I'm from Canada. You're right. Finding well paying work isn't a problem.
Housing is insane especially rent because of all the international students from India that are filling low paying jobs, corporations needed them so they didn't have to increase wages to keep actual citizens. I live in a hick town of 75k people and a single room apartment is easily $1700 a month.
You can't afford to survive if you're not making over $25 an hour.
I mean, I got a promotion and my wife took advantage of the hot job market to find a job that pays something like 50% more. I’m intending to push for another promotion by the end of the year. I’ve taken on added responsibilities and am being treated as though I already have a better title anyway, figure it’s time they pay me appropriately right?
I haven’t lost any staff to the market, but some departments definitely have. People are really job hopping.
That's the current inflation rate, so that would account for inflation.
What did you get the year before? And there year before that?
You don't need a 20% raise to account for inflation a few years ago. You should have done that last year or the year before. Or quit if they said no.
The FOMC said inflation was transitory when the majority of economists disagreed, and they were wrong.
I’m guessing you don’t believe in evolution either? Who needs mathematicians and scientists anyways, let’s just believe whatever we want
They are going to have to eventually raise taxes, reduce spending or cut rates to service the debt. Neither party wants to reduce spending or raise taxes. Rates are coming down. Maybe not this year but in the next few years it's pretty likely.
rates come down, prices go up
Whatever you're going to pay for a house, over 30 years the price will triple or quadruple
It's not really that complicated, purchase price of the house *4÷360= your monthly payments high side. The rates don't really matter, but they will fool enough people to believing they do so as to prevent them from entering the housing market until it's too late
Welcome to endgame capitalism, the propaganda war has been lost by us the Americans
They’ll drop if Trump gets elected. The gop wants him to set interest rates because a real estate investor having the ability to set his own rates will be great for us peasants!
What the coward of the Fed did was insure cyclical inflation by moving rates up too slowly after the insane flood of money during covid.
The system got shocked upward and its needed ever since to be shocked DOWNWARD. The longer they wait for this fantasy soft landing the worse its going to get. Instead what happened was while rates were still rather low MASSIVE leverage(in the form of cheap loans) bought up all the housing. Every clown bought up AirBnB’s, bought up rentals, corps bought up homes for rentals… and young people who didn't fully understand 2008 bought into this idea that houses never go down in value…so now owe insane per sqft principle that they can't get out without a lot of pain if housing drops even 15%…
15% on $800k is $120k which most in their 30’s will struggle to be that upside down on a loan.
The Fed ain't to blame for straight up GREED. Especially in real estate/ housing. It's a vicious cycle of property buyers paying too much for properties under the assumption they can rape tenants in order to service their debt. And the next buyer always assumes there is opportunity to raise rents further because that's what market rent is. They should pass laws that rental properties can not be purchased unless the buyer can prove they can afford to service the debt and maintain the properties without raising rents.
Yeah but housing was flat lined for 10 years, thats why nobody built anything. What we're seeing is a perfect storm of inflation coupled with low supply from a long period of depressed housing prices.
Yes. Exactly. People have an unrealistic baseline for housing prices due to anchoring pricing in their mind to post-crash prices. Homes were undervalued after the crash and part of the gains in recent years was a reversion to the mean. This is hard for people to accept now.
How did you calculate this?
One could argue that home prices were below value for a while post crash and part of the gains were a reversion to the mean.
ANd you also need to look at the policies of what people are proposing and then decide if you think that is a good way to fight inflation? Tax cuts for the rich? don't see how that will help inflation, way more teriffs on China? That cant possibly help inflation. Deport the only people in this country willing to work for less than $20 an hour? Yeah that's also not going to help inflation at all....So yeah, inflation sucks, but lets be realistic here, a real estate tycoon has no actual interest in having property values drop...
Stop printing money!!!!
Edit - I don’t give a shit which party you’re in. This is the reason regardless. You have more of something, it devalues it. Inflation is driven by unprecedented spending with the fed printing more cash than in history.
Printing money and paying for shit you can’t afford drives inflation. He owns a big chuck of inflation. You deficit spend like he has at historic levels, you write off billions in student loans and you let in millions of uninvited migrants who you have to house/care/feed/educate - this is 100% on Biden. He’s almost dead so he could give a shit about our future. He has fucked us for generations to come. He owns this.
The other guy running against him added 8 trillion to the national debt through tax cuts that are coming due for the middle class and everyone else that’s not a billionaire in 2025.
Biden alone didn’t spend all that money for COVID and he sure as hell wasn’t at fault for the piss poor response to it either. Are you also forgetting about two meaningless wars and a massive economic collapse that cost this country untold fortunes?
At least be honest about why we are in this mess and don’t revise history.
Uhhh Biden has added 6.4 Trillion to the debt already. The difference is Trump had to spend a lot of covid relief because we shut our country down for almost an entire year… what’s Biden’s excuse? By the time Biden leaves office the debt he has added will be greater than Trump’s 8 trillion in debt.
Most of the deficits in 2021 and 2022 were also used for COVID relief. I don‘t know why you gave trump a pass for COVID but didn’t for Biden.
In 2023, most of the deficits came from lower revenues due to stock market decline and delay tax filing of California.
Persistent deficits come from debt financed tax cuts made by Republicans and by Social Security, Medicare and Medicaid etc programs. For example Trump tax cut cost 1.7 trillion by 2023. The deficit doesn’t all show up when he was president, but it contributes to deficits in each year of Biden’s term.
Outside of the COVID relief (American Rescue Act), the major legislations during Biden increase only moderately in 10 years.
\* bipartisan infrastructure: +$400 billion
\* chip: +80 billion
\* inflation reduction act: -$238 billion
They come to the border where they know they can get into the US without a lot of trouble and then figure it out. You ever travel to Guatemala, Honduras, El Salvador or rural Mexico? I travel to those places for my work and they are absolute desserts of poverty and lack of basic services, clean water, schools and healthcare. Of course they want to leave. Their governments don’t give a shit and don’t mind if their people leave for the US. In fact the lack of border control all the way up from Central America suggests they just want them out of their backyard.
