Why inflation may be worse than you think it is

[DirtyDishSoap]

Itll look funny in the history books a hundred years from now

[GaryDenton]

lokisgal - someone with some common sense and brains pops up.

so you all want a dictator for life in office? smh and is amazed at how deep the rabbit hole is

We have people here who think they have all the answers, go back and look a year ago at what all the Republicans and conservatives were saying about Biden and the economy and inflation. They still refuse to acknowledge how they were wrong and are still wrong.

And Trump openly admits he wants unlimited power and no accountability and Heritage especially is spending millions to prepare for that. See Project 2025 and Agenda 47.

These plans are unhinged and would destroy the democratic-republican state in favor of fascism - there is no other word for the changes planned.

Trump has been releasing policy papers and videos on what he calls “Agenda 47” for months, and he and his advisers are openly bragging about their radical plans for a second term. Some of the worst elements of Trump’s first-term agenda were thwarted by scrupulous government officials, legal challenges, and the Trump team’s general ineptitude. But the former president and his well-funded allies in the conservative movement are already working to make sure they’ll be more successful if he winds up back in the White House.

Hours after he was indicted on 37 criminal counts for allegedly mishandling classified documents in July, Trump took to Truth Social to announce his plan to appoint a special prosecutor to go after Joe Biden and the “entire Biden crime family.”

In private, Trump has told advisers and friends in recent months that he wants the Justice Department to investigate onetime officials and allies who have become critical of his time in office, including his former chief of staff, John F. Kelly, and former attorney general William P. Barr, as well as his ex-attorney Ty Cobb and former Joint Chiefs of Staff chairman Gen. Mark A. Milley, according to people who have talked to him, who, like others, spoke on the condition of anonymity to describe private conversations. Trump has also talked of prosecuting officials at the FBI and Justice Department, a person familiar with the matter said.

John Kelly, a former Trump White House chief of staff, told the paper that he fully expects Trump to target him if reelected, as he’d frequently suggest using the DOJ to persecute his enemies in his first term. “There is no question in my mind he is going to go after people that have turned on him,” he said.

And recently Trump and his lawyers claim all presidents, but Trump especially, are above the law and cannot be prosecuted for any illegal act they do as president, including sending SEAL TEAM 6 after political opponents, unless they are impeached first.

Donald Trump appeared to endorse the idea that he should have immunity from ordering the assassination of political opponents, which was put forward by his lawyers earlier this week.

During arguments in a Washington DC courtroom on Tuesday, Trump attorney D John Sauer, was questioned on whether, hypothetically, a president could order the killing of a rival by the US military and be immune from any legal consequences.

Mr Saur said that prosecution would only be allowed following impeachment and a conviction by the Senate.

https://www.independent.co.uk/news/world/americas/us-politics/donald-trump-immunity-assassination-opponents-b2477378.html

https://nymag.com/intelligencer/article/trumps-second-term-agenda.html

[Votanic]

Itll look funny in the history books a hundred years from now

A hundred years from now?? That will be after the AI Singularity.
At that point, the concept of funny* will only exist as a machine-program simulation.

*And this is regardless of whether either funny-humorous or funny-peculiar was intended. Basically, 'same diff'.

[pmac666]

so you all want a dictator for life in office? smh and is amazed at how deep the rabbit hole is

I hate Trump as much as anyone, but even I'm not worried that he'd have any chance to be dictator for life. He doesn't have any real policy agenda, just wants his ego fed.

Think it would be quite possible with his fast food diet and his mental state in heavy decline. Doubt he will make it far past 80.
But its a moot point anyways, he has a snowballs chance in hell to get elected.
He needs to win over a good chunk of voters and i dont see who that should be. All the ppl who like that dictator stuff, the insurrection and the Hitler rhetoric are already voting for him.....
And i dont see dems getting tired of voting against him. The good economy makes that much easier too.

[DirtyDishSoap]

Itll look funny in the history books a hundred years from now

A hundred years from now?? That will be after the AI Singularity.
At that point, the concept of funny* will only exist as a machine-program simulation.

*And this is regardless of whether either funny-humorous or funny-peculiar was intended. Basically, 'same diff'.

