Quote:There are plenty of threats. But in my time as an economist, the economy has rarely looked better.

Isn't that like saying, "It can all go to crap tomorrow, but right now it looks great!". Seems like anyone could say the same thing.

Economic growth is mainly the result of unprecedented federal borrowing. Like a household, debt can result in the trappings of prosperity but unless growth resulting from debt exceeds the debt cost the good times will end at some point with a crash and calamity.

Servicing federal debt already exceeds Medicaid cost with no end in sight. Unless moderated, interest cost will be the greatest federal expense and will crowd out money available for federal programs like national defense, parks, etc.

Taming the dangerous debt is unpopular with both parties because action to address it is painful like an addict on withdrawal.

https://tradingeconomics.com/united-stat...te%20House


https://www.pgpf.org/blog/2024/07/any-wa...in%202034.

(09-30-2024 12:42 PM)VA49er Wrote:  Isn't that like saying, "It can all go to crap tomorrow, but right now it looks great!". Seems like anyone could say the same thing.

Yeah, and? It's always that way. Another pandemic could hit, etc.

He also said it's as good as he's seen in 35 years as an economist.

(09-30-2024 12:47 PM)Redwingtom Wrote:  

(09-30-2024 12:42 PM)VA49er Wrote:  Isn't that like saying, "It can all go to crap tomorrow, but right now it looks great!". Seems like anyone could say the same thing.

Yeah, and? It's always that way. Another pandemic could hit, etc.

He also said it's as good as he's seen in 35 years as an economist.

He could be right, but note he represents the financial sector with a self interest in generating revenue the perception of good times brings. In other words, he has a conflict of interest.

I believe objective sources are required before proclaiming a robust economy (built on a house of cards IMO).

Probably being propped up by some form of credit or people being propped up by their credit cards to make ends meet.

(09-30-2024 12:57 PM)Tiger1983 Wrote:  

(09-30-2024 12:47 PM)Redwingtom Wrote:  

(09-30-2024 12:42 PM)VA49er Wrote:  Isn't that like saying, "It can all go to crap tomorrow, but right now it looks great!". Seems like anyone could say the same thing.

Yeah, and? It's always that way. Another pandemic could hit, etc.

He also said it's as good as he's seen in 35 years as an economist.

He could be right, but note he represents the financial sector with a self interest in generating revenue the perception of good times brings. In other words, he has a conflict of interest.

I believe objective sources are required before proclaiming a robust economy (built on a house of cards IMO).

Objective sources...you mean like GDP, Unemployment Stats, etc.

Kinda buried the lede in that tweet....

"Of course there are blemishes, as lower-income households are struggling financially, there is a severe shortage of affordable homes, and the government is running large budget deficits. And things could change quickly. There are plenty of threats."

Go to the grocery and tell single moms who are trying to feed their families on the same wages they were making 4 years ago how great everything is now.

It might be a utopia to the liberal elite but to hardworking Americans, this economy is punishment for voting for the failed Biden / Harris administration.

Let’s be honest. If everything was rainbows and unicorns, Biden would still be the candidate or Harris wouldn’t be running on fixing all the problems.

(09-30-2024 01:29 PM)CardinalJim Wrote:  Go to the grocery and tell single moms who are trying to feed their families on the same wages they were making 4 years ago how great everything is now.

It might be a utopia to the liberal elite but to hardworking Americans, this economy is punishment for voting for the failed Biden / Harris administration.

Let’s be honest. If everything was rainbows and unicorns, Biden would still be the candidate or Harris wouldn’t be running on fixing all the problems.

A G A I N, yes...as mentioned in the tweet...not everyone is doing great.

But still, wages are outpacing inflation. Have been since February of 2023.

Although I am happy to hear that you are apparently in favor of an increase in the minimum wage.

(09-30-2024 12:47 PM)Redwingtom Wrote:  

(09-30-2024 12:42 PM)VA49er Wrote:  Isn't that like saying, "It can all go to crap tomorrow, but right now it looks great!". Seems like anyone could say the same thing.

Yeah, and? It's always that way. Another pandemic could hit, etc.

He also said it's as good as he's seen in 35 years as an economist.

Yes, and he's not immune from playing politics, either.

