[tomder55]

Putting America back to work means putting all Americans back to work. Ending inflation means freeing all Americans from the terror of runaway living costs. All must share in the productive work of this ’new beginning,’ and all must share in the bounty of a revived economy.”
(Ronald Reagan Inaugural address. )

Reaganomics was born . He did not dub it that . Others recognizing his achievements did.

The period of economic prosperity his policies brought lasted most of 20 years. In his time in office from 1981-1988 :

• 20 million new jobs were created
• Inflation dropped from 13.5% in 1980 to 4.1% by 1988
• Unemployment fell from 7.6% to 5.5%
• Net worth of families earning between $20,000 and $50,000 annually grew by 27%
• Real gross national product rose 26%
• The prime interest rate was slashed by more than half, from an unprecedented 21.5% in January 1981 to 10% in August 1988

It takes a special brand of chutzpah for Clueless Joe to self proclaim the economic failure he has presided over as "Bidenomics" .
He is actually proud of his failures.














Much of his boast is the claim that Trump practiced trickle down theory in his tax policy. False !! Tax cuts under Trump went disproportionately to lower-income strata, with real median household income jumping $6,200 from 2016 to 2019 before the pandemic. In Fact Quid practices his own brand of personal trickle down economics.

Hunter uses Quid's influence to conduct business and then 10% trickles down to the 'big guy'.





Joe Biden GIF by GIPHY News - Find & Share on GIPHY

[jlisenbe]

It's hard to imagine where this economy would be without the infusion of several trillion dollars of monopoly money.

[tomder55]

Who are you going to believe, me or your own eyes? (Marx Brothers )

Here's another one from Clueless speaking of inflation.... 'It was already there when I got here man ! '
Bidenomics is unaccountable swamp critters confiscating and spending hard workers' slim savings and monopoly bucks on too many things that are not needed .

[jlisenbe]

Pols lie. They always have, but there is supposed to be a vigilant news media to catch those lies and put the truth forward. The graph below clearly shows that Biden is being, shall we say, "less than honest". 2022 rate was about 8%.

[tomder55]

Don't believe the rhetoric and the alleged good news from yesterday's June report.

Inflation is NOT getting better .

CPI June 2023: Inflation rose just 0.2%, less than expected as consumers get a break (cnbc.com)

Bidenomics is not working .

First the obvious . It is preposterous to claim to fix a problem he caused with huge spending in the guise of "inflation reduction " ($4.8 trillion monopoly bucks)

The stats tell a different tale from the official narrative .

“The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2 percent in June on a seasonally adjusted basis, after increasing 0.1 percent in May.” ....up 4.8 percent over the year

CPI Home : U.S. Bureau of Labor Statistics (bls.gov)

That is far from the 2% Federal Reserve goal .

Among the biggest increases in costs are shelter 7.8 percen; food 5.7 percent; electricity 5.4 percent; apparel 3.1 percent; general services 6.2 percent; transportation services 8.2 percent.

12-month percentage change, Consumer Price Index, selected categories (bls.gov)

Wages have not kept up with inflation .

Real Earnings Summary - 2023 M06 Results (bls.gov)

Senate Repubs published a list of ioncreases since Clueless became Prez.

Research | The Leader Board | THE NEWSROOM | Republican Leader (senate.gov)

Yet Clueless shamelessly touts his economic achievements ;which was dutifully regurgitated by the Slimes .

Biden Touts ‘Bidenomics in Action’ as Inflation Eases - The New York Times (nytimes.com)

“Today’s report brings new and encouraging evidence that inflation is falling while our economy remains strong. Our progress creating jobs while lowering costs for families is no accident, and I will continue to fight for lower costs for families every day.”

“Good jobs and lower costs: That’s Bidenomics in action.”

That is gaslighting on a scale only imagined by George Orwell.

Almost half the country has less than $400 to spare for emergency expenses .

Nearly 4 in 10 Americans can't cover a $400 expense, Fed data shows | Fortune

THAT is BIDENOMICS in action !!

