Amazing growth rate for the US economy. Every economist has been wrong. (so have I)
Consumer spending is keeping the economy humming even though consumer confidence is lackluster. An interesting divergence in the data.
Unemployment is at 50-year lows yet polls show Biden gets no credit. This is unique (no matter whether you support him or not). If the economy turns south, even a little bit. His candidacy is doomed, and perhaps, our Republic.
IT IS STRANGE, TO SAY THE LEAST.
ONE OF THESE DAYS, THAT RECORD HIGH CREDIT CARD DEBT IS GONNA BITE A LOT OF CONSUMERS. YIKES!!
Thanks, joj!
The biggest reason people are not happy with the Biden economy is inflation which is chewing up most of the benefits of that high GDP.
Very few people realize that Biden's war with Russia, is causing more than +1% global inflation from the global supply side dynamics for food and especially energy. The energy part is completely intentional.
Of course he has always called it the "Putin Price Hike".
Now, we are facing another war that is adding even more risk premium to the liquid energy markets.
No telling where that may go.
It looks bad for a quick resolution in Ukraine but I'll be optimistic and hope the Ds get smart and finally negotiate for peace with Russia (instead of blocking it) because there will be a price to pay in 2024.
Also, pull a rabbit out of their hat in the Middle East.
https://tradingeconomics.com/united-states/inflation-cpi
Holy crap, if you are so hard pressed to give Biden credit for something, hell just anything try this. When the fool took office inflation was T 1.4. Well how about that maga Biden economy. Its now costing every American household right at 15000 extra dollars/ year bud. An extra 15000 dollars. Now should we talk about all the other great maga policies we are suffering from Biden and co.
Inflation is 3.7% and dropping.
Does Trump blowing a 6 Trillion $$ hole in the debt have anything to do with the mess Biden inherited? Nahhh....
great answer to a question nobody ask. Every President is responsible for debt and every President in the few decades should be embarrassed by the debt overload. But every President has added or provided fake numbers to lie about what he really did. which after a few years reveals the truth of more trillions in debt. We were talking the real pain Biden and his policies have caused this country and that can not be clearer than just looking at the new 15000 dollars it costs every American family to survive since Biden first opened his crazy box of tricks.
Agree joj, that this DID have an impact, yes!
You conveniently failed to mention COVID at the time and that the Democrats wrote the bill for spending that money, which Trump objected too with regards to many of the items.
However, he did push for higher COVID checks to go out for an isolated personal reason.
Regardless, this "one off" COVID aberration is constantly being used disingenuously to make it look like it represented an ideological position by republicans.
Trump was trying to overturn the election at the time and giving $2,000 to Americans then vs $600 that the Ds had in THEIR spending bill was likely supportive to that mentality, not an ideology about balancing the budget.
Trump signs $2.3T relief, spending package
https://thehill.com/homenews/administration/531632-trump-signs-relief-bill-despite-criticism/
I will, however agree with you that the Rs are not always budget conscious using another point that people forget about.
In 2001, early in Bush-2's first term and BEFORE 9-11, I recall that we had a rare surplus going and Americans were doing extremely well at the time, unlike the COVID economic crisis..
Bush could have used it to pay down the debt but instead, used it to send Americans rebates and passed tax reforms that caused the debt to grow faster in the years to come. That was a key moment in time that could have bailed us out when we were in the perfect spot to do it.
I was ok with the capital gains tax cuts PERSONALLY because it saved us a ton of money from my trading profits but the rebates, instead of paying down the debt were really unjustified.
https://en.wikipedia.org/wiki/Economic_Growth_and_Tax_Relief_Reconciliation_Act_of_2001
The Economic Growth and Tax Relief Reconciliation Act of 2001 was a major piece of tax legislation passed by the 107th United States Congress and signed by President George W. Bush. It is also known by its abbreviation EGTRRA (often pronounced "egg-tra" or "egg-terra"), and is often referred to as one of the two "Bush tax cuts".
Bush's promise to cut taxes was the centerpiece of his 2000 presidential campaign, and upon taking office, he made tax cuts his first major legislative priority. A budget surplus had developed during the Bill Clinton administration, and with the Federal Reserve Chairman Alan Greenspan's support, Bush argued that the best use of the surplus was to lower taxes.[1] By the time Bush took office, reduced economic growth had led to less robust federal budgetary projections, but Bush maintained that tax cuts were necessary to boost economic growth.[2] After Treasury Secretary Paul O'Neill expressed concerns over the tax cut's size and the possibility of future deficits, Vice President Cheney took charge of writing the bill, which the administration proposed to Congress in March 2001.
The one thing that Biden could do that would be extremely effective at curbing GLOBAL and United States inflation would be to end his war with Russia, using Ukraine.
MIKE ~ "In 2001, early in Bush-2's first term and BEFORE 9-11, I recall that we had a rare surplus going and Americans were doing extremely well at the time, unlike the COVID economic crisis..
Bush could have used it to pay down the debt but instead, used it to send Americans rebates and passed tax reforms that caused the debt to grow faster in the years to come. That was a key moment in time that could have bailed us out when we were in the perfect spot to do it. "
NOT SOUND CYNICAL OR START A "DEBATE", BUT... IMO, BUSH KNEW WHAT WAS GONNA HAPPEN ~ HE JUST GOT AHEAD OF THE "GAME", IS ALL.
'NUFF SAID
Oct job growth only 150,000. Unemployment rate climbs to 3.9 highest in almost 2 years.
US Jobs Report October 2023: 150,000 Hired as Unemployment Rate Hits 3.9% - Bloomberg
Thanks much, cutworm!
The UAW strike may have had a negative impact. We'll see next month where we are.
Gasoline demand dropped to a 25 year low right around the early part of the UAW strike. That could be a transient factor, since the strike has been settled.
It looks like the drop in gas demand actually started just before the strike. Hard to tell.