Bidenomics

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   Sharlee01posted 22 months ago

   
   Biden called out for 'factual error' once again -- this time in 'Bidenomics' tweet, after boasting about wage levels.
   
   President Biden was previously fact-checked when he claimed to slash the deficit by $1.7T   WAPO fact-checked and found to be MISLEADING and earned Biden bottomless Pinocchios.  source  https://www.washingtonpost.com/politics … pinocchio/
   
   "President Biden took to Twitter Monday to tout his economic policies and the impact "Bidenomics" was having on workers' wages over the last two years. His self-praise was short-lived, however, as Twitter fact-checkers said it "contains a factual error."
   
   "Right now, real wages for the average American worker is higher than it was before the pandemic, with lower-wage workers seeing the largest gains," the president wrote on Twitter. "That's Bidenomics."
   
   Twitter’s Community Notes added context for readers that said: "The tweet’s claim about real wages contains a factual error."
   
   "On 3/15/20 when US COVID lockdowns began real wages adjusted for inflation (AFI) were $11.15. As of 7/16/23 real wages, AFI are $11.05," the Twitter note continued. It added: "Real wages AFI remain lower (not higher) than before the pandemic."
   
   Several users commented on the tweet, pointing out that inflation has risen to a historic high under the Biden administration.
   
   The Republican Party responded, "Since Biden took office, real wages are down 3%."
   
   Tweet source    https://twitter.com/POTUS/status/168068 … age-levels
   
   Confused or just offering misinformation while politicking?
   
   OH - Thank You Elon

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      MarieFaroeposted 22 months agoin reply to this

      Deleted
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         Sharlee01posted 22 months agoin reply to this

         "real wages adjusted for inflation"
         
         Your link provides real wages without adjustment for inflation.

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            MarieFaroeposted 22 months agoin reply to this

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               Sharlee01posted 22 months agoin reply to this

               Real wage adjustments give the true look at the bottom line --  how the small increase has not dented the true costs of living in America. Although some are touting a decrease in inflation one needs to keep in mind ---
               
               Core inflation is the change in the costs of goods and services but does not include those from the food and energy sectors. Food and energy prices are exempt from this calculation because their prices can be too volatile or fluctuate wildly. Core inflation is important because it's used to determine the impact of rising prices on consumer income.
               https://www.investopedia.com/terms/c/co … %20wildly.
               
               Prices are high in energy, as well as food prices remain high.
               In my view, Biden's ploy is to divert one to look here, and not there. As he did here --    President Biden was previously fact-checked when he claimed to slash the deficit by $1.7T   WAPO fact-checked and found to be MISLEADING and earned Biden bottomless Pinocchios.
               
               His Bidenomics are flawed by looking at her not there...
               
               In my view, he is an older Washington politician that has not realized not many buy into the look here not there ...  old political ploys.

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   Sharlee01posted 21 months ago

   Has your food bill gone down? How about your utilities, have they gone down?
   
   Has gas actually gone back to $ 2.00 and changed as it was before Biden took office? Today I am paying $4.00 and change...
   
   Are you paying more to go out to dinner or how about the cost of travel?
   
   Has Bidinomics helped you financially or hurt you?

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      tsmogposted 21 months agoin reply to this

      I don't know about food as my meal plan with possible selections changed from 2022 to 2023.
      
      For July 2022 I paid $6.20/gallon for regular gas
      For July 2023 I paid $5.29/gallon for regular gas
      
      The last time Calif had around $2 per gallon for regular was 2009.
      
      Our electricity went up 35% over 2022. Natural gas was a little more than double over 2022 this year. (Gulp!)
      
      Fast food is a given at $10 pretty much for a meal deal these days. That is a burger, small fries, and a regular soft drink. That is higher than last year, yet I don't recall what I paid then.

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         Sharlee01posted 21 months agoin reply to this

         WOW, you are $5.29, and I am complaining at $4.00 and change. (I am ashamed)  We were paying $2.00 for gas for much of Trump's presidency.  California has a history of higher gas prices. Good to see they are coming down in your neck of the woods.
         
         My monthly expenditures have risen substantially.
         
         Thank you for sharing,  I appreciate your input.

