The Joe Biden Thread- things are looking up (1 Viewer)

[timschochet]

I’m not sure what happened to the old Biden thread but I think the current President is worth discussing.

And right now the news is pretty positive. Inflation seems to be slowing down; perhaps the worst is over. Certainly the Dow Jones seems to think so; it’s on its best trend all year. Unemployment is almost non-existent, gas prices are rapidly falling. Biden does not deserve the bulk of credit for these things (all Presidents get too much blame and credit for the state of the economy.) But it won’t hurt him.

Where Biden deserves credit is his legislative accomplishments, as significant as any President in recent history: the Chips act, the infrastructure bill, the climate change and healthcare package- any one of these by itself is a huge victory.

Where Biden deserves credit is his continued leadership of the free world. Finland and Sweden are now part of NATO thanks largely to Biden’s efforts- he personally got Turkey to remove their reservations. Quite a feat for a guy who is supposed to be senile. And a major defeat for Putin.

I’ve written in the past that Biden has been slightly above average, actually mediocre. There’s a lot he has done that I am quite critical about. But overall I’m going to have to readjust my grade- at this point he’s doing a great job.

 

[John123]

Is this the thread you're having trouble finding?

***Official President Joe Biden Thread*** BEST EVER!

https://twitter.com/i/status/1324858073232642052 Donald J. Trump @realDonaldTrump I WON THIS ELECTION, BY A LOT!

forums.footballguys.com

 

[timschochet]

Is this the thread you're having trouble finding?

***Official President Joe Biden Thread*** BEST EVER!

https://twitter.com/i/status/1324858073232642052 Donald J. Trump @realDonaldTrump I WON THIS ELECTION, BY A LOT!

forums.footballguys.com

Yeah thank you!

I’ll keep this one so long as the mods are good with it. I hate the sarcastic title on the other one, and anyhow, it certainly feels like a new day.

 

[Joe Mammy]

"Happy Days are Here Again" was written and released October 23, 1929.

Ironically, it was when the stock market crashed and began the great depression. I'm happy things seem to be getting better but I'm not singing in the shower yet.

 

[Max Power]

Credit card debt is rising faster than it has in over 20 years and there is no reason to think it wont continue in that direction.

I think a lot of people are just barely keeping their heads above water and it's only a matter of time until they sink.

 

[timschochet]

"Happy Days are Here Again" was written and released October 23, 1929.

Ironically, it was when the stock market crashed and began the great depression. I'm happy things seem to be getting better but I'm not singing in the shower yet.

It was released in 1929 but it didn’t become famous until the Democratic Convention of 1932, when FDR’s floor managers chose it as their theme song.

 

[timschochet]

Credit card debt is rising faster than it has in over 20 years and there is no reason to think it wont continue in that direction.

I think a lot of people are just barely keeping their heads above water and it's only a matter of time until they sink.

This is true and it’s a real concern. I don’t think it will lead to any sudden collapse. This isn’t Weimar Germany; our economy is too strong.

 

[Juxtatarot]

Credit card debt is rising faster than it has in over 20 years and there is no reason to think it wont continue in that direction.

I think a lot of people are just barely keeping their heads above water and it's only a matter of time until they sink.

For some perspective, that’s coming off a period when people were stuck at home and getting free money from the government.

 

[Stealthycat]

3 days of good doesn't erase 18 months of bad

 

[Sunshine6854]

Great thread. The worst of the economic results from Trump's massive spending, Biden's one year of big spending, a decade of cheap money, and pandemic related supply chain issues seems to be behind us. It will be interesting to hear the tone of this forum when inflation falls below 4%, gas prices down to $3, and we're still at full employment. I completely agree that his legislative successes have been significant and he's pulled NATO together against Putin and strengthened NATO into the future.

2024 looks to be a very good year for democrats even though I think Biden is very unlikely to run.

 

[The Commish]

Credit card debt is rising faster than it has in over 20 years and there is no reason to think it wont continue in that direction.

I think a lot of people are just barely keeping their heads above water and it's only a matter of time until they sink.

This is what happens when interest rates go up. They magnify the poor financial decisions people have made in the past.

 

[Sunshine6854]

3 days of good doesn't erase 18 months of bad

The US couldn't shift directions from the horrible trajectory it was headed in overnight friend. Trump increased the debt $8T over four years and bullied the Fed to not raise interest rates or lower them when they did raise them.

