US Economy thread

[Uncle Rico]

I don't know about Waygu beef, but I do know the cost of Coke, Diet Coke and Coke  Zero is up about 70% in the last 3 years.

Don't care.  I only drink high end sparkling water and those prices are high.  Thanks, Obama

[4everwarriors]

Why don't you buy that chit at Sam's Club, hey?

[Uncle Rico]

Why don't you buy that chit at Sam's Club, hey?

I don't want to be around poor people.  I'm an evangelical Christian

[Lennys Tap]

https://www.nbcnews.com/meet-the-press/first-read/nbc-news-poll-shows-gop-largest-ever-lead-economy-rcna117330

NBC polling shows Rs with a 21 point lead on the Ds on who voters trust to handle the economy - an all time record. Guess an awful lot of independents and democrats watch Fox.

[TSmith34, Inc.]

MSNBC opinion piece. LOL.

Polling data and research. But as noted, you are going to believe whatever you want to believe no matter what reality says.

[MUBurrow]

In truly good faith, I guess I just don't understand what about the current situation would provide evidence to someone that Democratic executives are de factor worse at handling the economy than Republican ones.  Inflation numbers are the only thing, right?  Not looking to fight about it, just honestly want to hear the data points that this economy is bad. 

[TSmith34, Inc.]

I hate to win this argument because it shows how fooked up this country really is, aina?

No worries then since you are losing it very badly

[MU82]

Washington Post: The economy is roaring. Immigration is a key reason.

https://www.washingtonpost.com/business/2024/02/27/economy-immigration-border-biden/?utm_campaign=wp_post_most&utm_medium=email&utm_source=newsletter&wpisrc=nl_most&carta-url=https%3A%2F%2Fs2.washingtonpost.com%2Fcar-ln-tr%2F3ce2ea7%2F65de15acec584f026c7eb6e8%2F5f8d147cae7e8a56e5b732a4%2F5%2F53%2F65de15acec584f026c7eb6e8

Immigration has propelled the U.S. job market further than just about anyone expected, helping cement the country's economic rebound from the pandemic as the most robust in the world.

That momentum picked up aggressively over the past year. About 50 percent of the labor market's extraordinary recent growth came from foreign-born workers between January 2023 and January 2024, according to an Economic Policy Institute analysis of federal data. And even before that, by the middle of 2022, the foreign-born labor force had grown so fast that it closed the labor force gap created by the pandemic, according to research from the Federal Reserve Bank of San Francisco.

Immigrant workers also recovered much faster than native-born workers from the pandemic's disruptions, and many saw some of the largest wage gains in industries eager to hire. Economists and labor experts say the surge in employment was ultimately key to solving unprecedented gaps in the economy that threatened the country's ability to recover from prolonged shutdowns.

"Immigration has not slowed. It has just been absolutely astronomical," said Pia Orrenius, vice president and senior economist at the Federal Reserve Bank of Dallas. "And that's been instrumental. You can't grow like this with just the native workforce. It's not possible."

Yet immigration remains an intensely polarizing issue in American politics. Fresh survey data from Gallup showed Americans now cite immigration as the country's top problem, surpassing inflation, the economy and issues with government. A record number of migrants have crossed the southern border since President Biden took office, with apprehensions topping 2 million for the second straight year in fiscal 2023, among the highest in U.S. history. Cities like New York, Chicago and Denver have struggled to keep up with busloads of immigrants sent from Texas who are overwhelming local shelters.

Washington is deadlocked on a solution to the crisis. Senate Republicans and a handful of Democrats voted down a sweeping $118 billion national security package that included changes to the nation's asylum system and a way to effectively close the border to most migrants when crossings are particularly high. House Republican leadership called the legislation "dead on arrival," which seemed all but guaranteed after former president Donald Trump came out strongly in opposition.

Opinion polls show that voters widely disapprove of Biden's handling of the border, and Trump, who is closing in on the Republican nomination, is touting plans for aggressive deportation policies if he wins in November. Republicans have increasingly campaigned on the idea that immigrants have hurt the economy and taken Americans' jobs. But the economic record largely shows the opposite.

There isn't much data on how many of the new immigrants in recent years were documented versus undocumented. But estimates from the Pew Research Center last fall showed that undocumented immigrants made up 22 percent of the total foreign-born U.S. population in 2021. That's down compared to previous decades: Between 2007 and 2021, the undocumented population fell by 14 percent, Pew found. Meanwhile, the legal immigrant population grew by 29 percent.

Whoever wins the election will take the helm of an economy that immigrant workers are supporting tremendously — and likely will keep powering for years to come.

Fresh estimates from the Congressional Budget Office this month said the U.S. labor force will have grown by 5.2 million people by 2033, thanks especially to net immigration. The economy is projected to grow by $7 trillion more over the next decade than it would have without new influxes of immigrants, according to the CBO.

[The Sultan]

In truly good faith, I guess I just don't understand what about the current situation would provide evidence to someone that Democratic executives are de factor worse at handling the economy than Republican ones.  Inflation numbers are the only thing, right?  Not looking to fight about it, just honestly want to hear the data points that this economy is bad. 

I think its a lag. Inflation outpaced wage growth for quite awhile, but has changed in the last six to eight months or so. But you may not experience ANY wage growth if you didn't change jobs.

[Pakuni]

I don't know about Waygu beef, but I do know the cost of Coke, Diet Coke and Coke  Zero is up about 70% in the last 3 years.

Do ever wonder why?

[TSmith34, Inc.]