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      Willowarborposted 21 months agoin reply to this

      I'd suggest that there are a multitude of factors that impact gas and food prices.  Gas prices are ticking up because refineries cannot operate at full capacity with temperatures over 100°.   Very few want to fully recognize the multiple and complex factors that affect the economy, particularly after a once-in-a-lifetime pandemic.   Media also has many hoodwinked into believing recovery and change happens instantaneously and that the levers of government are somehow akin to a light switch.   
      It's an unfortunate reality that many Americans have limited intelligence to comprehend all the factors that determine our economy's health. Media knows this full well and capitalizes on it by providing simplistic, binary explanations that pin everything on Biden, as if he has a magic wand.  One fact that I see, is that the economy has remained resilient under his watch. We have steady GDP growth and historically low unemployment with corporate profits soaring. CEOs (Google, Tesla, Microsoft) are raising financial guidance for the rest of the year due to the stronger-than-expected economy. The markets are also up, s&p is up 20% on the year.
      
      We are seeing record levels of new business creation in U.S. history, with new business applications under Biden over 50% more than what they were during the Trump years and with these new businesses hiring nearly 40% more workers.
      
      Many economists say the cure for inflation is more unemployment, even over 5%. Is this the answer? Certainly that would be just another thing for people to complain about and ultimately... Pin on Biden.  It's a no win situation when media has people convinced everything is as simple as pointing a finger at one person and reducing complex issues to simple statements.
      
      In my view the economy is making a solid recovery after the catastrophic impacts of the pandemic.  I'd certainly (as many economists to do) give credit to Bidenomics. 
      
      Is it uncomfortable to pay more for groceries? Sure it is, but I prefer to seek a complete explanation of what has driven those costs.
      
      Just one quick example to illustrate my thinking.
      Beef prices are up. Why? The country’s beef supplies have been contracting. Extreme drought in recent years caused farmers to sell cattle because the conditions, plus with higher feed costs, made it expensive or impossible to maintain herds. That wave of sales, particularly of cows used to breed, led to supply constraints this year.
      
      "Herd liquidation continues to tighten supply, leading to higher cattle cost,” said meat processor Tyson CEO Donnie King during a call with analysts this week. The USDA said in July that the country’s cattle inventory is down 3% year over year'
      
      Not everything can be pinned on Biden solely. And in the end, I feel fairly confident that his policies are going to lead us successfully through the challenges brought by the pandemic.
      
      https://fortune.com/2023/07/28/bidenomi … feld-tian/

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         Sharlee01posted 21 months agoin reply to this

         While your economic insights are quite informative,(thank you for your input) However, my inquiries have been more focused on understanding the personal impact of the current economy on individuals. It's my belief that the decisions made by different administrations can significantly influence the economy's trajectory. So, I'd like to reiterate my questions:
         
         Have you observed a decrease in your food expenses?
         Have your utility costs experienced a reduction?
         Is gasoline truly back to its previous price of around $2.00 since before President Biden assumed office?
         
         Are you spending more on dining out? How about travel expenses?
         In your experience, has the economic approach of the Biden administration, commonly referred to as "Bidinomics," led to a positive or negative financial outcome for you personally?
         
         I appreciate your input.

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            Willowarborposted 21 months agoin reply to this

            Thought provoking questions indeed.
            
            In my neck of the ones, food prices have been on a roller coaster I would say. Certain items have risen and fallen while some have remained relatively constant. But again, I attribute those to factors that have impacted those industries such as dairy, meat and eggs.  As much as many don't want to hear it, the climate is beginning to impact our food production. Who knows the effects that may come in the future if heat and drought continue.  Of course restaurants raise their prices in conjunction with these changes.
            Utility prices are up in my area but not in a major way.
            Travel expenses?  Airfares are certainly up. In my view it continues to be an effect of the pandemic which I hope will diminish.  I see it in terms of supply and demand. There is a lot of demand for travel after being pent up with the pandemic and not a whole lot of supply. We all know that leads to higher costs. Unfortunately the price of jet fuel has also risen and we have pilot shortages unlike anytime in history.    It's something I personally feel will return to an even keel.
            I don't know if we'll ever see gas prices as low as they were before the pandemic.  Our country and the world is a different place post pandemic. We'll need to see a big increase in global oil production to see those kinds of prices again.  OPEC members are happy with high oil prices and are not in a hurry to increase production. That's another issue.
            
            As far as determining if Biden's policies have had a positive or negative effect on my household personally, I can see things moving in the right direction but feel it's much too soon to determine that. Realistically,  It will take years for his policy to play out. And in all likelihood, if he is a one-term president the next guy will come into office with those impacts.  It's off the topic, but I generally believe 4 years is not long enough to feel the full impacts of any presidents policy.
            Any new president is coming in while the effects of the  last agenda is being played out. They'll either unfairly  ride its wave or take blame for its faults.  As a people, we are quick to place blame and we want results yesterday.  And the kicker? We now have media that fans the flames of these fallacies.

