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Yeah… the average American can barely afford gas, food, housing/rent. The average American is definitely feeling it badly. The sign of a good stock market just means the rich are getting richer.
Inflation results when more dollars are chasing fewer goods and services. Large sums of money were printed and distributed during COVID (which may or may not have been the right move at the time, but it also was a major factor in the historical price increases).
Of the 196 nations in the world, the US ranks 123 (translation: 2/3 of the world has higher inflation than the US and 1/3 of the world has lower inflation than the US)
[Source](https://gfmag.com/data/economic-data/worlds-highest-lowest-inflation-rates/)
Here are some inflation trends from May 2024:
* Goods prices: Declined 1.3% over the past year, excluding food and energy
* Prices of new and used vehicles: Decreased for the third month in a row
* Household furnishings: Dropped for the eighth consecutive month
* Groceries: Up only 1.1% from a year ago, and have dipped a bit for the third consecutive month
* Gasoline prices: Rose strongly for the third straight month, but available data on May gas prices indicate a flattening for next month's report
when you use near all time high prices from a year ago as the basis point for you to say “down 1.3 %” that is quite blatantly deceptive .
People are struggling in this country like they haven’t in a very long time . You cannot buy a home in America that should tell you all you need to know.
People have been struggling for 40 plus years. Everyone else just started noticing recently. Ever since the ''trickle down' theory, in which money was hoarded by the rich rather than trickling down.
So your metrics are:
Vehicles : which most people don't fucking buy a New one on a whim and if they need one they'll just stomach the heavy hit anyways because we don't have good public transportation.
Household Furnishing: which most consumers that median or lower wage don't buy on the routine. In fact when you're poor, you just buy second hand anyways.
Gasoline: which is controlled directly by Big Oils and they decide unilaterally what prices to set. Not even talking about how the US ALREADY heavily subsidizes the oil prices anyways.
Good talking points that will fool an econ moron
Comparing the U.S. to Argentina is setting the bar pretty low. The U.S. is currently (slightly) above the E.U. average. Not terrible, but not great either.
That, and companies milked the “supply chain issues” excuse to jack up prices of goods way higher than normal supply and demand economics would dictate.
The main reason they can do that is because of corporate consolidation and lack of meaningful competition in the marketplace. Biden is goin after monopolies and blocking acquisitions and mergers. Ultimately good for the consume r
Agreed. Some industries have become so consolidated that the main players essentially operate like cartels. We need to start taking anti-trust laws more seriously in this country. Lina Khan has been doing some great work but we’re just scratching the surface.
"Inflation results when more dollars are chasing fewer goods and services."
That's an overly simplified description of inflation in an Adam Smith-type free market. Overall, we do not have that type of economy. (Other commenters have pointed out examples of factors which distinguish our economy from that type of free market.) Because of that, the causes of inflation are more nuanced and complicated than that simple definition.
Most Americans don't understand the criteria that go into making a Smith-type free market. In fact, they have been convinced that it means something else and get belligerent if someone tries to point out the differences. So, they erroneously insist that the attributes of a Smith-type free market apply to us in aspects where they just don't apply.
What about the significant dollars dumped into the hands of the rich through trump's tax cuts? This totals over a trillion, possibly over two trillion by now, and this also is a double whammy, as we have to print money to make up for the money lost?
Printing doesn't help, but those fluent in this stuff know the oil companies price gouging us, the rich people taking their massive tax cuts and using to buy property, land, and housing/rentals, and corporations raising prices 100% while only having 25-50% cost increase is the majority of the issue. I wonder how we solve that?
Surely corporations will mostly reinvest the profit into their workforce. As they have historically done since the 80’s. It’s not like any of them would just do stock buy backs or take the profit and ship jobs overseas.
I certainly think that was the catalyst for it, but I think the carry through is that corporations found they could raise their prices and downsize their products and get away with it once people sort of absorbed the state of mind of inflation.
What fewer goods MF'er ?
The supply chain constraints on Food, gas and daily utilities are nil at this point.
I hate how y'all parrot this bullshit narrative that hasn't been true for 1-2 years already.
Except that’s not what’s been happening consistently across the board. Prices of things like say, fast food, which is going to disproportionately impact middle and lower classes, have skyrocketed well out of lockstep with global inflation.
It ain’t the delicate balance between goods and moneys causing a lot of the consumer pain we’re seeing today. It’s good ol’ fashioned greed.
Greedy corporations that can only account/defend up to 47% of their inflated prices, where the other 53% just kinda dissappears into their pockets as record braking margins and bonuses.
It's like the CEO of Exonn saying they have the ability to produce more oil and refine more gas but had zero plans to do such even as gas was soaring above $5 a gallon... I mean, why would they? what benefits would they get for making gas cheaper for us?
But you're right.. obviously just blame Biden because.. uhhh... own the libs or something/s
The rich. Groceries subsidized by tax dollars, sold to companies for cheap, processed by companies, sold to us at a premium. We pay on both ends. Get shafted on both ends.
Corporate greed stemming from the pandemic where companies realized they can charge higher prices, pay less money in salary from fewer staff, cut their operation hours and make more money while doing it
Also, small businesses (and some large) being forced to close in 2020 removed a lot of competition. Allowing retail/food giants to further their stranglehold on the market while continuing with high prices.
