Bidenomics

[LPTiger 5,533]

 Yesterday Kamala said "most Americans are an unexpected $400 expense away from bankruptcy."  Bidenomics works!!!

[TexasTiger 14,527]

This has been a longstanding issue that preceded Biden. But let’s make everything about Biden.

https://www.cnbc.com/amp/2019/07/20/heres-why-so-many-americans-cant-handle-a-400-unexpected-expense.html

[arein0 1,110]

1 hour ago, LPTiger said:

 Yesterday Kamala said "most Americans are an unexpected $400 expense away from bankruptcy."  Bidenomics works!!!

That's more on the American people and their habit of spending more than their entire paycheck than the current administration. 

[I_M4_AU 9,058]

I’m sure inflation has nothing to do with it, it’s just a way to put down Biden’s handling of the economy.  It’s Covid and Putin’s fault and get ready for the next round of Covid.  

[LPTiger 5,533]

9 minutes ago, I_M4_AU said:

I’m sure inflation has nothing to do with it, it’s just a way to put down Biden’s handling of the economy.  It’s Covid and Putin’s fault and get ready for the next round of Covid.  

Inflation and wage growth lagging it.....   

[TexasTiger 14,527]

Anyone without Biden Derangement Syndrome knows this metric has existed for years. It’s an enduring problem that was fueled for years by flat wages.

[I_M4_AU 9,058]

29 minutes ago, TexasTiger said:

Anyone without Biden Derangement Syndrome knows this metric has existed for years. It’s an enduring problem that was fueled for years by flat wages.

Untrue, Biden swears wages are going up.  Most fact checkers say this is false, but Biden is the word and the word is Biden.

[TexasTiger 14,527]

5 minutes ago, I_M4_AU said:

Untrue, Biden swears wages are going up.  Most fact checkers say this is false, but Biden is the word and the word is Biden.

Please quote “most fact checkers.”

https://www.atlantafed.org/chcs/wage-growth-tracker

https://www.statista.com/statistics/1351276/wage-growth-vs-inflation-us/

[I_M4_AU 9,058]

14 minutes ago, TexasTiger said:

Please quote “most fact checkers.”

https://www.atlantafed.org/chcs/wage-growth-tracker

https://www.statista.com/statistics/1351276/wage-growth-vs-inflation-us/

https://budget.house.gov/press-release/fiscal-state-of-the-union-bidens-real-wage-decline/

On Sunday, President Joe Biden tweeted, “Right now, real wages for the average American worker is higher than it was before the pandemic, with lower wage workers seeing the largest gains. That’s Bidenomics.”

But a look at the data reveals this claim is completely wrong.

https://www.washingtonexaminer.com/opinion/biden-misleads-on-wage-growth

Biden said, "Take-home pay for workers is going up."

The data shows that wages have outpaced inflation for the past two quarters. However, that increase is only beginning to compensate for the wages that were eaten away by inflation earlier in Biden’s presidency.

During Biden’s two years in office, cumulative wage gains have been exceeded by cumulative inflation.

We rate the statement Half True.

https://www.politifact.com/factchecks/2023/jan/13/joe-biden/wage-gains-are-now-exceeding-inflation-but-theyre/

Even Politifact can’t rate it as true.

https://nypost.com/2023/04/18/bidens-us-struggles-with-2-years-of-effective-pay-cuts/

https://www.cnn.com/2023/01/28/politics/fact-check-biden-economic-speech-january-2023/index.html

Say it isn’t so, even CNN.

[TexasTiger 14,527]

36 minutes ago, I_M4_AU said:

https://budget.house.gov/press-release/fiscal-state-of-the-union-bidens-real-wage-decline/

On Sunday, President Joe Biden tweeted, “Right now, real wages for the average American worker is higher than it was before the pandemic, with lower wage workers seeing the largest gains. That’s Bidenomics.”

But a look at the data reveals this claim is completely wrong.

https://www.washingtonexaminer.com/opinion/biden-misleads-on-wage-growth

Biden said, "Take-home pay for workers is going up."

The data shows that wages have outpaced inflation for the past two quarters. However, that increase is only beginning to compensate for the wages that were eaten away by inflation earlier in Biden’s presidency.

During Biden’s two years in office, cumulative wage gains have been exceeded by cumulative inflation.

We rate the statement Half True.

https://www.politifact.com/factchecks/2023/jan/13/joe-biden/wage-gains-are-now-exceeding-inflation-but-theyre/

Even Politifact can’t rate it as true.

https://nypost.com/2023/04/18/bidens-us-struggles-with-2-years-of-effective-pay-cuts/

https://www.cnn.com/2023/01/28/politics/fact-check-biden-economic-speech-january-2023/index.html

Say it isn’t so, even CNN.

Wages were flat for years. $400 emergency debts have been a problem for years. I haven’t said everything is rosy and resolved. I’ve said affordability for working people is a longstanding, enduring problem.

