President Joe Biden - Kamala Harris Administration

[0nelilreb]

I think that ignorant incompetent wench will do massive damage for any amount of time she is in office however.

It won’t matter and they don’t care , they are after that equality rubber stamp and will consider it progress for the sake of gender equality. Glass ceilings and all that jazz .

 

[Orangeburst]

Eh there were plenty of head winds back then. But I agree with bham on employment I don’t see the bottom dropping out as long as companies can maintain some semblance of profits. If those erode rapidly then the goto quickest hit to immediate cost reductions is to cut payrolls. Always has been.

I am mixed up and comparing to 70s
Still think it will be worse than either and number headwinds are greater
just speculation anyways

 

[CagleMtnVol]

 

[C-south]

My god. He’s one to talk about ill begotten gains.

 

[AM64]

Just a reminder that the Biden administration is the worst administration in US history.

Biden is like the worst of LBJ, Carter, and Obama rolled into one. The only thing he doesn't have going for him is that he's not nearly as slick as Clinton. Clinton could make 1+1=3, and joe can't even figure what the plus sign means.

 

[AM64]

Ok, I’m not the best at economics. What are we looking at? A 2008 repeat or worse?

Carter disaster on steroids.

 

[AM64]

As long as employment levels are maintained I think we will have a recession however it shouldn’t be as severe as Carter era since employment income will still be available to fuel our consumerism. And with boomers continuing to leave the work force could mean ample employment opportunities for the rest. The wild card is productivity. As long as company production efficiency is maintained then profits should remain good which will support employment. If profits erode significantly then Katie bar the door I think it all falls apart.

So I think a shallow but perhaps longer than usual decline is likely. If company profits erode due to all the head winds then employment support erodes and it all falls apart.

Don't forget the China lockdowns and lack of stuff coming our way, and the fact that the Chinese are still not accepting shipments from here. Seems like there may be more negative factors in play this time around. And uncertain energy supply with sky high prices.

 

[NorthDallas40]

Don't forget the China lockdowns and lack of stuff coming our way, and the fact that the Chinese are still not accepting shipments from here. Seems like there may be more negative factors in play this time around. And uncertain energy supply with sky high prices.

Yep. Things like that are the “wild card” affecting profits I was alluding to. If quarterly profits drop quickly the companies will shed employees. It’s always the goto knee jerk immediate cost cutter. Then we’re screwed as our consumer economy won’t be getting fed

 

[McDad]

Record inflation combined with recession sounds like a lot of fun boys and girls. We're fortunate a career politician with nothing to show for his 50 years is in charge.

 

[UT_VOLS13]

Record inflation combined with recession sounds like a lot of fun boys and girls. We're fortunate a career politician with nothing to show for his 50 years is in charge.

No more mean tweets!

 

[McDad]

No more mean tweets!

I wish Mr Mean Tweets had been more responsible with respect to borrowing and spending.

 

[VolStrom]

Record inflation combined with recession sounds like a lot of fun boys and girls. We're fortunate a career politician with nothing to show for his 50 years is in charge.

You left out high interest rates, which makes everything doubly fun if you need to buy a house or new car and don't have cash. My first house's mortgage rate was in the teens and the equivalent 0% car interest rate of today was like 12.9%. I suppose everyone should enjoy the spoils of the democratic regime.

 

[AM64]

Yep. Things like that are the “wild card” affecting profits I was alluding to. If quarterly profits drop quickly the companies will shed employees. It’s always the goto knee jerk immediate cost cutter. Then we’re screwed as our consumer economy won’t be getting fed

Energy costs right now are like dumping 90 w transmission fluid into an engine struggling on 5 w motor oil. It's even worse when there are seemingly so few people working while the unemployment rate is low, and so much of what we use is imported over great distances. Add to that the dearth of stuff shipping from China right now which hasn't hit our supply chain yet. Housing is a huge inflated bubble, but people still have to have it. The typical approach to runaway inflation appears to be increasing interest rates, and all that puts more pressure on what the consumer can spend. To me we spend far too much time studying investment markets, and far too little on the actual buying, selling, and production of goods. I still firmly believe the investment markets (real and fables) are the tail wagging the dog.

