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Index » Regional/Local » USA/Canada » It's the economy stupid. Page: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10  Next
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black321

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Location: An earth without maps
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Posted: May 22, 2024 - 7:21am

and this SNL skit pretty well captures the mind of the US consumer, especially the comments at the end

black321

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Posted: May 22, 2024 - 7:16am

a bit more accurate description of what's going on in the economy:

National Public Radio (NPR) reports on a new study released Tuesday by the Federal Reserve saying that "Americans overwhelmingly say they're 'doing at least OK financially,' but most remain worried about rising prices, and 1 in 6 says they have bills they can't pay."

The story goes on:

"This year's snapshot shows family budgets generally held steady over the last year, but they're not as solid as they were two years ago, when pandemic relief payments helped pad people's bank accounts and inflation was just beginning to take hold.

"The survey, conducted last fall, found that 72% of adults are living comfortably financially or at least doing OK. That's down from 73% in 2022 and 78% in 2021.

"One group that saw a bigger drop in well-being was parents. Just 64% of those with children under 18 said they were doing at least OK — down from 75% in 2021. Child care is a significant expense for many families, often costing at least half as much as their housing. The median monthly cost for child care was $800, or $1,100 for those using more than 20 hours a week.

"About a third of those surveyed said their monthly income had increased during the year, while a slightly higher percentage — 38% — said their monthly expenses had grown."

And:

"Although inflation is lower now than it was a year ago and less than half what it was in 2022, two-thirds of Americans say rising prices have made their financial situation worse, including 19% who say they're much worse off. About 1 in 3 people said inflation had little effect on their family finances.

"Unsurprisingly, lower-income households reported more financial hardships, such as an inability to pay their bills every month or skipping meals or medical care. Overall, 48% of those polled said they had money left over after paying expenses, while 17% said they had unpaid bills in the previous month."


Think of this as the bifurcation of the American economy. At one end, there are folks who are having trouble paying their bills (like they always do). And at the other, there are people who are making more money than ever, at least in part because the stock market is at record highs. (Also C-level executives who are making tens of millions of dollars in wages even as they try to figure out how to reduce labor expenses elsewhere in their organizations. But that's a different commentary.)


Neither extreme represents the typical American experience - most people are doing okay, though struggling with their monthly bills, cutting corners where they can, taking on some more credit card debt than they would like, and facing a future that feels increasingly uncertain (for a wide variety of reasons - also a different commentary).

And then you have the politics...why is inflation so high...biden spending, ceo pay, trump tax cuts, blah, blah, blah... 

A better question is: why was inflation so low for over three decades? Mostly because of globalization, some of which was good, but much of which also leaned heavily on paying below livable wages to Chinese and other far east laborers (why else would it be more "efficient" to ship all those trinkets half way around the world). If we want to continue to unwind globalization, bring manufacturing back home, support the little guy...then the inflation story is only beginning.


s., if you really want to fight greed, go after the shipping companies...not Kroger and Walmart, whose profit margins are back or below prepandemic levels. 



ColdMiser

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Posted: May 22, 2024 - 7:11am

 rgio wrote:

This is from the WSJ newsletter I get every morning....

Half of the executives in a Wall Street Journal analysis made at least $15.7 million, a record for median CEO pay in the annual survey, with several making more than $50 million. Median pay for the same companies a year earlier was about $14.5 million.

Most of the executives received year-over-year raises of at least 9%—one in four got 25% or more—and most companies recorded annual shareholder returns of at least 13%, the Journal found in an analysis of data on more than 400 companies from MyLogIQ, a provider of public-company data and analysis.

Biden and Co. should be all over this and tightly attach inflation to greed (even if a lot of this is equity-based... voters don't understand the elements of a $50M payday).  Trump cut taxes for these folks, and they are paying less on the crazy salaries they make while charging you more for everything.

I appreciate "it's the economy, stupid"... but neither of these guys has much influence over it.  Democrats need to start spinning the way Republicans do.  Facts don't matter...play to the emotions.  Get people pissed off that groceries are expensive, while the CEO of the grocery store is making more money than ever.


I think Biden misplaced his Bully Pulpit

black321

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Posted: May 22, 2024 - 6:31am

 rgio wrote:

I appreciate "it's the economy, stupid"... but neither of these guys has much influence over it.  Democrats need to start spinning the way Republicans do.  Facts don't matter...play to the emotions.  Get people pissed off that groceries are expensive, while the CEO of the grocery store is making more money than ever.





rgio

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Posted: May 22, 2024 - 4:57am

This is from the WSJ newsletter I get every morning....

Half of the executives in a Wall Street Journal analysis made at least $15.7 million, a record for median CEO pay in the annual survey, with several making more than $50 million. Median pay for the same companies a year earlier was about $14.5 million.

Most of the executives received year-over-year raises of at least 9%—one in four got 25% or more—and most companies recorded annual shareholder returns of at least 13%, the Journal found in an analysis of data on more than 400 companies from MyLogIQ, a provider of public-company data and analysis.

Biden and Co. should be all over this and tightly attach inflation to greed (even if a lot of this is equity-based... voters don't understand the elements of a $50M payday).  Trump cut taxes for these folks, and they are paying less on the crazy salaries they make while charging you more for everything.