That's a lot of money circulating around that took time to impact inflation. That plus the country opening up under Biden and demand exploding. Sometimes you have to go through short term pain for long term gain. We're on the back end of that short term pain. The future is bright indeed.

 

[The Commish]

Trump increased the debt $8T over four years and bullied the Fed to not raise interest rates or lower them when they did raise them.

The person you are conversing with was livid with that level of debt in 8 years with the last guy.

 

[Max Power]

Credit card debt is rising faster than it has in over 20 years and there is no reason to think it wont continue in that direction.

I think a lot of people are just barely keeping their heads above water and it's only a matter of time until they sink.

This is true and it’s a real concern. I don’t think it will lead to any sudden collapse. This isn’t Weimar Germany; our economy is too strong.

Not a sudden collapse, but its trending in the wrong direction for sure. People are surviving on free credit. That isnt an unlimited supply and one day the bill will come due. I think we will see an increase in poverty and crime over the next several years as a result.

 

[Max Power]

Credit card debt is rising faster than it has in over 20 years and there is no reason to think it wont continue in that direction.

I think a lot of people are just barely keeping their heads above water and it's only a matter of time until they sink.

For some perspective, that’s coming off a period when people were stuck at home and getting free money from the government.

And people were not smart with that money. Some got caught up, Others didnt. This is like telling people they got a head start on their finances and aren now failing at a substantial rate.

 

[Max Power]

Credit card debt is rising faster than it has in over 20 years and there is no reason to think it wont continue in that direction.

I think a lot of people are just barely keeping their heads above water and it's only a matter of time until they sink.

This is what happens when interest rates go up. They magnify the poor financial decisions people have made in the past.

Absolutely. Car repossessions are skyrocketing and mostly in people who purchased over the last couple years. This isnt a good sign that all is well with our economy. It means people dont have money to pay for their basic needs.

 

[The Commish]

Credit card debt is rising faster than it has in over 20 years and there is no reason to think it wont continue in that direction.

I think a lot of people are just barely keeping their heads above water and it's only a matter of time until they sink.

This is what happens when interest rates go up. They magnify the poor financial decisions people have made in the past.

Absolutely. Car repossessions are skyrocketing and mostly in people who purchased over the last couple years. This isnt a good sign that all is well with our economy. It means people dont have money to pay for their basic needs.

The situations mentioned are example of poor financial decisions. Dont put on credit what you cant pay at the end of the month.

 

[Max Power]

Credit card debt is rising faster than it has in over 20 years and there is no reason to think it wont continue in that direction.

I think a lot of people are just barely keeping their heads above water and it's only a matter of time until they sink.

This is what happens when interest rates go up. They magnify the poor financial decisions people have made in the past.

Absolutely. Car repossessions are skyrocketing and mostly in people who purchased over the last couple years. This isnt a good sign that all is well with our economy. It means people dont have money to pay for their basic needs.

The situations mentioned are example of poor financial decisions. Dont put on credit what you cant pay at the end of the month.

Well the problem is that people dont know how to accurately adjust for inflation and gas prices eat into tight budgets.

Yes people suck with their spending habits. That is nothing new. Families falling deeper and deeper into debt is the current issue.

 

[Stealthycat]

The US couldn't shift directions from the horrible trajectory it was headed in overnight friend. Trump increased the debt $8T over four years and bullied the Fed to not raise interest rates or lower them when they did raise them.

That's a lot of money circulating around that took time to impact inflation. That plus the country opening up under Biden and demand exploding. Sometimes you have to go through short term pain for long term gain. We're on the back end of that short term pain. The future is bright indeed.

how much has Biden increased debt in 18 months ?

https://www.dailysignal.com/wp-content/uploads/FBIP-SOCIAL-HIRES-02-1536x1236.jpg

no, GW spent, then Obama spent way more, then Trump held spent about the same rate and Biden has taken it to the next level of spending

https://www.usdebtclock.org/

the USA and all the spending/budget/financial problems hasn't went away in 3 days

yes, .6 % less inflation that expected is something, but that its still 8.5% .......... I mean do you think that's a good thing ??

 

[Stealthycat]

Well the problem is that people dont know how to accurately adjust for inflation and gas prices eat into tight budgets.

that's right, its their fault !!! :(

 

[FairWarning]

Sorry Tim, he has some serious memory issues.

