US midterm elections: What's happened to economy under Biden?

[Scott]

 

President Joe Biden and his Republican opponents have traded accusations over the handling of the US economy under his administration.

With inflation rising and stock markets on a downward trend for most of this year, Republicans have talked of "Joe Biden's recession".

Mr Biden has countered that there's been good job growth and low unemployment, and says the economy is "as strong as hell".

https://www.bbc.com/news/59402975

[vandeventer]

Just ask any American living there if things are booming with Biden in charge. Spending way too much money { on what}. Allowing the food gates to be open on the Southern Border. Not allowing the the oil companies to drill on new leases. These are but a few problems with the Biden's party. The big question is why is he doing this?

[heybruce]

1 hour ago, vandeventer said:

Just ask any American living there if things are booming with Biden in charge. Spending way too much money { on what}. Allowing the food gates to be open on the Southern Border. Not allowing the the oil companies to drill on new leases. These are but a few problems with the Biden's party. The big question is why is he doing this?

The money has been spent on infrastructure and payments to Americans.  The policies on the southern border are largely the same as under Trump; the surge is a result of easing of Covid restrictions.The oil companies show little interest in making major investments in production that will take years to pay off and may result in stranded assets. 

 

The global economy is in a transition phase as globalization is rolled back; that is the primary driver of inflation and supply chain problems.  It will settle down soon, but in what manner remains to be seen.

 

Globalization resulted in low prices, low interest rates and low wages.  Simplifying and shortening the supply chains that are, at its core, the essence of globalization will result in higher prices.  How that will affect wages and interest rates remains to be seen.

[riclag]

2 hours ago, vandeventer said:

Just ask any American living there if things are booming with Biden in charge. Spending way too much money { on what}. Allowing the food gates to be open on the Southern Border. Not allowing the the oil companies to drill on new leases. These are but a few problems with the Biden's party. The big question is why is he doing this?

My adult kids who are single living in Bakersfield, Ca are struggling to pay their bills! 
One has been self employed since 2013 with several businesses , she tells me her working capital is nearly depleted. She has fell victim to Criminal activity at her residence and businesses locations!

 

My son who has disabilities works for a large car dealership in the area, sadly he revealed to me that he sees his hard work material achievements (investment)all vanishing , dwindling before his eyes.

 

[Credo]

3 hours ago, riclag said:

My adult kids who are single living in Bakersfield, Ca are struggling to pay their bills! 
One has been self employed since 2013 with several businesses , she tells me her working capital is nearly depleted. She has fell victim to Criminal activity at her residence and businesses locations!

 

My son who has disabilities works for a large car dealership in the area, sadly he revealed to me that he sees his hard work material achievements (investment)all vanishing , dwindling before his eyes.

 

Since we are telling little family homilies, my kids and grandkids have all done very well.  I also have one disabled child--a veteran.  He doesn't work but the gov't takes very good care of him.  Free medical, a very generous disability check and social security.  His wife worked full-time and during the pandemic, made it quite far up the corporate ladder.  She plans on retiring this month.   

Two of the others are quite content with their careers.  They were able to leave their previous employment for jobs which they find much more satisfying with benefits that are much more generous.  So, all-in-all quite content.   

One of the grandkids has his own construction company, and the pandemic was good for his business.  He followed Covid protocols and a lot of the building was done outdoors and when it came to finishing, they took precautions.  His business did well enough that he is now taking his first vacation ever for a nice visit to SE Asia.  

 

Almost everyone suffered during the pandemic.  Coming out on the other side has had challenges.  I simply don't know too many people, other than those that succumbed to the disease, who haven't managed to come through reasonably well.   We face challenges ahead, but we've always had challenges.   

[thaibeachlovers]

11 hours ago, vandeventer said:

Just ask any American living there if things are booming with Biden in charge. Spending way too much money { on what}. Allowing the food gates to be open on the Southern Border. Not allowing the the oil companies to drill on new leases. These are but a few problems with the Biden's party. The big question is why is he doing this?

