THeBlueCashew

Jim Crow Joe is so full of shit and most of the media gives him a pass.

Americans saw 'most severe' pay cut in 25 years under Biden
https://nypost.com/2022/10/06/americans-saw-most-severe-pay-cut-in-25-years-under-biden/

Americans battered by soaring inflation since President Biden took office have effectively suffered the steepest pay cut in a quarter-century, according to data released by the Federal Reserve.

Researchers for the Federal Reserve Bank of Dallas published new findings that calculated "real wages" — the effective income of workers when adjusted for inflation.

"We find that a majority of employed workers' real (inflation-adjusted) wages have failed to keep up with inflation in the past year," the researchers said. "For these workers, the median decline in real wages is a little more than 8.5%."

"Taken together, these outcomes appear to be the most severe faced by employed workers over the past 25 years," the researchers added.

Higher inflation can quickly erode the purchasing power of Americans if wage growth doesn't match the increases. That means households face a difficult financial crunch when attempting to pay for daily necessities such as food, rent and gas.

In the span of just one decade, an inflation rate of 3% would reduce the purchasing power of $100 by 25%, according to calculations by investment management firm PIMCO.

I always get gas on Mondays or Tuesdays.  That's usually when it's cheapest.  The grocery store is ridiculous. A bag of chips that cost $2.99 three years ago is over $6.00 now.

That's Bidenomics.

Quote from: Gurk_MacGuintey on July 28, 2023, 05:48:41 PM
I always get gas on Mondays or Tuesdays.  That's usually when it's cheapest.  The grocery store is ridiculous. A bag of chips that cost $2.99 three years ago is over $6.00 now.

That's Bidenomics.

Is that what a bag of potato chips costs these days? That is robbery.

According to many leading economists & businessmen, we are living in very scary times.

Even they...aint sure if we're a comin' or a goin'.

They all seem ta be doom 'n gloom lately.

Oh well.

I guessed up my car in Vegas for $3.77 and in San Diego gas is around $4.80.  Dems say they help the poor but their taxes and "lowwr pollution special blend" unique to California make basic things like fuel more expensive hurting the poor the most.  Name the policy and it pretty much hurts the poor but Dems (3specially at the state and local level) the most.  The blocking of new construction drives up prices, higher minimum wage destroys job growth and causes inflation, political ideology in schools pandering to corrupt teachers unions caused California to fail from #1 in education to 49th in education, "racial justice" and "define the police" caused crime to skyrocket.  Open borders depresses wages due to increase supply of labor while driving up rental home prices.

There is not a good policy they have.

Quote from: Herman on July 28, 2023, 06:54:39 PM
Is that what a bag of potato chips costs these days? That is robbery.

I'll bet that figure hasn't been adjusted for shrinkflation or shelflation either.

Quote from: Adolf Oliver Bush on August 02, 2023, 04:05:33 AM
I'll bet that figure hasn't been adjusted for shrinkflation or shelflation either.

I don't eat potato chips, but I have noticed with a number of other products how the price is roughly the same for smaller amounts.

Fitch downgrades US credit rating for 'erosion of governance'

(https://i.imgur.com/ngZoqQD.gif)

Fitch has downgraded the credit rating for the U.S. government from its AAA top spot rating to AA+ just months after the U.S. debt-ceiling crisis was resolved for 2023.

Fitch is one of three major credit rating agencies, alongside S & P and Moody's. These agencies analyze an entity's ability to pay back debts — whether they're a company or a country.

The ratings agency said it made the downgrade based on what it called an "erosion of governance."

Fitch originally placed the U.S. and its AAA rating on a negative watch on May 24, specifically pointing to the debt ceiling fight as a major contributing factor.


https://www.abc15.com/fitch-downgrades-us-credit-rating-for-deterioration-in-standards

I am thinking Biden will get forced out.  His corruption is getting exposed, his numbers are already in the toilet, and Dems are scared shitless of Trump making a comeback.  I would still rather see DeEantis be the GOP nominee but the only back up the Dem establishment has is greasy Newscum who is running out trying to raise money and gain profile.

https://youtu.be/OyYhs86E0Dk

Biden really is a piece of shit.  https://twitter.com/eclipsethis2003/status/1688304236960817153

https://youtu.be/6_6M0lKXNN4

Quote from: Oerdin on August 10, 2023, 12:47:55 PM
https://youtu.be/6_6M0lKXNN4

The rosy picture lies are not working on Americans.