 

[NorthDallas40]

I wish Mr Mean Tweets had been more responsible with respect to borrowing and spending.

We can level that fault at the last four for sure but boy did it kick up in 2008/2009 and was on freaking steroids in 2020 onward. And is not sustainable.

 

[McDad]

We can level that fault at the last four for sure but boy did it kick up in 2008/2009 and was on freaking steroids in 2020 onward. And is not sustainable.

Bush 2 and Obama also failed in their fiduciary responsibility of America.

 

[NorthDallas40]

Bush 2 and Obama also failed in their fiduciary responsibility of America.

Yes. They started this fiasco they are both responsible. However to the level we took it under Trump and now the vegetable is beyond fathomable and unforgivable

 

[McDad]

You left out high interest rates, which makes everything doubly fun if you need to buy a house or new car and don't have cash. My first house's mortgage rate was in the teens and the equivalent 0% car interest rate of today was like 12.9%. I suppose everyone should enjoy the spoils of the democratic regime.

I thought rates were still low.

How can America tolerate high interest rates with Uncle Sam 31 Trillion in debt? I don't think our "leaders" can allow rates to climb.

 

[NorthDallas40]

I thought rates were still low.

How can America tolerate high interest rates with Uncle Sam 31 Trillion in debt? I don't think our "leaders" can allow rates to climb.

Pick your poison low rates and runaway inflation that actually destroys the economy or high rates that should curb inflation which make our debt unserviceable? But don’t worry most of the debt is held by US citizens so they’ll service the interest to the corporate and sovereign bond holders while screwing US citizens. Fixed!

 

[VolStrom]

I thought rates were still low.

How can America tolerate high interest rates with Uncle Sam 31 Trillion in debt? I don't think our "leaders" can allow rates to climb.

Interest rates on mortgages have more than doubled since the beginning of the year. The rest of the rates aren't far behind. Hold onto your hat, because are going to get really nasty, and adults under the age of 50-55 have never seen what is coming before.

 

[BreatheUT]

xiden has managed to revive the 50s nuclear concerns, 60s civil rights, 70s inflation, and 2000s immigration crisis in just 15 months. Now headed for a recession! killing it!

So you're saying what looked like sure inflation adjusted merit increases or bonuses due to stable company earnings may not happen now?

Thanks Joe!

 

[TNVOLNAVY]

Biden says students are like teachers' children when in classroom

Reminds me again that all I want is 5 minutes in a locked room with that evil bastard.

 

[TheDeeble]

I thought rates were still low.

How can America tolerate high interest rates with Uncle Sam 31 Trillion in debt? I don't think our "leaders" can allow rates to climb.

I've thought the same for years, but I do have one question that occurred to me recently. Is the interest on the 31 trillion in debt paid at whatever the current level of interest is? Or is it paid at the interest rate of when it was borrowed? Instead of 1 large payment on a single debt, it's numerous smaller payments on varying debts at different levels of interest.

If it's the latter I can see why it may not be as big of a problem (but still a huge problem). The debt accumulated over the past 12 years has been during amazingly low interest rates.

I remember some politician saying a few years ago it's a great time for the govt to borrow money with interest so low. Is that because the amount borrowed that year will be at low interest for the life of that debt? Or is the entire debt tied together to the current interest and it every time the interest goes up by 1% that's another 300 billion owed per year?

I've always thought it was pooled together at whatever the current interest is, but I've never looked into it.

Edit----- I'll try to look into it more, but it doesn't sound like it's a one shot number. Not pooled together....

The interest on the U.S. national debt isn't easy to calculate. You can't simply multiply the total outstanding debt number by the interest rate to get the correct figure. But a large debt issued during a high-interest rate environment will often create a large interest payment.

Interest on the National Debt and How It Affects You.

 

[hndog609]

Bush 2 and Obama also failed in their fiduciary responsibility of America.

I don't know if this needs it's own thread but do you think it's actually possible for a President in this government to come in and introduce real meaningful spending changes? I often find myself thinking we're already inside the even horizon of the economic black hole and there's no escape without a collapse/big bang reset.

 

[TheRain]

 

[bluegrasser]

People still smoke menthols?!!!