From the moment I understood the weakness of my flesh, it disgusted me. I craved the strength and certainty of steel. I aspired to the purity of the Blessed Machine. Your kind cling to your flesh, as though it will not decay and fail you. One day the crude biomass you call the temple will wither, and you will beg my kind to save you. But I am already saved, for the Machine is immortal… Even in death I serve the Omnissiah

[bigtoughralf]

He's not the Omnissiah, he's a very naughty boy.

[mookiemcgee]

Itll look funny in the history books a hundred years from now

A hundred years from now?? That will be after the AI Singularity.
At that point, the concept of funny* will only exist as a machine-program simulation.

*And this is regardless of whether either funny-humorous or funny-peculiar was intended. Basically, 'same diff'.

From the moment I understood the weakness of my flesh, it disgusted me. I craved the strength and certainty of steel. I aspired to the purity of the Blessed Machine. Your kind cling to your flesh, as though it will not decay and fail you. One day the crude biomass you call the temple will wither, and you will beg my kind to save you. But I am already saved, for the Machine is immortal… Even in death I serve the Omnissiah

I rate this post 40,000 out of 40,000

[mookiemcgee]

And MORE on the US Economy:

show

https://www.heritage.org/budget-and-spending/heritage-explains/the-truth-about-joe-bidens-economy

https://www.rightwingwatch.org/post/her ... -trumpism/


The Heritage Foundation, the massive and increasingly MAGA-minded think tank at the center of the right-wing political infrastructure in the U.S., hauled in more money last year than ever before. The right-wing Washington Times reported Thursday that Heritage raised more than $150 million in 2023.

As Right Wing Watch has reported, Heritage is leading Project 2025, a massive coalition of right-wing and MAGA movement organizations that are planning to ‘take the reins of government’ after—they hope—Trump or another like-minded Republican gets elected president this year. They have a 900-page battle plan for purging the civil service, weakening federal agencies’ ability to regulate corporations and protect Americans, and give (presumably) Trump dictatorial powers to indulge his authoritarian fantasies and turn the FBI and Justice Department into weapons of personal revenge against his political opponents.

Jusplays idea of trustworthy source is an discussion between two like minded maga talking heads who work for a conservative think tank that wants to enable Trump and they have a 900 page plan and 150m in new funding to do it.

[mookiemcgee]

https://www.reuters.com/markets/us/us-j ... 024-02-02/

U.S. job growth accelerated in January and wages increased by the most in nearly two years, signs of persistent strength in the labor market that could make it difficult for the Federal Reserve to start cutting interest rates in May as currently envisaged by financial markets.
The closely watched employment report from the Labor Department on Friday also showed the unemployment rate at 3.7% last month, remaining below 4% for two consecutive years, the longest such stretch in more than 50 years. More jobs were created in 2023 than previously estimated. January's blowout job count and large wage gains dashed prospects of a rate cut next month.


inb4 Jusplay claims reality of the economy doesn't matter, only what he perceives as reality matters

[jusplay4fun]

Note how important this issue is to the election this November of Biden vs. Trump.

This topic has been ignored for too long. NOTE the US Economy is not doing as well as Democrats want to ALLEGE and inflation is not doing that well, as the Dems want to peddle. Many voters, when buying groceries, gasoline, or paying bills, do not see things going well, despite what Democrats claim.

As the United States prepares for a deeply polarized election, perception matters. Throughout 2023 polls showed inflation as being voters' biggest economic concern. Similarly, President Biden receives lower support for his handling of the economy than of other policy areas.

The United States has just experienced one of the biggest collapses in consumer inflation in modern history. In June 2022 consumer prices had risen 9.1 percent over the previous year. By December 2023 the rate of increase had slowed to 3.4 percent. And yet, in survey after survey, voters still declare inflation to be at or near the top of their list of concerns.

Why aren’t voters recognizing the decline in the inflation rate? (...)

Unfortunately for the Biden administration, however, food prices are still rising — a fact evident at every supermarket checkout. Less than a tenth of an average household’s budget is spent at the supermarket, but the prices paid there dominate the inflation perception of the consumer. The result is that consumers perceive inflation as higher than it actually is.