 

[Max Power]

Well the problem is that people dont know how to accurately adjust for inflation and gas prices eat into tight budgets.

that's right, its their fault !!! :(

Yeah, I dont get it. Credit card debt is at an all time high and defaults are shooting up. Coming off a period where people got free money and I'm supposed to think this is a good thing. There is no course correction on the horizon.

 

[FairWarning]

Great thread. The worst of the economic results from Trump's massive spending, Biden's one year of big spending, a decade of cheap money, and pandemic related supply chain issues seems to be behind us. It will be interesting to hear the tone of this forum when inflation falls below 4%, gas prices down to $3, and we're still at full employment. I completely agree that his legislative successes have been significant and he's pulled NATO together against Putin and strengthened NATO into the future.

2024 looks to be a very good year for democrats even though I think Biden is very unlikely to run.

I can vouch that the supply chain issues are not close to normal. My accounts are happy with 60% now.

 

[timschochet]

Sorry Tim, he has some serious memory issues.

Good. Hopefully he will forget the bad times in the past and move us forward in a happy direction.

 

[FairWarning]

Sorry Tim, he has some serious memory issues.

Good. Hopefully he will forget the bad times in the past and move us forward in a happy direction.

I would rather my mother did.

 

[The Commish]

Credit card debt is rising faster than it has in over 20 years and there is no reason to think it wont continue in that direction.

I think a lot of people are just barely keeping their heads above water and it's only a matter of time until they sink.

This is what happens when interest rates go up. They magnify the poor financial decisions people have made in the past.

Absolutely. Car repossessions are skyrocketing and mostly in people who purchased over the last couple years. This isnt a good sign that all is well with our economy. It means people dont have money to pay for their basic needs.

The situations mentioned are example of poor financial decisions. Dont put on credit what you cant pay at the end of the month.

Well the problem is that people dont know how to accurately adjust for inflation and gas prices eat into tight budgets.

Yes people suck with their spending habits. That is nothing new. Families falling deeper and deeper into debt is the current issue.

This isnt, at all, unique to times of inflation. This is a spending issue for most and what they are spending on really doesnt matter. Simple budget management is lost on them.

 

[Max Power]

Credit card debt is rising faster than it has in over 20 years and there is no reason to think it wont continue in that direction.

I think a lot of people are just barely keeping their heads above water and it's only a matter of time until they sink.

This is what happens when interest rates go up. They magnify the poor financial decisions people have made in the past.

Absolutely. Car repossessions are skyrocketing and mostly in people who purchased over the last couple years. This isnt a good sign that all is well with our economy. It means people dont have money to pay for their basic needs.

The situations mentioned are example of poor financial decisions. Dont put on credit what you cant pay at the end of the month.

Well the problem is that people dont know how to accurately adjust for inflation and gas prices eat into tight budgets.

Yes people suck with their spending habits. That is nothing new. Families falling deeper and deeper into debt is the current issue.

This isnt, at all, unique to times of inflation. This is a spending issue for most and what they are spending on really doesnt matter. Simple budget management is lost on them.

The cost of food, shelter and energy is way up. Americans arent hitting all time highs in debt and eating into their savings more over the last year because they forgot how to budget.

 

[Stealthycat]

The cost of food, shelter and energy is way up.

but ... things are looking up !!

 

[Sunshine6854]

The US couldn't shift directions from the horrible trajectory it was headed in overnight friend. Trump increased the debt $8T over four years and bullied the Fed to not raise interest rates or lower them when they did raise them.

That's a lot of money circulating around that took time to impact inflation. That plus the country opening up under Biden and demand exploding. Sometimes you have to go through short term pain for long term gain. We're on the back end of that short term pain. The future is bright indeed.

how much has Biden increased debt in 18 months ?

https://www.dailysignal.com/wp-content/uploads/FBIP-SOCIAL-HIRES-02-1536x1236.jpg

no, GW spent, then Obama spent way more, then Trump held spent about the same rate and Biden has taken it to the next level of spending

https://www.usdebtclock.org/

the USA and all the spending/budget/financial problems hasn't went away in 3 days

yes, .6 % less inflation that expected is something, but that its still 8.5% .......... I mean do you think that's a good thing ??

Dude, Obama added $8.3T in EIGHT years. Trump added $8T in FOUR years. Biden has added $1.9T in 2022 will be much less than 2021. Trump also bullied the Fed to lower interest rates during "booming" times. The inflation we're seen now is the direct result of Trump's spending the last four years while holding interest rates near zero. Obama spent more than Trump? Biden took it to a new level?

