The dollar continues to collapse

[dennishoddy]

Well crap. I started working after school and Saturdays at the local hardware store@ $0.75/hour in 1969 !! I was screwed!!!!

I car hopped at A&W for .45 cents an hour plus the dollar or two in tips I got for the evening.
Later on working for Bekins Van Lines as a senior in HS in 1960 made $2.15, working 60-80 hours per week in the summer. I still have my time cards somewhere. My mom saved them. There should be pics with a search if anyone wants to see them. I've posted them before.
Always found if I wanted more money, I worked more hours or got another job on the side.
Worked for a lot of farmers and ranchers on weekends.

 

[7stw]

I have been watching the metals markets for several years (almost a decade). I have some of both gold and silver. I got a generous wedding gift from a dear friend who said he thought it would be 2k an ounce on my tenth wedding anniversary. He’s since passed away and if nothing drastic happens given current pricing and world markets in two more years (my 10th anniversary) it will probably be worth more than 2k. Soft/weak bond markets and soaring inflation with high interest rates are crippling the lower middle class (where I categorize myself) but affect everyone even the ultra rich. Elections have consequences. And to Dennis point I have lots of side jobs aside from my full time job. It definitely cuts into my personal life but being able to operate without the bank sure is nice. Outside my mortgage I don’t owe anything to anyone.

 

[TedKennedy]

The problem is who/what caused the inflation? In the Carter years, and now the Biden years, it's democrat policies. Tax and spend.
If you think wages should follow inflation, the inflation will continue to increase along with wages until the country is bankrupt from spending which causes inflation.
High inflation without following wage increases creates a new voting class that puts in people that are hurting to vote for those that at least say they are going to hold down inflation and spending.
Yeah, I know that has people hurting, and it's not their fault.
It's the fault of the liberal politicians that create inflation.
Proof in the pudding......several chain restaurants and fast-food companies are leaving commiefornika because of the new $20 minimum wage designed to "help" them through inflation.
If inflation ever falls (HAHA!!) in commiefornika, do you think the wages should be reduced to follow that?
It will never happen there or anyplace else.
What did happen is that thousands of people that had jobs are now without jobs because of the theory that wages should follow inflation.
Brain dead biden's promise that new taxes will never effect anyone making under $400,000 is a chant to the stupid. Raising taxes to corporations will result in raising the price to the consumer with is a backdoor tax.
Companies don't pay income taxes. They have a bottom line of staying in business, anything more gets passed to the consumer. Brain dead biden saying he is going to make the big business that contribute to his re-election pay more taxes is a big lie.

Everyone working for wages that get outrun by inflation, while companies simply pass costs of other commodities on to the consumer will be thrilled to understand your assessment of the situation.

They should take a big helping of “it’s the liberals’ fault” down to grocery store and see if that gets them more Ramen.

 

[Snattlerake]

 

[L.C.]

Biden keeps telling everyone that the economy is great, Come on man

 

[trekrok]

Raising taxes to corporations will result in raising the price to the consumer with is a backdoor tax.
Companies don't pay income taxes.

This is something that seems like it should be obvious to everyone. But somehow it's not, and they get away with it.

 

[Snattlerake]

Wasn't the definition of a recession a loss of GDP in two successive quarters until it wasn't when OBiden took office?

https://www.heritage.org/markets-and-finance/heritage-explains/bidens-recession



Recessions in the United States are officially declared by the National Bureau of Economic Research (NBER), but such determinations are made in retrospect. Its definition of a recession is based on a significant decline in economic activity over numerous months, taking into consideration such factors as employment, output, retail sales and household income.

"[The NBER] only make that judgment something like six months or a year after the numbers look like they're indicating the recession," said Lachman. "So, in short, it's too early to say that we're officially in a recession."

Yellen agreed, telling reporters, "They'll decide it sometime in the future."

Yeah, sometime in the future when a repub is in office.


In the meantime, economists outside the government and elected officials are free to spin the numbers to make their own declarations.

"The Biden White House can play word games and try and contort the English language as it sees fit in order to advance its radical and harmful agenda," said Steve Moore, an economist with FreedomWorks, a conservative advocacy group. "What this administration cannot change is the fact that American consumer confidence continues to fall under Biden's watch. Americans are overwhelmingly pessimistic about the state of the Biden economy, and no wordplay over the definition of 'recession' can change that."

 

[dennishoddy]

Wasn't the definition of a recession a loss of GDP in two successive quarters until it wasn't when OBiden took office?

View attachment 471096


https://www.heritage.org/markets-and-finance/heritage-explains/bidens-recession



Recessions in the United States are officially declared by the National Bureau of Economic Research (NBER), but such determinations are made in retrospect. Its definition of a recession is based on a significant decline in economic activity over numerous months, taking into consideration such factors as employment, output, retail sales and household income.

"[The NBER] only make that judgment something like six months or a year after the numbers look like they're indicating the recession," said Lachman. "So, in short, it's too early to say that we're officially in a recession."

Yellen agreed, telling reporters, "They'll decide it sometime in the future."

Yeah, sometime in the future when a repub is in office.


In the meantime, economists outside the government and elected officials are free to spin the numbers to make their own declarations.

"The Biden White House can play word games and try and contort the English language as it sees fit in order to advance its radical and harmful agenda," said Steve Moore, an economist with FreedomWorks, a conservative advocacy group. "What this administration cannot change is the fact that American consumer confidence continues to fall under Biden's watch. Americans are overwhelmingly pessimistic about the state of the Biden economy, and no wordplay over the definition of 'recession' can change that."

It's only transitory, and short term........Janet Yellen

 

[TedKennedy]

It's only transitory, and short term........Janet Yellen

Who?

 

[commandcomm]

And folks here want to complain because minimum wage workers want more. Their wages/raises don't keep up with inflation. (MY wages aren't either)

Companies raise prices to make up for rising material costs, shipping costs, etc...

Somehow labor costs don't get the same consideration.

Minimum discriminates against the low skilled worker.