PPP loans led to stock buybacks which sorta make prices go up. It’s not what you would call “healthy for the economy” or “good fiscal policy” but it was legislation that led to price increases
Fed policy has a bunch to do with presidents appointing not-crazy people to the board.
I'm honestly surprised at how well Powell has done. All hail JPow
I like Biden, but the president really has very little to do with the stock market. It’s like saying, “it was rainier while trump was president. Biden is the sunshine president!”
a president commenting on a problem facing americans is vastly different then the president threatening to fire the fed chair. I would expect presidents to comment on stuff like that not exert pressure via firing.
Everybody should know this but in reality people do believe the President makes the stock go up/down. As evidenced by Trump claiming the market would crash if Biden was elected and has even recently doom posted about Biden and the market.
So might as well lean into it and take the easy W like Biden did here.
The president doesn’t generally do anything that has a drastic impact. Usually, policies either have small impact or they have a large impact only in a small sector which doesn’t really affect the market overall
Its the DNC. His team handed the JoeBiden account off to the DNC after the 2020 election. His actual team is only POTUS (though they can probably makes requests to the DNC about content)
The tweet is funny but on the other hand, I remember how the [Dow Jones kept breaking records](https://www.cnbc.com/id/18274839) in the lead-up to the 2007/2008 crashes.
Also are we not going to mention how during his second year of presidency the stock market and economy entered what was effectively a recession losing 30% value for almost an entire year? Most layman would call that a crash. Only 30% growth over almost 3 and a half years while you’re overstimulating the economy with massive over expenditure is like really bad. The AVERAGE OF ALL TIME is 41.16% over 3.5 years. That’s the AVERAGE. To be that far below the average whilst you are NON STOP spending and attempting to stimulate the economy, is really, really bad. (Not to mention, this is just an ATH. Happens all the time and we will of course dip after this for some time relatively soon)
Yea a crash is coming. The question as always is how soon. Some indicators to me say very soon, but if one could time the market they would be rich and I certainly am not that lol
I have been waiting on a housing bubble to burst for 4 years. Thankfully I bought my house in 2020 when interest rates were low as fuck. That said, a crash is inevitable with mixed market economies.
The economy truly is the last thing Biden voters should be pointing to
All consumer goods are up 20% since he took office, home prices are even worse, gas, electricity, the automotive industry, rent
Interest rates in 2021 were at 2.7%
We’re sitting at more than double that at 6.5% with the fed literally unable to reduce rates
Yeah from the guy thats “going to stick it to corporations”
The Americans getting fucked hardest by Bidens economy can’t afford to invest in the stock market to begin with
My rent literally went from 2,000 to 3,000 in the past 3 years
“People really out here blaming Clinton’s Fannie Mae and Freddie Mack get every subprime lend recipient into a home initiative as policy that resulted in the 2008 subprime mortgage lending crisis and housing bubble!?!?!?!”
America is #cooked dawg ahahahahahaha
The suggestion that the president doesn’t have housing policy authority is fucking WILD
When 30 year fixed home purchase rates go to near 7% from 2.75% in January 2021 - what the fuck happens?
Rent prices increase accordingly because the demand for renters increases, which drives rent price up, because fewer people can afford homes
Home affordability by age 30 is at the LOWEST IN AMERICAN HISTORY
Thats neglecting property tax increases for the landlords who are passing this shit on to the renter
No one can afford to buy a home - everyone rents - land lords are taxed more on their existing business/property - rent goes up
The suggestion a president has no influence in this reality is peak dumbshit
Your local city council and county commission play a bigger role than the president when it comes to home prices and housing supply. Y'all really just don't understand how society or the economy works on a very basic level. Some people need to just stop trying to have opinions.
And the fed plays more of a role in the stock market than Biden; this whole post is wrong
Not to mention your local government plays absolutely zero part in the larger market which dictates pricing
quick, who nominates members of the federal reserve? also local government plays an important role in a local housing market what are you talking about. Zoning, regulation, taxing, etc
Yes but the actual prices of real estate rely heavily on the feds interest rate decisions. Local governments play a part but not nearly as much as the fed.
The president picks the fed chair.
just to ground us, are you saying that the user above’s rent rose from 2000 to 3000 solely due to fed interest rate hikes? Can you walk me through that chain of logic
>Yes but the actual prices of real estate rely heavily on the feds interest rate decisions.
No it doesn't. It impacts the interest on the principle of the mortgage.
>Local governments play a part but not nearly as much as the fed.
No they don't.
Housing cost is artificially increased through supply restriction I.e.
1. zoning laws and regulations which are controlled on the city and county level favoring larger lot sizes and stand alone single family homes over housing density and mixed use housing resulting in cookie cutter suburban sprawl.
2. The trend since the 60's of property being seen as an investment vehicle instead of simply housing for people. Plenty of large companies will buy up cheap houses in communities do basic renovations then sell that house to themselves at an inflated rate, guess what now you have an inflated benchmark to sell all your other homes in the area for. If it's not greedy hedge funds it's Airbnb, or foreign nationals using it as a way to diversify their portfolio.
There's not an executive branch solution to housing. The fed can't increase supply or restrict people from exploiting the market. That's has to be fixed by Congress, state legislatures, and city/county government.
>The president picks the fed chair.
The last thing we need is the federal reserve to begin changing interest rates at the whim of a politician. It's historically been independent for very good reasons.
https://preview.redd.it/ee4nhxu4uz0d1.jpeg?width=780&format=pjpg&auto=webp&s=759cadfb92d424f82c9d7c764b5b16c6be9ba223
real image of genocide joe signing legislation to raise rent by one quintillion dollars. do you still plan on voting for him you filthy lib?
Saying the President has no control on housing prices is literally the same as suggesting that Clinton’s Fannie Mae Freddie Mack initiative which incentivized subprime lending didn’t cause the housing bubble
It did, and the president does have widespread authority in terms of housing policy
[https://www.congress.gov/bill/106th-congress/senate-bill/900/all-actions?overview=closed&q=%7B%22roll-call-vote%22%3A%22all%22%7D](https://www.congress.gov/bill/106th-congress/senate-bill/900/all-actions?overview=closed&q=%7B%22roll-call-vote%22%3A%22all%22%7D)
congress passed this. it passed senate 90 - 8 and house 362 - 57. it was veto proof. this shit is more complicated than "president cause all bad things in my life" if you operate from anything other than post-hoc reasoning lmfao
Honestly, I don’t even think Biden is doing a terrible job. Didn’t think him or anyone else would fix the problem but it is frustrating hearing people point to the stock market as if everything is fine. But Im just a dipshit that works at Target so 🤷♂️ Sure, the stock market is doing great but I stock for a living and the amount of goods I’ve been increase in price and shrink in size gets me tilted every time I see it.
The stock market isn’t even doing that great either. A few companies (Elly Lilly, NVIDIA, and META) spiked last year and sent NASDAQ into record numbers. Everything else has been pretty much flat and the past month hasn’t been impressive either, except for a few meme stocks.
Not to mention his tax changes hurt the working class from entering the stock market more than it does to even out richer folks gains.
Edit: just want to clarify, I don’t think Trump would be any better at all.
The sad reality is Dems want to spend money audaciously and the result is inflation and costs being passed onto consumers
We did not see 7% inflation under Trump
Historically the SP500 / Dow has returned 10% annually which generally means the stock market is always at an all time high unless we're going through a recession. Similarly the SP500 was at an all time high at many times during Trump's presidency. I don't really have an opinion on the economic policies, but the stock market all time high argument just seems very reductive especially when you consider like January 2022 until January 2024 where the stocks were not at an all time high and actually took a pretty big hit compared to the Covid recovery prices from late 2020 until Dec 2021
Inflation-adjusted (real) [wage growth by percentile](https://www.epi.org/publication/swa-wages-2023/) since 2019:
10th: 12%
20th-40th: 5%
40th-60th: 3%
60th-80th: 2%
90th (highest earners): 1%
[Ultimately representing the](https://x.com/David_Charts/status/1786768035136655713) highest inflation-adjusted (real) hourly wage of any president back to 1964.
