The Triumph of Bidenomics!

o_mlly said:

At the time, the country was suffering from a wage/price spiral in part initiated by OPEC punitive policies on Western democracies.

In macroeconomics, a wage-price spiral is an explanation for inflation, in which wage increases cause price increases which in turn cause wage increases, in a positive feedback loop. The economy is dynamic, not static. The present spiral was in large part a result of Bidenomics.

The present inflationary problem can be understood as initiated by a supply shortage caused by the COVID pandemic. Bidenomics response was to fuel the inflation that naturally occurs due to supply shortages by providing "relief" via cash giveaways thereby increasing the demand for goods and services that did not exist. Predictably, Inflation spiked.

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I recall one “cash payment” during Biden’s time, were there more?
The PPP loans (that didn’t have to be repaid if certain hoops were jumped), had nothing to do with this “spike”?
huh.

probinson said:

I guess denial isn't just a river in Egypt.

Anecdotally speaking, I am paying about $150-$200 more for groceries for my family of 4 every month than I was a few years ago. Once upon a time in a land about 2 years ago, I could grab some fast food with my family of 4 for around $25. Now, try hard to keep the bill under $40 (if we can).

You're living in an alternate universe if you don't think people are paying more for everyday items than they were just a few years ago. The reasons are irrelevant. As long as people are feeling the pinch, it will ALWAYS be bad for the incumbent.

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And I could get a loaf of day-old bread for 5¢ in 1972.

iluvatar5150 said:

But the budget guides much (albeit not all) of the outlays. Receipts are impacted by a number of things including legislation that passed prior to that fiscal year.

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If true then there is no such thing as "Bidenomics" or "Reganomics".

The President, the Senators and the Congress know that their first job is to keep their job. Past legislation and executive action show the Democrats more likely to use public funds to initiate programs to buy votes with giveaways. Once the people have been given their bread and circus, anyone who threatens to take it away loses their job.

Pommer said:

And I could get a loaf of day-old bread for 5¢ in 1972.

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I'm not sure why you're pretending like the prices 52 years ago are in any relevant to what people were paying just 3-4 years ago.

o_mlly said:

If true then there is no such thing as "Bidenomics" or "Reganomics".

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How do you figure? I understood both of those terms to refer to philosophies or sets of policies. Applying either of them to a set of economic conditions at a particular point in time (if that's what you're referring to) strikes me as pretty silly, regardless of who's doing it.

o_mlly said:

Past legislation and executive action show the Democrats more likely to use public funds to initiate programs to buy votes with giveaways.

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Does it? How do you know this? Do you have a tally somewhere? Because I can come up with a bunch of programs where Republicans are the initiators and/or at least as guilty as Dems, e.g. it's not Dem voters growing a bunch of ethanol corn or clamoring for school vouchers.

NxNW said:

Exactly how far back is relevant, and why?

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"Prices have gone up over the last 52 years" is not even remotely relevant to this conversation. The implied point appears to be that prices always go up. And that's true. But not nearly as rapidly and universally as they have in the last 3-4 years.

But if you are going to reference irrelevant tidbits, at least get the facts right. Google says a loaf of bread was more like 25¢ in 1972.

iluvatar5150 said:

Because I can come up with a bunch of programs where Republicans are the initiators and/or at least as guilty as Dems, e.g. it's not Dem voters growing a bunch of ethanol corn or clamoring for school vouchers.

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You would be hard pressed to come up with a list that surpasses FDR's and LBJ's just for starters. But I'm willing to look at your list.

BTW, school vouchers are individual state programs and a variety of way are used to fund them. The most popular is to transfer funds from the failing public education program to parents. The ethanol debacle is an example of how once given federal clawbacks are political suicide,

The governors of most Corn Belt states joined in sending Trump warning him than any cutback in the Renewable Fuel Standard program’s subsidies would be “highly disruptive, unprecedented and potentially catastrophic.” Understanding the US Federal Ethanol Subsidy

o_mlly said:

You would be hard pressed to come up with a list that surpasses FDR's and LBJ's just for starters. But I'm willing to look at your list.

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Oh, we're going back that far?

o_mlly said:

BTW, school vouchers are individual state programs and a variety of way are used to fund them. The most popular is to transfer funds from the failing public education program to parents.

