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The State of the Economy Thread - “Falling inflation, rising growth give U.S. the world’s best recovery”


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25 minutes ago, Cooked Crack said:

 

 

And you paid it.  

 

Three months from now, they'll charge you $20.  Because you are a sucker.  And they know it.  

 

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1 hour ago, Larry said:

 

And you paid it.  

 

Three months from now, they'll charge you $20.  Because you are a sucker.  And they know it.  

 

 

That's right.  It is now Biden's fault that companies are pricing their product based on what the consumer will pay.  How awful is that.

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Not sure if it belongs in the burger thread and their increased prices predate the recent inflationary round, but how the hell has Five Guys gotten so expensive? Granted, it's probably no worse than places like Shake Shack or BGR, but I'm sure many of us remember when there were only a few locations in VA and it seemed fairly cheap. 

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5 minutes ago, hail2skins said:

Not sure if it belongs in the burger thread and their increased prices predate the recent inflationary round, but how the hell has Five Guys gotten so expensive? Granted, it's probably no worse than places like Shake Shack or BGR, but I'm sure many of us remember when there were only a few locations in VA and it seemed fairly cheap. 

 

I don't remember Five Guys being anything but fairly overpriced. A smaller bacon cheeeeee burger and small fries has been in the $14-$15 range for a long time it seems.

 

However, going to the grocery store. Buying eggs and milk and cereal and chicken all feel like they've come down in the past few years since the pandemic. Fast Food and not-so-fast food went up and stayed up.

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7 minutes ago, @DCGoldPants said:

 

I don't remember Five Guys being anything but fairly overpriced. A smaller bacon cheeeeee burger and small fries has been in the $14-$15 range for a long time it seems.

 

However, going to the grocery store. Buying eggs and milk and cereal and chicken all feel like they've come down in the past few years since the pandemic. Fast Food and not-so-fast food went up and stayed up.

Yeah, with Five Guys I was probably referring more to like 20 years ago when you could go there and not feel like you were gouged.

 

Fast food has gone up some, but still doesn't seem too bad. I know it was discussed in the recent Wendy's thread, but seems like you can still get a combo meal at McD's for like $10 plus tax. To me that isn't bad. But then you'll get stories like the Connecticut rest stop location charging $20 and people automatically think that every McD's charges that.

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1 hour ago, hail2skins said:

Not sure if it belongs in the burger thread and their increased prices predate the recent inflationary round, but how the hell has Five Guys gotten so expensive? Granted, it's probably no worse than places like Shake Shack or BGR, but I'm sure many of us remember when there were only a few locations in VA and it seemed fairly cheap. 

40 years ago??

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I just paid $18.75 for a cookie. It was $17.75 last month and $15.75 in late December. Before you became president, it was $3.75.

 

Bro who the **** you buying cookies from? Cuz at that price there better be a lot of cannabis or fentanyl or both in them. 🤪

 

I don't generally buy a ton of cookies. I'm more of a cake, pie, ice cream, cobbler, tarts, puddings, brownies, floats, pralines, and smores kinda fella. 

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On 3/4/2024 at 2:02 PM, Captain Wiggles said:

 

Bro who the **** you buying cookies from? Cuz at that price there better be a lot of cannabis or fentanyl or both in them. 🤪

 

I don't generally buy a ton of cookies. I'm more of a cake, pie, ice cream, cobbler, tarts, puddings, brownies, floats, pralines, and smores kinda fella. 

DoorDash is expensive…

 

I spent 24 for 4 cookies, sans thc or psilocybin….

Edited by CousinsCowgirl84
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  • 2 weeks later...

The U.S. Economy’s Rebound Since COVID Is Kind of Incredible. Why Doesn’t Anyone Seem to Realize This?

 

President Joe Biden spent most of his recent State of the Union address celebrating his economic record, with good reason. There is no denying the numbers: The United States currently enjoys the highest rate of economic growth among nations in the G7, the lowest inflation, and the strongest wage growth. The unemployment rate hasn’t been this low for this long in half a century. Even accounting for inflation, wages are higher today than they were before the coronavirus pandemic, and the biggest wage gains have accrued among the lowest-paid workers, resulting in a dramatic reduction in overall wage inequality. The economy is even outperforming among communities that are often excluded from boom-time gains. Biden has overseen the lowest Black unemployment rate on record and the lowest ever unemployment rate for workers with disabilities. The American economy isn’t perfect, but by any historical standard it is very, very good.

 

So, it’s remarkable that Biden finds himself needing to do so much persuasion on the campaign trail. Voter views on the economy are modestly improving, but survey after survey reveals a disconnect between the country’s economic performance and public sentiment. A recent USA Today poll shows that only one-third of voters believe that the economy is currently in “recovery.”