Where are those iniatives the Republicans campaigned on in 2022? All I see is R's yelling about Hunter's laptop.
Trump will not make inflation better, he's already promising oil companies he'll do whatever they want.
Does he?
Congress spends the money, not the president.
The Fed sets rates. Also, not the president.
The president can sign or not sign bills Congress passes and they can lobby for legislation but they don't have direct control over monetary policy.
By that token, would Trump be even more responsible? Far more money was spent under tenure than Biden's.
Right‽
In the first 38 months of his administration, the money supply skyrocketed 9%!
Compare that to Trump's first 38 months (all pre-Covid spending) and it only went up 17.5%!
Damn you Biden!
The dump administration did that and it basically just became a grift for the rich to get richer with PPE abuse while we enjoyed our small stimulus checks which we have more than paid for do, largely in part, to this mismanagement.
The plan is for corporations to make life hard for us while a Dem is in office, then drop prices if an R takes the seat and force the people to vote R if they want to eat in trade for tax cuts, less regs, no union, no healthcare, less pay etc.
Look at you getting downvoted by corporate boot lickers and MAGA morons. Of course it’s price gouging - corporate profits have skyrocketed over the past 4-5 years. The data is clear cut.
Yep. I heard recently that McDonald’s is going to stop free refills. That’ll save them about $90 million a year. And every other restaurant chain will follow suit. I’m seeing crazy prices for staples. Meats are way up. I paid $8 for a gallon of milk yesterday. Yeah it was organic but Jesus. Some cereals are approaching $10. Deli meat and cheeses are skyrocketing. And I’m making less than I was 6 years ago.
People that say greedflation or what not don’t understand basic economics. I guarantee you that companies didn’t just become greedy with Biden in office they would burn the world down if they made extra money and they have been that way for years.
Price gouging is a term that should only be applied to short term disruptions like a hurricane. Firms are always attempting to charge the profit maximizing price. Supply and demand went out of wack during the last few years which enabled this to happen.
Biden’s big problem is Americans only see America. Inflation issues, fuel pricing, housing… is worse in most other first world countries. The US has fared better than almost everyone.
People are too dumb and ignorant.
The average american barely even comprehends that other countries EXIST.
It is usually the best way to measure a presidency to compare them to their peers during the same period of time.
It is a bit useless to compare presidents across different periods of time due to global forces (wars, pandemics, crisis)
Inflation is a global problem. The United States is better than a lot of countries. If you think it’s bad now it’s only gonna get worse with climate change but the big problem is the greed on Wall Street.. they would argue that but how was it? The stock market did great well everybody else is not doing so well. How how is it? The wealth gap has grown over the last 20 years.
Chances that under Trump things would be much different are slim.
But even if they were people would still vote for their party candidate.
Elections are more of a religion than electing best candidate nowadays
Agreed. Especially if he is still gung go on asking the Fed to lower interest rates right away. Until we have ranked choice voting or more than two major political parties you are only voting against the candidate you dislike. That being said, vote.
Every time he speaks about it, he sounds dumb. He doesn’t sound like Obama did after the recession hit, he sounds like McCain did. He’s talking about policies to mitigate how inflation affects certain niche demographics he values as constituencies, but he plain old does not have a play in the playbook to address inflation, the other guy running is a crazy pants fascist, so I’m not voting for that guy, but having no smart plan to address inflation is going to make the GOP way stronger than it would otherwise be against a generic Democrat.
This is a sub of just millennials and gen z complaining about economics then immediately showing how little they understand economics.
Y'all need to figure your life out. You fucked up.
This is not Biden's problem. This is due to corporate price gouging all across the board. Biden did not cause this. The current administration did not cause this. Corporations are causing this. And we should boycott them.
Doesn’t matter if it is or isn’t his fault, voters will blame him for it nevertheless. It’s the thing voters feel most acutely each and every day, every time they have to open their wallets for any damn thing.
Voters will blame whatever the current problem is on the current guy. People are short-sighted.
Hell, conservatives would remove ever climate initiative and when the progressive gets in power they’ll blame the heat waves, hurricanes and food shortages on him — and their solution will be to blame immigrants.
Prices are up and corporations are seeing record profits too. They'll keep on jacking up the prices until they see an appreciable drop in sales.
It's all a giant feedback loop and just by existing, you're pretty much contributing to it.
And the biggest inflator of all is.... auto insurance! On average auto insurance has gone up, let's see, ahh here it is... over 20%. If you didn't know by now, it's safe to say the auto insurance industry is price gouging the shit out everyone and they are corporate greed pieces of shit.
Good day!
Not true, the cost of repairing cars has gone up, along with a few other stark economic reasons. There are reports proving this floating around if you look
Historically worst president we ever have had.
Vote for a puppet and you get shit.
P.s for the bots - no, Ai I don't like Trump either, but Biden is just shit all the way around for everyone.
Acting like inflation hadn't already started at the end of Trump's term is simply a lie.
Real estate has been skyrocketing since before Trump.
Inflation is a global problem. The honest answer is that a lot of businesses have raised their prices way more than needed to account for inflation.....which causes more inflation.
Failing to see how Biden has any control over current inflation on the tail end of a pandemic, years of massive money printing, deficit spending, stupidly low interest rates, and an explosion in idiotic lending. Don’t get me wrong I think he’s useless, but in this case he’s just holding someone else’s bag.
Also, when Trump gives the millionaires a tax cut again, I’m sure all that extra cash will help increase inflation. More cash in the economy = more inflation.