Indeed. That is a question that could be asked of many governments around the world.

I have to believe it's some sort of agenda that has not been disclosed to us ( after all we are just simple taxpayers, so why should we know? ), but I doubt it's for our benefit.

[thaibeachlovers]

4 hours ago, Credo said:

Since we are telling little family homilies, my kids and grandkids have all done very well.  I also have one disabled child--a veteran.  He doesn't work but the gov't takes very good care of him.  Free medical, a very generous disability check and social security.  His wife worked full-time and during the pandemic, made it quite far up the corporate ladder.  She plans on retiring this month.   

Two of the others are quite content with their careers.  They were able to leave their previous employment for jobs which they find much more satisfying with benefits that are much more generous.  So, all-in-all quite content.   

One of the grandkids has his own construction company, and the pandemic was good for his business.  He followed Covid protocols and a lot of the building was done outdoors and when it came to finishing, they took precautions.  His business did well enough that he is now taking his first vacation ever for a nice visit to SE Asia.  

 

Almost everyone suffered during the pandemic.  Coming out on the other side has had challenges.  I simply don't know too many people, other than those that succumbed to the disease, who haven't managed to come through reasonably well.   We face challenges ahead, but we've always had challenges.   

Perhaps some do not remember the 80s and high inflation, but if it isn't stopped even those that did well during covid will suffer large, like the rest of us already are.

[Credo]

19 minutes ago, thaibeachlovers said:

Perhaps some do not remember the 80s and high inflation, but if it isn't stopped even those that did well during covid will suffer large, like the rest of us already are.

Yes, some of us do remember the 80s and high inflation.  I also remember gas lines and gas shortages.  The situation this time, however, is very different.  We are coming through a pandemic that has caused world-wide disruption of supply chains, and it's ongoing.  Large parts of China are again locked down.  

 

I also know that once the world situation straitens out, inflation will be reduced.  Until then, I am happy that most goods are available, albeit more expensive.  It was quite inconvenient when things like toilet paper simply were not available and store shelves were empty.

 

Of course, the worst of the pandemic could have been avoided had people followed protocols.  Instead of dropping off a cliff, we'd have only hit a few potholes in the road.   

 

The people you are routing for are the same people who called it a hoax, touted remedies that did not work, undermined the roll-out and distribution of the vaccine.  They also subscribe to a BIG LIE that Biden didn't win the election and have endorsed candidates who have stated they will not certify elections, instead letting the state legislators decide.  

 

It is clear that you really wish bad things for the US.

 

[thaibeachlovers]

2 minutes ago, Credo said:

Yes, some of us do remember the 80s and high inflation.  I also remember gas lines and gas shortages.  The situation this time, however, is very different.  We are coming through a pandemic that has caused world-wide disruption of supply chains, and it's ongoing.  Large parts of China are again locked down.  

 

I also know that once the world situation straitens out, inflation will be reduced.  Until then, I am happy that most goods are available, albeit more expensive.  It was quite inconvenient when things like toilet paper simply were not available and store shelves were empty.

 

Of course, the worst of the pandemic could have been avoided had people followed protocols.  Instead of dropping off a cliff, we'd have only hit a few potholes in the road.   

 

The people you are routing for are the same people who called it a hoax, touted remedies that did not work, undermined the roll-out and distribution of the vaccine.  They also subscribe to a BIG LIE that Biden didn't win the election and have endorsed candidates who have stated they will not certify elections, instead letting the state legislators decide.  

 

It is clear that you really wish bad things for the US.

 

Firstly I don't care about the US domestically, so why would I wish bad things for the US public? Never been there and never had any desire to do so.

My concerns are international and where America goes affects us all.

 

I also know that once the world situation straitens out, inflation will be reduced. 

Any timeline for that? If it takes more than a few years many of us will be screwed even more than now. A decade or more and I won't be around to see it anyway.

 

I am happy that most goods are available, albeit more expensive. 

