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.

 

 

.

[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]

 

[Tiberius]

Quote

 

Wholesale prices increased less than expected in October, adding to hopes that inflation is on the wane, the Bureau of Labor Statistics reported Tuesday.

The produce price index, a measure of the prices that companies get for finished goods in the marketplace, rose 0.2% for the month, against the Dow Jones estimates for a 0.4% increase.

 

https://www.cnbc.com/2022/11/15/wholesale-prices-rose-0point2percent-in-october-less-than-expected-as-inflation-eases.html

 

[Chef Jim]

2 minutes ago, Tiberius said:

https://www.cnbc.com/2022/11/15/wholesale-prices-rose-0point2percent-in-october-less-than-expected-as-inflation-eases.html

 

Good news.  Thanks to the Fed.  Interesting you were the one that chastised me when I suggested raising rates was the easiest and quickest way to tame inflation.  🤷🏻‍♂️

[Tiberius]

🤣

[Gene Frenkle]

2 hours ago, Chef Jim said:

Good news.  Thanks to the Fed.  Interesting you were the one that chastised me when I suggested raising rates was the easiest and quickest way to tame inflation.  🤷🏻‍♂️

 

I don't think they've even come close to the interest rates required to curb this inflation. They printed A LOT of money.

 

 

Also, for anyone confused, Biden can't print money. Only the Fed can, a private institution.

 

Edit: Also, for anyone interested, this represents a decrease in the value of any US Dollars you own, a.k.a. your savings. This is done to artificially prop up markets that are touted as free, but are clearly not. This is done to help large corporations and billionaires.

Edited November 15, 2022 by Gene Frenkle

[Chef Jim]

1 hour ago, Gene Frenkle said:

 

I don't think they've even come close to the interest rates required to curb this inflation. They printed A LOT of money.

 

 

Also, for anyone confused, Biden can't print money. Only the Fed can, a private institution.

 

Edit: Also, for anyone interested, this represents a decrease in the value of any US Dollars you own, a.k.a. your savings. This is done to artificially prop up markets that are touted as free, but are clearly not. This is done to help large corporations and billionaires.

 

I was back east this past summer and my brother in law who is a big conspiracy type guy said the Fed would need to raise rates to 25%.  LOL.  

 

And yes the Fed is appointed by the Pres but act independently from the Administration.  But the Fed often needs to print money to cover the spending/stimulus the Congress approves no?  

[TH3]

1 hour ago, Gene Frenkle said:

 

I don't think they've even come close to the interest rates required to curb this inflation. They printed A LOT of money.

 

 

Also, for anyone confused, Biden can't print money. Only the Fed can, a private institution.

 

Edit: Also, for anyone interested, this represents a decrease in the value of any US Dollars you own, a.k.a. your savings. This is done to artificially prop up markets that are touted as free, but are clearly not. This is done to help large corporations and billionaires.

Huh? The money supply is up because - if you have lived as long as I have...there is so much more economy now. If money supply causes inflation..what happend in the late 70's? 

 

Complaining  about money supply/quantitative easing is way to simplistic ....it has brought much more good that bad...to just about everyone...

[Big Blitz]

I’m stunned I tell you!

 

They all waited till after the election 

 

 

Amazon starts cutting jobs, with layoffs hitting Alexa unit and cloud gaming division

 

Amazon is aiming to eliminate about 10,000 jobs, mostly in retail, devices and human resources, The New York Times reported Monday. The number remains fluid because the cuts are being implemented by individual teams, according to the Times.

 

By mid-day Tuesday, Amazon had not sent out any companywide communication about the planned layoffs, which sparked frustration among employees, according to a person familiar with the matter who asked not to be named because of confidentiality. 

 

Representatives from Amazon declined to comment.

 

https://www.cnbc.com/2022/11/15/amazon-starts-cutting-jobs-in-alexa-unit-and-cloud-gaming-division.html

 

Edited November 16, 2022 by Big Blitz

[B-Man]

Bidenomics update: Household debt increased at fastest pace in 15 years

 

https://hotair.com/tree-hugging-sister/2022/11/15/bidenomics-update-household-debt-increased-at-fastest-pace-in-15-years-n511209

[Gene Frenkle]

21 hours ago, TH3 said:

Huh? The money supply is up because - if you have lived as long as I have...there is so much more economy now. If money supply causes inflation..what happend in the late 70's? 

 

Complaining  about money supply/quantitative easing is way to simplistic ....it has brought much more good that bad...to just about everyone...

 

It's certainly brought inflated economic sectors that periodically collapse and crush the poors over and over again.

 

Printing more of a currency dilutes the value of the rest of the currency and it's a simple as that. That is a true statement. The closer you are to the money spigot, the better that is for you and the further, the worse. It's certainly proven to be a way to reward the largest and most well-connected individuals and organizations while taking value from the rest, unless you somehow still believe that trickle down economics works. Printing money is a power that no person should have, imo. Having a small, private group control that printing is insane.

[ChiGoose]

Good news!

 

 

[B-Man]

 

 

 

Uh-oh, is right.

 

 

 

[OrangeBills]

On 11/14/2022 at 8:47 PM, 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 true and not true.

 

Printing money definitely causes inflation, but I and many others argued about shutting down the economy and its impacts, and the clear and easy biggest issue with shutting the economy would be and is Inflation.

