Joe Biden is crushing it.

Zurn wrote:

Trapper Gus wrote:Rate of increase for GDP since Bindenomics started.

Amazing what 20% worth of inflation will do to a GDP

Zurn wrote:

Trapper Gus wrote:Okay, your inflation point is pointless...

Pointless?   That you would state that nominal GDP numbers are adjusted for inflation makes the point that you don't know shit about economics.

Zurn wrote:

Trapper Gus wrote:

Funny that my predictions about inflation over the last year were almost spot on and theirs were not.

There is an inflation thread still on the front page of this board about inflation that was started in 2021.   Here is what Trapper Gus posted as the first response to the OP:

Since this is a year over year number and there was very low numbers within the last two years we will be seeing this into early 2022.

Here we are in 2024 with no end to inflation in sight.   I will stick to my observation that you don't know shit about economics.

Zurn wrote:

Trapper Gus wrote:

Funny that my predictions about inflation over the last year were almost spot on and theirs were not.

There is an inflation thread still on the front page of this board about inflation that was started in 2021.   Here is what Trapper Gus posted as the first response to the OP:

Since this is a year over year number and there was very low numbers within the last two years we will be seeing this into early 2022.

Here we are in 2024 with no end to inflation in sight.   I will stick to my observation that you don't know shit about economics.

Zurn wrote:

Trapper Gus wrote:

3.2% inflation was once, during Reagan, GHW Bush & GW Bush  was thought of as low, but you be you, dude.

It wasn't until Obama came around that the 2% number became a target because some politician in New Zeeland pulled it out of their ass when asked a question.

Trapper thinks 3.2% inflation is okay, more evidence that he doesn't know shit about economics.

Economists Justin Wolfers and Arin Dube noted that, as Wolfers wrote, “[f]or the first time in forever, real wage gains are going to those who need them most.” Wages have gone up for all but the top 20% of Americans, whose wages have fallen, reducing inequality.

Companies expect to give out 4.5% raises this year — a dip from the 4.8% average bump given in 2023, per a new survey of human resources professionals out Wednesday morning.

Why it matters: It's another sign that the job market is cooling but still strong — raises will likely outpace inflation in 2024.

Zurn wrote:

AvgMSUJoe wrote:

So, How is the orange god going to control inflation? Speaking as someone who know shit about economics.

Please explain to us libtard idiots really really slowly.  

He  probably   won't.   The   excessive   printing    of   money   started    under   Trump  and  was   accelerated    by    Biden.  

Zurn wrote:

Trapper Gus wrote:

If corporations cannot create significant profits just by raising prices, as they just did, which caused most of the recent inflation, then, due to higher profits being taxed at high rates, then they don't do that, because it doesn't create what they want.

You really don't know shit about economics.  

Raising prices may or may not cause an increase in profits.   Could Coca-cola increase its profits by doubling its prices?  

Furthermore in a situation where raising prices will result increased profits unless the tax rate is 100% profits will still increase just not as much.  

A new paper published Tuesday shows that U.S. corporate price markups and profits surged to their highest levels since the 1950s last year, bolstering arguments for an excess profits tax as a way to rein in sky-high inflation.

In their new brief, Konczal and Lusiani note that higher markups don't always mean larger profits.

"But they did in 2021," the researchers write, showing that the net profit margins of U.S. firms jumped from an annual average of 5.5% between 1960 and 1980 to 9.5% in 2021 as companies pushed up prices, citing inflationary pressures across the global economy as their justification.

"How high companies can increase their sales up and above their costs... matters for the economy more generally because these markups distribute economic gains from workers and consumers to firms and shareholders," said Lusiani. "This is especially the case when almost 100% of these firms' earnings derived from markups are distributed upward to shareholders rather than retained and reinvested."

HEATHER COX RICHARDSON wrote:Biden responded to the RSC budget, saying: “My budget represents a different future. One where the days of trickle-down economics are over and the wealthy and biggest corporations no longer get all the breaks. A future where we restore the right to choose and protect other freedoms, not take them away. A future where the middle class finally has a fair shot, and we protect Social Security so the working people who built this country can retire with dignity. I see a future for all Americans and I will never stop fighting for that future.”

Biden’s version of America has built a strong economy in the last two years, with extremely low unemployment, extraordinary growth, and real wage increases for all but the top 20%. Inequality has decreased. Today the White House announced the cancellation of nearly $6 billion in federal student loan debt for thousands of teachers, firefighters, and nurses. Simply by enforcing laws already on the books that allow debt forgiveness for borrowers who go into public service, the administration has erased nearly $144 billion of debt for about 4 million borrowers.

Zurn wrote:

Trapper Gus wrote:

Coke and many other corporations created record profits by doing exactly that.