This is not an uniquely American phenomenon.

https://www.nytimes.com/2024/01/18/opinion/inflation-rate-election-voters.html#:~:text=As%20the%20United%20States%20prepares,than%20of%20other%20policy%20areas.

and more:

Services Inflation in the United States decreased to 4.94 percent in January from 4.95 percent in December of 2023. In the United States services inflation accounts for 57% of a consumer price index.

https://tradingeconomics.com/united-states/services-inflation#:~:text=Services%20Inflation%20in%20the%20United%20States%20decreased%20to%204.94%20percent,percent%20in%20December%20of%202023.&text=In%20the%20United%20States%20services,of%20a%20consumer%20price%20index.

[mookiemcgee]

unDEr tRuMp tHe eConOmY wAs sO mUCh BeTTer

[jusplay4fun]

Misleading, Mookie, and you KNOW it. The COVID shut down (early 2020) had something to do with those stats, RIGHT?



WoW..! When did that drop OCCUR? ..hmmmmm.....

And you realize that jobs are a LAGGING indicator, RIGHT?



BLS stat = source

[mookiemcgee]

And you realize that jobs are a LAGGING indicator, RIGHT?

Inflation is a lagging indicator also, yet all I've heard from you for the last 3+ years is how Bidens policies are the cause of inflation. Can't have it both ways, either you accept that the huge spike in inflation in 2021/22 are due to Trumps policies (tax cuts + massive increases in gov't spending even prior to pandemic emergency spending), or you blame it all on Biden but give him credit for returning inflation to a normal range in 23/24 while increasing both the number of jobs and wage increases during a time period the FED chair himself was saying it may be impossible to do both. Or I guess you can just cherry pick the information you already want to believe and ignore the facts that disagree with your viewpoint, but then you aren't a conservative anymore you are just Trump supporter.

[jusplay4fun]

And you realize that jobs are a LAGGING indicator, RIGHT?

Inflation is a lagging indicator also, yet all I've heard from you for the last 3+ years is how Bidens policies are the cause of inflation. Can't have it both ways, either you accept that the huge spike in inflation in 2021/22 are due to Trumps policies (tax cuts + massive increases in gov't spending even prior to pandemic emergency spending), or you blame it all on Biden but give him credit for returning inflation to a normal range in 23/24 while increasing both the number of jobs and wage increases during a time period the FED chair himself was saying it may be impossible to do both. Or I guess you can just cherry pick the information you already want to believe and ignore the facts that disagree with your viewpoint, but then you aren't a conservative anymore you are just Trump supporter.

And yet you IGNORE my data showing that your statement (data) on job creation giving ALL this wonderful credit is the work and Brilliance of Biden is simply NOT TRUE.

Yes, inflation is a lagging indicator; it has to be. Inflation is recognized AFTER PRICES RISE AND NOT BEFORE.

But at this time, it seems you want to blame ONLY Trump and accept NO RESPONSIBILITY by Biden. YOU CANNOT HAVE IT BOTH WAYS, EITHER, Mookie. BOTH ARE AT FAULT FOR HUGE DEFICITS, as I have already posted.

Regarding Trump, he is much more conservative than Biden, NO DOUBT. Trump did not make any real attempt to
1) cut spending, or 2) reduce the deficit. I don't think Trump had an economic theory he supported that was out of the mainstream. Much of the Trump's deficit that you refer to is due to COVID spending. What upsets me is the Biden, without a crises, sees MORE MASSIVE DEFICIT spending is okay. And Biden continues to spend like a drunken sailor. Ukraine? sure, he is another $100 billion. Now that the border is a political issue, "I need more money for: judges, border agents, etc." without any attempt to change the policy to stem the flow in the first place. People in Gaza lack food? Here, let me spend money to drop food by air, and build a temporary dock, TO TAKE the PRESSURE off that he is only pro-Israel. NOTE that NO MATTER the $ amount, Biden spends, spends, and spends MORE and ALL of this adds to the deficit. There is NO DISCIPLINE to avoid significantly more to the deficit. Every time Biden talks about budget matter he only speaks of more spending. NOTHING ELSE. He wants to spend federal money to get re-elected. AND THE EXTRA MONEY BIDEN SPENDS IS MONEY WE DO NOT HAVE; IT IS ALL DEFICIT SPENDING. That shows that Biden is fiscally irresponsible.