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               Sharlee01posted 21 months agoin reply to this

               Thank you for adding this. It gives good insight into how you see the economy at this point and the reasons to back up your logic. Really very well thought out, and sensible. Your elaboration on the subject is welcomed, I hope your comment draws a fruitful conversation. 
               
               Stats show us headed in a better direction at this point.

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3. 59

   Willowarborposted 20 months ago

   Bidenomics has yet to fully play out. But I do think that we are fully able to take a look at Trump's economic legacy. We are able to dissect his tenure from tax cuts to trade wars. These are the two areas I find any real legislative policy during his time.
   
   Trump campaigned as a billionaire businessman and champion of the working class with the economic prowess and deal-cutting skills that politicians in Washington, D.C., lacked. He said  "I'll be the greatest jobs president that God ever created." But in reality Trump has become the first president since Herbert Hoover  to depart office with fewer jobs in the country than when he entered.
   
   He claimed to be laser-focused on bringing back manufacturing and mining jobs, renegotiating trade deals that led to work disappearing overseas and curtailing immigration (he signed no immigration reform legislation).
   
   Economists say Trump’s economic legacy will be defined by domestic policies that overwhelmingly benefited the wealthy and international trade policies that hurt U.S. industry while simultaneously alienating allies.
   
   
   His Tax Cuts and Jobs Act in December 2017 provided major tax breaks to corporations and wealthy individuals. Sort of ironic for someone who campaigned in on being the champion of the working person and campaigned on 'draining the swamp' in Washington.
   
   Heidi Shierholz, a former chief economist at the Department of Labor said this policy "absolutely increased inequality" and the "vast majority of the benefits of those tax cuts went to the already very wealthy."
   
   Economists have also noted that the policy came at a time when unemployment was relatively low and the economy in good shape This tax cut took a toll on the national debt, something Trump pledged in a 2016 interview he would "get rid" of through trade policy.
   
   Despite his goal, the debt ballooned under Trump. The total national debt skyrocketed by more than $7 trillion during Trump’s tenure. A ProPublica and Washington Post analysis found that the growth in the annual deficit under Trump ranks as the third-biggest increase, relative to the size of the economy, of any U.S. president. The analysis pointed to Trump’s tax cuts as one of the major culprits
   
   Arguably, Trade policy is where a president wields the most economic power. Ultimately, the tit-for-tat trade war that Trump waged with China was lost by the U.S., economists say, and data on trade deficits confirm.
   
   The trade gap with China soared under Trump. Additionally, the tariffs that he put into place raised prices for goods that we import. A 2019 report from Moody’s Analytics estimated that the trade war had cost the U.S. economy some 300,000 jobs.
   Moreover, the study says that U.S. firms lost some $1.7 trillion in stock value as a result of the trade war with China.
   
   My conclusion? While Trump didn't create the issue of income inequality in the U.S., his policies will be remembered for creating an economy where the richest prospered while lower-paid families struggled.
   
   Please feel free to post a rebuttal, anyone who has information to add on specific legislation that Trump signed that was ultimately a benefit to the country or at least not just to the wealthy.

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      Sharlee01posted 20 months agoin reply to this

      DATA RELEVANT BEFORE COVID PANDEMIC.  No telling how much more he would have done for our economy if Covvide had not broken out in the US and around the world.  I realize some prefer to ignore Trump's pre-Covid economy. However, I do...
      
      Administration Achievements
      UNPRECEDENTED ECONOMIC BOOM
      Before the Coronavirus invaded our shores, we built the world’s most prosperous economy.
      
      America gained 7 million new jobs—more than three times government experts’ projections
      
      Middle-class family income increased nearly $6,000—more than five times the gains during the entire previous administration
      
      The unemployment rate reached 3.5 percent, the lowest in a half-century
      Achieved 40 months in a row with more job openings than job hirings
      
      More Americans reported being employed than ever before—nearly 160 million
      
      Jobless claims hit a nearly 50-year low
      
      The number of people claiming unemployment insurance as a share of the population hit its lowest level on record
      
      Incomes rose in every single metro area in the United States for the first time in nearly three decades
      
      Delivered a future of greater promise and opportunity for citizens of all backgrounds
      
      Unemployment rates for African Americans, Hispanic Americans, Asian Americans, Native Americans, veterans, individuals with disabilities, and those without a high school diploma all reached record lows
      