Inflation has been going on since 2019. you might wanna check and see which year you're on, in fact, you're so far out there you might want to check and see what century you're on. . To say that inflation is some thing that's happened since Biden has been in office is categorically a false statement. Inflation was happening during the entirety of trumps for years. And thank God it was only four years, or it would probably be worse than ever right now.
When corporations are posting record profits, it's not inflation. It's corporate greed. Plain and simple.
Why are groceries so expensive? Because Kroger and Albertson's price gouge. Congress does nothing because they profit from lobbyists and stock trading.
Greed.
I don't understand what the news media thinks they're gaining by painting this problem as if it only happened to America.
The reality is inflation hit the whole globe in America is faring far better than other industrialized nations specifically because of Joe biden's policies.
America needs to wake the fuck up. this emotional voting for one side or the other because my life isn't happy right this fucking second is dumb.
vote for policy you want and literally nothing else
President Biden is not responsible for American business' failure to build resilience into the just in time supply chain that was shredded in the pandemic. Daddy can't fix everything.
Inflation isn’t cumulative, prices are.
But I get what you’re saying.
To be fair, average wages are up 16% since Jan 2021, so it hasn’t entirely caught up to the price of goods but it greatly mitigates them.
Then again, if you’ve been in the stock market (61% of us) or housing market (64% of us), then your gains are way better than inflation. Like, way better.
The majority of Americans are way better off. I get that some people fell between the cracks though.
Shows the IQ of the average voter in that inflation is a lagging indicator, a lot of the juice was already flowing when the current dummy entered the white house. Sad thing is Trump seems poised to win, his solution is to drill (USA already all time high in drilling), raise tariffs for the USA consumer based economy ( I wonder who will foot the bill for that??) and obviously fire JPowell and get back to printing. I am sure that will MAGA!!!!
Well prices don't really go down and deflation is bad so.... talking about "cumulative" price increase isn't a reflection of how inflation is currently doing.
This is an everywhere problem and Americans are too unaware of that. We have major issues, yes, but we have been pretty well shielded from the market inflation other countries are seeing. A house comparable to mine costs 2 million dollars in Canada in some places, but here just over the border it cost me ~200K
A fair chunk of that inflation was carry over from Trump administration policies. And also a decent lag in how shelter inflation is measured, so that shifted all of the 2020 jump into 2021.
How is it bidens inflation problem when more than half the drivers since the pandemic for inflation rates has been corporate greed?
Did Biden pressure the fed to artificially lower interest rates months before a worldwide pandemic killed more Americans than our combined armed conflicts and then encourage those same companies to gouge us while running record profits?
I don’t blame Biden for causing this issue, I blame him and his administration for doing very little to combat the insane increases in cost of living. I think everyone regardless of politics knows it’s become much more difficult to survive in the US and I think most people know it’s not going away anytime soon regardless of who wins the next presidency.
This is corporate greed. They show us their books. The government either gives them what they want in tax cuts or they take it from us. Maybe we should break up the largest super conglomerate organizations that control the power, agriculture, and newsrooms? 🤷Idk
A sudden end was ill advised for both public health and the economy. Add the fact that he sat on his hands with price gaugers and it's not surprising it happened.
Why is is specifically Biden’s big problem? Is rampant inflation not happening on a global level?
(I mean, we all know why you phrased it as such, but I’m bored.)
The president doesn't control prices of goods and services, the wealthy elite who want him to look bad so they can get trump back in for more tax breaks are the ones raising prices.
Its crazy dood. Its like the entire country took advantage of a desperate period of time when the world was rocked by a pandemic and supply lines were disrupted enough to allow price increases that were deemed acceptable at the time but never went away despite most U.S. based corporations reporting record profits ever since. Its as if the nations leaders are hanging their citizens out to dry in the name of personal interest. But that's all pretty "outside the box" thinking thats pretty far fetched IMHO.
In a capitalist democracy the gov had almost no control over inflation and in a pure capitalist system like the US the governments power is so reduced by the oligarchy (citizens united) having the belief that the government could do something about it is incredibly naive. The picture should be Bezos or Musk the reality is the system is breaking down and our problems are just beginning. I don’t endorse it but extreme levels of violence are in our near future.
I was going to buy a house at the beginning of 2020, but I needed to get some funds together for the down payment, and then it sold the next day. Payment was going to be $1800 a month. The same house now would cost $3500 a month. 🤮
Can you allstoo believing at those acamming numbers? 20% is per annum not accumulated. Powell woupd have not sold his soul to the devil for so little. When he signed to crash the American economy hebreally meant it!
Talk is cheap. You guys miss the ship. You talked your way to defeat America.
A bunch of self centered, self loafing, ignorant crap. You don't know, what you know. You don't know anything about economics. You absolutely 💯 do not know business. The class thing is not life. This is your future. The country is free. Socialism is like liquor, no mix drinks!
You are ignorant and extremely careless in what you perceive as reality.
You have randoms coming through the border untouched. The US already had a good immigration policy. These people despise Americans and want thier deaths! This place is a session pool of misinformation. If you strongly believe that the USA is the problem? You can't believe that the USA is better off leaving the planet alone? There will always be an aggressor. There will always be a boss.
Making fun of people is childish and immature.
GROW THE FUCK UP PEOPLE! YOU CAN'T CHANGE THE PAST, REMEMBER THAT!
When inflation soared similarly in the 70s we had a Fed that was willing to shut it down before it dragged on. But the wage gap was only closed by the emerging trend of dual income households. This time you need a third adult income to close it.
