This is how out of touch most democrats are...

m.knox

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Aug 20, 2003
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This is unbelievable. Mind blowing.

In Paul Krugman’s Upper West Side Bubble, All Is Well​


https://issuesinsights.com/2022/08/02/in-paul-krugmans-upper-west-side-bubble-all-is-well/

On CNN Sunday, Krugman said that the big problem with the economy today is that media are unfairly writing negative stories about it. “I think that what’s happening now is that there’s been a kind of a negativity bias in coverage,” he said.

Then Krugman went full Kael, telling CNN’s Brian Stelter, “if you ask people, ‘How are you doing?’ they are pretty — they’re pretty upbeat … if you ask people, ‘How’s your financial situation?’ it’s pretty favorable.”


Really? What people?

The folks who attend dinner parties with Krugman in New York’s Upper West Side, for whom inflation is a petty annoyance, if they notice it at all? Are those the people Krugman’s been talking to?

If he talked to families struggling to make ends meet, or find baby formula, or pay their rent, he’d get a far different response than “pretty upbeat.” Because out here in the real world, they’ve watched things go from bad to worse.

If Krugman can’t bring himself to talk to the unwashed masses, at least he could look at recent poll data.

The IBD/TIPP Economic Optimism Index is currently at 38.5 – anything under 50 signals pessimism. It’s been in negative territory for 11 months (which was just shortly after Biden signed his $2 trillion “American Rescue Plan” into law).


TIPP’s Financial Stress Index, meanwhile, has climbed from 61 in Biden’s first full month in office to 69.3. (A reading over 50 equals more financial stress.) Since TIPP started this index, it’s been this high only twice before: during the 2007-2008 financial crisis, and the first month of the COVID lockdowns.

Other TIPP polls have found that fewer than one in five say their wages have kept pace with inflation while more than one in five say they are skipping meals or using food banks to deal with higher food costs. And several polls show that a majority of the public believes we are in a recession right now.

Meanwhile, the NFIB’s Small Business Optimism index has been falling for the past year, and the Conference Board’s Leading Economic Index has declined for the past two months.

What exactly is “pretty favorable” about any of this?
 
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junior1

Well-Known Member
May 29, 2001
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This is unbelievable. Mind blowing.

In Paul Krugman’s Upper West Side Bubble, All Is Well​


https://issuesinsights.com/2022/08/02/in-paul-krugmans-upper-west-side-bubble-all-is-well/

On CNN Sunday, Krugman said that the big problem with the economy today is that media are unfairly writing negative stories about it. “I think that what’s happening now is that there’s been a kind of a negativity bias in coverage,” he said.

Then Krugman went full Kael, telling CNN’s Brian Stelter, “if you ask people, ‘How are you doing?’ they are pretty — they’re pretty upbeat … if you ask people, ‘How’s your financial situation?’ it’s pretty favorable.”


Really? What people?

The folks who attend dinner parties with Krugman in New York’s Upper West Side, for whom inflation is a petty annoyance, if they notice it at all? Are those the people Krugman’s been talking to?

If he talked to families struggling to make ends meet, or find baby formula, or pay their rent, he’d get a far different response than “pretty upbeat.” Because out here in the real world, they’ve watched things go from bad to worse.

If Krugman can’t bring himself to talk to the unwashed masses, at least he could look at recent poll data.

The IBD/TIPP Economic Optimism Index is currently at 38.5 – anything under 50 signals pessimism. It’s been in negative territory for 11 months (which was just shortly after Biden signed his $2 trillion “American Rescue Plan” into law).


TIPP’s Financial Stress Index, meanwhile, has climbed from 61 in Biden’s first full month in office to 69.3. (A reading over 50 equals more financial stress.) Since TIPP started this index, it’s been this high only twice before: during the 2007-2008 financial crisis, and the first month of the COVID lockdowns.

Other TIPP polls have found that fewer than one in five say their wages have kept pace with inflation while more than one in five say they are skipping meals or using food banks to deal with higher food costs. And several polls show that a majority of the public believes we are in a recession right now.

Meanwhile, the NFIB’s Small Business Optimism index has been falling for the past year, and the Conference Board’s Leading Economic Index has declined for the past two months.