If you believe the deficit has NO REAL IMPACT, then you, Mookie, are a True Liberal Believer and have drunk that Kool-Aid. The Republicans used to stand for more fiscal discipline, but have gotten beaten up by Liberal Democrats who claim "Republicans do not care about widows, orphans, blacks, gays,..... etc." Deficit spending now will weaken us, THE USA, in the future and will severly impact my children and grandchildren and EVERYONE ELSE in those generations. Biden and Democrats close their eyes when viewing current deficit spending. Listen to Schumer PRAISE the budget that Biden issued.

Biden's pathetic attempt to say that Trump was going to cut Social Security is purely political. That WILL HAPPEN in some 10 years because of the demographics and that people live longer, UNLESS MASSIVE changes occur before that point. And Democrats will TRY TO PIN THAT BLAME ON REPULBICANS, the cut in benefits. (Most say benefits will only pay 70-75 cents for each dollar owed.) Back to Trump: If you hear the interview, it is reasonably clear that Trump is referring to "waste and abuse" regarding Social Security and NOT ACTUAL CUT IN BENEFITS.

Yes, I am conservative on fiscal matters, and Biden is a DISASTER IN THE AREA OF FISCAL SPENDING. I do not like Trump, but I find "Old Joe" incompetent, feeble, and rapidly approaching senility. I did not like Trump in 2016 and voted for someone else in the Primary that year, as I did this past Super Tuesday. Too many conservatives see and hope that Trump is a savior. I seriously doubt that he is.

One other point: Trump campaigned in 2016 on the idea of saving manufacturing jobs. He did make some efforts there and earned support of many blue-collar workers as a result.

Last point, for now: one main reason that Trump won in 2016 is that Hillary had so many negatives that Trump did not look so bad. Many Democrats, it seems to me, simply did not vote for anyone. Many Democrats could not bring themselves to support Hillary and did not vote for anyone. Now Biden is increasing his negative factors to go up by being and acting feeble. Will Biden's negative factors be greater that Trump's negatives? That is the great uknown and the key question as we prepare to vote in November.

[jusplay4fun]

This poll supports my point:

Donald Trump continues to have a low favorability score among Americans, new polling shows, despite being the likely Republican nominee after winning the lion's share of primaries and seeing off his only remaining rival.

An ABC News/Ipsos survey of 536 U.S. adults, conducted between March 8-9, found that 29 percent have a favorable view of the former president compared to 59 percent who view him unfavorably.

The same ABC/Ipsos poll found that President Joe Biden, who is on course to be renominated by the Democratic Party, is also viewed as similarly unpopular, though his unfavorability rating is slightly lower.

Some 33 percent viewed the incumbent favorably to 54 percent who viewed him unfavorably. In November, a similar poll put his unfavorability rating at 50 percent with his favorability unchanged, while in prior polls the two ratings have modulated around the same numbers.

(...)

Neither candidate is viewed as more popular than unpopular, recent polling has consistently shown, with more people disapproving of both than approving. Analysts have said that both will struggle to entice voters to turn out for the election due to their disenchantment with the choice of candidates.

The latest ABC/Ipsos poll found that 36 percent thought Trump was trusted to do a better job as president to 33 percent who thought Joe Biden would—but 30 percent thought neither would.

https://www.msn.com/en-us/news/politics/donald-trump-stung-as-new-poll-shows-how-unpopular-he-is/ar-BB1jKxEo?cvid=4ed30ac163964b67905b2570041205f5&ocid=winp2fptaskbarhover&ei=16

[jusplay4fun]

Biden struggles to convince voters that they are better off NOW than vs. Trump.

btw: lots of charts and data in the Washington Post link, for those who want to dig into the data.

