Economy US Inflation hits a 12 month low of 6.5%

[RemyR]

I'll never understand how people can look at a political party like they are a group of superheroes like @Queen B does.

 

[Fake Doctor]

The numbers are a good indicator to be honest, but yea that is old school though lol, depending on the goal, you're actually trained to create visuals that way for storytelling. Hell I even do it all the time with charts I create or need created for me at work. I sent graphs back to Sr. Asso. pretty much like "bro this doesn't look good, think about it and resend by tomorrow morning" lolol. That's how it is. Need to see Advisory performance improving when using shared internal systems vs outdated 90s style work? Start the chart at a preferred axis. Need to show that underperformance wasn't as bad as expected? Start at $0 when showing a 12 month trend chart that reaches $32M with $5M per point lol. There's an infinite amount of ways to present data when needing to share numbers to an audience, but it's probably the best part of anyone with a statistics-related job. My favorite at least. The power of charts and graphs starts at the first visual before you've digested the story within the data itself.

Good catch, but yea the number is still a good indicator.

Oh, yes, this is very true. I think this is an issue where both sides will make hay by going in different directions... This being a Queen B thread he posts a graph which, rather than starting from the baseline of zero, starts from six, meaning that the at a glance visualization is way off the mark. On the other hand, it is a reality that inflation seems to have peaked and is coming down - and credit where credit is due on that. My main point was just to say "Hey, you want to see what data-visualization trickery looks like? This is it." Beyond that, the numbers are heading in a positive direction - which is great.

 

[Jack V Savage]

Well every time I bring up Trump's economic numbers I am met by legions of lib zombie hoardes claiming that it was Obama's policies that caused it, because the preceding president always gets credit for the current presidents results
.

Way to go Trump

But Trump's economic numbers were really, really bad. Worst since Hoover, right? Or was it worse than Hoover? You can plausibly argue that the bad numbers weren't his fault, but you can't argue that they weren't bad.

The oil companies saying that Biden's rhetoric towards oil is causing them to slow down production, investment and the re-opening (post-COVID) of existing oil facilities.

Wait, so you're saying that oil companies don't like to be criticized and blame any bad press they get on the criticism? Interesting, ground-breaking observation. I guess that overrides basic logic?

It's common sense as well, if the presidency says they want to move on from fossil fuels to renewable energies, especially with all the climate change doomsaying, why would any reasonable company invest into fossil fuels in the future? Especially when Biden (and other democrats) pledged to put a ban to ICE vehicles by 2035 (https://www.reuters.com/world/us/bi...federal-vehicle-purchases-by-2035-2021-12-08/).

Also, stop throwing words like 'partisan' to try to discredit any argument, it makes you look just that.

It's "common sense" if you don't know anything about markets. On the claim about inflation, note that oil prices haven't driven inflation, U.S. oil production rose after Biden took office, the cratering before that was obviously a result of price action earlier, U.S. production is less than a fifth of the total (and oil markets are global), the *change* in U.S. production is the more-relevant factor and is much less still than the total, and the percentage of the change that could--even in the most unrealistically negative assessment--be connected to the president being mean to oil companies is so small that it cannot be measured. If you want to calculate the impact of the president being mean to oil companies, you have to multiply the effect of that (which is what in your view?) by the U.S. portion of global production and then by the percentage of inflation that could specifically be tied to oil. If we're being very generous to your theory, it's something like 0.01 x 0.185 x 0.1.

It's a specific word. Do I believe that anyone at all, absent partisanship, would say that the president upsetting oil companies drove inflation in 2022? No, I do not. Generally speaking, partisans have an extreme tendency to attribute things that have nothing to do with politics to politicians that they've been trained to hate. And the error there is so big and so obvious, that I don't think anyone could make it if they were not highly motivated to make it.

 

[Jack V Savage]

This just means prices aren't going up quite as quickly. They are STILL going up. We are not seeing deflation.

Actually, prices were down last month. But, yeah, over the past 6 months, prices are up 0.9%. Below target, but above zero.

 

[Saye_mc]

Lol "trump's economy was terrible" lol omg these people need reeducation camp stat.

 

[MMAisGod]

What are the "post dated months"? The data they realease is for the previous month, because obviously the current month isn't even halfway through, so there's only 1 month not reflected on the chart because December was just released a few hours ago.

And of course you'd be fired for providing context. You get a promotion if you try to deceive people by starting the graph at 6 or you're off on job numbers by 10,000%.

Right, December, I was speaking in a general sense because you left it out, but it's clearly the lowest in a long time so doesn't seem right that it is not included in an up-to-date thread. December was in the 6's, you can't not include that. It's the lowest since like Oct 2021 or somewhere that far back. You can't not include that lol. One 5 second google search would give you a more updated chart, one is even in the OP. That was my point about fired. Dudes would be like "but bruh" and that would be that.