[tomder55]

What do I expect from the Fed ? The Fed has a very short window before political considerations comes in to play. Chairman Powell wants to keep his job ;and Clueless wants to tout economic success. Wait until the campaign season .Then the real gaslighting will begin.
There will be a time shortly when he will demand an end to rate increases. Then what will probably happen is the Fed will revise it's inflation goals from 2% to whatever is needed for Clueless to claim success.

The only realistic way for the Fed to achieve a 2% rate before that happens is to continue to increase interest rates and force an economic slow down before the end of the 1st quarter 2024.

Expect the Fed to increase the interest rates by a minimum quarter point in it's next meeting and more to come.
Historically rates are still low because of the foolish easy money policies that we have had since the 2008 financial panics . The chickens are home to roost.

[tomder55]

Here is another inconvenient truth . Past inflation does not go away . The 3 % we are seeing now is from the 9.1 % we had in June of last year. So although it is a good thing that the rate of increase in prices is decreasing ;the new bench mark in prices is the 18% real costs increases since Clueless assumed command . That is a loss of almost 20% of spending power with now only a modest increase in wages . And for retirees ? SOL .

How's this going to looks for someone on a fixed income ?

Healthcare costs are rising again even as inflation falls - Los Angeles Times (latimes.com)

[tomder55]

Clueless keeps on touting the jobs Bidenomics is creating ... 13,4 million NEW jobs they say. These are what former Reagan Budget director calls "born again jobs" .

David Stockman: “The Born-Again Jobs Scam” – AdvisorAnalyst.com

In other words the jobs are not "new" . They were jobs that existed before the forced shut down of the pandemic. The jobs are the product of reopening the economy. They were NOT created by the huge infusion of monopoly bucks into the economy.

[tomder55]

What do I expect from the Fed ? The Fed has a very short window before political considerations comes in to play. Chairman Powell wants to keep his job ;and Clueless wants to tout economic success. Wait until the campaign season .Then the real gaslighting will begin.
There will be a time shortly when he will demand an end to rate increases. Then what will probably happen is the Fed will revise it's inflation goals from 2% to whatever is needed for Clueless to claim success.

and the redefinition begins








While the Fed’s stated aim is to return to its 2 per cent inflation target, some analysts suggested a “softish” landing of close to 2 per cent may be sufficient.

“We might not have a precise soft landing, but it will be softish,” said Ajay Rajadhyaksha, global chair of research at Barclays. “We may not get down to 2 per cent inflation, but it might not be the end of the world if US inflation lands closer to 2.6 or 2.7 per cent, without huge job losses.”

Confidence grows that Federal Reserve can deliver a soft landing for US economy | Financial Times

[jlisenbe]

Why do I get the same sinking feeling I would have if I let my two year old granddaughter take care of my checking account?

[tomder55]

Bidenomics in action.

Bank of America reported that the number of Americans who are tapping into the 401K plans early under the 'hardship distribution' provision shot up by 36 % in the last year

Tracking the confidence of plan participants (bofa.com)

(In normal circumstances, you’ll incur a fee of 10%, in addition to your regular income taxes, on any money you withdraw from your 401(k) before age 59 ½. But in certain cases, the IRS allows you to make a penalty free hardship distribution because of immediate and heavy financial need.

Retirement Topics - Hardship Distributions | Internal Revenue Service (irs.gov)

Most people who use this option do not replenish their funds so the money is not available to them when they retire.

Add that to this sad fact that half the 'Baby Boomers ' have NO retirement savings

That only 1 in 10 low income workers between the ages of 51 and 64 had any retirement savings

That only 6% of workers have saved at least $50,000 for retirement

That Social Security could be insolvent in a decade .

That the inflation rate this month increased compared to June's report . The prices that have risen will not go down significantly unless there is a major recession.

What was Clueless' reaction

'Today’s report shows that our economy remains strong..........bs..................bs............ ..............bs.....

that’s Bidenomics.