Spotted at a McDonalds in Connecticut -

(https://i.imgur.com/3Ydu6Cvl.jpg)

https://www.cbsnews.com/news/mcdonalds-prices-big-mac-sparks-expensive-menu-darien-connecticut-debate-online/

The price of a gallon of gasoline is about sixty percent higher today than when Biden took office in January 2021.

Predictably, Joe Biden, along with his advisers, economists, and media mouthpieces, has been embracing what was supposed to be a negative phrase — Bidenomics — and spinning it as something good. But no matter how you try to spin it, portraying Bidenomics as a positive economic force is the equivalent of putting lipstick on a pig.

You don't need charts, graphs, economists, or anything else to see what is going on.

Biden is trying to brand Trump's presidency as MAGAnomics, saying Trump's fiscal policy was inferior to his own. If we take out the COVID-19 debacle that was so poorly handled but certainly an exceptional situation to be normalized for, and we ask people if they were better off in 2019 or 2023, what do you think the answer would be?

Never mind the administration's talking points about job "reclamation" or "creation"; when did people have more fear of losing their jobs — today or 2019?

Looking at personal savings, when did Americans have more in their bank accounts? Notably, the personal savings rate was in the high 8% to mid-9% range in 2019. As of July 2023, it was just 3.5%.

When did Americans have more crushing debt loads, today or 2019? Well, we know the answer to that is today, with credit card debt alone exceeding $1 trillion.

And when did Americans feel as though they were getting crushed by the cost of everyday living, 2019 or today?

You don't need a chart to know the reality of these answers.

As writer David Marcus posted on X (formerly Twitter), "Under MAGAnomics, people have more money to buy things. Under Bidenomics, the government has more money to buy things."

Without a doubt, Biden stepped into a situation where the previous administration made some suspect economic decisions. But he made each and every policy worse, from adding stimulus money to attacking traditional energy sources. These are the issues that have been at the center of creating the worst inflation seen in more than four decades.

Moreover, during his administration, Biden has done nothing to correct course and steer our fiscal ship in the right direction. The debt, deficits, and energy are the main issues that will keep inflation sticky.

On the energy front, just last week the Biden administration canceled "the seven remaining oil and gas leases in Alaska's Arctic National Wildlife Refuge."

None of that sounds promising for Bidenomics or America's fiscal future.

There is no climate crisis, but there is an inflation/ffordability/energy crisis. Biden and Trudeau care not one iota about the struggling citizens that elected them.

Georgia Gov. Brian Kemp has put another pin in the White House's "Bidenomics" balloon. President Joe Biden is desperately trying to sell the American people on the supposed success of "Bidenomics" as the 2024 campaign season heats up, but the numbers seem to show that his economic policies are a losing proposition. This week, the U.S. Census Bureau released data showing that the median household income has fallen for the third straight year and the cost of living has soared with the highest inflation rate in 40 years. With numbers this dismal, Kemp felt compelled to act to help ease the pain of struggling Peach State citizens. On Tuesday, he issued an executive order suspending the gasoline tax. "Governor Brian P. Kemp today declared a state of emergency due to the 40-year-high inflation and negative economic conditions felt by hardworking Georgians as a result of policies coming out of Washington, D.C.,"

Biden's economic bills that congress passed will have a deletrious effect on the economy and add to the debt.

I hope the Democraps keep trying to gaslight about the economy because it isn't working and will result in them losing.

Quote from: Oerdin on September 18, 2023, 04:47:59 PMI hope the Democraps keep trying to gaslight about the economy because it isn't working and will result in them losing.

Biden is counting on good old fashioned American ignorance.

Dems usually do.

Quote from: Oerdin on September 18, 2023, 08:21:04 PMDems usually do.

They usually get what they want.

Why Bidenomics Is Bad News for Joe Biden

Friday's announcement from the Bureau of Labor Statistics that employers created 336,000 jobs in September is seen as a sign that the economy is powering forward.

True, the numbers look good on the surface. Who doesn't love job creation of 336,000 when economists were predicting only 136,000? But a look at the details tells another story—and shows how Biden continues to favor environmentalists over blue-collar workers, splitting the fragile Democratic Blue-Green coalition.

First, of the jobs created, 73,000 were in government and 70,000 were in health care and social assistance, a government-supported sector. About 40% of the jobs created rely on taxpayer dollars in some form.

 
Then, about 100,000 were in leisure and hospitality, a sector that pays lower than average. Some said that this was teenagers working their final jobs of the summer, but summer was over for teens by the end of August, and the teen unemployment rate declined by six-tenths of 1% as many left the labor force and returned to school.

