https://www.uscourts.gov/news/2022/0...ue-steady-drop


I'm figuring bankruptcies will increase to +1M for 2023-24.

The markets are pricing in a 0.9% expected raise in the coming days. That is wicked insane. If the CPI plays out that way, we'll be brimming on 10% for the following months. ****ing nuts to think how poorly predicted this scenario was by the polling of BFI which I'd think to be a far higher IQ than average.



It's also just crazy to see Biden's approval rating right now. Currently polling over 7 points worse than Trump at the same point in his presidency... which is just extra baffling when Trump was made fun of non-stop and support Biden as much as possible.

Inflation is obviously the core cause of that. And I doubt the lies and misdirection surrounding inflation is helping his case much at all. Most recently calling on gas stations to lower prices (wat?)

Political disclaimer, for the record, I'm not a Trump supporter (I hate all mainstream politicians equally) and I also don't think Trump is any much less responsible for inflation that Biden is. But it's still pretty astounding regardless.

re polling of this thread, keep in mind what is happening now hasn't happened in most of our lifetimes. 4 decades

like most black swans, easy to say "how couldn't people see this" when inflation/hyperinflation have been predicted by various groups for awhile and never really come to fruition (atleast not in gov't data)

There's a huge difference between what amounts to structural price increases and consumers paying more for goods and services in the near or short term. The latter is particularly relevant to our current situation. For instance, if we took into account all the goods and services we've consumed over the past 2.5 years along with all the work that went into producing them, prices haven't gone up much. In other words, it's not so much that the "price of a loaf of bread" has doubled, rather that we haven't factored in the "free loaf of bread" the government gave us last year. Not the whole story but much of it anyway.

Just shows how economically clueless Americans are …
And half the country not believing in science or facts and praised trickle down non sense economic for 40 years …

It gives these results with a worse outcome in 2022 midterms .

Yeah, it was really tough to predict at the time that shutting down major parts of the economy and slowing others (either directly or indirectly) while also increasing the supply of money at 300% its normal rate for 2 years and giving away that money to anyone and everyone would cause inflation. Almost no economist could have ever imagined that reducing the supply of goods and increasing the amount of money would lead to inflation when many of them define the cause of inflation as too much money chasing too few goods.

What is your proof that trickle down doesn’t work? Isn’t printing extra money and giving extra money to people who are unemployed the opposite of trickle down?

Yes, he’s just a deranged liberal who probably thinks Biden is a fantastic president

if trickle down economy was working, wealth inequality wouldnt be that high.

https://www.pewresearch.org/social-t...th-inequality/

"The richest families in the U.S. have experienced greater gains in wealth than other families in recent decades, a trend that reinforces the growing concentration of financial resources at the top."

"As a result, the wealth gap between America’s richest and poorer families more than doubled from 1989 to 2016. In 1989, the richest 5% of families had 114 times as much wealth as families in the second quintile, $2.3 million compared with $20,300. By 2016, this ratio had increased to 248, a much sharper rise than the widening gap in income."

"Not only is income inequality rising in the U.S., it is higher than in other advanced economies. "

all i know he cant be worst than trump.
as a president and as a human being.

but yeah the original point of Americans blaming Biden to be the sole responsible about inflation are really clueless...

Too strong of a statement. One guy was deranged and kind of hard to tell where he stood on virtually any issue and the other is a dementia patient effectively run by deep state actors. I can't categorically say one is better than the other.

You are correct that blaming Biden for the entirety of inflation is stupid. But so was blaming orange man for spelling covfefe or whatever the outrage of the week was. But then again, the Biden administration isn't blameless either. They have made a ton of steps in completely the wrong direction even if we are specifically talking about inflation and nothing else.

Why do you say that? I don't think it's an issue at all.

It was certainly in the range of outcomes, but given it wasn't something we've seen in 40 years, it wasn't as easy to predict as people are making it seem

if with the benefit of hindsight people want to pretend it was practically preordained once those decisions were made then have at it

oil is getting rekt as the kids would say

It is funny that the pole lists 8% & we're screwed yet I think we're more likely than not to hit 10% this year presently. And I wouldn't say that things are "screwed" yet.

The screwy part is that I think high inflation is here to stay. Be that say rates above 5%. There's no way out of it as far as I can see. And the elephant in the room is social security that becomes insolvent at 2032 if nothing else is done and they are already backed against a wall to begin with. The only 3 options are raising taxes, cutting benefits or printing money. Guess which of those options is most likely to be used the most.

The extra screwy part is that we're not actually at 8.6% but are closer to 17%. And when we hit 10% I presume that real rates will be north of 20%. That will be interesting if it holds for any duration of time at all.

The inventions of the cell phone, the electric vehicle, GPS, 3d printing, DNA sequencing and the microwave oven all brought an increase to income inequality. However, all of those things also made the world a better place.

Income inequality has never and will never be a problem in a country as free as the USA currently is.

Considering Biden and other dems role in inflation you essentially have to believe trump would have lobbed a nuke at Russia at the start of the Ukraine invasion to believe trump could have been worse than Biden over these 4 years. Maybe there are one or two more fantasy scenarios you can make up that you think trump could have done something worse, but it would be extremely difficult for trump to do a worse job than Biden has.

I haven’t heard anyone say that Biden deserves 100% of the blame for inflation. He wasn’t the only one who played a hand in:
shutting down parts of the economy
encouraged the fed to print money 3x the normal rate well after it was needed
wanted to give checks to people to discourage them from working
encouraged schools to do at home learning (making it harder for parents to work and kids to learn and grow)
trying to raise the price of gas since he walked into office by shutting down pipelines and creating more regulation for the fossil fuel industry

I'm not saying inflation at this level was an easy call back then, but I would say quite a few economists back then raised red flags about the dangerous of inflation. I've never seen a survey on the issue, but I wouldn't think more than 5% of economists who aren't paid by the government would have said inflation will stay below 4% if we shut down parts of the economy for an extended period of time, expand the money supply by 3x its normal rate over a 2 year and give money to everyone.

And upset his boy Putin?

You are absolutely right .
The political status in the US couldn’t be better ….

Obv no connection between wealth inequality issues and the worst division the country is going through in the least 50-60 years .

But I won’t start arguing with someone just relying on ideology instead of facts and history .

The US is just a special place too great to be compared to any other power in the history of mankind .
After all Americans aren’t humans they are super humans and can’t be compared to regular humans …

Go trump go !

What are your facts showing wealth inequality is causing problems?

I know.

What do you mean by political status and what does it have to do with income inequality.

Agreed.

I'm not sure where you are going with all of this.

obv, im not surprise

i guess u have no knowledge at all on why revolution happens .
(U really think the top 5-10% really care about inflation or the well being of the population ? U know those that actually control the government policies ?)


and obviously how an economy works if u think an economy where it profits only about the 20-30% of the population is a great economic system in the long run

https://news.harvard.edu/gazette/sto...-and-the-rest/

but its fine, some people just need to see the end of the world before actually believe in it, like the titanic.

As I mentioned a few posts ago (see my post below) it is very obvious that dems don’t care about inflation or the well being of the lower and middle classes.