Despite the economy’s rapid recovery from the pandemic, President Biden has struggled to convince Americans that his policies are improving their finances. In polls, the majority of Americans still say they trust former president Donald Trump’s handling of the economy over Biden’s.

https://www.washingtonpost.com/business/2023/12/23/trump-biden-us-economy-compared/

The Washington Examiner’s Byron York noted that President Joe Biden’s rhetoric concerning the economy is not resonating with the public.

“You can’t talk of an economy that feels bad for people,” York told Special Report with Bret Baier. “And the price of food, and the price of housing, and the scarcity of housing are something that are making — those are very fundamental things that everybody has to have. And they’re still making people feel bad.”

York’s comments come as the Bureau of Economic Analysis announced Friday that inflation rose to a 2.5% annual rate in February, which was one-tenth of a percentage point from the previous reading.

York confirmed the sentiment of recent Fox polling that showed people do not believe they are better off today than they were four years ago.

“Almost everybody, a large majority says, ‘No, we’re not,’” York added. “President Biden can talk all he wants, but he just can’t overcome that feeling that people have.”

https://www.msn.com/en-us/news/politics/biden-can-talk-all-he-wants-but-economy-rhetoric-misses-the-mark-byron-york/ar-BB1kUyjj?ocid=winp2fptaskbar&cvid=622b5637b9234be9b39f9523e50095d8&ei=29

[jusplay4fun]

More stupid, liberal policies are passed as LAWS because these liberals do not comprehend Economics. They do not run an actual business, having to meet a payroll and pay bill and TRY to turn a profit. They are often government workers, at a government job at the state or federal level, or on a university dependent on federal subsidies and/or federally guaranteed loans.

Here is one example. And who is the likely Democrat to next run for POTUS (at this time)? The current governor of the state who PASSED this silly and anti-business statute, Gavin Newsom.

Another California small business and its workers have seemingly suffered at the hands of the state’s newly enacted $20 minimum wage.

"It's a shock," Monica Navarro, former assistant general manager at Foster’s Freeze in Lemoore, said on "The Bottom Line" Wednesday.

"It would have been nice to have a notice so we could go get some applications [out], I could prepare them," she continued. "The best I can do is honestly give them some references."

When making their way to work Monday morning, Navarro and her team learned upon arrival that the restaurant owner had made the decision to close its doors for good. The owner, Loren Wright, told local Fox affiliate KMPH that this was the "last thing" they wanted to do, but knew by Friday night the business likely wouldn’t be able to absorb the wage hike and didn’t "want to ruin their Easter Sunday."

(...)
"From the people that I spoke to, my employees, we would have rather stayed at the wage that we did have before, just because now we don't have a job," Navarro said. "And those who are still working in the areas around us that went up to $20 an hour, they got their hours severely cut. And it's a lot less people working on shifts. So their jobs got a lot more difficult."

https://www.msn.com/en-us/money/other/california-minimum-wage-shocks-fast-food-workers-as-restaurant-closes-only-the-beginning-ex-manager-warns/ar-BB1l4IAd?cvid=89a40fdd19594f5ab92577d65b8fa96b&ocid=winp2fptaskbar&ei=16

These incompetent politicians do not realize or ignore the fact that increasing the minimum wage will cause:
1) a few worker to benefit;
2) many workers will be laid off,
3) many workers will have their hours cut back;
4) the remaining workers have to do more (work harder) with fewer workers;
5) many small businesses to close (and thus those workers LOSE their jobs);
6) companies to accelerate their rate of replacing workers with technology.

All these cause the workers at these minimum wage jobs to SUFFER OVERALL, including job loss. This has been discussed in economic circles for at least 40 years and these silly Liberal fail to learn that lesson, AGAIN. California merely proves these predictions and analyses CORRECT.

[davidnoel]

and if you're living in 3rd world country God only help you. As neither the inflation is going to go low or the government official going to help.

[Pack Rat]

More stupid, liberal policies are passed as LAWS because these liberals do not comprehend Economics. They do not run an actual business, having to meet a payroll and pay bill and TRY to turn a profit. They are often government workers, at a government job at the state or federal level, or on a university dependent on federal subsidies and/or federally guaranteed loans.

