Posted on 10/03/2023 5:48:01 PM PDT by CFW
ERIE, Pennsylvania—Two weeks ago, Nobel Prize-winning economist Paul Krugman told CNN anchor Christiane Amanpour there is a peculiar disconnect between how the economy is doing and how the public is feeling about it.
Ms. Amanpour pressed him on why people weren’t understanding that they are living in a “sunny economy.” He had asserted that “the economy’s rebound has been surreally good,” yet people keep saying it is terrible.
[snip]
U.S. inflation rates have been historically high during President Biden’s term, prompting central bankers to raise interest rates in a bid to tame prices. President Biden’s pitch saying “Bidenomics is about the future” and “Bidenomics is just another way of saying ‘restore the American Dream’ because it worked before” still isn’t resonating with voters, even ones who voted for him.
Ms. Martin said she is frustrated by President Biden and everyone else telling her everything is OK: “He needs to walk in our shoes before telling us something is working.”
(Excerpt) Read more at theepochtimes.com ...
paywall free link:
Please Stop Telling Us Everything Is Fine With the Economy; It Is Not
Added 275 billion in debt just today. Something big is up.
The left always learns from der fuerah or however the hell you spell it.
One of my neighbors is from Germany-every time someone says things are okay when she knows there is something not right, she says something in German that translates to don’t tell me this is cheese when the sausage is in between my teeth. That sort of applies here...
I’m just waiting for the debt to be re-financed in about a year. At the new interest rates, the next round of payments will be about $2T. And basically, you spend $2T to buy nothing. You’re just paying the stupid interest on the stupid debt. You’re not getting anything for your $2T.
“Paul Krugman told CNN anchor Christiane Amanpour”
Can you think of two more incompetent, nauseating and evil people people in the world of journalism?
It's like that storewide, and the Commucrats are directly to blame.
Nothing that was posted on this thread disproves the indications that the economy is doing well.
THE GOOD
Job market looks strong.
Unemployment is relatively low.
THE BAD
Inflation is sky high.
Interest rates are soaring.
THE UGLY
Bidenomics
However...
If you have a job it’s easier (I said EASIER NOT EASY) to pay for expensive items
If you are not happening to be borrowing money, high interest rates don’t affect you very much.
It’s been years — Dec 2020 — since the USA lost jobs in a given month.
I’m not saying the economy is great.
But I’d like to see something beyond an unsupported headline to back up the statement that it’s lousy.
He had asserted that “the economy’s rebound has been surreally good,” yet people keep saying it is terrible.
——————
Maybe the fact that average new home mortgage payment is close to $3000 per month has something to do with how people perceive the economy. That, and the inability to get decent, high, paying jobs, gas prices, averaging over four dollars a gallon, and an administration, oblivious to the fact that their actions are going to cause energy prices. (and therefore everything else in the economy.) to continue to rise and an extremely high rate for the foreseeable future. Krugman is either a low-grade moron, or on drugs.
Re: 8 - good post, thanks.
Ping
Krugman is a member of the Democrat cult!
Cult members do not listen to facts; facts do not matter!
Cult members are required to give unwavering devotion to a set of beliefs and practices which are outside the bounds of the best interest of the larger group. Cult members have a singular interest in a particular goal.
Ring any bells?
All those people are just delusional PR fluffers for the Leftist-demonKKKrats.
----
"US Stocks Shed after JOLTS Report
Wall Street tanked in a broad sell-off on Tuesday, after hotter-than-expected JOLTS report dashed investor’s risk appetite over worries that the Federal Reserve's funds rate will remain high for longer. The Dow Jones sank 430 points, erasing its gain for the year, and the Nasdaq slammed 1.9%. Meanwhile, the S&P 500 plunged to the lowest level since June, losing 1.4%. Adding to the pressure were the Treasury yields that resumed their rally hitting multi-year highs. On the sector front, consumer discretionary was the biggest laggard, followed by financials, real estate and technology. Megacap growth stocks were also under pressure, as Microsoft and Amazon lost 2.6% and 3.7%, respectively and Tesla slipped 2%. Also, Airbnb fell 6.5% after news mentioning Keybanc had downgraded the stock to "sector weight". On the other hand, HP gained 1.7% after being double upgraded by Bank of America to buy from underperform.