[I_M4_AU 9,058]

2 minutes ago, TexasTiger said:

Wages were flat for years. $400 emergency debts have been a problem for years. I haven’t said everything is rosy and resolved. I’ve said affordability for working people is a longstanding, enduring problem.

We have a president that is telling his citizens that wages are up and his plan is working.  I think the American people know the truth.

[arein0 1,110]

21 minutes ago, I_M4_AU said:

I think the American people know the truth.

I don't. A lot of Americans are financially illiterate. Because of this, they will mostly just parrot what is told to them, or rely on feelings vs actual data.

[auburnatl1 6,301]

30 minutes ago, I_M4_AU said:

We have a president that is telling his citizens that wages are up and his plan is working.  I think the American people know the truth.

Im certainly not pro Biden but personally I don’t hold any president truely accountable for savings. Wages are up but the impact of inflation and interest rates are surely eating into that. However, how can any administration get people to… save? That’s also an education and discipline issue. Ie I know 7 figure guys that are underwater because they’re financial bumbleheads

[I_M4_AU 9,058]

10 minutes ago, arein0 said:

I don't. A lot of Americans are financially illiterate. Because of this, they will mostly just parrot what is told to them, or rely on feelings vs actual data.

They may not know why they got where they are, but they know they are hurting.  Who they blame is up for debate.

[TexasTiger 14,527]

2 minutes ago, I_M4_AU said:

They may not know why they got where they are, but they know they are hurting.  Who they blame is up for debate.

A huge chunk Americans have been struggling for years. Wages have been flat for years Prepandemic. I do think inflation has hit a broader reach of people. I think renters are really feeling it. And part of its psychological. Inflation was largely flat for years as my income grew. I see some prices now that I’m used to being largely unchanged for years and it’s pretty striking. But the same is true when I travel internationally.

[arein0 1,110]

2 minutes ago, TexasTiger said:

A huge chunk Americans have been struggling for years. Wages have been flat for years Prepandemic. I do think inflation has hit a broader reach of people. I think renters are really feeling it. And part of its psychological. Inflation was largely flat for years as my income grew. I see some prices now that I’m used to being largely unchanged for years and it’s pretty striking. But the same is true when I travel internationally.

Was just typing something similar to this but you said it better than I ever could.

[I_M4_AU 9,058]

3 minutes ago, auburnatl1 said:

Im certainly not pro Biden but personally I don’t hold any president truely accountable for savings. Wages are up but the impact of inflation and interest rates are surely eating into that. However, how can any administration get people to… save? That’s also an education and discipline issue. Ie I know 7 figure guys that are underwater because they’re financial bumbleheads

Learning how to save is learned at a young age.  Getting an allowance and the parents show them they have to save for something the child really wants as opposed to instant gratification.  Those lessons easily evaporate when a person believes they are secure in their future.  We haven’t been faced with this for a generation or two.

This administration is telling the citizens they are doing just fine.  Why would they have any incentive to save?

If you are counting on any administration for financial advice, you are doing it wrong.

[I_M4_AU 9,058]

11 minutes ago, TexasTiger said:

A huge chunk Americans have been struggling for years. Wages have been flat for years Prepandemic. I do think inflation has hit a broader reach of people. I think renters are really feeling it. And part of its psychological. Inflation was largely flat for years as my income grew. I see some prices now that I’m used to being largely unchanged for years and it’s pretty striking. But the same is true when I travel internationally.

This is true and part of the renter issue is because of the pandemic.  I’m not sure if the rent vacation is still in affect, but there will be a heavy burden when it ends.  Yes, inflation is global, but the Americans that are affected by our inflation do not care about international inflation.

[TexasTiger 14,527]

3 minutes ago, I_M4_AU said:

This is true and part of the renter issue is because of the pandemic.  I’m not sure if the rent vacation is still in affect, but there will be a heavy burden when it ends.  Yes, inflation is global, but the Americans that are affected by our inflation do not care about international inflation.

The knowledge of it may not ease their discomfort but it impacts them.

[auburnatl1 6,301]

The instant reaction many have to improving the financial  income/ savings environment for the lower class is to raise the minimum wage. Which I support to a point. However, the inevitable consequence is off shoring and lowering employment, and/or increasing inflation (which the fed then reciprocally fights by raising interest rates) that quickly lowers real income back to what it was. Imo the primary solution is a long term focus on improving education. Which isn’t sexy - but in reality for someone to make more, they actually have  to be worth more.

[LPTiger 5,533]

9 minutes ago, auburnatl1 said:

 Imo the primary solution is a long term focus on improving education. 

In many ways education is the key to nearly everything that is worthwhile and good.  Brookings found in a study that 75% of the people who met 3 simple criteria joined the middle class and only 2% were in poverty: 1. finish high school, 2. Get a full time job, 3. Don't get married or have children until at least age 21.

