The Biden Recession Thread

IVE GOTTA PACKAGE 4U

IVE GOTTA PACKAGE 4U

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bbsam said:
No. And that’s the point. The economic numbers don’t reflect the lifestyle of most Americans. They represent the whims of the “job creators”. Why? When does Main Street catch up to Wall Street? Hell, when does Main Street recoup its lost buying power that 8% inflation brought about? Did anyone’s income jump when prices jumped?

There is no answer under current structure. Heard Trump saying he was going to do away with the payroll tax. Of course the executive branch has no power to do that. And if he did and the market was flooded with more cash, what would happen? A huge stimulus that does what? Drives inflation yet again and supercharges the national debt. How do we know? Because we just did that.

So yeah. The economy is due for and probably needs a crash. Unfortunately whatever administration is in power will probably ride to the rescue again and the economic powerhouses will pat themselves on the back.

0% interest on $30k cars was great back in the day. On $90k pickups the general public can’t even begin to afford to be interested. In a consumer driven economy without consumers…
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I am very fortunate that I do not live like most Americans.
I do my best to stay out of debt and put a little extra money away for retirement and for my personal savings account.

Unfortunately the good portion of the population cannot afford to do that
 
Thebrownblob

Thebrownblob

Well-Known Member
bbsam said:
What’s the answer to inflation?
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Thebrownblob

Thebrownblob

Well-Known Member
Just A UPS Guy said:
I'm just saying that's the only fix for the last three years of inflation. We're up well over 20% and still seeing 3%+ yoy with every report. The only way to get that back is to burn it all. Basically, $130k is the new $100k salary.
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Our government believes everything is too big to fail. It’s kind of like when you continue to help your kids when they make mistakes and their mistakes keep getting bigger and bigger because they do not think there’s a consequence, until one day the consequence is too much for anyone to fix.
 
IVE GOTTA PACKAGE 4U

IVE GOTTA PACKAGE 4U

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Thebrownblob said:
Our government believes everything is too big to fail. It’s kind of like when you continue to help your kids when they make mistakes and their mistakes keep getting bigger and bigger because they do not think there’s a consequence, until one day the consequence is too much for anyone to fix.
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In the Federal reserve really messed up doing the pandemic.
Number one it was issuing short-term debt when long-term debt for 10 to 30 years was 1% or less

They waited way too long to start raising the rates
Unfortunately there's way too worried about the stock market and not about the entire economy
 
Thebrownblob

Thebrownblob

Well-Known Member
IVE GOTTA PACKAGE 4U said:
In the Federal reserve really messed up doing the pandemic.
Number one it was issuing short-term debt when long-term debt for 10 to 30 years was 1% or less

They waited way too long to start raising the rates
Unfortunately there's way too worried about the stock market and not about the entire economy
Click to expand...
And don’t forget about the PPP loan scam, it was promised to help the small people instead it was a boondoggle and a giveaway to the Uber wealthy and scam artists. Robinhood in reverse, take from the poor and give to the rich.
 
IVE GOTTA PACKAGE 4U

IVE GOTTA PACKAGE 4U

*
Thebrownblob said:
And don’t forget about the PPP loan scam, it was promised to help the small people instead it was a boondoggle and a giveaway to the Uber wealthy and scam artists. Robinhood in reverse, take from the poor and give to the rich.
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They gave away money to the underground economy

I do not like new taxes but they honestly need a vat tax
We need to capture some of the money off the books
 
Up In Smoke

Up In Smoke

Well-Known Member
oldngray said:
Inflation is a pay cut for everyone
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Wages drive inflation also. The median hourly wage has increased more than 50% since 2019. Not to mention the cost of benefits that employers must pass to consumers to stay in business. The cost of capital has gone up with the rate hikes. Companies that can't fund their own expansion or retooling must borrow to build their businesses. Once wages stabilize, inflation will settle back into normal yearly ranges.
 
Thebrownblob

Thebrownblob

Well-Known Member
Up In Smoke said:
Wages drive inflation also. The median hourly wage has increased more than 50% since 2019. Not to mention the cost of benefits that employers must pass to consumers to stay in business. The cost of capital has gone up with the rate hikes. Companies that can't fund their own expansion or retooling must borrow to build their businesses. Once wages stabilize, inflation will settle back into normal yearly ranges.
Click to expand...
Hmmmm chicken, or the egg which came first?
 

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