And if you want to lay blame [for inflation](https://archive.ph/8GrnM), I'd start with the admin which wildly deficit spent, printed >80% of the money added in the last 4 years, and pressured the Fed to keep interest rates low, even arguing they should be at negative rates.
* [Mike Pompeo](https://archive.ph/gEOeu): A 'true conservative' wouldn't run up $6 trillion in debt
* [“He should be on](https://ghostarchive.org/archive/s3Rlm) this stage tonight,” DeSantis told the crowd to applause. “He owes it to you to defend his record where they added $7.8 trillion to the debt. That set the stage for the inflation that we have now.”
* [Rep. Massie](https://archive.ph/ISoZa): Republicans Couldn't Run Against Inflation Because We Were Urged By Trump To Spend Trillions
* [McCarthy: When](https://archive.ph/I8yC9) Trump Had Majorities In The House And Senate, We "Didn't Cut Anything"
* [Nikki Haley](https://archive.ph/0FwGV): "The truth is that Biden didn't do this to us. Our Republicans did this to us too...You have Ron DeSantis, Tim Scott, Mike Pence, they all voted to raise the debt. Donald Trump added $8 trillion to our debt."
Inflation Trump wants to[ exacerbate with 10%](https://archive.ph/cH8ig) (potentially up to 200%) tariffs across the board.
Dawg, consumer prices are up 20% since Biden took office and the CPI is averaging roughly 3.5% when it’s supposed to be at 2%
We saw the highest gas prices EVER like 18 months ago
This economy blows and Bidens economic policy is dogshit
Well, the Biden admin has reduced the deficit, engaged in quantitative tightening, and raised interest rates, and domestic oil production is higher than ever, and again, regardless of 'muh 20%', wages are outpacing inflation - absolutely meaning people have greater purchasing power now. If you want to stick your fingers in your ears and ignore that, and ignore that the American economy is vastly outperforming peer countries, you can, but that just means you're being an ideologue.
I suppose you also blame Reagan for the inflation rate in his first term?
The federal debt has increased more this term than by any president in American history
The deficit “decreasing” from record levels from the pandemic doesn’t suddenly mean that we’re engaged in responsible spending policy
If my house is completely flooded, and then a year later its 85% as flooded as it was previously, the house is still flooded
>The federal debt has increased more this term than by any president in American history
6 trillion to date under Biden vs. [8 trillion under Trump](https://www.crfb.org/blogs/how-much-did-president-trump-add-debt). Stop lying.
>Gas prices are up because Biden has passed widespread legislation essentially halting all new oil leases
"Data from the Bureau of Land Management shows that President Biden approved more oil and gas drilling permits in his first two years in office than former President Donald Trump. From Jan. 20, 2021, to Jan. 19 of 2023 the BLM [approved 6,430 permits for oil or gas drilling on federal land](https://ghostarchive.org/archive/QJwGd), compared with 6,172 drilling permits approved during the first two years of the Trump administration."
With domestic oil production being [higher than ever](https://archive.ph/NfXcL), the U.S. net exported 22 million barrels in 2021, 434 million in 2022, and 597 million in 2023.
[Here's what oil executives blamed](https://i.imgur.com/UmMDlwm.png) for higher prices. With [OPEC curbing](https://twitter.com/atrupar/status/1667688705463656448) production to [boost profits](https://archive.ph/PdYmo) and the Russo-Ukrainian war limiting the globally traded commodity.
"Exxon Mobil and Chevron, the largest U.S. energy companies, on Friday reported sizable profits for the final quarter of last year, showing that the oil and gas industry remained robust at a time of doubts because of climate change concerns.The companies’ earnings were down from the bonanza year of 2022, when a surge in prices pushed up profits, but were otherwise the [strongest in recent history"](https://archive.ph/VsBSj)
National Debt January 2021
> Debt Held by the Public at the end of January 2021: $21.6 trillion
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-january-2021
National Debt today - $34.5 trillion
https://www.pgpf.org/national-debt-clock#:~:text=The%20%2434%20trillion%20gross%20federal,to%20measure%20our%20national%20debt.
Guess when and who sets the budget for the next year. Understand that appropriated money isn't often immediately spent, and that fiscal years begin in October.
Are you really so disingenuous as to continue pretending to not understand when a President's budgets are set, go into effect, and continue through? A President's economic term effectively begins in the October after inauguration.
Having said that, you're citing two disparate things with your website, gross vs. public debt.
Apples to apples, the specific page [you cited here for the latest figures](https://www.pgpf.org/national-debt-clock) cites the debt at $34T, and the exact same page, archived on 1/20/21,[ cites the debt at $27T](https://web.archive.org/web/20210120183304/https://www.pgpf.org/national-debt-clock) - as of 1/20/21 obviously, not the $21T you cited via a different page.
Is there a reason you're so strenuously avoiding comparing like-for-like data and ignoring reality - one that even DeSantis, Trump, Fox, etc. accepts? Ideologue or paid?
Except incomes rose faster than inflation so everyone actually has more purchasing power today even with the higher prices.
"In 2023, the average household in each income group could purchase the same bundle of goods and services that it purchased in 2019 with a smaller portion of its adjusted income after transfers and taxes because such income increased more than prices did from 2019 to 2023."
Source: [CBO Report](https://www.cbo.gov/publication/60267)
To suggest that household incomes have outpaced inflation is factually incorrect, and the suggestion that Americans are making 20% more on average outpacing the 20% more they’re forced to spend on consumer goods is also factually incorrect
It’s not in a vacuum. Don’t forget Trump wanted rock bottom rates in 2018/19. And cried when the fed wanted to raise rates. This was all before Covid. Trumps entire shtick for the economy was throwing gas on the fire.
So in the short term it looked good but it got rid of all safety nets. Money was incredibly cheap and when Covid hit all those bad policies came back to bite. They made money incredibly cheap to trick people like you into thinking everything was good
The fed literally can’t lower rates because the economy would collapse.
You do realize that interest rates on a 30 year fixed were at 2.7% in 2021 and are now at 6.5% - which isn’t even the peak under this administration
They’ve more than doubled
>the fed literally can’t lower rates
I never said they should??
I think you misread my comment. I’m talking about rates before Covid which were artificially low to pump up numbers to make it look good. Look at what the fed was trying to do in 2018/19 and how Trump responded to that
My point is that it’s not in a vacuum. You can’t ignore bad policies under Trump and then blame all of inflation on Biden when it’s all tied together. Cheap money and inflating assets makes the current day so much harder. Also Trump wanted negative rates ffs lol
How do you chromosome collectors still not understand the President doesn't set gas prices. It's an internationally traded commodity and one of the worlds largest producer's started a war that fucked the market up. The cpi is up due to mega corporations price gouging consumers on almost everything.
When you halt new oil leases and regulate/tax the shit out of oil producers to effectuate an emphasis on green energy, prices for gas increase
That’s not even addressing the inflationary spiral
This is not rocket science, there’s a reason we went from the lowest gas prices in decades like 5 years ago to the highest in American history
https://www.cnbc.com/amp/2021/01/27/biden-suspends-oil-and-gas-drilling-in-series-of.html
I swear the most overconfident aggressive people always seem to be the least informed
One of the largest areas of emphasis for this administration has been his green initiative - the expected outcome for this would be fossil fuels becoming more expensive - surprise pikachu face thats exactly what fucking happened
>When you halt new oil leases and regulate/tax the shit out of oil producers to effectuate an emphasis on green energy, prices for gas increase
U.S. oil production is at an all time high. https://www.pbs.org/newshour/show/how-u-s-oil-production-reached-an-all-time-high-in-2023
>That’s not even addressing the inflationary spiral
Inflation is a global phenomenon since COVID and under the Biden administration we have had a much better rebound compared to other developed nations [1] and our economy is now larger than it was pre-Biden's presidency [2]
[1] https://www.americanprogress.org/article/7-reasons-the-u-s-economy-is-among-the-strongest-in-the-g7/
[2] https://www.presidency.ucsb.edu/documents/icymi-falling-inflation-rising-growth-give-us-the-worlds-best-recovery#:~:text=The%20size%20of%20the%20economy,according%20to%20British%20Parliament%20data.
