Overwhelming Majority Of Americans Think The Economy Is ‘Poor’: POLL

[BartenderElite]

If Republicans had the economic track record that Dems had over the past 30+ years, Dems would never win another election.

Republicans are just better at marketing & propaganda.

 

[Mina]

....calling other people "sock puppets"

You got your accounts confused, little "Grokmaster." I never said a word about putting you on ignore. I did, however ask how to avoid seeing Legion's posts, since he blocks me from engaging with them, so I didn't want to waste my time there. I also mentioned that reading Into the Night's material was a complete waste and so I wasn't bothering. So, which of those accounts is the one you were thinking of, when you said I'd announced I was putting you on ignore?

 

[cawacko]

Falling unemployment, rising GDP, rising stock values, etc. Yes, they're all happening at once.



Keep in mind that deficits are falling and interest rates are up.

The real issue was 2019. That year, with unemployment low and inflation a little above the Fed's target, orthodox economic policy, even among Keynesians, would say it was the time to raise interest rates and to reduce deficits. Instead, the Fed lowered interest rates and the government increased deficits. That was terribly reckless and left us with fewer tools to use when a crisis hit.

We just had negative economic growth in the 1st Qtr, came close to a bear market in equities and have 40 year inflation high and depending on what the Fed does the possibility of recession. Based on those factors it's not surprising in the least that people aren't bullish on current economic conditions.

 

[dukkha]

Fortunately, there are few people on a truly fixed income. Those who live off investments have seen their investments grow (even with recent turbulence, most stocks are up from where they were when Trump left office). Those who live off the taxpayer, like elderly people with Social Security, or military retirees, also get adjustments which are based on an inflation calculation. In fact, they tend to gain ground over time, since they get upticks when there's inflation, but don't get cuts if there's deflation.

horseshit. you dont even understand we pay into SSA -it's not a welfare (live off the taxpayer) program
an 8% adjustment for inflation was laughable -when was the last year of deflation? like never
401ks or stocks help but they aren't held by everyone. the most vulnerable parts of the population
pay the prices for Bidens screwed up energy policies, which are a key driver of inflation

 

[Grokmaster]

You got your accounts confused, little "Grokmaster." I never said a word about putting you on ignore. I did, however ask how to avoid seeing Legion's posts, since he blocks me from engaging with them, so I didn't want to waste my time there. I also mentioned that reading Into the Night's material was a complete waste and so I wasn't bothering. So, which of those accounts is the one you were thinking of, when you said I'd announced I was putting you on ignore?

You can't even keep track of your own bullshit. You made a "Grand Statement", after the Uvalde shootings, of how you "gave me a chance to prove I had a heart"..or some such bullshit.

And now we all see that you are yet, another, JPP leftist pathological liar...

 

[cawacko]

Falling unemployment, rising GDP, rising stock values, etc. Yes, they're all happening at once.



Keep in mind that deficits are falling and interest rates are up.

The real issue was 2019. That year, with unemployment low and inflation a little above the Fed's target, orthodox economic policy, even among Keynesians, would say it was the time to raise interest rates and to reduce deficits. Instead, the Fed lowered interest rates and the government increased deficits. That was terribly reckless and left us with fewer tools to use when a crisis hit.

From Janet Yellon today. She acknowledged she was wrong in calling it transitory. If we're trying to understand why people have a pessimistic view of the economy here's a great reason.



Janet Yellen Tells Lawmakers She Expects Inflation to Remain High

https://www.wsj.com/articles/janet-...e-with-inflation-11654594202?mod=hp_lead_pos1

 

[Grokmaster]

Why Biden’s inflation blitz is falling flat after a major miscalculation

The administration's claims that soaring prices were 'transitory' is about to make Biden pay a high political price.


President Biden, mounting a media campaign to broadcast his concern about inflation, is said to be frustrated by his team’s handling of the issue that could decimate his party in November.

But after his administration kept clinging to the notion that rising prices were temporary, he has few tools to employ beyond empathy.