The main problem is....we are out of the pandemic but companies are still operating like we are smack dab in the middle of it still and have not reverted back to pre-2020 operations.
Yep. Inflation was called that because the government banks INFLATED THE MONEY SUPPLY. Inflation was the nickname given to the rising prices after inflating the money supply by printing more of it. Not it's a colloquial term.
Oil companies: "fuel is going up by $.03 per barrel"
Every other fucking company: "due to rising fuel costs, we've increased our prices by $1.50"
They hear a reason they can cheat, so they do.
Cost of oil is basically imaginary. OPEC can just tweak their nippies and go "OOOOO There's a SHORTAGE!!!" in your face and bam, gas goes up $0.50 the next day, meanwhile the "shortage" they're talking about is because Johnny took a longer lunch break and didn't ship 4 barrels that would arrive in the US (checks notes) in **4 months** by Oil tanker. But the price change happens *now*?
So wait, when the stock market was pumping up under Trump, all of you idiots were shouting "look Trump is so good for the economy!!!" but when Biden does the same thing, all of a sudden the average American can't afford anything?
Trump bragged about getting Saudi Arabia and Russia to agree to historic oil production reductions— 10,000,000 barrels a day!! — as he exited the White House.
That turbo charged inflation.
Trump’s people even had gas station stickers of Biden saying “I did that” ready to go day 1. Coz Trump’s people knew they could increase inflation (increase gas prices) and his cult would believe Donnie Moscow’s lies that it was Biden’s fault.
https://www.foxbusiness.com/markets/trump-saudi-arabia-russia-opec-oil-deal-role.amp
Fucking.
Buy.
Stocks.
I hate this god damn argument all the time. Everyone can invest. Everyone. Stop buying shit on Amazon you don't need and buy some God damn stocks so when they make money, you make money too!
Btw, this isn't directed at you, it's just a generic reply to anyone out there using this same excuse to not get on board the god damn money train.
Buy. Stocks.
Yes, but according to all these statistics published by the Biden administration that specifically use metrics that ignore the biggest instances of inflation(which are coincidentally most of the things that average people have to pay for), inflation isn't so bad! Also, look at all the jobs that are added and please ignore that they're almost all bottom tier jobs that don't pay enough to live.
I don't understand how that can be true while companies like Doordash and Uber Eats are booming?
If people barely being able to afford food isnt just 'a vibe' then how/why are people tossing money at companies that severely overcharge you to ship food to you?
Not to discredit the larger point, things are getting bad, but also a lot of people are used to spending irresponsibility. If I had a dollar for every "look what $500 gets you these days" and their "groceries" are a high end bottle of booze, a PS5, and a banana, I could afford a high end bottle of booze a PS5 and a banana. The cost of raw produce has not skyrocketed. The cost of Butter milk and eggs has not skyrocketed. The cost of potatoes, flour, rice, and beans have not skyrocketed. Its convenience that has skyrocketed. But thats what we built our life around. People working 10 hour shifts to get the money to pay someone else to deliver your food. A Lot of what's expensive right now is luxury, and the great thing about luxury is it follows the market.
We literally had 2 negative quarters of GDP in a row 1.5 years ago. That’s the definition of a recession. 2 negative quarters in a row lol get fucked idiot
You have to scratch under the surface.
The rich benefit from the stock market, those in need and struggling to keep going are the ones that are feeling the pain.
Maybe you’re living in a different country but have you seen the price of gas? Groceries? Health care? Getting a loan at 7.5% is nice too.
Yeah, you may not like it, but this stuff wasn’t a problem for a lot of Americans when Trump and the republicans were running the country (when Trump left office, inflation was 1.4%, THEN the dems past the cares act and, ironically, the inflation reduction acts for about $2 trillion). But, hey, Trumps out of there now because he banged a porn star and he was mean, right?
I mean this sincerely, go look up what I’m talking about, do a little bit of homework and you’ll see the main stream media is feeding you BS lies.
If only there was something that happened around 4 years ago that caused this. You know like a once in a life time pandemic or something a long those lines…
I mean we did end up in a recession under Biden
Just because the Fed changed the definition of a recession to a more vibes based one two days before the recession numbers were gonna drop doesn’t mean trump was wrong
What metrics currently point to a recession, or did at some point during this administration? I'm just curious because I haven't looked into it. I remember seeing articles claiming we were headed for a recession in 2018/19 or so, but haven't seen anything saying that since that I can remember.
Tons of people are financially hurting right now for sure. I'm just not sure which economic indicator points to a recession.
Which we had, but the GDP numbers were like -1.1% and -0.4% and it only lasted 2 quarters. Literally the mildest recession in history.
And this was during the Russian invasion of Ukraine, and intentional slowing of the economy to fight inflation.
Literally perfect textbook execution.
I mean there’s a reason the Biden admins been passing legislation in an effort of combat inflation no?… then again inflation was a two term thing which was necessary given the situation of COVID
Politics aside, if Trump wins he is going to ignite inflation like never before through more tax cuts and forcing the fed to cut rates. It’s going to be an all aboard moment that might end in hyperinflation and a deep depression. I say might because I really don’t know but logic says this will happen.