What's especially troubling was the jobs that were not created.

Employers hired only 17,000 workers in manufacturing. Oil prices were more than $90 per barrel in September, but only 200 jobs were created in oil and gas extraction. And America needs minerals for electric vehicles, but the mining sector lost 400 jobs, rather than gained them.
Those jobs numbers provide a rationale for the fracturing of Biden's Blue-Green coalition that has been front and center with the UAW strike. The blue-collar workers want well-paying jobs, and the green environmentalists want to send energy-intensive jobs abroad.

Leisure and hospitality jobs—low-paying jobs in coffee shops, restaurants, hotels, and theme parks—can't go abroad. Those represented one-third of the jobs created. But the jobs needed to power today's economy—the oil to run factories and make gasoline, even minerals so that new battery and electric vehicle jobs can stay in America—were nonexistent.

America is energy independent due to vast resources of oil and natural gas that have been discovered and produced through innovative technology, but Biden is insisting on on leaving it in the ground and instead moving to electric vehicles, which rely on Chinese-owned minerals from Asia, Latin America, and Africa.

New proposed Environmental Protection Agency regulations would require electricity to be produced from renewable or clean sources, including solar and wind power. Seven of the 10 largest wind and solar companies are in China, and the requirements mean that America would be dependent on China for energy. Thirty-one states already have such requirements.

The EPA and the U.S. Department of Transportation are considering regulations that would require 60% of new vehicles sold to be electric by 2030, and two-thirds of them to be electric by 2032. Those regulations, if finalized as proposed, would require dependence on EVs whose batteries are now made in China.

The shrinkage in mining employment shows that America is not expanding domestic production of minerals needed for batteries needed for EVs, wind turbines, and solar panels.

With the price of gas almost $4 a gallon in September, it's troubling that Biden is not expanding oil and gas development to reduce prices.

If you think the September job numbers are good, think what they would be like if the administration were to allow the domestic energy sector to produce oil and natural gas—and heal the Blue-Green rift.
https://www.19fortyfive.com/2023/10/why-bidenonmics-is-bad-news-for-joe-biden/

Joe Biden Fails Another Fact Check


President Joe Biden proudly stated that Americans know they are more financially secure than they were prior to his time in the White House.

"I think they know they're better off financially than they were before. It's a fact," Biden claimed.

However, numerous fact-checks prove Biden is lying. Polls show the majority of Americans are worried and uncertain about their financial situation.

The non-profit group Media Research Center has compiled five charts that sum up the economic impact of Joe Biden.

• Gas prices are up 63%.

• Real wages have gone down for Americans.

• Prices are skyrocketing 3 times faster under Biden.


• Mortgage rates are changing for the worse under Biden.

• Saving rates of Americans have collapsed under Biden.



When adjusted for inflation, real wages earned by Americans have seen a decline under President Biden. In the first quarter of 2021, the median weekly real earnings averaged $373. By the second quarter of this year, this figure had fallen to $365.

Under President Trump, real wages increased from $352 on January 1, 2017, to $373 on January 1, 2021.

Mortgage rates today are more than double the average rates home buyers paid when Trump left office. Under Biden's predecessor, the average 30-year fixed mortgage rate dropped by a third, going from 4.09% to 2.77%. However, by September 7, 2023, mortgage rates had more than doubled, surging by over four percentage points to reach 7.12%.

With Americans earning less and facing higher costs, their average savings rate has dwindled under Biden.

From February 1, 2017, to February 1, 2021, the average personal savings rate shot up by 86%, from 7.2% to 13.4%. Yet, by July 1 of the current year, it had plummeted to a mere 3.5%, a quarter of its pre-Biden level, based on calculations incorporating data from the Federal Reserve Bank of St. Louis (FRED) and the Bureau of Labor Statistics.

Under the Biden administration we've seen rising gas prices, declining real wages, soaring consumer prices, increased mortgage rates, and a drop in the average savings rate.
https://www.americainsider.org/2023/10/08/joe-biden-fails-another-fact-check/

All the frickin spending by Biden and Trudeau aint done working folks any frickin good. It has moved folks in the middle to poverty. Corporations and the wealthy have done verty well under Bidenomics.

https://www.theblaze.com/columns/opinion/this-is-bidenomics-in-a-nutshell?utm_source=theblaze-breaking&utm_medium=email&utm_campaign=20231028ActiveTrending-Haskins&utm_term=ACTIVE%20LIST%20-%207%20Day%20Engagement
Under the Biden administration, the government has continued to pump unprecedented amounts of money into the economy, but those policies appear to have disproportionately benefited large corporations, which are hoarding trillions in cash and investments while American families burn through their savings.

