they have probably also seen substantial increases in wages and job opportunities during the past few years, but we never hear about that part.
Dark Brandon’s Policies Pt V
- Thread starter 92tide
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Yeah, I see lots of talk about jobs and growth in the news, but most people I know are pulling back their spending as there's less excess to spread around than there was a few years ago.
This isn't a direct indictment on Biden - the massive spending and shutdowns came at a delayed cost, and that bill is coming due. It's unavoidable now.
i also think there are a lot of folks are seeing the downside of spending a lot of money on lifestyle items
The underlying statement being that politics in the South is not serving Southerners well.
seems like lbj was on to something
“If you can convince the lowest white man he's better than the best colored man, he won't notice you're picking his pocket. Hell, give him somebody to look down on, and he'll empty his pockets for you.”
― Lyndon B. Johnson
Yeah i get it, but again rates were in the low 2's at one point. They literally weren't going to go lower. I got in at 2.75% fixed. Based on conventional wisdom I would have needed to wait until it dropped to 1.75% to re-fi again. They were just never going that low on a 30yr. I wonder how many of those people went off and bought a new car when everything was over MSRP? Or paid astronomical prices for home renos?
I do get that things are expensive now. I mostly notice it on food, but TBH probably should track a budget better. Those $9.99/lb ribeyes I'd get at Publix pre pandemic are now double. Veggies and milk are way more expensive as well. It seems like fast food places have increased prices more than nicer restaurants, but maybe those examples are just more noticeable. A chicken biscuit at Chick-Fil-A cost what an entire breakfast combo used to cost. Want to get a burger and fries at Five guys it will cost you $20.
Something else I have notice is travel/vacationing is crazy high. Flights and vacation rentals are 30-40% higher than pre-pandemic.
Since this is more a less a state of the economy thread, I'll put these here.
https://www.cnn.com/2023/08/08/economy/401k-hardship-withdrawals/index.html
It's analogous to the conversation my brothers and I had several years ago when they were in financial difficulty. They are personal trainers and own a boutique gym business. A problem is that the facility they rented was far too big, which meant they paid way too much in rent. Their business is also more seasonal, as most of their clients visit the area in the Winter - Spring Months.
Bodhi's proposed solution: spend less, earn more. They took my advice (eventually) and downsized their gym space instead of renting space that they never used. Rent cost went way down. They stopped using credit cards and eventually paid off that bad debt. They also picked up other jobs (house sitting for their clients when they were out of town for half the year, pet sitting, etc.) during their slow season. Their income went way up. They've turned around their financial fortunes.
The analogous government solution: get another credit card. Just keep deficit spending and kicking the can down the road and let it be another administration's and another generation's problem. Happens administration after administration. That's a constant. Another constant is that the tribal fan boys will look at the increasing deficits and claim the short term economic benefit is a successful government policy.
https://www.cnn.com/2023/08/08/economy/401k-hardship-withdrawals/index.html
https://www.cnn.com/2023/08/08/economy/us-household-credit-card-debt/index.html
It would be nice if the government would stop fighting inflation with policies that cause more inflation.
It's analogous to the conversation my brothers and I had several years ago when they were in financial difficulty. They are personal trainers and own a boutique gym business. A problem is that the facility they rented was far too big, which meant they paid way too much in rent. Their business is also more seasonal, as most of their clients visit the area in the Winter - Spring Months.
Bodhi's proposed solution: spend less, earn more. They took my advice (eventually) and downsized their gym space instead of renting space that they never used. Rent cost went way down. They stopped using credit cards and eventually paid off that bad debt. They also picked up other jobs (house sitting for their clients when they were out of town for half the year, pet sitting, etc.) during their slow season. Their income went way up. They've turned around their financial fortunes.
The analogous government solution: get another credit card. Just keep deficit spending and kicking the can down the road and let it be another administration's and another generation's problem. Happens administration after administration. That's a constant. Another constant is that the tribal fan boys will look at the increasing deficits and claim the short term economic benefit is a successful government policy.
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Saw an article today the CBO released it national debt projection in 10 years = $50 trillion
Let that sink in...
We front loaded a 100yrs of inflation with covid stimulus...
Let that sink in...
We front loaded a 100yrs of inflation with covid stimulus...
It's official! Biden Designates Baaj Nwaavjo I’tah Kukveni–Ancestral Footprints of the Grand Canyon National Monument. He'll sign the proclamation at Red Butte, conserving ~1M acres of greater Grand Canyon lands sacred to Indigenous peoples. #KeepItGrand
/cloudfront-us-east-2.images.arcpublishing.com/reuters/NQY6BYY3LRLQPDWJ4ARGD2SQVY.jpg)
US set to unveil long-awaited crackdown on real estate money laundering
The U.S. Treasury Department will soon propose a rule that would effectively end anonymous luxury-home purchases, closing a loophole that the agency says allows corrupt oligarchs, terrorists and other criminals to hide ill-gotten gains.
www.reuters.com
Biden admits ‘I wish I hadn’t called’ spending bill Inflation Reduction Act
“I wish I hadn’t called it that because it has less to do with inflation than it has to do with providing alternatives that generate economic growth,” Biden said.
nypost.com
Green investment boom and electric car sales: six key things about Biden’s climate bill
The $369bn Inflation Reduction Act has boosted clean energy and EV cars, but the politics remain difficult
www.theguardian.com
Yeah - there is NO DOUBT shipping/transportation costs have dropped drastically since Covid, and those were given as major contributors to the rising costs of food, clothing etc.
Let me know when you see the costs of these items drop at the register, in accordance with the drop in transportation costs.
I’d like hear the doublespeak gobblydgoop coming from retailers explaining why this isn’t happening. On second thought, I already know.
Apparently we have entered the Soylent phase of the economy where we have monopolies on all major suppliers/industries and there is no real competition to keep prices in check.
A year after Democrats passed their sweeping $750 billion climate and health care law, it’s leading to a surge of clean energy projects and job creation, according to a recent Bank of America report.
More than 270 new clean energy projects have been announced since the passage of the Inflation Reduction Act (IRA), with private investments totaling $132 billion, according to the report. These investments are expected to be accompanied by more than 86,000 jobs, including 50,000 jobs related to electric vehicles.
The Inflation Reduction Act “is not only working to strengthen supply chains but also to boost domestic manufacturing and create new jobs,” Bank of America said in the report.
If things remain (relatively) the same 6-9 months from now economy- wise, Repugs will reveal how they practice brainwashing by repeating the same falsehoods over and over, knowing they’re lying, but they have crowed for years about the fiscal irresponsibility of the Dumbs while they themselves have become the poster children for it, hoping no one will notice if they just.keep.lying.
I remember when I was very young and i questioned comments made by a local politician (who eventually went to jail) and was told “all politicians lie.” I can say that I’ve never, in my life, found it “OK” or acceptable, and I never understood why others do.
I remember when I was very young and i questioned comments made by a local politician (who eventually went to jail) and was told “all politicians lie.” I can say that I’ve never, in my life, found it “OK” or acceptable, and I never understood why others do.
Over 800,000 student-loan borrowers are set to start seeing their debt wiped out following income-driven repayment reforms
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I wish they would send me a check for all I paid when I was scraping by. too late now. all is paid off.
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