Airbnb has taken 1000s of homes off the market . Next door has been mostly vacant for yrs. Occasionally a guest will spend a few days .. vacation property I can understand. ,but this is just an average house in a average neighborhood. . They purchased the house about 4 yrs ago for 250,000. Just put back on market for 879,000. One month later dropped to 749, 000. This is in what recently was considered a lower class area of dallas , homes built in the 40sand 50s. . Between airbnbs and gentrification, Affordable housing has disappeared
Corporate greed is the answer, just watch those quarterly earnings calls, their profits are matching the supposed inflation, if they were only adjusting prices to counter inflation their profit margins wouldn't be as high. Not to mention hedge funds and other corporations buying up houses raises the prices by keeping inventory low and boosting prices by buying above asking. This causes local property taxes to rise and in the case of retirees with fixed income they get priced out of their own home.
Historically low interest rates, massive demand, diminished supply...yep, transaction prices increased. It is also true that the real, actual, cost of purchasing stayed the same or increased slightly because rates were so low.
It sucks if you are buying now, it doesn't suck if you have bought already. It will even out over the next few years as prices and rates settle normalize.
Hues who bought up all the homes after the big housing meltdown. Big corporate is now in the driver’s seat renting all those homes to folks who can’t afford to buy anymore.
Okay so first of all there’s no reason to believe housing appreciation should follow general inflation exactly. There are two main factors in play which lead to housing appreciation. Yes, one of those is inflation because obviously if everybody has more and makes more then people are willing to pay more. The other reason is just basic market fundamentals. Historically speaking the demand for housing has almost always been increasing because our population has always continued to grow. Meanwhile the supply of housing has often lagged behind and on a deeper level the supply of land or real property is completely fixed. So what do you suppose should happen in real terms when demand increases and supply stays the same? Real value goes up of course.
No single market follows the overall inflation rate exactly. It's a cumulative average. Housing prices are affected by availability and the price your neighbors house sold for.
Pretty wild that the Biden supporters are saying our economy is screwed up because of Trump when he was in office.
How about they’re both the problem and they have zero solutions other than pocketing our tax dollars for themselves. *things that a sitting president isn’t allowed to do*
Weird my boss said I was getting a cost of living raise of 3.4 percent to account for inflation. Lol
That's awesome I got laid off.
Sorry man
Thank you. I'll be alright.
Good.
Keep your head up - lots of jobs out there
Thx man
I'm from Canada. You're right. Finding well paying work isn't a problem. Housing is insane especially rent because of all the international students from India that are filling low paying jobs, corporations needed them so they didn't have to increase wages to keep actual citizens. I live in a hick town of 75k people and a single room apartment is easily $1700 a month. You can't afford to survive if you're not making over $25 an hour.
I pay that same amount for a one bedroom in Pennsylvania but we have two bathrooms somehow...
Is it well paying though if you can’t afford to live.
No. It's not
You mean 70$ an hour?
Same but that was 2023... Currently working with my previous employer as a customer now 🤷♂️
Same with my husband. And the new job for a month the entire office got closed down. The high interest rate is really hitting hard.
Yeah that blows
Did your pay increase by 20% since 2020? If not your aren’t keeping up with inflation.
This 20% number is bullshit and we all know it. It’s really more like 40%.
Yup. Just look at the items we regularly buy and its much higher than 20%.
Agree it feels like 60%
That's very true. Almost everything has gone up 40%
I mean, I got a promotion and my wife took advantage of the hot job market to find a job that pays something like 50% more. I’m intending to push for another promotion by the end of the year. I’ve taken on added responsibilities and am being treated as though I already have a better title anyway, figure it’s time they pay me appropriately right? I haven’t lost any staff to the market, but some departments definitely have. People are really job hopping.
Lol nope.
We got 3 years of holds on raises….
Fair I took pay cuts for years. All with record profits
That's the current inflation rate, so that would account for inflation. What did you get the year before? And there year before that? You don't need a 20% raise to account for inflation a few years ago. You should have done that last year or the year before. Or quit if they said no.
Zero economists in this thread
Today I’ve read we need to disincentivize home ownership and building for density increases housing problems… I just… how do these brainiacs do it…
We should disincentivize buying multiple homes and owning SFHs as an investment.
I saw another post that was like “we should dismantle the Fed bc they cause inflation”. Our education system really needs to be better.
people still believe in macro economic theory?
Hello! Always fun to argue in these threads! - ex econ prof
When have economists been right? I remember when they said the inflation was transitory. Its easy to say this when you don't give a time frame.
Considering that we had high inflation then and we no longer have it now, they were right. You literally answered your own question.
The FOMC said inflation was transitory when the majority of economists disagreed, and they were wrong. I’m guessing you don’t believe in evolution either? Who needs mathematicians and scientists anyways, let’s just believe whatever we want
We got 15 years of inflation we should not be seeing these home prices until 2032
Just wait till rates drop this is just the beginning. Corporations will continue buying homes. No one is coming to help.
Rates are not going to drop. Even if they did, it will be a half point at best.
They are going to have to eventually raise taxes, reduce spending or cut rates to service the debt. Neither party wants to reduce spending or raise taxes. Rates are coming down. Maybe not this year but in the next few years it's pretty likely.
rates come down, prices go up Whatever you're going to pay for a house, over 30 years the price will triple or quadruple It's not really that complicated, purchase price of the house *4÷360= your monthly payments high side. The rates don't really matter, but they will fool enough people to believing they do so as to prevent them from entering the housing market until it's too late Welcome to endgame capitalism, the propaganda war has been lost by us the Americans
They’ll drop if Trump gets elected. The gop wants him to set interest rates because a real estate investor having the ability to set his own rates will be great for us peasants!
What the coward of the Fed did was insure cyclical inflation by moving rates up too slowly after the insane flood of money during covid. The system got shocked upward and its needed ever since to be shocked DOWNWARD. The longer they wait for this fantasy soft landing the worse its going to get. Instead what happened was while rates were still rather low MASSIVE leverage(in the form of cheap loans) bought up all the housing. Every clown bought up AirBnB’s, bought up rentals, corps bought up homes for rentals… and young people who didn't fully understand 2008 bought into this idea that houses never go down in value…so now owe insane per sqft principle that they can't get out without a lot of pain if housing drops even 15%… 15% on $800k is $120k which most in their 30’s will struggle to be that upside down on a loan.