Data compiled by Investor's Business Daily shows that businesses in the S&P 500 are holding $2.6 trillion in cash, a 20% increase compared to cash held by the same group at the end of 2019. Apple alone has about $167 billion in investments and savings.

Much of that cash was amassed by large businesses in 2020, as the Democrat-led Congress and President Trump agreed to print trillions in new dollars to fund lockdown-related relief packages and costly stimulus policies.

Since Biden entered the White House in January 2021, large corporations have continued to remain flush with cash. In fact, cash holdings for big businesses are about the same today as they were at the end of 2020, which means they have managed to thrive despite the recent surge in inflation. Meanwhile, working-class, middle-income, and lower-income families have experienced real losses.

American households experienced across-the-board increases in their checking and savings balances in 2020, according to Federal Reserve data. At the start of 2022, real household savings for middle-income Americans was 113% of what those balances had been in March 2020, when the most significant coronavirus lockdowns began.

Now, on its face, that might look like a positive trend. But the reason corporations and families experienced huge increases in cash holdings wasn't due to economic growth — remember, much of the economy remained closed in 2020 and 2021. The increase in cash was directly related to sharp increases in the money supply, which grew by more than $3.37 trillion from March 2020 to January 2021, by far the most rapid increase in money supply in U.S. history.

Rather than decrease the money supply or even hold supply levels flat, the Biden administration and congressional Democrats opted to keep spending levels high, adding another $2.19 trillion to the money supply in 2021 alone. Making matters worse, the Federal Reserve encouraged the government's spending addiction and kept interest rates low, despite troubling signs.

Democrats' reckless spending — coupled with the war in Ukraine, Biden's attacks on affordable energy, and low interest rates — fueled an inflation crisis that has been unlike anything Americans have experienced in four decades.

As a result, a family purchasing $200 worth of groceries in 2020 would spend more than $238 today for the same products, based on the federal government's consumer price index calculations, which likely undercount inflation.

In a frantic effort to stop prices from skyrocketing further, the Federal Reserve increased interest rates at breakneck speed in 2022 and 2023. Despite this dramatic reversal in monetary policy, prices have continued to go up.

The Biden administration claims its policies have provided relief to the middle and working classes, but the evidence suggests that its addiction to debt and government spending has disproportionately hurt households, especially middle-income families.

I've made about $40K less at this point in 2023 than I did in 2019 and 2020. My book of business was so bad in 2022 that I made even less than this year. Inflation has lowered my buying power 30% too. Thankfully, My wife is making about $175K/yr or we'd be fuk'd! From 2017 to 2021, I used my income to buy shitloads of guns and ammo along with a car I can race on road courses. All this shit is nearly paid off so once Trump takes office again, I can upgrade!

Quote from: Lokmar on October 28, 2023, 07:31:26 PMI've made about $40K less at this point in 2023 than I did in 2019 and 2020. My book of business was so bad in 2022 that I made even less than this year. Inflation has lowered my buying power 30% too. Thankfully, My wife is making about $175K/yr or we'd be fuk'd! From 2017 to 2021, I used my income to buy shitloads of guns and ammo along with a car I can race on road courses. All this shit is nearly paid off so once Trump takes office again, I can upgrade!

I retire in the spring of 2024. As it stands now, if I were to take the money instead of the pension I would take a huge hit. Three years ago it was worth $220,000 more than it is today after three years of me and the company paying into it.

Pension plans do not like Joe Biden.

Quote from: Brent on October 28, 2023, 07:49:36 PMI retire in the spring of 2024. As it stands now, if I were to take the money instead of the pension I would take a huge hit. Three years ago it was worth $220,000 more than it is today after three years of me and the company paying into it.

Pension plans do not like Joe Biden.

I think my 401K dropped about 20% to 25% a year or 2 ago. I just quit looking at it.

Quote from: Lokmar on October 28, 2023, 08:22:08 PMI think my 401K dropped about 20% to 25% a year or 2 ago. I just quit looking at it.

I was considering taking the cash. But, I have no choice now, but to take pension. It's a pretty good pension.

I can sympathize with people like Lokmar and Brent who might be a few years or less from retirement.

Good government like Jim Crow Joe's aint cheap.