      Unemployment for women hit its lowest rate in nearly 70 years
      
      Nearly 7 million people were lifted off of food stamps
      
      Poverty rates for African Americans and Hispanic Americans reached record lows
      
      Income inequality fell for two straight years—and by the largest amount in over a decade
      
      The bottom 50 percent of American households saw a 40 percent increase in net worth
      
      Wages rose fastest for low-income and blue-collar workers—a 16 percent pay increase
      
      African American homeownership increased from 41.7 percent to 46.4 percent
      
      Brought jobs, factories, and industries back to the USA
      
      Created more than 1.2 million manufacturing and construction jobs
      
      Put in place policies to bring back supply chains from overseas
      
      Small business optimism broke a 35-year-old record in 2018
      
      Hit record stock market numbers and record 401ks
      
      The DOW closed above 20,000 for the first time in 2017 and topped 30,000 in 2020
      
      The S&P 500 and NASDAQ have repeatedly notched record highs
      
      Achieved a record-setting economic comeback by rejecting blanket lockdowns
      
      An October 2020 Gallup survey found 56 percent of Americans said they were better off now than four years ago, even in the midst of a global pandemic
      
      During the third quarter of 2020, the economy grew at a rate of 33.1 percent—the most rapid GDP growth ever recorded
      
      Since coronavirus lockdowns ended, the economy has added back over 12 million jobs, more than half the jobs lost
      
      Jobs have been recovered 23 times faster than the previous administration’s recovery
      
      Unemployment fell to 6.7 percent in November, from a pandemic peak of 14.7 percent in April—beating expectations of well over 10 percent unemployment through the end of 2020
      
      The 8 percentage point decline in the unemployment rate from April to November is the largest seven-month reduction ever recorded
      
      Under the previous administration, it took 49 months for the unemployment rate to fall from 10 percent to under 7 percent, compared to just 3 months for the Trump Administration
      
      Since April, the Hispanic unemployment rate has fallen by 10.5 percent, Asian-American unemployment by 7.8 percent, and Black-American unemployment by 6.4 percent
      
      80 percent of small businesses are now open, up from just 53 percent in April
      
      Small business confidence hit a new high
      
      Homebuilder confidence reached an all-time high, and home sales hit their highest reading since December 2006
      
      Manufacturing optimism nearly doubled
      
      Household net worth rose $7.4 trillion in Q2 2020 to $112 trillion, an all-time high
      
      Home prices hit an all-time record high
      The United States rejected crippling lockdowns that crush the economy and inflict countless public health harms and instead safely reopened its economy
      
      Business confidence is higher in America than in any other G7 or European Union country
      
      Stabilized America’s financial markets with the establishment of a number of Treasury Department supported facilities at the Federal Reserve
      
      https://trumpwhitehouse.archives.gov/issues/economy-jo

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         Willowarborposted 20 months agoin reply to this

         This is all from the Trump administration's archive.  The data shows otherwise. He didn't build a great economy in his first two years, he inherited it. The data shows the continuation of trends, not a building upon it. On average, there were more jobs added monthly in Obama’s second term than there were in Trump's first three years. On average, the country created 215,000 new jobs a month in Obama’s second term. In Trump’s first three years, the figure was 182,000. Since the recovery from the last recession the numbers look like a slow, steady build. There is no sudden change when Trump takes office in 2017. There was nothing dramatic in the post-2011 job figures until the pandemic hit. Job growth had been remarkably consistent since the end of the recession in 2010.  3.6 million jobs added in the 19 months since Trump took office are roughly comparable to the 3.9 million added in the previous 19 months under Obama. Likewise, unemployment  steadily declined. And wages inched up at a slow but steady pace. On a graph of any of these metrics, the period before Trump took office is virtually indistinguishable from the period before.
         
         A president taking credit for the economy is nothing new, of course. It’s a time-honored tradition in politics.
         But the idea that Trump somehow rescued a nation that was struggling economically when he arrived simply isn’t borne out in the data. He continued to trend as did Biden when he entered office.  If you believe differently, I would be interested to know the exact policies, pre-pandemic, that you feel accelerated the economy beyond what he was given by Obama.
         The economy was in pretty good shape. Nothing was really out of balance when Trump took office.
         
         https://www.npr.org/2018/09/12/64670879 … -s-economy

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            Sharlee01posted 20 months agoin reply to this

            Do you feel the Trump administration would have printed mistruths?