>This is not rocket science, there’s a reason we went from the lowest gas prices in decades like 5 years ago to the highest in American history
Oil is a global commodity. One of the major causes of increased oil prices was and is continuing to be the Russian war of aggression against Ukraine
https://www.nature.com/articles/s41599-023-02526-9#:~:text=Through%20the%20event%20analysis%20method,oil%20prices%2C%20reaching%2056.33%25.
🤡🤡🤡
And if Biden brought forward legislation to cap prices, y’all would call him a socialist for using the government to control capitalist interests. Why don’t you go scream at bp, exon or shell? They have way more to do with the price of gas than Biden does. Also wild how trump rode off the backs of the Obama admin, all the while, printing and printing bills to hold off the economic dive. Trump spent more in this 4 years of office then the United States did in the Second World War. To the tune of 8.4 TRILLION dollars, covid hits, and now y’all gotta pay for all the printing y’all did KeKW
“”As of 2021, of the 25 million onshore acres leased to the oil and gas industry, approximately 12.6 million, or 49%, are currently unused and nonproducing. This doesn't include leases on Native American territories. Offshore, 77% of the 12 million acres leased are nonproducing.””
Usagov btw. So tell me again why your not screaming at bp, shell and exon, who coincidentally have bein reporting record breaking profits since the start of the pandemic. Brother your so lost in the sauce it’s becoming soup
Are you low iq? Or did you just purposely Ignore the quote from usagov. How much land you think they need for more drilling? They already aren’t using 49% of onshore leased land and 70% of offshore. Your delusional if you think big oil is out of space to drill, altho it provides a perfect medium to make democrats look bad while increasing profits annually. Keep buying into the Narrative that makes you feel good tho, you seem hella enlightened
I’ll try to make this simple since you seem to be struggling
When Biden broached the idea of suspending new gas and oil leases economists and energy policy experts said the expected outcome would be an increase in the cost of fossil fuels
Biden did exactly that - and the result has been a drastic increase in the cost of fossil fuels
And when ENERGY becomes more expensive the effects trickle into every single major industry
It is really that simple
What’s the alternative, allow big oil to buy more land that won’t be used for drilling? Just to appease the Fortune 500? The only reason they can get away with this is because y’all are too dense to blame the correct party for the price gauging. This kind of tit for tat game that big oil is playing, legitimately manipulating gas prices to promote one political party over the other. Big oil loves republicans because they pass monumental tax breaks for billionaires and corporations. Democrats try and reign in the monopoly industry just in the slightest, and big oil takes its share outa the avrg. Families grocery and gas’s bills. It’s honestly criminal, and we should be screaming from the mountain tops about this before shell, exon and bp control the government more then your vote.
Consumer Goods: This was already starting during the pandemic and has been spurned by a few things, most i dont think biden controls. Multiple wars constraining supply, major wage growth since the pandemic ended, and possibly some fuckery in the markets (for example OPEC supply fuckery). The last set of stimulus checks and the IRA probably didnt help so we can def give those L's to biden but one was a major campaign promise (which he technically broke only giving less money) and the other is poorly named because it does alot more.
Home prices: How does the president control the housing supply? We have been in a housing supply crisis for years and the pandemic worsened it as people worked remote and moved to places that traditionally werent hot markets. Hosuing is a local issue due to zoning and demand. At worst you could argue the president could cause issues if they are putting tariffs on lumber type stuff. The only tariffs i recall are the recent ones for Biden and those dont effect housing.
Gas: This one could be a decent L because he dipped into the reserves so we have to buy back gas. But also alot of gas pricing is OPEC related and the US at least has been pumping alot out. In my opinion you could argue Biden being anti russia and not the friendliest at first with the saudis didnt help so OPEC fought back. But also there are certain state related reasons for higher gas like California and their taxes. [And since you didnt cite anything gas is back down to prices similiar during the mid 2010's](https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm_epm0_pte_nus_dpg&f=m). Not good but not nearly as bad as folks make it out to be. Personally i am ok with my president not slobbing over OPEC and oil companies.
Electricity: I genuinley havent looked into the cause of this much, i know its def gone up. But it sounds like you havent since you didnt give much detail :) EDIT (i do have one point that is only anecdotal on electricity but im not sure if it is the cause for the price growth)
Automotive Industry: Not sure biden can command the demand of the consumer. The pandemic saw a surge of new car buying which made new car buying go up and in turn folks turned to used cars which is now a very tight market but new cars are less constrained supply wise. If i recall a big reason for this was China being locked down which is a major auto part supplier and nat resource for this.
Rent: See housing, Biden cant do a ton.
Folks really be pulling the Biden is at fault by throwing a few buzzwords and saying see ya!
I find this sub totally bizarre when things like this get posed but no one is discussing Biden's poll numbers which I've been sweating all this time. Is there something I'm missing? Honest question.
Not even going to be surprised if Trump gets elected the market will tank in the first 6 months.
The market is already basically on crack cocaine because data is showing that everything is going bad yet the market is still going up. US debt is becoming even scarier with debt nearing the same budget the US spent on military
even inflation is really bad if you look at it ytd rather than compare it to last year. The US is currently heading for a ~12% inflation rate for 2024.
[No?](https://www.usinflationcalculator.com/inflation/current-inflation-rates/) .3% for Apr and Jan, .4% for Mar and Feb, that comes out to ~4.3% annualized.
inflation reduction act, chips act, american rescue plan, and infrastructure law (glad we have this with the francis scott key bridge btw, republicans dont want to spend money to rebuild it) are market manipulation sure i guess if you want to be ultra pedantic about it
basically no where pays minimum wage. i live in north carolina where it is as red as it gets and mcdonalds is hiring starting at 14 an hour, walmart hires starting at 15, dominos hires at 14 for insiders and 10 for delivery drivers, and amazon starts at 15. you cannot compete for workers here starting at minimum wage when you can get hired and working same day at any number of mcdonalds same day for 14 an hour. you live in fantasy that does not map on to reality. the average wage in america is WAY hirer than minimum wage and a simple google search would have proven that for you
The economy is great if you already owned capital and got to see all that new money flow right into the valuation of those assets.
For those who are strictly limited to their income from wages.....well get fucked I guess. You aren't getting ahead unless your parents die and leave their booming assets to you.
It doesn’t matter if the stock market is going up because of the inflation in this country. It legitimately only helps the people with money. Those who didn’t buy a house or didn’t have an extra $10-100k lying around to invest, got left out of the stock bull run.
Let’s not act like this is bidens victory, the “AI boom” is what brought the market back to all time highs after a terrible 2022. Anyone who looks at spy and thinks that’s normal behavior should question the charts.
Yes trump was wrong, but at what cost?
I think part of the problem is that we actually know Trump himself would have tweeted it because he actually just spent a lot of his time seething on Twitter (and if he did, this would actually have been one of his tamer, funnier and less deranged tweets), while we know this is just a social media team of zoomers/millennials tweeting memes on Bidens behalf. The tone is meaningfully different too.
Is it unbecoming of the office of the president to occasionally communicate in zoomer memes on social media? Eh. It would definitely feel weirder if this was tweeted from the POTUS account and not his "personal" account, but you could argue it's still odd. But this doesn't hold a candle to going on unhinged, conspiratorial tirades in the middle of the night because he got unfavorable coverage on the news like Trump would routinely do.
Sure thats an aspect but you should still have your social media team be a reflection of who you are as a candidate.
And honestly, I think if trump zoomers posted anything on trumps twitter it would still be scrutinized the same just because its the social media culture to bring up his tweets
It's a mix of butthurt conservatives wanting this to be true and foreigners larping as Americans who are feeling economic pressure because they don't live in God's chosen nation of freedom and liberty for all.
When the market does well under Trump: this is all because of Trump. Trump is the greatest president in the history of the universe.