I know some people have an undying belief in prices verses volume curves that they were taught in Economics 100, however the real world doesn't work that way.  What Economics 100 leaves out of its introduction to economics is that markets have both a price competition and a power struggle involved, and when one side has a power disadvantage the other side uses that to raise the price.

Of course in our example of Coca-Cola the power disadvantage is completely on the side of Coca-Cola.   All of the power resides with the consumer as Coca-Cola makes a completely unnecessary product.  

Again, YDKSAE.  

Reuters wrote:July 26 (Reuters) - Coca-Cola Co (KO.N), opens new tab raised its annual revenue and profit forecasts after beating quarterly results on the back of higher pricing, with demand for its sodas remaining resilient at a time when consumers are cutting back on non-essential spending.

Recent results from rival PepsiCo (PEP.O), opens new tab and consumer products makers in Europe such as Unilever (ULVR.L), opens new tab point to steady consumer spending on sodas, snacks and other essential items, with little to no resistance to the multiple prices hikes ...

WASHINGTON (AP) — The number of arrests for illegally crossing the U.S. southern border with Mexico nudged upward February over the previous month. But at a time when immigration is increasingly a concern for voters, the numbers were still among the lowest of Joe Biden’s presidency.

According to figures from Customs and Border Protection, Border Patrol agents made 140,644 arrests of people attempting to enter the country between the legal border crossing points during February.

The figures are part of a range of data related to immigration, trade and fentanyl seizures that is released monthly by CBP. The immigration-related figures are a closely watched metric at a time of intense political scrutiny over who is entering the country and whether the Biden administration has a handle on the issue.

Republicans, led by former President Donald Trump, the presumptive Republican nominee for president, have charged that Biden’s policies have encouraged migrants to attempt to come to the U.S. and that the border is out of control. The Biden administration counters by saying Republicans failed to work with Democrats to fund a key border security bill and arguing that what is happening on the southern border is part of a worldwide phenomenon of more people fleeing their homes to seek safety.

Zurn wrote:

Trapper Gus wrote:  So you know less than I know, based on your past performance.

mmm...I know the difference between nominal and real GDP.

I know that Coca Cola makes a completely unnecessary product which consumers could force the price down by simply not buying it.

YDKSAE

Zurn wrote:

Trapper Gus wrote:

You sure could fool this board on that point, since you have never acknowledged that Bidenomics is vastly improving life in this country.

Well, you are in the minority with that opinion!

WASHINGTON (AP) — The government’s chief human resources agency issued a new rule on Thursday making it harder to fire thousands of federal employees, hoping to head off former President Donald Trump’s promises to radically remake the workforce along ideological lines if he wins back the White House in November.

The Office of Personnel Management regulations will bar career civil servants from being reclassified as political appointees or as other at-will workers, who are more easily dismissed from their jobs.

Paul Krugman wrote:When it comes to economic news, we’ve had so much winning that we’ve gotten tired of winning, or at any rate blasé about it. Last week, we got another terrific employment report — job growth for 39 straight months — and it feels as if hardly anyone noticed. In particular, it’s not clear whether the good news will dent the still widespread but false narrative that President Biden is presiding over a bad economy.

Start with the facts: Job creation under Biden has been truly amazing, especially when you recall all those confident but wrong predictions of recession. Four years ago, the economy was body-slammed by the Covid-19 pandemic, but we have more than recovered.

The unemployment rate has been below 4 percent for 26 months, the longest streak since the 1960s.

Inflation did surge in 2021-22, although this surge has mostly subsided. But most workers’ earnings are up in real terms. Over the past four years, wages of nonsupervisory workers, who account for more than 80 percent of private employment, are up by about 24 percent, while consumer prices are up less, around 20 percent.

In both Michigan and Pennsylvania — states crucial to the outcome of this year’s presidential election — more than 60 percent of respondents rated the economy as not so good or bad; a similar percentage said that their own situation is excellent or good.

Americans are upbeat not just about their own circumstances; they’re also upbeat about their local economies. A recent Wall Street Journal poll of swing state voters found that voters have negative views of the national economy but significantly more positive views about the economy in their state.

New research by Harvard’s Stefanie Stantcheva confirms an old insight: When both wages and prices are rising, people tend to believe that they earned their wage increases but that inflation took away their hard-won gains.

...statistical analysis shows that the effect of partisanship on economic perceptions is much stronger for Republicans ....so the fact that a Democrat is president drags down average consumer sentiment. Any discussion of economic perceptions that doesn’t take this factor into account is missing a big part of the picture.

... more progressives should celebrate the current economy ... because economic success vindicates the progressive vision ... the more important point is that policies like the expansion of Obamacare and student debt relief have not, contrary to conservative predictions, dragged the economy down — which means that it’s OK to call for more.

The truth is that the U.S. economy (due to progressive measures passed by Democratic politicians - TG) is a remarkable success story. Don’t let anyone tell you that it isn’t.