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Last Thursday, the Bureau of Economic Analysis released its advance estimate for 2024’s first-quarter real GDP growth. At 1.6 percent, it is the worst quarterly performance since the economy contracted by 0.6 percent almost two years ago in the second quarter of 2022. This was a growth level one-third below economists’ expectations of 2.4 percent. It is also a precipitous drop from 2023’s fourth quarter rate of 3.4 percent and 2023’third quarter rate of 4.9 percent.

This slower growth comes on the heels of higher inflation. The March report on overall prices showed the Consumer Price Index for all Urban Consumers rose 3.5 percent over the last year — 3.8 percent when core inflation (minus food and energy) was considered. That figure was higher than any since September 2023 and marked the third consecutive monthly increase.

Then on Friday, came more bad inflation news, this time on personal consumer expenditures excluding food and energy. This is the Federal Reserve’s preferred inflation gauge, and in March it rose 2.8 percent compared to a year ago — the same as in February and above expectations.

This jujitsu juxtaposition of higher inflation and lower growth must not be underestimated. Gone is the charade of someone who has effectively never worked in the private sector telling working Americans how good the economy is. Joe Biden, who loves to harken back to blue-collar Scranton roots, should have known better. Americans now do.

There is but one real measure of the economy for them: Am I putting more on my family’s table? Inflation’s insidious impact is its cumulative effect. Just because inflation’s rate of increase slows (which it isn’t) does not mean its past effect is wiped away (which it’s not). Now the economic growth that the administration hoped would at least outstrip inflation’s increase — and reverse some of that cumulative effect — is not.

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The mix of local residents visiting the Enfield Food Shelf in Connecticut has changed a lot in the last few years.

Prior to the Covid-19 pandemic, many were elderly or disabled people on fixed incomes, said Kathleen Souvigney, the food pantry’s executive director for the past decade.

But now, more of the folks seeking assistance are working families who are struggling to make ends meet as their cost of living skyrockets. Paying for child care, housing, cars, heating and other basic needs doesn’t leave enough money these days for food, which has also risen sharply in price, Souvigney hears time and time again.

“Most of the new folks are working families,” she said. “Many of the jobs aren’t paying enough to take care of expenses and put away a little savings. It now seems that one unexpected expense tips people’s finances.”

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Although the US economy is strong by many measures, millions of Americans still can’t afford to buy enough food for themselves and their families. The share of people turning to hunger relief programs remains higher than it was prior to the pandemic.

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In 2021, credit companies loosened the qualifications for who could get credit cards and more people opened new accounts. Gen Z members opened new credit-card lines at a faster rate than other generations during the pandemic. Nearly 5% of consumers 27 or younger had opened at least one new credit-card account in March 2020, according to data from VantageScore. By March of this year, that figure had dropped to 3%.

That trend has resulted in a greater use of credit cards overall: Of those with an open loan or credit line, Gen Z members were more likely to have at least one credit card compared with millennials a decade ago, says TransUnion’s report.

The shift might also have been fueled by members of Gen Z who grew up as authorized users on their parents’ credit cards in the hope that, by the time they turn 18, they would be able to borrow money on their own more easily, Wise said.

Gen Z members also benefited from rising credit scores during the pandemic. The influx of cash from stimulus checks and fewer opportunities to spend money made it easier for consumers to pay down their debt and stay on top of their bills.

As interest rates have climbed over the past two years, those credit scores have taken a hit. The drop was most drastic for millennials with credit scores between 660 and 719, whose scores fell by 26 points. Gen Z wasn’t far behind. The average credit-score change for Gen Z with credit scores above 720 fell 24 points during that time period, according to Credit Karma.

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The recent uptick in US inflation appears to have reversed any progress President Joe Biden has made in convincing voters he can do a better job of managing the economy than Donald Trump.

The poll, conducted between May 2 and May 6, finds that — after a slight uplift in April — Biden’s approval ratings on the economy fell back to levels that will make for depressing reading among the White House’s incumbents. That comes after price data showed US inflation might prove stickier than anticipated at the start of the year.

The findings add to the sense that the Biden administration’s messaging on the economy — much of which has been focused on gains US workers have seen to their wages — is not convincing voters.
Voters dislike Bidenomics

While economists and investors are trumpeting the stellar performance of US growth over the past 18 months, voters are not.

The poll shows 71 per cent of the 1,000 respondents believe economic conditions are negative. The figure is in line with earlier months, signalling that it has little to do with the news that growth slowed to an annualised rate of 1.6 per cent, down from 3.4 per cent in the fourth quarter of last year.

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Originally posted by THG:
T

Much Higher Interest Rates for Much, Much Longer

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Originally posted by second:
Inflation continued to slow down in April from its recent surge.

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Originally posted by 6ixStringJack:


Also Vox,

To fix the economy, let's print money and mail it to everyone

https://www.vox.com/2014/9/9/6122517/helicopter-drop-money-print-fed-b
lyth-lonergan

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You alluded earlier to Scott Sumner and some alternative proposals that are really all about making the current policies more extreme: more negative interest rates, more asset purchases, bigger changes in inflation expectations. There is a very legitimate case that the current policy tools are already reliant on asset price distortions. The transmission mechanism is a kind of financial instability. You drive asset prices to extremes because that's the only way to have a marginal impact on demand. What we're saying is that you could put interest rates closer to normal levels, but make cash transfers directly to stimulate demand. The financial stability point is one in favor of this set of policies.