Once he rolled out the little-seen Treasury secretary, Janet Yellin–who told CNN "I think I was wrong then about the path that inflation would take"--it was time to turn the page.


An Oval Office photo op with Yellen and Fed chair Jerome Powell isn’t going to change many minds. Plus, the president’s message was mixed. "My plan to address inflation starts with a simple proposition–respect the Fed, respect the Fed’s independence."

Well, Biden doesn’t have any choice, since the Federal Reserve is an independent agency, even if he was trying to draw a contrast with Donald Trump’s public hectoring of the Fed. Besides, it’s the Fed’s job to manage the money supply without letting inflation spiral out of control, and on that score, it’s been a failure. The blame-Putin rejoinder also seems to have been jettisoned.

Biden also wrote a Wall Street Journal op-ed on inflation that barely made a ripple because it contained nothing new. He also had top officials make the cable news rounds to talk about the economy.

"The flurry of activity," says the Washington Post, "comes after Biden has privately grumbled to top White House officials over the administration’s handling of inflation, expressing frustration over the past several months that aides were not doing enough to confront the problem directly."

But between Ukraine, coronavirus and gas prices surging during the summer driving season, "there may be little Biden can do about it."

Politico sees "a vicious blame game" between the White House and corporate leaders, especially with the stock market slide.

"Some top executives, especially in the banking sector, are now complaining that while Biden pays lip service to caring about their views on how to fix things, he doesn’t actually listen to them or solicit their input."

One unnamed bank CEO is quoted as saying: "Now they are going to get slaughtered in the midterms. And they deserve to get slaughtered because they haven’t really accomplished anything except maybe increasing inflation."









https://www.foxnews.com/media/why-biden-inflation-blitz-falling-flat-major-miscalculation

 

[Mina]

We just had negative economic growth in the 1st Qtr

Yep. After the strongest year in almost four decades, we had one mildly weak quarter.... and now early indicators are that the economy has returned to growing in the 2nd quarter. Yet, somehow, people are more dissatisfied with that than with, say, any of the seven separate recessions we've had since 1972.

came close to a bear market in equities

Again, we had a short period of mildly weak stock performance, but with so little decline we didn't even breach "bear" territory, and we're still up relative to when Biden took office. Yet, somehow, people are more dissatisfied with that than with the eight separate actual bear markets since 1972.... including one where stocks lost over half their value.

and have 40 year inflation high

Prices are up 8.2% since last year. We have two other periods since 1972 when they were up a lot more, including one with up to 14.6% inflation over a 12-month period, and where inflation remained above current levels for YEARS. Yet this is the most dissatisfied people have been.

So, we've had worse inflation, worse economic shrinkage, and worse stock performance -- much worse, in each case, and sometimes all at once. Yet this is the most dissatisfied people have been. I think the key is in that word. It's not that they feel they're worse off than they were in various other periods, nor that things are worsening more for them than in those periods, or anything like that. It's just a gut call where they're basically comparing versus expectations.... it's the same way that if a team wins the Super Bowl one year and loses the conference championship the next people can be highly dissatisfied with that, if they were expecting an indomitable dynasty.

 

[Mina]

You can't even keep track of your own bullshit. You made a "Grand Statement", after the Uvalde shootings, of how you "gave me a chance to prove I had a heart"..or some such bullshit.

You're getting your accounts confused, pumpkin. Go ahead and try to find me saying anything of the sort to you. Look down: see that gauntlet? Got the balls to pick it up?

 

[Grokmaster]

You're getting your accounts confused, pumpkin. Go ahead and try to find me saying anything of the sort to you. Look down: see that gauntlet? Got the balls to pick it up?

You're not worth the effort, you lying ditz.


Tell us all again "how great " the economy is; good luck convincing the voters...who KNOW BETTER.