WAT

 

[The Commish]

Credit card debt is rising faster than it has in over 20 years and there is no reason to think it wont continue in that direction.

I think a lot of people are just barely keeping their heads above water and it's only a matter of time until they sink.

This is what happens when interest rates go up. They magnify the poor financial decisions people have made in the past.

Absolutely. Car repossessions are skyrocketing and mostly in people who purchased over the last couple years. This isnt a good sign that all is well with our economy. It means people dont have money to pay for their basic needs.

The situations mentioned are example of poor financial decisions. Dont put on credit what you cant pay at the end of the month.

Well the problem is that people dont know how to accurately adjust for inflation and gas prices eat into tight budgets.

Yes people suck with their spending habits. That is nothing new. Families falling deeper and deeper into debt is the current issue.

This isnt, at all, unique to times of inflation. This is a spending issue for most and what they are spending on really doesnt matter. Simple budget management is lost on them.

The cost of food, shelter and energy is way up. Americans arent hitting all time highs in debt and eating into their savings more over the last year because they forgot how to budget.

The largest increase in "credit card debt" is this recent increase in interest rates. It's the number one factor in that pool. We were talking about credit card debt right?

ETA: I don't, for a second, contest the fact that costs on the things you mention have gone up. Of course they have. If they are putting these things, now, on credit, then they most certainly have forgotten how to budget because they wouldn't be over extending themselves to that position if they knew how to budget.

 

[Max Power]

The cost of food, shelter and energy is way up.

but ... things are looking up !!

It's an odd outlook to me as the working poor are actively dropping into poverty. Young people are getting put so far behind the 8ball, I'm not sure how they recover.

Inflation is slowing, but it's not stopping. Rents and food prices arent going to come down overnight. I'd feel better if there was some sort of plan to alleviate consumer concerns, but there isn't.

Yet Biden and co want to high five that his economy is working for the people and we arent really in a recession. Like he thinks our current state is good thing....

 

[The Commish]

then Trump held spent about the same rate

Wrong...he spent the same AMOUNT. His rate of spending was basically DOUBLE that of Obama spending almost the same amount in half the time.

 

[Stoneworker]

The US couldn't shift directions from the horrible trajectory it was headed in overnight friend. Trump increased the debt $8T over four years and bullied the Fed to not raise interest rates or lower them when they did raise them.

That's a lot of money circulating around that took time to impact inflation. That plus the country opening up under Biden and demand exploding. Sometimes you have to go through short term pain for long term gain. We're on the back end of that short term pain. The future is bright indeed.

how much has Biden increased debt in 18 months ?

https://www.dailysignal.com/wp-content/uploads/FBIP-SOCIAL-HIRES-02-1536x1236.jpg

no, GW spent, then Obama spent way more, then Trump held spent about the same rate and Biden has taken it to the next level of spending

https://www.usdebtclock.org/

the USA and all the spending/budget/financial problems hasn't went away in 3 days

yes, .6 % less inflation that expected is something, but that its still 8.5% .......... I mean do you think that's a good thing ??

Dude, Obama added $8.3T in EIGHT years. Trump added $8T in FOUR years. Biden has added $1.9T in 2022 will be much less than 2021. Trump also bullied the Fed to lower interest rates during "booming" times. The inflation we're seen now is the direct result of Trump's spending the last four years while holding interest rates near zero. Obama spent more than Trump? Biden took it to a new level?

WAT

Way too simplistic to compare absolute debt levels.

What matters is debt/GDP ratio, which went from 67% to 104% under Obama and 104% to 128% under Trump.

So Obama was worst. Trump not good. Biden doing decent relative to those two.

 

[Stoneworker]

I’m not sure what happened to the old Biden thread but I think the current President is worth discussing.

And right now the news is pretty positive. Inflation seems to be slowing down; perhaps the worst is over. Certainly the Dow Jones seems to think so; it’s on its best trend all year. Unemployment is almost non-existent, gas prices are rapidly falling. Biden does not deserve the bulk of credit for these things (all Presidents get too much blame and credit for the state of the economy.) But it won’t hurt him.

Where Biden deserves credit is his legislative accomplishments, as significant as any President in recent history: the Chips act, the infrastructure bill, the climate change and healthcare package- any one of these by itself is a huge victory.

