Biden grew economy by 5.2% in the third quarter, even faster than previously estimated

[beefheart]

IRS statistics. Why should I have to get a better job because others dont work? Thats the opposite of fair.

That is a pretty vague answer. Do you know that a lot of very rich people don't pay taxes, same with some corporations, why doesn't that bother you?

 

[rahl]

Correlation is not causation. And the last recession was in 2022.

q1 -2%
q2 -.6%

There was no recession in 2022.

 

[Ishm]

No, the bank owns my house. Theyre charging me twice as much interest as others who bought before me. The value is up due to, or causing inflation, and im paying twice as much to insure it, so its actually decreased it. WHat adds to my wealth is work, what the govts let me keep anyway. But less and less every year.

So, like most house owners you are actually quite a bit wealthier since 2020, but the short term cash flow implications are causing you some pain. Insurance is mostly up due to ever increasing climate/weather events. We should be thankful that the govt is starting to take that stuff seriously.

 

[jonny5]

That is a pretty vague answer. Do you know that a lot of very rich people don't pay taxes, same with some corporations, why doesn't that bother you?

It does. Can you give me an example of a very rich person who doesnt pay taxes? Corporations shouldnt however, so it bothers me that they do.

 

[jonny5]

So, like most house owners you are actually quite a bit wealthier since 2020, but the short term cash flow implications are causing you some pain. Insurance is mostly up due to ever increasing climate/weather events. We should be thankful that the govt is starting to take that stuff seriously.

No, I am not quite a bit wealthier as a home owner, and wont be for a while. And the govt contributed to the short term cash flow implications, but its not just short term. This is a long term problem and growing and they havent taken it seriously for 100 years now. Do you see the deficit, debt, size of govt, cost of govt, going down?

 

[Cynical]

Biden didn't crash the economy, he gets no credit for all that, right?

stop giving him credit for it rebounding then, fair is fair


but if ya'll want to give credit ? lets do it

we could go on and on and on and while any news is good news in Biden's economy .... perspective matters


The U.S. poverty rate saw its largest one-year increase in history. 12.4% of Americans now live in poverty according to new 2022 data from the U.S. census, an increase from 7.4% in 2021. Child poverty also more than doubled last year to 12.4% from 5.2% the year before. https://time.com/6320076/american-poverty-levels-state-by-state/

SEPT. 12, 2023 — The U.S. Census Bureau announced today that real median household income in 2022 fell in comparison to 2021

Income, Poverty and Health Insurance Coverage in the United States: 2022

The U.S. Census Bureau announced today that real median household income in 2022 fell in comparison to 2021.

www.census.gov

new U.S. census data shows the child poverty rate more than doubled in 2022

As child poverty doubles, states launch or expand their own tax credits • Nevada Current

The federal pandemic-era child tax credit expansion lifted millions of children out of poverty in the second half of 2021. But Congress allowed it to expire at the end of that year, and new U.S. census data shows the child poverty rate more than doubled in 2022, erasing the record gains that...

www.nevadacurrent.com

The poverty rate rose from 11.7% in fall 2021 to 13.2% in the first quarter of 2023, according to the California Poverty Measure (CPM), a research effort by PPIC and the Stanford Center on Poverty and Inequality that accounts for housing costs and safety net benefits.Oct 24, 2023

July 8, 2023It's not shocking: The average real wealth of US middle class households has fallen more than $33,000 this year alone.

Why America’s Middle Class Is So Stressed Out: A Week of Big Take

Inflation is leveling off, consumers are spending, the housing market is stabilizing and unemployment remains at historic lows, even though the job market cooled slightly in June.

www.bloomberg.com

This idea that this one singular individual has such a massive impact on the US economy is based in pure ignorance. Clearly pumping trillions and trillions of dollars into an economy will boost GDP, but at what cost? Furthermore, doing so doesn't make one an economic genius any more than those who want to cut taxes. Anyone (me, you or otherwise) who becomes president of the US has the benefit of standing on the shoulders of our capitalist system and all the businesses and entrepreneurs that make it run. There's some positives regarding the economy but plenty of negatives as well (as you have pointed out), and here's another:


A recent Harvard study found that half of the country’s renters are spending a third or more of their income on housing. Those are the people fortunate enough to find housing when there’s a nationwide shortage of affordable homes. Combine the rent line item with the soaring cost of child care, and don’t forget groceries, and … well, you can understand why evictions have spiked and homelessness has reached a record high.

We’re living through an age of contradictions. The United States is the strongest economy in the world, and Americans’ credit card debt has never been higher. The unemployment rate has been less than 5% for President Biden’s entire first term, and voters disapprove of his handling of the economy. Wall Street predicted that last year’s gross domestic product would grow by less than 2%, and instead it was 2.5% — yet the economy feels weak to a lot of people.

That’s because for many people, the economy is weak.

MSN

 

[stealthycat]

This idea that this one singular individual has such a massive impact on the US economy is based in pure ignorance. Clearly pumping trillions and trillions of dollars into an economy will boost GDP, but at what cost? Furthermore, doing so doesn't make one an economic genius any more than those who want to cut taxes. Anyone (me, you or otherwise) who becomes president of the US has the benefit of standing on the shoulders of our capitalist system and all the businesses and entrepreneurs that make it run. There's some positives regarding the economy but plenty of negatives as well (as you have pointed out), and here's another:

I don't disagree but our President is also our leader and they spend a year campaigning and making promises and then once in office continue to make promises and assurances .... and they'll gladly take the credit for anything good. Am I right?

So to be fair, they can take all the bad as well. I think that's fair

A recent Harvard study found that half of the country’s renters are spending a third or more of their income on housing. Those are the people fortunate enough to find housing when there’s a nationwide shortage of affordable homes. Combine the rent line item with the soaring cost of child care, and don’t forget groceries, and … well, you can understand why evictions have spiked and homelessness has reached a record high.

I do understand, I'm middle class and the record inflation under Biden has been crushing

We’re living through an age of contradictions. The United States is the strongest economy in the world, and Americans’ credit card debt has never been higher. The unemployment rate has been less than 5% for President Biden’s entire first term, and voters disapprove of his handling of the economy. Wall Street predicted that last year’s gross domestic product would grow by less than 2%, and instead it was 2.5% — yet the economy feels weak to a lot of people.

That’s because for many people, the economy is weak.

MSN

I have a rental house

I have exceptional credit which allowed me ease in buying a $180,000 house. 4 months later I found myself in need of renting it. My mortgage is $1250 a month. I pay $800 a year home warranty. Termite and pest control is also additional as well as fixing anything around the house/yard that needs attention. I rent it for $1500 a month

My renter? If she had good credit (and she doesn't) she could have bought this home. With that home ownership comes a commitment of years to live there and to be responsible for the property and everything that comes with it.

So while I do sympathize with renters, I also understand being the person who owns and rents/leases.

 

[j brown's body]

It does. Can you give me an example of a very rich person who doesnt pay taxes? Corporations shouldnt however, so it bothers me that they do.

There are apparently a bunch of them.

Some of America's richest people are just not paying their taxes — and millionaires alone could owe up to $34 billion

The average American paid over $16,000 in income taxes last year. Some millionaires paid nothing.

www.businessinsider.com

 

[ralfy]

 

[Kushinator]

Annualized rate = 9.6% / 12 = 0.8%

Better short everything and buy gold amirite?