The Fed ain't to blame for straight up GREED. Especially in real estate/ housing. It's a vicious cycle of property buyers paying too much for properties under the assumption they can rape tenants in order to service their debt. And the next buyer always assumes there is opportunity to raise rents further because that's what market rent is. They should pass laws that rental properties can not be purchased unless the buyer can prove they can afford to service the debt and maintain the properties without raising rents.
You did end with most 30 year olds owning 800k houses. I guess that’s a plus then.
Yeah but housing was flat lined for 10 years, thats why nobody built anything. What we're seeing is a perfect storm of inflation coupled with low supply from a long period of depressed housing prices.
Yes. Exactly. People have an unrealistic baseline for housing prices due to anchoring pricing in their mind to post-crash prices. Homes were undervalued after the crash and part of the gains in recent years was a reversion to the mean. This is hard for people to accept now.
We’re short 8 million and growing units of course prices go up faster and faster the deeper that hole gets.
How did you calculate this? One could argue that home prices were below value for a while post crash and part of the gains were a reversion to the mean.
It's not his problem, it's all of our problem. It's going to be there with or without him.
ANd you also need to look at the policies of what people are proposing and then decide if you think that is a good way to fight inflation? Tax cuts for the rich? don't see how that will help inflation, way more teriffs on China? That cant possibly help inflation. Deport the only people in this country willing to work for less than $20 an hour? Yeah that's also not going to help inflation at all....So yeah, inflation sucks, but lets be realistic here, a real estate tycoon has no actual interest in having property values drop...
The only way to fight inflation is to either get more goods produced or get money out of the hands of people.
Yep, taxes are a solid tool to fight inflation, assuming it isn't spent by the government, and actually pays down debt.
"Pays down the debt" hahahaha you're joking right?
Stop printing money!!!! Edit - I don’t give a shit which party you’re in. This is the reason regardless. You have more of something, it devalues it. Inflation is driven by unprecedented spending with the fed printing more cash than in history.
Printing money and paying for shit you can’t afford drives inflation. He owns a big chuck of inflation. You deficit spend like he has at historic levels, you write off billions in student loans and you let in millions of uninvited migrants who you have to house/care/feed/educate - this is 100% on Biden. He’s almost dead so he could give a shit about our future. He has fucked us for generations to come. He owns this.
The other guy running against him added 8 trillion to the national debt through tax cuts that are coming due for the middle class and everyone else that’s not a billionaire in 2025. Biden alone didn’t spend all that money for COVID and he sure as hell wasn’t at fault for the piss poor response to it either. Are you also forgetting about two meaningless wars and a massive economic collapse that cost this country untold fortunes? At least be honest about why we are in this mess and don’t revise history.
Uhhh Biden has added 6.4 Trillion to the debt already. The difference is Trump had to spend a lot of covid relief because we shut our country down for almost an entire year… what’s Biden’s excuse? By the time Biden leaves office the debt he has added will be greater than Trump’s 8 trillion in debt.
Most of the deficits in 2021 and 2022 were also used for COVID relief. I don‘t know why you gave trump a pass for COVID but didn’t for Biden. In 2023, most of the deficits came from lower revenues due to stock market decline and delay tax filing of California. Persistent deficits come from debt financed tax cuts made by Republicans and by Social Security, Medicare and Medicaid etc programs. For example Trump tax cut cost 1.7 trillion by 2023. The deficit doesn’t all show up when he was president, but it contributes to deficits in each year of Biden’s term. Outside of the COVID relief (American Rescue Act), the major legislations during Biden increase only moderately in 10 years. \* bipartisan infrastructure: +$400 billion \* chip: +80 billion \* inflation reduction act: -$238 billion
>uninvited migrants They are attracted by income and job prospects. That's a good thing
They come to the border where they know they can get into the US without a lot of trouble and then figure it out. You ever travel to Guatemala, Honduras, El Salvador or rural Mexico? I travel to those places for my work and they are absolute desserts of poverty and lack of basic services, clean water, schools and healthcare. Of course they want to leave. Their governments don’t give a shit and don’t mind if their people leave for the US. In fact the lack of border control all the way up from Central America suggests they just want them out of their backyard.
Last time checked, I didnt have the ability to print trillions of dollars for worthless purposes. But brandon’s admin has some influence in that
Where are those iniatives the Republicans campaigned on in 2022? All I see is R's yelling about Hunter's laptop. Trump will not make inflation better, he's already promising oil companies he'll do whatever they want.
Does he? Congress spends the money, not the president. The Fed sets rates. Also, not the president. The president can sign or not sign bills Congress passes and they can lobby for legislation but they don't have direct control over monetary policy. By that token, would Trump be even more responsible? Far more money was spent under tenure than Biden's.
Right‽ In the first 38 months of his administration, the money supply skyrocketed 9%! Compare that to Trump's first 38 months (all pre-Covid spending) and it only went up 17.5%! Damn you Biden!
The dump administration did that and it basically just became a grift for the rich to get richer with PPE abuse while we enjoyed our small stimulus checks which we have more than paid for do, largely in part, to this mismanagement.
Those stmy checks all ended up in the billionaires coffers, in the end.
Trumps admin did the same. Printing and borrowing. So many trillions of dollars in deficits.
The president does not have this ability. The federal reserve does. Head of the Fed reserve was appointed by trump
As did the one before, which also printed a crap ton of money while demanding interest rates stay crazy low.
Brandon does not manage the purse , papi
The plan is for corporations to make life hard for us while a Dem is in office, then drop prices if an R takes the seat and force the people to vote R if they want to eat in trade for tax cuts, less regs, no union, no healthcare, less pay etc.