 

Economists and political messaging gurus have been trying to explain this for some time now, and while there are subtle differences among their various explanations, most ultimately argue that voters really, truly do not like inflation and are also a little confused when they talk about the economy.

 

There is surely something to both of these ideas—but there is a distinctly political tenor to Biden’s trouble on the economy that defies material conditions. Macroeconomic metrics have been improving steadily for a long time now—inflation peaked all the way back in the summer of 2022—and for much of that period, voter assessments of Biden’s performance actually deteriorated as the economy strengthened. Even today, when some voters say they like the economy, they remain reluctant to give Biden credit for it.

 

Much of this scenario can be laid at the feet of the Democratic Party. Not the official fundraising and administrative apparatus that runs conventions and formulates policy platforms, but the broad constellation of think tanks, nonprofits, academic experts, and journalists that collectively regulates the liberal intellectual atmosphere. For much of his presidency, Biden has been the victim of a centrist revolt against his economic program that the progressive wing of the party has been either unable or unwilling to put down. Everyone expects Republicans to give a Democratic president a hard time, but sharp and sustained economic criticism from Biden’s ostensible allies established a narrative of failure that has proved alarmingly resistant to reality.

 

Click on the link for the full article

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5 minutes ago, Ball Security said:

Dow, Nasdaq, and S&P have all hit record highs this morning. The Dow is on the verge of 40k.

 

Maybe we can fix that, by shutting down the government.  

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Contrary to GOP talking points, the problem with domestic oil prices is not that the government is preventing drilling; it's that the refining capacity built up in the 70s and 80s was for heavy sour crude, but since the fracking revolution we are pumping out light sweet crude.  Oil companies can make more money exporting the light sweet, so domestic prices are still subject to global prices.  Forget drill baby drill and come up with incentives for the big oil oligopoly to expand American refining capacity.

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I'll also point out that part of the Keystone XL was built so that the oil, instead of going to Tulsa (where it has to be refined, and sold on a US price that was already glutted), it could be sent to New Orleans, and exported.  

 

Part of the reason for XL, was to raise domestic prices.  

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People really don't give Biden (and Obama too quite frankly) enough credit on the economy.  Coming out of the financial crisis and covid, Obama and Biden administrations has done a stellar job in navigating the aftermath.  Obama administration oversaw nearly a decade long positive market out of the crisis and Biden administration oversaw a post covid recovery that went from prognostications of somewhere between a crash and a hard landing to people optimistic about soft landing to even no landing (I still think a temporary correction is likely this year, but overall, we should be in good shape at the end of year).  And this was in major part to letting competent experts do their job.  If Yellen and Powell can pull off a soft landing or better, it would be a true rarity (I believe it's something like 1 in 10 major surge in inflation that doesn't result in a hard landing recession).  And Trump is biting at the bits to replace the Feds because he wants those rates lowered way faster (I suspect for personal reasons).  Sometimes (many times?), the best thing a president can do is put competent people in charge and get out of the way.

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Credit Bidenomics for Rising US Wages

 

After five decades of widening inequality and stagnant pay, low- and middle-income workers in the United States experienced a significant increase in real wages over the past four years. This is a direct result of macroeconomic policies designed to create an exceptionally tight labor market.

 

Amid global inflationary pressures and geopolitical turmoil, the American job market is experiencing a major transformation: real wages, especially for low- and middle-income earners, are growing robustly. This trend marks a radical departure from decades of widening inequality and stagnant wages, defying the prevailing narrative of economic pessimism. Instead, it reflects a dynamic job market, powered by effective policies aimed at healing the wounds of the COVID-19 pandemic and subsequent economic shocks.

 

The evidence is compelling. In a recent study I co-authored with David Autor and Annie McGrew, we show that wage growth for most American workers has outpaced the spike in the cost of living since the beginning of the pandemic. Updated data show that in the middle pay range, between the 40th and 60th percentiles, inflation-adjusted wages in December 2023 were 3.9% higher than in December 2022, and 6.6% higher than in December 2019. Similar real wage gains can also be observed in establishment data.

 

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Click on the link for the full article

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46 minutes ago, skinsmarydu said:

Now, explain why tipped workers are making less. 

I'd love to hear that one. 

 

 

Because non cash tips are being redirected by business owners?

 

That'd be my guess.

 

Personally. I think all positions should pay out at least at min wage. The idea of paying someone 1/3 of min wage and thinking tips will cover the rest is unsettling to me. 

Edited by The Evil Genius
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