I think its a lag. Inflation outpaced wage growth for quite awhile, but has changed in the last six to eight months or so. But you may not experience ANY wage growth if you didn't change jobs.

The poll cited was from September, so very possibly.

[Not all scoop users are created equal apparently]

In truly good faith, I guess I just don't understand what about the current situation would provide evidence to someone that Democratic executives are de factor worse at handling the economy than Republican ones.  Inflation numbers are the only thing, right?  Not looking to fight about it, just honestly want to hear the data points that this economy is bad.

Not mathematically backed up by anything specific, but nostalgia/repetitive bias plays a role here in my opinion.

Even if wage growth starts pacing inflation, money out is generally more frequent in transactions than the money in.

When you see 20 transactions a week at 10% higher, vs your 10% higher paycheck once every two weeks, is it not more driven into your mind based on pure frequency?

That plus "My coke zero used to cost a nickel!" nostalgia, even if you're pulling in more money it is ingrained in your mind that it sure used to be less when someone else was in charge.

Again, nothing mathematical here besides trying to analyze how the memory and mind works. Identity politics aside.

[WellsstreetWanderer]

 So Cal prices;  Bread up to $7 a loaf, Coke last was 3.99  12 pack now $7.99, miks $2.99 to $4.69, Juilan Apple Pie went from $16.99 to $26 all in the last year and a half.  But they're still adding potato chips to the bags of air so it's all good

[Jables1604]

So Cal prices;  Bread up to $7 a loaf, Coke last was 3.99  12 pack now $7.99, miks $2.99 to $4.69, Juilan Apple Pie went from $16.99 to $26 all in the last year and a half.  But they're still adding potato chips to the bags of air so it's all good

Let me take a shot in the dark here...you're against raising the federal and state minimum wages?

[21Jumpstreet]

I don't want to be around poor people.  I'm an evangelical Christian

Just spit out my Perrier

[ATL MU Warrior]

So Cal prices;  Bread up to $7 a loaf, Coke last was 3.99  12 pack now $7.99, miks $2.99 to $4.69, Juilan Apple Pie went from $16.99 to $26 all in the last year and a half.  But they're still adding potato chips to the bags of air so it's all good

Perhaps you ought to take it up with the companies who make those things.

[TSmith34, Inc.]

https://apnews.com/article/wendys-surge-pricing-tanner-burger-dynamic-9417bc235bbcd13d82966d04a6ba42bd

Burger chain Wendy's looking to test surge pricing at restaurants as early as next year

"Wendy's is looking to test having the prices of its menu items fluctuate throughout the day based on demand, implementing a strategy that has already taken hold with ride-sharing companies and ticket sellers.

During a conference call earlier this month, Wendy's CEO Kirk Tanner said that the Dublin, Ohio-based burger chain will start testing dynamic pricing, also known as surge pricing, as early as next year.

"Beginning as early as 2025, we will begin testing more enhanced features like dynamic pricing and daypart offerings, along with AI-enabled menu changes and suggestive selling," he said. "As we continue to show the benefit of this technology in our company-operated restaurants, franchisee interest in digital menu boards should increase, further supporting sales and profit growth across the system."

~~~
I am assuming lenny, wanderer, and dentists everywhere will blame Biden for this.

[The Sultan]

So Cal prices;  Bread up to $7 a loaf, Coke last was 3.99  12 pack now $7.99, miks $2.99 to $4.69, Juilan Apple Pie went from $16.99 to $26 all in the last year and a half.  But they're still adding potato chips to the bags of air so it's all good

Again, I trust economic data and not your personal anecdotes.

[4everwarriors]

I don't want to be around poor people.  I'm an evangelical Christian

The board's assumption is you do all your shoppin' at Aldi's. So you're good, aina?

[Uncle Rico]

The board's assumption is you do all your shoppin' at Aldi's. So you're good, aina?

I pay people to grocery shop for me.  I can't imagine being in a grocery store with common people.

Feel bad for the poors of this board that have to buy their own groceries but as an Evangelical Christian, the feeling passes quick

[21Jumpstreet]

Again, I trust economic data and not your personal anecdotes.

I mean, generally food prices are continuing to rise, perhaps slower than the last couple years, but mostly not coming down. Call it greedflation, call it printing money, call it whatever, but factually food costs more than it has.

Question for those smarter than me, is the stock market at all time highs at all because the dollar is highly inflated?

[GOO]

I don't want to be around poor people.  I'm an evangelical Christian

Uncle Rick sure has grown on me. Funny stuff.

On inflation, a lot of companies figured out that - we can keep raising prices and the dummies  keep buying our non-essential stuff anyway. When margins increase a lot it's not traditional cost (input) and wage pressure that increases the prices, it's just they can and they can make more money. Great for the stock market. Has nothing to do with politics or whose in charge.

[4everwarriors]

Uncle Rick sure has grown on me. Funny stuff.

On inflation, a lot of companies figured out that - we can keep raising prices and the dummies  keep buying our non-essential stuff anyway. When margins increase a lot it's not traditional cost (input) and wage pressure that increases the prices, it's just they can and they can make more money. Great for the stock market. Has nothing to do with politics or whose in charge.

Yeah, he's like ass pimples. Just can never get comfortable with him, hey?

[Jockey]

I mean, generally food prices are continuing to rise, perhaps slower than the last couple years, but mostly not coming down. Call it greedflation, call it printing money, call it whatever, but factually food costs more than it has.

Question for those smarter than me, is the stock market at all time highs at all because the dollar is highly inflated?

It has always risen over time. It will continue to do so.

[21Jumpstreet]

It has always risen over time. It will continue to do so.

Because of inflation?