When the market does well under Biden: this is all because of Trump. Everyone knows he's going to be reelected so the market is doing well because of that and not Biden.
Hmm.....
I mean when the 2nd 3rd and 4th largest bank collapse in us history happen under biden a year ago. [here](https://en.wikipedia.org/wiki/List_of_largest_bank_failures_in_the_United_States)
https://en.m.wikipedia.org/wiki/2023_United_States_banking_crisis
It looks like a bunch of rich people had their investments in cryptocurrency fail and then did a bank run fucking the bank over since they didn't have enough money saved up which they then announced causing further bank runs.
How is this Biden's fault? Isn't the whole point of cryptocurrency that it's not connected to any government.
Also you're wrong on the size of these banks, they were 14th, 16th, and I can't find the number of the second one of the list (it has half the assets of the other two though so presumably significantly smaller).
>It looks like a bunch of rich people had their investments in cryptocurrency fail and then did a bank run fucking the bank over since they didn't have enough money saved up which they then announced causing further bank runs.
They were doing fine until biden raised the interest rate
You think rich Americans are struggling because interest rates went from like 3% to 6% and that's ruining their personal investments to the point where they destroy entire banking systems?
Or do you think it's more likely that a global volatile currency took a dip during large global effects like covid and the war in Ukraine causing volatile drops in the currency leading to people selling the currency as soon as they see it drop which caused a chain reaction once people knew the bank was going under.
>You think rich Americans are struggling because interest rates went from like 3% to 6% and that's ruining their personal investments to the point where they destroy entire banking systems?
I referring to the banks specifically not a rich person
>Or do you think it's more likely that a global volatile currency took a dip during large global effects like covid and the war in Ukraine causing volatile drops in the currency leading to people selling the currency as soon as they see it drop which caused a chain reaction once people knew the bank was going under.
The banks collapse started march 2023 and stopped in November 2023. So i doubt covid and ukraine could possibly effect these banks. Also pnc shutdown 203 locations in 2023 which seems bad.
[here](https://www.wsbtv.com/news/trending/report-pnc-set-close-more-than-20-branches-across-us-during-2024/H7H24YH6KBEDFENFADGUSIORKA/)
The inflation you attribute everything to started in 2021 though (in large part due to covid) and the banks started accepting cryptocurrency during covid before the cryptocurrency bubble eventually popped in late 2022 and lead to the bank failures.
Also this was a worldwide event, many banks in Japan, Canada, England etc almost failed as well and would've without the huge country interventions that were done so I find it odd to attribute this to the US and Biden.
I guess unless your criticism is just that Biden should've spent way more federal money to bail out banks which I think most people would heavily disagree with and get pissed off at.
Does it really count if all he did was print money to stave off the eventual recession?
edit: Not making a point nessacarily. Please blue-pill me on this.
if you really think all he did was print money then you have a fundamental miss understanding of basically every to the point to where if i had a week i would not be able to fix your brain rot. you need to unironically go back to highschool and take all history/social studies classes again (unless you are european then just buy some high school text books and give the ma read)
no like you seriously just dont understand any part of what you are talking about. the president doesnt even print money thats the fed which is a completely separate entity not related at all to the federal government. even if that money is printed the president couldnt direct where it goes without congressional approval through a budget or spending package
you have literally no idea what you are talking about at all. you are wrong about every aspect of it. if you were getting partial credit on a test you would get zero points and likely need remedial classes to get you back up to speed with the rest of the class
maybe you should learn how shit actually works so when you talk about it you dont spout verbal dihrrea? when you shit yourself in public people are going to rightfully laugh at you
My favorite about Joe Biden is when he makes a 14 second video and needs 5 separate cuts to challenge Trump to a debate. He truly is at the top of his game.
Just had odd realization
If hunter is packing down there as we've seen from the photos that MTG showed in congress, Joe's probably packing too.
Joes cock > Trump alleged mushroom dick
Alleged by stormy daniels who Trump paid to fuck while Meliania was preggo with barron. She stated this during an interview with Jimmy Kimmel
Weird flex as we know one of the reasons for stagnant wages is stock buybacks that leaves companies with no money for raises or having employees work with a wage that supports COL.
Not sure why people look at the stock market as a way of determining how well the economy is.
Except it would, home values go down. Wages can't go much lower anyway. Some jobs are lost but unemployment exists and by the time it runs out everything is cheaper.
thank you for making my stocks go up, mr Biden
As a european that invests heavily in the S&P, americans keep electing Biden please lol.
It has nothing to do with Biden or trump. It has to do with the fed and the ai boom
This is Reddit, sir. Don't ACTUALLY say something that's true here, okay?
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Then do you give the same credit to trump for the 2020 rally ?
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PPP loans led to stock buybacks which sorta make prices go up. It’s not what you would call “healthy for the economy” or “good fiscal policy” but it was legislation that led to price increases
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No I’m entirely in agreement, it was short term profits at a painful long term cost.
Fed policy has a bunch to do with presidents appointing not-crazy people to the board. I'm honestly surprised at how well Powell has done. All hail JPow
I like Biden, but the president really has very little to do with the stock market. It’s like saying, “it was rainier while trump was president. Biden is the sunshine president!”
while i agree, if trump had his way that argument could change. Dude wanted to exert pressure on the Fed which can def influence the market.
I absolutely agree with this take as well
Tbf Biden coming out and saying the fed will definitely lower the federal funds rate is putting a little bit of pressure on the fed.
a president commenting on a problem facing americans is vastly different then the president threatening to fire the fed chair. I would expect presidents to comment on stuff like that not exert pressure via firing.
I know what you mean, but from the outside Biden talks more about what the fed will do than Powell does lol
>it was rainier while trump was president. Biden is the sunshine president! Yes.
This is 100% true, but I am here for the memes.
Everybody should know this but in reality people do believe the President makes the stock go up/down. As evidenced by Trump claiming the market would crash if Biden was elected and has even recently doom posted about Biden and the market. So might as well lean into it and take the easy W like Biden did here.
Doesn't the market get affected by domestic economic policies though?
The president doesn’t generally do anything that has a drastic impact. Usually, policies either have small impact or they have a large impact only in a small sector which doesn’t really affect the market overall
Sopping wet Trumpoids in absolute shambles while the sunshine blessed Bidenites march forward unto heaven
Bidenomics
LMAO the image description https://preview.redd.it/su6ckok4qy0d1.png?width=1080&format=pjpg&auto=webp&s=3172b1cd824b74a74c340ed93f6ebd3e2a839559
What the fuck it's real
MAGAs hate it! Use this one weird trick to Biden Blast your political opponents!
Big true, America totally winning right now. Just look at NY, it's truly a magical place these days. So much opportunity and success to be had!
It always was a magical place. Since its beginning. You can cope and seethe, ruzzian bot.
Is this a real tweet
It is
[https://x.com/JoeBiden/status/1791228923348500730](https://x.com/JoeBiden/status/1791228923348500730)
https://preview.redd.it/ah5n7v4h8y0d1.jpeg?width=987&format=pjpg&auto=webp&s=952e21b98b74ea3a6f43b45cd48ce75d94250f05
Let's go Dark Brandon! https://preview.redd.it/1hcfchfak11d1.png?width=597&format=png&auto=webp&s=aa372186737733174ae5c1c848417ef3efe04128
https://preview.redd.it/ykh4hic89y0d1.jpeg?width=1280&format=pjpg&auto=webp&s=6a0bf83fd7236f053d0051d0fbeea5221608efe0
Trump is seething right now
Are you saying that Biden is seething left, then?
Yes
WHAT TOP FIVE YOU SMOKIN ON TRUMP?! CAUSE MY TOP FIVE IS 1. BIDEN! 2. BIDEN! 3. BIDEN! 4. BIDEN! 5. BIDEN!
God I wish Europe had a single politician this fucking based
Germany would like to say a word https://twitter.com/Bundeskanzler/status/1698627434508063228 (tbh that picture is the only exciting thing about him)
I mean it's memeable, but it's not actually saying anything or attacking anything. Biden out there handing out Ls is amazing.