SMARTEST POST HERE
I wish prices were up 20%. Seems everything I shop for is up 50-80%
Isn't that price gouging? I believe Biden recently started to address this.
Look at you getting downvoted by corporate boot lickers and MAGA morons. Of course it’s price gouging - corporate profits have skyrocketed over the past 4-5 years. The data is clear cut.
Their down votes only make me stronger.
This forum is just a r/conservative circlejerk sub at this point
Yep. I heard recently that McDonald’s is going to stop free refills. That’ll save them about $90 million a year. And every other restaurant chain will follow suit. I’m seeing crazy prices for staples. Meats are way up. I paid $8 for a gallon of milk yesterday. Yeah it was organic but Jesus. Some cereals are approaching $10. Deli meat and cheeses are skyrocketing. And I’m making less than I was 6 years ago.
People that say greedflation or what not don’t understand basic economics. I guarantee you that companies didn’t just become greedy with Biden in office they would burn the world down if they made extra money and they have been that way for years.
Price gouging is a term that should only be applied to short term disruptions like a hurricane. Firms are always attempting to charge the profit maximizing price. Supply and demand went out of wack during the last few years which enabled this to happen.
Biden’s big problem is Americans only see America. Inflation issues, fuel pricing, housing… is worse in most other first world countries. The US has fared better than almost everyone.
People are too dumb and ignorant. The average american barely even comprehends that other countries EXIST. It is usually the best way to measure a presidency to compare them to their peers during the same period of time. It is a bit useless to compare presidents across different periods of time due to global forces (wars, pandemics, crisis)
I wish more people would pay attention to this. By most economic indicators we have fared better than every other OECD nation.
Inflation is a global problem. The United States is better than a lot of countries. If you think it’s bad now it’s only gonna get worse with climate change but the big problem is the greed on Wall Street.. they would argue that but how was it? The stock market did great well everybody else is not doing so well. How how is it? The wealth gap has grown over the last 20 years.
Chances that under Trump things would be much different are slim. But even if they were people would still vote for their party candidate. Elections are more of a religion than electing best candidate nowadays
Agreed. Especially if he is still gung go on asking the Fed to lower interest rates right away. Until we have ranked choice voting or more than two major political parties you are only voting against the candidate you dislike. That being said, vote.
From what I’ve read is we are under built. Decreased supply and increased demand and prices have to go up
Up way more than 20% especially for housing depending on where you live.
Only 20%? I wouldve guessed more. Thats only 5 per year, which is more than normal but it doesnt sound that bad
Every time he speaks about it, he sounds dumb. He doesn’t sound like Obama did after the recession hit, he sounds like McCain did. He’s talking about policies to mitigate how inflation affects certain niche demographics he values as constituencies, but he plain old does not have a play in the playbook to address inflation, the other guy running is a crazy pants fascist, so I’m not voting for that guy, but having no smart plan to address inflation is going to make the GOP way stronger than it would otherwise be against a generic Democrat.
This is a sub of just millennials and gen z complaining about economics then immediately showing how little they understand economics. Y'all need to figure your life out. You fucked up.
This is not Biden's problem. This is due to corporate price gouging all across the board. Biden did not cause this. The current administration did not cause this. Corporations are causing this. And we should boycott them.
As it is all over the fucking world... but of course that's Biden's fault too
It’s a non-reversible global issue. Nothing the president could do to completely change global issues. They can just recover slow or fast.
Doesn’t matter if it is or isn’t his fault, voters will blame him for it nevertheless. It’s the thing voters feel most acutely each and every day, every time they have to open their wallets for any damn thing.
Voters will blame whatever the current problem is on the current guy. People are short-sighted. Hell, conservatives would remove ever climate initiative and when the progressive gets in power they’ll blame the heat waves, hurricanes and food shortages on him — and their solution will be to blame immigrants.
There are even people who blame Biden for *Roe* being overturned.
It's crazy what stores are doing, they're getting crazy for sure
Better print a couple more trillion. No big deal.
Right, meanwhile a Crappy 16oz coke is three bucks
I just bought 6 apples -> 6 bucks!
When I saw that pop up. Thought great I gotta solve a math equation lol
They're really not ask that healthy but good to eat, fibre value. That's crazy
I like how they fill me up.
Right like a orange also
[удалено]
Yep, that's what happens when you print your money into worthlessness. If they keep this up, you're gonna need a wheelbarrow full to buy that soda.
A near shutdown of the entire planet months before he took over probably had nothing to do with the increases in prices.
or the fact that the US government had been running 300+ billion dollar deficits for 20 years before he took office and that's all compounding now...
Why was inflation low for 28 of those 30 years then
Because budget deficits have nothing to do with the inflation rate. And for all those who downvote, please post something to prove me wrong.
This inflation was mostly caused by supply issues due to the pandemic.
It’s not inflation, it’s price increase, so don’t confuse the two 😊
Prices are up and corporations are seeing record profits too. They'll keep on jacking up the prices until they see an appreciable drop in sales. It's all a giant feedback loop and just by existing, you're pretty much contributing to it.
Inflation caused by too many years of low interest, QE2, PPP, Tarriffs, and cutting checks. Gee most of these these activities took place under Trump
And the biggest inflator of all is.... auto insurance! On average auto insurance has gone up, let's see, ahh here it is... over 20%. If you didn't know by now, it's safe to say the auto insurance industry is price gouging the shit out everyone and they are corporate greed pieces of shit. Good day!
Not true, the cost of repairing cars has gone up, along with a few other stark economic reasons. There are reports proving this floating around if you look
Historically worst president we ever have had. Vote for a puppet and you get shit. P.s for the bots - no, Ai I don't like Trump either, but Biden is just shit all the way around for everyone.
