Republicans Look Up, Realize that Sky is NOT Falling

7 thoughts on “Republicans Look Up, Realize that Sky is NOT Falling”

1. Republicans are betting against America. Never bet against America.

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2. Stock market economy …

   • 3 more days like today, and the Dow goes by 39,000. On January 21, 2021, it was 31,176
   • 2 more days like today, and the S&P 500 goes by 5,000. On January 21, 2021, it was 3,853.
   • 3 more days like today, and the NASDAQ goes over 16,000. On January 21, 2021, it was 13,530

   In the broad area of wage growth & inflation, Fortune reported “From January 2021 to October 2023, national average wages and salaries grew by nearly $15,000, according to an analysis from Democrats on the U.S. Congress Joint Economic Committee (JEC) released Monday. That’s over $3,500 more than the increase in inflation during that same time period, the Democrats say.”  Since then?  “In December 2023, inflation amounted to 3.4 percent, while wages grew by 5.2 percent.”

   Obviously, there is a fair amount of difference among individual situations — but the general trend indicates more people are doing better than those who are hurting.

   Only group that is unreservably negative on the economy are those who were hoping for a meltdown under the Democrats.

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3. The economy is in the crapper.

   Eggs are up from 97¢/doz to $1.89
   Crude oil is up from $36/bbl to $78.
   Butter is up from €3146/ton to €5500.
   Potatoes are way form €8.3/100Kg to €37.

    

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   1. As I said, davebarnes: 

      Only group that is unreservably negative on the economy are those who were hoping for a meltdown under the Democrats.

      Business Insider, yesterday, had an article The 3 big reasons Americans are suddenly psyched about the economy that directly mentioned eggs.

      Which brings us to eggs. I know it seems a little weird to peg consumer confidence to something so mundane and seemingly inconsequential, but hear me out: High egg prices are something that really, really bug people. While consumers are price sensitive, they're not generally super price aware. As anyone who watches "The Price Is Right" can tell you, consumers can't really pinpoint the price of more than a handful of items they get on a regular basis. Eggs are one of those items.

      Want to take a guess when people were Googling egg prices the most? Right around the time they were spiking in late 2022 and early 2023. According to the Bureau of Labor Statistics, a dozen grade-A large eggs ran about $2.51 last December; a year earlier, they were $4.25. The economic vibes, I would argue, are directly tied to the egg aisle at the supermarket….

      And then there's the bird flu. Chickens are starting to get sick en masse again, which means egg prices are headed back up. And as eggs go, so goes the nation.

      If you think Republican policies are better able to control avian flu …. vote for them. If you think Republicans will somehow price control eggs, you are fundamentally confused.

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      1. Next time, pay attention to the sarcasm level in my posts

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4. Even if I said the stock market would collapse if Biden were elected, this is definitely a Trump stock market !  Also, the sun rose today, thank you Donald Trump for that. Whatever would we do without you.

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5. Nobel Prize-winning economist Paul Krugman has an excellent take on the state of the economy, and has a bit of fun with the GOP's economic "logic".

   In my most recent column I had a bit of fun with Kristi Noem, the governor of South Dakota, who has ominously warned that President Biden will turn us into Europe. I joked that this would mean adding five or six years to our life expectancy. When I shared Noem’s remarks on social media, some of my correspondents asked whether this meant that we’re about to get good train service and better food.

   He compared the US's and EU's respective recoveries from COVID-19 and found the primary difference is, thanks to immigrants expanding our workforce, our economy has recovered and grown faster.  Second, EU bankers are more conservative and appear more likely to push their economy into a recession by being overly restrictive.

   So what’s the matter with Europe? No, the continent hasn’t been overrun by immigrants. No, strong welfare states haven’t stifled the incentives to work and innovate. But Europe does suffer from policymakers who are excessively conservative, not in the left-right political sense, but in the sense of being too worried about inflation and debt, and too hesitant about promoting economic recovery.

    

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