Biden creates an economic crisis--Unemployment, Inflation, risk of STAGLFATION increasing

[B-Man]

 

 

[Doc]

Might as well finish off the country...

[Irv]

What a mess.  

[B-Man]

 

 

 

 

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[Tiberius]

Job growth was stronger than expected in October despite Federal Reserve interest rate increases aimed at slowing what is still a strong labor market.

Nonfarm payrolls grew by 261,000 for the month while the unemployment rate moved higher to 3.7%, the Labor Department reported Friday. Those payroll numbers were better than the Dow Jones estimate for 205,000 more jobs, but worse than the 3.5% estimate for the unemployment rate.

Although the number was better than expected, it still marked the slowest pace of job gains since December 2020.

 

https://www.cnbc.com/2022/11/04/jobs-report-october-2022-.html

[OrangeBills]

3 minutes ago, Tiberius said:

Job growth was stronger than expected in October despite Federal Reserve interest rate increases aimed at slowing what is still a strong labor market.

Nonfarm payrolls grew by 261,000 for the month while the unemployment rate moved higher to 3.7%, the Labor Department reported Friday. Those payroll numbers were better than the Dow Jones estimate for 205,000 more jobs, but worse than the 3.5% estimate for the unemployment rate.

Although the number was better than expected, it still marked the slowest pace of job gains since December 2020.

 

https://www.cnbc.com/2022/11/04/jobs-report-october-2022-.html

 

Just to help you out here, this is kind of worst-case scenario

 

The jobs that were created were not of high-quality:  

Full-time workers: -433K
Part-time workers: +164K

 

The pretty sizeable layoff announcements that have been hitting everywhere would have not have impacted this number.   BUT, it means the Fed has to keep tightening, meaning raising interest rates, which are at levels we already can't afford.  

 

Housing and Auto finance is already done for.  Fed keeps hiking to 5% Fed Funds and you're talking 8-9% Mortgage Rates, 12% Auto loan rates...all that joyful stimulus spending the Biden Admin launched into the economy won't mean a thing.  

 

I am certainly not rooting against the US Economy, hoping we can avoid a worst-case crash...but from an analytical stand-point this does nothing good for us right now.  

 

[Tiberius]

7 minutes ago, OrangeBills said:

 

Just to help you out here, this is kind of worst-case scenario

 

The jobs that were created were not of high-quality:  

Full-time workers: -433K
Part-time workers: +164K

 

The pretty sizeable layoff announcements that have been hitting everywhere would have not have impacted this number.   BUT, it means the Fed has to keep tightening, meaning raising interest rates, which are at levels we already can't afford.  

 

Housing and Auto finance is already done for.  Fed keeps hiking to 5% Fed Funds and you're talking 8-9% Mortgage Rates, 12% Auto loan rates...all that joyful stimulus spending the Biden Admin launched into the economy won't mean a thing.  

 

I am certainly not rooting against the US Economy, hoping we can avoid a worst-case crash...but from an analytical stand-point this does nothing good for us right now.  

 

Rising interest rates and economy still humming along. Let in more workers from immigration and that inflation will start to come down more 

[Chef Jim]

28 minutes ago, Tiberius said:

Rising interest rates and economy still humming along. Let in more workers from immigration and that inflation will start to come down more 

Yup. Under the table slave labor is good for inflation. That’s the only explanation I can come up with regarding your comment. 🤷🏻‍♂️

[All_Pro_Bills]

1 hour ago, OrangeBills said:

 

Just to help you out here, this is kind of worst-case scenario

 

The jobs that were created were not of high-quality:  

Full-time workers: -433K
Part-time workers: +164K

 

The pretty sizeable layoff announcements that have been hitting everywhere would have not have impacted this number.   BUT, it means the Fed has to keep tightening, meaning raising interest rates, which are at levels we already can't afford.  

 

Housing and Auto finance is already done for.  Fed keeps hiking to 5% Fed Funds and you're talking 8-9% Mortgage Rates, 12% Auto loan rates...all that joyful stimulus spending the Biden Admin launched into the economy won't mean a thing.  

 

I am certainly not rooting against the US Economy, hoping we can avoid a worst-case crash...but from an analytical stand-point this does nothing good for us right now.  

 

Curiously the Household Survey reported a drop of 328K jobs in stark contrast to the Payroll numbers.  This divergence has existed for several months.  Along with a labor force participation rate of 62.2%.  My guess is most of the "new" jobs are workers already employed that are taking on 2nd or 3rd part-time or "full-time" jobs because of increases in the cost of living and the impact those rising costs have on their households.  Not new workers entered the labor force.  Hardly a case for strength.  

The problem the Fed is having is they started way too late in the cycle to address rising inflation and while their aggressive hikes will eventually have an impact there is a significant time lag between the rate hikes and their impact.  To say they're behind the curve is an understatement and when they realize they've gone too far it will be too late to avoid a disaster.     

[OrangeBills]

2 hours ago, All_Pro_Bills said:

Curiously the Household Survey reported a drop of 328K jobs in stark contrast to the Payroll numbers.  This divergence has existed for several months.  Along with a labor force participation rate of 62.2%.  My guess is most of the "new" jobs are workers already employed that are taking on 2nd or 3rd part-time or "full-time" jobs because of increases in the cost of living and the impact those rising costs have on their households.  Not new workers entered the labor force.  Hardly a case for strength.  