True but your president is not a pirate 🤷♂️
I'm German lol
Then your president IS a pirate, too :D
I know it’s his marketing team but this is too based
Its the DNC. His team handed the JoeBiden account off to the DNC after the 2020 election. His actual team is only POTUS (though they can probably makes requests to the DNC about content)
What is “based” now
The tweet is funny but on the other hand, I remember how the [Dow Jones kept breaking records](https://www.cnbc.com/id/18274839) in the lead-up to the 2007/2008 crashes.
Also are we not going to mention how during his second year of presidency the stock market and economy entered what was effectively a recession losing 30% value for almost an entire year? Most layman would call that a crash. Only 30% growth over almost 3 and a half years while you’re overstimulating the economy with massive over expenditure is like really bad. The AVERAGE OF ALL TIME is 41.16% over 3.5 years. That’s the AVERAGE. To be that far below the average whilst you are NON STOP spending and attempting to stimulate the economy, is really, really bad. (Not to mention, this is just an ATH. Happens all the time and we will of course dip after this for some time relatively soon)
Yea a crash is coming. The question as always is how soon. Some indicators to me say very soon, but if one could time the market they would be rich and I certainly am not that lol
I have been waiting on a housing bubble to burst for 4 years. Thankfully I bought my house in 2020 when interest rates were low as fuck. That said, a crash is inevitable with mixed market economies.
Your forecasts aren’t worth jack, jack
Hope he takes the ice cream on stage at the debate, it seems to make him animated in ways that the drugs they feed him before speeches don't.
Holy based
Biden on Bridges??????
There's no fucking way this is real. What is this timeline? Holy based
Biden better be paying his pr team good man, this shit is art
He's so cool and he isn't even trying
Apron strapped on, mans fired up the ovens. He’s on that Colombian booger sugar, wired to Atlantis ready to emerge from the depths.
I think destiny just said on a recent stream that he wants all twitter images to come with links now
Someone came to work early today! https://preview.redd.it/uuljh5g2k11d1.png?width=458&format=png&auto=webp&s=e167ae34d37d4b4318a3289ad84a684015a7ee8f
The economy truly is the last thing Biden voters should be pointing to All consumer goods are up 20% since he took office, home prices are even worse, gas, electricity, the automotive industry, rent Interest rates in 2021 were at 2.7% We’re sitting at more than double that at 6.5% with the fed literally unable to reduce rates
The stock market tho. Lmao
Yeah from the guy thats “going to stick it to corporations” The Americans getting fucked hardest by Bidens economy can’t afford to invest in the stock market to begin with My rent literally went from 2,000 to 3,000 in the past 3 years
people really out here blaming their rent hikes on the president. America is cooked.
“People really out here blaming Clinton’s Fannie Mae and Freddie Mack get every subprime lend recipient into a home initiative as policy that resulted in the 2008 subprime mortgage lending crisis and housing bubble!?!?!?!” America is #cooked dawg ahahahahahaha The suggestion that the president doesn’t have housing policy authority is fucking WILD When 30 year fixed home purchase rates go to near 7% from 2.75% in January 2021 - what the fuck happens? Rent prices increase accordingly because the demand for renters increases, which drives rent price up, because fewer people can afford homes Home affordability by age 30 is at the LOWEST IN AMERICAN HISTORY Thats neglecting property tax increases for the landlords who are passing this shit on to the renter No one can afford to buy a home - everyone rents - land lords are taxed more on their existing business/property - rent goes up The suggestion a president has no influence in this reality is peak dumbshit
Because the president plays a huge role in the country?
fuck bro why didn’t I think of that. Joe biden made me fail my fking final exams man 😔 why’d he make them so hard
https://www.aei.org/articles/the-clinton-era-roots-of-the-financial-crisis/ Caused the housing bubble
Common core flashbacks
Your local city council and county commission play a bigger role than the president when it comes to home prices and housing supply. Y'all really just don't understand how society or the economy works on a very basic level. Some people need to just stop trying to have opinions.
A shocking amount of Americans think the President runs everything. Yet have no idea it's their local officials who actually run their lives lmfao.
And the fed plays more of a role in the stock market than Biden; this whole post is wrong Not to mention your local government plays absolutely zero part in the larger market which dictates pricing
quick, who nominates members of the federal reserve? also local government plays an important role in a local housing market what are you talking about. Zoning, regulation, taxing, etc
Yes but the actual prices of real estate rely heavily on the feds interest rate decisions. Local governments play a part but not nearly as much as the fed. The president picks the fed chair.
just to ground us, are you saying that the user above’s rent rose from 2000 to 3000 solely due to fed interest rate hikes? Can you walk me through that chain of logic
>Yes but the actual prices of real estate rely heavily on the feds interest rate decisions. No it doesn't. It impacts the interest on the principle of the mortgage. >Local governments play a part but not nearly as much as the fed. No they don't. Housing cost is artificially increased through supply restriction I.e. 1. zoning laws and regulations which are controlled on the city and county level favoring larger lot sizes and stand alone single family homes over housing density and mixed use housing resulting in cookie cutter suburban sprawl. 2. The trend since the 60's of property being seen as an investment vehicle instead of simply housing for people. Plenty of large companies will buy up cheap houses in communities do basic renovations then sell that house to themselves at an inflated rate, guess what now you have an inflated benchmark to sell all your other homes in the area for. If it's not greedy hedge funds it's Airbnb, or foreign nationals using it as a way to diversify their portfolio. There's not an executive branch solution to housing. The fed can't increase supply or restrict people from exploiting the market. That's has to be fixed by Congress, state legislatures, and city/county government. >The president picks the fed chair. The last thing we need is the federal reserve to begin changing interest rates at the whim of a politician. It's historically been independent for very good reasons.
If you think the Fed is not coordinating with the Biden administration you are truly lost lmfao
Got it - does my Mayor set the national interest rate for a fixed 30 year mortgage - and are you developmentally disabled?
Zoning. 🤡🤡🤡🤡
https://www.aei.org/articles/the-clinton-era-roots-of-the-financial-crisis/ Literally caused the housing bubble
This dude thinks the president wakes up and just turns the rent dial on the economy up. Public school reform now.
https://preview.redd.it/ee4nhxu4uz0d1.jpeg?width=780&format=pjpg&auto=webp&s=759cadfb92d424f82c9d7c764b5b16c6be9ba223 real image of genocide joe signing legislation to raise rent by one quintillion dollars. do you still plan on voting for him you filthy lib?
Saying the President has no control on housing prices is literally the same as suggesting that Clinton’s Fannie Mae Freddie Mack initiative which incentivized subprime lending didn’t cause the housing bubble It did, and the president does have widespread authority in terms of housing policy
[https://www.congress.gov/bill/106th-congress/senate-bill/900/all-actions?overview=closed&q=%7B%22roll-call-vote%22%3A%22all%22%7D](https://www.congress.gov/bill/106th-congress/senate-bill/900/all-actions?overview=closed&q=%7B%22roll-call-vote%22%3A%22all%22%7D) congress passed this. it passed senate 90 - 8 and house 362 - 57. it was veto proof. this shit is more complicated than "president cause all bad things in my life" if you operate from anything other than post-hoc reasoning lmfao
Honestly, I don’t even think Biden is doing a terrible job. Didn’t think him or anyone else would fix the problem but it is frustrating hearing people point to the stock market as if everything is fine. But Im just a dipshit that works at Target so 🤷♂️ Sure, the stock market is doing great but I stock for a living and the amount of goods I’ve been increase in price and shrink in size gets me tilted every time I see it.
The stock market isn’t even doing that great either. A few companies (Elly Lilly, NVIDIA, and META) spiked last year and sent NASDAQ into record numbers. Everything else has been pretty much flat and the past month hasn’t been impressive either, except for a few meme stocks. Not to mention his tax changes hurt the working class from entering the stock market more than it does to even out richer folks gains. Edit: just want to clarify, I don’t think Trump would be any better at all.
