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


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3 minutes ago, JDHillFan said:

Why did they propose and not enact?They had complete control of Washington for two years. Did you miss that?

...and abortion...and gun restrictions...and child mutilation......................................................................

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1 hour ago, JDHillFan said:

Why did they propose and not enact?They had complete control of Washington for two years. Did you miss that?

We didn't have the senate.  Joe Manchin and Sinema are really R's.

3 hours ago, SoCal Deek said:

Ouch! Really? You have to be either kidding or drinking. 

Nope.  Neither and it's true.  That has been my experience.

3 hours ago, Doc said:

Red thinks I'm a white guy pretending to be an Indian doctor.  It's odd.  But I made my rep decades before he or BSTime fouled this site.

Pretty certain you're not a doctor.  At least not a good one.  Your takes on multiple Covid issues were/are the opposite of evidence based Medicine.  We were out with an anesthesiologist last week.  He's pretty conservative but never took positions like yours on Covid.  Too well trained at UVA to fall for that.

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4 minutes ago, redtail hawk said:

 

We didn't have the senate.  Joe Manchin and Sinema are really R's.

 

 

 

Hmmm.

 

So you don't have the Senate right now either ?

 

Some one let Chuck know.

 

 

 

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25 minutes ago, redtail hawk said:

We didn't have the senate.  Joe Manchin and Sinema are really R's.

Or the proposals that you have highlighted today were wrapped up in legislation that was unpalatable to such a degree that key dems would not vote for it. Any way you cut it, the administration came up short on the things you are trying to trumpet, yet you are claiming a W. Interesting. 

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42 minutes ago, redtail hawk said:

Pretty certain you're not a doctor.  At least not a good one.  Your takes on multiple Covid issues were/are the opposite of evidence based Medicine.  We were out with an anesthesiologist last week.  He's pretty conservative but never took positions like yours on Covid.  Too well trained at UVA to fall for that.

 

That's your opinion and you know what they say about opinions.  I've never been sued in over 23 years in practice.  Can you say the same?

 

As for your friend and Wuhan virus, you even admitted that Lord God Fauci got it wrong.  And he's the so-called "expert."  Meanwhile the number of medical people who lied and denied was an embarrassment for the profession.

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1 hour ago, Doc said:

 

That's your opinion and you know what they say about opinions.  I've never been sued in over 23 years in practice.  Can you say the same?

 

As for your friend and Wuhan virus, you even admitted that Lord God Fauci got it wrong.  And he's the so-called "expert."  Meanwhile the number of medical people who lied and denied was an embarrassment for the profession.

Never lost or settled a case in 33 years. And I wasn't working in an outpatient procedure center where I had time to talk on a chat board.  

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5 minutes ago, redtail hawk said:

Never lost or settled a case in 33 years. And I wasn't working in an outpatient procedure center where I had time to talk on a chat board.  

 

What can I say?  I found the perfect job when I was young.

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11 minutes ago, Doc said:

 

What can I say?  I found the perfect job when I was young.

sure.  The anesthesiologist (and his wife) that we went out with last week wouldn't have been able to pull out a phone or PC in the OR, ever.  He is hilarious tho and brilliant.  His overhead pages were so funny that the hospital got rid of the ability to do them over the phone.  He wrote something rude on my chest in recovery once after an ACL repair.  But a message board with 57.5 k posts?  absolutely impossible.

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5 hours ago, redtail hawk said:

sure.  The anesthesiologist (and his wife) that we went out with last week wouldn't have been able to pull out a phone or PC in the OR, ever.  He is hilarious tho and brilliant.  His overhead pages were so funny that the hospital got rid of the ability to do them over the phone.  He wrote something rude on my chest in recovery once after an ACL repair.  But a message board with 57.5 k posts?  absolutely impossible.

 

I've been here 22 years.  That works out to 7 posts a day and my weekends are always off and I get 6 weeks of vacation, not to mention no major holidays and the occasional day off here or there.  Did he not ever supervise CRNAs?  Have to wait for the last patient of the day to be discharged?  Have time in between cases?  Sure.

 

I worked in a hospital for 2-1/2 years out of residency.  I got the surgery center job and never looked back.  One of the best decisions I ever made.

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BIDENOMICS IN ONE LESSON: 

 

Biden Gaslights Americans With Fake ‘Manufacturing Boom’ As US Production Plunges.

 

Biden appears to be basing his assertions on one stat in particular, factory construction. And yes, if you look at that stat alone then it might seem like domestic manufacturing is experiencing new life. But, where are these new factories coming from?

 

The majority are government subsidized green tech factories as part of Biden’s “Inflation Reduction Act.” Meaning, they are jobs created using your tax dollars through socialist programs, not free market demand. Not only that, but a number of these factories are being built by foreign companies, not American companies.

 

For example, JA Solar, a Chinese company, plans to build factories in Arizona while benefiting from Biden’s subsidies. Meyer Burger Technology, a company out of Switzerland, is also building solar factories in Arizona.

 

And what happens when the government props up an industry without equal market demand? What happens when a manufacturing “boom” siphons American cash to foreign interests? It ends up destroying wealth, not creating wealth. In other words, Biden is using billions in taxes to falsify economic numbers in the short term as a means to get re-elected.

 

In other news, water remains wet.

 

https://www.zerohedge.com/economics/biden-gaslights-americans-manufacturing-boom-us-production-plunges

 

https://ycharts.com/indicators/us_pmi

 

https://tradingeconomics.com/united-states/manufacturing-production

 

 

More seriously, Biden’s wealth destruction comes at the expense of profitable and innovative investments that would (but now won’t) generate the growth necessary to get out of our debt spiral.