But, even one step further, inflation has literally declined 6 months straight now. Any way that can be seen, a negative is not one of them. I remember not too long ago the doom and gloom was the dominant narrative.

 

[Beechwood]

Glad to see inflation is going down some. It still has a long ways to drop.

As I've been reading high inflation is lowering the quality of life for many Americans. As an example from today ~

Inflation Under Biden Has Made American Families $7,400 Poorer

https://www.newsmax.com/finance/str...en-government-spending/2023/01/12/id/1104159/

excerpt:

ince U.S. President Joe Biden took office, the 13.7% increase in prices and rise in interest rates have cost the average American family $7,400, according to The Heritage Foundation.

Even though consumer price index (CPI) data Thursday shows that inflation has slowed to 6.5% from a 40-year high of 9.1% in June, many consumer staples are up astronomically higher since Biden’s inauguration Jan. 20, 2021, according to the Washington think tank.

EJ Antoni, regional economics research fellow at The Heritage Foundation, says the Biden administration’s spending of American taxpayers’ dollars is to blame:

‘Biden’s Inflation Tax’

“Biden’s presidency has been marked by excessive spending, borrowing and printing of money by the federal government,” Antoni says. “The result has been an appalling rise in inflation to levels not seen in 40 years.

“If you are wondering where the government got the trillions in extra spending over the last two years — they are taking it out of your hide right now through the hidden tax of inflation,” Antoni continues. “Every time you put gas in your tank or groceries in your back seat, you are paying Biden’s inflation tax.”....

 

[Jack V Savage]

Lol "trump's economy was terrible" lol omg these people need reeducation camp stat.

Not a controversial statement, is it?

For example:

What metrics are you looking at that don't show that the economy was terrible during Trump's presidency?

 

[44nutman]

A lot of experts in here

Every poster on Sherdog has a degree in Constitutional Law, Infectious Diseases and Economics. The rare trifecta of Doctorates.

 

[Saye_mc]

Not a controversial statement, is it?

For example:

What metrics are you looking at that don't show that the economy was terrible during Trump's presidency?

https://www.presidency.ucsb.edu/doc...ered-record-breaking-results-for-the-american

Since President Trump's election, more than 7 million jobs have been added to the economy.
For the first time on record there are more job openings than unemployed Americans.
There are more than 7 million job openings, outnumbering job seekers by more than 1 million.
Nearly two-thirds of Americans rate now as a good time to find a quality job, empowering more Americans with rewarding careers.
This year, the unemployment rate reached its lowest level in half a century.
The unemployment rate has remained at or below 4 percent for the past 21 months.
The unemployment rate for women reached its lowest rate in 65 years under President Trump.
Under President Trump, jobless claims hit their lowest level in half a century.
The number of people claiming unemployment insurance as a share of the population is the lowest on record.
American workers of all backgrounds are thriving under President Trump.
The unemployment rates for African Americans, Hispanic Americans, Asian Americans, veterans, individuals with disabilities, and those without a high school diploma have all reached record lows under President Trump.
The booming economy is putting more money in Americans' pockets.
Wages are growing at their fastest rate in a decade, with year-over-year wage gains exceeding 3 percent for the first time since 2009.
November 2019 marked the 16th consecutive month that wages rose at an annual rate of at or over 3 percent.
Median household income surpassed $63,000 in 2018 – the highest level on record.
President Trump's policies are helping forgotten Americans across the country prosper, driving down income inequality.
Wages are rising fastest for low-income workers.
Middle-class and low-income workers are enjoying faster wage growth than high-earners.
When measured as the share of income earned by the top 20 percent, income inequality fell in 2018 by the largest amount in over a decade.
Americans are being lifted out of poverty as a result of today's booming economy.
Since President Trump took office, over 2.4 million Americans have been lifted out of poverty.
Poverty rates for African Americans and Hispanic Americans have reached record lows.
Since President Trump's election, nearly 7 million Americans have been lifted off of food stamps.
Americans are coming off of the sidelines and back into the workforce.
The prime age labor force has grown by 2.1 million under President Trump.
In the third quarter of 2019, 73.7 percent of workers entering employment came from out of the labor force rather than from unemployment, the highest share since the series began in 1990.
President Trump's pro-growth policies are helping businesses of all sizes thrive like never before.
Small business optimism broke a 35-year old record in 2018 and remains historically high.
The DOW, S&P 500, and NASDAQ have all repeatedly notched record highs under President Trump.

 

[Rob Battisti]

Not a controversial statement, is it?

For example:

What metrics are you looking at that don't show that the economy was terrible during Trump's presidency?

For the job growth, does that include all the job losses with C19?

 

[MMAisGod]

Lol "trump's economy was terrible" lol omg these people need reeducation camp stat.

What stat is that bro? Because my first, let's say hunch, is that this isn't the own you might believe it is.