Where Biden deserves credit is his continued leadership of the free world. Finland and Sweden are now part of NATO thanks largely to Biden’s efforts- he personally got Turkey to remove their reservations. Quite a feat for a guy who is supposed to be senile. And a major defeat for Putin.

I’ve written in the past that Biden has been slightly above average, actually mediocre. There’s a lot he has done that I am quite critical about. But overall I’m going to have to readjust my grade- at this point he’s doing a great job.

Biden certainly deserves credit for pivoting away from his initial pandering to the socialistas and now holding firm with a more centrist domestic agenda. A lot of good has been accomplished over the past few months as you have listed.

Foreign policy okay. Good reaction to Ukraine. Immigration huge fail. Lack of coherent China policy and reflexive Taiwan stance is a ticking time bomb.

Economy is what it is. Dug a deep hole with the 2nd stimulus and ridiculous denial/transitory stance on inflation. We are set up for an extended period of stagflation under his watch.

 

[Max Power]

Credit card debt is rising faster than it has in over 20 years and there is no reason to think it wont continue in that direction.

I think a lot of people are just barely keeping their heads above water and it's only a matter of time until they sink.

This is what happens when interest rates go up. They magnify the poor financial decisions people have made in the past.

Absolutely. Car repossessions are skyrocketing and mostly in people who purchased over the last couple years. This isnt a good sign that all is well with our economy. It means people dont have money to pay for their basic needs.

The situations mentioned are example of poor financial decisions. Dont put on credit what you cant pay at the end of the month.

Well the problem is that people dont know how to accurately adjust for inflation and gas prices eat into tight budgets.

Yes people suck with their spending habits. That is nothing new. Families falling deeper and deeper into debt is the current issue.

This isnt, at all, unique to times of inflation. This is a spending issue for most and what they are spending on really doesnt matter. Simple budget management is lost on them.

The cost of food, shelter and energy is way up. Americans arent hitting all time highs in debt and eating into their savings more over the last year because they forgot how to budget.

The largest increase in "credit card debt" is this recent increase in interest rates. It's the number one factor in that pool. We were talking about credit card debt right?

ETA: I don't, for a second, contest the fact that costs on the things you mention have gone up. Of course they have. If they are putting these things, now, on credit, then they most certainly have forgotten how to budget because they wouldn't be over extending themselves to that position if they knew how to budget.

It's not interest rates, it's the total credit debt. We are now 930 billion in credit card debt, the highest ever. The previous high was 860 during the 2008 crash. Which demonstrates the correlation between struggling economies and credit card debt.

People are putting more on credit because they dont have the purchasing power with their dollar that they did in say 2020. If the exact same amount of goods costs a family 20% more than it did 2 years ago, the fact they have to dip into credit to afford the same lifestyle isn't a failure on their budgeting skills.

If say daycare costs go up $100 a week for a family, and they now HAVE to budget that extra $400 a month into daycare, it's not their failure that all the rest of the necessities went up as well and have to use a credit lifeline to make it to next month.

 

[Stealthycat]

Dude, Obama added $8.3T in EIGHT years. Trump added $8T in FOUR years. Biden has added $1.9T in 2022 will be much less than 2021. Trump also bullied the Fed to lower interest rates during "booming" times. The inflation we're seen now is the direct result of Trump's spending the last four years while holding interest rates near zero. Obama spent more than Trump? Biden took it to a new level?

your numbers aren't right exactly - according to this link, Obama added 8.6 trillion and Trump 6.7 (not the 8 you claimed) but yes, regardless of the why's ... that administration spent too

US Debt by President: Dollar and Percentage

Depending on how you measure it, different presidents have added to the national debt. Check out how the national debt has increased by year and president.

www.thebalance.com

Donald Trump​

At the end of fiscal year 2020, the debt was $26.9 trillion. Trump added $6.7 trillion to the debt between fiscal year 2017 and fiscal year 2020, a 33.1% increase

Barack Obama (2009-2017)​

Under President Obama, the national debt grew the most in dollar terms ($8.6 trillion) and was fifth by percentage at 74%.

Joe Biden​

On October 1, 2021, at the end of fiscal year 2021, the national debt was $28.4 trillion. Between the end of fiscal year 2020 and the end of fiscal year 2021, the national debt grew $1.5 trillion, a 5.6% increase year over year

Debt currently sits at 30.6 trillion .... that's 2 trillion in 18 months AND more spending on the way

 

[urbanhack]

The cost of food, shelter and energy is way up.

but ... things are looking up !!

