The U.S. economy is booming. According to Bloomberg, "the U.S. economy improved more in Joe Biden's first 12 months than any president during the past 50 years".
The Biden boom
- Thread starter miamimike
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Wow. Misinformation Mikey strikes again. While statistically true for markets, not inflation, it’s the first time we came back from shutting the economy down for such a lengthy period and flooded it with trillions of $$. Not including this context is dishonest, but I expect nothing less from Misinformation Mikey.
There were trillions of dollars artificially injected into this country and there’s less than half a billion people here. Do the math. Even then, Biden will find a way to piss it all away and we’ll be stuck with over inflated prices on everything. Not a good recipe.
The economy was almost totally shut down .Of course it's going to rebound at some point- common sense. Name one thing Biden has done to stimulate the economy.
CaneBandit the liar denies reality. Again! The idiot can't help himself!
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The American Rescue Plan poured $66 billion into 36 million households and reduced the child poverty rate by 50%,helping the U.S. recover faster from the pandemic than most other nations. Biden's bipartisan $1.2 trillion Infrastructure Investment and Jobs Act bodes well for the economy and American labor because it will build the nation's roads and bridges as well as fund climate and broadband initiatives that create jobs. Even Minority Leader Mitch McConnell, who said his priority was preventing Biden agenda, voted for the law along with 18 fellow Republicans.
Misinformation Mikey pushing lies. No other president had to recover from a near complete economic shutdown. This is simply a result of re-opening. You failing to mention this proves your lack honesty and integrity. Typical liberal.
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You're misinformed or lying again. Obama had to recover from the Bush economy that had economic indicators not seen since the Great Depression!
Dude, you need your head checked living in your alt-left reality. Your brainwashing in non reversible. Bush never shut down the economy due to a pandemic. Just dumb.
Grandpa Joe has a 60% disapproval rating on the economy. Guess the average American isn't as impressed as Mike.
Bush was the first president in history to go to war and cut taxes. He obliterated the economy and Obama had to bail us out!
Red herring. Not close to being compared to a complete shutdown like during the pandemic. Get some help!
GDP during Obama's last quarter- 1.9%. Nuff said.
Avg GDP under Bush 2.1%
Avg GDP under Barack Hussein Obama 1.5 %
Obama really bailed us out LOL!
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Trump inherited the longest economic expansion in U.S. history from Obama. Annual real GDP growth averaged only 1% during the Trump administration-the slowest under any president since WWII. LOL!
The repeal of the Glass-Steagall Act under Clinton did more to cause the economic mess Obama inherited than what Bush ever did
Thank you Michelle Obama for your post.
Whatever you say, but when Obama took over the Bush economy the U.S. was in the worst recession it had experienced since the Great Depression!
Once again proving you are a fan boy with virtually no understanding of economics.
I didn't say Obama didn't inherit the worst recession since the great depression, he did. You say it was all Bush's fault, and that is factually incorrect. Here is some info for you
Many factors contributed to the Great Recession of 2007 to 2009, the second-worst economic crisis in US history.
What caused this economic chaos? Economists cite as the main culprit the collapse of the subprime mortgage market — defaults on high-risk housing loans — which led to a credit crunch in the global banking system and a precipitous drop in bank lending.
But, in fact, the reasons are more complex. According to a 2011 report by the Financial Crisis Inquiry Commission, the Great Recession was an "avoidable" disaster caused by widespread failures, including in government regulation and risky behavior by Wall Street.
While the relative impact of each cause is still debated today, the Great Recession stands as a cautionary tale about risk, investing in what you know, and the dangers of putting full trust and faith in financial experts and institutions.
1. Immoderate investments and deregulation
The two decades before the Great Recession were largely prosperous, with rises in GDP, low inflation, and two relatively mild recessions.This period — from the mid-1980s up to 2007 — was optimistically called the Great Moderation. The name refers to the contemporary belief that the traditional boom-and-bust business cycle had been overcome in favor of middling but stable economic growth.
However, unbridled optimism led to immoderate spending, especially for risk-loving investors. Everyone from homeowners to bankers believed the economy would keep growing. This made traditionally risky behavior — like aggressive investment and leveraging strategies, plus taking on excessive debt — seem safe.
Assumptions about economic growth also contributed to a period of deregulation, most significantly the 1999 rollback of the Glass-Steagall Act, a landmark Depression-era legislation that separated commercial and investment banking.
Repealing key provisions of the Glass-Steagall Act allowed banks and brokerages to become significantly larger, and opened the floodgates for giant mergers. While just one contributing factor to the Great Recession, the changes to the Glass-Steagall Act brought a period of national expansion for corporations and the gobbling up of small, independent institutions, which created entities that were "too big to fail" — or so everyone thought.
