Biden economy looking good but......

[Wildcat Will]

Employers are adding hundreds of thousands of jobs a month, and would hire even more people if they could find them. Consumers are spending, businesses are investing, and wages are rising at their fastest pace in decades.

So naturally, economists are warning of a possible recession. Are you better off today than you were 2 years ago?

 

[concha]

Two quarters of contraction (aka "a recession") and inflation far outpacing wage increases.

Consumers are eating into their savings to keep their heads above water.

Household debt up for the same reason.

But this is your fucking stupid take:

"Biden economy looking good"...

 

What a sell-out. You simply have no ability to feel shame. Atrocious.

 

[FreeBird]

6 minutes ago, Wildcat Will said:

Are you better off today than you were 2 years ago?

 

Fuck no, my bank account was poppin two years ago 

[On2whls]

54 minutes ago, Wildcat Will said:

So naturally, economists are warning of a possible recession. Are you better off today than you were 2 years ago?

Coming into August, at home we set personal high records for the last 3 month period for gasoline, electricity, and groceries despite deliberately trying to economize, which includes a new high efficiency AC unit.  
We don’t get food out as much since that has now gone up so much as well.  Auto insurance and homeowners insurance has gone up sharply in the last two years despite NO claims. 
Add to that CA increasing vehicle registration fees (as the vehicle age) and increased municipal water and trash pickup charges….  Seems like everyone’s in on the grab. 

So no, economically it’s much worse for me than two years ago. But, I’m fortunate that I can weather the increases.  

I feel bad for the less fortunate that are struggling but innCA anyway, the people are getting exactly what they asked for, and then some.
 

 

[FreeBird]

3 minutes ago, On2whls said:

Coming into August, at home we set personal high records for the last 3 month period for gasoline, electricity, and groceries despite deliberately trying to economize, which includes a new high efficiency AC unit.  
We don’t get food out as much since that has now gone up so much as well.  Auto insurance and homeowners insurance has gone up sharply in the last two years despite NO claims. 
Add to that CA increasing vehicle registration fees (as the vehicle age) and increased municipal water and trash pickup charges….  Seems like everyone’s in on the grab. 

So no, economically it’s much worse for me than two years ago. But, I’m fortunate that I can weather the increases.  

I feel bad for the less fortunate that are struggling but innCA anyway, the people are getting exactly what they asked for, and then some.
 

 

Bruuuuuhhh I had 4 work vehicles I was paying for, and no accidents and tickets in 5 years and they doubled every policy for each vehicle, like wtf 

[OldTerrapin]

Fuck no.. The trailers I sell have increased in price 55-60% over the last 2 years. Where a Dump trailer used to be 7999 is now 11,999 and nobody can afford to buy them unless they can get a loan. ain't selling shit. We can't hire anyone either for lot attendant or mechanic because everyone still fat off livin on the government cheese, livin off all the covid unemployment cash they stole  or its to easy to go run CC scams or sell drugs and make a fortune

[Troll]

the dark winter platform some voted for

is right on track...delivering just as promised

and if you believe in inflation

you are a conspiracy theorist,

 

 

 

[concha]

Dumbass thinks things are pretty good.

 

REAL ESTATE

Home sales fell nearly 6% in July as housing market slides into a recession

PUBLISHED THU, AUG 18 202210:00 AM EDTUPDATED 5 HOURS AGO

Diana Olick@IN/DIANAOLICK@DIANAOLICKCNBC@DIANAOLICK

SHAREShare Article via FacebookShare Article via TwitterShare Article via LinkedInShare Article via Email

KEY POINTS

• Sales of previously owned homes fell nearly 6% in July compared with June, according to a monthly report from the National Association of Realtors.
• Sales dropped about 20% from the same month a year ago.
• “In terms of economic impact we are surely in a housing recession because builders are not building,” said Lawrence Yun, chief economist for the Realtors.

 

 

 

[Wildcat Will]

 

Is a recession on the horizon? “Recessions are a natural and inevitable part of the business cycle, and a downturn is likely on the horizon,” says Franz. “That said, I expect the next recession to be a healthy correction that addresses imbalances, not the kind of wipeout investors endured in 2008.”

 

 

In fact, rays of light are breaking through the clouds. Relatively low consumer debt and robust wage growth have provided tailwinds to consumer spending. Although retail sales have moderated since the start of the year, they remain solid, rising 8.2% year over year as of April 30. Likewise, corporate balance sheets are healthy and industrial production is soaring. 

From someone with more knowledge on the subject than myself.

[Troll]

22 minutes ago, Wildcat Will said:

 

In fact, rays of light are breaking through the clouds.  

 

clouds ?

 what clouds ???

Dark winter clouds ?

redefine recession clouds ?

 

[concha]

3 hours ago, Wildcat Will said:

 

Is a recession on the horizon? “Recessions are a natural and inevitable part of the business cycle, and a downturn is likely on the horizon,” says Franz. “That said, I expect the next recession to be a healthy correction that addresses imbalances, not the kind of wipeout investors endured in 2008.”

 

 

In fact, rays of light are breaking through the clouds. Relatively low consumer debt and robust wage growth have provided tailwinds to consumer spending. Although retail sales have moderated since the start of the year, they remain solid, rising 8.2% year over year as of April 30. Likewise, corporate balance sheets are healthy and industrial production is soaring. 

From someone with more knowledge on the subject than myself.

 

1) The recession is here. We have had two straight quarters of contraction.

2) Consumer debt exceeds $16 trillion for the first time ever. 

PRESS RELEASE

Total Household Debt Surpasses $16 trillion in Q2 2022; Mortgage, Auto Loan, and Credit Card Balances Increase

Total non-housing balances see largest nominal increase since 2016

August 02, 2022

NEW YORK – The Federal Reserve Bank of New York's Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The Report shows an increase in total household debt in the second quarter of 2022, increasing by $312 billion (2%) to $16.15 trillion. Balances now stand $2 trillion higher than at the end of 2019, before the COVID-19 pandemic. The report is based on data from the New York Fed's nationally representative Consumer Credit Panel.

Mortgage balances rose by $207 billion in the second quarter of 2022 and stood at $11.39 trillion at the end of June. Credit card balances also increased by $46 billion. Although seasonal patterns typically include an increase in the second quarter, the 13% cumulative increase in credit card balances since Q2 2021 represents the largest in more than 20 years. Auto loan balances increased by a solid $33 billion in the second quarter, while student loan balances were roughly unchanged from the first quarter and stand at $1.59 trillion. Other balances–which includes retail cards and other consumer loans –increased by a robust $25 billion. In total, non-housing balances grew by $103 billion, the largest increase seen since 2016.

3) Real income is down.

Per the Bureau of Labor Statisitcs July report:

Real average hourly earnings decreased 3.0 percent, seasonally adjusted, from July 2021 to July 2022. 
The change in real average hourly earnings combined with a decrease of 0.6 percent in the average 
workweek resulted in a 3.6-percent decrease in real average weekly earnings over this period.

 

 

 

 

[Ga96]

The economy would be a lot better if the CEOs gave a damn. Ill say it until im gone in our economy billionaires shouldn't exist. There are unnecessary strains on the economy. Another problem is the stock market. People put too much into gambling away money and make the stock market too powerful. Hell basically anything with the word market in it is fucked up and messes up the economy.

[concha]

[concha]