Biden costs Americans an additional $25,000, prompting calls for 'Office Of No'
https://www.washingtonexaminer.com/news/washington-secrets/biden-costs-americans-an-additional-25-000-prompting-calls-for-office-of-no

Since President Joe Biden took office, people are facing an annual inflation tab at over $11,000 a year just for the basics.

But that's not all. Because of regulations pouring out of the White House and Washington, they are facing another $14,514 in hidden annual costs.

"When the U.S. federal administrative state began its march over a century ago, few imagined the tangle of hundreds of thousands of rules and guidance documents it would produce, and the way those would envelop society. Donald Trump's four years brought unique reversals, such as a reduced flow of new rules and some rollbacks of existing ones. Attempts were made to streamline internal departmental and agency processes and speed regulatory approvals for private activities," he wrote in the 142-page report.

"Unfortunately, as detailed extensively in the 2021 edition of Ten Thousand Commandments, the liberalizations ended with the inauguration of President Joe Biden. He declared the Trump agenda consisted of 'harmful policies and directives that threaten to frustrate the federal government's ability to confront ... problems.' Biden initiated a progressive 'modernization' of the regulatory review process. He even reoriented the Office of Management and Budget away from regulatory supervision and restraint and toward the promotion of regulatory initiatives," Crews added.

American consumers know the economy is terrible, but the Biden administration insists that masks work, boosters are essential, and gross domestic product actually increased 5.2% in the third quarter. That's a revision up from the 4.9% growth the Bureau of Economic Analysis announced in November.

The entirety of third-quarter growth could be attributed to high inflation, forcing companies to stock up on inventories and consumers to go deeper into debt to cover basic expenses. The revision was driven entirely by government spending.

Government spending accounted for 5.5% of third-quarter GDP growth. Absent that spending, the economy actually contracted, which is in line with the reality most people face.

Government spending has now outpaced consumer spending for five consecutive quarters. But the more the government spends and spurs inflation, the more officials can brag about growing the fake economy, even as consumer confidence sinks to recessionary levels. The University of Michigan Consumer Sentiment Index dropped to 63.8 in October, on par with some of the readings from the 2008 Great Recession.

Quote from: Thiel on December 05, 2023, 07:17:36 PMAmerican consumers know the economy is terrible, but the Biden administration insists that masks work, boosters are essential, and gross domestic product actually increased 5.2% in the third quarter. That's a revision up from the 4.9% growth the Bureau of Economic Analysis announced in November.

The entirety of third-quarter growth could be attributed to high inflation, forcing companies to stock up on inventories and consumers to go deeper into debt to cover basic expenses. The revision was driven entirely by government spending.

Government spending accounted for 5.5% of third-quarter GDP growth. Absent that spending, the economy actually contracted, which is in line with the reality most people face.

Government spending has now outpaced consumer spending for five consecutive quarters. But the more the government spends and spurs inflation, the more officials can brag about growing the fake economy, even as consumer confidence sinks to recessionary levels. The University of Michigan Consumer Sentiment Index dropped to 63.8 in October, on par with some of the readings from the 2008 Great Recession.

It aint just the spending, it is the green orders that is driving prices through the roof for working folks.

NBC News reported that US President Joe Biden has ditched the phrase 'Bidenomics' in his speeches.

A Fox News poll from mid-November found 78 percent of voters rate the economy negatively.

Only 29 percent of respondents approve of Mr Biden's handling of inflation, the poll found.

Meanwhile, an anonymous Democrat strategist told NBC News: "Whoever came up with the slogan Bidenomics should be fired.

As if Bidenflation wasn't bad enough. Bigger, more costly and intrusive government.

https://www.theblaze.com/columns/opinion/32-million-small-businesses-are-about-to-get-blindsided?utm_source=theblaze-breaking&utm_medium=email&utm_campaign=20231212Trending-Roth&utm_term=ACTIVE%20LIST%20-%20TheBlaze%20Breaking%20News
The government proves once again with the Corporate Transparency Act that it doesn't care about small businesses but only cares about what gives government officials more power. Unfortunately, entrepreneurs will pay the price.

Have you heard of the Corporate Transparency Act? Most of the estimated 32 million small business owners, including sole proprietors, whom the new law affects have not. It was just recently put on my radar by a handful of people — quite a shock for a measure that takes effect at the start of the new year!

A new reporting rule under the law means that businesses will need to file information with the Financial Crimes Enforcement Network (a bureau within the U.S. Department of Treasury), including personal information about the people who are associated with the business, or risk penalties for noncompliance. This is being done in the name of "fighting money laundering." Sure.

