Being it's a nice day in OC, you don't have to waste a precious wish on me if you take your meds and touch grass with real people.
Damn Larry. Halfshit adoo gonna go full adoodoo on you with the Fed bashing. Don't open unvetted packages anytime soon.
larry summers is a trained economist and a former Sect of Treasury, he formulates economic opinions using economic reasoning; i respect his opinions even tho, at times, we disagree. on the other end of the spectrum, you have invisible, an economic illiterate who habitually parrots others' opinions and presents them as his own
Biden's reckless levels of government spending over the last few years, including trillions in unnecessary stimulus, has created runaway inflation that is CRUSHING the middle classes and below. Home ownership is now out of reach for millions of Americans. Rent is up, food prices are way up, home insurance is skyrocketing, clothing and baby supplies are much more expensive. And as a result, now rates will need to stay high for much longer than expected. Bad policy from the Biden Administration is just wrecking so many Americans' way of life.
A statistic nobody talks about - This is Joe Bidens America. Even with massive subsidies, people can't or don't want children. Birth rates are in the gutter. This isn't good.
Home-buying affordability fell last year to the lowest level since 1985, according to a National Association of Realtors index that factors in family incomes, mortgage rates and median single-family home prices. This is the direct result of Democrats' out of control spending over the last 3+ years. Interest rates will now be higher for longer, making home ownership that much more expensive. We have runaway inflation because of too much spending and too much debt, and the result is an affordability crisis for food, housing, clothing, insurance, etc. The poor and middle classes bear the brunt. https://www.wsj.com/economy/housing/housing-affordability-taxes-insurance-costs-rise-bca64df1 The Hidden Costs of Homeownership Are Skyrocketing Rising insurance premiums, property taxes and maintenance costs show little sign of abating Darren Gondry has owned his four-bedroom home near a golf course in Louisville, Ky., since 2004. He and his wife, Lori Gondry, paid off their primary mortgage in 2021. That hasn’t stopped other bills associated with homeownership from piling up. Their home insurance costs have risen 63% in two years. Their property taxes, utility costs and homeowners’ association fees have risen in recent years, too. “I was so sticker-shocked,” Gondry said of the mounting home-cost increases. “I fear they’re here to stay.” Homeownership affordability fell to its lowest level since the 1980s last year as mortgage rates reached a 23-year high and home prices set new records. Borrowing costs have eased somewhat this year, with the average rate for a 30-year home loan down about a percentage point since October. But other prices related to homeownership keep rising and show little sign of abating. Property taxes and home-maintenance costs are climbing in much of the country. Non-mortgage costs including property taxes, maintenance, utilities and insurance make up more than half of homeowners’ overall costs, according to a 2022 analysis by Fannie Mae economists. Worst of all, home insurance premiums are soaring. Rates rose by more than 10% on average in 19 states in 2023 after a series of big payouts related to floods, storms, wildfires and other natural disasters across the U.S., according to an Insurance Information Institute analysis of data from S&P Global Market Intelligence. More Americans also moved to disaster-prone areas in recent years, increasing the exposure to these events. Escalating costs on multiple fronts mean that many first-time buyers will continue to find homeownership a financial stretch. Consumer prices rose 3.5% in March from a year earlier, the Labor Department said Wednesday. The stronger-than-expected inflation data could prompt Federal Reserve officials to hold rates at their current level for longer, which could also keep mortgage rates from declining.
Because Biden is the first president to ever worry about their re-election or inflation or the economy? Like seriously, is there a point beyond the above?
LOL.... per your own tweet it's been going up for sometime now so by definition wouldn't the record have been broken under Obama, Trump, and Biden? So then without massive subsidies... people were still having kids at an increasing older age? There was a time when you were more intelligent on this forum...... But twitter and the right wing bubble causes brain rot. I can only assume there's also a pro "family values" slant to your point as well.