2. Loose lending standards in the housing market
In the decade leading up to 2007, real estate and property values had been rising steadily, encouraging people to invest in property and buy homes.By early to mid-2000s, the residential housing market was booming. To capitalize on the boom, mortgage lenders rushed to approve as many home loans as they could, including to borrowers with less-than-deal credit.
These risky loans, called subprime mortgages, would later become one of the main causes of the Great Recession.
A subprime mortgage is a type of loan issued to borrowers with low credit ratings. A prospective subprime borrower might have multiple dings on their credit history or dubious streams of income. In fact, the loan verification process was so lax at the time that it drew its own nickname: NINJA loans, which stands for "no income, no job, and no assets."
Because subprime mortgages were granted to people who previously couldn't qualify for conventional mortgages, it opened the market to a flood of new homebuyers. Easy housing credit resulted in the higher demand for homes. This contributed to the run-up in housing prices, which led to the rapid formation (and eventual bursting) of the 2000s housing bubble.
While interest rates at the time were low, subprime mortgages were adjustable-rate mortgages, which charged low, affordable payments initially, followed by higher payments in the years thereafter. The result? Borrowers who were already on shaky financial footing stood a good chance of not being able to make payments when the interest rate rose in the years following.
In the rush to take advantage of a hot market and low interest rates, many homebuyers took on loans without knowing the risks involved. But the common wisdom held that subprime loans were safe since real estate prices were sure to keep rising.
3. Risky Wall Street behavior
Along with issuing mortgages, lenders found another way to make money off of the real estate industry: By packaging subprime mortgage loans and reselling them in a process called securitization.Through securitization, subprime lenders bundled loans together and sold them to investment banks, which, in turn, sold them to investors around the world as mortgage-backed securities (MBS).
Eventually, investment banks started repackaging and selling mortgage-backed securities on the secondary market as collateralized debt obligations (CDOs). These financial instruments combined multiple loans of varying quality into one product, divided into segments, or tranches, each with its own risk levels suitable for different types of investors.
The theory, backed by elaborate Wall Street mathematical models, was that the variety of different mortgages reduced the CDOs' risk. The reality, however, was that a lot of the tranches contained mortgages of poor quality, which would drag down returns of the entire portfolio.
Investment banks and institutional investors around the world borrowed significant sums at low short-term rates to buy CDOs. And because the financial markets seemed stable on the whole, investors felt secure about taking on more debt.
To make matters even more complicated, banks used credit default swaps (CDS), another financial derivative, to insure against defaults on CDOs. Banks and hedge funds started buying and selling swaps on CDOs in unregulated transactions. Also, because CDS transactions didn't show up on institutions' balance sheets, investors couldn't assess the actual risks these enterprises had assumed.
You still lack the basic understanding of the difference between a recession and economic shutdown due to a pandemic. Unbang your head for some clarity.
Here's a shortened version. Bush wanted to increase homeownership as part of his "Ownership Society". This lead to lax lending standards and unqualified people were allowed to purchase homes. When they could no longer make mortgage payments, they just walked away. Voila! The housing bubble burst! This along with his tax cuts and going to war bankrupted the U.S. economy and led to economic indictors not seen since the Great Depression. I won't go into the details here of his "Weapons of Mass Deception" farce which he used to invade Iraq on false pretenses!
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Mike, we actually agree on something. Bushie Jr. was an economic disaster and a disaster for personal freedoms. Ronald Reagan was the last decent president prior to Trump, (who has his warts and should not be the 2024 nominee). Daddy Bush started the decline then Clinton, little Georgie and Baraki continued the race to the bottom. Trump stopped the decline, but his ego got the best of him. Biden is probably the worst President ever. What an amazing country that a bunch of guys like Washington, Adams, Jefferson, Madison, Lincoln others who are having their statues torn down built, to have the country survive the past 40 years. Only the hard work and innovation of the American people have saved the country from corrupt politicians Trump is the only President to have left office with less money than when he walked in. That is a complement to him. Clinton and Obama took the term GRIFTING to a new level. Clinton and Obama particuliarly screwed housing. Bushies were not far behind.