US Futures Flat After Sharp Selloff
US stock futures were little changed on Wednesday after a sharp selloff in the last session. In regular trading on Tuesday, the Dow fell 1.29% and turned negative for the year. The S&P 500 and Nasdaq Composite also dropped 1.37% and 1.87%, respectively, with ten out of the 11 S&P sectors ending lower led to the downside by consumer discretionary, real estate and technology. Those losses came after the JOLTS job opening report came in stronger-than-expected, supporting views that the Federal Reserve will keep interest rates elevated for an extended period. Rallying Treasury yields also continued to pressure equities, with the benchmark 10-year US yield marching toward a 16-year high of 4.8%. Sharp losses were seen from mega-cap technology names such as Tesla (-2%), Nvidia (-2.8%), Amazon (-3.7%), Microsoft (-2.6%) and Meta Platforms (-1.9%).
US Crude Oil Inventories Fall More than Expected:
United States API Crude Oil Stock Change
Stocks of crude oil in the US dropped by 4.21 million barrels in the week that ended September 29th, 2023, following a 1.586 million barrels increase in the previous week, data from the API's Weekly Statistical Bulletin showed. It marked the sixth weekly draw in US Crude Oil Inventories in the last eight weeks, while analysts expected a decline of 92 thousand barrels.
US 10-Year Treasury Yield Touches 4.75%
United States Government Bond 10Y
Long-term Treasury securities remained under selling pressure on Tuesday, with the yield on the 10-year note touching 4.75% and that on the 30-year bond advancing past the 4.8% mark, both at 2007 highs. The selloff for long-dated debt continued as strong economic data underscored the resilience of the US economy to high borrowing costs, strengthening worries that the Federal Reserve will be forced to leave interest rates elevated for a longer period to tame inflation. Data from the JOLTs showed job openings were at 9.6 million in August, well above estimates of 8.8 million to extend tightness in the labor market. Additionally, the latest ISM PMI pointed to a rebound in production in the manufacturing sector. The data prompted Fed policymakers Bowman and Mester to flag the possibility of another rate hike this year, while Bostic warned that the funds rate will need to remain at the terminal level for a long period before any rate cuts.
The IBD/TIPP Economic Optimism Index plummeted to 36.3 in October 2023, compared to September's 43.2 and well below market forecasts of 41.6. It was the 26th consecutive month in which the reading stayed in pessimistic territory, hitting its lowest point since August 2011, amid growing concerns about the effects of a prolonged period of elevated interest rates on the US economy. The six-month economic outlook index cratered 9.6 points to 28.7, a record low since the survey began in early 2001; and the personal finances subindex slid 6 points to 46.8, returning to pessimistic territory. Meanwhile, the IBD/TIPP Financial-Related Stress Index jumped 2.4 points to 70.5, the highest level since December 2008, when the country was mired in a recession. At the same time, the gauge of support for federal economic policies plunged 5.1 points to a still-dismal 33.5, a nine-year low.
Maybe the drugs turned him into a low grade moron.
The report from the gov’t says “Job openings” and not the better description of “Job losses”......!
BTW when did that term change?
"US-based employers announced that 75,151 jobs were cut in August of 2023, the most in three months, and rebounding 217% from the 11-month low of 23,697 cuts in the previous month, according to a report by Challenger, Gray & Christmas, Inc. The result pointed to another period of softening in the US labor market, suggesting that the Federal Reserve’s aggressive interest rate hikes are being transmitted at a greater extent in the middle of the third quarter. “Job openings are falling, and American workers are more reluctant to leave their positions right now. The job market is resetting after the pandemic and post-pandemic hiring frenzy,” said Andrew Challenger, senior vice president of the employment firm. It was estimated that around 30,000 of the job cuts were due to trucking giant Yellow Corp’s bankruptcy filing in the period. Other sectors with heightened layoffs included healthcare (7,688), retail (6,262), and telecommunications (5,273). So far this year, 557,057 jobs were cut.
This is the little tid-bits of information that the media, for the most part, fails to report.
Don’t forget.
https://www.cbsnews.com/news/immigrants-record-share-of-u-s-workers-heres-what-to-know/
Anybody else think about Arco gas stations now taking credit cards - they have ALWAYS only taken cash or debit cards before. Now, suddenly, they’ll take credit cards. I think people are so cash-strapped, and gas has gotten so expensive, that lots of people are HAVING to put it on a credit card. I think Arco realized they were losing too much business to gas stations that take plastic.
Dow down almost 500 today and about 2500 in the past month.
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