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Originally posted by second:

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Originally posted by 6ixStringJack:


Also Vox,

To fix the economy, let's print money and mail it to everyone

https://www.vox.com/2014/9/9/6122517/helicopter-drop-money-print-fed-b
lyth-lonergan

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Do you realize this is a what-if discussion?

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A what if question from 2014. We have our answer now.

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You alluded earlier to Scott Sumner and some alternative proposals that are really all about making the current policies more extreme: more negative interest rates, more asset purchases, bigger changes in inflation expectations. There is a very legitimate case that the current policy tools are already reliant on asset price distortions. The transmission mechanism is a kind of financial instability. You drive asset prices to extremes because that's the only way to have a marginal impact on demand. What we're saying is that you could put interest rates closer to normal levels, but make cash transfers directly to stimulate demand. The financial stability point is one in favor of this set of policies.

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Here is another what-if: What if all Trumptards are converted into fertilizer? Will that help or hurt the economy? We already know that fewer Trumptards means IQs will increase, but will that be good for productivity? Will the percentage of adults in gainful employment increase? Will real estate prices decrease? What happens to interest rates?

The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two

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Originally posted by 6ixStringJack:
TIPP Insights: Americans Gripped By Intense Financial Stress

All 35 demographic groups we analyze are in the "stress zone," prompting us to call it an epidemic.

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Originally posted by second:

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Originally posted by 6ixStringJack:
TIPP Insights: Americans Gripped By Intense Financial Stress

All 35 demographic groups we analyze are in the "stress zone," prompting us to call it an epidemic.

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I've seen the same thing all my life. Americans who are stupid as hell have always been in Intense Financial Stress. There has never been a time when the dumbest Americans were not in trouble. Meanwhile, it appears that being stupid causes inflation. This seems obvious, except to the stupid, all of whom are convinced that they are smarter than average but are being victimized:

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Most poor people in the country vote Democrat. Facts.

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Trump will be fine.
He will also be your next President.

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Originally posted by 6ixStringJack:

Most poor people in the country vote Democrat. Facts.

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Originally posted by second:

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Originally posted by 6ixStringJack:

Most poor people in the country vote Democrat. Facts.

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I did not say "poor". I said, "Stupid".

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If you think you know the cost of being poor, unless you have actually been poor, you’re probably wrong.

The usual side effects of poverty are abundant and well documented. They include crime, chronic stress and a long list of health conditions. But you may not have heard of this one: lower IQ. That’s according to a recent post by Alice Walton in the University of Chicago Business School’s journal, The Chicago Booth Review: “How poverty changes your mindset.” Walton, reviewing research with which I was troublingly unfamiliar, reports the bottom line: that poverty lowers your IQ — in one study, by something like 13 points.

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Originally posted by 6ixStringJack:

13 points might not sound like a lot, but when you Democrat voters are already starting somewhere in the double-digits it could mean the difference between 2 and 3 digit IQ for quite a few of you.

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Originally posted by second:

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Originally posted by 6ixStringJack:

13 points might not sound like a lot, but when you Democrat voters are already starting somewhere in the double-digits it could mean the difference between 2 and 3 digit IQ for quite a few of you.

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I know black "Democrats" who could be perfect Trumptards, but aren't because white Republicans hate them. These black "Democrats" hate Mexicans. These so-called "Democrats" blame the government/society/business/medical-establishment/racism/etc, not themselves, for their hardships which I know are completely their own fault such as their alcoholism, their unemployment, their divorces, their poor health, their rotten kids who have zero self-discipline. These so-called "Democrats" are so in love with freedom that they won't place any limitations on their bad behavior, won't save for a rainy day, won't stop gambling, won't (an infinity number of other things no one should ever do but they won't stop doing because, you know, freedom overrules good sense).

The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two

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Originally posted by SIGNYM:
I screwed up the decimal points.

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Originally posted by 6ixStringJack:
Home foreclosures are on the rise again nationwide
More Americans lost their homes in May as foreclosures move higher

https://www.foxbusiness.com/economy/home-foreclosures-rise-again-natio
nwide

US Consumer Sentiment Unexpectedly Falls to Seven-Month Low

https://www.msn.com/en-us/money/markets/us-consumer-sentiment-unexpect
edly-falls-to-seven-month-low/ar-BB1oetwv

And at the current number, Joe* and the Democrats have made zero progress in 2 years.

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Trump will be fine.
He will also be your next President.

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Originally posted by second:

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Originally posted by 6ixStringJack:
Home foreclosures are on the rise again nationwide
More Americans lost their homes in May as foreclosures move higher

https://www.foxbusiness.com/economy/home-foreclosures-rise-again-natio
nwide

US Consumer Sentiment Unexpectedly Falls to Seven-Month Low

https://www.msn.com/en-us/money/markets/us-consumer-sentiment-unexpect
edly-falls-to-seven-month-low/ar-BB1oetwv

And at the current number, Joe* and the Democrats have made zero progress in 2 years.

