OH MY GOD!!! Inflation now at a 3.4% annual rate! Stock market meltdown, bond yields soaring!

Yes, yes... deflect, deflect.

 

And Insurance... food... mortgage rates... gasoline... Yeah, pretty much everything is more expensive.

LMFAO!

 

Do you mean GNI or GDI? There are substantial differences between both and GDP, but I am not sure which you mean. BTW, GDI (if that is really what you meant) increased by 4.8% in Q4, its last release, higher than the GDP growth.

As to the rest, let me know when you find a neurosurgeon willing to flip burgers and nail in shingles on a roof. That is what we need if you want to lower inflation.

 

Mike Sherlock is one of the best economists online:

Gross Domestic Product (GDP) and Gross Domestic Income (GDI) are two measures of the same thing. Product produced should match sales and income. They do over time, but this is a large ongoing discrepancy
2024 Q1 GDP Underperforms Expectations at 1.6 Percent vs 2.3 Percent Expected – MishTalk

The US had lots of burger flippers before the massive influx of illegals that depressed blue collar wages (imo). BTW, Mike Sherlock would eat your lunch if you debated. Just my opinion.

I prefer Dross National Income data to GSP BTW, So did Milton Friedman. Tell me why Friedman preferred GNI to GDO. Get it right and you get 1 potato.

About Mike Sherlock
About Mike “Mish” Shedlock – MishTalk

 

Reminds of what Trump and his supporters were saying about the economic data when Obama was in office and Trump was a candidate. After Trump was elected the data from the same agencies suddenly became credible.
By the ways the price of eggs at the grocery store where I shop is up almost a dollar a dozen although still well below its peak in 2022. I suppose this is Joe Biden's fault.
Bird flu outbreak is driving up egg prices — again
And speaking of cars (adding that this is a month old)
Average Selling Prices of Cars Are Down 5% So Far in 2024 - Some Brands Are Dropping Even Faster

 

I say this as an economist: who?

No, they shouldn't match. There is an entire statistic based on those two not matching. As stated, the discrepancy is that the last measure of GDI is higher than GDP.

Wages aren't an opinion. We have data on it. Lowest two quartiles have both seen massive wage growth. And no, we don't have nearly enough workers in those sectors, which is why wages are increasing so rapidly and job openings for those jobs are so extensive.

Lol, sure. BTW, you are so impressed with him, that you apparently don't even know his name.

This is literal gibberish. Let me know if you can make it English for your borscht.

 

There was a report used in the OP. Using that report all the things you mentioned are about 2% since last year. Housing is up related to inventory. Didn’t seem that bad to me.

 

There is nothing in there that remotely says transitory. I gave specific reasons. If this is all you have left to argue about, after having been shown wrong three times now, it’s not worth the time or effort.

 

Depends on a how one defines "transitory". While the rate of inflation didn't drop as rapidly as some optimistic forecasters projected in 2022 it's certainly not remotely close to permanent.

 

Unless he's running against a con-man who's spending essentially the entire year leading up to his election in courtrooms defending his right to commit crimes. And I'm assuming he doesn't get thrown in jail for any of his crimes before November.

The possibility of a recession does not bother me near as much as the possibility of an insurrection. In fact, one could argue that a recession every 8-10 years is a natural part of the economic cycle. And it certainly has not helped that we recently concluded a fairly serious black swan event in the form of a highly contagious and somewhat deadly virus that was with us for 3+ years (and caused trillions to be spent for prevention and treatment) and upset the economy significantly.

 

It’s only going to get worse.

GDP was been propped up by government spending and consumer credit card debt.

credit card delinquencies are spiking. Well above pre pandemic levels. Couple that with high rates, it’s not a pretty picture.

Whoever wins in November will have a mess to deal with.

 

So what are your clowns telling you?

 

Oh come on you know damn what they meant back in 2021 when they called it “transitory”. They downplayed the extent at which inflation would cause the economy trouble. They were clearly wrong.

Can’t have a serious conversation with you if you can’t acknowledge that.

 

Yellan who once said it was transitory has even backed off her initial description.

The Gov shills refused to acknowledge any part of Government/fiscal stimulus in the equation and continued to blame supply chain issues and corporate greed.

If the economy wasn’t so juiced with Government stimulus and loose fiscal policy people wouldn’t have kept buying things that weren’t necessities. It wasn’t just the rich and well off responsible for the continued demand that keeps the party going.

 

That’s utter nuts. Demand for what? You think people started eating more food? They definitely bought less cars.

The inflation arc is clear and almost none of it was stimulus. A Covid dip in demand shut down production facilities. Once demand returned to slightly below normal levels factories were unable to produce a normal quantity due to labor shortages and took years to catch up. The run on turning up production to near normal levels strained the transportation industry’s capabilities. With fewer goods and higher transportation costs prices rose. Then with workers being hard to come by, wages rose. That created our baseline inflation. The first part was transitory. Shipping costs are normal now. So are production levels. Wages are sticky. That’s in the system. Finally companies have added record profits during the shortage by raising prices more than their costs. More inflation. There is almost zero of that attributed to stimulus. You are so dead wrong on this hill you want to die on. Studies everywhere debunk stimulus as a major inflation driver. It’s virtually all supply and labor shortages.

 

You'll never convince the people with austerity mindset who want to make unemployment double digits, slash budgets and not do any stimulus to "get inflation under control." It seems they want people in the streets ~2010 Europe/Arab Spring style.