What exactly is “pretty favorable” about any of this?
you hit on the dichotomy that is this economy. Plenty of people are doing well. According to the Fed member Mary Daly "she has enough, and many americans have enough" to make it through this inflation. But what she and lot of our political elites fail to see is that many, many americans are struggling under the weight of high gas, food, and housing costs. There have been numerous stories from around the country of the increased demand at food banks and the reduced inventory because of fewer donations. Farmers have been sounding the alarm about the potential for food shortages due to their inability to get fertilizer. Homelessness is increasing in just about every major city in the country and we're pricing young people out of home purchases because of housing shortages and now increasing interest rates. This forces them to rent and shortages of rental properties allows for higher rents.
We talk proudly about a 3.5% unemployment rate but don't bring up the declining participation rate. Nobody brings up a simple fact that if we just got the participation rate down a few more percentage points we'd be at 0% unemployment. Wouldn't that be great?
There were 223 million new credit cards issued recently? Why, because people are maxing out credit cards to buy essentials. So they just get another card. Credit card debt is through the roof....delinquencies on car loans is now almost as high or higher than student loan debt.
Higher interest rates will eventually lead to higher loan servicing costs for the federal government. Shortly, debt service will be as high as the defense budget. Speaking of defense, we've given billion of dollars of our weapons inventories to the Ukraine. At the same time we're now experiencing a more aggressive china. When do we restock our inventories and how much is that going to cost?
Yep, all is well. Yet, not to worry. Everyone that Krugman talks to is doing well!
 
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JR4PSU

Well-Known Member
Gold Member
Sep 27, 2002
40,618
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SE PA
This is unbelievable. Mind blowing.

In Paul Krugman’s Upper West Side Bubble, All Is Well​


https://issuesinsights.com/2022/08/02/in-paul-krugmans-upper-west-side-bubble-all-is-well/

On CNN Sunday, Krugman said that the big problem with the economy today is that media are unfairly writing negative stories about it. “I think that what’s happening now is that there’s been a kind of a negativity bias in coverage,” he said.

Then Krugman went full Kael, telling CNN’s Brian Stelter, “if you ask people, ‘How are you doing?’ they are pretty — they’re pretty upbeat … if you ask people, ‘How’s your financial situation?’ it’s pretty favorable.”


Really? What people?

The folks who attend dinner parties with Krugman in New York’s Upper West Side, for whom inflation is a petty annoyance, if they notice it at all? Are those the people Krugman’s been talking to?

If he talked to families struggling to make ends meet, or find baby formula, or pay their rent, he’d get a far different response than “pretty upbeat.” Because out here in the real world, they’ve watched things go from bad to worse.

If Krugman can’t bring himself to talk to the unwashed masses, at least he could look at recent poll data.

The IBD/TIPP Economic Optimism Index is currently at 38.5 – anything under 50 signals pessimism. It’s been in negative territory for 11 months (which was just shortly after Biden signed his $2 trillion “American Rescue Plan” into law).


TIPP’s Financial Stress Index, meanwhile, has climbed from 61 in Biden’s first full month in office to 69.3. (A reading over 50 equals more financial stress.) Since TIPP started this index, it’s been this high only twice before: during the 2007-2008 financial crisis, and the first month of the COVID lockdowns.

Other TIPP polls have found that fewer than one in five say their wages have kept pace with inflation while more than one in five say they are skipping meals or using food banks to deal with higher food costs. And several polls show that a majority of the public believes we are in a recession right now.

Meanwhile, the NFIB’s Small Business Optimism index has been falling for the past year, and the Conference Board’s Leading Economic Index has declined for the past two months.


What exactly is “pretty favorable” about any of this?
He’s simply gaslighting in hopes of changing the narrative. He doesn’t believe a single word out of his own mouth. He just knows the current state of economics in America is bad news for Democrats. And Krugman is a Democrat before he is an Economist. That has been clear for a very long time.
 

m.knox

Well-Known Member
Gold Member
Aug 20, 2003
106,594
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you hit on the dichotomy that is this economy. Plenty of people are doing well. According to the Fed member Mary Daly "she has enough, and many americans have enough" to make it through this inflation. But what she and lot of our political elites fail to see is that many, many americans are struggling under the weight of high gas, food, and housing costs. There have been numerous stories from around the country of the increased demand at food banks and the reduced inventory because of fewer donations. Farmers have been sounding the alarm about the potential for food shortages due to their inability to get fertilizer. Homelessness is increasing in just about every major city in the country and we're pricing young people out of home purchases because of housing shortages and now increasing interest rates. This forces them to rent and shortages of rental properties allows for higher rents.
We talk proudly about a 3.5% unemployment rate but don't bring up the declining participation rate. Nobody brings up a simple fact that if we just got the participation rate down a few more percentage points we'd be at 0% unemployment. Wouldn't that be great?
There were 223 million new credit cards issued recently? Why, because people are maxing out credit cards to buy essentials. So they just get another card. Credit card debt is through the roof....delinquencies on car loans is now almost as high or higher than student loan debt.
Higher interest rates will eventually lead to higher loan servicing costs for the federal government. Shortly, debt service will be as high as the defense budget. Speaking of defense, we've given billion of dollars of our weapons inventories to the Ukraine. At the same time we're now experiencing a more aggressive china. When do we restock our inventories and how much is that going to cost?
Yep, all is well. Yet, not to worry. Everyone that Krugman talks to is doing well!