Lucky you. Try living on a fixed income when the price of everything soars.

 

They also subscribe to a BIG LIE that Biden didn't win the election and have endorsed candidates who have stated they will not certify elections, instead letting the state legislators decide.  

Somewhat irrelevant to the topic and last time I looked in a "democracy" people can vote for whomever they wish. I trust you are not hoping for dictatorship by the "right thinking" side.

[Credo]

4 hours ago, thaibeachlovers said:

Firstly I don't care about the US domestically, so why would I wish bad things for the US public? Never been there and never had any desire to do so.

My concerns are international and where America goes affects us all.

 

I also know that once the world situation straitens out, inflation will be reduced. 

Any timeline for that? If it takes more than a few years many of us will be screwed even more than now. A decade or more and I won't be around to see it anyway.

 

I am happy that most goods are available, albeit more expensive. 

Lucky you. Try living on a fixed income when the price of everything soars.

 

They also subscribe to a BIG LIE that Biden didn't win the election and have endorsed candidates who have stated they will not certify elections, instead letting the state legislators decide.  

Somewhat irrelevant to the topic and last time I looked in a "democracy" people can vote for whomever they wish. I trust you are not hoping for dictatorship by the "right thinking" side.

How long it will take for inflation to work itself out depends on a lot of factors, not the least of which is how long countries are going to muck around with Covid and vaccines.  The things that need to get done are getting as many people vaccinated to keep the cases down, keep people working and keep kids in school.   A lot of the supply chain issues will take longer, just like a car crash, the system broke in an instant and like the repairs it takes time.  

 

Unless/until the issue of climate change and it's knock-on effects is addressed, there will be dire consequences.  In the US, large swaths of land in the California central valley and in Arizona were plowed under because they do not have the water to irrigate.  

 

I do live on a fixed income, and a modest one at that.  If push comes to shove, I do have resources I can tap, but not quickly nor easily.  It's amazing how far your money can go when you shop carefully.  It's still expensive, but we are all suffering.   The choices are limited, but it will end.  I am not an economist, but once we have the supply issues under control, then we can start.   The party you support has no plan that will stop it, but like you, they holler and whine about it instead.   

 

For someone who has no interest in the US domestically, I have to wonder why you take such a strong position and a fervent interest in US politics?   I am suspicious.

[thaibeachlovers]

32 minutes ago, Credo said:

For someone who has no interest in the US domestically, I have to wonder why you take such a strong position and a fervent interest in US politics?   I am suspicious.

Did you miss the bit about caring about international politics and the US being important for it, or are you adding 2+2 and coming up with 22?

Perhaps you can indicate an actual post where I have contributed something to do with domestic politics ie not federal? Perhaps not?

 

36 minutes ago, Credo said:

The choices are limited, but it will end. 

Lets hope it doesn't lead to a world depression then. The last time that happened it took a world war and millions of dead to fix.

[thaibeachlovers]

39 minutes ago, Credo said:

 The party you support has no plan that will stop it, but like you, they holler and whine about it instead.   

I support it only because it's the only party that has a realistic chance of demolishing the democrat agenda.

If the Dancing Dead Dog party had as much chance of doing so I'd switch to them in a heartbeat.

 

For those of a literal mindset- the Dancing Dead Dog party does not exist.

[Eric Loh]

12 minutes ago, thaibeachlovers said:

I support it only because it's the only party that has a realistic chance of demolishing the democrat agenda.

If the Dancing Dead Dog party had as much chance of doing so I'd switch to them in a heartbeat.

 

For those of a literal mindset- the Dancing Dead Dog party does not exist.

I will give you credit for providing a reason albeit ambiquous agenda for supporting your party unlike a more direct reason that Democrats never got over the Civil War.  

[KanchanaburiGuy]

Hmmm. A little clarification of what some claim to "remember"..........

 

The back-breaking inflation in the U.S. was in the 70s, under Ford and Carter. Yes, those high levels carried over into the early 80s, but only at the beginning. It takes TIME for new policies to take hold.