 

[cawacko]

Yep. After the strongest year in almost four decades, we had one mildly weak quarter.... and now early indicators are that the economy has returned to growing in the 2nd quarter. Yet, somehow, people are more dissatisfied with that than with, say, any of the seven separate recessions we've had since 1972.



Again, we had a short period of mildly weak stock performance, but with so little decline we didn't even breach "bear" territory, and we're still up relative to when Biden took office. Yet, somehow, people are more dissatisfied with that than with the eight separate actual bear markets since 1972.... including one where stocks lost over half their value.



Prices are up 8.2% since last year. We have two other periods since 1972 when they were up a lot more, including one with up to 14.6% inflation over a 12-month period, and where inflation remained above current levels for YEARS. Yet this is the most dissatisfied people have been.

So, we've had worse inflation, worse economic shrinkage, and worse stock performance -- much worse, in each case, and sometimes all at once. Yet this is the most dissatisfied people have been. I think the key is in that word. It's not that they feel they're worse off than they were in various other periods, nor that things are worsening more for them than in those periods, or anything like that. It's just a gut call where they're basically comparing versus expectations.... it's the same way that if a team wins the Super Bowl one year and loses the conference championship the next people can be highly dissatisfied with that, if they were expecting an indomitable dynasty.

Sure, it's always personal when people are asked how the economy is as we all have different circumstances. Polls clearly show inflation to be people's number one concern and when inflation is at a 40 year high its not surprising in the least that people aren't bullish on the economy.

 

[Grokmaster]

Poll shows Americans blame Biden for inflation and gas prices

The latest polling of the American public shows that their opinion of President Joe Biden, at least when it comes to economic matters, continues to crater.

The poll, conducted by ABC News/Ipsos, shows just a 37% approval rating for Biden’s handling of America’s economic recovery from the COVID pandemic.

That’s not a great sign for the White House, considering that 83% of respondents now say the economy will be either extremely or very important in determining their votes in the upcoming mid-term elections.

Major distinct concerns that registered as extremely or very important include inflation (80%) and gas prices (74%).

And how does the President stack up on those issues? Not well, with only 37% approval on his handling of inflation and even less – 27% - on his handling of gas prices.





https://www.audacy.com/knxnews/news...mericans-blame-biden-for-inflation-gas-prices

 

[Mina]

you dont even understand we pay into SSA

Of course I do. That's no big mystery. But it's a pay-as-you-go system. You don't take the money out of SS that you put in. You take money out that people are paying in right now.

it's not a welfare (live off the taxpayer) program

To some extent it is. The majority of people take more value out of SS than they ever paid in (even after accounting for interest earned on contributions). That's particularly true for lower earners. The very first Social Security recipient, Ida M. Fuller, paid in $24.75 and took out $22,888.92. Not everyone gets a windfall like that. If you earned a lot or die young, you don't. But most people get more value out than they put in.

You can see the way it functions as welfare here:

https://www.ssa.gov/cgi-bin/benefit6.cgi

Say you were born in 1955, currently make $120,000 per year, and plan to retire at the end of this year. Your monthly benefit estimate is $2,863.00. Now say the exact same assumptions, but you earn $40,000 per year. Now your monthly benefit is $1,407.00. So, you earn a a third as much (and contribute a third as much to the system) but you take out about half as much. You are taking out considerably more, relative to what you put in, than the richer person. Why? Well, because it's effectively a welfare system -- a way to transfer earnings from richer people to poorer ones. It particularly helps people in poorer parts of the country, like the red states, where incomes tend to be lower. Their retirements are effectively subsidized by the more productive people in the higher-earning areas.

when was the last year of deflation? like never

2009. Even though costs went down that year, neither Social Security nor government retirements had a reduction to reflect those lower costs. So, in real terms, incomes rose.

 

[BartenderElite]

Poll shows Americans blame Biden for inflation and gas prices

The latest polling of the American public shows that their opinion of President Joe Biden, at least when it comes to economic matters, continues to crater.