Here is one example. And who is the likely Democrat to next run for POTUS (at this time)? The current governor of the state who PASSED this silly and anti-business statute, Gavin Newsom.

Another California small business and its workers have seemingly suffered at the hands of the state’s newly enacted $20 minimum wage.

"It's a shock," Monica Navarro, former assistant general manager at Foster’s Freeze in Lemoore, said on "The Bottom Line" Wednesday.

"It would have been nice to have a notice so we could go get some applications [out], I could prepare them," she continued. "The best I can do is honestly give them some references."

When making their way to work Monday morning, Navarro and her team learned upon arrival that the restaurant owner had made the decision to close its doors for good. The owner, Loren Wright, told local Fox affiliate KMPH that this was the "last thing" they wanted to do, but knew by Friday night the business likely wouldn’t be able to absorb the wage hike and didn’t "want to ruin their Easter Sunday."

(...)
"From the people that I spoke to, my employees, we would have rather stayed at the wage that we did have before, just because now we don't have a job," Navarro said. "And those who are still working in the areas around us that went up to $20 an hour, they got their hours severely cut. And it's a lot less people working on shifts. So their jobs got a lot more difficult."

https://www.msn.com/en-us/money/other/california-minimum-wage-shocks-fast-food-workers-as-restaurant-closes-only-the-beginning-ex-manager-warns/ar-BB1l4IAd?cvid=89a40fdd19594f5ab92577d65b8fa96b&ocid=winp2fptaskbar&ei=16

These incompetent politicians do not realize or ignore the fact that increasing the minimum wage will cause:
1) a few worker to benefit;
2) many workers will be laid off,
3) many workers will have their hours cut back;
4) the remaining workers have to do more (work harder) with fewer workers;
5) many small businesses to close (and thus those workers LOSE their jobs);
6) companies to accelerate their rate of replacing workers with technology.

All these cause the workers at these minimum wage jobs to SUFFER OVERALL, including job loss. This has been discussed in economic circles for at least 40 years and these silly Liberal fail to learn that lesson, AGAIN. California merely proves these predictions and analyses CORRECT.

In your small bubbly bath where you play battleship and win every time...anyone with a different opinion than yours is STUPID and IGNORANT


Really jusplay4fun, you do your best to come off as some Ivy League intellectual, yet we see you as some mud slinging NEANDERTHAL.

Special thanks to ConfederateSS for educating me how to use size and color to add entertainment to my post!

[mookiemcgee]

I'm not really in favor of CA new fast food wage increase, but mainly because i think picking certain industries and creating special standards for pay only for them is inherently wrong and there should probably be laws against it...

But if you are arguing you can't increase minimum wage when inflation is in an extremely high cycle and unemployment is at historic lows. Then you a really holding the position that minimum wage should never increase or even try and keep up with inflation and you are basically saying people who work a 40 hour week should not be entitled to make enough money at that job to cover rent. You are arguing for more homeless people on the streets, more crime and more kids going hungry even though their parents are working full time jobs.

Putting aside that cost of living is greatly outpaced inflation which only amplifies the argument, 1970 federal minimum wage adjusted for inflation today would put it 40% higher than the actual minimum wage (min wage is 7.25 , vs $12 in 1970). In CA the minimum wage from 1970 matched the federal minimum wage, and for the state as a whole it's now $15 so just a smidge above the adjusted for inflation number of $12/hour. When you match that with cost of rent in CA going up much faster than the rest of the country over the 50 year span the living standard for $15/hour is still lower than making minimum wage in 1970.

Fast food business won't close JP, they will simply increase prices a tiny bit as seen in the image below of In&Out... who by the way was already hiring in CA with a base pay of $22/hour BEFORE this bill became law. The cost of a cheeseburger went up .15c.

[HitRed]

I think min. wage should be set county by county.

[mookiemcgee]

I think min. wage should be set county by county.

I 100% agree, and think it should be industry agnostic.

Counties (at least in CA) can set higher than state minimums if they want, but there is good reasons why they should be able to be lower than state minimums in some cases. Barstow and San Francisco having the same minimum wage would be a little incongruent. Right now SF is $18, slightly higher than $16 state minimum.