 

By '83, inflation was returning to "normal" and stayed there for the rest of the decade.

 

So, if you're "remembering" the "high inflation of the 80s"......... nah, youre really not. You're remembering the high inflation of the 70s.

 

Here's a link.

 

https://www.usinflationcalculator.com/inflation/historical-inflation-rates/

 

Same goes for "gas shortages and gas lines." That was the 70s, too, not the 80s. (OPEC, oil embargo, odds-and-evens, etc.)

 

ON THE OTHER HAND.........

 

Beginning with 1992 and holding FOR THE NEXT 30 YEARS, inflation remained LOW! Under 3% for nearly all that time. 30 YEARS!

 

(For a big part of that stretch, apparently, the FED was trying  to push inflation UP........... and failing at it!)

 

The reason people need to refer back 40 years to "the 80s" to complain about high inflation........... is because, for all intents and purposes, inflation has been a non-factor for the last 30 years!

 

So........ inflation is doing a little "catch-up" in the post-pandemic era, and we don't know how long it will last? Sadly, that's going to make it tough for a small segmant of the population. But that's how it works, isn't it? Y'get the bad with the good?

 

Personally, I'm focused on how much better off I am now after 30 years of unusually low inflation........... than I would have been otherwise, if inflation had just been "normal." 

 

For me, being able to live in Thailand for less than a third of what it would cost me in America.......... more more MORE than makes up for it!

 

LOL

 

 

 

 

Edited November 2, 2022 by KanchanaburiGuy

[thaibeachlovers]

17 minutes ago, Eric Loh said:

I will give you credit for providing a reason albeit ambiquous agenda for supporting your party unlike a more direct reason that Democrats never got over the Civil War.  

A good saying to remember is "the enemy of my enemy is my friend ( at least till my enemy is vanquished )".

 

[thaibeachlovers]

3 minutes ago, KanchanaburiGuy said:

The back-breaking inflation in the U.S. was in the 70s,

The back-breaking inflation ..................... was in the 70s

 

Thanks for the correction.

My memory isn't what it used to be.

 

5 minutes ago, KanchanaburiGuy said:

Personally, I'm focused on how much better off I am now after 30 years of unusually low inflation........... than I would have been if inflation had just been "normal." 

Was bad for me as earned basically zero % on my savings after 2007 crash.

I used to earn up to ( or over ) 12% on term deposits.

[heybruce]

3 hours ago, thaibeachlovers said:

I support it only because it's the only party that has a realistic chance of demolishing the democrat agenda.

If the Dancing Dead Dog party had as much chance of doing so I'd switch to them in a heartbeat.

 

For those of a literal mindset- the Dancing Dead Dog party does not exist.

What is this "democrat agenda" that is so horrible that you support the party undermining democracy?

[riclag]

bidens economy can be seen every time you go to the gas pump, open your 401 k portfolio and shop at the grocery store.
 Majority of Americans vote their pocket book not their politics , so to speak.

Soon his and his like will see what a majority of Americans think of his failures come Nov elections imop

https://www.forbes.com/advisor/personal-finance/gas-prices-by-state/

 

https://www.washingtonexaminer.com/policy/economy/401k-down-34000-inflation

 

https://www.bloomberg.com/news/articles/2022-10-13/soaring-food-costs-further-squeeze-us-consumers-in-blow-to-biden

Edited November 2, 2022 by riclag

[candide]

30 minutes ago, riclag said:

bidens economy can be seen every time you go to the gas pump, open your 401 k portfolio and shop at the grocery store.
 Majority of Americans vote their pocket book not their politics , so to speak.

Soon his and his like will see what a majority of Americans think of his failures come Nov elections imop

https://www.forbes.com/advisor/personal-finance/gas-prices-by-state/

 

https://www.washingtonexaminer.com/policy/economy/401k-down-34000-inflation

 

https://www.bloomberg.com/news/articles/2022-10-13/soaring-food-costs-further-squeeze-us-consumers-in-blow-to-biden

So Biden is responsible for the global gas price. How?