Biden is doing a victory lap because retail gas prices are falling across the country. Does that mean he also accepts responsibility when they spiked?

Bidens Assault on Retirees
There are very big concerns with the way Biden is handling the American Retirement System.

Government overspending and the over-printing of money are the two main reasons that people's retirement accounts have lost 25% over the past 2-3 years.

• $1 trillion is the estimated net loss on all retirement plans

• Pension plans have lost $3.3 trillion in Q3 of 2023

Under Biden, the US dollar's loss of purchasing power has caused the average American family to lose about $7,300 in annual income.

For Americans who were planning to retire with $1 million in their IRA, those accounts have lost almost $250,000.

Fitness guru Jillian Michaels reality-checked Bill Maher in a recent episode of his own podcast about the inflation crisis and the state of the economy.

Following a lengthy conversation about the COVID-19 pandemic and health, Maher repeated what he recently read in a newspaper about the economy, though he did not specify which periodical.

"Isn't it amazing to you?" he asked Michaels. "This country came out of the pandemic way better. We won the pandemic economically."

"We did? God, I don't feel that way. Explain it to me. I feel like inflation is insane," Michaels responded.

"Inflation is not insane," Maher claimed.

"Bill, go buy a car. A house has tripled here," Michaels fired back. "Buy some f***ing eggs!"

Reality aside, Michaels' response also demonstrated that Maher, a rich celebrity, is out of touch with the economic concerns of average Americans.

Watch Gavin Newsom and Seth MacFarlane gaslight Biden's record.
https://twitter.com/ThisWeekABC/status/1751635477004796090?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1751635477004796090%7Ctwgr%5Eda989819e3d91f3d061bd97c8d7b514a8ec6ff83%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.theblaze.com%2Fnews%2Frogan-macfarlane-newsom-gaslighting-economy

https://twitter.com/MostlyPeacefull/status/1756344118937289108?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1756344118937289108%7Ctwgr%5Eda989819e3d91f3d061bd97c8d7b514a8ec6ff83%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.theblaze.com%2Fnews%2Frogan-macfarlane-newsom-gaslighting-economy

This was paid for by the Koch family. I do not like them by the way.


BIDENOMICS ISN'T WORKING.
Hear from Americans, in their own words, about how Bidenomics is...or isn't...working for them. Real stories from real Americans.
https://www.bidenomics.com/

Full-time fumble: 'Bidenomics' masks the true employment picture

Joe Biden at his State of the Union address in March boasted his administration has created 15 million new jobs since January 2021. Not exactly. When you delve into the math, not only is the number highly misleading, but it turns out that new jobs consist largely of part-time employment, nebulous self-employment, and government workers. And among native-born citizens, the job market is in a recession.

The Bureau of Labor Statistics publishes two jobs reports: the "Establishment Survey" and the "Household Survey." The Establishment Survey samples actual employers and shows the growth in non-farm payroll jobs (as well as a breakdown by specific industry), while the Household Survey samples individual households and measures broad census data, such as total number of employment-age population, size of the labor force, the U3 unemployment rate, and total number of employed and unemployed.

Biden's talking point about job creation is the ultimate self-indictment.

Getting a precise picture of U.S. employment requires conflating data from both surveys. Typically, the data complement each other. But in recent years the numbers have diverged. For example, the Establishment Survey shows about 3 million additional people employed since January 2021. This may be due in part because the employer-based survey picks up more illegal aliens than the survey of households.

The White House obviously prefers to tout the Establishment Survey's figure. In any event, the reality is Biden has a much worse record of job creation than Donald Trump. And that's before we delve into the nature of these new jobs.

Not even close to 15 million
When COVID-19 shut down the world in March 2020, employment cratered. It took well over a year to come back from the lockdowns and merely get back to par with the pre-COVID baseline in February 2020. As such, the only fair comparison for Biden to make is to measure the number of employed individuals today compared to February 2020.

Viewed that way, we don't have 15 million new jobs — we have just 5.5 million jobs created between January 2021 and February of this year, according to the Establishment Survey, and just 2.3 million according to the Household Survey.

Let's go with the more impressive 5.5 million figure, even though the Philadelphia Federal Reserve believes it's overstated.

Although 5.5 million still sounds meaningful, remember the country is constantly growing. Since February 2020, the civilian non-institutional population of working-age residents grew by 8.1 million. So job growth has not kept pace with population growth, especially judging from the Household Survey. This is why the civilian labor force participation rate is down from 63.3% ahead of the lockdowns to 62.5% today. When factoring in population growth, in fact, we find an additional 729,000 unemployed individuals today.