[TexasTiger 14,527]

10 minutes ago, auburnatl1 said:

The instant reaction many have to improving the financial  income/ savings environment for the lower class is to raise the minimum wage. Which I support to a point. However, the inevitable consequence is off shoring and lowering employment, and/or increasing inflation (which the fed then reciprocally fights by raising interest rates) that quickly lowers real income back to what it was. Imo the primary solution is a long term focus on improving education. Which isn’t sexy - but in reality for someone to make more, they actually have  to be worth more.

I think a lot of jobs previously termed “low skill” became “essential” during the pandemic and were rightly adjusted in pay. Food service jobs were also undervalued and many have been adjusted. Restaurant meals were probably too much of a bargain for too long. Folks starting eating out far more than when I was growing up in part because it seemed more affordable.

I would say training as well as formal education. Plumbers, electricians and other trades positions have been overlooked as potential well-paying careers for young people.

[auburnatl1 6,301]

1 hour ago, LPTiger said:

In many ways education is the key to nearly everything that is worthwhile and good.  Brookings found in a study that 75% of the people who met 3 simple criteria joined the middle class and only 2% were in poverty: 1. finish high school, 2. Get a full time job, 3. Don't get married or have children until at least age 21.

Completely agree.  If you truly want to fix much of society - educate the hell out of it. Improve every level of schooling - ie the free college fixation isn’t a panacea catch all since many aren’t really oriented that way.  Just make sure  people have a damn marketable skill -  electrician, high end manufacturing, ect - trade school stuff.  Weaponize the us workforce.

Every time I hear a politician proposing to help people via salary or free stuff gimmicks I usually just roll my eyes. Lazy, never works. Solve the real problem and have a thoughtful education transformation plan that the country can get behind (and be willing to pay for) to do it.
 

 

Edited August 29, 2023 by auburnatl1

[LPTiger 5,533]

15 minutes ago, auburnatl1 said:

Completely agree.  If you truly want to fix much of society - educate the hell out of it. Improve every level of schooling - ie the free college fixation isn’t a panacea catch all since many aren’t really oriented that way.  Just make sure  people have a damn marketable skill -  electrician, high end manufacturing, ect - trade school stuff.  Weaponize the us workforce.

Every time I hear a politician proposing to help people via salary or free stuff gimmicks I usually just roll my eyes. Lazy, never works. Solve the real problem and have a thoughtful education transformation plan that the country can get behind (and be willing to pay for) to do it.
 

 

Our local plumber is a family friend.   He is 60.  He lives in one of the nicest developments in B'ham so he is doing pretty well financially.    He had a 21 year old young man with him yesterday that went to school with our girls.   He was training him.  He told me the young man was the first person he has hired in a long while who was interested in learning his trade vs just wanting to pick up a check.   He said his only other employee is a 65 y/o retiree from his church.   He said he has to turn down work every day. I am doing some residential development work at Lake Martin and have 2 plumbers there.   Both of them complain non-stop about their inability to find help.  I agree 100% that trade school is a great answer for so many young people.  Concrete work, block work, roofing, framing, siding, sheetrock and tile ---  I struggle to find so many trades (except electrical -- Gene Smith in Auburn does all of my electrical, and he has about 10 guys).    A really nice living can be earned and the cost of trade school is nothing compared to typical college.

[SaltyTiger 8,672]

4 hours ago, LPTiger said:

Our local plumber is a family friend.   He is 60.  He lives in one of the nicest developments in B'ham so he is doing pretty well financially.    He had a 21 year old young man with him yesterday that went to school with our girls.   He was training him.  He told me the young man was the first person he has hired in a long while who was interested in learning his trade vs just wanting to pick up a check.   He said his only other employee is a 65 y/o retiree from his church.   He said he has to turn down work every day. I am doing some residential development work at Lake Martin and have 2 plumbers there.   Both of them complain non-stop about their inability to find help.  I agree 100% that trade school is a great answer for so many young people.  Concrete work, block work, roofing, framing, siding, sheetrock and tile ---  I struggle to find so many trades (except electrical -- Gene Smith in Auburn does all of my electrical, and he has about 10 guys).    A really nice living can be earned and the cost of trade school is nothing compared to typical college.

Construction trades have been crying lack of good help for years. Unlike my generation younger Americans just not willing to do it. In my day a summer construction job was envied. Hours and pay was great. Could work a summer and have plenty for “fall spending”.

Problem with plumbers is that anytime someone worth their salt is trained and obtain a master plumber license they go out on their own. Electrical is technical like plumbing but not nearly as nasty or requiring often tight space work per plumbing.

Hispanics have saved the industry regarding the labor intensive concrete, masonry, etc…trades. Great folks and IMO have pushed the business past 30 years. Contrary to liberal talking points the industry has paid and treated them well.