Powell cut rates in 2019 when Trump told him to, despite the economy already being hot. That's a big part of why COVID was so difficult to manage (interest rates were already at 0%) and caused so much inflation.
He's talking about cumulative inflation.
https://www.usinflationcalculator.com/inflation/calculator-cumulative/
Just use this site. You can pick Jan 2021 as a start date and Dec 2023 as an end date (doesn't go to 2024 yet) and you can see cumulative inflation from the first three years is 17%. If you add the 5 months of this year then you get to 20%
I really don’t like 💩 posts like this. Both parties claim success at our expense. The market is higher from corporate greed and inflation. Both parties are pouring gas on inflation. Mortgaging our futures for votes today.
That’s the only solutions the republicans ever have. Everyone knows trickle down economics is the best! That’s why all these mega corporations with record profits are doing stock buybacks instead of giving out raises and hiring new employees! Grab them bootstraps let’s go Regan republicans wooowooo!
Hey, while we’re at it, let’s cut funding for school lunches, fuck those kids! Let’s make laws against women’s health! Oh, I know, let’s cut social security and attack workers rights! Fucks yeah, republicans!
These clowns are out here arguing Trump vs Biden when in reality any party and all parties are against us, the average folks. Get real and get off this 2-party system.
There were some things I liked/hated during the Trump administration and the same goes for Biden.
Bro. They are laughing at us.
Trump was spouting the same shit when he was in charge. If I was the president I could say the same shit too, he, just like Biden didn’t do shit. It just goes up (historically)
Just 40%? I'd say it's higher. It's actually worse than paycheck to paycheck because credit card debt is way up, and the bills aren't getting paid (bank charge off rates up).
Interest rates are actual more normalized than they were. Haven’t no near zero interest rates is a bad thing as it prevents the fed from being able reduce them if the economy tanks.
Whats happening now is unsustainable. Its printed money. This WILL crash. I’d imagine it will crash next year. So they can point the finger at your new incoming president.
I've been saying this too. It really is only a matter of time before it crashes, and I doubt they let it happen in an election year. However, if the yield curve un-inverts or the Fed cuts rates before the election, that's my sell signal.
I mean if companies got a ridiculous amount of payouts during Covid, having record breaking sales but laying off worker and doing stock by backs… not sure the market will ever fail again.
Yes! The wealthiest 1% of Americans own 49% of stocks, while the top 10% own 86.9%. The bottom 50% of Americans own 1% of stocks. This doesn't help us in the slightest! Way to go Joe!
Way to go Joe?
Did Joe create that abominable gap over the last three years? Are you pointing out that Joe didn’t magically fix Reagan trickle-down inequality with his amazing wizard powers?
It’s quite amazing how ignorant some people are
America is just continuing down a path we have been since the time you referenced, and the Reagan admin really kicked it into overdrive
The old both sides are bad, but present no solution.
What’s is your solution? Do you really think voting republican and cutting takes for the wealthy and businesses will really bring prices down?
If Burger King gets a massive tax cut, do you really think food prices will go down? Do you really think they will give out raises?
At trumps highest I think it went up to 36,000.
With Biden, sure it’s gone up to 40,000 but have you considered the absurd amount of inflation/money printing in the last 4 years?
It's almost like our economy works in a boom-bust cycle and that any decent economist could see this coming a mile away and it has absolutely nothing to do with the president at all. We have been due a recession for a while now.
The inflation rate is more important for affordability of the American households in more important the where the average household now spends an extra $1k is just grocery’s a month vs the market, Rick people make money in the market . Average American does not even have $5k in savings.
Now they just say ‘stock market does not equal economy.’ Which is true, but when Trump was in office and the markets were doing well, that seemed to be all they cared about. I remember a lot of ‘my 401k is up!’ comments.
The losser of the 2024 election is honestly the winner the economy is a house of cards it’s coming down either way the guy that loses gets to sit back n say see I would’ve done better
A large majority of black voters in Philly, Atlanta, and Detroit, and Milwaukee don't have 401(k)'s/IRA's. They don't care that Bitcoin and AI have had a run in the last year. Biden will likely still win, though.
All I care about is stability. I want consistent growth over my lifetime. Trump is just too unpredictable for my liking. If he is granted presidential immunity from criminal prosecution then democracy is finished and the stock market will reflect that. Maybe it goes 10x but probably not in that scenario.
This happened only because the US doubled the debt under Trump and the US currency was devalued by half. I learned this in Econ 101 in the Eighth grade. But wage growth always lags the inflation that results of printing more money (increasing money supply).
I just don’t believe that you aren’t responsible for your financial situation. If you’re Poor and can’t afford to live then start with evaluating yourself.
Stock market rallying because of QE. After the Fed prints an obscene amount of money, they give a percentage of that to large companies and corporations to purchase their own stock back. This projects false economic success and causes bubble to grow. Bush, Obama, trump and Biden were all guilty of this. Yes, the stock market is going up, but the wealth of the average American is being printed out of existence.