The poll, conducted by ABC News/Ipsos, shows just a 37% approval rating for Biden’s handling of America’s economic recovery from the COVID pandemic.

That’s not a great sign for the White House, considering that 83% of respondents now say the economy will be either extremely or very important in determining their votes in the upcoming mid-term elections.

Major distinct concerns that registered as extremely or very important include inflation (80%) and gas prices (74%).

And how does the President stack up on those issues? Not well, with only 37% approval on his handling of inflation and even less – 27% - on his handling of gas prices.





https://www.audacy.com/knxnews/news...mericans-blame-biden-for-inflation-gas-prices

Proof that Americans - while smart at a lot of things - are not economists.

 

[Mina]

You're not worth the effort....

Yeah, I knew you'd punk out. You have the reek of coward about you.

 

[dukkha]

Of course I do. That's no big mystery. But it's a pay-as-you-go system. You don't take the money out of SS that you put in. You take money out that people are paying in right now.



To some extent it is. The majority of people take more value out of SS than they ever paid in (even after accounting for interest earned on contributions). That's particularly true for lower earners. The very first Social Security recipient, Ida M. Fuller, paid in $24.75 and took out $22,888.92. Not everyone gets a windfall like that. If you earned a lot or die young, you don't. But most people get more value out than they put in.

You can see the way it functions as welfare here:

https://www.ssa.gov/cgi-bin/benefit6.cgi

Say you were born in 1955, currently make $120,000 per year, and plan to retire at the end of this year. Your monthly benefit estimate is $2,863.00. Now say the exact same assumptions, but you earn $40,000 per year. Now your monthly benefit is $1,407.00. So, you earn a a third as much (and contribute a third as much to the system) but you take out about half as much. You are taking out considerably more, relative to what you put in, than the richer person. Why? Well, because it's effectively a welfare system -- a way to transfer earnings from richer people to poorer ones. It particularly helps people in poorer parts of the country, like the red states, where incomes tend to be lower. Their retirements are effectively subsidized by the more productive people in the higher-earning areas.



2009. Even though costs went down that year, neither Social Security nor government retirements had a reduction to reflect those lower costs. So, in real terms, incomes rose.

2009? thats one year. an outlier.
I understand PAYGO - it's an insurance system (not welfare), always unequal pay outs and pay ins
what you need to understand is generating statistics isn't going to help come Nov.

The Russia oil embargo is another dumb Biden idea. Russia is taking in more rubles then ever
I dont GAF about Ukraine, especially since Germany doesn't either

 

[Grokmaster]

Proof that Americans - while smart at a lot of things - are not economists.

No, proof that Americans realize that Pres,Moron and the Dunce-o-crats, including you, are economically clueless.

They do not need to "be economists" to realize how fucked things got so quickly with the Dunce-O-Crats in charge.


WE're LIVING IT.

 

[Grokmaster]

Yeah, I knew you'd punk out. You have the reek of coward about you.

What a nasty, little lying twat you are. Bye.

 

[Mina]

Sure, it's always personal when people are asked how the economy is as we all have different circumstances. Polls clearly show inflation to be people's number one concern and when inflation is at a 40 year high its not surprising in the least that people aren't bullish on the economy.

The media has been relentlessly negative since around the time Biden pissed them off by ending their forever war in Afghanistan. They were ecstatic when inflation ticked up so they'd finally have something bad to build that negativity around. They're praying that the big decline in inflation rates last month (down to just 3.98%) is just a temporary reprieve, because they've got so little else to work with right now, with rock-bottom unemployment, falling deficits, and signs of renewed stock and GDP growth.

 

[dukkha]

Proof that Americans - while smart at a lot of things - are not economists.

nor do we need to be. we are getting whacked with price increases. that's enough to"know"
Bidens energy policies means we are still under peak production under Trump -even as demand is of the charts

I dont even bother to debate this anymore.
The American people know incompetence, and the Dems are toast.

Thank Great Buddha BBB and HR1 didn't pass or it would be even worse