[Hanaguma]

By overspending and overborrowing, the Biden administration made everything worse. He has also made enemies of the energy industry. He is also draining the nation's strategic oil reserve for little reason. 

 

He came to office pledging to be a moderate voice and bring peace to a nation in turmoil. He has not done so. 

[Credo]

1 hour ago, Hanaguma said:

By overspending and overborrowing, the Biden administration made everything worse. He has also made enemies of the energy industry. He is also draining the nation's strategic oil reserve for little reason. 

 

He came to office pledging to be a moderate voice and bring peace to a nation in turmoil. He has not done so. 

And yet I have not heard one thing that the Republican Party plans to do to lower inflation.  Nothing.  

 

[Credo]

Oh, wait, yes, I do know of one proposal -- cutting social security.   

 

[Hanaguma]

3 minutes ago, Credo said:

Oh, wait, yes, I do know of one proposal -- cutting social security.   

 

How about cancelling the ridiculously named Inflation Reduction Act? Also the American Rescue Plan. Also the insane student loan payback.  Freeing up the energy industry. 

[KanchanaburiGuy]

3 hours ago, riclag said:

bidens economy can be seen every time you go to the gas pump, open your 401 k portfolio and shop at the grocery store.

401k -- Isn't what your 401k is invested in decided by YOU, not by Biden? But let's assume it's in stocks.

 

For the first 10 months of the Biden Administration, the Dow Jones went up roughly 6,000 points. Up ~20%. Seems to me if you're gonna dole out blame, you ought to dole out credit, too.

 

In the last two months, after a downward spiral to the mid 28 thousands....... (much of which may be attributable to "profit taking" from the previous extraordinary surge)......... the Dow has come back up 4,000 points to the mid 32 thousands in roughly 2 months.

 

If he deserves blame for the drops........ doesn't he also deserve credit for a couple of pretty spectacular upswings?

 

(BTW........ with corporate profits doing so well, those who have not been impressed with stock price appreciation [which requires selling to realize].......... ought to be very  pleased with dividend performance [which doesn't require selling to realize!] Doggone that Biden! ????)

 

--------------

 

Gas prices -- The price of oil........ and consequently the price of gas/petrol.......... is defined by the World Market, not by Biden. What Biden CAN do is encourage American oil producers to produce more.

 

But because those producers will want to get as much for their oil as they can......... (just like everyone else!).......... they're not going to sell it cheaper to Americans than the price they can get for it on the Open Market! 

 

Even if Biden successfully gets American producers to produce a lot more oil, all the World Market has to do is cut back by a comparable amount, to maintain desirable price levels. Why would they do that? Because it's always better to sell less oil for more money.......... than to sell more oil for less money! Producing more oil........ costs more money. Getting more money through higher prices.......... costs nothing!

 

(Look up the word "fungible," if you don't already know it.)

 

Biden's ability to affect prices at the gas pump is negligible. He can make a hiccup happen from time to time, but that's it!

 

Food prices -- Surely nothing more needs to be said about Supply Chain problems, does it? Biden didn't create these probelms, and he isn't the solution to them.

 

Growers couldn't grow during the pandemic. Truckers couldnt truck. Miners couldn't mine. Smelters couldn't smelt.

 

Just because the pandemic is over......... that doesn't mean that corn and wheat and pigs and cattle will grow any faster. That doesn't mean that laid-off workers on farms and in factories......... will rush back to do the old jobs they probably hated. Just because employers are willing and able to hire new workers to replace the ones they lost........... that doesn't mean they are instantly trained and ready to provide top-notch performance!

 

There are many, many practical  reasons why Supply is short and prices higher. Almost none of these have quick remedies.

 

And almost none of them can be affected in any kind of positive way by Biden policies.  (Unless, of course, you believe that Biden's policies can make the corn grow faster, or make HVAC specialists and IT Techs............ suddenly want to become truck drivers and cargo container crane operators!)