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               Willowarborposted 20 months agoin reply to this

               Never said that. They just didn't let you know that the numbers were a continuation of the numbers since 2011.  If you look back at charts with the data since that time it was a steady continuation.  A continuation that Trump was able to ride until the pandemic forced him to hit a wall. I think we can all agree that once the pandemic hit, pretty much the last nine months of his presidency he ignored it completely and only focused on his stolen election claims. He was basically off the job at that point.
               You didn't address the main focus of the post. I said nothing about it being inaccurate but since you brought it up,  it's just missing a lot of context. I've always found it interesting that Trump supporters were angry on day one of Biden's administration since he didn't dramatically turn everything around that he was handed.   But we cannot look back at the data and see what Trump was handed and was able to continue with? I think if people just really like  Trump's personality then go with it and  support a candidate based on personality alone. But  trying to make something of his record is quite another story.  The facts and data just don't support it.  The data from Obama on all the measures you mentioned, continued along in virtually the same numbers with Trump.

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                  Sharlee01posted 20 months agoin reply to this

                  Agree to disagree. We just evaluate the issue differently. I respect your view.

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                     Willowarborposted 20 months agoin reply to this

                     Well you don't have to agree to disagree, you can show that somehow Trump improved upon what he was given at the start of his term.  But the backing data isn't there.   His time to prove himself in all these ways was when the pandemic started. Warp speed was to his credit but in every other way he just dropped the ball and it was passed on to Biden.  In Biden's first two years he was able to pass some major legislation that is beginning to show the potential of moving this country beyond the wreckage of covid. That to me, is the real accomplishment.  There are huge differences in the economic conditions in which Trump entered his presidency and those in which Biden did.  And that is not being acknowledged.  We can praise one but persecute the other?

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                        Sharlee01posted 20 months agoin reply to this

                        I'm entirely disinclined to engage in an extensive discourse regarding the notion that Obama's contributions played a minor role in Trump's achievements. I've thoroughly explored this topic before. As previously mentioned, I value your perspectives and have no desire to challenge them. Ultimately, our viewpoints would remain at odds.

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   Sharlee01posted 20 months ago

   Biden in a 'lot of trouble' as economic trends turn 'frightening,' warns Charles Payne
   'Hannity' panel discusses some media outlets and Democrats turning on Biden
   
   "FOX Business Network host Charles Payne sounded the alarm that the economic indicators in the United States are becoming "frightening." Payne said on "Hannity" that he fears $4-per-gallon gasoline could look cheap in the next few months, and "Americans just aren't prepared" for what is coming.
   
   'IT'S HURT US BAD': AMERICANS GRADE PRESIDENT BIDEN'S HANDLING OF THE ECONOMY AS HE TOUTS 'BIDENOMICS'
   
   CHARLES PAYNE: He's [Biden] in a lot of trouble, but it's going to get a lot worse. The trends on the economic data are frightening… frightening. We see the smallest banks right now, their delinquency rates are 7.5%, it's off the rails, but the large banks are turning up. Credit card interest rates just cracked 22% as defaults are going through the roof. All the economic indicators point to extreme pain, and it's going to be exponential. … It's gradual, and then it's going to feel like a rocket ship and Americans just aren't prepared for it. You know, all of the free, steady money is gone. We're still dealing with inflation. People are trying to batten down the hatches. Our gasoline inventories are at a five-year low. Obviously, the Strategic Petroleum Reserve is at its lowest levels since 1983. Four dollars may look cheap three months from now, and $4 may look cheap for what looked like the good old days three or four months from now. The trajectory, right no that we're on, all the indicators point to what we're feeling right now is just the very tip of the iceberg. It's going to get a whole lot worse.
   
   US RECESSION REMAINS 'MORE LIKELY THAN NOT,' DEUTSCHE BANK WARNS
   
   The U.S. economy has a better chance than not of tumbling into a recession within the next year as inflation remains uncomfortably high, according to Deutsche Bank strategists.
   
   In an analyst note Wednesday, the strategists warned a recession remains the more likely outcome than a "soft landing" as a result of the Federal Reserve's aggressive interest rate hike campaign.
   
   "Given that inflation peaked significantly above target, the Fed should err on the side of tightening too much, rather than too little," they wrote. "A U.S. recession remains more likely than not."
   
   While a soft landing is still possible to achieve, the Fed needs to "depress demand below potential" to bring inflation down to its 2% target, Deutsche Bank said. "
   https://www.foxnews.com/media/biden-lot … rles-payne

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