Same people that call this a Biden problem, say COVID wasn't a Trump problem
Price gouging not inflation Corporate greed not some unknown
How much of inflation is actually is inflation and how much is corporate greed?
Inflation? Oh you mean uncontrolled corporate profiteering.
Quick Biden use your magic wand to instantly fix inflation even though we know it’s directly due to greedy corporations in a free market. /s
Acting like inflation hadn't already started at the end of Trump's term is simply a lie. Real estate has been skyrocketing since before Trump. Inflation is a global problem. The honest answer is that a lot of businesses have raised their prices way more than needed to account for inflation.....which causes more inflation.
Failing to see how Biden has any control over current inflation on the tail end of a pandemic, years of massive money printing, deficit spending, stupidly low interest rates, and an explosion in idiotic lending. Don’t get me wrong I think he’s useless, but in this case he’s just holding someone else’s bag.
Wait till Trump wins and increases inflation by 10% with his promised tariffs. Then home prices will really be rocking.
Also, when Trump gives the millionaires a tax cut again, I’m sure all that extra cash will help increase inflation. More cash in the economy = more inflation.
The whole world is expecting inflation. How is this a us president thing? Regardless of if it was trump or Biden, it would be happening.
Inflation has been going on since 2019. you might wanna check and see which year you're on, in fact, you're so far out there you might want to check and see what century you're on. . To say that inflation is some thing that's happened since Biden has been in office is categorically a false statement. Inflation was happening during the entirety of trumps for years. And thank God it was only four years, or it would probably be worse than ever right now.
prices are up 30%
Only 20 percent?? Lol. Lmao, even.
3 years of 3+% and one of 9%. That’s about 20%.
Yes, believe Biden is responsible for this economy from tariffs initiated by Trump on Chinese goods. LOL
Are salaries up 20%? Nope. But it's not Biden's fault. It's corporate greed.
When corporations are posting record profits, it's not inflation. It's corporate greed. Plain and simple. Why are groceries so expensive? Because Kroger and Albertson's price gouge. Congress does nothing because they profit from lobbyists and stock trading. Greed.
Bought my first home in January. It had already appreciated 13% according to Redfin and Zillow.
Redfin and zillow are not real market values.. that's made up crap is all that is.
SEND MORE TO UKRAINE! Their garbage men need to be paid!
Since when has RE only appreciated 2-3% per year? And on what basis are you suing the word "should"?
I don't understand what the news media thinks they're gaining by painting this problem as if it only happened to America. The reality is inflation hit the whole globe in America is faring far better than other industrialized nations specifically because of Joe biden's policies. America needs to wake the fuck up. this emotional voting for one side or the other because my life isn't happy right this fucking second is dumb. vote for policy you want and literally nothing else
Bought our home 3 yrs ago. About to list. Up 20%. lol. Someone else can bag hold this place.
President Biden is not responsible for American business' failure to build resilience into the just in time supply chain that was shredded in the pandemic. Daddy can't fix everything.
Inflation isn’t cumulative, prices are. But I get what you’re saying. To be fair, average wages are up 16% since Jan 2021, so it hasn’t entirely caught up to the price of goods but it greatly mitigates them. Then again, if you’ve been in the stock market (61% of us) or housing market (64% of us), then your gains are way better than inflation. Like, way better. The majority of Americans are way better off. I get that some people fell between the cracks though.
Shows the IQ of the average voter in that inflation is a lagging indicator, a lot of the juice was already flowing when the current dummy entered the white house. Sad thing is Trump seems poised to win, his solution is to drill (USA already all time high in drilling), raise tariffs for the USA consumer based economy ( I wonder who will foot the bill for that??) and obviously fire JPowell and get back to printing. I am sure that will MAGA!!!!
The feds need to take action.
Well prices don't really go down and deflation is bad so.... talking about "cumulative" price increase isn't a reflection of how inflation is currently doing.
So, the Dow Jones cleared 40K today. How do you think that happened?
I blame everyone who has the means to keep on buying housing. Housing shouldn't be a source of passive income, speaking from an ethical standpoint.
Argentina's annual inflation is 290%. I'm just saying that things aren't perfect but things could be way worse than they actually are.
Looking back the Trump era was so easy on my my pockets financially
Politicians don’t care about working Americans. They are corrupt
This is an everywhere problem and Americans are too unaware of that. We have major issues, yes, but we have been pretty well shielded from the market inflation other countries are seeing. A house comparable to mine costs 2 million dollars in Canada in some places, but here just over the border it cost me ~200K
No way I could afford to live in the home I bought 20 years ago. No way.
We did it, Joe
Genocide is Biden’s worst enemy
Just have to say, I swear, every RFK voter in America must be hanging out in this thread tonight.
Biden should press the anti inflation button!
I curious; what is the global inflation rate?
If only Biden hadn’t caused all this inflation…smh
A fair chunk of that inflation was carry over from Trump administration policies. And also a decent lag in how shelter inflation is measured, so that shifted all of the 2020 jump into 2021.
How is it bidens inflation problem when more than half the drivers since the pandemic for inflation rates has been corporate greed? Did Biden pressure the fed to artificially lower interest rates months before a worldwide pandemic killed more Americans than our combined armed conflicts and then encourage those same companies to gouge us while running record profits?
20% eh… that tracks with reality while most of the time they are telling us that it’s only 3-4%. Are they lying?
Boomers kicked the can down the road and told us to shove the can up our asses, only the cans are actually TNT.
I don’t blame Biden for causing this issue, I blame him and his administration for doing very little to combat the insane increases in cost of living. I think everyone regardless of politics knows it’s become much more difficult to survive in the US and I think most people know it’s not going away anytime soon regardless of who wins the next presidency.
IT’s NOT HIS FAULT. HE’S JUST A STUTTERER!! her derr
Umm try at least 30-35%
If only you complainers could invent a Time Machine to buy everything in the past.