Powell's remarks in December sparked a months-long rally by leading on talking heads and investors with a March rate cut. If Powell wasn't a milquetoast and pussyfoot around fighting inflation the Fed contributed with in 2021 (according to Larry Summers' "lies"), then he would've displayed zero ambiguity of future rate cuts which would've shut down speculators who were fighting the Fed. Instead, rumors about "dot-plots" or 6 expected rate cuts in 2024 created a market bull run alongside AI mania. The issue now is that the promise of rate cuts props up a deteriorating lending environment for commercial property owners, but doing an actual rate cut will add more fuel onto inflationary conditions and make it harder to hide/obfuscate/gaslight what normal people are seeing at stores and restaurants. They're more likely to vote out politicians in charge rather than storm the gates of price gouging CEOs... For the Fed Basher side, would Powell do anything to save/bail out small to midsize banks like in 2023, or are they being Fed to larger cap banks? Odd conflicts of interests the Fed has with its shareholders...
And what prompted Powell’s remarks? Economic data didn’t look as strong in the winter as this spring. A chunk of the inflation proved to be transitory/covid/supply chain related. Is it possible Wall St underestimated the economic strength of the US leading into 2024 and expected weakness would prompt several rate cuts? I don’t view things as nefariously as you do. The Fed let 5 banks fail in 2023. Again nothing nefarious about small/mid size banks not being as diversified and overly reliant on commercial real estate/ VC.
Look. You need to get out of your hyper-partisan focus. You leftist continue to tell us (is gaslighting the word im suppose to use?) that the economy is doing fantastically amazing and everything is great. The last time birth rates were this bad was the 1930's. It means people are having less kids at a later age in life. More women are opting not to have kids. The reasons vary, but much of it has to do with the cost of having kids and the overall economical outlook. This has nothing to do with pro-right wing conservative pro-family value nonsense that you're trying to push. The fact is that when a nations birthrate starts declining, the country as a whole stops growing. Now I understand you only think about yourself, but as a whole ,its concerning. LEGAL immigration is a tool to help this issue.
Biden is the modern day Jimmy Carter. Runaway inflation, unaffordable housing, and is deeply unpopular. You would have thought that given his 50+ years in politics, he would have learned.
you could not be more wrong. Biden has proven to be 21st century FDR, fixing the economoc mess created by his prededessor. their incimpetent predecessors Herbert Hoover stupidly approved the smoot hawley act, a trade war, a prelude to world wide economic depression The trust fund baby started a trade war on his own, causing supply chain bottleneck, planting the roots for inflation. their effective use of fiscal policies to invigorate the US economy FDR implemented many fiscal policies to build infrastructure projects; 9 of FDR's New Deal Infrastructure Projects That Changed America FDR's new deal programs lifted the US economy out of the Great Depression Biden has approved such effective fiscal programs as the IRA, CHIP act, infrastructure act,studen loan foregivenes etc. leading to avg monthly job creation of >100K during his first 39 months in office, w the lowest unemployment rate in history
the irony is rich! while bigtexxx give thei guy a pass, Trump has been the only POTUS to has a net loss in job creation in his 4-yr in office' Trump's presidential campaign included a commitment of over 1 trillion to improved our dilapidating infrastructure other than 8 hyped-up infrastructure week, nothing go done he nit picks Biden's record, painted a false narrative to disregard his accomlishment positive job creation every mont lowest unemployment in history infrastucutre bill, chip act, ira, etc
You tied declining birth rates to Joe Biden despite your own quote showing it’s been declining since 2011…. Who is the hyper partisan again?
you mean Obama level Barack Obama (2009–2017) Average YOY Inflation Rate: declined from W's 2.8% to 1.4% The average yearly inflation rate under President Barack Obama was 1.4%. Inflation remained relatively low during Obama’s two terms in office. Having inherited the economy during the Great Recession, Obama introduced the American Recovery and Reinvestment Act (AARA), passed by Congress, and included $831 billion in government spending to end the Great Recession.2728 The move, part of what’s now known as Obamanomics, was instrumental in ending the 2008 financial crisis induced by the inept W Donald Trump (2017–2021) Average YOY Inflation Rate: rose from Obama's 1.4 % to 1.9%, The average yearly inflation rate under President Donald Trump was 1.9%. had Trump been able to pass the infrastructure bill that he had campaigned for, with over $1 billion in spending, he would have generated more employment and higher inflation
