US economic growth

[MurphyVol]

Sorry, the real lesson is that globalism has moved so much manufacturing out of the US that we are really dealing with the fact that without workers and their incomes you have no consumers. In this case covid and shutdowns drove the point that everybody is trying mightily to ignore. Service industries alone don't get it; you have to have manufacturing; you have to put in labor (sweat equity) to make something worth more than the sum of the material input. Wealth is derived from the labor and the ingenuity used to turn raw materials into a finished product.

Pre-covid unemployment was almost too low. Considering we've had tightened border policies, if by magic we could bring these jobs back to the US who would do them? It was speculated that if these jobs came back within a short amount of time we'd see inflation and interest rates that would make Jimmy Carter blush.

If you're really worried about manufacturing, worry about the robots.

It's estimated 57% of all these jobs can be eliminated in the next 20 years. Honestly, I think these numbers are conservative. Computing power is doubling every 18 months.

 

[Vol737]

Brings up a question...Do they even bother to print anymore or is just digital balance sheets?

Great question. Both would be backed by the “full faith and credit of the US Government”, which means backed by pretty much nothing. I mean, we’re living in a pretend world now, so I’m guessing it doesn’t really matter. It’s like Monopoly money or a Bernie Madoff balance sheet.

 

[Orangeburst]

You're confusing the Trump economy with the Trump waistline.

My bad..only 33% sister...Joe is really letting America down..But yes...Stoopid thread

https://www.cnbc.com/2020/10/29/us-gdp-report-third-quarter-2020.htm

 

[VolStrom]

This is what they think we’re too stupid to know.

Unfortunately we are quickly approaching Idiocracy and the people that know basic things like how to mow their lawns, replace their water heater or simply build a fire are slowly going away. Our society is becoming dumb as a box o rocks.

 

[Sea Ray]

Two components to that growth factor:

1) The gov't imposed recession/depression of 2020. Just take eastern Tennessee as an example. Open up Vol football to 100K fans and open up Gatlinburg for the entire yr...I'd be surprised if the local economy only increased 6-7%

2) Influx a few trillion from the US treasury as has been done with numerous stimulus bills

Do both those things and of course you're going to see historic growth. There's no magic here

 

[Vol737]

Thanks Joe!

 

[Orangeburst]

Great question. Both would be backed by the “full faith and credit of the US Government”, which means backed by pretty much nothing. I mean, we’re living in a pretend world now, so I’m guessing it doesn’t really matter. It’s like Monopoly money or a Bernie Madoff balance sheet.

LOL...should be "full faith and credit of the US taypayer"

 

[Vol737]

Unfortunately we are quickly approaching Idiocracy and the people that know basic things like how to mow their lawns, replace their water heater or simply build a fire are slowly going away. Our society is becoming dumb as a box o rocks.

Becoming?

 

[evillawyer]

View attachment 357311

I trust Joe over the snake oil salesman who somehow loses money running a casino.

 

[RavinDave]

Unfortunately we are quickly approaching Idiocracy and the people that know basic things like how to mow their lawns, replace their water heater or simply build a fire are slowly going away. Our society is becoming dumb as a box o rocks.

Sad but true.

 

[VolStrom]

I trust Joe over the snake oil salesman who somehow loses money running a casino.

Thanks EL!

 

[Vol737]

I trust Joe over the snake oil salesman who somehow loses money running a casino.

Or delivered a booming economy. We’ll revisit this at a later date.

 

[evillawyer]

Or delivered a booming economy. We’ll revisit this at a later date.

I doubt you guys will want to. The resident white grievance warriors will probably be preoccupied defending Andy Ngo.

 

[Orangeburst]

Inflation...avoided for so long now..just how long? The bubble is so large now, it may make the Jimmy Carter years look prosperous when it pops. Yellen is gonna have his hands full.
It will kill this federlism though...No bucks No power.

 

[AM64]

Unfortunately we are quickly approaching Idiocracy and the people that know basic things like how to mow their lawns, replace their water heater or simply build a fire are slowly going away. Our society is becoming dumb as a box o rocks.

Hey, not so fast; they can tweet.