Statement from President Joe Biden on July Consumer Price Inflation Report | The White House

[jlisenbe]

Hard to understand how anyone can justify voting for Biden unless a person is desperate to find a doctor to kill her unborn baby.

[tomder55]

Define 'Bidenomics'

Take on two jobs, reduce expenses, skip meals, use credit cards, or dip into retirement savings to pay $1000 for what $ 862 bought before Clueless' reign began.

[jlisenbe]

pay $1000 for what $ 862 bought before Clueless' reign began.

There's a billboard for the repubs.

[tomder55]

The Federal Reserve has been promising interest rate cuts all year despite the fact that they have not achieved their stated goal of reducing inflation to a sustained 2% .

They are not supposed to be using monetary policy as a political tool . But it sure seems like the timing of these anticipated rate cuts are coming in to give Clueless Joe maximum advantage.

Americans in poll after poll rank the economy at or near the top of their most important election-year issues, and the outlook U.S. central bankers sketched at last week's meeting is rather a rosy one for Biden. Officials' projections suggest he will ride a growing economy, low unemployment, moderating inflation, and also cheaper credit into Election Day on Nov. 5.

Investors now anticipate rate cuts at two of the four Fed meetings between now and then, in mid-June and again in mid-September, decisions that Biden could then point to as evidence the worst of inflation has passed and that could influence voter perceptions of the economy.

Federal Reserve expected to cut rates, lift Biden's prospects | Reuters

[tomder55]

Despite the gas lighting by the administration ,the economy is not healthy and not getting better .

The Federal Reserve promised as many as 6 interest rate cuts this year ;and now in the 2nd quarter ,they have not been able to deliver 1 . The new expectation is 3 . But I believe they will be able to make no more than 2 (It will be seen as blatantly political if they are cutting rates during the fall campaign).

Inflation has not been tamed and there is every reason to expect it to remain unacceptably high. In the topsy-turvy world of investing ;The March jobs report showed the economy to still be too strong

US economy adds 303,000 jobs, unemployment falls to 3.8% in March as labor market continues to impress (yahoo.com)

. That may sound strange . But to tame inflation the economy needs to slow down . Recession is an ugly word ;but that is what is needed. I suspect they will find a way to forestall one until after the elections .

Recession Outlook: Economy Flashing Hard-Landing Warning With Near 100% Accuracy (businessinsider.com)

The major banks disagree on when ;not if .

Why the next US recession may be pushed back to 2025, according to JPMorgan (yahoo.com)

US Economy Will Fall Into a Recession in the Middle of 2024: Citi (businessinsider.com)


Although the jobs report showed 90,000 more jobs than expected ;wages were declining (that is seen as good news re-inflation)

Time to get out those Brandon "I did that" stickers for the gas pumps again .

This could be the blunder of all blunders . The last time the gas prices were going up up up ;Joe emptied out the Strategic Petroleum Reserve(SPR) that had been filled when oil prices were low. Now oil prices are on the way up again and the reserve is empty .

DOE cancels purchases for strategic oil reserve - E&E News by POLITICO (eenews.net)

We are going to be hit with the fall out of oil reaching triple digit prices soon. Prices are at $90/bbl now and are rising rapidly .

Tensions from Russia-Ukraine war ;and the Iran proxies v Israel war as said to be the cause.
The remedy ? Drill baby drill.

But as we all know the only new drilling happening in the US is being done on private lands where the administration cannot halt it.

175 Ways the Biden Administration and Democrats Have Made it Harder to Produce Oil & Gas - IER (instituteforenergyresearch.org)

[jlisenbe]

Great comments! One point, however, is that the SPR is not empty. It still contains something in the neighborhood of 360 million barrels, down from a high of around 600 million barrels before you know who got his hands on it.

US strategic petroleum reserve replenishment slowed by rising oil price | Reuters

The active campaign against petroleum carried on by this admin is going to come back and bite us in the rear ends at some point. I think they generally want gas prices to continue to rise as a supposed incentive for non-thinkers to buy EV's.