And boomers like to cry and complain about the problems they caused. I’m happy the wage increases are outpacing inflation now! Now all we need to do is tax the **** out of the top 1% and all will be good.
at costco, back in Feb/Mar, the price for this 5-dozen egg was close to $16 it is now Kirkland Signature Large Eggs, Cage Free, 5 Dozen Item 1025795 Delivered Price $ 11.19 Price Per Dozen: $2.24 ir is now
“When the Inflation Reduction Act was passed a year ago today inflation was at 8.3%,” Biden said at a White House event. “It’s now down to 3.2%, and it’s going to go lower.” https://www.cnbc.com/2023/08/16/bid...ar-after-signing-inflation-reduction-act.html Don't take my word for it. What does the anti-establishment's favorite rag have to say? https://www.economist.com/leaders/2...ble-for-high-inflation-than-for-abundant-jobs Joe Biden is more responsible for high inflation than for abundant jobs The main effect of the president’s economic policies has been to boost prices It's stubbornly strong, but at what cost? Are we going to deficit spend our way to recovery at the tune of 1-2T per year? Austin is one of the hot real estate cities facing 15-30% price drops because of the rate hikes. These points are all related.
what is comical is your circus act of clinging on to his comments from 12 months ago, as if it is cast in concrete, while ignoring his more recent comments about the June 2023 pause why did you not address Powell's comments for the June 2023 pause. as well as his comments attendent to his most recent rate hike announced on Jul 26 2023
Lol…. He didn’t say when it would go lower than 3.2%…. But seriously let’s just whistle past the part where it went from +8% to +3%…. Right? Economist and WSJ are pro free market solutions such as the efficiency of outsourcing. We saw the effect from the 90s onward. We saw the effect during Covid where our efficient supply chains were brittle. I’ve been pretty steadfast saying on-shoring was inflationary. Pretty sure we have debated this point in the past in the context of inflation. Well we can take a look at other countries… China didn’t do much fiscal and monetary stimulus and is dealing with deflation and high unemployment. Are we just going to continue to let our infrastructure crumble? Are we just going to continue to allow critical supply chains be controlled by adversarial countries? All these points are related…. And because of the high population growth, lack of supply, and many desirable areas. So the interest rate hikes are working as intended then?
And to add @Invisible Fan , you can look at the difference between the GFC and Covid. During the former we lowered interest rates and enacted a piddling stimulus and we had an underperforming economy. During Covid, we supercharged the stimulus and lowered interest rates. We certainly supercharged too much with the Covid stimulus and in hindsight we probably could have carved out the infrastructure bill out of the initial stimulus
such intellectual dishonesty, and Invinsible Fan is falling for it. Bidenomics, in and of themselves, have inflationary effect. at the same time, steady rate hikes, 13 times in 14 months, by the Federal Reserves, augmented by the selling of assets off its balance sheet, contracts the money supply in circulation, hve an anti-inflation effect. growing the US economy, post the ineffective trade war and pandemic, has been a boring 2-prong approach, fiscal stimuli fine-tuned by Fed's control of the money supply in circulation. while the intellectualy dishonest Economist and WSJ turn on the alarm on the fiscal stimuli having inflationary effect, they have been silent on Fed's rate hikes have anti-inflationary effects. Who’s responsible for cooling inflation? Credit Biden, if not Bidenomics. The United States has had a run of good economic numbers lately, showing cooling inflation and ultra-low unemployment. Some forecasters have ratcheted down their recession odds. if indeed the U.S. economy ultimately achieves a coveted “soft landing,” it won’t be because we did a bunch of kooky, experimental, heterodox things that progressive populists agitated for (and generally failed to get). it wil be because we go back to the same boring 2-prong attack, fiscal stimuli fine-tuned by accomodative monetary policies, to grow the economy. we're still far from the target, but it is trending in the right direction. who should get credit for the trend reversal? But if you instead define Bidenomics as “respecting Federal Reserve independence and not interfering with Fed decisions even when they’re unpopular,” then sure: Great job, Bidenomics! Or at least: Great job, Biden. When the Fed raised rates during the Trump presidency, the trust fund baby went berserk. He declared the Fed chair whom he himself had appointed, Jerome H. Powell, an “enemy.” Trump also repeatedly threatened to fire Powell, a legally dubious action that would have roiled markets.
This is your original reply: So when I quote the head honcho himself, you shift goalposts to points I wasn't talking about. What is this...Hardball with Chris Matthews? LAWL You have this thing of pigeonholing folks or sources. You mentioned "anti-establishment" types, and when presented with an opposite source you give it a label dismiss that too? You're beginning to sound like Baghdad Bob to me. What does the Economist say? A paywall, you say? Does someone need a widdle TL;DR for baby bird? It could do you some good to read outside your comfort zone (lol...WSJ/Economist). It doesn't float my boat to explain everything or nudge you in the direction I'm getting at. As for the rest, I went into more detail with @astros123 in either this thread or the Bidenomics thread. You butted into this one, so read up on that or not?
LOL..... Christ... I was speaking in the context of this thread.... not "no one in the world besides you thinks inflation is contained". And you have this habit of not comprehending, missing the part where I said on-shoring was inflationary which was the crux of the point of the articles. Not becoming of you. Sorry I can keep two thoughts in my head: inflation has come down significantly and inflation will still be elevated for a bit. I consider many sources. Yall prefer to see things in extremes. I'm less optimistic about inflation under biden than @astros123 and more optimistic than you.
