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- Manlobbi
Halls of Shrewd'm / Political Asylum
No. of Recommendations: 5
Kamalanomics!!*
America’s inflation continued to slow in September, reaching a fresh three-and-a-half-year low and coming in at a pace that’s similar to what was seen in 2017 and 2018, according to data released Thursday.https://www.cnn.com/2024/10/10/economy/us-cpi-cons...* trying to avoid bringing George Harrison into the conversation. 😁
No. of Recommendations: 1
Kamalanomics!!* ... * trying to avoid bringing George Harrison into the conversation.I'm thinking of a Randy Rainbow parody song of Hakuna Matata, but using "Harrison, Kamala" instead. See
https://en.wikipedia.org/wiki/Hakuna_matata"Hakuna matata" is a Swahili language phrase. In English, it means "no trouble" or "no worries" and "take it easy" (literally hakuna: "there is no/there are no"; matata: "worries"). The 1994 Walt Disney Animation Studios animated film The Lion King brought the phrase to Western prominence in one of its most popular songs, in which it is translated as "no worries". The song is often heard at Disney's resorts, hotels, and amusement parks.
No. of Recommendations: 1
Kamalanomics!!*
Yeah, I wouldn't go out to the electorate with that. The recent rate isn't exactly low, except compared only with the very high rates of inflation (relative to recent prior experience) that market the first years of the Biden Administration. Even the September rate is higher than the rates during the Trump years - and of course prices (not the rate of inflation) are still going to look very, very high to consumers.
Kamala probably shouldn't be branding that as Kamalanomics just yet - it wouldn't do her any favors....
No. of Recommendations: 1
America’s inflation continued to slow in September, reaching a fresh three-and-a-half-year low and coming in at a pace that’s similar to what was seen in 2017 and 2018, according to data released Thursday.
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Unfortunately the accumulated price increases from past untamed inflation during the Biden-Harris admin are still with us.
No. of Recommendations: 15
<<Unfortunately the accumulated price increases from past untamed inflation during the Biden-Harris admin are still with us.>>
I’ve got a hazy recollection that something significant happened in 2020-22 that screwed up economies globally, but I can’t put my finger on it.
There’s also the fact that the US recovery from that thing has outpaced that of virtually every other country.
In any event, maybe we should just slap an across the board 20% tariff on imports. Yeah, that’d fix it, for sure.
No. of Recommendations: 12
Unfortunately the accumulated price increases from past untamed inflation during the Biden-Harris admin are still with us.
OK, we just had the worst pandemic in 100 years (bodies being stored in refrigerator trucks, mile long food lines, record high unemployment), a botched response by the Trump administration (let’s develop a safe and effective vaccine and then tell people to inject themselves with disinfectant and stick light bulbs up their rectums), economies crashing worldwide, supply chains shut down, greedflation, and shrinkflation.
The Biden/Harris administration was faced with a probable recession, deflation, and depression. The alternative was to pump cash into the system to save the economy with a side effect of some nasty inflation. Inflation peaked at 9.1% in June 2022. Meanwhile, our economy came raging back and is the envy of the world. In September 2024, inflation has been reduced to 2.4%. An amazing feat in a relatively short time frame.
Oh, and wages in the United States have been growing faster than inflation since January 2023. In August 2024, wages grew by 4.6% while inflation was 2.5%.
If Trump had the same record as the Biden/Harris administration, Republicans would be demanding his sculpture be put on Mt. Rushmore. But because it was a Democratic who was responsible, it’s horrible.
Bull.
Democrats are horrible on messaging. They couldn’t sell ice cubes in the Sahara.
Apparently Mike would like some deflation, possibly leading to a depression, so we can get rid of “past untamed inflation.”
Ask Herbert Hoover how that worked out.
Me, I’ll happily take Kamalanomics.
No. of Recommendations: 16
"Unfortunately the accumulated price increases from past untamed inflation during the Biden-Harris admin are still with us."
Odd how you forgive Trump for the job losses due to COVID (even though he botched it badly), but you do not do the same for the inflation that came during the recovery from the pandemic (under Harris Biden), you know when supply chains were all backed up and China was still struggling to get factories going?
Why the double standard? If you are going to blame Biden-Harris for the COVID related inflation during the recovery, you need to blame Trump for the COVID related job losses.
What is even more odd is you actually think your double standard is credible.....
Do better.
No. of Recommendations: 9
Unfortunately the accumulated price increases from past untamed inflation during the Biden-Harris admin are still with us. Curious, though. Wages have kept up and then some.
Average hourly wage of US workers in 2020: $28.00
Average hourly wage of US workers in 2024: $35.00
https://fred.stlouisfed.org/series/CES0500000003I’m sure Donald has a plan to roll back prices, but keep the wages up, all while cutting every tax he can think of and ushering us into the new promised land.
No. of Recommendations: 3
Curious, though. Wages have kept up and then some.Not a lot of "then some," though.
According to the BLS inflation calculator, that $28.55 in nominal wages in February 2020 (the last month before the pandemic) is equal to about $34.80 in current dollars. Nominal wages in September were about $35.36. So, basically flat over four and half years.
https://data.bls.gov/cgi-bin/cpicalc.pl?cost1=28.5...Which is perhaps a good result, considering the pandemic, but not one that's going to make too many people cheer for Bidenomics. Especially since interest rates are so much higher. Which is one reason the Democrats are having some troubles with both older voters (who dislike inflation) and young voters who don't own their own home (inflation is great for people who have big fixed debts, less so for people who don't).
No. of Recommendations: 4
Curious, though. Wages have kept up and then some.
Average hourly wage of US workers in 2020: $28.00
Average hourly wage of US workers in 2024: $35.00I'm not sure I'd include the "and them some" part. Plugging those dates and numbers into here:
https://www.usinflationcalculator.com/I get this:
If in 2020 I purchased an item for $28.00
then in 2024 that same item would cost: $34.11Just barely "and then some." Adjusted for the timing of the wage increases, which almost certainly lagged inflation, we're just at the catch up point now.
But in the big picture, you're right on the money. Average wages have kept pace with inflation. No more, no less. Wages for workers have seen no increase over inflation.
Most people have a hard time using those higher wages to pay higher prices. But prices aren't going down. If they did, that's DEflation and very, VERY bad for an economy.
--Peter
No. of Recommendations: 10
<< I’m sure Donald has a plan to roll back prices, but keep the wages up, all while cutting every tax he can think of and ushering us into the new promised land.>>
He has concepts of a plan.
No. of Recommendations: 3
The fed cut rates too soon to remove the baked-in price increases. That’s a part of the economy for some years, I’m afraid.
No. of Recommendations: 1
(inflation is great for people who have big fixed debts, less so for people who don't). - albaby
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quibble
(inflation is great for people and governments who have big fixed debts, less so for people who don't).
No. of Recommendations: 8
<<inflation is great for … governments who have big fixed debts…>>
Not if a lot of it (currently about half, for the US federal government) will mature within 2-3 years and will need to be rolled over. And this isn’t even taking into account the political consequences.
