How is the US economy right now?

[ColemanwastheGOAT]

It's just an observation that you're not any kind of libertarian. I don't think you're a serious enough thinker to even really have any ideological views.

Didn't he beat you in the bet thread? On your supposed specialty?

 

[Andy Capp]

I’m extremely skeptical anyone that pretends they understand what is happening in the economy right now. We are in uncharted territory with a lot of weird new anomalies playing out

GDP is up. The stock market continues to beat expectations. Wages are up and unemployment is down.

At the same time, inflation went off the rails and that’s a huge problem that needs acknowledging. Housing prices are a problem that it seems everyone is agreeing to acknowledge now. Scams are more prevalent than ever and the government has basically done nothing to address that.

I think the only real answer to this question is a big who the fuck knows.

There are perfectly good explanations for the current situation and they're already been discussed ITT.

Incidentally, despite what people perceive as disastrous inflation, mortgage defaults are at or below historic averages. GDP is up because people are spending money on services--because they have money to spend. Over the pandemic wages increased but places for people to spend their money were limited and they saved bucketloads. Once pandemic restrictions were lifted they started on a spending spree and haven't really stopped since. The only surprising thing to me is why this is so hard for people to understand.

 

[PBAC]

inflation is essentially a colony of insects stuck in a death spiral. Humans are meant to be smarter than bugs and that problem is entirely man made and controlled by man.

 

[brothir]

inflation is essentially a colony of insects stuck in a death spiral. Humans are meant to be smarter than bugs and that problem is entirely man made and controlled by man.

First sentence is completely inaccurate, second is almost entirely accurate. Inflation doesn't exist without humans and our economies, but there are mechanisms to it that are basically beyond control. On the other hand, there are very significant mechanisms that are under direct control, like interest. In general the efforts to control inflation over the last 50 years, and probably more, have been very successful.

 

[HereticBD]

Didn't he beat you in the bet thread? On your supposed specialty?

Yeah, but it doesn't matter because according to Jack, Jack was still mostly right.

 

[LeonardoBjj]

The U.S. national debt is rising by $1 trillion about every 100 days​

PUBLISHED FRI, MAR 1 202411:47 AM ESTUPDATED 56 MIN AGO
Michelle Fox

• The nation’s debt now stands at nearly $34.4 trillion, as of Wednesday.
• Since June, the last two $1 trillion jumps occurred in about 100 days.

The debt load of the U.S. is growing at a quicker clip in recent months, increasing about $1 trillion nearly every 100 days.

The nation’s debt permanently crossed over to $34 trillion on Jan. 4, after briefly crossing the mark on Dec. 29, according to data from the U.S. Department of the Treasury. It reached $33 trillion on Sept. 15, 2023, and $32 trillion on June 15, 2023, hitting this accelerated pace. Before that, the $1 trillion move higher from $31 trillion took about eight months.


U.S. debt, which is the amount of money the federal government borrows to cover operating expenses, now stands at nearly $34.4 billion, as of Wednesday. Bank of America investment strategist Michael Hartnett believes the 100-day pattern will remain intact with the move from $34 trillion to $35 trillion.

“Little wonder ‘debt debasement’ trades closing in on all-time highs, i.e. gold $2077/oz, bitcoin $67734,” he wrote in a note Thursday. Spot gold is currently hovering around $2,084 an ounce, while bitcoin was recently around $61,443. The cryptocurrency in February closed out its best month since 2020, briefly trading above $64,000 on Wednesday before pulling back. Inflows into crypto funds are on course for a “blowout year,” with an annualized inflow of $44.7 billion so far this year, Hartnett noted. Moody’s Investors Service lowered its ratings outlook on the U.S. government to negative from stable in November due to the rising risks of the country’s fiscal strength. “In the context of higher interest rates, without effective fiscal policy measures to reduce government spending or increase revenues,” the agency said. “Moody’s expects that the US’ fiscal deficits will remain very large, significantly weakening debt affordability.”

 

[N13]

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