 

There is monetary inflation, supply-side destruction inflation, and demand inflation inflation, and this Leftist-Western cabal managed to nail all aspects of every one of those.

 

These people have no idea how the world works, that much is clear.  The Fed is not perfect but was "easy" for a long-time.  The Primary Issue was the indoctrination of horrendous Leftist policies.  To think Bernie Sanders wanted to print $7 TRILLION and was only stopped by Manchin?!?!?!

 

These people are just plain stupid, and we'll all and are paying the price

 

 

[Big Blitz]

7 hours ago, B-Man said:

 

 

 

Uh-oh, is right.

 

 

 

 

 

“Americans fall deeper into debt:  Due to low info morons casting early ballots (conned into it) and ballot harvesting - some 30 to even 50 days before the election (so right off summer when no one is following anything) they are deprived of an actual campaign where you learn about the candidates and the issues - and why something like this has happened.  

 

Dems want you to think everyone knows all the issues and candidates already.  That’s a lie.  A big lie.  They want to skip that and harvest as many votes as possible way before Election Day.  Election season!  
 

 

Per the b.s. “it increases democracy!” rules - the campaigns should start in July.  But that’s not how this works.  We follow campaigns and candidates in the fall - and show the ***k up on Election Day.  Not our fault the core Democratic contingency is too disinterested and still really knows nothing except free stuff.  
 

And that’s why these early voting because we had to slow the spread rules are in fact the actual attack on democracy

 

 

Sorry for the facts over feelings.  

Edited November 18, 2022 by Big Blitz

[B-Man]

 

 

 

Not a surprise:

 

US Homebuilding Tumbles to Two-Year Low Amid Soaring Mortgage Rates
 

U.S. homebuilding fell sharply in October, with single-family projects dropping to the lowest level in nearly 2-1/2 years, as the housing market buckles under the strain of surging mortgage rates, which are pricing out potential homeowners.

 

Housing starts decreased 4.2% to a seasonally adjusted annual rate of 1.425 million units last month, the Commerce Department reported on Thursday. Data for September was revised higher to a rate of 1.488 million units from the previously reported 1.439 million units.
 

Economists polled by Reuters had forecast starts sliding to a rate of 1.410 million units. Housing starts dropped 8.8% year-on-year in October.
 

Single-family housing starts, which account for the biggest share of homebuilding, tumbled 6.1% to a rate of 855,000 units, the lowest level since May 2020. Single-family homebuilding declined in all four regions.

 

https://www.reuters.com/markets/us/us-housing-starts-tumble-october-amid-soaring-mortgage-rates-2022-11-17/

[B-Man]

 

 

COLOR ME UNSURPRISED: 

 

US Consumers Are Doing Exactly What They Did Just Prior To The Crash Of 2008. 

 

“We never seem to learn from our mistakes. Just before the financial markets crashed and the economy plunged into a horrifying recession in 2008, U.S. consumers went on a debt binge of epic proportions. Mortgage debt, auto loan debt and credit card debt all skyrocketed, and so when the economy finally crashed all of a sudden there were millions of Americans drowning in bills that they were unable to pay. Well, now it is happening again. According to the Federal Reserve Bank of New York, during the third quarter of 2022 household debt increased at the fastest pace that we have seen since the first quarter of 2008.”

 

 

https://www.zerohedge.com/personal-finance/us-consumers-are-doing-exactly-what-they-did-just-prior-crash-2008

 

.

[Gene Frenkle]

1 hour ago, B-Man said:

 

 

COLOR ME UNSURPRISED: 

 

US Consumers Are Doing Exactly What They Did Just Prior To The Crash Of 2008. 

 

“We never seem to learn from our mistakes. Just before the financial markets crashed and the economy plunged into a horrifying recession in 2008, U.S. consumers went on a debt binge of epic proportions. Mortgage debt, auto loan debt and credit card debt all skyrocketed, and so when the economy finally crashed all of a sudden there were millions of Americans drowning in bills that they were unable to pay. Well, now it is happening again. According to the Federal Reserve Bank of New York, during the third quarter of 2022 household debt increased at the fastest pace that we have seen since the first quarter of 2008.”

 

 

https://www.zerohedge.com/personal-finance/us-consumers-are-doing-exactly-what-they-did-just-prior-crash-2008

 

.

 

Russian account zerohedge thanks you for spreading the word, comrade!

[B-Man]

1 hour ago, Gene Frenkle said:

 

Russian account zerohedge thanks you for spreading the word, comrade!

Sorry, sonny boy, no one believes that 

childish response any more.  
 

Every point is resourced by US statistics 

 

 

 

 

[Doc]

When in doubt, cry Russia.

[Tiberius]

 

[B-Man]

 

 

of course.

 

 

Biden Overturns Trump rule and tells 401kbinvestors to prioritize green investments over profit

- despite plans already losing $34,000 on average this year

by Neirin Gray Desai

 

 

The Biden administration will allow employers to invest pension money in green industries that could provide lower returns for Americans. The move which was announced on Tuesday reverses a rule imposed by Trump in 2020 that forced employers to prioritize profit when making 401(k) investments.  The new rule introduced by US Department of Labor will allow retirement plan investors to focus on ESG investing - which considers the environmental and social impacts of investments. The change comes as the average 401(k) in the US is down around 25 percent

 

https://www.dailymail.co.uk/news/article-11459803/Biden-allow-employers-consider-green-investments-401ks.html