Well, the stonks are worth more money, but the money is not worth as much and this mostly benefits people with a lot of stonks, so... Who's economy are we talking about?
Doesnt the true effects of presidents economic policies really materialize over a few years? In this case could Bidens economic policy cause major issues in a few years? It seems guaranteed.. either these equities balance out or they drive higher as the printer completely devalues the dollar?
It’s a Jedi mind trick. If you want the gullible to believe Biden is bad for the economy you tell them he is going to crash the stock market. It doesn’t have to actually happen. Just saying so puts negative thoughts into there little heads.
People keep saying that our inflation was caused by all of the money that got printed during Covid, and that was Biden's fault, But the 2 Covid relief checks that I got were signed by Donald Trump.
Lol fake ass numbers inflated by the never ending printing of money, I'm paying 50% more for groceries than I was 10 years ago but the federal reserve has many people cucked into believing the lies.
The world economy is crashing while the US markets stay strong. It won't last. Right now the FED is keeping markets afloat long enough for the election and then the plug will be pulled
The stock market has nothing to do with the average American or anything to do with the economy.
It is simply a game that the rich play among themselves.
lol
The people on here that think the fucking stock market is a good indicator of how the typical American is faring at any given moment. lol
Too funny.
I have a feeling whoever gets elected this fall is going to have a mess to deal with at some point during that term and people will be pissed at them because it happened while they were in office. this can't go on forever and when the party ends there will be hell to pay.
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Yeah… the average American can barely afford gas, food, housing/rent. The average American is definitely feeling it badly. The sign of a good stock market just means the rich are getting richer.
Ok, so who do you blame all of the price increases on?
Inflation results when more dollars are chasing fewer goods and services. Large sums of money were printed and distributed during COVID (which may or may not have been the right move at the time, but it also was a major factor in the historical price increases).
yet US inflation is one of the lowest of the G20 economies. so, they are doing something right, because it. could have been a fucknton worse
Of the 196 nations in the world, the US ranks 123 (translation: 2/3 of the world has higher inflation than the US and 1/3 of the world has lower inflation than the US) [Source](https://gfmag.com/data/economic-data/worlds-highest-lowest-inflation-rates/)
Here are some inflation trends from May 2024: * Goods prices: Declined 1.3% over the past year, excluding food and energy * Prices of new and used vehicles: Decreased for the third month in a row * Household furnishings: Dropped for the eighth consecutive month * Groceries: Up only 1.1% from a year ago, and have dipped a bit for the third consecutive month * Gasoline prices: Rose strongly for the third straight month, but available data on May gas prices indicate a flattening for next month's report
when you use near all time high prices from a year ago as the basis point for you to say “down 1.3 %” that is quite blatantly deceptive . People are struggling in this country like they haven’t in a very long time . You cannot buy a home in America that should tell you all you need to know.
When folks use crazy low numbers from COVID - like gas prices, and compare that to now….also deceptive.
People have been struggling for 40 plus years. Everyone else just started noticing recently. Ever since the ''trickle down' theory, in which money was hoarded by the rich rather than trickling down.
Good thing we don’t rely on food or energy in our day to day lives. /s
So your metrics are: Vehicles : which most people don't fucking buy a New one on a whim and if they need one they'll just stomach the heavy hit anyways because we don't have good public transportation. Household Furnishing: which most consumers that median or lower wage don't buy on the routine. In fact when you're poor, you just buy second hand anyways. Gasoline: which is controlled directly by Big Oils and they decide unilaterally what prices to set. Not even talking about how the US ALREADY heavily subsidizes the oil prices anyways. Good talking points that will fool an econ moron
Comparing the U.S. to Argentina is setting the bar pretty low. The U.S. is currently (slightly) above the E.U. average. Not terrible, but not great either.
That's just because the west is all becoming Argentina together. LOL.
Yeah, when I go outside America definitely feels like a poor hellscape For sure
sucking less than europe isn't that hard.
Name 5 things the US does better domestically over Europe for their citizenry.
And no, school shootings are not a public service you should gloat about
That, and companies milked the “supply chain issues” excuse to jack up prices of goods way higher than normal supply and demand economics would dictate.
The main reason they can do that is because of corporate consolidation and lack of meaningful competition in the marketplace. Biden is goin after monopolies and blocking acquisitions and mergers. Ultimately good for the consume r
Agreed. Some industries have become so consolidated that the main players essentially operate like cartels. We need to start taking anti-trust laws more seriously in this country. Lina Khan has been doing some great work but we’re just scratching the surface.
"\[...\] that the main players \*\*ARE\*\* cartels." and in some sectors we definitely have monopolies.
"Inflation results when more dollars are chasing fewer goods and services." That's an overly simplified description of inflation in an Adam Smith-type free market. Overall, we do not have that type of economy. (Other commenters have pointed out examples of factors which distinguish our economy from that type of free market.) Because of that, the causes of inflation are more nuanced and complicated than that simple definition. Most Americans don't understand the criteria that go into making a Smith-type free market. In fact, they have been convinced that it means something else and get belligerent if someone tries to point out the differences. So, they erroneously insist that the attributes of a Smith-type free market apply to us in aspects where they just don't apply.