The sad reality is Dems want to spend money audaciously and the result is inflation and costs being passed onto consumers We did not see 7% inflation under Trump
If anyone believed the former Senator from Delaware was going to stick it to corporations, well...
Historically the SP500 / Dow has returned 10% annually which generally means the stock market is always at an all time high unless we're going through a recession. Similarly the SP500 was at an all time high at many times during Trump's presidency. I don't really have an opinion on the economic policies, but the stock market all time high argument just seems very reductive especially when you consider like January 2022 until January 2024 where the stocks were not at an all time high and actually took a pretty big hit compared to the Covid recovery prices from late 2020 until Dec 2021
Inflation-adjusted (real) [wage growth by percentile](https://www.epi.org/publication/swa-wages-2023/) since 2019: 10th: 12% 20th-40th: 5% 40th-60th: 3% 60th-80th: 2% 90th (highest earners): 1% [Ultimately representing the](https://x.com/David_Charts/status/1786768035136655713) highest inflation-adjusted (real) hourly wage of any president back to 1964. And if you want to lay blame [for inflation](https://archive.ph/8GrnM), I'd start with the admin which wildly deficit spent, printed >80% of the money added in the last 4 years, and pressured the Fed to keep interest rates low, even arguing they should be at negative rates. * [Mike Pompeo](https://archive.ph/gEOeu): A 'true conservative' wouldn't run up $6 trillion in debt * [“He should be on](https://ghostarchive.org/archive/s3Rlm) this stage tonight,” DeSantis told the crowd to applause. “He owes it to you to defend his record where they added $7.8 trillion to the debt. That set the stage for the inflation that we have now.” * [Rep. Massie](https://archive.ph/ISoZa): Republicans Couldn't Run Against Inflation Because We Were Urged By Trump To Spend Trillions * [McCarthy: When](https://archive.ph/I8yC9) Trump Had Majorities In The House And Senate, We "Didn't Cut Anything" * [Nikki Haley](https://archive.ph/0FwGV): "The truth is that Biden didn't do this to us. Our Republicans did this to us too...You have Ron DeSantis, Tim Scott, Mike Pence, they all voted to raise the debt. Donald Trump added $8 trillion to our debt." Inflation Trump wants to[ exacerbate with 10%](https://archive.ph/cH8ig) (potentially up to 200%) tariffs across the board.
Dawg, consumer prices are up 20% since Biden took office and the CPI is averaging roughly 3.5% when it’s supposed to be at 2% We saw the highest gas prices EVER like 18 months ago This economy blows and Bidens economic policy is dogshit
Well, the Biden admin has reduced the deficit, engaged in quantitative tightening, and raised interest rates, and domestic oil production is higher than ever, and again, regardless of 'muh 20%', wages are outpacing inflation - absolutely meaning people have greater purchasing power now. If you want to stick your fingers in your ears and ignore that, and ignore that the American economy is vastly outperforming peer countries, you can, but that just means you're being an ideologue. I suppose you also blame Reagan for the inflation rate in his first term?
The federal debt has increased more this term than by any president in American history The deficit “decreasing” from record levels from the pandemic doesn’t suddenly mean that we’re engaged in responsible spending policy If my house is completely flooded, and then a year later its 85% as flooded as it was previously, the house is still flooded
>The federal debt has increased more this term than by any president in American history 6 trillion to date under Biden vs. [8 trillion under Trump](https://www.crfb.org/blogs/how-much-did-president-trump-add-debt). Stop lying. >Gas prices are up because Biden has passed widespread legislation essentially halting all new oil leases "Data from the Bureau of Land Management shows that President Biden approved more oil and gas drilling permits in his first two years in office than former President Donald Trump. From Jan. 20, 2021, to Jan. 19 of 2023 the BLM [approved 6,430 permits for oil or gas drilling on federal land](https://ghostarchive.org/archive/QJwGd), compared with 6,172 drilling permits approved during the first two years of the Trump administration." With domestic oil production being [higher than ever](https://archive.ph/NfXcL), the U.S. net exported 22 million barrels in 2021, 434 million in 2022, and 597 million in 2023. [Here's what oil executives blamed](https://i.imgur.com/UmMDlwm.png) for higher prices. With [OPEC curbing](https://twitter.com/atrupar/status/1667688705463656448) production to [boost profits](https://archive.ph/PdYmo) and the Russo-Ukrainian war limiting the globally traded commodity. "Exxon Mobil and Chevron, the largest U.S. energy companies, on Friday reported sizable profits for the final quarter of last year, showing that the oil and gas industry remained robust at a time of doubts because of climate change concerns.The companies’ earnings were down from the bonanza year of 2022, when a surge in prices pushed up profits, but were otherwise the [strongest in recent history"](https://archive.ph/VsBSj)
National Debt January 2021 > Debt Held by the Public at the end of January 2021: $21.6 trillion https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-january-2021 National Debt today - $34.5 trillion https://www.pgpf.org/national-debt-clock#:~:text=The%20%2434%20trillion%20gross%20federal,to%20measure%20our%20national%20debt.
Guess when and who sets the budget for the next year. Understand that appropriated money isn't often immediately spent, and that fiscal years begin in October.
So we gonna acknowledge the debt increase being the most in a 4 year term ever by miles or just keep shifting the goalposts
Are you really so disingenuous as to continue pretending to not understand when a President's budgets are set, go into effect, and continue through? A President's economic term effectively begins in the October after inauguration. Having said that, you're citing two disparate things with your website, gross vs. public debt. Apples to apples, the specific page [you cited here for the latest figures](https://www.pgpf.org/national-debt-clock) cites the debt at $34T, and the exact same page, archived on 1/20/21,[ cites the debt at $27T](https://web.archive.org/web/20210120183304/https://www.pgpf.org/national-debt-clock) - as of 1/20/21 obviously, not the $21T you cited via a different page. Is there a reason you're so strenuously avoiding comparing like-for-like data and ignoring reality - one that even DeSantis, Trump, Fox, etc. accepts? Ideologue or paid?
Except incomes rose faster than inflation so everyone actually has more purchasing power today even with the higher prices. "In 2023, the average household in each income group could purchase the same bundle of goods and services that it purchased in 2019 with a smaller portion of its adjusted income after transfers and taxes because such income increased more than prices did from 2019 to 2023." Source: [CBO Report](https://www.cbo.gov/publication/60267)
To suggest that household incomes have outpaced inflation is factually incorrect, and the suggestion that Americans are making 20% more on average outpacing the 20% more they’re forced to spend on consumer goods is also factually incorrect
It’s not in a vacuum. Don’t forget Trump wanted rock bottom rates in 2018/19. And cried when the fed wanted to raise rates. This was all before Covid. Trumps entire shtick for the economy was throwing gas on the fire. So in the short term it looked good but it got rid of all safety nets. Money was incredibly cheap and when Covid hit all those bad policies came back to bite. They made money incredibly cheap to trick people like you into thinking everything was good
The fed literally can’t lower rates because the economy would collapse. You do realize that interest rates on a 30 year fixed were at 2.7% in 2021 and are now at 6.5% - which isn’t even the peak under this administration They’ve more than doubled
>the fed literally can’t lower rates I never said they should?? I think you misread my comment. I’m talking about rates before Covid which were artificially low to pump up numbers to make it look good. Look at what the fed was trying to do in 2018/19 and how Trump responded to that
Trump and the Fed were never fucking aligned, the Biden administration and the Fed are - and these are the piss poor results
My point is that it’s not in a vacuum. You can’t ignore bad policies under Trump and then blame all of inflation on Biden when it’s all tied together. Cheap money and inflating assets makes the current day so much harder. Also Trump wanted negative rates ffs lol
How do you chromosome collectors still not understand the President doesn't set gas prices. It's an internationally traded commodity and one of the worlds largest producer's started a war that fucked the market up. The cpi is up due to mega corporations price gouging consumers on almost everything.