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So? That's still an example of using "public funds to initiate programs to buy votes with giveaways."

o_mlly said:

The ethanol debacle is an example of how once given federal clawbacks are political suicide,

The governors of most Corn Belt states joined in sending Trump warning him than any cutback in the Renewable Fuel Standard program’s subsidies would be “highly disruptive, unprecedented and potentially catastrophic.” Understanding the US Federal Ethanol Subsidy

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Sounds like "[using] public funds to ... buy votes with giveaways."

Economy added 272,000 jobs in May, surging past expectations​

The unemployment rate rose to 4 percent.
Employers added 272,000 jobs in May, shooting past expectations in a sign of a booming labor market that continues to defy economists’ predictions of a slowdown.

However, the unemployment rate ticked up to 4 percent, ending a historic 27-month streak of unemployment below that benchmark that last happened 50 years ago.

Average hourly wage growth accelerated sharply in May to $34.91, which is up 4.1 percent from the previous year.

“The American middle class is seeing their economic standing improved. The strong wages and improving living standards are the main takeaway from this very strong jobs report,” said Joe Brusuelas, chief economist for the accounting firm RSM US.

Employers have now added jobs for 41 consecutive months, going back to January 2021.

essentialsaltes said:

Average hourly wage growth accelerated sharply in May to $34.91, which is up 4.1 percent from the previous year.

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For those in the back, that's greater than inflation.

iluvatar5150 said:

Oh, we're going back that far?

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Looks like you did not have a list. Do you have one or not?

iluvatar5150 said:

So? That's still an example of using "public funds to initiate programs to buy votes with giveaways."

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Not at all. The taxpayers are given the authority to redirect their already taxed dollars. That's democracy in action.

iluvatar5150 said:

Sounds like "[using] public funds to ... buy votes with giveaways."

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Nope. The ethanol debacle demonstrates that once the freebies are given claw backs are political suicide.

o_mlly said:

Looks like you did not have a list. Do you have one or not?

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Looks like you can't back up this: "Past legislation and executive action show the Democrats more likely to use public funds to initiate programs to buy votes with giveaways."

Not at all. The taxpayers are given the authority to redirect their already taxed dollars. That's democracy in action.

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lol, what a nonsensical distinction. Payout A is "freebies" while Payout B is "redirecting taxed dollars" and "democracy in action."

"Freebies" handed out by elected representative is also "democracy in action."

iluvatar5150 said:

Looks like you can't back up this: "Past legislation and executive action show the Democrats more likely to use public funds to initiate programs to buy votes with giveaways."

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I did. Where's your list of Republican programs that outdo SS and Medicare? You might add the War on Poverty programs and the New Green Deal initiatives as bonuses.

iluvatar5150 said:

lol, what a nonsensical distinction. Payout A is "freebies" while Payout B is "redirecting taxed dollars" and "democracy in action."

"Freebies" handed out by elected representative is also "democracy in action"

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The above is merely unintelligible nonsense. Back off the Kool-Aid and be objective, please.

US gas prices are falling. Experts point to mild demand at the pump ahead of summer travel​

Last week, data from the Energy Information Administration showed that U.S. gasoline demand slipped to about 8.94 million barrels a day. [usually it would be 10 million this time of year.]

"Experts point"?! Who cares what experts point at?!? When you need pointing done, there's only one place to go.

Why oil companies are raking in record profits under Joe Biden​

As Trump and Biden are set once again to face off in a presidential election, Trump has renewed claims that Biden’s agenda has hurt energy producers, promising to hit rewind on Biden’s environmental policies.

But the oil and gas industry in the United States has thrived under the current president, even as the Biden administration has touted its efforts to transition away from fossil fuels and towards green energy sources.

In the last three and a half years, US oil production — and oil and gas company profits — have broken records.

Boon for oil executives and shareholders​

According to the US Energy Information Administration, the US produced more crude oil than ever in 2023, beating the previous record set in 2019 — and Investors have been richly rewarded. The Energy Select Sector SPDR Fund (XLE), which tracks the performance of the largest oil and gas companies, is up more than 100% since Biden’s inauguration.

Making Deals on Behalf of the American People!

CPI was flat in May. Prices up 3.3% over the past 12 months. General downward trend in inflation continues, although at a slowing rate.

Per CNBC:

• The consumer price index held flat in May though it increased 3.3% from a year ago. Both numbers were 0.1 percentage point below market expectations.
• Excluding volatile food and energy prices, core CPI increased 0.2% on the month and 3.4% from a year ago, compared with respective estimates of 0.3% and 3.5%.
• Price increases were held in check by a 2% drop in the energy index and just a 0.1% increase in food.