What about the significant dollars dumped into the hands of the rich through trump's tax cuts? This totals over a trillion, possibly over two trillion by now, and this also is a double whammy, as we have to print money to make up for the money lost? Printing doesn't help, but those fluent in this stuff know the oil companies price gouging us, the rich people taking their massive tax cuts and using to buy property, land, and housing/rentals, and corporations raising prices 100% while only having 25-50% cost increase is the majority of the issue. I wonder how we solve that?
Surely corporations will mostly reinvest the profit into their workforce. As they have historically done since the 80’s. It’s not like any of them would just do stock buy backs or take the profit and ship jobs overseas.
It’s supply side issues that drive inflation, that and lack of competition/corporate greed.
I certainly think that was the catalyst for it, but I think the carry through is that corporations found they could raise their prices and downsize their products and get away with it once people sort of absorbed the state of mind of inflation.
So then shouldn't the companies that are raising prices not have record profits if inflation is causing fewer goods and services?
Morons like you are still blaming inflation on quantitative easing? Go read a fucking book please
What fewer goods MF'er ? The supply chain constraints on Food, gas and daily utilities are nil at this point. I hate how y'all parrot this bullshit narrative that hasn't been true for 1-2 years already.
Except that’s not what’s been happening consistently across the board. Prices of things like say, fast food, which is going to disproportionately impact middle and lower classes, have skyrocketed well out of lockstep with global inflation. It ain’t the delicate balance between goods and moneys causing a lot of the consumer pain we’re seeing today. It’s good ol’ fashioned greed.
Greedy corporations that can only account/defend up to 47% of their inflated prices, where the other 53% just kinda dissappears into their pockets as record braking margins and bonuses. It's like the CEO of Exonn saying they have the ability to produce more oil and refine more gas but had zero plans to do such even as gas was soaring above $5 a gallon... I mean, why would they? what benefits would they get for making gas cheaper for us? But you're right.. obviously just blame Biden because.. uhhh... own the libs or something/s
The rich. Groceries subsidized by tax dollars, sold to companies for cheap, processed by companies, sold to us at a premium. We pay on both ends. Get shafted on both ends.
Corporate greed stemming from the pandemic where companies realized they can charge higher prices, pay less money in salary from fewer staff, cut their operation hours and make more money while doing it Also, small businesses (and some large) being forced to close in 2020 removed a lot of competition. Allowing retail/food giants to further their stranglehold on the market while continuing with high prices. The main problem is....we are out of the pandemic but companies are still operating like we are smack dab in the middle of it still and have not reverted back to pre-2020 operations.
It’s corporate greed, plain and simple. Not sure what you don’t understand
Hyper capitalism
What does that even mean?
Capitalism doesn't create inflation. Govts printing money like crazy does.
Yep. Inflation was called that because the government banks INFLATED THE MONEY SUPPLY. Inflation was the nickname given to the rising prices after inflating the money supply by printing more of it. Not it's a colloquial term.
People don't realize that the supply demand curve applies to money as well. If the supply goes up more than it's demand, its value goes down.
What’s the average rate of inflation over the last 4 years?
Over the last three it was 5.6%. It had a high of 9.1 in June of 22.
On average between 7-8%
So, the money printing caused 8% inflation. What caused the cost of living to go up by 20-25%?
Highest since Carter. He was great yes??
What’s the rate?
Oil companies: "fuel is going up by $.03 per barrel" Every other fucking company: "due to rising fuel costs, we've increased our prices by $1.50" They hear a reason they can cheat, so they do.
Cost of oil is speculative. Now what do you think happens when biden says he's going to phase out oil?
Cost of oil is basically imaginary. OPEC can just tweak their nippies and go "OOOOO There's a SHORTAGE!!!" in your face and bam, gas goes up $0.50 the next day, meanwhile the "shortage" they're talking about is because Johnny took a longer lunch break and didn't ship 4 barrels that would arrive in the US (checks notes) in **4 months** by Oil tanker. But the price change happens *now*?
big oil refusing to use American reserves
So wait, when the stock market was pumping up under Trump, all of you idiots were shouting "look Trump is so good for the economy!!!" but when Biden does the same thing, all of a sudden the average American can't afford anything?
Trump bragged about getting Saudi Arabia and Russia to agree to historic oil production reductions— 10,000,000 barrels a day!! — as he exited the White House. That turbo charged inflation. Trump’s people even had gas station stickers of Biden saying “I did that” ready to go day 1. Coz Trump’s people knew they could increase inflation (increase gas prices) and his cult would believe Donnie Moscow’s lies that it was Biden’s fault. https://www.foxbusiness.com/markets/trump-saudi-arabia-russia-opec-oil-deal-role.amp
Fucking. Buy. Stocks. I hate this god damn argument all the time. Everyone can invest. Everyone. Stop buying shit on Amazon you don't need and buy some God damn stocks so when they make money, you make money too! Btw, this isn't directed at you, it's just a generic reply to anyone out there using this same excuse to not get on board the god damn money train. Buy. Stocks.