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Trump will be fine.
He will also be your next President.

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All you are telling me is that Trumptards are financially imbeciles.

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more than one-third of them reported concern about making ends meet in the next seven to 12 months.

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Even higher percentages of Latino (52%) and Black (46%) Americans said they’re worried most or all of the time about making ends meet, according to the poll.

More than half (55%) of those making less than $50,000 a year similarly worry about having enough money to meet expenses.

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The dream of homeownership feels out of reach for many American families.

The vast majority (86%) of current renters in the United States say they would like to buy a home — but can’t afford one, according to a CNN poll conducted by SSRS released Monday.

Among those same renters who can’t afford to buy a home right now, 54% think it’s unlikely they’ll ever be able to, the poll found.

The findings underscore the damage done by the one-two punch of surging home prices and elevated mortgage rates, creating an affordability crisis. And given that homeownership is the ticket to wealth generation in America, that pessimism exacerbates the risk that the divide between the haves and have-nots will only grow.

Younger people especially are having trouble buying a home right now. The CNN poll found that 90% of renters younger than 45 say they’d like to buy but can’t afford it, compared with 79% of those age 45 and above.

Not surprisingly, younger Americans are more hopeful that situation will change.

Most adults (53%) younger than 45 who want to buy but can’t afford it believe it’s at least somewhat likely they’ll eventually be able to buy a home. That’s compared with just 32% of those 45 and older.

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It’s no surprise that 65% of people believe the country is headed in the wrong direction, according to the Real Clear Politics average of polls. Harris and Biden took office in a moment of relative optimism for the country, when just 49% thought the country was on the wrong track. (That’s a pretty low number for the last 20 years.) By mid-2022, with inflation raging, 74% felt the country had gone astray — higher than at any point in the Trump presidency. Now, it’s 65%.

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A new report published by Insurify, an insurance comparison shopping site, shows the average U.S. rate for full auto insurance surged to $2,329 in the first half of 2024. That marks a 15% increase from 2023 and a stunning 48% spike when compared with 2021.

By the end of 2024, the cost of coverage is expected to rise even further, to $2,469, according to the report.

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This woman told NBC News that she blames the federal government for not addressing inflation during a panel of black voters from Philadelphia.

Inflation "is hitting me hard," she said. "I blame the federal government at this point."

"If a working-class mom who works as a paralegal can not buy a $2 bell pepper because it is now $5, imagine the mother living on food stamps. Imagine the mother making minimum wage trying to feed her children."

"They're killing us without killing us, if you understand that. They're killing us without telling us they are killing us. They are hurting people in ways that they can't help themselves. It's either feed my children, and I don't eat, but I have to go work," she said.

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Originally posted by 6ixStringJack:
Wow. Before Biden* was in office, 3% was bad.

Not impressed at all when it's been so high for so long that the bar is below the floor, Theodore.

Neither is anybody who can't afford anything in Joe Biden*/Democrat's America.

That cohort includes the half of your party's base that isn't a college "educated" white person.



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Trump will be fine.
He will also be your next President.

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Originally posted by THG:

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Originally posted by 6ixStringJack:
Wow. Before Biden* was in office, 3% was bad.

Not impressed at all when it's been so high for so long that the bar is below the floor, Theodore.

Neither is anybody who can't afford anything in Joe Biden*/Democrat's America.

That cohort includes the half of your party's base that isn't a college "educated" white person.



--------------------------------------------------

Trump will be fine.
He will also be your next President.

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Consumer price index rose 0.2 % in July pushing inflation down to 2.9 %, not 3 %. If you had gone to school, you would understand things started to go awry when Trump completely mismanaged COVID causing hundreds of thousands of needless deaths. Biden has fixed Trumps mess before his first term ended. Fucking outstanding...

Get ready cause Biden isn't done. Watch the news and you'll see why.

T

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Originally posted by 6ixStringJack:

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Originally posted by THG:

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Originally posted by 6ixStringJack:
Wow. Before Biden* was in office, 3% was bad.

Not impressed at all when it's been so high for so long that the bar is below the floor, Theodore.

Neither is anybody who can't afford anything in Joe Biden*/Democrat's America.

That cohort includes the half of your party's base that isn't a college "educated" white person.



--------------------------------------------------

Trump will be fine.
He will also be your next President.

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Consumer price index rose 0.2 % in July pushing inflation down to 2.9 %, not 3 %. If you had gone to school, you would understand things started to go awry when Trump completely mismanaged COVID causing hundreds of thousands of needless deaths. Biden has fixed Trumps mess before his first term ended. Fucking outstanding...

Get ready cause Biden isn't done. Watch the news and you'll see why.

T

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2.9% is not good either, Ted. And that's a high 2.9% on top of years of ultra-high inflation now.

Your guy destroyed the economy. Those prices will NEVER go back down. We got 12 years of inflation in only 4 years and that will NEVER reverse.

Don't pretend you know anything about this. You're a fucking idiot.

--------------------------------------------------

Trump will be fine.
He will also be your next President.