Put another way, 611 of every 1,000 Americans of employment age were working before COVID compared to 601 today. Also, an additional 5 million people are no longer in the labor force but of working age, which means that for whatever reason they gave up on the job market. Federal Reserve Chairman Jerome Powell explains these missing workers are the result of "excess retirements."

In short, we have a much larger population without jobs than before COVID.

Part-time and multiple jobs
Compared to the same period under Trump, the current labor market today is terrible. After 37 months into Trump's tenure, the Establishment Survey shows 6.7 million jobs created.

But here's the kicker: The population only grew by 5.6 million, which means job growth under Trump outpaced population growth by 20%. Under Biden, population growth has outpaced job growth by 47% — or 252%, going by the Household Survey. Hence, by virtue of population growth alone, we have gone backward in the job market since COVID.

It gets worse. As I've noted before, we have been losing full-time jobs. All the net job growth has come from part-time employment. In total, 3.4 million part-time jobs have been added since January 2021, with 1.7 million just over the past nine months.

This could very well be why there are a few million jobs detected by the Establishment Survey but not the Household Survey. It would also not be surprising if many of these jobs were temporary or part-time.

Biden's talking point about job creation is the ultimate self-indictment. Even during an official period of low unemployment, we have a permanently weak economy where no real full-time jobs are being created to keep up with the population growth. If this is what a job boom looks like, just wait until the official recession hits.

The Biden administration announced Friday plans to "cancel" another $7.4 billion in federal student loan debt for 277,000 borrowers, despite a growing pile of lawsuits.

Are you better off under Biden?
https://www.youtube.com/shorts/y7VX2IYcO0E

Quote from: Brent on April 16, 2024, 02:00:44 PMAre you better off under Biden?

FUCK NO    :c002:

Quote from: Oliver the Second on April 16, 2024, 08:42:38 PMFUCK NO    :c002:

That appears to be the consensus.

The Biden administration's National Labor Relations Board recently adopted a new and ideologically charged standard on joint employment. This new joint-employer rule, which threatens to create uncertainty and multiple new burdens for employers who contract out part of their work, is currently mired in litigation.

Biden's veto represents a significant policy shift that will adversely affect the business landscape, particularly in a time when economic stability is paramount. This veto not only rejects clear bipartisan legislative action but also imposes additional burdens on businesses already navigating a challenging economic environment.

The NLRB's revised joint employer standard notably lowers the threshold for determining when two businesses are considered joint employers. Under the previous administration, the standard required that a company must have "direct and immediate" control over the terms and conditions of employment to be considered a joint employer.

The new rule broadens this definition, allowing a business to be deemed a joint employer even if it has only indirect influence over the employment conditions of another company's workers. The old standard provided clarity and stability for businesses engaging with contractors and franchisees, but the new standard seems to create ambiguity on purpose.

What does Biden have to gain from all of this? Union votes. But how many votes will he lose if this new rule dampens the economic recovery in an election year?

The veto will have significant implications. First, the new joint employer standard will certainly lead to increased litigation, as the boundaries of "indirect" and "potential" control are tested in courts. The resulting legal uncertainty will burden businesses with additional costs and discourage the formation of beneficial business relationships, particularly in sectors like franchising and contracting, where such relationships are common.

As the U.S. Chamber of Commerce has pointed out, this rule change could "result in decreased business formation and growth, and create significant costs for both large and small companies."

Moreover, in an economy still recovering from the COVID-19 pandemic, the timing of such a regulatory shift seems particularly counterproductive. Businesses are currently facing a myriad of challenges, from supply-chain disruptions to inflationary pressures. The added uncertainty and potential liability under the new joint employer standard could hinder recovery efforts.

Quote from: Oliver the Second on April 16, 2024, 08:42:38 PMFUCK NO    :c002:

How could Biden & his administration have addressed the hardships Americans are facing these days Oliver the Second ?

What could they have done differently?

What are your major beefs against the Biden administration? 

I know there are things the Trudeau government in my country have done that I disagree with. Such as overimmigrating during an economic slowdown when there isn't enough money to go around

Ollie, it is that post by old Joe that makes folks not want to participate in amy thread he is in.

It is all fine and good to joke around, but the open borders, the war on the domestic energy industry, giving tens of billions to billionaires and politically connected corporations to make life more expensive for working folks, and the endless expensive wars are all Americans get under Biden.

Quote from: Herman on May 12, 2024, 10:49:23 PMOllie, it is that post by old Joe that makes folks not want to participate in amy thread he is in.