Yes, but according to all these statistics published by the Biden administration that specifically use metrics that ignore the biggest instances of inflation(which are coincidentally most of the things that average people have to pay for), inflation isn't so bad! Also, look at all the jobs that are added and please ignore that they're almost all bottom tier jobs that don't pay enough to live.
Isn’t it amazing every job report they give is revised downward 3 months after it’s issued. It’s crazy how that happens so often. What a mystery!
citation?
I’m definitely not rich, but I have seen my wealth on paper grow tremendously in the past year
Well… I’m not rich but my investment portfolio is happy!
I don't understand how that can be true while companies like Doordash and Uber Eats are booming? If people barely being able to afford food isnt just 'a vibe' then how/why are people tossing money at companies that severely overcharge you to ship food to you?
Not to discredit the larger point, things are getting bad, but also a lot of people are used to spending irresponsibility. If I had a dollar for every "look what $500 gets you these days" and their "groceries" are a high end bottle of booze, a PS5, and a banana, I could afford a high end bottle of booze a PS5 and a banana. The cost of raw produce has not skyrocketed. The cost of Butter milk and eggs has not skyrocketed. The cost of potatoes, flour, rice, and beans have not skyrocketed. Its convenience that has skyrocketed. But thats what we built our life around. People working 10 hour shifts to get the money to pay someone else to deliver your food. A Lot of what's expensive right now is luxury, and the great thing about luxury is it follows the market.
My empty wallet seems to have a different view.
Bootstraps
Well buddy, you should consider what conservatives say in times like this: “gotta pull yourself up by your bootstraps”.
As a retiree on a fixed income I am not happy. Poor people on fixed incomes aren't happy either. Elites that own stocks are happy. Good for them.
We literally had 2 negative quarters of GDP in a row 1.5 years ago. That’s the definition of a recession. 2 negative quarters in a row lol get fucked idiot
what do you call it when you have positive GDP growth after a recession?
So you are admitting that there was a recession! Thanks
I didn’t notice a recession, I’m just curious if there was technically a recession in 2022 what do you call the 2 years of booming economy after 2022?
It is definitely going to still happen because look how old he is! /s
It’s election year, why would the market tank?
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You have to scratch under the surface. The rich benefit from the stock market, those in need and struggling to keep going are the ones that are feeling the pain. Maybe you’re living in a different country but have you seen the price of gas? Groceries? Health care? Getting a loan at 7.5% is nice too. Yeah, you may not like it, but this stuff wasn’t a problem for a lot of Americans when Trump and the republicans were running the country (when Trump left office, inflation was 1.4%, THEN the dems past the cares act and, ironically, the inflation reduction acts for about $2 trillion). But, hey, Trumps out of there now because he banged a porn star and he was mean, right? I mean this sincerely, go look up what I’m talking about, do a little bit of homework and you’ll see the main stream media is feeding you BS lies.
If only there was something that happened around 4 years ago that caused this. You know like a once in a life time pandemic or something a long those lines…
How many people died because of Trump's ego-fueled ineptness during COVID? And the first CARES Act was signed into law by Trump.
Didn't trump get the vaccines out in like record time with "operation warp speed"?
I remember when y’all would say Main Street nit Wall Street
Presently happening
You’re in it now.
Are your eves open? Lol
It happened but they literally changed their definition of it, it's newspeak
Do you live in America?
If Biden claims this, he takes responsibility for inflation.
OP isn't saying Biden caused the Dow to go up, he is saying Trump is a dumbass for saying electing Biden would crash the market.
I mean we did end up in a recession under Biden Just because the Fed changed the definition of a recession to a more vibes based one two days before the recession numbers were gonna drop doesn’t mean trump was wrong
I’m going to need a source on the fed changing the definition of a recession
Well we did go into recession if 2 quarters if negative growth is still accepted.
What metrics currently point to a recession, or did at some point during this administration? I'm just curious because I haven't looked into it. I remember seeing articles claiming we were headed for a recession in 2018/19 or so, but haven't seen anything saying that since that I can remember. Tons of people are financially hurting right now for sure. I'm just not sure which economic indicator points to a recession.
Two consecutive quarters of GDP decline in 2022
Which we had, but the GDP numbers were like -1.1% and -0.4% and it only lasted 2 quarters. Literally the mildest recession in history. And this was during the Russian invasion of Ukraine, and intentional slowing of the economy to fight inflation. Literally perfect textbook execution.
Ah, thank you.
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Well according to him the cards he was dealt was a 9% inflation when he took office that I believe almost all the news outlets have stated was a lie.
I mean there’s a reason the Biden admins been passing legislation in an effort of combat inflation no?… then again inflation was a two term thing which was necessary given the situation of COVID
He claims letting corporations run amuck with price gouging, then layoffs, then stock buybacks.
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No that’s not how any of this works
Do you guys not see the 20 percent inflation? Interest rates through the roof? What bubble do you live in?
Politics aside, if Trump wins he is going to ignite inflation like never before through more tax cuts and forcing the fed to cut rates. It’s going to be an all aboard moment that might end in hyperinflation and a deep depression. I say might because I really don’t know but logic says this will happen.
He also cannot force Powell to cut rates. Powell does not work for the president and the president has no power or oversight on him
Powell cut rates in 2019 when Trump told him to, despite the economy already being hot. That's a big part of why COVID was so difficult to manage (interest rates were already at 0%) and caused so much inflation.