That's a new one. I took it as, "Invisible Fan, you're making these extreme crazy claims about the Biden admin and "no one, not even the Biden admin, has even made it!" By the way you're framing it, it's my fault that I misunderstood people in this thread don't pay attention to Biden. @adoo rides my nuts everytime I say inflation is higher. 'Forgive them; for they do not know what they're doing...' It's not the crux of the articles. You can provide links to support your premise that onshoring is a bigger driver of inflation than Trillion dollar added government spending, but to overload that plus infra improvements and job assistance is sloppy and not my responsibly to assume that's what you're getting at. The responses are give and take. You could try being less snide LAWL And no kidding, if inflation was still 9% a month, people would be rioting on the streets. The fact is the market and "experts" were expecting core inflation to continue dropping last month but it ticked up, even if just a little. We haven't had a 5% fed funds rate in 15 years, and it's still open that it can reach as high as 6% by end of year. That bears repeating for the nth time in this thread. My point usually gets muddled in this topic, but I don't think Biden should declare victory for similar reasons in the economist article. The responses in here on whether Powell and Biden Admin/Treasury are coordinated will give you some insight that no one knows for sure. I don't think they are because Powell's stated goal from last year is to reduce inflation while higher paying jobs is a win for the Admin. Yall can wish the dual fantasy can be achieved through magical thinking not covered by textbooks "promoting free market solutions", but it's still a high wire act. The other problem where "it's all related" is the Trillions dollar deficit spending that will eventually amount to interest payments of a Trillion per year. I mean maybe we can reduce the going rate for treasuries when inflation is contained, but this albatross is the main reason why spending on works will be indistinguishable from spending on Afghanistan. That trillion we pay in the budget to non-productive debt means something gets left out somewhere else. You brought up GFC, do you remember when munis sold off their profitable operations like toll or parking collections to hedge funds over a guaranteed 30-50 yr period? So @astros123 flips the other direction and goes full MMT by pretending paying a trillion a year in interest payments is no big deal because of TINA. Even then financing that debt means it takes away from productive means of the economy because if investors are enticed by 4.5% 10 yr bonds, then they won't buy stocks, take a loan to start or invest in a business, dabble in real estate, etc... But it's alright...Debt doesn't matter! I can ask Uncle Joe to pay me UBI with a 20k/month check, or I Will vote in a guy who promises that they'll do it! Moral hazard plus infinity, just like our debt!
Core inflation and super core inflation both came below estimates. The only reason why core is even up right now is because the housing data is lagging bcz fed uses old rental data. By all accounts rents have been down past year. Super core is at 2%. https://www.cnbc.com/2023/08/10/cpi-inflation-july-2023-.html Alot of the other stuff you posted was false too btw
i point out the aburdities of your baseless claims, such as the accusation that the Fed is printing $ out of thin air, when it was QE ing the accusation that the Fed is wrecking its balance sheet, when it was tightening the money supply in circulation this accusation directly contradicts the first one. the accusation that Fed's rate hike will make it difficult for its monetary policies suggesting that you don't know that everything the Fed does is monetary policy. people are pretending that inflation is contained, when no one has a lot of your absurd claims have been disjointed info, lots of jargons such as deferred assets , about which you don't understand
..... Following the context of the replies is a new one? You misread the situation, simple as that. It is the crux of them. Why would I need links? I think many of yall have proved you can find a link to support whatever you want but have a hard time to talk about things otherwise. So..... you don't see IRA and CHIPs as part of on-shorting? These are separate to you? You do understand the point of a stimulus...? To stimulate things.... Right back at you..... you are taking it to @adoo level when I'm just chuckling at your consistent "the fed sucks" and "a dollar is a dollar" ideology. Well I guess you can feel intellectually superior to the "market and experts"? The bigger picture is inflation is still moderating, but time will tell if that abates over a longer picture. I don't really see Biden declaring victory, but trying to take credit for things, like inflation coming down and a relatively strong economy, as any president would. I don't see a huge "mission accomplished" banner. But that's just a matter of perspective. Well the Fed is an independent institution and it will be hard to really know what's going on between Biden and Powell. On the other hand, folks were really dubious about a soft landing.... but the market seems to be pricing it in. . Yall? I am less optimistic than others but more optimistic than you. I view a chunk of what Biden is doing as necessary for security (geopolitical) which isn't as efficient or deflationary as the business friendly policies of past. And my point is that this type of spending is and has been necessary and should have been occurring during Obama and been part of the stimulus to the GFC. We had to spend this type of money regardless and the timing is worse now than had we spread it out since 2008. The alternative is to not repair some of our aging infrastructure, rely more on supply chains in adversarial countries, and rely on places like Taiwan which will be attacked by China as soon as they feel like they can do so. And that didn't really happen this time because we tossed way more money at it. I think debt does matter and you are right that it takes money away from productive things when you are financing it, but how much it does matter is up for debate as interests go up AND down. Seems like we are in a rough couple of years of borrowing costs, but then what? Also we still have two major levers to pull in raising various taxes and cutting various spending. How about the moral hazard of creating massive unemployment? You keep rallying against all the stimulus but seem pretty content to not think of the alternative.
here is another perspective from KPMG's chief economist; at the 2.17 mark Swonk "after seeing inflation cooled down for the past 12 months, a lot faster than expected, the Fed is embolden w reaching the 2% target" `` 12
Nothing nefarious.... why we would keep a 2% target indefinitely seems more outlandish than periodically updating the target.