(09-30-2024 01:35 PM)VA49er Wrote:  

(09-30-2024 12:47 PM)Redwingtom Wrote:  

(09-30-2024 12:42 PM)VA49er Wrote:  Isn't that like saying, "It can all go to crap tomorrow, but right now it looks great!". Seems like anyone could say the same thing.

Yeah, and? It's always that way. Another pandemic could hit, etc.

He also said it's as good as he's seen in 35 years as an economist.

Yes, and he's not immune from playing politics, either.

Sure, but he stated facts. Sorry they are inconvenient for your narrative.

(09-30-2024 01:34 PM)Redwingtom Wrote:  

(09-30-2024 01:29 PM)CardinalJim Wrote:  Go to the grocery and tell single moms who are trying to feed their families on the same wages they were making 4 years ago how great everything is now.

It might be a utopia to the liberal elite but to hardworking Americans, this economy is punishment for voting for the failed Biden / Harris administration.

Let’s be honest. If everything was rainbows and unicorns, Biden would still be the candidate or Harris wouldn’t be running on fixing all the problems.

A G A I N, yes...as mentioned in the tweet...not everyone is doing great.

But still, wages are outpacing inflation. Have been since February of 2023.

Although I am happy to hear that you are apparently in favor of an increase in the minimum wage.

Yeah....unfortunately that does not factor the damage from the previous 3 years. Over the course of this admin? NO wages have not kept up with inflation.

(09-30-2024 01:45 PM)MonarchManiac Wrote:  

(09-30-2024 01:34 PM)Redwingtom Wrote:  

(09-30-2024 01:29 PM)CardinalJim Wrote:  Go to the grocery and tell single moms who are trying to feed their families on the same wages they were making 4 years ago how great everything is now.

It might be a utopia to the liberal elite but to hardworking Americans, this economy is punishment for voting for the failed Biden / Harris administration.

Let’s be honest. If everything was rainbows and unicorns, Biden would still be the candidate or Harris wouldn’t be running on fixing all the problems.

A G A I N, yes...as mentioned in the tweet...not everyone is doing great.

But still, wages are outpacing inflation. Have been since February of 2023.

Although I am happy to hear that you are apparently in favor of an increase in the minimum wage.

Yeah....unfortunately that does not factor the damage from the previous 3 years. Over the course of this admin? NO wages have not kept up with inflation.

You do know they actually track these things, right?
https://www.statista.com/statistics/1351...lation-us/

And has been explained time and time again, yeah, inflation outpaced wages in the aftermath of the pandemic. THE WHOLE GLOBE dealt with the inflation and the US faired better than the other economic world leaders.

https://twitter.com/SenSanders/status/23...8805477376

the former mccain advisor ...
democrats love quoting ...
can't erase ...
highest rates in 20 years ...
highest inflation in 40 years ...
highest debt load since WWII ...
and a technical recession to boot ...
go ahead ...
run on your godforsaken record ...
cumulative toll ...

TOMMY TUTONE

Average wages have risen above the reported inflation rate lately, but falls short of making up lost ground since Biden/Harris took control. And an average likely means a few made very large gains while most lost ground. Furthermore, I suspect Biden/Harris years have been financially good for many conservatives here because of automatic COLA’s, equities, and real assets, but oppose Harris nevertheless.

It was better during Trump’s term.

https://www.statista.com/statistics/1351...lation-us/

I dare Kamala to campaign the economy is booming. If the economy was booming, she'd be saying it. She's not. So either it's not or people don't vote on the economy anymore.

(09-30-2024 02:29 PM)green Wrote:  

https://twitter.com/SenSanders/status/23...8805477376

the former mccain advisor ...
democrats love quoting ...
can't erase ...
highest rates in 20 years ...
highest inflation in 40 years ...
highest debt load since WWII ...
and a technical recession to boot ...
go ahead ...
run on your godforsaken record ...
cumulative toll ...

TOMMY DEAFTONE. FIFY

Just wait to the post Economy after Kamala is installed.

(09-30-2024 12:47 PM)Redwingtom Wrote:  He also said it's as good as he's seen in 35 years as an economist.

That's the part that sends up red flags to me..

The best economy since 1989 (since the end of Reagan's term?)

As much as I disagreed with Clinton on a lot of stuff, he coincided within the dot.com/housing bubbles afloat as long as he could and it was a robust economy for the most part in the eyes of the Average American.

I'd put Clinton's, Bush Jr, Obama, and the start of Trump's term as a hell of a lot higher than it is now.