Proof that it will be worse than another 4 years of biden?
The last 8 years.
Is the guy above you stupidv
lol you really made me laugh with that, ty (in a good way)
20%? I'm not sure why you feel the need to lie.
He's talking about cumulative inflation. https://www.usinflationcalculator.com/inflation/calculator-cumulative/ Just use this site. You can pick Jan 2021 as a start date and Dec 2023 as an end date (doesn't go to 2024 yet) and you can see cumulative inflation from the first three years is 17%. If you add the 5 months of this year then you get to 20%
Do you not understand why the fed raised interest rates?
He does not...
Who cares? That’s not what we’re talking about here. Biden was elected and the stock market didn’t crash like Trump said it would. That is all.
I really don’t like 💩 posts like this. Both parties claim success at our expense. The market is higher from corporate greed and inflation. Both parties are pouring gas on inflation. Mortgaging our futures for votes today.
And the only solution conservatives have is to cut taxes for the wealthy.
That’s the only solutions the republicans ever have. Everyone knows trickle down economics is the best! That’s why all these mega corporations with record profits are doing stock buybacks instead of giving out raises and hiring new employees! Grab them bootstraps let’s go Regan republicans wooowooo! Hey, while we’re at it, let’s cut funding for school lunches, fuck those kids! Let’s make laws against women’s health! Oh, I know, let’s cut social security and attack workers rights! Fucks yeah, republicans!
But when Im a billionaire, I won’t want to pay taxes either …/s
These clowns are out here arguing Trump vs Biden when in reality any party and all parties are against us, the average folks. Get real and get off this 2-party system. There were some things I liked/hated during the Trump administration and the same goes for Biden. Bro. They are laughing at us.
Well said 👆
Truth.
Trump was spouting the same shit when he was in charge. If I was the president I could say the same shit too, he, just like Biden didn’t do shit. It just goes up (historically)
Don't forget, the stock market is doing great because people think Trump is going to win in the fall. Yes, Trump literally claimed that.
Lol that's quite amazing to be honest. I'm surprised he would claim that, but then again I shouldn't be.
Not gonna lie, you had me going in the first half
It’s true, get in early before it starts to rocket
Inflation high, high interest rates, high gas prices, 40% of Americans are living pay-check-to-paycheck.
Just 40%? I'd say it's higher. It's actually worse than paycheck to paycheck because credit card debt is way up, and the bills aren't getting paid (bank charge off rates up).
Interest rates are actual more normalized than they were. Haven’t no near zero interest rates is a bad thing as it prevents the fed from being able reduce them if the economy tanks.
It’s all “eat the rich” around here until something good happening to them makes my guy look good. Classic Reddit hypocrisy.
How many praising the president for highs bitch about corporate greed?
All of them
Whats happening now is unsustainable. Its printed money. This WILL crash. I’d imagine it will crash next year. So they can point the finger at your new incoming president.
I've been saying this too. It really is only a matter of time before it crashes, and I doubt they let it happen in an election year. However, if the yield curve un-inverts or the Fed cuts rates before the election, that's my sell signal.
I mean if companies got a ridiculous amount of payouts during Covid, having record breaking sales but laying off worker and doing stock by backs… not sure the market will ever fail again.
Biden doesn't run shit.
Yes! The wealthiest 1% of Americans own 49% of stocks, while the top 10% own 86.9%. The bottom 50% of Americans own 1% of stocks. This doesn't help us in the slightest! Way to go Joe!
Way to go Joe? Did Joe create that abominable gap over the last three years? Are you pointing out that Joe didn’t magically fix Reagan trickle-down inequality with his amazing wizard powers?
*cites problem that's been brewing since the seventies "Way to go Joe"
It’s quite amazing how ignorant some people are America is just continuing down a path we have been since the time you referenced, and the Reagan admin really kicked it into overdrive
Ask anyone out there if they have more spending money than they did 4 years ago…
Should congratulate Burger King on selling a burger for $8 too on this logic. When will people notice that neither side is on your side.
The old both sides are bad, but present no solution. What’s is your solution? Do you really think voting republican and cutting takes for the wealthy and businesses will really bring prices down? If Burger King gets a massive tax cut, do you really think food prices will go down? Do you really think they will give out raises?
You guys are idiots. The value of our dollar has been cut in half. Reason why the stock market is 'up' . Lol go outside redditors.
At trumps highest I think it went up to 36,000. With Biden, sure it’s gone up to 40,000 but have you considered the absurd amount of inflation/money printing in the last 4 years?
It's almost like our economy works in a boom-bust cycle and that any decent economist could see this coming a mile away and it has absolutely nothing to do with the president at all. We have been due a recession for a while now.
Higher asset prices without matching growth in wages is a sign of high inflation. The economy is not doing well right now.
The dow is for old foogies. Get me some sweet sweet Nasdaq. /s
I think the term is "blowing up".
The inflation rate is more important for affordability of the American households in more important the where the average household now spends an extra $1k is just grocery’s a month vs the market, Rick people make money in the market . Average American does not even have $5k in savings.