 

[VolStrom]

I trust Joe over the snake oil salesman who somehow loses money running a casino.

Please enlighten us as to how ole Joe made his millions? Wasn't he in government for 50 years? Is a public servant supposed to become a millionaire on a mediocre salary? Maybe he was just really smart at investing in China?

 

[volfanhill]

Your only response adds no value to this thread. On the bright side, at least you are not catatonic.

It's laughable bc it's proof you haven't looked at any forecast passed this. Including what the CBP projects. Even better that you are selfish enough to enjoy short term fun for screwing out future. I look forward to reminding you of your support of this when austerity measures kick in in this country. "What do you mean I can't collect SS or Medicare until I am 85?"

 

[Orangeburst]

I doubt you guys will want to. The resident white grievance warriors will probably be preoccupied defending Andy Ngo.

Just so you are aware...Dems own everything now. A lot of responsibilty and all sorts of manner can and will go badly wrong. Cant sugarcoat **** that people see and feel themsleves no matter what the media says. Otherwise you are left with nothing but fraudulent electoral process.

 

[VolStrom]

Hey, not so fast; they can tweet.

I'm sorry, they can also move the world by finger gestures if you've ever seen a recent TV commercial. Need a car, swish swish swoop swipe and one shows up at your door. I feel sorry for my grandkids, I don't think they will ever have life as good as me.

 

[dovervolz]

That’s next year when the bill comes due. Right now they printed fresh money out of thin air.

However 6.9% of 21.4T is 1.5T and the people are only getting a few hundred billion to blow so clearly these idiots suck at math anyway.

But, but, but, they’re good at racist math!!!!!

 

[VolStrom]

I doubt you guys will want to. The resident white grievance warriors will probably be preoccupied defending Andy Ngo.

"I've asked you before but you never reply, what color are you?"

You're nothing more than a troll race baiter and a white POS to boot!

 

[Rasputin_Vol]

"Goldman Sachs is calling for 2021 US GDP growth of 6.9%, the fastest since 1984. Morgan Stanley is even more bullish, predicting 7.3% growth."

After Biden stimulus, US economic growth could rival or even surpass China's - CNN

GDP growth.. do you know what that means?

If we have galloping inflation, wouldn't that mean our GDP grew, also?

 

[n_huffhines]

How is taking 1.9 trillion dollars out of the private economy stimulating?

Because they didn't "take" it. They "borrowed" it. By definition, this spending adds to GDP. Biden learned this trick from Trump

 

[AM64]

Pre-covid unemployment was almost too low. Considering we've had tightened border policies, if by magic we could bring these jobs back to the US who would do them? It was speculated that if these jobs came back within a short amount of time we'd see inflation and interest rates that would make Jimmy Carter blush.

If you're really worried about manufacturing, worry about the robots.

It's estimated 57% of all these jobs can be eliminated in the next 20 years. Honestly, I think these numbers are conservative. Computing power is doubling every 18 months.

I agree on automation - that's a two edged sword. Robots aren't consumers, and if you have to hire upper level workers to make robotics work at numbers approaching laid off workers, then there would be no way to justify plant automation since you'd be paying increased labor costs plus the capital cost of the automation. If that's not the case, then there are a lot of displaced workers that somebody has to support ... or genocide. "Not my problem" according to the corporate decision makers.

The unemployment figures are also difficult because of the definition. There are plenty of workers who no longer figure into the unemployment figures. The problem for both the unemployed and especially the hard core with no prospects who have moved on and fallen off the radar is training. We've lost generations of skilled labor; can it be fixed? We've let manufacturing plants go to waste; can they be resurrected at any reasonable expense? If you are going spend like this "stimulus" bill does, that's more where the money needs to be directed - but in the hands of people who want to redevelop the country and not in the hands of the traitorous globalists who gave it away and unions that didn't understand where the real competition was.

 

[AM64]

I'm sorry, they can also move the world by finger gestures if you've ever seen a recent TV commercial. Need a car, swish swish swoop swipe and one shows up at your door. I feel sorry for my grandkids, I don't think they will ever have life as good as me.

That's kinda like coding, though.