It's an odd outlook to me as the working poor are actively dropping into poverty. Young people are getting put so far behind the 8ball, I'm not sure how they recover.

Inflation is slowing, but it's not stopping. Rents and food prices arent going to come down overnight. I'd feel better if there was some sort of plan to alleviate consumer concerns, but there isn't.

Yet Biden and co want to high five that his economy is working for the people and we arent really in a recession. Like he thinks our current state is good thing....

The wealth gap has been in process for 20+ years regardless of who is president. That's the system everyone wants.

10 richest billionaires doubled their wealth during pandemic, Oxfam says

Bottom 99% of humanity lost income as inequality now reaches "outrageous" levels, anti-poverty charity says.

www.cbsnews.com

Profits and the pandemic: As shareholder wealth soared, workers were left behind | Brookings

Over the past two years, the COVID-19 pandemic has presented the country’s leading companies with a historic opportunity to reverse the decades-long trends of widening inequality and shareholder primacy, making change for workers seem possible. The pandemic shifted public sentiment about what...

www.brookings.edu

 

[Stealthycat]

and look, I've given up on national debt - our elected officials don't care, its 30 trillion, it might as well be 100trillion because it'll never be paid now and eventually there will be a default on all that debt

but to use budget/debt by left or right is simply lying , neither side has any desire to stop their massive spending and right now, its Democrats leading it

 

[Stealthycat]

The cost of food, shelter and energy is way up.

but ... things are looking up !!

It's an odd outlook to me as the working poor are actively dropping into poverty. Young people are getting put so far behind the 8ball, I'm not sure how they recover.

Inflation is slowing, but it's not stopping. Rents and food prices arent going to come down overnight. I'd feel better if there was some sort of plan to alleviate consumer concerns, but there isn't.

Yet Biden and co want to high five that his economy is working for the people and we arent really in a recession. Like he thinks our current state is good thing....

The wealth gap has been in process for 20+ years regardless of who is president. That's the system everyone wants.

10 richest billionaires doubled their wealth during pandemic, Oxfam says

Bottom 99% of humanity lost income as inequality now reaches "outrageous" levels, anti-poverty charity says.

www.cbsnews.com

Profits and the pandemic: As shareholder wealth soared, workers were left behind | Brookings

Over the past two years, the COVID-19 pandemic has presented the country’s leading companies with a historic opportunity to reverse the decades-long trends of widening inequality and shareholder primacy, making change for workers seem possible. The pandemic shifted public sentiment about what...

www.brookings.edu

everybody knew this would happen - thing is, Democrats loved the shutdown, pushed the continued lock downs and tight covid restrictions and the results are those links. These people aren't stupid, they KNEW what would happen, that the rich would get way richer

for Democrat voters, I'd think that's a bitter reality pill

 

[Stoneworker]

Credit card debt is rising faster than it has in over 20 years and there is no reason to think it wont continue in that direction.

I think a lot of people are just barely keeping their heads above water and it's only a matter of time until they sink.

This is what happens when interest rates go up. They magnify the poor financial decisions people have made in the past.

Absolutely. Car repossessions are skyrocketing and mostly in people who purchased over the last couple years. This isnt a good sign that all is well with our economy. It means people dont have money to pay for their basic needs.

The situations mentioned are example of poor financial decisions. Dont put on credit what you cant pay at the end of the month.

Well the problem is that people dont know how to accurately adjust for inflation and gas prices eat into tight budgets.

Yes people suck with their spending habits. That is nothing new. Families falling deeper and deeper into debt is the current issue.

This isnt, at all, unique to times of inflation. This is a spending issue for most and what they are spending on really doesnt matter. Simple budget management is lost on them.

The cost of food, shelter and energy is way up. Americans arent hitting all time highs in debt and eating into their savings more over the last year because they forgot how to budget.

The largest increase in "credit card debt" is this recent increase in interest rates. It's the number one factor in that pool. We were talking about credit card debt right?

ETA: I don't, for a second, contest the fact that costs on the things you mention have gone up. Of course they have. If they are putting these things, now, on credit, then they most certainly have forgotten how to budget because they wouldn't be over extending themselves to that position if they knew how to budget.

It's not interest rates, it's the total credit debt. We are now 930 billion in credit card debt, the highest ever. The previous high was 860 during the 2008 crash. Which demonstrates the correlation between struggling economies and credit card debt.