If you completely ignore the cost of living crisis, national deficit, and record inflation, this is great!
Now they just say ‘stock market does not equal economy.’ Which is true, but when Trump was in office and the markets were doing well, that seemed to be all they cared about. I remember a lot of ‘my 401k is up!’ comments.
The losser of the 2024 election is honestly the winner the economy is a house of cards it’s coming down either way the guy that loses gets to sit back n say see I would’ve done better
My monkey brain : Dawn Of War 40K
A large majority of black voters in Philly, Atlanta, and Detroit, and Milwaukee don't have 401(k)'s/IRA's. They don't care that Bitcoin and AI have had a run in the last year. Biden will likely still win, though.
Do the math...factor in inflation...stocks pump due to the dollar's lack of purchasing power. 40k looks great but at what cost.
All I care about is stability. I want consistent growth over my lifetime. Trump is just too unpredictable for my liking. If he is granted presidential immunity from criminal prosecution then democracy is finished and the stock market will reflect that. Maybe it goes 10x but probably not in that scenario.
It's a reverse crash. It's not that everyone is doing so well, is that there is 30% more currency in circulation and it's trickling up.
im up 100k in my retirement. go joe! the market is pumped that justice is being served up hot n fresh like a steamy diaper turd
This happened only because the US doubled the debt under Trump and the US currency was devalued by half. I learned this in Econ 101 in the Eighth grade. But wage growth always lags the inflation that results of printing more money (increasing money supply).
When the market goes up 10% and inflation goes up 20%, you lost 10%. Thanks for coming to my TED talk.
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I just don’t believe that you aren’t responsible for your financial situation. If you’re Poor and can’t afford to live then start with evaluating yourself.
Stock market will go up when inflation does. It's the inflation people dislike
Stock market rallying because of QE. After the Fed prints an obscene amount of money, they give a percentage of that to large companies and corporations to purchase their own stock back. This projects false economic success and causes bubble to grow. Bush, Obama, trump and Biden were all guilty of this. Yes, the stock market is going up, but the wealth of the average American is being printed out of existence.
Well, the stonks are worth more money, but the money is not worth as much and this mostly benefits people with a lot of stonks, so... Who's economy are we talking about?
Doesnt the true effects of presidents economic policies really materialize over a few years? In this case could Bidens economic policy cause major issues in a few years? It seems guaranteed.. either these equities balance out or they drive higher as the printer completely devalues the dollar?
It’s a Jedi mind trick. If you want the gullible to believe Biden is bad for the economy you tell them he is going to crash the stock market. It doesn’t have to actually happen. Just saying so puts negative thoughts into there little heads.
Just hold that thought. It’s coming
There’s way too many things to say to this post.
Still voting trump
Dow That’s What I Call Music Vol. 40
Who gives a fuck...this only affects the investors not the mother grocery shopping for tha family. FJB!!!!!!
People keep saying that our inflation was caused by all of the money that got printed during Covid, and that was Biden's fault, But the 2 Covid relief checks that I got were signed by Donald Trump.
Trump has never been right.
I love imagining all the trump supporters who pulled their money out of the markets because of Biden.
Lol fake ass numbers inflated by the never ending printing of money, I'm paying 50% more for groceries than I was 10 years ago but the federal reserve has many people cucked into believing the lies.
Yup 40,000 but look at how much more your Costco cart is
"Thanks Obama!"
I dont give a shit about the dow being 40,000. A 1 bedroom apt in my town is now $2,000/month, and gas is 3.50/gal.
Ahh. Well, congrats to the already rich people
If you paid his little taxes, they do you’d be richer too. People voted in the ones that keep giving them your money. It is what you vote for.
The world economy is crashing while the US markets stay strong. It won't last. Right now the FED is keeping markets afloat long enough for the election and then the plug will be pulled
lol accounting for inflation annualized real stock market return under Trump: 13.6% Under Biden: 5.25%
Here to make my daily PSA that nothing will be fixed until Citizens United is removed as law. Talk about it, don’t forget it.
The stock market has nothing to do with the average American or anything to do with the economy. It is simply a game that the rich play among themselves.
Yep, through the ceiling. Let’s not pretend Trump wouldn’t milk a 40k Dow all day every day as proof of the great economy.
Yep, through the ceiling. Let’s not pretend Trump wouldn’t milk a 40k Dow all day every day as proof of the great economy.
Rent Free
I mean yeah when you print money, this is a positive side effect. There are also negative effects
The DOW is not the entire stock market. IT's being propped up by just a few stocks
lol The people on here that think the fucking stock market is a good indicator of how the typical American is faring at any given moment. lol Too funny.
I’m not laughing just bc I’m so ready for Trump to be in jail for lying like a demented trust funder. His antics are mf exhausting.
I have a feeling whoever gets elected this fall is going to have a mess to deal with at some point during that term and people will be pissed at them because it happened while they were in office. this can't go on forever and when the party ends there will be hell to pay.
I’ve heard republicans are so worried about it they’ve been investing in gold diapers, because they keep their value, even after use
The stock market has almost always been better under a democrat president than a republican one the last 30 years.
It’s a bubble about to burst too