Former Obama Adviser Admits the Truth About the Biden Economy
Former Obama adviser Steve Rattner admits that Americans' lives aren't getting better under Biden
rumble.com
Correct me if I’m wrong but wouldn’t that mean that 36 million house holds in this country would have gotten 183 million dollars each, if 66 billion we’re divided up amongst them? Lol@1.2 trillion dollars for infrastructure. Do you have any idea how much freaking money that is? We could literally fix all of north, central and south americas infrastructure with that number and have enough left over to make every person in this country a millionaire. Just for perspective, there are less than 8 billion people in the entire world. It’s actually impressive at how good our government is at pissing money away.
on a side note, if you were to use an algorithm of one second per number, it would literally take you 32,000 years to count to a trillion. Big deal? What does 32,000 years even look like? You’re talking about the throes of ice age if you go back that far. These are truly unfathomable numbers that are government is CARELESSLY ****ing with. It’s insane. And people think we OVER spent 29 trillion dollars in twenty years mostly over a war, infrastructure, health care and covid relief?
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Brand new CNN Poll ( not Fox News)-66% of Americans don't trust Grandpa Joe to provide the leadership we need.
Biden boom? I thought that is what happened when Joey met the Pope. The real "boom" for Joey and his frivolous spending policies is when the checks come due to pay for them. The explosion to the American economy when that happens will make the Big Bang Theory seem like a dud. All one needs to do to see what will happen is to look at the effects that these failed policies have had on some of our finest American cities with Dems in charge. Baltimore, San Fran, Chicago, Detroit, Seattle, Portland, New York and many others all say hello.
You seriously are an ignorant fuktard!
Thank you for proving what a biden voter thinks
He had another boom in front of the Royal Family described in detail by Camilla Parker Bowles. He is the laughing stock of the world, a total embarrassment to our country. After the Afghanistan disaster.the new Prime Minister of Germany said- This is the end of NATO. We cannot trust the United States. Somebody also described him as 'an economic illiterate"
Read the post again and pay special attention to the "According to Bloomberg". This has nothing to do with what a Biden voter thinks. Get your head our of your ass!
The economy is doing better than most people think. The index of leading economic indicators is at an all-time. Household net worth has surged on stock market and real estate gains. Retail sales have skyrocketed. Much of the pervasive gloom hanging over the U.S. outlook is unwarranted.
I would describe someone who has filed six bankruptcies as an "economic illiterate". What say you?
Some would say that he's an example of a person that never gives up when times get tough, if at first you don't succeed, keep on trying until you do succeed. Others would say that he's a deadbeat taking advantage of lax bankruptcy laws to cheat people out of what's due to them. You're smart enough to figure out which answers you'll hear on this and from whom.
Well, maybe not six bankruptcies but there have been some very famous people that went bankrupt and bounced back..Walt Disney, Henry Ford, Ulysses S Grant...as in President Grant, Milton Hershey...you know Mikey, the guy known for Chocolate, many people in the entertainment business like George Foreman...he bounced back, Francis Ford Coppola...I'd say he bounced back as well. Now the best one, while there were no formal bankruptcy laws back in his time but paid back his indebtedness over many years was a President named Abraham Lincoln! All economic illiterates according to your professional and highly experienced opinion! Now, I will agree that six times is a bit much however Trump used the laws to his advantage. That doesn't make him illiterate, that makes him a smart person using the laws available to him. Now as far as the others mentioned, they are some of the most capable and famous people that this country has produced. So,while you're entitled to your opinion, bankruptcy was a successful avenue for those people to take. Your comment regarding economic illiteracy is a joke coming from a person who couldn't even be dignified as a pimple on any of their asses , especially Donald Trump. You can take that to the bank!
My comment regarding economic illiteracy was in response to No.Shorecanes post claiming somebody described Biden as "an economic illiterate". In your response you said, "Now, I will agree that six times is a bit much". I see we agree as that was the point I was making! Your reverence for a serial lying Buffoon is the big joke!
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The economic gains resulting from the tax cuts and regulatory relief continued after Trump left office
Of course the economy was shut down , primarily at the behest of liberal public health officials. Thus there was going to be a rebound for which Biden somehow claims credit . It’s ludicrous
Yes he did help pass an unnecessary bill which poured $2 trillion into the economy which acted as an artificial boost and caused rampant inflation
Biden’s actions are leading to an economy which will continue to function on artificial stimulus, causing continued devaluation of out money and rampant inflation.
It’s intended
It’s a way of redistribution of wealth
Of course the economy was shut down , primarily at the behest of liberal public health officials. Thus there was going to be a rebound for which Biden somehow claims credit . It’s ludicrous
Yes he did help pass an unnecessary bill which poured $2 trillion into the economy which acted as an artificial boost and caused rampant inflation
Biden’s actions are leading to an economy which will continue to function on artificial stimulus, causing continued devaluation of out money and rampant inflation.
It’s intended
It’s a way of redistribution of wealth
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