People are putting more on credit because they dont have the purchasing power with their dollar that they did in say 2020. If the exact same amount of goods costs a family 20% more than it did 2 years ago, the fact they have to dip into credit to afford the same lifestyle isn't a failure on their budgeting skills.

If say daycare costs go up $100 a week for a family, and they now HAVE to budget that extra $400 a month into daycare, it's not their failure that all the rest of the necessities went up as well and have to use a credit lifeline to make it to next month.

This makes total sense and is backed up by a recent study by the NY Fed.

“Americans are borrowing more, but a big part of the increased borrowing is attributable to higher prices,” New York Fed researchers wrote Tuesday. Not only did balances increase, researchers note, but the number of new credit cards was up too.

 

[Sunshine6854]

Dude, Obama added $8.3T in EIGHT years. Trump added $8T in FOUR years. Biden has added $1.9T in 2022 will be much less than 2021. Trump also bullied the Fed to lower interest rates during "booming" times. The inflation we're seen now is the direct result of Trump's spending the last four years while holding interest rates near zero. Obama spent more than Trump? Biden took it to a new level?

your numbers aren't right exactly - according to this link, Obama added 8.6 trillion and Trump 6.7 (not the 8 you claimed) but yes, regardless of the why's ... that administration spent too

US Debt by President: Dollar and Percentage

Depending on how you measure it, different presidents have added to the national debt. Check out how the national debt has increased by year and president.

www.thebalance.com

Donald Trump​

At the end of fiscal year 2020, the debt was $26.9 trillion. Trump added $6.7 trillion to the debt between fiscal year 2017 and fiscal year 2020, a 33.1% increase

Barack Obama (2009-2017)​

Under President Obama, the national debt grew the most in dollar terms ($8.6 trillion) and was fifth by percentage at 74%.

Joe Biden​

On October 1, 2021, at the end of fiscal year 2021, the national debt was $28.4 trillion. Between the end of fiscal year 2020 and the end of fiscal year 2021, the national debt grew $1.5 trillion, a 5.6% increase year over year

Debt currently sits at 30.6 trillion .... that's 2 trillion in 18 months AND more spending on the way

I don't think that most people look at these things in fiscal years, they look at them in calendar years since that's essentially when a president is president.

And look, starting with Bush II they've all spent way too much. But to exclude Trump's huge impact to the inflation we're dealing with now isn't correct. And Biden certainly made things worse.

 

[Max Power]

The cost of food, shelter and energy is way up.

but ... things are looking up !!

It's an odd outlook to me as the working poor are actively dropping into poverty. Young people are getting put so far behind the 8ball, I'm not sure how they recover.

Inflation is slowing, but it's not stopping. Rents and food prices arent going to come down overnight. I'd feel better if there was some sort of plan to alleviate consumer concerns, but there isn't.

Yet Biden and co want to high five that his economy is working for the people and we arent really in a recession. Like he thinks our current state is good thing....

The wealth gap has been in process for 20+ years regardless of who is president. That's the system everyone wants.

10 richest billionaires doubled their wealth during pandemic, Oxfam says

Bottom 99% of humanity lost income as inequality now reaches "outrageous" levels, anti-poverty charity says.

www.cbsnews.com

Profits and the pandemic: As shareholder wealth soared, workers were left behind | Brookings

Over the past two years, the COVID-19 pandemic has presented the country’s leading companies with a historic opportunity to reverse the decades-long trends of widening inequality and shareholder primacy, making change for workers seem possible. The pandemic shifted public sentiment about what...

www.brookings.edu

I agree its happening and I hate it. I wish it wasn't. It's accelerated over the last couple of years and without a plan to even address it, it's hard for me say things are "looking up"

 

[timschochet]

I’m not sure what happened to the old Biden thread but I think the current President is worth discussing.

And right now the news is pretty positive. Inflation seems to be slowing down; perhaps the worst is over. Certainly the Dow Jones seems to think so; it’s on its best trend all year. Unemployment is almost non-existent, gas prices are rapidly falling. Biden does not deserve the bulk of credit for these things (all Presidents get too much blame and credit for the state of the economy.) But it won’t hurt him.

Where Biden deserves credit is his legislative accomplishments, as significant as any President in recent history: the Chips act, the infrastructure bill, the climate change and healthcare package- any one of these by itself is a huge victory.

Where Biden deserves credit is his continued leadership of the free world. Finland and Sweden are now part of NATO thanks largely to Biden’s efforts- he personally got Turkey to remove their reservations. Quite a feat for a guy who is supposed to be senile. And a major defeat for Putin.