I appreciate "it's the economy, stupid"... but neither of these guys has much influence over it.  Democrats need to start spinning the way Republicans do.  Facts don't matter...play to the emotions.  Get people pissed off that groceries are expensive, while the CEO of the grocery store is making more money than ever.

thisbody

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Posted: May 10, 2024 - 3:21pm

Argentina's Milei is already proving the Left-wing economic establishment – addicted to bigger government and endless deficits – wrong!

1) Inflation down from 300% to 11%

2) First quarterly budget surplus since 2008

3) Argentine peso is the world's best performing currency



miamizsun

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Posted: Apr 16, 2024 - 4:28am


Red_Dragon

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Location: Dumbf*ckistan


Posted: Apr 12, 2024 - 10:17am

 black321 wrote:


Seems like they are picking on grocery, particularly center store (Pepsi)m which admittedly has been a problem...but most of these products aren't "essential."
Pepsi also got into a feud with french operator Carrefour, which temporarily dropped their prices because of the price hikes. 

The FTC also released results of a recent study on grocers, concluded the obvious: grocery margins went up when demand grew to a point where they no longer needed to be promotional and larger companies have scale advantages. The latter issue has little to do with the pandemic, and a host of other issues besides price. 

Grocery retail margins did go up during the pandemic, 1-2%, but they have since normalized to prepandemic levels.







Hormel settles pork price-fixing suits for $11 million
black321

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Posted: Apr 12, 2024 - 10:10am

 Red_Dragon wrote:

Seems like they are picking on grocery, particularly center store (Pepsi)m which admittedly has been a problem...but most of these products aren't "essential."
Pepsi also got into a feud with french operator Carrefour, which temporarily dropped their prices because of the price hikes. 

The FTC also released results of a recent study on grocers, concluded the obvious: grocery margins went up when demand grew to a point where they no longer needed to be promotional and larger companies have scale advantages. The latter issue has little to do with the pandemic, and a host of other issues besides price. 

Grocery retail margins did go up during the pandemic, 1-2%, but they have since normalized to prepandemic levels.





ColdMiser

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Posted: Apr 12, 2024 - 8:09am

 Red_Dragon wrote:
I follow Robert Reich and he is spot on. The problem is that nobody is pounding the drum LOUDLY enough so that Americans get the real picture. It's amazing that so many people still blame the president (Either Biden now or any President for that matter) for high food and gas prices. Maybe if more public pressure is brought to bear and individual companies are called out by name and shamed then maybe some progress will be made that Americans feel. 

Red_Dragon

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Location: Dumbf*ckistan


Posted: Apr 11, 2024 - 4:34pm

Companies are using inflation to price-gouge Americans – and making it worse
black321

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Posted: Apr 9, 2024 - 7:39am

 islander wrote:


Wouldn't you have to pay back all the money Mexico spent on the wall?


Can credit bid that when we sell them back Texas. 
islander

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Posted: Apr 9, 2024 - 7:38am

 black321 wrote:


Only a problem if the creditors ask for the $ back, right?
But then again, none of it is collateralized so 

The U.S. also has plenty of assets...we can always sell Texas.
https://www.usdebtclock.org/#



Wouldn't you have to pay back all the money Mexico spent on the wall?
black321

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Posted: Apr 9, 2024 - 7:28am

 Steve wrote:

A fine mess...




Only a problem if the creditors ask for the $ back, right?
But then again, none of it is collateralized so 

The U.S. also has plenty of assets...we can always sell Texas.
https://www.usdebtclock.org/#

Steve

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Posted: Apr 9, 2024 - 6:28am

A fine mess...

Red_Dragon

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Location: Dumbf*ckistan


Posted: Apr 5, 2024 - 7:56am

Another month of robust US job growth points to continued economic strength
kurtster

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Posted: Mar 13, 2024 - 11:22am

 islander wrote:
The electric companies did this for a different reason. Their resource is finite and the demand was exceeding their ability to meet it. When the demand is too high, they were forced to drop people. This caused all kinds of issues as they are a regulated monopoly. The primary driver in instituting these measures was not profit... well not profit from the charges, but profit from keeping their system running without faults.
 
Yeah, remember Gray Out Davis ? ...
R_P

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Posted: Mar 13, 2024 - 10:15am

"The price of freedom."
black321

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Posted: Mar 12, 2024 - 9:10am

 islander wrote:


The electric companies did this for a different reason. Their resource is finite and the demand was exceeding their ability to meet it. When the demand is too high, they were forced to drop people. This caused all kinds of issues as they are a regulated monopoly. The primary driver in instituting these measures was not profit... well not profit from the charges, but profit from keeping their system running without faults.


Right
islander

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Location: West coast somewhere
Gender: Male


Posted: Mar 12, 2024 - 8:26am

 black321 wrote:


Well...it is s-t supply and demand shifts, which obviously can divert to gouging.
The electric cos have been doing it for decades, and theyre monopolies, ha!


The electric companies did this for a different reason. Their resource is finite and the demand was exceeding their ability to meet it. When the demand is too high, they were forced to drop people. This caused all kinds of issues as they are a regulated monopoly. The primary driver in instituting these measures was not profit... well not profit from the charges, but profit from keeping their system running without faults.
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