The problem the Fed is having is they started way too late in the cycle to address rising inflation and while their aggressive hikes will eventually have an impact there is a significant time lag between the rate hikes and their impact.  To say they're behind the curve is an understatement and when they realize they've gone too far it will be too late to avoid a disaster.     

 

This is all correct. 

 

Be wise to save your nickels.  Fed Funds above 5% plus a virtual certainty that China will take advantage of weak US Presidential Leadership (Biden-Harris-Pelosi) to invade Taiwan within the next 2 years means we are in for a rocky road.  

[BillsFanNC]

Imagine being behind anyone, anywhere who has ever taken Joy Reid, or the network she works for,seriously.

 

Republicans have taught us the word inflation. The horror!

 

 

[B-Man]

 

 

 

                                   

 

 

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[B-Man]

 

Biden owes coal workers an apology for his "disgusting" comments

By Joe Manchin

 

 

Too little, too late.

 

 

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[B-Man]

 

 

The correct thread.

 

 

Biden Didn’t Inherit a Bad Economy, He Created One.

 

Alas, there is nothing new under the Democrat Sun. President Barack Obama spent his years in office blaming President George H. W. Bush for his own slow-growth, no-growth economy, which hovered around 2% growth — just as Biden’s has. According to Obama, Bush was also to blame for the declining standard of living of working Americans long after Bush had left office. The flip side of the excuse coin came when, after the Trump economy roared, team Obama lectured the world that the good economy was because of all the work Obama had done. The old heads-I-win, tails-you-lose Democrat playbook.

 

{snip}

 

In his wake, Biden has left a sick economy that may take years to recover. It will take even longer if voters put Pelosi and Schumer yes-men and women back into public office. Senator Rick Scott’s “My Plan to Rescue America” and Kevin McCarthy’s “Commitment to America Plan” have set out a blueprint to restore the economy. Those who think the Republican proposals could be better and stronger should remember that Biden’s Build Back Worse economy could become worse still without the GOP to protect working Americans.

 

Voters need to tell Biden enough with the alibis — it’s time to get the country back to low inflation, high employment, and economic growth. Time to give Joe a message his old man may have forgotten to tell him at the proverbial kitchen table: End the excuses and fix the problem, or let someone who can do the job.

 

https://pjmedia.com/news-and-politics/gregbyrnes/2022/11/06/alibi-biden-didnt-inherit-a-bad-economy-he-created-one-n1643334

[B-Man]

 

 

DAVID HARSANYI: Biden Keeps Promising To Make Energy More Expensive. Believe Him.

 

https://thefederalist.com/2022/11/07/biden-keeps-promising-to-destroy-domestic-energy-production-believe-him/

 

 

 

 

[B-Man]

 

 

 

Bidenflation keeps rising: 0.4% in October, 7.7% year-on-year

 

 

https://hotair.com/ed-morrissey/2022/11/10/bidenflation-keeps-rising-0-4-in-october-7-7-year-on-year-n509822

 

 

[Chef Jim]

2 hours ago, B-Man said:

 

 

 

Bidenflation keeps rising: 0.4% in October, 7.7% year-on-year

 

 

https://hotair.com/ed-morrissey/2022/11/10/bidenflation-keeps-rising-0-4-in-october-7-7-year-on-year-n509822

 

 

So now we’re looking at month to month numbers?  🙄

 

I made fun of Biden for doing that last month and I’ll make fun of you (and Hot Air) for doing it this month.  😉

[Gene Frenkle]

The world is experiencing insane inflation because money printer go brrrrrr for so long, especially since the 2020 crash. Overleveraged banks and Wallstreet have benefited from quatative easing policies that went on for far too long, leading to a massive economic bubble in many sectors around the world. Long term inflation is caused by literally one thing: printing more money. We (and many other countries) printed way too much and the bubble will pop spectacularly sooner rather than later.

 

This problem far pre-dates this administration, so anyone pinning it on Biden Bad is either disingenuous or stupid AF. This issue spans multiple administrations, so I'm not necessarily even blaming Trump. We never fixed anything after 2008, just printed more money to bail out institutions (casinos) that were "too big to fail". It's a greed problem, mixed with a lack of transparency and poor timing. Blame Jay Powell and the Fed (a private organization) if you want a reasonable recent scapegoat, but that's not 100% right either.

[Chef Jim]

3 hours ago, Gene Frenkle said:

The world is experiencing insane inflation because money printer go brrrrrr for so long, especially since the 2020 crash. Overleveraged banks and Wallstreet have benefited from quatative easing policies that went on for far too long, leading to a massive economic bubble in many sectors around the world. Long term inflation is caused by literally one thing: printing more money. We (and many other countries) printed way too much and the bubble will pop spectacularly sooner rather than later.

 

This problem far pre-dates this administration, so anyone pinning it on Biden Bad is either disingenuous or stupid AF. This issue spans multiple administrations, so I'm not necessarily even blaming Trump. We never fixed anything after 2008, just printed more money to bail out institutions (casinos) that were "too big to fail". It's a greed problem, mixed with a lack of transparency and poor timing. Blame Jay Powell and the Fed (a private organization) if you want a reasonable recent scapegoat, but that's not 100% right either.

This is what I’ve been saying all along.  Unfortunately it’s not his fault but it’s his problem and he needs to work on talking to the people about it. The big bad menace is behind us now and Super B has saved democracy. Now on to the economy.  I will be interested to see, not so much what he does, but the messaging. 

[B-Man]