 

 

 

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1 minute ago, B-Man said:

The majority are government subsidized green tech factories as part of Biden’s “Inflation Reduction Act.” Meaning, they are jobs created using your tax dollars through socialist programs, not free market demand. Not only that, but a number of these factories are being built by foreign companies, not American companies.

And so Trump tariffs on Chinese imports (we call that "protectionism") that have the effect of juicing American refrigerator manufacturing are somehow "real" jobs, and not an artifact of a tax on the American people? Because that's what a tariff is.

"Free market demand" isn't exactly the clarion call of the Trumpies either.

The proper term is "comparative advantage."

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Bidenomics update! 'Credit agency sees U.S. economy likely to slip into recession'

 

The Biden White House's attempts to convince everybody the economy's doing just great -- all while many of our bank accounts, wallets, purses, investment portfolios, grocery & gas bills are telling a very different story -- continue. 

 

 

 

U.S. AAA debt rating gets a downgrade by Fitch

MarketWatch

https://www.marketwatch.com/story/u-s-aaa-debt-rating-gets-a-downgrade-by-fitch-credit-agency-sees-u-s-economy-likely-to-slip-into-recession-3bc4e22b?mod=mw_latestnews

 

 — Fitch Ratings cut its top credit ratings for the U.S. to AA+ from AAA on ... credit agency sees U.S. economy likely to slip into recession.

 

a6715f89-97d8-49c4-a9f6-0b8ddab7e586-536

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14 minutes ago, B-Man said:

 

 

Bidenomics update! 'Credit agency sees U.S. economy likely to slip into recession'

 

The Biden White House's attempts to convince everybody the economy's doing just great -- all while many of our bank accounts, wallets, purses, investment portfolios, grocery & gas bills are telling a very different story -- continue. 

 

 

 

U.S. AAA debt rating gets a downgrade by Fitch

MarketWatch

https://www.marketwatch.com/story/u-s-aaa-debt-rating-gets-a-downgrade-by-fitch-credit-agency-sees-u-s-economy-likely-to-slip-into-recession-3bc4e22b?mod=mw_latestnews

 

 — Fitch Ratings cut its top credit ratings for the U.S. to AA+ from AAA on ... credit agency sees U.S. economy likely to slip into recession.

 

a6715f89-97d8-49c4-a9f6-0b8ddab7e586-536

But the white house and PACS keep saying Bidenomics is working amazing.

 

 

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On 8/1/2023 at 11:24 AM, B-Man said:

 

 

BIDENOMICS IN ONE LESSON: 

 

Biden Gaslights Americans With Fake ‘Manufacturing Boom’ As US Production Plunges.

 

Biden appears to be basing his assertions on one stat in particular, factory construction. And yes, if you look at that stat alone then it might seem like domestic manufacturing is experiencing new life. But, where are these new factories coming from?

 

The majority are government subsidized green tech factories as part of Biden’s “Inflation Reduction Act.” Meaning, they are jobs created using your tax dollars through socialist programs, not free market demand. Not only that, but a number of these factories are being built by foreign companies, not American companies.

 

For example, JA Solar, a Chinese company, plans to build factories in Arizona while benefiting from Biden’s subsidies. Meyer Burger Technology, a company out of Switzerland, is also building solar factories in Arizona.

 

And what happens when the government props up an industry without equal market demand? What happens when a manufacturing “boom” siphons American cash to foreign interests? It ends up destroying wealth, not creating wealth. In other words, Biden is using billions in taxes to falsify economic numbers in the short term as a means to get re-elected.

 

In other news, water remains wet.

 

https://www.zerohedge.com/economics/biden-gaslights-americans-manufacturing-boom-us-production-plunges

 

https://ycharts.com/indicators/us_pmi

 

https://tradingeconomics.com/united-states/manufacturing-production

 

 

More seriously, Biden’s wealth destruction comes at the expense of profitable and innovative investments that would (but now won’t) generate the growth necessary to get out of our debt spiral.

 

 

 

Something I like to watch is cardboard and box production.  It's basic and also a good leading indicator.  As almost everything made and sold and bought comes in a box.  The numbers aren't seasonally adjusted, or subject to other statistical slight of hand.  Production of cardboard was down 9% in Q2.  Which means there was less stuff being packed up and moved around and less business activity.  My guess is the slowdown gets obvious in Q3 while the lag in the impact of interest rate increases makes itself felt by business, consumer, and government.

  

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All of these comments show the danger of people living in their respective righty/lefty information bubbles. The quoted items here are all secondary sources with strong political biases. So you're reading spin, not news.

 

https://www.fitchratings.com/research/sovereigns/fitch-downgrades-united-states-long-term-ratings-to-aa-from-aaa-outlook-stable-01-08-2023

 

  • Growing government debt burden. This reflects increased spending of course, but also Fitch's analysis that a recession (and decreased tax revenues) is likely. Blame? Both parties. Trump tax cuts and spending, Biden spending. I will say the blame tilts toward Democrats.
  • Medium-term fiscal challenges unaddressed. This is the "pretend Social Security and Medicare solvency isn't a problem." Blame? Both parties. Equally.
  • Erosion of governance. Lots of things going on here, but the immediate cause? The debt ceiling standoff. After all, Fitch is rating bonds to give investors some indication of the likelihood of default, and we came way too close for comfort to default a couple months ago. Blame: heavily weighted toward Republicans, some of whom (Trump) cavalierly said "so let the U.S. government default."
  • Fed tightening. This raises the cost of borrowing, including by the U.S. Government. Blame? Neither party, as the Fed is independent.

Was that so hard? Four bullet points. Fair summary. No stupid spin.

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