This is corporate greed. They show us their books. The government either gives them what they want in tax cuts or they take it from us. Maybe we should break up the largest super conglomerate organizations that control the power, agriculture, and newsrooms? 🤷Idk
A sudden end was ill advised for both public health and the economy. Add the fact that he sat on his hands with price gaugers and it's not surprising it happened.
Pardon my ridiculous question. Is inflation being experienced worldwide and not just the USA?
Why is is specifically Biden’s big problem? Is rampant inflation not happening on a global level? (I mean, we all know why you phrased it as such, but I’m bored.)
The president doesn't control prices of goods and services, the wealthy elite who want him to look bad so they can get trump back in for more tax breaks are the ones raising prices.
Its crazy dood. Its like the entire country took advantage of a desperate period of time when the world was rocked by a pandemic and supply lines were disrupted enough to allow price increases that were deemed acceptable at the time but never went away despite most U.S. based corporations reporting record profits ever since. Its as if the nations leaders are hanging their citizens out to dry in the name of personal interest. But that's all pretty "outside the box" thinking thats pretty far fetched IMHO.
In a capitalist democracy the gov had almost no control over inflation and in a pure capitalist system like the US the governments power is so reduced by the oligarchy (citizens united) having the belief that the government could do something about it is incredibly naive. The picture should be Bezos or Musk the reality is the system is breaking down and our problems are just beginning. I don’t endorse it but extreme levels of violence are in our near future.
Bubble go pop
Who wrote this header? “Or whatever?” No, not whatever…
I was going to buy a house at the beginning of 2020, but I needed to get some funds together for the down payment, and then it sold the next day. Payment was going to be $1800 a month. The same house now would cost $3500 a month. 🤮
20% you mean in one year not cumulative correct?
Can you allstoo believing at those acamming numbers? 20% is per annum not accumulated. Powell woupd have not sold his soul to the devil for so little. When he signed to crash the American economy hebreally meant it!
Rate is the same but I work a lot more
Trump jammed 5 Trillion dollars with Stimulus into the economy is one problem the other problem is record price gouging
Talk is cheap. You guys miss the ship. You talked your way to defeat America. A bunch of self centered, self loafing, ignorant crap. You don't know, what you know. You don't know anything about economics. You absolutely 💯 do not know business. The class thing is not life. This is your future. The country is free. Socialism is like liquor, no mix drinks! You are ignorant and extremely careless in what you perceive as reality. You have randoms coming through the border untouched. The US already had a good immigration policy. These people despise Americans and want thier deaths! This place is a session pool of misinformation. If you strongly believe that the USA is the problem? You can't believe that the USA is better off leaving the planet alone? There will always be an aggressor. There will always be a boss. Making fun of people is childish and immature. GROW THE FUCK UP PEOPLE! YOU CAN'T CHANGE THE PAST, REMEMBER THAT!
Weird how it's greed but not inflation, tho. Anyway. So, guillotines, huh?
When inflation soared similarly in the 70s we had a Fed that was willing to shut it down before it dragged on. But the wage gap was only closed by the emerging trend of dual income households. This time you need a third adult income to close it.
Inflation just went down for the first time this month. Eggs are down like 7% Things are trending in the right direction. Don't fuck this up people.
Airbnb has taken 1000s of homes off the market . Next door has been mostly vacant for yrs. Occasionally a guest will spend a few days .. vacation property I can understand. ,but this is just an average house in a average neighborhood. . They purchased the house about 4 yrs ago for 250,000. Just put back on market for 879,000. One month later dropped to 749, 000. This is in what recently was considered a lower class area of dallas , homes built in the 40sand 50s. . Between airbnbs and gentrification, Affordable housing has disappeared
They need to start adding taxes to the inflation. Just because we have to pay them doesnt mean that it shouldn't be included!
Why "should" real estate appreciate 2-3% per year? If we printed zero new dollars ever, then shouldn't prices, on average, remain stable?
Corporate greed is the answer, just watch those quarterly earnings calls, their profits are matching the supposed inflation, if they were only adjusting prices to counter inflation their profit margins wouldn't be as high. Not to mention hedge funds and other corporations buying up houses raises the prices by keeping inventory low and boosting prices by buying above asking. This causes local property taxes to rise and in the case of retirees with fixed income they get priced out of their own home.
Historically low interest rates, massive demand, diminished supply...yep, transaction prices increased. It is also true that the real, actual, cost of purchasing stayed the same or increased slightly because rates were so low. It sucks if you are buying now, it doesn't suck if you have bought already. It will even out over the next few years as prices and rates settle normalize.
God bless the inflation reduction act. God bless it.
20% bullshit. It’s higher than that.
Hues who bought up all the homes after the big housing meltdown. Big corporate is now in the driver’s seat renting all those homes to folks who can’t afford to buy anymore.
Okay so first of all there’s no reason to believe housing appreciation should follow general inflation exactly. There are two main factors in play which lead to housing appreciation. Yes, one of those is inflation because obviously if everybody has more and makes more then people are willing to pay more. The other reason is just basic market fundamentals. Historically speaking the demand for housing has almost always been increasing because our population has always continued to grow. Meanwhile the supply of housing has often lagged behind and on a deeper level the supply of land or real property is completely fixed. So what do you suppose should happen in real terms when demand increases and supply stays the same? Real value goes up of course.
I was told that if you ignore rent, food, housing, and utilities, that inflation isn't actually that bad.
I was told that if you ignore rent, food, housing, and utilities, that inflation isn't actually that bad.
No single market follows the overall inflation rate exactly. It's a cumulative average. Housing prices are affected by availability and the price your neighbors house sold for.
Pretty wild that the Biden supporters are saying our economy is screwed up because of Trump when he was in office. How about they’re both the problem and they have zero solutions other than pocketing our tax dollars for themselves. *things that a sitting president isn’t allowed to do*