I’ve written in the past that Biden has been slightly above average, actually mediocre. There’s a lot he has done that I am quite critical about. But overall I’m going to have to readjust my grade- at this point he’s doing a great job.

Biden certainly deserves credit for pivoting away from his initial pandering to the socialistas and now holding firm with a more centrist domestic agenda. A lot of good has been accomplished over the past few months as you have listed.

Foreign policy okay. Good reaction to Ukraine. Immigration huge fail. Lack of coherent China policy and reflexive Taiwan stance is a ticking time bomb.

Economy is what it is. Dug a deep hole with the 2nd stimulus and ridiculous denial/transitory stance on inflation. We are set up for an extended period of stagflation under his watch.

I don’t agree with all of your analysis but I really appreciate that you’re attempting to be thoughtful and fair here.

 

[Stealthycat]

looking up !

Although the consumer price index, which measures a basket of everyday goods including food, rent and gasoline, came in cooler than expected at 8.5% in July, food prices accelerated further, the Labor Department reported on Wednesday. The food at home category, which tracks the cost of groceries, surged 13.1% over the last year, the most significant increase since March 1979. On a monthly basis, prices jumped 1.4%.

"Consumers are getting a break at the gas pump, but not at the grocery store," said Greg McBride, chief financial analyst at Bankrate.com. "Food prices, and especially costs for food at home, continue to soar, rising at the fastest pace in more than 43 years."

Americans are paying more at the grocery store for a number of items that have climbed considerably in price over the past year. That includes staples like eggs (38%), chicken (16.6%), milk (15.6%), potatoes (13.3%), rice (12.7%) and fresh fruits and vegetables (8.2%).

Inflation hits Americans' grocery bills as food prices accelerate

Inflation cooled slightly in July, but Americans are still confronting historically high prices at the grocery store after the cost of food accelerated again last month.

www.foxbusiness.com

​

Buying a new car in the U.S. has never been more expensive

"I see nothing but increases for quite some time," said Ivan Drury, senior manager of insights at Edmunds.

www.cbsnews.com

The average price Americans paid for a new vehicle in July hit a record high of $48,182
Electric vehicle prices are also skyrocketing
Used cars have also seen "vicious price climbs" this year, Drury said. Prices grew nearly 11% or $3,364 year over year in July,

 

[FairWarning]

Could Biden’s winning streak be attributed to deciding to work on the border?

 

[Stealthycat]

Could Biden’s winning streak be attributed to deciding to work on the border?

what do you mean ?

 

[timschochet]

Could Biden’s winning streak be attributed to deciding to work on the border?

Well getting rid of Trump’s disastrous “Remain in Mexico” policy is a huge plus in itself but it’s not enough.

 

[Coach Beard]

I’m not sure what happened to the old Biden thread but I think the current President is worth discussing.

And right now the news is pretty positive. Inflation seems to be slowing down; perhaps the worst is over. Certainly the Dow Jones seems to think so; it’s on its best trend all year. Unemployment is almost non-existent, gas prices are rapidly falling. Biden does not deserve the bulk of credit for these things (all Presidents get too much blame and credit for the state of the economy.) But it won’t hurt him.

Where Biden deserves credit is his legislative accomplishments, as significant as any President in recent history: the Chips act, the infrastructure bill, the climate change and healthcare package- any one of these by itself is a huge victory.

Where Biden deserves credit is his continued leadership of the free world. Finland and Sweden are now part of NATO thanks largely to Biden’s efforts- he personally got Turkey to remove their reservations. Quite a feat for a guy who is supposed to be senile. And a major defeat for Putin.

I’ve written in the past that Biden has been slightly above average, actually mediocre. There’s a lot he has done that I am quite critical about. But overall I’m going to have to readjust my grade- at this point he’s doing a great job.

I am curious what you and other Presidential history enthusiasts here think of the comparisons of Biden’s legislative accomplishments to LBJ’s. On the surface it seems really generous to Biden to make such a comparison, but considering the level of difficulty in getting any major legislation passed in this era, I might be selling Biden short.

 

[GoBirds]

Who hacked the thread title with misinformation?

 

[jm192]

The inflation rate for July was 8.5, higher than January and February, same as March. The August numbers are supposed to come out tomorrow if I'm not mistaken, but not sure where the idea inflation is better is coming from.