 

[Saye_mc]

For the job growth, does that include all the job losses with C19?

that's all they have "Trump's economy sucked, just look at his 2020 numbers when we forced the whole nation indoors and forced buisness to close and even though Trumps economy was so good that he promptly rebounded with unemployment rates being just .6% higher then Obama's final year in office. .orange man bad"

 

[Jack V Savage]

https://www.presidency.ucsb.edu/doc...ered-record-breaking-results-for-the-american

Since President Trump's election, more than 7 million jobs have been added to the economy.

Gonna stop you right there. Job growth was negative during Trump's presidency. Might want to update your numbers.

For the job growth, does that include all the job losses with C19?

It includes his entire presidency. My point is not that he deserves all the blame (I'm actually arguing that presidents generally have way less influence on the economy than partisans think--and that applies to good and bad things). I'm just saying that objectively, the economic numbers during his presidency were terrible. What a lot of Republicans try to do is say that good parts were because of him, bad parts were out of his hands. The reality is that both good and bad stuff were largely out of his hands, as they are with most presidents. A lot of trends were good in the couple of years leading up to his presidency, and they remained on the same trajectory. You could argue that good Fed appointments and the deficit increases helped and that the tariffs hurt, but neither had a large or noticeable impact. Then we had COVID, and you could argue that his inept response hurt, but it would have been bad no matter what. Looking at economic numbers is just generally not a good way to evaluate presidential performance.

 

[Jack V Savage]

that's all they have "Trump's economy sucked, just look at his 2020 numbers when we forced the whole nation indoors and forced buisness to close and even though Trumps economy was so good that he promptly rebounded with unemployment rates being just .6% higher then Obama's final year in office. .orange man bad"

All those dirty liberals have in response to the claim that the economy was great during Trump's presidency is to point to the fact that it was actually really bad! Grr!

 

[Saye_mc]

Gonna stop you right there. Job growth was negative during Trump's presidency. Might want to update your numbers.



It includes his entire presidency. My point is not that he deserves all the blame (I'm actually arguing that presidents generally have way less influence on the economy than partisans think--and that applies to good and bad things). I'm just saying that objectively, the economic numbers during his presidency were terrible. What a lot of Republicans try to do is say that good parts were because of him, bad parts were out of his hands. The reality is that both good and bad stuff were largely out of his hands, as they are with most presidents. A lot of trends were good in the couple of years leading up to his presidency, and they remained on the same trajectory. You could argue that good Fed appointments and the deficit increases helped and that the tariffs hurt, but neither had a large or noticeable impact. Then we had COVID, and you could argue that his inept response hurt, but it would have been bad no matter what. Looking at economic numbers is just generally not a good way to evaluate presidential performance.

lol it's absured "his economic policies suck so bad that even though at the end of his first term, after COVID crippled the nation , his unemployment was 9.8 percent...so he sucks compared to Obama's 8.8 percent , on the final year of his covid free presidency "

You sound slightly unwell bud

 

[Jack V Savage]

You see the same kind of double standard with Biden. People want to blame him for inflation but not give him any credit for the explosive economic growth in 2021 that caused the inflation bump. You can give him both credit and blame or you can say that he didn't have a big impact either way, but you can't do both without exposing yourself.

 

[Rob Battisti]

Gonna stop you right there. Job growth was negative during Trump's presidency. Might want to update your numbers.



It includes his entire presidency. My point is not that he deserves all the blame (I'm actually arguing that presidents generally have way less influence on the economy than partisans think--and that applies to good and bad things). I'm just saying that objectively, the economic numbers during his presidency were terrible. What a lot of Republicans try to do is say that good parts were because of him, bad parts were out of his hands. The reality is that both good and bad stuff were largely out of his hands, as they are with most presidents. A lot of trends were good in the couple of years leading up to his presidency, and they remained on the same trajectory. You could argue that good Fed appointments and the deficit increases helped and that the tariffs hurt, but neither had a large or noticeable impact. Then we had COVID, and you could argue that his inept response hurt, but it would have been bad no matter what. Looking at economic numbers is just generally not a good way to evaluate presidential performance.

Thank you!

 

[Saye_mc]

You see the same kind of double standard with Biden. People want to blame him for inflation but not give him any credit for the explosive economic growth in 2021 that caused the inflation bump. You can give him both credit and blame or you can say that he didn't have a big impact either way, but you can't do both without exposing yourself.

should I just quote you from the other thread where you claim Trump's first 3 years of historical economic data was really attributed to Obama. ....if Obama is responsible for the first three years of Trump's economy, then how is it that Trump isn't responsible for the success of Bidens economy?

Double standard much?

 

[Jack V Savage]

should I just quote you from the other thread where you claim Trump's first 3 years of historical economic data was really attributed to Obama. ....if Obama is responsible for the first three years of Trump's economy, then how is it that Trump isn't responsible for the success of Bidens economy?

Double standard much?

I would rather you quote me than inaccurately paraphrase me.