s jobs were funded by taxpayers in one form or another. The only non-government industry showing significant job growth was the hospitality industry which was prepping temporary employment for vacation season.

 

</snip>

 

It's actually worse than that, as everyone is starting to point out on the socials.

 

 

 

[IDBillzFan]

And getting worse.

 

 

[Deranged Rhino]

 

[Crap Throwing Clavin]

On 6/7/2024 at 10:36 AM, IDBillzFan said:

 

It's actually worse than that, as everyone is starting to point out on the socials.

 

 

 

 

All that, and half of the "job growth" is recovery from the artificial and temporary "job losses" caused by COVID closures, more than half of which were recovered during the Trump administration, but the Biden administration still takes credit by measuring from the April 2020 peak unemployment.

 

There is not one damn thing honest about the Biden Administration's employment numbers.

[Nouseforaname]

2 hours ago, Deranged Rhino said:

 

I’ve been hearing this for more than a year.  Eventually high interest rates will start to have a major impact but it doesn’t seem to be the case at the moment at a macro level.

[snafu]

22 minutes ago, Nouseforaname said:

I’ve been hearing this for more than a year.  Eventually high interest rates will start to have a major impact but it doesn’t seem to be the case at the moment at a macro level.

 

Boots on the ground level feels like a recession.  People are just zombie-ing around.  There's no real growth at all.

We're going to get real numbers some day and it will reflect a drop.  Feels like a big drop since at least the beginning of the year.  But since it is an election year, we won't know about it until way after it started.