 

Of course, Biden COULD follow Nixon's lead and institute a Wage and Price Freeze. But one need only look back at the inflation rates under Nixon's successor, Gerald Ford......... and see that the eventual outcome of that.......... was significantly worse than anything WE'VE seen, so far! ????

 

No, food prices are not Biden's problem, and they are not Biden's problem to solve! 

 

Cheers!

 

 

 

 

[KanchanaburiGuy]

1 hour ago, Credo said:

And yet I have not heard one thing that the Republican Party plans to do to lower inflation.  Nothing.  

 

Not surprising.

 

Even if they have some solid ideas, they'd never say them out loud.

 

Generally, the party out of power never  talks about the solutions they may have. The fear is that by revealing them....... (if they actually have any!).......... the opposition will co-opt those ideas and claim them as their own.

 

Then, if they work, that becomes one of their bragging points to get themselves reelected!

 

The opposition may complain a blue streak about the policies of their opposition, but they'll NEVER tell you what their "better ideas" are! Never!

 

And it doesn't matter whether we're talking Republicans or Democrats. It works the same both ways. 

 

(Remember.......... Democrats were very vocal about their disdain for Trump's border wall and tariffs............ but they NEVER offered workable alternatives for solving the problems that Trump was trying to remedy! You just don't give away your "better ideas" for nothing. Nuh uh, y'just dont do it! ????)

[Credo]

2 hours ago, Hanaguma said:

How about cancelling the ridiculously named Inflation Reduction Act? Also the American Rescue Plan. Also the insane student loan payback.  Freeing up the energy industry. 

Oh, you mean the things that actually help middle and lower income people?  The energy industry is as free as they can be.  They have ample permits and have been given permission to frack where it was previously denied.  The renewable energy sector is showing unprecedented growth.  Keep trying.

Now, please explain how cutting or ending social security is going to help?   

[Social Media]

 

[thaibeachlovers]

2 hours ago, KanchanaburiGuy said:

Biden's ability to affect prices at the gas pump is negligible. He can make a hiccup happen from time to time, but that's it!

 

Food prices -- Surely nothing more needs to be said about Supply Chain problems, does it? Biden didn't create these probelms, and he isn't the solution to them.

 

Growers couldn't grow during the pandemic. Truckers couldnt truck. Miners couldn't mine. Smelters couldn't smelt.

Cancelling Keystone at the very start of his term didn't exactly help.

 

Restrictions were created by the government, so, IMO, the government is responsible for growers not growing, truckers not trucking, miners not mining, and smelters not smelting. I believe the previous POTUS was criticized by your side for not locking down soon enough, so don't blame him for it.

 

I made my position on lockdowns clear when they started, so not going to repeat now.

Edited November 2, 2022 by thaibeachlovers

[thaibeachlovers]

1 hour ago, KanchanaburiGuy said:

No, food prices are not Biden's problem, and they are not Biden's problem to solve! 

So people should just lie down and die quietly then? If it's not Biden's problem to solve, who is going to solve it?

Why has Biden not created a "Warp speed" type solution? That worked for vaccines, it could work for inflation, but only if Mr "I'll unite the country" pulls finger and does something.

[thaibeachlovers]

1 hour ago, Credo said:

Oh, you mean the things that actually help middle and lower income people?  The energy industry is as free as they can be.  They have ample permits and have been given permission to frack where it was previously denied.  The renewable energy sector is showing unprecedented growth.  Keep trying.

Now, please explain how cutting or ending social security is going to help?   

been given permission to frack where it was previously denied

Seems principles of the Big Guy are somewhat flexible then

They ain't going to resume fracking unless it's profitable to do so, and Biden is leading on the "gas is too expensive" front. Also, I guess they won't unless Biden guarantees the Democrats won't ban it again once the situation stabilizes.

 

Keystone back on again perhaps?