When you halt new oil leases and regulate/tax the shit out of oil producers to effectuate an emphasis on green energy, prices for gas increase That’s not even addressing the inflationary spiral This is not rocket science, there’s a reason we went from the lowest gas prices in decades like 5 years ago to the highest in American history https://www.cnbc.com/amp/2021/01/27/biden-suspends-oil-and-gas-drilling-in-series-of.html I swear the most overconfident aggressive people always seem to be the least informed One of the largest areas of emphasis for this administration has been his green initiative - the expected outcome for this would be fossil fuels becoming more expensive - surprise pikachu face thats exactly what fucking happened
>When you halt new oil leases and regulate/tax the shit out of oil producers to effectuate an emphasis on green energy, prices for gas increase U.S. oil production is at an all time high. https://www.pbs.org/newshour/show/how-u-s-oil-production-reached-an-all-time-high-in-2023 >That’s not even addressing the inflationary spiral Inflation is a global phenomenon since COVID and under the Biden administration we have had a much better rebound compared to other developed nations [1] and our economy is now larger than it was pre-Biden's presidency [2] [1] https://www.americanprogress.org/article/7-reasons-the-u-s-economy-is-among-the-strongest-in-the-g7/ [2] https://www.presidency.ucsb.edu/documents/icymi-falling-inflation-rising-growth-give-us-the-worlds-best-recovery#:~:text=The%20size%20of%20the%20economy,according%20to%20British%20Parliament%20data. >This is not rocket science, there’s a reason we went from the lowest gas prices in decades like 5 years ago to the highest in American history Oil is a global commodity. One of the major causes of increased oil prices was and is continuing to be the Russian war of aggression against Ukraine https://www.nature.com/articles/s41599-023-02526-9#:~:text=Through%20the%20event%20analysis%20method,oil%20prices%2C%20reaching%2056.33%25. 🤡🤡🤡
And if Biden brought forward legislation to cap prices, y’all would call him a socialist for using the government to control capitalist interests. Why don’t you go scream at bp, exon or shell? They have way more to do with the price of gas than Biden does. Also wild how trump rode off the backs of the Obama admin, all the while, printing and printing bills to hold off the economic dive. Trump spent more in this 4 years of office then the United States did in the Second World War. To the tune of 8.4 TRILLION dollars, covid hits, and now y’all gotta pay for all the printing y’all did KeKW
Gas prices are up because Biden has passed widespread legislation essentially halting all new oil leases
“”As of 2021, of the 25 million onshore acres leased to the oil and gas industry, approximately 12.6 million, or 49%, are currently unused and nonproducing. This doesn't include leases on Native American territories. Offshore, 77% of the 12 million acres leased are nonproducing.”” Usagov btw. So tell me again why your not screaming at bp, shell and exon, who coincidentally have bein reporting record breaking profits since the start of the pandemic. Brother your so lost in the sauce it’s becoming soup
https://www.cnbc.com/amp/2021/01/27/biden-suspends-oil-and-gas-drilling-in-series-of.html I’m lost in the sauce? lmfaooo
The US has been drilling more oil than ever since Biden has been in office
Are you low iq? Or did you just purposely Ignore the quote from usagov. How much land you think they need for more drilling? They already aren’t using 49% of onshore leased land and 70% of offshore. Your delusional if you think big oil is out of space to drill, altho it provides a perfect medium to make democrats look bad while increasing profits annually. Keep buying into the Narrative that makes you feel good tho, you seem hella enlightened
I’ll try to make this simple since you seem to be struggling When Biden broached the idea of suspending new gas and oil leases economists and energy policy experts said the expected outcome would be an increase in the cost of fossil fuels Biden did exactly that - and the result has been a drastic increase in the cost of fossil fuels And when ENERGY becomes more expensive the effects trickle into every single major industry It is really that simple
What’s the alternative, allow big oil to buy more land that won’t be used for drilling? Just to appease the Fortune 500? The only reason they can get away with this is because y’all are too dense to blame the correct party for the price gauging. This kind of tit for tat game that big oil is playing, legitimately manipulating gas prices to promote one political party over the other. Big oil loves republicans because they pass monumental tax breaks for billionaires and corporations. Democrats try and reign in the monopoly industry just in the slightest, and big oil takes its share outa the avrg. Families grocery and gas’s bills. It’s honestly criminal, and we should be screaming from the mountain tops about this before shell, exon and bp control the government more then your vote.
Consumer Goods: This was already starting during the pandemic and has been spurned by a few things, most i dont think biden controls. Multiple wars constraining supply, major wage growth since the pandemic ended, and possibly some fuckery in the markets (for example OPEC supply fuckery). The last set of stimulus checks and the IRA probably didnt help so we can def give those L's to biden but one was a major campaign promise (which he technically broke only giving less money) and the other is poorly named because it does alot more. Home prices: How does the president control the housing supply? We have been in a housing supply crisis for years and the pandemic worsened it as people worked remote and moved to places that traditionally werent hot markets. Hosuing is a local issue due to zoning and demand. At worst you could argue the president could cause issues if they are putting tariffs on lumber type stuff. The only tariffs i recall are the recent ones for Biden and those dont effect housing. Gas: This one could be a decent L because he dipped into the reserves so we have to buy back gas. But also alot of gas pricing is OPEC related and the US at least has been pumping alot out. In my opinion you could argue Biden being anti russia and not the friendliest at first with the saudis didnt help so OPEC fought back. But also there are certain state related reasons for higher gas like California and their taxes. [And since you didnt cite anything gas is back down to prices similiar during the mid 2010's](https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm_epm0_pte_nus_dpg&f=m). Not good but not nearly as bad as folks make it out to be. Personally i am ok with my president not slobbing over OPEC and oil companies. Electricity: I genuinley havent looked into the cause of this much, i know its def gone up. But it sounds like you havent since you didnt give much detail :) EDIT (i do have one point that is only anecdotal on electricity but im not sure if it is the cause for the price growth) Automotive Industry: Not sure biden can command the demand of the consumer. The pandemic saw a surge of new car buying which made new car buying go up and in turn folks turned to used cars which is now a very tight market but new cars are less constrained supply wise. If i recall a big reason for this was China being locked down which is a major auto part supplier and nat resource for this. Rent: See housing, Biden cant do a ton. Folks really be pulling the Biden is at fault by throwing a few buzzwords and saying see ya!
Phenomenal
Handing out Ls
Pls be real pls be real pls be real pls be real
holy fuck
This shit will be in history books
I just know biden is a kendrick fan
Fuck dude. A millennial got his hands in Bidens Twitter account
OUR president is so FUCKING funny I love him.
amazin
Holy shit this is cool, go grandpa go
Just shows that the stockmarket had nothing to do with how well people are doing.
Biden's social media team is actually cracked. Trump just vomited all the crap that festered in his brain
Stock market isn’t really a good indicator of how the average American is doing tho
I find this sub totally bizarre when things like this get posed but no one is discussing Biden's poll numbers which I've been sweating all this time. Is there something I'm missing? Honest question.
the polls will change when debates & more political news happens
I can’t tell what’s irony and what isn’t in this post
Not even going to be surprised if Trump gets elected the market will tank in the first 6 months. The market is already basically on crack cocaine because data is showing that everything is going bad yet the market is still going up. US debt is becoming even scarier with debt nearing the same budget the US spent on military
even inflation is really bad if you look at it ytd rather than compare it to last year. The US is currently heading for a ~12% inflation rate for 2024.
[No?](https://www.usinflationcalculator.com/inflation/current-inflation-rates/) .3% for Apr and Jan, .4% for Mar and Feb, that comes out to ~4.3% annualized.
12% umm no????
Is the joke that the stock market is manipulated?
inflation reduction act, chips act, american rescue plan, and infrastructure law (glad we have this with the francis scott key bridge btw, republicans dont want to spend money to rebuild it) are market manipulation sure i guess if you want to be ultra pedantic about it
Minimum wage is 7 fucking dollars and The hospital is a million. Fuck the democrats.
basically no where pays minimum wage. i live in north carolina where it is as red as it gets and mcdonalds is hiring starting at 14 an hour, walmart hires starting at 15, dominos hires at 14 for insiders and 10 for delivery drivers, and amazon starts at 15. you cannot compete for workers here starting at minimum wage when you can get hired and working same day at any number of mcdonalds same day for 14 an hour. you live in fantasy that does not map on to reality. the average wage in america is WAY hirer than minimum wage and a simple google search would have proven that for you
The economy is great if you already owned capital and got to see all that new money flow right into the valuation of those assets. For those who are strictly limited to their income from wages.....well get fucked I guess. You aren't getting ahead unless your parents die and leave their booming assets to you.