Repossessions under Biden.....

united-states-repo-rate.png
 

PaoliLion

Well-Known Member
Nov 2, 2003
12,272
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you hit on the dichotomy that is this economy. Plenty of people are doing well. According to the Fed member Mary Daly "she has enough, and many americans have enough" to make it through this inflation. But what she and lot of our political elites fail to see is that many, many americans are struggling under the weight of high gas, food, and housing costs. There have been numerous stories from around the country of the increased demand at food banks and the reduced inventory because of fewer donations. Farmers have been sounding the alarm about the potential for food shortages due to their inability to get fertilizer. Homelessness is increasing in just about every major city in the country and we're pricing young people out of home purchases because of housing shortages and now increasing interest rates. This forces them to rent and shortages of rental properties allows for higher rents.
We talk proudly about a 3.5% unemployment rate but don't bring up the declining participation rate. Nobody brings up a simple fact that if we just got the participation rate down a few more percentage points we'd be at 0% unemployment. Wouldn't that be great?
There were 223 million new credit cards issued recently? Why, because people are maxing out credit cards to buy essentials. So they just get another card. Credit card debt is through the roof....delinquencies on car loans is now almost as high or higher than student loan debt.
Higher interest rates will eventually lead to higher loan servicing costs for the federal government. Shortly, debt service will be as high as the defense budget. Speaking of defense, we've given billion of dollars of our weapons inventories to the Ukraine. At the same time we're now experiencing a more aggressive china. When do we restock our inventories and how much is that going to cost?
Yep, all is well. Yet, not to worry. Everyone that Krugman talks to is doing well!

The participation rate is dropping because of boomer retirement, bonehead.
 
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junior1

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May 29, 2001
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The participation rate is dropping because of boomer retirement, bonehead.
that's what your takeaway from my post was?
I didn't cite any cause of participation rate decline...I simply pointed out that Biden is touting lower unemployment rates (until last report). Factually, one of the reasons the rate declines is because there are less people looking for work, not simply that more people are getting jobs.
If you can't see for yourself that the economy is not in the great shape the administration is telling us, than there's nothing that anyone could possibly show or tell you that would change your mind
 

PaoliLion

Well-Known Member
Nov 2, 2003
12,272
6,126
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that's what your takeaway from my post was?
I didn't cite any cause of participation rate decline...I simply pointed out that Biden is touting lower unemployment rates (until last report). Factually, one of the reasons the rate declines is because there are less people looking for work, not simply that more people are getting jobs.
If you can't see for yourself that the economy is not in the great shape the administration is telling us, than there's nothing that anyone could possibly show or tell you that would change your mind

I'ved lived through enough recessions to have a sense that this one is mild, at best. Employers continue to pay record wages, job growth is strong, unemployment is low, layoffs have been happening, but not to the degree you see during a recession. Yes, inflation is high, but American consumers could stand to be more thoughtful in their spending.

The reason Biden isn't talking about participation rate because he's only worried about jobs for the people who are looking for employment. If you want participation rate to increase, let in more immigrants
 
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junior1

Well-Known Member
May 29, 2001
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I'ved lived through enough recessions to have a sense that this one is mild, at best. Employers continue to pay record wages, job growth is strong, unemployment is low, layoffs have been happening, but not to the degree you see during a recession. Yes, inflation is high, but American consumers could stand to be more thoughtful in their spending.

The reason Biden isn't talking about participation rate because he's only worried about jobs for the people who are looking for employment. If you want participation rate to increase, let in more immigrants
let in more immigrants? we've let in 2 million in 2 years, if government statements are correct.

Also, how about we force work requirements on all the medicaid recipients that joined the system after obamacare. Reduce some of the free benefits we give to the 40% not working.

By the way, I'm all for letting in more immigrants legally.
 

rll1957

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Feb 5, 2003
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I'ved lived through enough recessions to have a sense that this one is mild, at best. Employers continue to pay record wages, job growth is strong, unemployment is low, layoffs have been happening, but not to the degree you see during a recession. Yes, inflation is high, but American consumers could stand to be more thoughtful in their spending.

The reason Biden isn't talking about participation rate because he's only worried about jobs for the people who are looking for employment. If you want participation rate to increase, let in more immigrants
Not yet
 

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