It is all fine and good to joke around, but the open borders, the war on the domestic energy industry, giving tens of billions to billionaires and politically connected corporations to make life more expensive for working folks, and the endless expensive wars are all Americans get under Biden.

Well Herman erman i didn't agree with Biden cancelling the Keystone pipeline. I believe that was a huge mistake & may end up costing Biden the presidency.

Biden should have just said he'd stall the project. He catered to the Progressive wing of his party and will pay dearly for that promise

Quote from: JOE on May 12, 2024, 10:55:35 PMWell Herman erman i didn't agree with Biden cancelling the Keystone pipeline. I believe that was a huge mistake & may end up costing Biden the presidency.

Biden should have just said he'd stall the project. He catered to the Progressive wing of his party and will pay dearly for that promise

Shitbag, biden cheating the election assure that. Tell me dickface, who do YOU want to win in 2024?

Biden's IRA is an act of war on American wage esrners.

Get ready to pay even more for everything!

Biden hikes tariffs on Chinese EVs, solar cells, steel, aluminum

President Joe Biden slapped major new tariffs on Chinese electric vehicles, advanced batteries, solar cells, steel, aluminum and medical equipment on Tuesday, taking potshots at Donald Trump along the way as he embraced a strategy that's increasing friction between the world's two largest economies.

The Democratic president said that Chinese government subsidies ensure the nation's companies don't have to turn a profit, giving them an unfair advantage in global trade.

"I'm hoping nobody sees through this obvious bullshit," Biden said (not really) in the White House Rose Garden. "This is just another tax to raise billions of dollars for me to fritter away."

The tariffs come in the middle of a heated campaign between Biden and Trump, his Republican predecessor, to show who's tougher on China. Biden claims he is toughening up on China by waiting five seconds before answering the phone when Xi calls with his new orders.

https://apnews.com/article/biden-china-tariffs-electric-vehicles-evs-solar-2024ba735c47e04a50898a88425c5e2c

Quote from: Oliver the Second on May 14, 2024, 08:48:13 PMGet ready to pay even more for everything!

Biden hikes tariffs on Chinese EVs, solar cells, steel, aluminum

President Joe Biden slapped major new tariffs on Chinese electric vehicles, advanced batteries, solar cells, steel, aluminum and medical equipment on Tuesday, taking potshots at Donald Trump along the way as he embraced a strategy that's increasing friction between the world's two largest economies.

The Democratic president said that Chinese government subsidies ensure the nation's companies don't have to turn a profit, giving them an unfair advantage in global trade.

"I'm hoping nobody sees through this obvious bullshit," Biden said (not really) in the White House Rose Garden. "This is just another tax to raise billions of dollars for me to fritter away."

The tariffs come in the middle of a heated campaign between Biden and Trump, his Republican predecessor, to show who's tougher on China. Biden claims he is toughening up on China by waiting five seconds before answering the phone when Xi calls with his new orders.

https://apnews.com/article/biden-china-tariffs-electric-vehicles-evs-solar-2024ba735c47e04a50898a88425c5e2c

I actually support tariffs. If I had it my way, I'd put tariffs so fucking high on foreign goods, companies would be forced to build in America or go out of business. Of course we need to repeal environMENTAL regulations too.

Quote from: Lokmar on May 14, 2024, 09:35:57 PMI actually support tariffs. If I had it my way, I'd put tariffs so fucking high on foreign goods, companies would be forced to build in America or go out of business. Of course we need to repeal environMENTAL regulations too.

....'Cept Canada, right LokmarL okmeer?

'Murica needs at least 1 friend in this world, Bud.

Quote from: JOE on May 15, 2024, 07:39:11 AM....'Cept Canada, right LokmarL okmeer?

'Murica needs at least 1 friend in this world, Bud.

Only if we get to put you in stockades and throw rotten tomatos at your Cucknadian face once a month.

Economic growth is grinding to a halt while inflation just doubled from the previous quarter despite premature Biden claims of "mission accomplished." In fact, inflation hasn't declined since June 2023. Elsewhere, mortgage rates are back above 7% and home ownership is now costlier than ever. Credit card debt and auto loan delinquencies are rising to alarming levels, and office loan defaults have already returned to 2008-09 financial crisis levels.

Consumer sentiment also just sank to levels last seen during the peak inflation days of summer 2022. Meanwhile, deficits have resumed their rise toward the $2 trillion mark while the national debt is at record levels and far exceeds the size of the U.S. economy.