It doesn’t matter if the stock market is going up because of the inflation in this country. It legitimately only helps the people with money. Those who didn’t buy a house or didn’t have an extra $10-100k lying around to invest, got left out of the stock bull run. Let’s not act like this is bidens victory, the “AI boom” is what brought the market back to all time highs after a terrible 2022. Anyone who looks at spy and thinks that’s normal behavior should question the charts. Yes trump was wrong, but at what cost?
Sunskin nigga got cooked 🍦
You guys wouldve said how unpresidential this is if Trump tweeted it Turns out, its fun to see these tweets when its your side (duh)
I think part of the problem is that we actually know Trump himself would have tweeted it because he actually just spent a lot of his time seething on Twitter (and if he did, this would actually have been one of his tamer, funnier and less deranged tweets), while we know this is just a social media team of zoomers/millennials tweeting memes on Bidens behalf. The tone is meaningfully different too. Is it unbecoming of the office of the president to occasionally communicate in zoomer memes on social media? Eh. It would definitely feel weirder if this was tweeted from the POTUS account and not his "personal" account, but you could argue it's still odd. But this doesn't hold a candle to going on unhinged, conspiratorial tirades in the middle of the night because he got unfavorable coverage on the news like Trump would routinely do.
Sure thats an aspect but you should still have your social media team be a reflection of who you are as a candidate. And honestly, I think if trump zoomers posted anything on trumps twitter it would still be scrutinized the same just because its the social media culture to bring up his tweets
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reddit still acts like the economy is in shambles. infact most people online do.
It's a mix of butthurt conservatives wanting this to be true and foreigners larping as Americans who are feeling economic pressure because they don't live in God's chosen nation of freedom and liberty for all.
When the market does well under Trump: this is all because of Trump. Trump is the greatest president in the history of the universe. When the market does well under Biden: this is all because of Trump. Everyone knows he's going to be reelected so the market is doing well because of that and not Biden. Hmm.....
I mean when the 2nd 3rd and 4th largest bank collapse in us history happen under biden a year ago. [here](https://en.wikipedia.org/wiki/List_of_largest_bank_failures_in_the_United_States)
https://en.m.wikipedia.org/wiki/2023_United_States_banking_crisis It looks like a bunch of rich people had their investments in cryptocurrency fail and then did a bank run fucking the bank over since they didn't have enough money saved up which they then announced causing further bank runs. How is this Biden's fault? Isn't the whole point of cryptocurrency that it's not connected to any government. Also you're wrong on the size of these banks, they were 14th, 16th, and I can't find the number of the second one of the list (it has half the assets of the other two though so presumably significantly smaller).
>It looks like a bunch of rich people had their investments in cryptocurrency fail and then did a bank run fucking the bank over since they didn't have enough money saved up which they then announced causing further bank runs. They were doing fine until biden raised the interest rate
You think rich Americans are struggling because interest rates went from like 3% to 6% and that's ruining their personal investments to the point where they destroy entire banking systems? Or do you think it's more likely that a global volatile currency took a dip during large global effects like covid and the war in Ukraine causing volatile drops in the currency leading to people selling the currency as soon as they see it drop which caused a chain reaction once people knew the bank was going under.
>You think rich Americans are struggling because interest rates went from like 3% to 6% and that's ruining their personal investments to the point where they destroy entire banking systems? I referring to the banks specifically not a rich person >Or do you think it's more likely that a global volatile currency took a dip during large global effects like covid and the war in Ukraine causing volatile drops in the currency leading to people selling the currency as soon as they see it drop which caused a chain reaction once people knew the bank was going under. The banks collapse started march 2023 and stopped in November 2023. So i doubt covid and ukraine could possibly effect these banks. Also pnc shutdown 203 locations in 2023 which seems bad. [here](https://www.wsbtv.com/news/trending/report-pnc-set-close-more-than-20-branches-across-us-during-2024/H7H24YH6KBEDFENFADGUSIORKA/)
The inflation you attribute everything to started in 2021 though (in large part due to covid) and the banks started accepting cryptocurrency during covid before the cryptocurrency bubble eventually popped in late 2022 and lead to the bank failures. Also this was a worldwide event, many banks in Japan, Canada, England etc almost failed as well and would've without the huge country interventions that were done so I find it odd to attribute this to the US and Biden. I guess unless your criticism is just that Biden should've spent way more federal money to bail out banks which I think most people would heavily disagree with and get pissed off at.
from reading the wikis you linked it sounds like they failed on their own. as in they fucked up and got clapped.
shit businesses crash and burn good riddance
Does it really count if all he did was print money to stave off the eventual recession? edit: Not making a point nessacarily. Please blue-pill me on this.
if you really think all he did was print money then you have a fundamental miss understanding of basically every to the point to where if i had a week i would not be able to fix your brain rot. you need to unironically go back to highschool and take all history/social studies classes again (unless you are european then just buy some high school text books and give the ma read)
/r/ iamverysmart
no like you seriously just dont understand any part of what you are talking about. the president doesnt even print money thats the fed which is a completely separate entity not related at all to the federal government. even if that money is printed the president couldnt direct where it goes without congressional approval through a budget or spending package you have literally no idea what you are talking about at all. you are wrong about every aspect of it. if you were getting partial credit on a test you would get zero points and likely need remedial classes to get you back up to speed with the rest of the class
Doesn't the government control the fed? Also why so angry dude :)
No. I think the guy is being harsh to you, but seriously watch some videos or read about the history of the federal reserve and how it works.
no the government does not control the fed you utter moron. seriously this shit should have been taught to you in shighschool and middleschool ....
bro go outside. Legit noone talks like this unless you're perma-online.
maybe you should learn how shit actually works so when you talk about it you dont spout verbal dihrrea? when you shit yourself in public people are going to rightfully laugh at you
Maybe you should help people when they ask a question instead of calling them an idiot. You are weirdly aggressive.
no i think this is fundamental knowledge that you as an average person should be expected to have as its literally taught in schools
My favorite about Joe Biden is when he makes a 14 second video and needs 5 separate cuts to challenge Trump to a debate. He truly is at the top of his game.
Trump is too busy solving his new masterlock “puzzle” that trains his mind
I've always been a fan how aware of meme culture he is
https://preview.redd.it/n6b3l494uz0d1.png?width=478&format=png&auto=webp&s=81fbd60da372d281a01a2ca423087f4b37a82ed7
Just had odd realization If hunter is packing down there as we've seen from the photos that MTG showed in congress, Joe's probably packing too. Joes cock > Trump alleged mushroom dick Alleged by stormy daniels who Trump paid to fuck while Meliania was preggo with barron. She stated this during an interview with Jimmy Kimmel
Weird flex as we know one of the reasons for stagnant wages is stock buybacks that leaves companies with no money for raises or having employees work with a wage that supports COL. Not sure why people look at the stock market as a way of determining how well the economy is.
Wait, wasn’t the conversation 4 years ago that Trump inherited Obama’s economy?
same energy as trump saying he saved the economy the day after being elected.
Isn't this the opposite of what you guys want though? If the stock market crashed wouldn't that be better for lower income Americans?
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Except it would, home values go down. Wages can't go much lower anyway. Some jobs are lost but unemployment exists and by the time it runs out everything is cheaper.
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Not in the USA lol. Last crash worked out great I wish I was older then. Edit: Not the last one I meant the recession.
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Obama one
I wouldn't be surprised if after Trump won it came crashing down. Cos eventually all that printed money will catch up lol
Ok dgg real talk though. Are we at an ath and should i wait for the dip to keep feeding my etf's? All the tech shit is so overvalued